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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, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-13149
strykerlogoa74.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan38-1239739
(State of incorporation)(I.R.S. Employer Identification No.)
1941 Stryker Way Portage,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
0.250% Notes due 2024SYK24ANew York Stock Exchange
2.125% Notes due 2027SYK27New York Stock Exchange
3.375% Notes due 2028SYK28New 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 381,075,364 shares of Common Stock, $0.10 par value, on June 30, 2024.
STRYKER CORPORATION
2024 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
2024202320242023
Net sales$5,422 $4,996 $10,665 $9,774 
Cost of sales2,006 1,815 3,916 3,577 
Gross profit$3,416 $3,181 $6,749 $6,197 
Research, development and engineering expenses363 346 731 685 
Selling, general and administrative expenses1,847 1,709 3,687 3,490 
Amortization of intangible assets155 161 308 322 
Total operating expenses$2,365 $2,216 $4,726 $4,497 
Operating income$1,051 $965 $2,023 $1,700 
Other income (expense), net(53)(66)(102)(122)
Earnings before income taxes$998 $899 $1,921 $1,578 
Income taxes173 161 308 248 
Net earnings$825 $738 $1,613 $1,330 
Net earnings per share of common stock:
Basic$2.17 $1.95 $4.24 $3.51 
Diluted$2.14 $1.93 $4.19 $3.47 
Weighted-average shares outstanding (in millions):
Basic381.0 379.7 380.7 379.4 
Effect of dilutive employee stock compensation4.4 4.2 4.5 4.2 
Diluted385.4 383.9 385.2 383.6 
Cash dividends declared per share of common stock$0.80 $0.75 $1.60 $1.50 
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 MonthsSix Months
2024202320242023
Net earnings$825 $738 $1,613 $1,330 
Other comprehensive income (loss), net of tax:
Marketable securities— — — — 
Pension plans(1)(1)1 (3)
Unrealized gains (losses) on designated hedges(3)11 (1)2 
Financial statement translation26 (35)61 (108)
Total other comprehensive income (loss), net of tax$22 $(25)$61 $(109)
Comprehensive income$847 $713 $1,674 $1,221 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
1
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
June 30December 31
20242023
(Unaudited)
Assets
Current assets
Cash and cash equivalents$1,874 $2,971 
Marketable securities83 82 
Accounts receivable, less allowance of $186 ($182 in 2023)
3,622 3,765 
Inventories:
Materials and supplies1,163 1,242 
Work in process380 330 
Finished goods3,501 3,271 
Total inventories$5,044 $4,843 
Prepaid expenses and other current assets1,022 857 
Total current assets$11,645 $12,518 
Property, plant and equipment:
Land, buildings and improvements1,685 1,692 
Machinery and equipment4,937 4,652 
Total property, plant and equipment$6,622 $6,344 
Less allowance for depreciation3,304 3,129 
Property, plant and equipment, net$3,318 $3,215 
Goodwill15,408 15,243 
Other intangibles, net4,363 4,593 
Noncurrent deferred income tax assets1,606 1,670 
Other noncurrent assets2,790 2,673 
Total assets$39,130 $39,912 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$1,304 $1,517 
Accrued compensation887 1,478 
Income taxes334 391 
Dividends payable305 304 
Accrued expenses and other liabilities2,001 2,137 
Current maturities of debt2,095 2,094 
Total current liabilities$6,926 $7,921 
Long-term debt, excluding current maturities10,127 10,901 
Income taxes350 567 
Other noncurrent liabilities1,965 1,930 
Total liabilities$19,368 $21,319 
Shareholders' equity
Common stock, $0.10 par value
38 38 
Additional paid-in capital2,305 2,200 
Retained earnings17,774 16,771 
Accumulated other comprehensive loss(355)(416)
Total shareholders' equity$19,762 $18,593 
Total liabilities and shareholders' equity$39,130 $39,912 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
2
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three MonthsSix Months
2024202320242023
Common stock shares outstanding (in millions)
Beginning380.9 379.6 380.1 378.7 
Issuance of common stock under stock compensation and benefit plans0.2 0.2 1.0 1.1 
Ending381.1 379.8 381.1 379.8 
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$2,257 $2,090 $2,200 $2,034 
Issuance of common stock under stock compensation and benefit plans2 (2)(28)(20)
Share-based compensation46 39 133 113 
Ending$2,305 $2,127 $2,305 $2,127 
Retained earnings
Beginning$17,254 $15,072 $16,771 $14,765 
Net earnings825 738 1,613 1,330 
Cash dividends declared(305)(284)(610)(569)
Ending$17,774 $15,526 $17,774 $15,526 
Accumulated other comprehensive income (loss)
Beginning$(377)$(305)$(416)$(221)
Other comprehensive income (loss)22 (25)61 (109)
Ending$(355)$(330)$(355)$(330)
Total shareholders' equity$19,762 $17,361 $19,762 $17,361 

See accompanying notes to Consolidated Financial Statements.


