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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 September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-13149
syk-20210930_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 377,239,958 shares of Common Stock, $0.10 par value, on September 30, 2021.

STRYKER CORPORATION2021 Third Quarter Form 10-Q
PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three MonthsNine Months
2021202020212020
Net sales$4,160 $3,737 $12,407 $10,089 
Cost of sales1,518 1,276 4,484 3,749 
Gross profit$2,642 $2,461 $7,923 $6,340 
Research, development and engineering expenses306 242 904 729 
Selling, general and administrative expenses1,602 1,244 4,682 3,799 
Recall charges16 2 98 (4)
Amortization of intangible assets144 114 474 342 
Total operating expenses$2,068 $1,602 $6,158 $4,866 
Operating income$574 $859 $1,765 $1,474 
Other income (expense), net(79)(79)(241)(191)
Earnings before income taxes$495 $780 $1,524 $1,283 
Income taxes57 159 192 252 
Net earnings$438 $621 $1,332 $1,031 
Net earnings per share of common stock:
Basic$1.17 $1.66 $3.54 $2.75 
Diluted$1.14 $1.63 $3.48 $2.71 
Weighted-average shares outstanding (in millions):
Basic377.1 375.7 376.8 375.3 
Effect of dilutive employee stock compensation5.6 4.5 5.5 4.7 
Diluted382.7 380.2 382.3 380.0 
Cash dividends declared per share of common stock$0.63 $0.575 $1.89 $1.725 
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 MonthsNine Months
2021202020212020
Net earnings$438 $621 $1,332 $1,031 
Other comprehensive income (loss), net of tax:
Marketable securities3  3  
Pension plans5 (6)8 (14)
Unrealized gains (losses) on designated hedges7 (2)43 (58)
Financial statement translation112 (194)287 (239)
Total other comprehensive income (loss), net of tax$127 $(202)$341 $(311)
Comprehensive income$565 $419 $1,673 $720 

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

STRYKER CORPORATION2021 Third Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
September 30December 31
20212020
(Unaudited)
Assets
Current assets
Cash and cash equivalents$2,563 $2,943 
Marketable securities76 81 
Accounts receivable, less allowance of $146 ($131 in 2020)2,817 2,701 
Inventories:
Materials and supplies663 678 
Work in process274 251 
Finished goods2,497 2,565 
Total inventories$3,434 $3,494 
Prepaid expenses and other current assets570 488 
Total current assets$9,460 $9,707 
Property, plant and equipment:
Land, buildings and improvements1,627 1,546 
Machinery and equipment3,813 3,636 
Total property, plant and equipment$5,440 $5,182 
Less accumulated depreciation2,694 2,430 
Property, plant and equipment, net$2,746 $2,752 
Goodwill12,893 12,778 
Other intangibles, net5,058 5,554 
Noncurrent deferred income tax assets1,860 1,530 
Other noncurrent assets2,128 2,009 
Total assets$34,145 $34,330 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$934 $810 
Accrued compensation976 925 
Income taxes373 207 
Dividends payable238 237 
Accrued product liabilities439 515 
Accrued expenses and other liabilities1,467 1,586 
Current maturities of debt22 761 
Total current liabilities$4,449 $5,041 
Long-term debt, excluding current maturities12,629 13,230 
Income taxes929 990 
Other noncurrent liabilities1,960 1,985 
Total liabilities$19,967 $21,246 
Shareholders' equity
Common stock, $0.10 par value38 38 
Additional paid-in capital1,875 1,741 
Retained earnings13,081 12,462 
Accumulated other comprehensive loss(816)(1,157)
Total shareholders' equity$14,178 $13,084 
Total liabilities and shareholders' equity$34,145 $34,330 

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

STRYKER CORPORATION2021 Third Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three MonthsNine Months
2021202020212020
Common stock shares outstanding (in millions)
Beginning377.1 375.6 376.1 374.5 
Issuance of common stock under stock compensation and benefit plans0.1 0.2 1.1 1.3 
Ending377.2 375.8 377.2 375.8 
Common stock
Beginning$38 $38 $38 $37 
Issuance of common stock under stock compensation and benefit plans   1 
Ending$38 $38 $38 $38 
Additional paid-in capital
Beginning$1,844 $1,706 $1,741 $1,628 
Issuance of common stock under stock compensation and benefit plans(3)1 (7)(7)
Share-based compensation34 29 141 115 
Ending$1,875 $1,736 $1,875 $1,736 
Retained earnings
Beginning$12,881 $11,725 $12,462 $11,748 
Net earnings438 621 1,332 1,031 
Cash dividends declared(238)(217)(713)(650)
Ending$13,081 $12,129 $13,081 $12,129 
Accumulated other comprehensive income (loss)
Beginning$(943)$(715)$(1,157)$(606)
Other comprehensive income (loss)127 (202)341 (311)
Ending$(816)$(917)$(816)$(917)
Total shareholders' equity$14,178 $12,986 $14,178 $12,986 

