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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, 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
3.375% Notes due 2032SYK32New York Stock Exchange
3.625% Notes due 2036SYK36New 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 381,215,773 shares of Common Stock, $0.10 par value, on September 30, 2024.
STRYKER CORPORATION
2024 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
2024202320242023
Net sales$5,494 $4,909 $16,159 $14,683 
Cost of sales1,977 1,751 5,893 5,328 
Gross profit$3,517 $3,158 $10,266 $9,355 
Research, development and engineering expenses377 353 1,108 1,038 
Selling, general and administrative expenses1,896 1,710 5,583 5,200 
Amortization of intangible assets159 164 467 486 
Total operating expenses$2,432 $2,227 $7,158 $6,724 
Operating income$1,085 $931 $3,108 $2,631 
Other income (expense), net(42)(62)(144)(184)
Earnings before income taxes$1,043 $869 $2,964 $2,447 
Income taxes209 177 517 425 
Net earnings$834 $692 $2,447 $2,022 
Net earnings per share of common stock:
Basic$2.18 $1.82 $6.42 $5.33 
Diluted$2.16 $1.80 $6.35 $5.27 
Weighted-average shares outstanding (in millions):
Basic381.1 379.8 380.9 379.5 
Effect of dilutive employee stock compensation4.5 4.2 4.5 4.2 
Diluted385.6 384.0 385.4 383.7 
Cash dividends declared per share of common stock$0.80 $0.75 $2.40 $2.25 
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
2024202320242023
Net earnings$834 $692 $2,447 $2,022 
Other comprehensive income (loss), net of tax:
Marketable securities— — — — 
Pension plans(2)(1)(1)(4)
Unrealized gains (losses) on designated hedges(27)2 (28)4 
Financial statement translation(161)80 (100)(28)
Total other comprehensive income (loss), net of tax$(190)$81 $(129)$(28)
Comprehensive income$644 $773 $2,318 $1,994 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
1
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
September 30December 31
20242023
(Unaudited)
Assets
Current assets
Cash and cash equivalents$3,850 $2,971 
Short-term investments750 — 
Marketable securities84 82 
Accounts receivable, less allowance of $200 ($182 in 2023)
3,736 3,765 
Inventories:
Materials and supplies1,234 1,242 
Work in process391 330 
Finished goods3,667 3,271 
Total inventories$5,292 $4,843 
Prepaid expenses and other current assets961 857 
Total current assets$14,673 $12,518 
Property, plant and equipment:
Land, buildings and improvements1,729 1,692 
Machinery and equipment5,160 4,652 
Total property, plant and equipment$6,889 $6,344 
Less allowance for depreciation3,460 3,129 
Property, plant and equipment, net$3,429 $3,215 
Goodwill16,396 15,243 
Other intangibles, net4,940 4,593 
Noncurrent deferred income tax assets1,562 1,670 
Other noncurrent assets2,833 2,673 
Total assets$43,833 $39,912 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$1,337 $1,517 
Accrued compensation1,250 1,478 
Income taxes394 391 
Dividends payable305 304 
Accrued expenses and other liabilities2,224 2,137 
Current maturities of debt2,159 2,094 
Total current liabilities$7,669 $7,921 
Long-term debt, excluding current maturities13,325 10,901 
Income taxes368 567 
Other noncurrent liabilities2,322 1,930 
Total liabilities$23,684 $21,319 
Shareholders' equity
Common stock, $0.10 par value
38 38 
Additional paid-in capital2,353 2,200 
Retained earnings18,303 16,771 
Accumulated other comprehensive loss(545)(416)
Total shareholders' equity$20,149 $18,593 
Total liabilities and shareholders' equity$43,833 $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 Third Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three MonthsNine Months
2024202320242023
Common stock shares outstanding (in millions)
Beginning381.1 379.8 380.1 378.7 
Issuance of common stock under stock compensation and benefit plans0.1 0.1 1.1 1.2 
Ending381.2 379.9 381.2 379.9 
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$2,305 $2,127 $2,200 $2,034 
Issuance of common stock under stock compensation and benefit plans(3)4 (31)(16)
Share-based compensation51 52 184 165 
Ending$2,353 $2,183 $2,353 $2,183 
Retained earnings
Beginning$17,774 $15,526 $16,771 $14,765 
Net earnings834 692 2,447 2,022 
Cash dividends declared(305)(285)(915)(854)
Ending$18,303 $15,933 $18,303 $15,933 
Accumulated other comprehensive income (loss)
Beginning$(355)$(330)$(416)$(221)
Other comprehensive income (loss)(190)81 (129)(28)
Ending$(545)$(249)$(545)$(249)
Total shareholders' equity$20,149 $17,905 $20,149 $17,905 

See accompanying notes to Consolidated Financial Statements.