Dollar amounts are in millions except per share amounts or as otherwise specified.
3
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months
20242023
Operating activities
Net earnings$1,613 $1,330 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation210 194 
Amortization of intangible assets308 322 
Asset impairments19 3 
Share-based compensation133 113 
Sale of inventory stepped-up to fair value at acquisition9 — 
Deferred income tax (benefit) expense(31)2 
Changes in operating assets and liabilities:
Accounts receivable103 308 
Inventories(230)(589)
Accounts payable(205)(97)
Accrued expenses and other liabilities(653)(179)
Income taxes(284)(171)
Other, net(155)(103)
Net cash provided by operating activities$837 $1,133 
Investing activities
Acquisitions, net of cash acquired(334)(390)
Purchases of marketable securities(32)(35)
Proceeds from sales of marketable securities31 42 
Purchases of property, plant and equipment(319)(282)
Proceeds from settlement of net investment hedges99 — 
Other investing, net30 — 
Net cash used in investing activities$(525)$(665)
Financing activities
Proceeds (payments) on short-term borrowings, net— (4)
Payments on long-term debt(600)(201)
Payments of dividends(609)(569)
Cash paid for taxes from withheld shares(127)(111)
Other financing, net(48)(1)
Net cash provided by (used in) financing activities$(1,384)$(886)
Effect of exchange rate changes on cash and cash equivalents(25)(25)
Change in cash and cash equivalents$(1,097)$(443)
Cash and cash equivalents at beginning of period2,971 1,844 
Cash and cash equivalents at end of period$1,874 $1,401 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
4
STRYKER CORPORATION
2024 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, 2024 and the results of operations for the three and six months 2024. 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 2023.
New Accounting Pronouncements Not Yet Adopted
In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 (Topic 740): Income Taxes: Improvements to Income Tax Disclosures which expands the existing rules on income tax disclosures. This update requires entities to disclose specific categories in the tax rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold and disclose additional information about income taxes paid on an annual basis. The new disclosure requirements are effective for fiscal years beginning after December 15, 2024 and we will adopt this ASU in 2025.
In November 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands disclosure requirements to require entities to disclose significant segment expenses that are regularly provided to or easily computed from information regularly provided to the chief operating decision maker. This update also requires all annual disclosures currently required by Topic 280 to be disclosed in interim periods. The new disclosure requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We will adopt this ASU in the fourth quarter 2024.
We evaluate all ASUs issued by the 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 2023.
We disaggregate our net sales by business 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.
Beginning in the first quarter 2024, a product line previously included in Instruments has been reclassified to Endoscopy to align with a change in our internal reporting structure. We have reflected this change in all historical periods presented.
