Johnson & Johnson (JNJ) has long been a company that has many cash demands. It pays a sizable dividend, buys back stock by the billion and is almost constantly acquiring competitors. Its FCF is prodigious to say the least but it also uses debt to supplement when needed. In this article, I'll take a look at JNJ's debt usage and how it has changed over the past few years, as well as any implications arising from the cost of servicing it.

I'll be using data from Seeking Alpha for this exercise.

We'll begin by taking a look at JNJ's short and long term debt balances for the past five years as well as the interest expense associated with it to get a baseline to reference.

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