Dollar amounts are in millions except per share amounts or as otherwise specified.
3
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months
20242023
Operating activities
Net earnings$2,447 $2,022 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation319 292 
Amortization of intangible assets467 486 
Asset impairments21 12 
Share-based compensation184 165 
Sale of inventory stepped-up to fair value at acquisition38 — 
Deferred income tax (benefit) expense(21)(4)
Changes in operating assets and liabilities:
Accounts receivable67 266 
Inventories(362)(922)
Accounts payable(203)(118)
Accrued expenses and other liabilities(224)149 
Income taxes(236)(65)
Other, net(186)(100)
Net cash provided by operating activities$2,311 $2,183 
Investing activities
Acquisitions, net of cash acquired(1,598)(390)
Purchases of short-term investments(750)— 
Purchases of marketable securities(41)(41)
Proceeds from sales of marketable securities40 49 
Purchases of property, plant and equipment(489)(430)
Proceeds from settlement of net investment hedges99 — 
Other investing, net42 2 
Net cash used in investing activities$(2,697)$(810)
Financing activities
Proceeds (payments) on short-term borrowings, net(32)540 
Proceeds from issuance of long-term debt3,011 — 
Payments on long-term debt(601)(852)
Payments of dividends(914)(854)
Cash paid for taxes from withheld shares(146)(121)
Other financing, net(49)(21)
Net cash provided by (used in) financing activities$1,269 $(1,308)
Effect of exchange rate changes on cash and cash equivalents(4)(49)
Change in cash and cash equivalents$879 $16 
Cash and cash equivalents at beginning of period2,971 1,844 
Cash and cash equivalents at end of period$3,850 $1,860 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
4
STRYKER CORPORATION
2024 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, 2024 and the results of operations for the three and nine 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 MonthsNine Months
2024202320242023
MedSurg and Neurotechnology:
Instruments$679 $620 $2,044 $1,808 
Endoscopy837 746 2,383 2,166 
Medical938 798 2,710 2,417 
Neurovascular329 311 966 906 
Neuro Cranial441 384 1,237 1,112 
$3,224 $2,859 $9,340 $8,409 
Orthopaedics and Spine:
Knees$570 $515 $1,760 $1,643 
Hips420 362 1,241 1,130 
Trauma and Extremities849 752 2,511 2,287 
Spine304 291 911 871 
Other127 130 396 343 
$2,270 $2,050 $6,819 $6,274 
Total$5,494 $4,909 $16,159 $14,683 
Net Sales by Geography
Three Months 2024Three Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$544 $135 $495 $125 
Endoscopy689 148 618 128 
Medical783 155 660 138 
Neurovascular121 208 120 191 
Neuro Cranial366 75 315 69 
$2,503 $721 $2,208 $651 
Orthopaedics and Spine:
Knees$417 $153 $385 $130 
Hips256 164 231 131 
Trauma and Extremities621 228 550 202 
Spine225 79 217 74 
Other87 40 87 43 
$1,606 $664 $1,470 $580 
Total$4,109 $1,385 $3,678 $1,231 
Net Sales by Geography
Nine Months 2024Nine Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$1,640 $404 $1,440 $368 
Endoscopy1,948 435 1,767 399 
Medical2,261 449 1,954 463 
Neurovascular369 597 361 545 
Neuro Cranial1,014 223 910 202 
$7,232 $2,108 $6,432 $1,977 
Orthopaedics and Spine:
Knees$1,279 $481 $1,207 $436 
Hips768 473 716 414 
Trauma and Extremities1,842 669 1,663 624 
Spine675 236 650 221 
Other274 122 233 110 
$4,838 $1,981 $4,469 $1,805 
Total$12,070 $4,089 $10,901 $3,782 
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 Third 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 less than 3% of our total revenue for the three and nine months 2024 and 2023.    