Net Sales by Business
Three MonthsSix Months
2024202320242023
MedSurg and Neurotechnology:
Instruments$698 $622 $1,365 $1,188 
Endoscopy768 713 1,546 1,420 
Medical908 841 1,772 1,619 
Neurovascular327 311 637 595 
Neuro Cranial416 373 796 728 
$3,117 $2,860 $6,116 $5,550 
Orthopaedics and Spine:
Knees$602 $562 $1,190 $1,128 
Hips428 393 821 768 
Trauma and Extremities832 766 1,662 1,535 
Spine307 296 607 580 
Other136 119 269 213 
$2,305 $2,136 $4,549 $4,224 
Total$5,422 $4,996 $10,665 $9,774 
Net Sales by Geography
Three Months 2024Three Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$564 $134 $504 $118 
Endoscopy623 145 576 137 
Medical763 145 682 159 
Neurovascular127 200 123 188 
Neuro Cranial339 77 306 67 
$2,416 $701 $2,191 $669 
Orthopaedics and Spine:
Knees$433 $169 $406 $156 
Hips261 167 249 144 
Trauma and Extremities610 222 559 207 
Spine229 78 221 75 
Other98 38 85 34 
$1,631 $674 $1,520 $616 
Total$4,047 $1,375 $3,711 $1,285 
Net Sales by Geography
Six Months 2024Six Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$1,096 $269 $945 $243 
Endoscopy1,259 287 1,149 271 
Medical1,478 294 1,294 325 
Neurovascular248 389 241 354 
Neuro Cranial648 148 595 133 
$4,729 $1,387 $4,224 $1,326 
Orthopaedics and Spine:
Knees$862 $328 $822 $306 
Hips512 309 485 283 
Trauma and Extremities1,221 441 1,113 422 
Spine450 157 433 147 
Other187 82 146 67 
$3,232 $1,317 $2,999 $1,225 
Total$7,961 $2,704 $7,223 $2,551 
We sell certain customer lease agreements and the related leased assets to third-party financial institutions to accelerate our cash collection cycle. The lease receivables are sold without recourse and are derecognized from our Consolidated Balance Sheets at the time of sale. Under the terms of our arrangements,
Dollar amounts are in millions except per share amounts or as otherwise specified.
5
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
we collect lease payments on behalf of the financial institutions but maintain no other form of continuing involvement. Sales of these lease agreements are classified as operating activities in our Consolidated Statements of Cash Flows. Fees earned for our servicing activities are immaterial. Revenue related to customer lease agreements sold under these arrangements represented approximately 3% of our total revenue for the three and six months 2024 and 2023.    
Contract Assets and Liabilities
On June 30, 2024 and December 31, 2023 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. This occurs primarily when payment is received upfront for certain multi-period extended service contracts. Our contract liabilities of $921 and $860 on June 30, 2024 and December 31, 2023 are classified within accrued expenses and other liabilities and other noncurrent liabilities within our Consolidated Balance Sheets based on the timing of when we expect to complete our performance obligations.
Changes in contract liabilities during the six months 2024 were as follows:
June 30
2024
Beginning contract liabilities$860 
Revenue recognized from beginning of year contract liabilities(268)
Net advance consideration received during the period329 
Ending contract liabilities$921 
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(26)$41 $(392)$(377)
OCI — (2)8 49 55 
Income taxes— 1 (3)(17)(19)
Reclassifications to:
Cost of sales— — (10)— (10)
Other (income) expense, net— — (1)(8)(9)
Income taxes— — 3 2 5 
Net OCI$— $(1)$(3)$26 $22 
Ending$— $(27)$38 $(366)$(355)
Three Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$29 $43 $(376)$(305)
OCI (1)1 24 (24)— 
Income taxes— (2)(5)(4)(11)
Reclassifications to:
Cost of sales— — (9)— (9)
Other (income) expense, net1 (1)(1)(9)(10)
Income taxes— 1 2 2 5 
Net OCI$— $(1)$11 $(35)$(25)
Ending$(1)$28 $54 $(411)$(330)
Six Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(28)$39 $(427)$(416)
OCI — — 24 130 154 
Income taxes— 1 (7)(57)(63)
Reclassifications to:
Cost of sales— — (20)— (20)
Other (income) expense, net— — (3)(16)(19)
Income taxes— — 5 4 9 
Net OCI$— $1 $(1)$61 $61 
Ending$— $(27)$38 $(366)$(355)
Six Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$31 $52 $(303)$(221)
OCI (1)3 27 (123)(94)
Income taxes— (5)(6)28 17 
Reclassifications to:
Cost of sales— — (22)— (22)
Other (income) expense, net1 (2)(2)(17)(20)
Income taxes— 1 5 4 10 
Net OCI$— $(3)$2 $(108)$(109)
Ending$(1)$28 $54 $(411)$(330)
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 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 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 2023.
