Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

Summary of Operations and Statistical Data 2009-2019



(Dollars in Millions Except Per Share Amounts)	2019	2018	2017	2016	2015	2014		2013		2012		2011		2010		2009
Sales to customers — U.S.	$42,097	41,884	39,863	37,811	35,687	34,782		31,910		29,830		28,908		29,450		30,889
Sales to customers — International	39,962	39,697	36,587	34,079	34,387	39,549		39,402		37,394		36,122		32,137		31,008
Total sales	82,059	81,581	76,450	71,890	70,074	74,331		71,312		67,224		65,030		61,587		61,897
Cost of products sold	27,556	27,091	25,439	21,789	21,426	22,684		22,181		21,515		20,219		18,688		18,380
Selling, marketing and administrative expenses	22,178	22,540	21,520	20,067	21,079	21,887		21,650		20,697		20,800		19,296		19,712
Research and development expense	11,355	10,775	10,594	9,143	8,999	8,471		8,119		7,602		7,486		6,796		6,949
In-process research and development	890	1,126	408	29	224	178		580		1,163		—		—		—
Interest income	(357)	(611)	(385)	(368)	(128)	(67	)	(74	)	(64	)	(91	)	(107	)	(90	)
Interest expense, net of portion capitalized	318	1,005	934	726	552	533		482		532		571		455		451
Other (income) expense, net	2,525	1,405	(42)	210	(1,783)	82		2,903		2,004		3,115		(488	)	(333	)
Restructuring	266	251	309	491	509	—		—		—		569		—		1,073
	64,731	63,582	58,777	52,087	50,878	53,768		55,841		53,449		52,669		44,640		46,142
Earnings before provision for taxes on income	$17,328	17,999	17,673	19,803	19,196	20,563		15,471		13,775		12,361		16,947		15,755
Provision for taxes on income	2,209	2,702	16,373	3,263	3,787	4,240		1,640		3,261		2,689		3,613		3,489
Net earnings	15,119	15,297	1,300	16,540	15,409	16,323		13,831		10,514		9,672		13,334		12,266
Add: Net loss attributable to noncontrolling interest	—	—	—	—	—	—		—		339		—		—		—
Net earnings attributable to Johnson & Johnson	15,119	15,297	1,300	16,540	15,409	16,323		13,831		10,853		9,672		13,334		12,266
Percent of sales to customers	18.4%	18.8	1.7	23.0	22.0	22.0		19.4		16.1		14.9		21.7		19.8
Diluted net earnings per share of common stock (1)	$5.63	5.61	0.47	5.93	5.48	5.70		4.81		3.86		3.49		4.78		4.40
Percent return on average shareholders’ equity	25.4%	25.5	2.0	23.4	21.9	22.7		19.9		17.8		17.0		24.9		26.4
Percent increase (decrease) over previous year:
Sales to customers	0.6%	6.7	6.3	2.6	(5.7)	4.2		6.1		3.4		5.6		(0.5	)	(2.9	)
Diluted net earnings per share	0.4%	N/M	(92.1)	8.2	(3.9)	18.5		24.6		10.6		(27.0	)	8.6		(3.7	)
Supplementary balance sheet data:
Property, plant and equipment, net	17,658	17,035	17,005	15,912	15,905	16,126		16,710		16,097		14,739		14,553		14,759
Additions to property, plant and equipment	3,498	3,670	3,279	3,226	3,463	3,714		3,595		2,934		2,893		2,384		2,365
Total assets	157,728	152,954	157,303	141,208	133,411	130,358		131,754		121,347		113,644		102,908		94,682
Long-term debt	26,494	27,684	30,675	22,442	12,857	15,122		13,328		11,489		12,969		9,156		8,223
Operating cash flow	23,416	22,201	21,056	18,767	19,569	18,710		17,414		15,396		14,298		16,385		16,571
Common stock information
Dividends paid per share	3.75	3.54	3.32	3.15	2.95	2.76		2.59		2.40		2.25		2.11		1.93
Shareholders’ equity per share	22.59	22.44	22.43	26.02	25.82	25.06		26.25		23.33		20.95		20.66		18.37
Market price per share (year-end close)	$145.75	127.27	139.72	115.21	102.72	105.06		92.35		69.48		65.58		61.85		64.41
Average shares outstanding (millions)
— basic	2,645.1	2,681.5	2,692.0	2,737.3	2,771.8	2,815.2		2,809.2		2,753.3		2,736.0		2,751.4		2,759.5
— diluted	2,684.3	2,728.7	2,745.3	2,788.9	2,812.9	2,863.9		2,877.0		2,812.6		2,775.3		2,788.8		2,789.1
Employees (thousands)	132.2	135.1	134.0	126.4	127.1	126.5		128.1		127.6		117.9		114.0		115.5

(1) Attributable to Johnson & Johnson

N/M = Not Meaningful



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