Company Quick10K Filing
Quick10K
Stryker
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$188.01 374 $70,280
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Amend Bylaw, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-11-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-09 M&A, Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-29 Enter Agreement, Regulation FD, Exhibits
8-K 2018-07-31 Amend Bylaw, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-07-10 Officers, Exhibits
8-K 2018-06-13 Regulation FD
8-K 2018-05-04 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-03 Officers, Exhibits
8-K 2018-03-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-26 Enter Agreement, Exhibits
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-09 Earnings, Exhibits
8-K 2018-01-08 Other Events, Exhibits
MLR Miller Industries 383
BELFA Bel Fuse 246
CTRN Citi Trends 229
SB Safe Bulkers 160
HCHC HC2 121
KOOL Cesca Therapeutics 6
SCND Scientific Industries 0
DSW DSW 0
GSPE Gulfslope Energy 0
LFIN Longfin 0
SYK 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue Recognition
Note 3 - Accumulated Other Comprehensive (Loss) Income (Aoci)
Note 4 - Derivative Instruments
Note 5 - Fair Value Measurements
Note 6 - Contingencies and Commitments
Note 7 - Acquisitions
Note 8 - Debt and Credit Facilities
Note 9 - Income Taxes
Note 10 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex31i-630201910q.htm
EX-31.2 ex31ii-630201910q.htm
EX-32.1 ex32i-630201910q.htm
EX-32.2 ex32ii-630201910q.htm

Stryker Earnings 2019-06-30

SYK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-09165
strykerlogoa67.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
 
 
 
 
 
38-1239739
(State of incorporation)
 
 
 
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
2825 Airview Boulevard
 Kalamazoo,
Michigan
 
49002
(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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $.10 Par Value
 
SYK
 
New York Stock Exchange
1.125% Notes due 2023
 
SYK23
 
New York Stock Exchange
2.125% Notes due 2027
 
SYK27
 
New York Stock Exchange
2.625% Notes due 2030
 
SYK30
 
New York Stock Exchange
Floating Rate Notes due 2020
 
SYK20A
 
New 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
 
 
Non-accelerated filer
 
Small reporting company
 
 
 
 
 
Emerging growth 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 374,103,607 shares of Common Stock, $0.10 par value, on June 30, 2019.
 


STRYKER CORPORATION
 
2019 Second Quarter Form 10-Q

PART I – FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
 
Three Months
 
Six Months

2019
 
2018
 
2019
 
2018
Net sales
$
3,650

 
$
3,322

 
$
7,166

 
$
6,563

Cost of sales
1,270

 
1,132

 
2,503

 
2,236

Gross profit
$
2,380

 
$
2,190

 
$
4,663

 
$
4,327

Research, development and engineering expenses
246

 
216

 
471

 
420

Selling, general and administrative expenses
1,282

 
1,190

 
2,685

 
2,426

Recall charges
117

 
2

 
130

 
6

Amortization of intangible assets
122

 
110

 
236

 
212

Total operating expenses
$
1,767

 
$
1,518

 
$
3,522

 
$
3,064

Operating income
$
613

 
$
672

 
$
1,141

 
$
1,263

Other income (expense), net
(48
)
 
(49
)
 
(96
)
 
(98
)
Earnings before income taxes
$
565

 
$
623

 
$
1,045

 
$
1,165

Income taxes
85

 
171

 
153

 
270

Net earnings
$
480

 
$
452

 
$
892

 
$
895

 
 
 
 
 
 
 
 
Net earnings per share of common stock:
 
 
 
 
 
 
 
Basic
$
1.29

 
$
1.21

 
$
2.39

 
$
2.39

Diluted
$
1.26

 
$
1.19

 
$
2.35

 
$
2.35

 
 
 
 
 
 
 
 
Weighted-average shares outstanding (in millions):
 
 
 
 
 
 
 
Basic
373.9

 
373.9

 
373.6

 
373.9

Effect of dilutive employee stock options
5.6

 
6.2

 
5.8

 
6.5

Diluted
379.5

 
380.1

 
379.4

 
380.4

 
 
 
 
 
 
 
 
Cash dividends declared per share of common stock
$
0.52

 
$
0.47

 
$
1.04

 
$
0.94

Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months
 
Six Months
 
2019
 
2018
 
2019
 
2018
Net earnings
$
480

 
$
452

 
$
892

 
$
895

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Marketable securities

 

 
1

 
(1
)
Pension plans
(7
)
 
8

 
(11
)
 
2

Unrealized gains (losses) on designated hedges
3

 
2

 
(13
)
 
17

Financial statement translation
(61
)
 
(57
)
 
24

 
(22
)
Total other comprehensive income (loss), net of tax
$
(65
)
 
$
(47
)
 
$
1

 
$
(4
)
Comprehensive income
$
415

 
$
405

 
$
893

 
$
891


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
1

STRYKER CORPORATION
 
2019 Second Quarter Form 10-Q

CONSOLIDATED BALANCE SHEETS
 
June 30
 
December 31
 
2019
 
2018
 
(Unaudited)
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
1,754

 
$
3,616

Marketable securities
85

 
83

Accounts receivable, less allowance of $70 ($64 in 2018)
2,408

 
2,332

Inventories:
 
 
 
Materials and supplies
652

 
606

Work in process
186

 
149

Finished goods
2,360

 
2,200

Total inventories
$
3,198

 
$
2,955

Prepaid expenses and other current assets
740

 
747

Total current assets
$
8,185

 
$
9,733

Property, plant and equipment:
 
 
 
Land, buildings and improvements
1,057

 
1,041

Machinery and equipment
3,421

 
3,236

Total property, plant and equipment
$
4,478

 
$
4,277

Less accumulated depreciation
2,091

 
1,986

Property, plant and equipment, net
$
2,387

 
$
2,291

Goodwill
8,762

 
8,563

Other intangibles, net
4,184

 
4,163

Noncurrent deferred income tax assets
1,613

 
1,678

Other noncurrent assets
1,223

 
801

Total assets
$
26,354

 
$
27,229

 
 
 
 
Liabilities and shareholders' equity

 
 
Current liabilities
 
 
 
Accounts payable
$
616

 
$
646

Accrued compensation
640

 
917

Income taxes payable
139

 
158

Dividend payable
192

 
192

Accrued expenses and other liabilities
1,820

 
1,521

Current maturities of debt
539

 
1,373

Total current liabilities
$
3,946

 
$
4,807

Long-term debt, excluding current maturities
7,974

 
8,486

Income taxes
1,106

 
1,228

Other noncurrent liabilities
1,385

 
978

Total liabilities
$
14,411

 
$
15,499

Shareholders' equity
 
 
 
Common stock, $0.10 par value
37

 
37

Additional paid-in capital
1,569

 
1,559

Retained earnings
10,967

 
10,765

Accumulated other comprehensive loss
(630
)
 
(631
)
Total shareholders' equity
$
11,943

 
$
11,730

Total liabilities and shareholders' equity
$
26,354

 
$
27,229


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
2

STRYKER CORPORATION
 
2019 Second Quarter Form 10-Q

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
 
Three Months
 
Six Months
 
2019
 
2018
 
2019
 
2018
Common stock shares outstanding (in millions)
 
 
 
 
 
 
 
Beginning
373.8

 
373.7

 
374.4

 
374.4

Issuance of common stock under stock option and benefit plans
0.3

 
0.3

 
1.6

 
1.5

Repurchase of common stock

 

 
(1.9
)
 
(1.9
)
Ending
374.1

 
374.0

 
374.1

 
374.0

 
 
 
 
 
 
 
 
Common stock
 
 
 
 
 
 
 
Beginning
$
37

 
$
37

 
$
37

 
$
37

Issuance of common stock under stock option and benefit plans

 

 

 

Repurchase of common stock

 

 

 

Ending
$
37

 
$
37

 
$
37

 
$
37

Additional paid-in capital
 
 
 
 
 
 
 
Beginning
$
1,538

 
$
1,486

 
$
1,559

 
$
1,496

Issuance of common stock under stock option and benefit plans
3

 
(11
)
 
(45
)
 
(43
)
Repurchase of common stock

 

 
(8
)
 
(7
)
Share-based compensation
28

 
28

 
63

 
57

Ending
$
1,569

 
$
1,503

 
$
1,569

 
$
1,503

Retained earnings
 
 
 
 
 
 
 
Beginning
$
10,683

 
$
8,201

 
$
10,765

 
$
8,986

Cumulative effect of accounting changes

 

 

 
(759
)
Net earnings
480

 
452

 
892

 
895

Repurchase of common stock

 

 
(299
)
 
(293
)
Cash dividends declared
(196
)
 
(176
)
 
(391
)
 
(352
)
Ending
$
10,967

 
$
8,477

 
$
10,967

 
$
8,477

Accumulated other comprehensive (loss) income
 
 
 
 
 
 
 
Beginning
$
(565
)
 
$
(510
)
 
$
(631
)
 
$
(553
)
Other comprehensive income (loss)
(65
)
 
(47
)
 
1

 
(4
)
Ending
$
(630
)
 
$
(557
)
 
$
(630
)
 
$
(557
)
Total Stryker shareholders' equity
$
11,943

 
$
9,460

 
$
11,943

 
$
9,460

Non-controlling interest
 
 
 
 
 
 
 
Beginning
$

 
$
9

 
$

 
$
14

Interest purchased

 
(9
)
 

 
(15
)
Net earnings attributable to noncontrolling interest

 

 

 

Foreign currency exchange translation adjustment

 

 

 
1

Ending
$

 
$

 
$

 
$

Total shareholders' equity
$
11,943

 
$
9,460

 
$
11,943

 
$
9,460


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
3

STRYKER CORPORATION
 
2019 Second Quarter Form 10-Q

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Six Months
 
2019
 
2018
Operating activities
 
 
 
Net earnings
$
892

 
$
895

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation
153

 
150

Amortization of intangible assets
236

 
212

Share-based compensation
63

 
57

Recall charges
130

 
6

Sale of inventory stepped-up to fair value at acquisition
38

 
11

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(72
)
 
115

Inventories
(285
)
 
(294
)
Accounts payable
(16
)
 
65

Accrued expenses and other liabilities
(76
)
 
(190
)
Recall-related payments
(34
)
 
(68
)
Income taxes
(86
)
 
(47
)
Other, net
(116
)
 
34

Net cash provided by operating activities
$
827

 
$
946

Investing activities
 
 
 
Acquisitions, net of cash acquired
(260
)
 
(767
)
Purchases of marketable securities
(37
)
 
(145
)
Proceeds from sales of marketable securities
34

 
117

Purchases of property, plant and equipment
(287
)
 
(278
)
Net cash used in investing activities
$
(550
)
 
$
(1,073
)
Financing activities
 
 
 
Proceeds (payments) on short-term borrowings, net
6

 
(7
)
Proceeds from issuance of long-term debt

 
595

Payments on long-term debt
(1,341
)
 
(600
)
Dividends paid
(390
)
 
(352
)
Repurchases of common stock
(307
)
 
(300
)
Cash paid for taxes from withheld shares
(111
)
 
(96
)
Payments to purchase noncontrolling interest

 
(14
)
Other financing, net
8

 
2

Net cash (used in) provided by financing activities
$
(2,135
)
 
$
(772
)
Effect of exchange rate changes on cash and cash equivalents
(4
)
 
(2
)
Change in cash and cash equivalents
$
(1,862
)
 
$
(901
)
Cash and cash equivalents at beginning of period
3,616

 
2,542

Cash and cash equivalents at end of period
$
1,754

 
$
1,641


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
4

STRYKER CORPORATION
 
2019 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 (the "Company," "we," us" or "our") on June 30, 2019 and the results of operations for the three and six months 2019. 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 2018.
Certain prior year amounts have been reclassified to conform with current year presentation in our Consolidated Statements of Cash Flows.
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.
In August 2018 the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract to align with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The update is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. We are in the process of evaluating the impact on our Consolidated Financial Statements and the timing of adoption of this update.
Accounting Pronouncements Recently Adopted
On January 1, 2019 we adopted ASU 2016-02, Leases, and related amendments (ASC 842), which require lease assets and liabilities to be recorded on the balance sheet for leases with terms greater than twelve months. Refer to Note 6 for further information.
On January 1, 2019 we adopted ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies hedge accounting guidance, as well as improves presentation and disclosure to align the economic effects of risk management strategies in the financial statements. 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 2018.
We disaggregate our net sales by product line and geography 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 Months
 
Six Months
 
2019
2018
 
2019
2018
Orthopaedics:
 
 
 
 
 
Knees
$
440

$
422

 
$
879

$
841

Hips
343

336

 
679

667

Trauma and Extremities
394

387

 
790

776

Other
96

83

 
175

160

 
$
1,273

$
1,228

 
$
2,523

$
2,444

MedSurg:
 
 
 
 
 
Instruments
$
520

$
438

 
$
998

$
850

Endoscopy
480

448

 
950

892

Medical
542

505

 
1,073

1,016

Sustainability
75

64

 
140

124

 
$
1,617

$
1,455

 
$
3,161

$
2,882

Neurotechnology and Spine:
 
 
 
 
 
Neurotechnology
$
483

$
437

 
$
948

$
847

Spine
277

202

 
534

390

 
$
760

$
639

 
$
1,482

$
1,237

Total
$
3,650

$
3,322

 
$
7,166

$
6,563

Net Sales by Geography
 
 
 
 
 
 
Three Months 2019
 
Three Months 2018
 
United States
International
 
United States
International
Orthopaedics:
 
 
 
 
 
Knees
$
324

$
116

 
$
304

$
118

Hips
219

124

 
207

129

Trauma and Extremities
252

142

 
242

145

Other
79

17

 
68

15

 
$
874

$
399

 
$
821

$
407

MedSurg:
 
 
 
 
 
Instruments
$
414

$
106

 
$
339

$
99

Endoscopy
383

97

 
354

94

Medical
430

112

 
384

121

Sustainability
75


 
63

1

 
$
1,302

$
315

 
$
1,140

$
315

Neurotechnology and Spine:
 
 
 
 
 
Neurotechnology
$
311

$
172

 
$
280

$
158

Spine
208

69

 
144

57

 
$
519

$
241

 
$
424

$
215

Total
$
2,695

$
955

 
$
2,385

$
937


Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION
 
2019 Second Quarter Form 10-Q

Net Sales by Geography
 
 
 
 
 
 
Six Months 2019
 
Six Months 2018
 
United States
International
 
United States
International
Orthopaedics:
 
 
 
 
 
Knees
$
644

$
235

 
$
605

$
236

Hips
432

247

 
412

255

Trauma and Extremities
506

284

 
487

289

Other
142

33

 
131

29

 
$
1,724

$
799

 
$
1,635

$
809

MedSurg:
 
 
 
 
 
Instruments
$
795

$
203

 
$
655

$
195

Endoscopy
759

191

 
703

189

Medical
846

227

 
765

251

Sustainability
139

1

 
123

1

 
$
2,539

$
622

 
$
2,246

$
636

Neurotechnology and Spine:
 
 
 
 
 
Neurotechnology
$
608

$
340

 
$
536

$
312

Spine
403

131

 
282

107

 
$
1,011

$
471

 
$
818

$
419

Total
$
5,274

$
1,892

 
$
4,699

$
1,864


Contract Assets and Liabilities
On June 30, 2019 there were no contract assets recorded on our Consolidated Balance Sheets.
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 $321 and $327 on June 30, 2019 and December 31, 2018.
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2019
Marketable Securities
Pension Plans
Hedges
Financial Statement Translation
Total
Beginning
$
(3
)
$
(141
)
$
34

$
(455
)
$
(565
)
OCI

(10
)
3

(