Foreign Currency Hedges
June 2024Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,611 $1,607 $4,579 $7,797 
Maximum term in years3.0
Fair value:
Other current assets$32 $— $40 $72 
Other noncurrent assets2 14 — 16 
Other current liabilities(22)— (7)(29)
Other noncurrent liabilities(1)(18)— (19)
Total fair value$11 $(4)$33 $40 
December 2023Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,650 $1,662 $4,315 $7,627 
Maximum term in years2.9
Fair value:
Other current assets$24 $74 $16 $114 
Other noncurrent assets2 — — 2 
Other current liabilities(16)— (36)(52)
Other noncurrent liabilities(2)(43)— (45)
Total fair value$8 $31 $(20)$19 
Dollar amounts are in millions except per share amounts or as otherwise specified.
6
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
We had €1.5 billion at June 30, 2024 and December 31, 2023 in certain forward currency 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 €4.9 billion at June 30, 2024 and December 31, 2023 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.
In the six months 2024 we settled certain foreign currency forward contracts designated as net investment hedges resulting in cash proceeds of $99. The amounts in AOCI related to settled net investment hedges will remain in AOCI until the hedged investment is either sold or substantially liquidated.
The total after-tax gain (loss) recognized in OCI related to designated net investment hedges was $171 in the six months 2024.
Currency Exchange Rate Gains (Losses) Recognized in Net Earnings
Three MonthsSix Months
Derivative InstrumentRecognized in:2024202320242023
Cash FlowCost of sales$10 $9 $20 $22 
Net InvestmentOther income (expense), net8 9 16 17 
Non-DesignatedOther income (expense), net10 5 13 9 
Total$28 $23 $49 $48 
Pretax gains (losses) on derivatives designated as cash flow hedges of $22 and net investment hedges of $31 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense), net in earnings within 12 months of June 30, 2024. 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 $4 recorded in AOCI related to 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 June 30, 2024. 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 2023.
In 2023 we recorded $192 of contingent consideration related to the acquisition of Cerus Endovascular Limited (Cerus) described in Note 7.
There were no significant transfers into or out of any level of the fair value hierarchy in 2024.
Assets Measured at Fair Value
June 30December 31
20242023
Cash and cash equivalents$1,874 $2,971 
Trading marketable securities241 209 
Level 1 - Assets$2,115 $3,180 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$48 $43 
United States agency debt securities1 4 
United States treasury debt securities29 31 
Certificates of deposit5 4 
Total available-for-sale marketable securities$83 $82 
Foreign currency exchange forward contracts88 116 
Level 2 - Assets$171 $198 
Total assets measured at fair value$2,286 $3,378 
Liabilities Measured at Fair Value
June 30December 31
20242023
Deferred compensation arrangements$241 $209 
Level 1 - Liabilities$241 $209 
Foreign currency exchange forward contracts$48 $97 
Level 2 - Liabilities$48 $97 
Contingent consideration:
Beginning$289 $121 
Additions1 192 
Change in estimate and foreign exchange(15)(2)
Settlements(48)(22)
Ending$227 $289 
Level 3 - Liabilities$227 $289 
Total liabilities measured at fair value$516 $595 
Fair Value of Available for Sale Securities by Maturity
June 30December 31
20242023
Due in one year or less$41 $46 
Due after one year through three years$42 $36 
On June 30, 2024 and December 31, 2023 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest income on cash and cash equivalents, short-term investments and marketable securities income was $26 and $11 in the three months and $62 and $25 in the six months 2024 and 2023, 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 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
Dollar amounts are in millions except per share amounts or as otherwise specified.
7
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
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.
We are currently investigating whether certain business activities in certain foreign countries violated provisions of the Foreign Corrupt Practices Act (FCPA) and have engaged outside counsel to conduct these investigations. We have been contacted by the United States Securities and Exchange Commission, United States Department of Justice and certain other regulatory authorities and are cooperating with these agencies. At this time we are unable to predict the outcome of the investigations or the potential impact, if any, on our financial statements.
We have conducted voluntary recalls of certain products, including our Rejuvenate and ABG II Modular-Neck hip stems and certain lot-specific sizes and offsets of LFIT Anatomic CoCr V40 Femoral Heads. Additionally, we are responsible for certain product liability claims, primarily related to certain hip products sold by Wright Medical Group N.V. (Wright) prior to its 2014 divestiture of the OrthoRecon business.
