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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-13149
syk-20220630_g1.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan38-1239739
(State of incorporation)(I.R.S. Employer Identification No.)
2825 Airview Boulevard Kalamazoo,Michigan49002
(Address of principal executive offices)(Zip Code)
(269)385-2600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 Par ValueSYKNew York Stock Exchange
1.125% Notes due 2023SYK23New York Stock Exchange
0.250% Notes due 2024SYK24ANew York Stock Exchange
2.125% Notes due 2027SYK27New York Stock Exchange
0.750% Notes due 2029SYK29New York Stock Exchange
2.625% Notes due 2030SYK30New York Stock Exchange
1.000% Notes due 2031SYK31New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Emerging growth company
Non-accelerated filer
Small reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
There were 378,320,706 shares of Common Stock, $0.10 par value, on June 30, 2022.

STRYKER CORPORATION
2022 Second Quarter Form 10-Q
PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three MonthsSix Months
2022202120222021
Net sales$4,493 $4,294 $8,768 $8,247 
Cost of sales1,667 1,522 3,208 2,966 
Gross profit$2,826 $2,772 $5,560 $5,281 
Research, development and engineering expenses351 310 764 598 
Selling, general and administrative expenses1,539 1,505 3,249 3,080 
Recall charges4 76 18 82 
Amortization of intangible assets160 149 310 330 
Total operating expenses$2,054 $2,040 $4,341 $4,090 
Operating income$772 $732 $1,219 $1,191 
Other income (expense), net(52)(70)(113)(162)
Earnings before income taxes$720 $662 $1,106 $1,029 
Income taxes64 70 127 135 
Net earnings$656 $592 $979 $894 
Net earnings per share of common stock:
Basic$1.73 $1.57 $2.59 $2.37 
Diluted$1.72 $1.55 $2.56 $2.34 
Weighted-average shares outstanding (in millions):
Basic378.3 376.9 378.0 376.6 
Effect of dilutive employee stock compensation3.9 5.4 4.5 5.4 
Diluted382.2 382.3 382.5 382.0 
Cash dividends declared per share of common stock$0.695 $0.63 $1.39 $1.26 
Anti-dilutive shares excluded from the calculation of dilutive employee stock options were 4.5 for the three months 2022 and de minimis in all other periods.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three MonthsSix Months
2022202120222021
Net earnings$656 $592 $979 $894 
Other comprehensive income (loss), net of tax:
Marketable securities  (1) 
Pension plans8 (4)7 3 
Unrealized gains (losses) on designated hedges24 8 25 36 
Financial statement translation161 (80)214 175 
Total other comprehensive income (loss), net of tax$193 $(76)$245 $214 
Comprehensive income$849 $516 $1,224 $1,108 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
1

STRYKER CORPORATION
2022 Second Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
June 30December 31
20222021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$1,044 $2,944 
Marketable securities83 75 
Accounts receivable, less allowance of $144 ($167 in 2021)
3,145 3,022 
Inventories:
Materials and supplies790 691 
Work in process315 264 
Finished goods2,644 2,359 
Total inventories$3,749 $3,314 
Prepaid expenses and other current assets804 662 
Total current assets$8,825 $10,017 
Property, plant and equipment:
Land, buildings and improvements1,662 1,656 
Machinery and equipment3,887 3,842 
Total property, plant and equipment$5,549 $5,498 
Less accumulated depreciation2,746 2,665 
Property, plant and equipment, net$2,803 $2,833 
Goodwill15,115 12,918 
Other intangibles, net5,245 4,840 
Noncurrent deferred income tax assets1,625 1,760 
Other noncurrent assets2,419 2,263 
Total assets$36,032 $34,631 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$1,160 $1,129 
Accrued compensation779 1,092 
Income taxes300 192 
Dividends payable263 263 
Accrued product liabilities400 401 
Accrued expenses and other liabilities1,495 1,465 
Current maturities of debt7 7 
Total current liabilities$4,404 $4,549 
Long-term debt, excluding current maturities13,374 12,472 
Income taxes787 913 
Other noncurrent liabilities1,793 1,820 
Total liabilities$20,358 $19,754 
Shareholders' equity
Common stock, $0.10 par value
38 38 
Additional paid-in capital1,989 1,890 
Retained earnings13,933 13,480 
Accumulated other comprehensive loss(286)(531)
Total shareholders' equity$15,674 $14,877 
Total liabilities and shareholders' equity$36,032 $34,631 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
2

