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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 March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-13149
syk-20220331_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 378,154,080 shares of Common Stock, $0.10 par value, on March 31, 2022.

STRYKER CORPORATION2022 First Quarter Form 10-Q
PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three Months
20222021
Net sales$4,275 $3,953 
Cost of sales1,541 1,444 
Gross profit$2,734 $2,509 
Research, development and engineering expenses413 288 
Selling, general and administrative expenses1,710 1,575 
Recall charges14 6 
Amortization of intangible assets150 181 
Total operating expenses$2,287 $2,050 
Operating income$447 $459 
Other income (expense), net(61)(92)
Earnings before income taxes$386 $367 
Income taxes63 65 
Net earnings$323 $302 
Net earnings per share of common stock:
Basic$0.86 $0.80 
Diluted$0.84 $0.79 
Weighted-average shares outstanding (in millions):
Basic377.7 376.3 
Effect of dilutive employee stock compensation5.0 5.4 
Diluted382.7 381.7 
Cash dividends declared per share of common stock$0.695 $0.63 
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
20222021
Net earnings$323 $302 
Other comprehensive income (loss), net of tax:
Marketable securities(1) 
Pension plans(1)7 
Unrealized gains (losses) on designated hedges1 28 
Financial statement translation53 255 
Total other comprehensive income (loss), net of tax$52 $290 
Comprehensive income$375 $592 

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

STRYKER CORPORATION2022 First Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
March 31December 31
20222021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$1,458 $2,944 
Marketable securities72 75 
Accounts receivable, less allowance of $140 ($167 in 2021)
2,991 3,022 
Inventories:
Materials and supplies750 691 
Work in process298 264 
Finished goods2,477 2,359 
Total inventories$3,525 $3,314 
Prepaid expenses and other current assets679 662 
Total current assets$8,725 $10,017 
Property, plant and equipment:
Land, buildings and improvements1,708 1,656 
Machinery and equipment3,824 3,842 
Total property, plant and equipment$5,532 $5,498 
Less accumulated depreciation2,739 2,665 
Property, plant and equipment, net$2,793 $2,833 
Goodwill15,228 12,918 
Other intangibles, net5,430 4,840 
Noncurrent deferred income tax assets1,602 1,760 
Other noncurrent assets2,359 2,263 
Total assets$36,137 $34,631 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$1,084 $1,129 
Accrued compensation703 1,092 
Income taxes173 192 
Dividends payable263 263 
Accrued product liabilities430 401 
Accrued expenses and other liabilities1,541 1,465 
Current maturities of debt214 7 
Total current liabilities$4,408 $4,549 
Long-term debt, excluding current maturities13,885 12,472 
Income taxes917 913 
Other noncurrent liabilities1,881 1,820 
Total liabilities$21,091 $19,754 
Shareholders' equity
Common stock, $0.10 par value
38 38 
Additional paid-in capital1,947 1,890 
Retained earnings13,540 13,480 
Accumulated other comprehensive loss(479)(531)
Total shareholders' equity$15,046 $14,877 
Total liabilities and shareholders' equity$36,137 $34,631 

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

STRYKER CORPORATION2022 First Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three Months
20222021
Common stock shares outstanding (in millions)
Beginning377.5 376.1 
Issuance of common stock under stock compensation and benefit plans0.7 0.6 
Ending378.2 376.7 
Common stock
Beginning$38 $38 
Issuance of common stock under stock compensation and benefit plans  
Ending$38 $38 
Additional paid-in capital
Beginning$1,890 $1,741 
Issuance of common stock under stock compensation and benefit plans(14)(3)
Share-based compensation71 68 
Ending$1,947 $1,806 
Retained earnings
Beginning$13,480 $12,462 
Net earnings323 302 
Cash dividends declared(263)(239)
Ending$13,540 $12,525 
Accumulated other comprehensive income (loss)
Beginning$(531)$(1,157)
Other comprehensive income (loss)52 290 
Ending$(479)$(867)
Total shareholders' equity$15,046 $13,502 

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

STRYKER CORPORATION2022 First Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months