We have incurred, and expect to incur in the future, costs associated with the defense and settlement of claims and lawsuits. Based on the information that has been received related to the matters discussed above, our accrual for these matters was $187 at June 30, 2024, representing our best estimate 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
June 30December 31
20242023
Right-of-use assets $510 $494 
Lease liabilities, current $143 $143 
Lease liabilities, non-current $379 $356 
Other information:
Weighted-average remaining lease term (years)5.25.5
Weighted-average discount rate3.95 %3.87 %
Three MonthsSix Months
2024202320242023
Operating lease cost$50 $41 $97 $79 
NOTE 7 - ACQUISITIONS
We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. In the six months 2024 and 2023 cash paid for acquisitions, net of cash acquired was $334 and $390.
On March 20, 2024 we acquired SERF SAS (SERF) for net cash consideration of $244. SERF's implants strengthen the global portfolio of our Joint Replacement business within Orthopaedics and Spine. The purchase price allocation for SERF is based on preliminary valuations, primarily related to developed technology and customer relationships. Goodwill attributable to the acquisition is not deductible for tax purposes.
In May 2023 we acquired Cerus for net cash consideration of $289 and up to $225 in future milestone payments that had a fair value of $192 at the acquisition date. Cerus designs, develops and manufactures neurovascular products used for the treatment of hemorrhagic stroke. Cerus is part of our Neurovascular business within MedSurg and Neurotechnology. Goodwill attributable to the acquisition is not deductible for tax purposes.
The purchase price allocation for Cerus is:
Purchase Price Allocation of Acquired Net Assets
2023Cerus
Tangible assets acquired:
Accounts receivable$1 
Inventory2 
Deferred income tax assets4 
Other assets1 
Deferred income tax liabilities(60)
Other liabilities(22)
Intangible assets:
Developed technology240 
Goodwill315 
Purchase price, net of cash acquired of $7
$481 
Weighted average amortization period at acquisition (years):
Developed technologies13
The purchase price allocation for Cerus was finalized in the second quarter 2024 without material adjustments.
Consolidated Estimated Amortization Expense
Remainder of 20242025202620272028
$312 $597 $541 $518 $469 
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 June 30, 2024.
On June 30, 2024 there were no borrowings outstanding under our revolving credit facility or our commercial paper program which allows for maturities up to 397 days from the date of issuance. The maximum amount of our commercial paper that can be outstanding at any time is $2,250.
In May 2024 we repaid the outstanding $600 principal amount of the 3.375% senior unsecured notes due May 15, 2024.
Dollar amounts are in millions except per share amounts or as otherwise specified.
8
STRYKER CORPORATION
2024 Second Quarter Form 10-Q
Summary of Total DebtJune 30December 31
20242023
RateDue
Senior unsecured notes:
3.375%May 15, 2024$— $600 
FloatingNovember 16, 2024536 554 
0.250%December 3, 2024910 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025749 749 
3.500%March 15, 2026997 997 
2.125%November 30, 2027801 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028595 596 
3.375%December 11, 2028640 661 
0.750%March 1, 2029854 883 
1.950%June 15, 2030993 991 
2.625%November 30, 2030690 713 
1.000%December 3, 2031796 823 
4.100%April 1, 2043393 393 
4.375%May 15, 2044396 396 
4.625%March 15, 2046983 983 
2.900%June 15, 2050642 642 
Total debt$12,222 $12,995 
Less current maturities2,095 2,094 
Total long-term debt$10,127 $10,901 
June 30December 31
20242023
Unamortized debt issuance costs$32 $50 
Borrowing capacity on existing facilities$2,159 $2,160 
Fair value of senior unsecured notes$11,253 $12,252 
The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.
NOTE 9 - INCOME TAXES
Our effective tax rates were 17.3% and 16.0% in the three and six months 2024 and 17.9% and 15.7% in the three and six months 2023. The effective tax rates for the three and six months 2024 and 2023 reflect the continued lower effective income tax rates as a result of our European operations and certain discrete tax items.
NOTE 10 - SEGMENT INFORMATION
Three MonthsSix Months
2024202320242023
MedSurg and Neurotechnology$3,117 $2,860 $6,116 $5,550 
Orthopaedics and Spine2,305 2,136 4,549 4,224 
Net sales$5,422 $4,996 $10,665 $9,774 
MedSurg and Neurotechnology$861 $780 $1,665 $1,407 
Orthopaedics and Spine676 601 1,281 1,202 
Segment operating income$1,537 $1,381 $2,946 $2,609 
Items not allocated to segments: