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Annual Report Project Johnson & Johnson - Fiscal 2015 Project is Activated Save your project by following these directions - - - - - - - - - - - - - - - Your Project Contains 16 Tabs -- Pg1 to Pg16 Print J&J's Financial Statements To print J&J's financial statements, follow the directions below. After you print the financial statements, fill-in the three basic information questions on this page. This ARP is for J&J's 2015 fiscal year which ended on January 3, 2016. Be sure to follow the directions below for printing the 2015 fiscal year financial statements. See your instructor if you have any questions concerning the fiscal year of the statements. Use Adobe Acrobat to open the file J & J 2015 Annual Report.pdf. This file is located in the Company Financial Statements folder that is under the Red Company 10e folder. Print the following from J&J's Fiscal 2015 Annual Report: _ Consolidated Balance Sheets (PDF pg 1 / report pg 31) _ Consolidated Statements of Earnings (PDF pg 2 / report pg 32) _ Consolidated Statements of Equity (PDF pg 4 / report pg 34) _ Consolidated Statements of Cash Flows (PDF pg 5 / report pg 35) _ Notes to Consolidated Financial Statements (print the third page of the Notes located on PDF pg 8 / report pg 38) _ Report of Independent Registered Public Accounting Firm (PDF pg 48 / report pg 78) Be careful not to print out the entire annual report. Go to the correct page in the PDF document, select File, then Print, then Current Page. 1. J&J's Fiscal 2015 year ended on what date? (mm/dd/yyyy) 2. List the name of J&J's Independent Registered Public Accounting Firm: 3. Revenue Recognition Record below when J&J recognizes revenue from the sale of merchandise. This information can be found in the Notes to Consolidated Financial Statements under "Revenue Recognition". As you work on your project, be sure to save your file often. Johnson & Johnson -- Fiscal 2015 Pg. 2 Vertical Analysis of the Income Statement (Common-Size Statements) Use the data from J&J's Consolidated Statements of Earnings to fill-in Fiscal 2015 below. Enter the amounts exactly as they are shown on the financial statement, which are in millions. Johnson & Johnson Consolidated Statements of Earnings (Dollars in Millions) Fiscal 2015 Fiscal 2014 Fiscal 2013 ended January 3, 2016 ended December 28, 2014 ended December 29, 2013 Dollars Sales to Customers Cost of Products Sold Gross Profit Selling, Marketing and Admin Exp Research and Development Exp In-process R&D Interest Income Interest Expense, net Other (Income) Expense, net Restructuring Total Expenses Earnings Before Provision for Taxes on Income % $ 0 21,954 8,494 178 (67) 533 (70) 0 31,022 29.54% 11.43% 0.24% (0.09%) 0.72% (0.09%) 0.00% 41.73% 21,830 8,183 580 (74) 482 2,498 0 33,499 30.61% 11.47% 0.81% (0.10%) 0.68% 3.50% 0.00% 46.98% 0 0.00% 20,563 27.66% 15,471 21.69% 0.00% 4,240 5.70% 1,640 2.30% 16,323 21.96% 13,831 19.40% $ 100.00% 30.60% 69.40% ** Net Earnings Per Share Basic ** % columns may not add-up due to rounding $ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 74,331 22,746 51,585 Dollars 0 - $ % 0.00% 0.00% 0.00% Provision for Taxes on Income Net Earnings Dollars $ 71,312 22,342 48,970 100.00% 31.33% 68.67% ** $5.80 ** $4.92 Johnson & Johnson -- Fiscal 2015 Pg. 3 Horizontal Analysis of the Income Statement Enter the amounts for Fiscal 2015 for the following income statement items. Then calculate and enter the Dollar Change and the % Change from Fiscal 2014 to Fiscal 2015. Enter the dollar amounts just as they are shown on the financial statement. Round the percentages