20222021
Operating activities
Net earnings$323 $302 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation92 95 
Amortization of intangible assets150 181 
Share-based compensation71 68 
Recall charges14 6 
Sale of inventory stepped-up to fair value at acquisition5 79 
Changes in operating assets and liabilities:
Accounts receivable53 65 
Inventories(229)(73)
Accounts payable(52)(37)
Accrued expenses and other liabilities(348)(178)
Recall-related payments(9)(8)
Income taxes(3)6 
Other, net136 (54)
Net cash provided by operating activities$203 $452 
Investing activities
Acquisitions, net of cash acquired(2,563)(27)
Purchases of marketable securities(9)(5)
Proceeds from sales of marketable securities11 12 
Purchases of property, plant and equipment(119)(83)
Other investing, net(2)7 
Net cash used in investing activities$(2,682)$(96)
Financing activities
Proceeds (payments) on short-term borrowings, net(170)2 
Proceeds from issuance of long-term debt1,500 5 
Payments on long-term debt (750)
Payments of dividends(262)(238)
Cash paid for taxes from withheld shares(72)(53)
Other financing, net(3)(19)
Net cash provided by (used in) financing activities$993 $(1,053)
Effect of exchange rate changes on cash and cash equivalents (8)
Change in cash and cash equivalents$(1,486)$(705)
Cash and cash equivalents at beginning of period2,944 2,943 
Cash and cash equivalents at end of period$1,458 $2,238 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
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STRYKER CORPORATION2022 First 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 March 31, 2022 and the results of operations for the three 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 Months
20222021
MedSurg and Neurotechnology:
Instruments$528 $469 
Endoscopy538 469 
Medical664 622 
Neurovascular301 289 
Neuro Cranial323 281 
Other69 61 
$2,423 $2,191 
Orthopaedics and Spine:
Knees$464 $412 
Hips327 309 
Trauma and Extremities685 640 
Spine279 278 
Other97 123 
$1,852 $1,762 
Total$4,275 $3,953 
Net Sales by Geography
Three Months 2022Three Months 2021
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$414 $114 $355 $114 
Endoscopy418 120 354 115 
Medical525 139 473 149 
Neurovascular110 191 111 178 
Neuro Cranial264 59 224 57 
Other68 1 60 1 
$1,799 $624 $1,577 $614 
Orthopaedics and Spine:
Knees$345 $119 $294 $118 
Hips202 125 186 123 
Trauma and Extremities487 198 440 200 
Spine200 79 193 85 
Other72 25 94 29 
$1,306 $546 $1,207 $555 
Total$3,105 $1,170 $2,784 $1,169 
Contract Assets and Liabilities
On March 31, 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 $635 and $529 on March 31, 2022 and December 31, 2021.
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2022Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$ $(155)$40 $(416)$(531)
OCI (1)(4)4 86 85 
Income taxes 2 (2)(25)(25)
Reclassifications to:
Other (income) expense 2 (1)(11)(10)
Income taxes (1) 3 2 
Net OCI$(1)$(1)$1 $53 $52 
Ending$(1)$(156)$41 $(363)$(479)
Three Months 2021Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(259)$(10)$(885)$(1,157)
OCI  8 27 273 308 
Income taxes (4)(8)(12)(24)
Reclassifications to:
Cost of sales  1  1 
Other (income) expense 4 10 (8)6 
Income taxes (1)(2)2 (1)
Net OCI$ $7 $28 $255 $290 
Ending$(3)$(252)$18 $(630)$(867)
NOTE 4 - DERIVATIVE INSTRUMENTS
We use operational and economic hedges, foreign currency exchange forward contracts, net investment hedges (both derivative and non-derivative financial instruments) and interest rate derivative instruments to manage the impact of currency
Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION2022 First Quarter Form 10-Q
exchange and interest rate fluctuations on earnings, cash flow and equity. We do not enter into derivative instruments for speculative purposes. We are exposed to potential credit loss in the event of nonperformance by our counterparties on our outstanding derivative instruments but do not anticipate nonperformance by any of our counterparties. Should a counterparty default, our maximum loss exposure is the asset balance of the instrument. We have not changed our hedging strategies, accounting practices or objectives from those disclosed in our Annual Report on Form 10-K for 2021.
