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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At December 28, 2014 and December 29, 2013
(Dollars in Millions Except Share and Per Share Amounts) (Note 1)
2014 2013
Assets
Current assets
Cash and cash equivalents (Notes 1 and 2) $14,523 20,927
Marketable securities (Notes 1 and 2) 18,566 8,279
Accounts receivable trade, less allowances for doubtful accounts $275 (2013, $333) 10,985 11,713
Inventories (Notes 1 and 3) 8,184 7,878
Deferred taxes on income (Note 8) 3,567 3,607
Prepaid expenses and other receivables 3,486 4,003
Total current assets 59,311 56,407
Property, plant and equipment, net (Notes 1 and 4) 16,126 16,710
Intangible assets, net (Notes 1 and 5) 27,222 27,947
Goodwill (Notes 1 and 5) 21,832 22,798
Deferred taxes on income (Note 8) 3,396 3,872
Other assets 3,232 4,949
Total assets $131,119 132,683
Liabilities and Shareholders’ Equity
Current liabilities
Loans and notes payable (Note 7) $3,638 4,852
Accounts payable 7,633 6,266
Accrued liabilities 6,553 7,685
Accrued rebates, returns and promotions 4,010 3,308
Accrued compensation and employee related obligations 2,751 2,794
Accrued taxes on income 500 770
Total current liabilities 25,085 25,675
Long-term debt (Note 7) 15,122 13,328
Deferred taxes on income (Note 8) 3,154 3,989
Employee related obligations (Notes 9 and 10) 9,972 7,784
Other liabilities 8,034 7,854
Total liabilities 61,367 58,630
Shareholders’ equity
Preferred stock – without par value (authorized and unissued 2,000,000 shares) – –
Common stock – par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued
3,119,843,000 shares) 3,120 3,120
Accumulated other comprehensive income (Note 13) (10,722) (2,860)
Retained earnings 97,245 89,493
89,643 89,753
Less: common stock held in treasury, at cost (Note 12) (336,620,000 shares and 299,215,000 shares) 19,891 15,700
Total shareholders’ equity 69,752 74,053
Total liabilities and shareholders’ equity $131,119 132,683
See Notes to Consolidated Financial Statements
20 •Johnson & Johnson 2014 Annual Report