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

STRYKER CORPORATION2021 Third Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months
20212020
Operating activities
Net earnings$1,332 $1,031 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation278 247 
Amortization of intangible assets474 342 
Asset impairments119 161 
Share-based compensation141 115 
Recall charges98 (4)
Sale of inventory stepped-up to fair value at acquisition231 9 
Changes in operating assets and liabilities:
Accounts receivable(145)467 
Inventories(231)(154)
Accounts payable134 (26)
Accrued expenses and other liabilities184 (184)
Recall-related payments(180)(13)
Income taxes(193)5 
Other, net21 44 
Net cash provided by operating activities$2,263 $2,040 
Investing activities
Acquisitions, net of cash acquired(226)(26)
Purchases of marketable securities(38)(34)
Proceeds from sales of marketable securities43 44 
Purchases of property, plant and equipment(319)(322)
Other investing, net(5)(11)
Net cash used in investing activities$(545)$(349)
Financing activities
Proceeds (payments) on short-term borrowings, net7 3 
Proceeds from issuance of long-term debt5 2,293 
Payments on long-term debt(1,151)(500)
Payments of dividends(713)(647)
Cash paid for taxes from withheld shares(88)(79)
Other financing, net(137)(24)
Net cash provided by (used in) financing activities$(2,077)$1,046 
Effect of exchange rate changes on cash and cash equivalents(21)9 
Change in cash and cash equivalents$(380)$2,746 
Cash and cash equivalents at beginning of period2,943 4,337 
Cash and cash equivalents at end of period$2,563 $7,083 

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

STRYKER CORPORATION2021 Third 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 September 30, 2021 and the results of operations for the three and nine months 2021. 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 2020.
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.
NOTE 2 - REVENUE RECOGNITION
Our policies for recognizing sales have not changed from those described in our Annual Report on Form 10-K for 2020.
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 MonthsNine Months
2021202020212020
Orthopaedics:
Knees$439 $435 $1,325 $1,108 
Hips328 334 990 866 
Trauma and Extremities639 430 1,953 1,152 
Other123 118 373 307 
$1,529 $1,317 $4,641 $3,433 
MedSurg:
Instruments$525 $467 $1,511 $1,308 
Endoscopy525 467 1,512 1,238 
Medical636 600 1,898 1,819 
Sustainability69 66 203 181 
$1,755 $1,600 $5,124 $4,546 
Neurotechnology and Spine:
Neurotechnology$594 $518 $1,775 $1,370 
Spine282 302 867 740 
$876 $820 $2,642 $2,110 
Total$4,160 $3,737 $12,407 $10,089 
Net Sales by Geography
Three Months 2021Three Months 2020
United StatesInternationalUnited StatesInternational
Orthopaedics:
Knees$321 $118 $332 $103 
Hips199 129 223 111 
Trauma and Extremities447 192 285 145 
Other97 26 97 21 
$1,064 $465 $937 $380 
MedSurg:
Instruments$415 $110 $369 $98 
Endoscopy418 107 380 87 
Medical496 140 455 145 
Sustainability68 1 65 1 
$1,397 $358 $1,269 $331 
Neurotechnology and Spine:
Neurotechnology$357 $237 $323 $195 
Spine201 81 219 83 
$558 $318 $542 $278 
Total$3,019 $1,141 $2,748 $989 
Net Sales by Geography
Nine Months 2021Nine Months 2020
United StatesInternationalUnited StatesInternational
Orthopaedics:
Knees$964 $361 $833 $275 
Hips606 384 564 302 
Trauma and Extremities1,362 591 753 399 
Other290 83 262 45 
$3,222 $1,419 $2,412 $1,021 
MedSurg:
Instruments$1,171 $340 $1,028 $280 
Endoscopy1,179 333 997 241 
Medical1,457 441 1,363 456 
Sustainability200 3 179 2 
$4,007 $1,117 $3,567 $979 
Neurotechnology and Spine:
Neurotechnology$1,063 $712 $835 $535 
Spine611 256 543 197 
$1,674 $968 $1,378 $732 
Total$8,903 $3,504 $7,357 $2,732 
Contract Assets and Liabilities
On September 30, 2021 and December 31, 2020 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 $501 and $416 on September 30, 2021 and December 31, 2020.
Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION2021 Third Quarter Form 10-Q
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2021Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(256)$26 $(710)$(943)
OCI 4 2 6 71 83 
Income taxes  (2)47 45 
Reclassifications to:
Cost of sales  4  4 
Other (income) expense 4 (2)(8)(6)
Income taxes(1)(1)1 2 1 
Net OCI$3 $5 $7 $112 $127 
Ending$ $(251)$33 $(598)$(816)
Three Months 2020Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(187)$(9)$(516)$(715)
OCI  (11)2 (248)(257)
Income taxes 3 (1)59 61 
Reclassifications to:
Cost of sales  (3) (3)
Other (income) expense 2 (1)(7)(6)
Income taxes  1 2 3 
Net OCI$ $(6)$(2)$(194)$(202)
Ending$(3)$(193)$(11)$(710)$(917)
Nine Months 2021Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(259)$(10)$(885)$(1,157)
OCI 4 1 40 269 314 
Income taxes (2)(13)37 22 
Reclassifications to:
Cost of sales  9  9