Foreign Currency Hedges
March 2022Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$711 $2,224 $3,993 $6,928 
Maximum term in years4.6
Fair value:
Other current assets$16 $49 $33 $98 
Other noncurrent assets1 74  75 
Other current liabilities(7) (29)(36)
Other noncurrent liabilities(1)  (1)
Total fair value$9 $123 $4 $136 
December 2021Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$973 $2,266 $5,512 $8,751 
Maximum term in years4.9
Fair value:
Other current assets$15 $39 $92 $146 
Other noncurrent assets1 65  66 
Other current liabilities(7) (10)(17)
Total fair value$9 $104 $82 $195 
We had €2.0 billion at March 31, 2022 and December 31, 2021 in certain foreign currency forward contracts designated as net investment hedges to hedge a portion of our investments in certain of our entities with functional currencies denominated in Euros. In addition to these derivative financial instruments designated as net investment hedges, we had €4.4 billion at March 31, 2022 and December 31, 2021 of senior unsecured notes designated as net investment hedges to selectively hedge portions of our investment in certain international subsidiaries. The currency effects of our Euro-denominated senior unsecured notes are reflected in AOCI within shareholders' equity where they offset gains and losses recorded on our net investment in international subsidiaries.
On March 31, 2022 the total after tax gain (loss) in AOCI related to designated net investment hedges was $42.
Net Currency Exchange Rate Gains (Losses)
DerivativeThree Months
instrument:Recorded in:20222021
Cash FlowCost of sales$ $(1)
Net InvestmentOther income (expense), net11 8 
Non-DesignatedOther income (expense), net1 (2)
Total$12 $5 
Pretax gains (losses) on derivatives designated as cash flow hedges of $13 and net investment hedges of $34 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense), net in earnings within 12 months as of March 31, 2022. This cash flow hedge reclassification is primarily due to the sale of inventory that includes previously hedged purchases. A component of the AOCI amounts related to net investment hedges is reclassified over the life of the hedge instruments as we elected to exclude the initial value of the
component related to the spot-forward difference from the effectiveness assessment.
Interest Rate Hedges
Pretax gains of $5 recorded in AOCI related to other interest rate hedges closed in conjunction with debt issuances are expected to be reclassified to other income (expense), net in earnings within 12 months of March 31, 2022. The cash flow effect of interest rate hedges is recorded in cash flow from operations.
NOTE 5 - FAIR VALUE MEASUREMENTS
Our policies for managing risk related to foreign currency, interest rates, credit and markets and our process for determining fair value have not changed from those described in our Annual Report on Form 10-K for 2021.
There were no significant transfers into or out of any level of the fair value hierarchy in 2022.
Assets Measured at Fair Value
MarchDecember
20222021
Cash and cash equivalents$1,458 $2,944 
Trading marketable securities182 193 
Level 1 - Assets$1,640 $3,137 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$49 $48 
Foreign government debt securities2 2 
United States agency debt securities5 5 
United States Treasury debt securities14 19 
Certificates of deposit2 1 
Total available-for-sale marketable securities$72 $75 
Foreign currency exchange forward contracts173 212 
Level 2 - Assets$245 $287 
Total assets measured at fair value$1,885 $3,424 
Liabilities Measured at Fair Value
MarchDecember
20222021
Deferred compensation arrangements$182 $193 
Level 1 - Liabilities$182 $193 
Foreign currency exchange forward contracts$37 $17 
Level 2 - Liabilities$37 $17 
Contingent consideration:
Beginning$306 $393 
Additions 62 
Change in estimate(17)(1)
Settlements(4)(148)
Ending$285 $306 
Level 3 - Liabilities$285 $306 
Total liabilities measured at fair value$504 $516 
Fair Value of Available for Sale Securities by Maturity
March 2022December 2021
Due in one year or less$40 $36 
Due after one year through three years$32 $39 
On March 31, 2022 and December 31, 2021 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest and marketable securities income was $15 and $17 in the three months 2022 and 2021, which was recorded in other income (expense), net.
