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Consolidated Balance Sheets Johnson & Johnson and Subsidiaries
AtDecember 28, 2008 and December 30, 2007 (Dollars in Millions Except Share and Per Share Data) (Note 1) 2008 2007
44 JOHNSON & JOHNSON 2008 ANNUAL REPORT
Assets
Current assets
Cash and cash equivalents (Notes 1 and 14) $10,768 7,770
Marketable securities (Notes 1 and 14) 2,041 1,545
Accounts receivable trade, less allowances for doubtful accounts $268 (2007, $193) 9,719 9,444
Inventories (Notes 1 and 2) 5,052 5,110
Deferred taxes on income (Note 8) 3,430 2,609
Prepaid expenses and other receivables 3,367 3,467
Total current assets 34,377 29,945
Marketable securities, non-current (Notes 1 and 14) 42
Property, plant and equipment, net (Notes 1 and 3) 14,365 14,185
Intangible assets, net (Notes 1 and 7) 13,976 14,640
Goodwill, net (Notes 1 and 7) 13,719 14,123
Deferred taxes on income (Note 8) 5,841 4,889
Other assets (Note 5) 2,630 3,170
Total assets $84,912 80,954
Liabilities and Shareholders’ Equity
Current liabilities
Loans and notes payable (Note 6) $ 3,732 2,463
Accounts payable 7,503 6,909
Accrued liabilities 5,531 6,412
Accrued rebates, returns and promotions 2,237 2,318
Accrued salaries, wages and commissions 1,432 1,512
Accrued taxes on income 417 223
Total current liabilities 20,852 19,837
Long-term debt (Note6) 8,120 7,074
Deferred taxes on income (Note 8) 1,432 1,493
Employee related obligations (Notes 5 and 13) 7,791 5,402
Other liabilities 4,206 3,829
Total liabilities 42,401 37,635
Shareholders’ equity
Preferred stock — without par value
(authorized and unissued 2,000,000 shares) ——
Common stock— par value $1.00 per share (Note 20)
(authorized 4,320,000,000 shares; issued 3,119,843,000 shares) 3,120 3,120
Accumulated other comprehensive income (Note 12) (4,955) (693)
Retained earnings 63,379 55,280
61,544 57,707
Less: common stock held in treasury, at cost (Note 20)
(350,665,000 shares and 279,620,000 shares) 19,033 14,388
Total shareholders’ equity 42,511 43,319
Total liabilities and shareholders’ equity $84,912 80,954
See Notes toConsolidated Financial Statements