20 AN INTRODUCTION TO FINANCIAL STATEMENTS
TABLE 2.3 Income Statement, Johnson & Johnson, 1999–2003 ($ millions)
Dec-03 Dec-02 Dec-01 Dec-00 Dec-99Net Sales or Revenues 41,862.00 36,298.00 33,004.00 29,139.00 27,471.00
Cost of Goods Sold 10,307.00 8,785.00 7,931.00 7,346.00 6,998.00
Depreciation, Depletion, 1,869.00 1,662.00 1,605.00 1,515.00 1,444.00
and Amortization
Gross Income 29,686.00 25,851.00 23,468.00 20,278.00 19,029.00
Selling, General, and 18,815.00 16,173.00 15,583.00 13,801.00 13,103.00
Administrative
Expenses
Other Operating 0.00 0.00 0.00 0.00 0.00
Expenses
Other Expenses—Total 30,991.00 26,620.00 25,119.00 22,662.00 21,545.00
Operating Income 10,871.00 9,678.00 7,885.00 6,477.00 5,926.00
Extraordinary Credit— 230.00 0.00 0.00 0.00 0.00
Pretax
Extraordinary Charge— 918.00 424.00 252.00 54.00 0.00
Pretax
Nonoperating Interest 177.00 256.00 456.00 379.00 246.00
Income
Reserves—Increase 0.00 0.00 0.00 0.00 0.00
(Decrease)
Pretax Equity in 0.00 0.00 0.00 0.00 0.00
Earnings
Other Income/ 155.00 (59.00) (38.00) (34.00) (222.00)
Expenses—Net
Earnings before Interest 10,515.00 9,451.00 8,051.00 6,768.00 5,950.00
and Taxes (EBIT)
Interest Expense 315.00 258.00 248.00 242.00 278.00
on Debt
Interest Capitalized 108.00 98.00 95.00 96.00 81.00
Pretax Income 10,308.00 9,291.00 7,898.00 6,622.00 5,753.00
Income Taxes 3,111.00 2,694.00 2,230.00 1,822.00 1,586.00
Current Domestic 2,934.00 2,042.00 1,726.00 1,321.00 994.00
Income Taxes
Current Foreign 897.00 726.00 610.00 668.00 599.00
Income Taxes
Deferred Domestic (409.00) 20.00 (22.00) (75.00) 94.00
Income Taxes
Deferred Foreign (311.00) (94.00) (84.00) (92.00) (101.00)
Income Taxes
Income Tax Credits 0.00 0.00 0.00 0.00 0.00
Minority Interest 0.00 0.00 0.00 0.00 0.00
Equity in Earnings 0.00 0.00 0.00 0.00 0.00
After-Tax Income/ 0.00 0.00 0.00 0.00 0.00
Expense
Discontinued 0.00 0.00 0.00 0.00 0.00
Operations
Net Income before 7,197.00 6,597.00 5,668.00 4,800.00 4,167.00
Extra Items/
Preferred Dividends
Extra Items and Gain 0.00 0.00 0.00 0.00 0.00
(Loss) Sale of Assets
Net Income before 7,197.00 6,597.00 5,668.00 4,800.00 4,167.00
Preferred Dividends
Preferred Dividend 0.00 0.00 0.00 0.00 0.00
Requirements
Net Income Available 7,197.00 6,597.00 5,668.00 4,800.00 4,167.00
to Common
Data provided by Thomson, © Copyright 2004 Thomson.