STRYKER CORPORATION
2022 Second Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three MonthsSix Months
2022202120222021
Common stock shares outstanding (in millions)
Beginning378.2 376.7 377.5 376.1 
Issuance of common stock under stock compensation and benefit plans0.1 0.4 0.8 1.0 
Ending378.3 377.1 378.3 377.1 
Common stock
Beginning$38 $38 $38 $38 
Issuance of common stock under stock compensation and benefit plans    
Ending$38 $38 $38 $38 
Additional paid-in capital
Beginning$1,947 $1,806 $1,890 $1,741 
Issuance of common stock under stock compensation and benefit plans6 (1)(8)(4)
Share-based compensation36 39 107 107 
Ending$1,989 $1,844 $1,989 $1,844 
Retained earnings
Beginning$13,540 $12,525 $13,480 $12,462 
Net earnings656 592 979 894 
Cash dividends declared(263)(236)(526)(475)
Ending$13,933 $12,881 $13,933 $12,881 
Accumulated other comprehensive income (loss)
Beginning$(479)$(867)$(531)$(1,157)
Other comprehensive income (loss)193 (76)245 214 
Ending$(286)$(943)$(286)$(943)
Total shareholders' equity$15,674 $13,820 $15,674 $13,820 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
3

STRYKER CORPORATION
2022 Second Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months
20222021
Operating activities
Net earnings$979 $894 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation185 187 
Amortization of intangible assets310 330 
Asset impairments 3 
Share-based compensation107 107 
Recall charges18 82 
Sale of inventory stepped-up to fair value at acquisition12 137 
Changes in operating assets and liabilities:
Accounts receivable(159)(24)
Inventories(523)(128)
Accounts payable34 57 
Accrued expenses and other liabilities(257)22 
Recall-related payments(19)(163)
Income taxes(132)(98)
Other, net177 (76)
Net cash provided by operating activities$732 $1,330 
Investing activities
Acquisitions, net of cash acquired(2,563)(104)
Purchases of marketable securities(38)(31)
Proceeds from sales of marketable securities29 28 
Purchases of property, plant and equipment(262)(189)
Other investing, net (2)
Net cash used in investing activities$(2,834)$(298)
Financing activities
Proceeds (payments) on short-term borrowings, net(376)(7)
Proceeds from issuance of long-term debt1,500 5 
Payments on long-term debt(252)(1,151)
Payments of dividends(525)(475)
Cash paid for taxes from withheld shares(84)(74)
Other financing, net(23)(27)
Net cash provided by (used in) financing activities$240 $(1,729)
Effect of exchange rate changes on cash and cash equivalents(38)(5)
Change in cash and cash equivalents$(1,900)$(702)
Cash and cash equivalents at beginning of period2,944 2,943 
Cash and cash equivalents at end of period$1,044 $2,241 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
4

STRYKER CORPORATION
2022 Second Quarter Form 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1 - BASIS OF PRESENTATION
General Information
Management believes the accompanying unaudited Consolidated Financial Statements contain all adjustments, including normal recurring items, considered necessary to fairly present the financial position of Stryker Corporation and its consolidated subsidiaries ("Stryker," the "Company," "we," "us" or "our") on June 30, 2022 and the results of operations for the three and six months 2022. The results of operations included in these Consolidated Financial Statements may not necessarily be indicative of our annual results. These statements should be read in conjunction with our Annual Report on Form 10-K for 2021.
New Accounting Pronouncements Not Yet Adopted
We evaluate all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on our Consolidated Financial Statements.
New Accounting Pronouncements Recently Adopted
On January 1, 2022 we adopted ASU 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers. The adoption of this update did not have a material impact on our Consolidated Financial Statements.
NOTE 2 - REVENUE RECOGNITION
Our policies for recognizing sales have not changed from those described in our Annual Report on Form 10-K for 2021.
We disaggregate our net sales by product line and geographic location for each of our segments as we believe it best depicts how the nature, amount, timing and certainty of our net sales and cash flows are affected by economic factors.
Net Sales by Product Line
Three MonthsSix Months
2022202120222021
MedSurg and Neurotechnology:
Instruments$563 $517 $1,091 $986 
Endoscopy600 518 1,138 987 
Medical666 640 1,330 1,262 
Neurovascular306 301 607 590 
Neuro Cranial337 310 660 591 
Other77 73 146 134 
$2,549 $2,359 $4,972 $4,550 
Orthopaedics and Spine:
Knees$500 $474 $964 $886 
Hips364 353 691 662 
Trauma and Extremities676 674 1,361 1,314 
Spine290 307 569 585 
Other114 127 211 250 
$1,944 $1,935 $3,796 $3,697 
Total$4,493 $4,294 $8,768 $8,247 
Net Sales by Geography
Three Months 2022Three Months 2021
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$451 $112 $401 $116 
Endoscopy473 127 407 111 
Medical536 130 488 152 
Neurovascular113 193 115 186 
Neuro Cranial281 56 256 54 
Other75 2 72 1 
$1,929 $620 $1,739 $620 
Orthopaedics and Spine:
Knees$368 $132 $349 $125 
Hips230 134 221 132 
Trauma and Extremities489 187 475 199 
Spine209 81 217 90 
Other86 28 99 28 
$1,382 $562 $1,361 $574 
Total$3,311 $1,182 $3,100 $1,194 
Net Sales by Geography
Six Months 2022Six Months 2021
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$865 $226 $756 $230 
Endoscopy891 247 761 226 
Medical1,061 269 961 301 
Neurovascular223 384 226 364 
Neuro Cranial545 115 480 111 
Other143 3 132 2 
$3,728 $1,244 $3,316 $1,234 
Orthopaedics and Spine:
Knees$713 $251 $643 $243 
Hips432 259 407 255 
Trauma and Extremities976 385 915 399 
Spine409 160 410 175 
Other158 53 193 57 
$2,688 $1,108 $2,568 $1,129 
Total$6,416 $2,352 $5,884 $2,363 
Contract Assets and Liabilities
On June 30, 2022 and December 31, 2021 contract assets recorded in our Consolidated Balance Sheets were not significant.
Our contract liabilities arise as a result of consideration received from customers at inception of contracts for certain businesses or where the timing of billing for services precedes satisfaction of our performance obligations. We generally satisfy performance obligations within one year from the contract inception date. Our contract liabilities were $640 and $529 on June 30, 2022 and December 31, 2021.
Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION
2022 Second Quarter Form 10-Q
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2022Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$(156)$41 $(363)$(479)
OCI  8 32 268 308 
Income taxes (2)(4)(98)(104)
Reclassifications to:
Cost of sales  (3) (3)
Other (income) expense 2 (1)(11)(10)
Income taxes   2 2 
Net OCI$ $8 $24 $161 $193 
Ending$(1)$(148)$65 $(202)$(286)
Three Months 2021Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(252)$18 $(630)$(867)
OCI  (9)7 (75)(77)
Income taxes 2 (3)2 1 
Reclassifications to:
Cost of sales  4  4 
Other (income) expense 4 (1)(9)(6)
Income taxes (1)1 2 2 
Net OCI$ $(4)$8 $(80)$(76)
Ending$(3)$(256)$26 $(710)$(943)
Six Months 2022Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$ $(155)$40 $(416)$(531)
OCI (1)4 36 354 393 
Income taxes  (6)(123)(129)
Reclassifications to:
Cost of sales  (3) (3)
Other (income) expense 4 (2)(22)(20)
Income taxes (1) 5 4