Our investments in available-for-sale marketable securities had a minimum credit quality rating of A2 (Moody's), A (Standard & Poor's) and A (Fitch). We do not plan to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.
NOTE 6 - CONTINGENCIES AND COMMITMENTS
We are involved in various ongoing proceedings, legal actions and claims arising in the normal course of business, including proceedings related to product, labor, intellectual property and other matters, the most significant of which are more fully
Dollar amounts are in millions except per share amounts or as otherwise specified.
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STRYKER CORPORATION2022 First Quarter Form 10-Q
described below. The outcomes of these matters will generally not be known for prolonged periods of time. In certain of the legal proceedings the claimants seek damages as well as other compensatory and equitable relief that could result in the payment of significant claims and settlements and/or the imposition of injunctions or other equitable relief. For legal matters for which management had sufficient information to reasonably estimate our future obligations, a liability representing management's best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within the range is not known, is recorded. The estimates are based on consultation with legal counsel, previous settlement experience and settlement strategies. If actual outcomes are less favorable than those estimated by management, additional expense may be incurred, which could unfavorably affect future operating results. We are self-insured for certain claims and expenses. The ultimate cost to us with respect to product liability claims could be materially different than the amount of the current estimates and accruals and could have a material adverse effect on our financial position, results of operations and cash flows.
In April 2022 the United States District Court for the District of Delaware issued a judgment following a jury verdict in favor of PureWick Corporation (PureWick) for its 2019 complaint seeking patent infringement damages related to our PrimaFit and PrimoFit products. The court awarded damages and we recorded charges of $28 in March 2022. If PureWick seeks enhancement of the judgment and is successful, the judgment could total approximately $100 and include an injunction against future sales. We intend to appeal the outcome of this case.
Recall Matters
In June 2012 we voluntarily recalled our Rejuvenate and ABG II Modular-Neck hip stems and terminated global distribution of these hip products. Product liability lawsuits relating to this voluntary recall have been filed against us. In November 2014 we entered into a settlement agreement to compensate eligible United States patients who had revision surgery prior to November 3, 2014 and in December 2016 the settlement program was extended to patients who had revision surgery prior to December 19, 2016. In September 2020 we entered into a second settlement agreement to compensate eligible United States patients who had revision surgery prior to September 9, 2020. We continue to offer support for recall-related care and reimburse patients who are not eligible to enroll in the settlement program for testing and treatment services, including any necessary revision surgeries. In addition, there are remaining lawsuits that we will continue to defend against.
In August 2016 and May 2018 we voluntarily recalled certain lot-specific sizes and offsets of LFIT Anatomic CoCr V40 Femoral Heads. Product liability lawsuits and claims relating to this voluntary recall have been filed against us. In November 2018 we entered into a settlement agreement to resolve a significant number of claims and lawsuits related to the recalls. In April 2022 we executed a second agreement to resolve a significant number of claims and lawsuits related to the recalls. The specific terms of the settlement agreement, including the financial terms, are confidential.
With the acquisition of Wright Medical Group N.V. (Wright) in November 2020, we are responsible for certain product liability claims, primarily related to certain hip products sold by Wright prior to its 2014 divestiture of the OrthoRecon business. We will continue to evaluate each claim and the possible loss we may incur.
We have incurred, and expect to incur in the future, costs associated with the defense and settlement of these matters. For the three months 2022 we have recorded charges of $14 and made payments of $9, primarily related to Wright hip products. Based on the information that has been received, we have estimated the remaining range of probable loss related to recall matters globally to be approximately $385 to $520. We have recorded reserves representing the remaining minimum of the range of probable loss. The final outcomes of these matters are dependent on many factors that are difficult to predict. Accordingly, the ultimate cost related to these matters may be materially different than the amount of our current estimate and accruals and could have a material adverse effect on our results of operations and cash flows.