to 2 decimal places. xx.xx% Fiscal 2015 $xxx,xxx Dollar Change % Change 2014 to 2015 Fiscal 2014 Dollar Change % Change 2013 to 2014 Fiscal 2013 $xxx,xxx Sales to Customers $74,331 $3,019 4.23 % $71,312 $22,746 $404 1.81 % $22,342 $51,585 $2,615 5.34 % $48,970 $21,954 $124 0.57 % $21,830 $20,563 $5,092 32.91 % $15,471 $4,240 $2,600 158.54 % $1,640 $16,323 $2,492 18.02 % $13,831 $5.80 $0.88 17.89 % $4.92 % xx.xx% $xxx,xxx $xxx,xxx Cost of Products Sold % xx.xx% $xxx,xxx $xxx,xxx Gross Profit % xx.xx% $xxx,xxx $xxx,xxx Selling, Marketing and Administrative Expenses % xx.xx% $xxx,xxx $xxx,xxx Earnings Before Provision for Taxes on Income % xx.xx% $xxx,xxx $xxx,xxx Provision for Taxes on Income % xx.xx% $xxx,xxx $xxx,xxx Net Earnings % xx.xx% Net earnings per share Basic $xx.xx $xx.xx % xx.xx% Johnson & Johnson -- Fiscal 2015 Pg. 4 Vertical Analysis of the Balance Sheet (Common-Size Statements) Use the data from J&J's Consolidated Balance Sheets to fill in Fiscal 2015 below. Enter the amounts exactly as they are shown on the financial statement, which are in millions. Johnson & Johnson Consolidated Balance Sheets (Dollars in Millions) Fiscal 2015 Fiscal 2014 as of January 3, 2016 as of December 28, 2014 Dollars % Dollars % Assets CURRENT ASSETS: Cash and Cash Equivalents Marketable Securities Accounts Receivable Trade, less allowances Inventories Prepaid Expenses and Other Receivables 0.00% 0.00% 0.00% 0.00% 0.00% Total Current Assets Property, Plant and Equipment, net Intangible Assets, net Goodwill Deferred Taxes on Income Other Assets Total Assets $ $ 130,358 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $ 3,638 7,633 6,553 4,010 2,751 446 2.79% 5.86% 5.03% 3.08% 2.11% 0.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 25,031 15,122 2,447 9,972 8,034 60,606 19.20% 11.60% 1.88% 7.65% 6.16% 46.49% 0.00% 0.00% 0.00% 0.00% 0 3,120 (10,722) 97,245 0.00% 2.39% (8.23%) 74.60% 0.00% 89,643 68.77% 0.00% 19,891 15.26% 0 0.00% 69,752 53.51% - 0.00% 130,358 100.00% 0 Less Common Stock Held in Treasury, at cost $ ** ** % columns may not add-up due to rounding 42.76% 12.37% 20.88% 16.75% 4.76% 2.48% 0.00% SHAREHOLDERS' EQUITY Preferred Stock Common Stock Accumulated Other Comprehensive Income Retained Earnings Total Liabilities and Shareholders' Equity 55,744 16,126 27,222 21,832 6,202 3,232 - 0 Total Shareholders' Equity 11.14% 14.24% 8.43% 6.28% 2.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0 Total Equity Before Treasury Stock 14,523 18,566 10,985 8,184 3,486 0 Liabilities and Shareholders' Equity CURRENT LIABILITIES: Loans and Notes Payable Accounts Payable Accrued Liabilities Accrued Rebates, Returns and Promotions Accrued Compensation and Emp. Related Oblig. Accrued Taxes on Income Total Current Liabilities Long-Term Debt Deferred Taxes on Income Employee Related Obligations Other Liabilities Total Liabilities $ $ ** Johnson & Johnson -- Fiscal 2015 Pg. 5 Horizontal Analysis of the Balance Sheet For the following balance sheet items enter the amounts for Fiscal 2015, and then calculate the Dollar Change and the % Change from 2014 to 2015. Enter the 2015 dollar amounts as shown on the financial statement, which are in millions. Round the percentages to 2 decimal places. xx.xx% Fiscal 2015 $xxx,xxx Dollar Change % Change 2014 to 2015 Fiscal 2014 $xxx,xxx $14,523 Cash and Cash Equivalents % xx.xx% $xxx,xxx $xxx,xxx $10,985 Accounts Receivable Trade, less allowances % xx.xx% $xxx,xxx $xxx,xxx $21,832 Goodwill % xx.xx% $xxx,xxx $xxx,xxx $130,358 Total Assets % xx.xx% $xxx,xxx $xxx,xxx $7,633 Accounts Payable % xx.xx% $xxx,xxx $xxx,xxx $15,122 Long-Term Debt % xx.xx% $xxx,xxx $xxx,xxx $60,606 Total Liabilities % xx.xx% $xxx,xxx $xxx,xxx $97,245 Retained Earnings % xx.xx% $xxx,xxx $xxx,xxx $19,891 Common Stock Held in Treasury, at cost % xx.xx% Johnson & Johnson -- Fiscal 2015 Pg. 6 DuPont Analysis -- Return on Assets C Do NOT on any Apply DuPont Analysis and the Return on Assets % to evaluate J&J's overall financial performance. Use the information in J&J's Income Statement and Balance Sheets for Fiscal 2015 and Fiscal 2014 to calculate the four DuPont Ratios and the Return on Assets %. In the left-hand column enter the names of the financial statement items that will be used in the numerator and the denominator of the ratios. Enter the financial statement dollar amounts just as they are shown on the financial statements. Round all averages to 0 decimal places -- a whole number $xxx,xxx Round the percentages to 2 decimal places. xx.xx% Round the decimal results to 2 decimal places. xx.xx Note: Since each ratio is being rounded, it is possible that Return on Equity % will not exactly equal (Profitability x Efficiency x Leverage). Calculate each ratio separately. Do not calculate Return on Equity % by multiplying (Profitability x Efficiency x Leverage). Tip: When e financial sta terminology statements. graded by th might be gra DuPont Analysis (Profitability) 2015 2014 Net Profit Margin % $xxx,xxx Net Earnings xx.xx% % $xxx,xxx x 21.96 % x (Efficiency) Total Assets Turnover Ratio For example calculate the result to 0 d $xxx,xxx xx.xx Beg. Yr. Amt. End. Yr. Amt. Average $xxx,xxx $xxx,xxx $xxx,xxx times x Tip: If you u Average ce function to r 0.57 =Round(( E x (Leverage) Assets-to-Equity Ratio $xxx,xxx xx.xx Beg. Yr. Amt. End. Yr. Amt. Average $xxx,xxx $xxx,xxx $xxx,xxx to 1 = 1.83 = Return on Equity % $xxx,xxx % 22.70 % xx.xx% $xxx,xxx Return on Assets 2015 2014 Return on Assets % $xxx,xxx xx.xx% % $xxx,xxx 12.41 % Tip: The ca and the calc Stockholder time you ne you calculat that average ratio calcula Johnson & Johnson -- Fiscal 2015 Pg. 7 Profitability Indicators Apply the three Profitability Indicators to evaluate J&J's profitability. Use the information in J&J's 2015 Income Statement to calculate the three Profitability Indicators. In the left-hand column enter the names of the items that will be used in the numerator and the denominator of the ratios. Enter the financial statement dollar amounts just as they are shown on the financial statements. Round the percentages to 2 decimal places. xx.xx% 2015 2014 Gross Profit Margin % $xxx,xxx % 69.40 % % 28.44 % % 21.96 % xx.xx% $xxx,xxx Operating Profit Margin % $xxx,xxx xx.xx% $xxx,xxx Net Profit Margin % $xxx,xxx xx.xx% $xxx,xxx Johnson & Johnson -- Fiscal 2015 Pg. 8 Efficiency Indicators Apply the Efficiency Indicators to drill down into J&J's efficiency. Use the information in J&J's Income Statement and Balance Sheets for Fiscal 2015 and Fiscal 2014 to calculate the Efficiency Indicators. In the left-hand column enter the names of the financial statement items that will be used in the numerator and the denominator of the ratios. Enter the financial statement dollar amounts just as they are shown on the financial statements. Round all averages to 0 decimal places -- a whole number $xxx,xxx Round the decimal results to 2 decimal places. xx.xx 2015 2014 Accounts Receivable Turnover Ratio $xxx,xxx Beg. Yr. Amt. End. Yr. Amt. times Average 6.55 xx.xx $xxx,xxx $xxx,xxx $xxx,xxx Number of Days' Sales in Receivables xxx Days in a Year (365) days Accounts Receivable Turnover Ratio 55.73 xx.xx xx.xx Inventory Turnover Ratio $xxx,xxx Beg. Yr. Amt. End. Yr. Amt. times Average 2.83 xx.xx $xxx,xxx $xxx,xxx $xxx,xxx Number of Days' Sales in Inventory xxx Days in a Year (365) days Inventory Turnover Ratio 128.98 xx.xx xx.xx Accounts Payable Turnover Ratio $xxx,xxx Beg. Yr. Amt. End. Yr. Amt. times Average 3.27 xx.xx $xxx,xxx $xxx,xxx $xxx,xxx Number of Days' Purchases in Accounts Payable xxx Days in a Year (365) days Accounts Payable Turnover Ratio 111.62 xx.xx xx.xx Cash-to-Cash Cycle xx.xx 128.98 (111.62) 17.36 55.73 73.09 Number of Days' Sales in Inventory less Number of Days' Purchases in Accounts Payable Net Number of Days Cash is Invested in Inventory plus Number of Days' Sales in Receivables Cash-to-Cash Days 2015 2014 Fixed Asset Turnover Ratio $xxx,xxx Beg. Yr. Amt. End. Yr. Amt. times Average xx.xx $xxx,xxx $xxx,xxx $xxx,xxx 4.53 Johnson & Johnson -- Fiscal 2015 Pg. 9 Leverage Indicators (at year-end) -- Interest Coverage Use the information in J&J's 2015 Balance Sheet and Income Statement to calculate the two "year-end" Leverage Indicators and the Times Interest Earned Ratio. In the left-hand column enter the names of the items that will be used in the numerator and the denominator of the ratios. Enter the financial statement dollar amounts just as they are shown on the financial statements. Round the percentages to 2 decimal places. xx.xx% Round the decimal results to 2 decimal places. xx.xx 2015 2014 Debt % $xxx,xxx % 46.49 % xx.xx% $xxx,xxx Debt-to-Equity Ratio $xxx,xxx to 1 0.87 xx.xx $xxx,xxx Times Interest Earned Ratio $xxx,xxx Earnings before interest and taxes $19,748 times Interest expense, net of portion capitalized xx.xx $xxx,xxx 39.58 Johnson & Johnson -- Fiscal 2015 Pg. 10 Liquidity Indicators Use the information in J&J's 2015 Balance Sheet to calculate the three Liquidity Indicators. In the left-hand column enter the names of the items that will be used in the calculation. Enter the financial statement dollar amounts just as they are shown on the Balance Sheet. Round the decimal results to 2 decimal places. xx.xx 2015 2014 Working Capital $xxx,xxx Working Capital $30,713 Current Ratio $xxx,xxx to 1 2.23 to 1 1.76 xx.xx $xxx,xxx (Acid Test Ratio) Quick Ratio $xxx,xxx Cash and Near-Cash Assets xx.xx $xxx,xxx Johnson & Johnson -- Fiscal 2015 Pg. 11 Statement of Cash Flows Indicators Use the information in J&J's 2015 Consolidated Statement of Cash Flows to calculate the three Statement of Cash Flows Indicators. In the left-hand column enter the names of the items that will be used in the calculation. Enter the financial statement dollar amounts in millions of dollars as shown on the Consolidated Statement of Cash Flows. Round the decimal results to 2 decimal places. xx.xx (Quality of Income Ratio) 2015 2014 Cash Flow to Net Income Ratio $xxx,xxx to 1 1.13 to 1 4.97 xx.xx $xxx,xxx (Cash Flow Adequacy Ratio) Cash Flow to Capital Expenditures Ratio $xxx,xxx Net Cash Paid to Purchase PP&E xx.xx $xxx,xxx Free Cash Flow $xxx,xxx Net Cash Paid to Purchase PP&E Free Cash Flow $6,989 Johnson & Johnson -- Fiscal 2015 Pg. 12 Equity Investor Indicators Use the information in J&J's Consolidated Statements of Equity to calculate J&J's Dividend Payout %. Use the information at the bottom of J&J's Consolidated Statements of Earnings and J&J's Year-End Closing Market Price of 1 Common Share to calculate J&J's Price-Earnings Ratio and Dividend Yield %. Enter the financial statement dollar amounts just as they are shown on the financial statements. Round the percentages to 2 decimal places. xx.xx% Round the decimal results to 2 decimal places. xx.xx 2015 2014 Dividend Payout % $xxx,xxx % 47.59 % xx.xx% $xxx,xxx Year-End Closing Market Price of 1 Common Share The Year-End Closing Market Price of 1 share of J&J's Common Stock is not given in J&J's annual report. The Year-End Closing Market Price is used in the two calculations below. The last day in J&J's 2015 fiscal year was Sunday, Jan. 3, 2016. J&J's common stock trades on the New York Stock Exchange (NYSE) and the NYSE is not open on weekends or holidays. Thus J&J's year-end closing price is as of Thursday, Dec. 31, 2015. On Dec. 31, 2015, J&J's common stock closed at $102.72. Enter that price in the box below. 2015 Year-End Closing Market Price of 1 Common Share: $xx.xx (PE Ratio) 2015 2014 Price-Earnings Ratio $xx.xx times Net earnings per share Basic 18.11 xx.xx $xx.xx Dividend Yield % $xx.xx Cash dividends per share % xx.xx% $xx.xx 2.63 % Johnson & Johnson -- Fiscal 2015 Pg. 13 Analytical Observations You will now utilize the information developed in Pages 2 to 12 to answer various analytical questions. 1. Vertical Analysis of the Income Statement (Pg. 2) 1> Which fiscal year had the highest Earnings Before Provision for Taxes on Income in terms of total dollars? [ "x" only one answer ] 2015 2014 2013 2> Which fiscal year had the highest Total Expenses as a % of Sales to Customers? [ "x" only one answer ] 2015 2014 2013 3> Based on Gross Profit as a % of Sales to Customers, rank the fiscal years 2015, 2014, and 2013 in terms of which year had the highest. Place a "1" in the box of the highest year, a "2" in the box of the second highest year, etc. 2015 2014 2013 4> Which fiscal year had the highest Net Earnings as a % of Sales to Customers? [ "x" only one answer ] 2015 2014 2013 2. Horizontal Analysis of the Income Statement (Pg. 3) 1> Rank the following items in terms of which had the largest % increase from Fiscal 2013 to Fiscal 2014. Place a "1" in the box of the largest, a "2" in the box of the second largest, etc. Selling, Marketing, and Sales to Customers Gross Profit Administrative Expenses Net Earnings 2> Rank the following items in terms of which had the largest % decrease from Fiscal 2014 to Fiscal 2015. Place a "1" in the box of the largest, a "2" in the box of the second largest, etc. Sales to Customers Gross Profit Selling, Marketing, and Administrative Expenses 3> True or False? In terms of % Change, Net earnings per share Basic increased more than Net Earnings from Fiscal 2013 to Fiscal 2014. [ "x" only one answer ] True False 4> True or False? In terms of % Change, from Fiscal 2014 to Fiscal 2015 Cost of Products Sold decreased more than Sales to Customers. [ "x" only one answer ] True False 5> True or False? In terms of % Change, Net Earnings had a smaller decrease than Sales to Customers from Fiscal 2014 to Fiscal 2015. [ "x" only one answer ] True False Net Earnings Johnson & Johnson -- Fiscal 2015 Pg. 14 Analytical Observations 3. Vertical Analysis of the Balance Sheet (Pg.4) 1> For fiscal year 2015, rank the following assets in terms of which was the largest as a % of Total Assets. Place a "1" in the box of the largest, a "2" in the box of the second largest, etc. Cash and Cash Equivalents Accounts Receivable Trade Property, Plant and Equip, net Goodwill 2> For fiscal year 2015, rank the following items in terms of which was the largest as a % of Total Liabilities and Shareholders' Equity. Place a "1" in the box of the largest, a "2" in the box of the second largest, etc. Accounts Payable Long-Term Debt Common Stock Retained Earnings 4. Horizontal Analysis of the Balance Sheet (Pg. 5) 1> Rank the following items in terms of which had the largest % increase from Fiscal 2014 to Fiscal 2015. Place a "1" in the box of the largest, a "2" in the box of the second largest, etc. Total