JOHNSON & JOHNSONJNJ
JOHNSON & JOHNSON Debt Disclosure
Borrowings
The components of long-term debt are as follows:
| (Dollars in Millions) | 2025 | 2024 | ||||||||||||
2.625% Notes due 2025 | $— | 750 | ||||||||||||
0.55% Notes due 2025 | — | 999 | ||||||||||||
2.45% Notes due 2026 | 2,000 | 1,999 | ||||||||||||
2.95% Notes due 2027 | 968 | 927 | ||||||||||||
0.95% Notes due 2027 | 1,499 | 1,458 | ||||||||||||
4.50% Notes due 2027(4) | 749 | — | ||||||||||||
1.150% Notes due 2028 (750MM Euro 1.1785)(1)/(750MM Euro 1.0401)(2) | 882 | 777 | ||||||||||||
2.90% Notes due 2028 | 1,498 | 1,498 | ||||||||||||
4.55% Notes due 2028(4) | 748 | — | ||||||||||||
6.95% Notes due 2029 | 299 | 298 | ||||||||||||
4.80% Notes due 2029 | 1,147 | 1,146 | ||||||||||||
2.70% Notes due 2029 (4) (600MM Euro 1.1785)(1) | 707 | — | ||||||||||||
1.30% Notes due 2030 | 1,693 | 1,646 | ||||||||||||
4.70% Notes due 2030(4) | 996 | — | ||||||||||||
4.90% Notes due 2031 | 1,146 | 1,145 | ||||||||||||
3.20% Notes due 2032 (700MM Euro 1.1785)(1)/($700MM Euro 1.0401)(2) | 822 | 725 | ||||||||||||
4.85% Notes due 2032(4) | 1,243 | — | ||||||||||||
4.95% Notes due 2033 | 499 | 499 | ||||||||||||
4.375% Notes due 2033 | 853 | 854 | ||||||||||||
3.05% Notes due 2033(4) ( 700MM Euro 1.1785)(1) | 823 | — | ||||||||||||
4.95% Notes due 2034 | 847 | 846 | ||||||||||||
1.650% Notes due 2035 (1.5B Euro 1.1785)(1)/(1.5B Euro 1.0401)(2) | 1,758 | 1,550 | ||||||||||||
5.00% Notes due 2035(4) | 1,244 | — | ||||||||||||
3.35% Notes due 2036 (800MM Euro 1.1785)(1)(800MM Euro 1.0401)(2) | 938 | 827 | ||||||||||||
3.587% Notes due 2036 | 919 | 869 | ||||||||||||
5.95% Notes due 2037 | 995 | 994 | ||||||||||||
3.625% Notes due 2037 | 1,409 | 1,358 | ||||||||||||
3.35% Notes due 2037(4) (1B Euro 1.1785)(1) | 1,176 | — | ||||||||||||
5.85% Notes due 2038 | 697 | 697 | ||||||||||||
3.40% Notes due 2038 | 994 | 993 | ||||||||||||
4.50% Notes due 2040 | 542 | 541 | ||||||||||||
2.10% Notes due 2040 | 898 | 845 | ||||||||||||
4.85% Notes due 2041 | 298 | 297 | ||||||||||||
4.50% Notes due 2043 | 497 | 496 | ||||||||||||
3.55% Notes due 2044 (1B Euro 1.1785)(1)(1B Euro 1.0401)(2) | 1,168 | 1,030 | ||||||||||||
3.60% Notes due 2045(4) (700MM Euro 1.1785)(1) | 819 | — | ||||||||||||
3.73% Notes due 2046 | 1,979 | 1,978 | ||||||||||||
3.75% Notes due 2047 | 876 | 822 | ||||||||||||
3.50% Notes due 2048 | 744 | 744 | ||||||||||||
2.25% Notes due 2050 | 861 | 808 | ||||||||||||
5.25% Notes due 2054 | 843 | 843 | ||||||||||||
3.70% Notes due 2055(4) (1B Euro 1.1785)(1) | 1,173 | — | ||||||||||||
2.45% Notes due 2060 | 1,112 | 1,058 | ||||||||||||
| Other | 79 | 83 | ||||||||||||
| Subtotal | 41,438 | (3) | 32,400 | (3) | ||||||||||
| Less current portion | 2,000 | 1,749 | ||||||||||||
| Total long-term debt | $39,438 | $30,651 | ||||||||||||
(1)Translation rate at December 28, 2025.
(2)Translation rate at December 29, 2024.
(3)The excess of the carrying value over the fair value of debt was $1.7 billion and $2.0 billion at the end of the fiscal year 2025 and the fiscal year 2024, respectively.
(4)In the fiscal first quarter of 2025, the Company issued senior unsecured notes for approximately $9.2 billion. The net proceeds from this offering were used to fund the Intra-Cellular Therapies, Inc. acquisition which closed on April 2, 2025, and for general corporate purposes.
Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.
The Company has access to substantial sources of funds at numerous banks worldwide. In June 2025, the Company secured a new 364-day Credit Facility of $10 billion, which expires on June 24, 2026. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.
Throughout fiscal years 2025 and 2024, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $8.5 billion and $6.0 billion at the end of fiscal years 2025 and 2024, respectively. The current portion of the long-term debt was $2.0 billion and $1.7 billion in 2025 and 2024, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries.
The current debt balance as of December 28, 2025 includes $6.5 billion of commercial paper which has a weighted average interest rate of 3.81% and a weighted average maturity of approximately two months. The current debt balance as of December 29, 2024 includes $4.1 billion of commercial paper which has a weighted average interest rate of 4.46% and a weighted average maturity of approximately two months.
Aggregate maturities of long-term debt obligations commencing in 2026 are:
| (Dollars in Millions) | ||||||||||||||||||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | After 2030 | |||||||||||||||||||||||||||
| $2,000 | 3,216 | 3,128 | 2,153 | 2,689 | 28,252 | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2022 | |
| 2021 | Feb 22, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 24, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.