Leases
MarchDecember
20222021
Right-of-use assets $490 $419 
Lease liabilities, current $129 $112 
Lease liabilities, non-current $370 $310 
Other information:
Weighted-average remaining lease term 5.5 years5.4 years
Weighted-average discount rate2.65 %2.86 %
Three Months
20222021
Operating lease cost$31 $36 
NOTE 7 - ACQUISITIONS
We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. The aggregate purchase price of our acquisitions, net of cash acquired was $2,563 and $31 in the three months 2022 and 2021.
In February 2022 we completed the acquisition of Vocera Communications, Inc. (Vocera) for $79.25 per share, or an aggregate purchase price of $2.6 billion, net of cash acquired ($3.0 billion including convertible notes). Vocera is a leader in the digital care coordination and communication category. Vocera is part of our Medical business within MedSurg and Neurotechnology. Goodwill attributable to the acquisition reflects the strategic benefits of expanding our presence in adjacent markets, diversifying our product portfolio, advancing innovations, and accelerating our digital aspirations. This goodwill is not deductible for tax purposes.
In the three months 2022 note holders elected to redeem the 1.50% and 0.50% convertible notes assumed in the Vocera acquisition for $101 and $324. These repayments are classified as financing activities in the Consolidated Statements of Cash Flows.
Share-based awards for Vocera employees vested upon our acquisition and a charge of $132 was recorded in selling, general and administrative expenses.
Dollar amounts are in millions except per share amounts or as otherwise specified.
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STRYKER CORPORATION2022 First Quarter Form 10-Q
Purchase price allocations for our significant acquisitions are:
Purchase Price Allocation of Acquired Net Assets
2022Vocera
Tangible assets and liabilities:
Accounts receivable$33 
Inventory13 
Deferred income tax assets70 
Other assets92 
Debt(425)
Deferred income tax liabilities(183)
Other liabilities(115)
Intangible assets:
Customer and distributor relationships550 
Developed technology and patents178 
Trade name18 
Goodwill2,332 
Purchase price, net of cash acquired of $281$2,563 
Weighted-average life of intangible assets13
Purchase price allocations for Vocera were based on preliminary valuations, primarily related to intangible assets and deferred income taxes. Our estimates and assumptions are subject to change within the measurement period.
Consolidated Estimated Amortization Expense
Remainder of 20222023202420252026
$484 $624 $594 $573 $515 
NOTE 8 - DEBT AND CREDIT FACILITIES
We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on March 31, 2022.
In February 2022 we entered into a $1.5 billion term loan agreement that matures on February 22, 2025 and bears interest at a base rate based on the Term Secured Overnight Financing Rate (SOFR) plus 0.725%.
In the first quarter of 2022 our Board of Directors approved an increase to the maximum amount of commercial paper that can be outstanding from $1,500 to $2,250.
On March 31, 2022 we had $195 outstanding under our commercial paper programs which allows for maturities up to 397 days from the date of issuance.
Summary of Total DebtMarch 2022December 2021
RateDue
Senior unsecured notes:
1.125%November 30, 2023$610 $622 
0.600%December 1, 2023594 598 
3.375%May 15, 2024598 593 
0.250%December 3, 2024941 958 
1.150%June 15, 2025646 645 
3.375%November 1, 2025748 748 
3.500%March 15, 2026994 994 
2.125%November 30, 2027829 845 
3.650%March 7, 2028597 597 
0.750%March 1, 2029885 901 
1.950%June 15, 2030990 990 
2.625%November 30, 2030714 727 
1.000%December 3, 2031824 840 
4.100%April 1, 2043392 392 
4.375%May 15, 2044395 395 
4.625%March 15, 2046982 982 
2.900%June 15, 2050642 642 
Term loanFebruary 22, 20251,500  
Commercial paper195  
Other23 10 
Total debt$14,099 $12,479 
Less current maturities of debt214 7 
Total long-term debt$13,885 $12,472 
March 2022December 2021
Unamortized debt issuance costs$59 $62 
Borrowing capacity on existing facilities$