16 AN INTRODUCTION TO FINANCIAL STATEMENTS
TABLE 2.1 Johnson & Johnson Balance Sheet, 1999–2003 ($ millions)
Assets Dec-03 Dec-02 Dec-01 Dec-00 Dec-99
Cash and Short- 9,523.00 7,475.00 7,972.00 5,744.00 3,879.00
Term Investments
Receivables (Net) 6,574.00 5,399.00 4,630.00 5,713.00 5,121.00
Total Inventories 3,588.00 3,303.00 2,992.00 2,842.00 3,095.00
Raw Materials 966.00 835.00 842.00 702.00 663.00
Work in Progress 981.00 803.00 605.00 458.00 416.00
Finished Goods 1,641.00 1,665.00 1,545.00 1,682.00 2,016.00
Progress Payments 0.00 0.00 0.00 0.00 0.00
and Other
Prepaid Expenses 0.00 0.00 0.00 0.00 0.00
Other Current Assets 3,310.00 3,089.00 2,879.00 1,151.00 1,105.00
Current Assets—Total 22,995.00 19,266.00 18,473.00 15,450.00 13,200.00
Long-Term 18.00 25.00 30.00 35.00 41.00
Receivables
Investment in 0.00 0.00 0.00 0.00 0.00
Unconsolidated
Subsidiaries
Other Investments 84.00 121.00 969.00 269.00 441.00
Property, Plant, and 9,846.00 8,710.00 7,719.00 6,971.00 6,719.00
Equipment—Net
Property, Plant, 17,052.00 14,314.00 12,458.00 11,248.00 11,046.00
and Equipment
—Gross
Accumulated 7,206.00 5,604.00 4,739.00 4,277.00 4,327.00
Depreciation
Other Assets 14,646.00 12,223.00 11,039.00 8,577.00 8,699.00
Deferred Charges 1,021.00 959.00 0.00 0.00 0.00
Tangible Other 2,086.00 2,018.00 1,962.00 1,321.00 1,128.00
Assets
Intangible Other 11,539.00 9,246.00 9,077.00 7,256.00 7,571.00
Assets
Total Assets 47,589.00 40,345.00 38,230.00 31,302.00 29,100.00
Liabilities and Shareholders’ Equity
Accounts Payable 4,966.00 3,621.00 2,838.00 2,083.00 2,003.00
Short-Term Debt 1,139.00 2,117.00 565.00 1,479.00 1,806.00
and Current
Portion of Long-
Term Debt
Accrued Payroll 1,452.00 1,181.00 969.00 488.00 467.00
Income Taxes 944.00 710.00 537.00 314.00 206.00
Payable
Dividends Payable 0.00 0.00 0.00 0.00 0.00
Other Current 4,947.00 3,820.00 3,135.00 2,776.00 2,972.00
Liabilities
Current Liabilities— 13,448.00 11,449.00 8,044.00 7,140.00 7,454.00
Total
Long-Term Debt 2,955.00 2,022.00 2,217.00 2,037.00 2,450.00
Provision for 2,262.00 1,967.00 1,870.00 1,753.00 1,563.00
Risks and
Charges
Deferred Income 0.00 0.00 0.00 0.00 186.00
Deferred Taxes 88.00 407.00 205.00 201.00 183.00
Deferred Tax 0.00 0.00 0.00 0.00 0.00
Liability in
Untaxed Reserves
Other Liabilities 1,949.00 1,778.00 1,631.00 1,328.00 1,010.00
Total Liabilities 20,702.00 17,623.00 13,967.00 12,459.00 12,846.00