Assets Total Liabilities Common Stock Held in Treasury, at cost Retained Earnings 2> Rank the following items in terms of which had the largest Dollar increase from Fiscal 2014 to Fiscal 2015. Place a "1" in the box of the largest, a "2" in the box of the second largest, etc. Total Assets Total Liabilities Common Stock Held in Treasury, at cost Retained Earnings 5. DuPont Analysis -- Return on Assets Ratio (Pg. 6) 1> Which of the following increased from Fiscal 2014 to Fiscal 2015? ["x" each item that increased] Profitability Efficiency Leverage 2015 2014 2015 2014 2> Which fiscal year has the highest Return on Assets %? [ "x" only one answer ] 3> Which fiscal year has the highest Return on Equity%? [ "x" only one answer ] 6. Profitability Indicators (Pg. 7) 1> Which fiscal year, 2015 or 2014, had higher profitability based on Gross Profit Margin % and Operating Profit Margin %? [ "x" only one answer ] 2015 2014 Johnson & Johnson -- Fiscal 2015 Pg. 15 Analytical Observations 7. Efficiency Indicators (Pg.8) 1> Based on both of the Accounts Receivable Efficiency Indicators, in which fiscal year, 2015 or 2014, did J&J more efficiently manage the Accounts Receivable asset? [ "x" only one answer ] 2015 2014 2> Based on both of the Inventory Efficiency Indicators, in which fiscal year, 2015 or 2014, did J&J have an item in inventory for the shortest amount of time? [ "x" only one answer ] 2015 2014 3> Based on the Number of Days' Purchases in Accounts Payable, in which fiscal year, 2015 or 2014, did J&J hold on to its cash longer before paying the cash to vendors? [ "x" only one answer ] 2015 2014 4> Which fiscal year, 2015 or 2014, had the better Cash-to-Cash Cycle? [ "x" only one answer ] 2015 2014 5> In which fiscal year, 2015 or 2014, did J&J have the better Fixed Asset Turnover Ratio? [ "x" only one answer ] 2015 2014 8. Leverage Indicators (at year-end) -- Interest Coverage (Pg. 9) 1> Based on the Debt %, who had the greatest claim to J&J's assets in Fiscal 2014? [ "x" only one answer ] Creditors Shareholders 2> True or False? In Fiscal 2015 more than half of J&J's Total Assets were financed with debt? [ "x" only one answer ] True False 3> Based on the Times Interest Earned Ratio, were the creditors' interest payments more secure in Fiscal 2015 or Fiscal 2014? [ "x" only one answer ] 2015 2014 9. Liquidity Indicators (Pg. 10) 1> Based on Working Capital and the Quick Ratio did Liquidity increase or decrease from Fiscal 2014 to Fiscal 2015? [ "x" only one answer ] Liquidity Increased Liquidity Decreased Johnson & Johnson -- Fiscal 2015 Pg. 16 Analytical Observations 10. Statement of Cash Flows Indicators (Pg. 11) 1> True or False? By looking at the Cash Flow to Capital Expenditure Ratio it can be seen that J&J was able to internally fund the purchases of Fixed Assets in Fiscal 2015 and in Fiscal 2014. [ "x" only one answer ] True False 2> In which fiscal year, 2015 or 2014, did J&J have more Free Cash Flow? [ "x" only one answer ] 2015 2014 11. Equity Investor Indicators (Pg. 12) 1> True or False? Based on the Dividend Payout % it can be seen that J&J paid out a larger percent of Net Income, in the form of Cash Dividends, in Fiscal 2015 than in Fiscal 2014. [ "x" only one answer ] True False 2> Based on the Price-Earnings Ratio, in which fiscal year, 2015 or 2014, did investors place a higher value on J&J's earnings? [ "x" only one answer ] 2015 2014 3> Based on the Dividend Yield %, in which fiscal year, 2015 or 2014, did an investor in J&J's Common Stock earn a higher return from the cash dividends she received on her J&J Common Stock? [ "x" only one answer ] 2015 2014