Contract Assets and Liabilities
On September 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 $1,008 and $860 on September 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 nine months 2024 were as follows:
September 30
2024
Beginning contract liabilities$860 
Revenue recognized from beginning of year contract liabilities(382)
Net advance consideration received during the period530 
Ending contract liabilities$1,008 
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(27)$38 $(366)$(355)
OCI — (1)(28)(221)(250)
Income taxes— (1)7 66 72 
Reclassifications to:
Cost of sales— — (8)— (8)
Other (income) expense, net— — — (8)(8)
Income taxes— — 2 2 4 
Net OCI$— $(2)$(27)$(161)$(190)
Ending$— $(29)$11 $(527)$(545)
Three Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$28 $54 $(411)$(330)
OCI 1 (1)11 133 144 
Income taxes— 1 (2)(47)(48)
Reclassifications to:
Cost of sales— — (7)— (7)
Other (income) expense, net(1)(1)(2)(8)(12)
Income taxes— — 2 2 4 
Net OCI$— $(1)$2 $80 $81 
Ending$(1)$27 $56 $(331)$(249)
Nine Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(28)$39 $(427)$(416)
OCI — (1)(4)(91)(96)
Income taxes— — — 9 9 
Reclassifications to:
Cost of sales— — (28)— (28)
Other (income) expense, net— — (3)(24)(27)
Income taxes— — 7 6 13 
Net OCI$— $(1)$(28)$(100)$(129)
Ending$— $(29)$11 $(527)$(545)
Nine Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$31 $52 $(303)$(221)
OCI — 2 38 10 50 
Income taxes— (4)(8)(19)(31)
Reclassifications to:
Cost of sales— — (29)— (29)
Other (income) expense, net— (3)(4)(25)(32)
Income taxes— 1 7 6 14 
Net OCI$— $(4)$4 $(28)$(28)
Ending$(1)$27 $56 $(331)$(249)
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
September 2024Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,730 $2,516 $5,649 $9,895 
Maximum term in years10.0
Fair value:
Other current assets$14 $— $10 $24 
Other noncurrent assets1 — — 1 
Other current liabilities(28)— (82)(110)
Other noncurrent liabilities(3)(78)— (81)
Total fair value$(16)$(78)$(72)$(166)
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 Third Quarter Form 10-Q
We had €2.3 billion and €1.5 billion at September 30, 2024 and December 31, 2023 in certain forward currency contracts designated as net investment hedges, for which the maximum term is 10 years, 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 €5.0 billion and €4.9 billion at September 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 nine 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 ($67) in the nine months 2024.
Currency Exchange Rate Gains (Losses) Recognized in Net Earnings
Three MonthsNine Months
Derivative InstrumentRecognized in:2024202320242023
Cash FlowCost of sales$8 $7 $28 $29 
Net InvestmentOther income (expense), net8 8 24 25 
Non-DesignatedOther income (expense), net20 4 33 13 
Total$36 $19 $85 $67 
Pretax gains (losses) on derivatives designated as cash flow hedges of ($4) and net investment hedges of $40 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense), net in earnings within 12 months of September 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 (losses) 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 September 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 the nine months 2024 we recorded $204 of contingent consideration related to various acquisitions described in Note 7.
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
September 30December 31
20242023
Cash and cash equivalents$3,850 $2,971 
Short-term investments750 — 
Trading marketable securities255 209 
Level 1 - Assets$4,855 $3,180 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$50 $43 
United States agency debt securities1 4 
United States treasury debt securities28 31 
Certificates of deposit5 4 
Total available-for-sale marketable securities$84 $82 
Foreign currency exchange forward contracts25 116 
Level 2 - Assets$109 $198 
Total assets measured at fair value$4,964 $3,378 
Liabilities Measured at Fair Value
September 30December 31
20242023
Deferred compensation arrangements$255 $209 
Level 1 - Liabilities$255 $209 
Foreign currency exchange forward contracts$191 $97 
Level 2 - Liabilities$191 $97 
Contingent consideration:
Beginning$289 $121 
Additions204 192 
Change in estimate and foreign exchange(11)(2)
Settlements(53)(22)
Ending$429 $289 
Level 3 - Liabilities$429 $289 
Total liabilities measured at fair value$875 $595 
Fair Value of Available for Sale Securities by Maturity
September 30December 31
20242023
Due in one year or less$41 $46 
Due after one year through three years$43 $36 
On September 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 $30 and $15 in the three months and $92 and $40 in the nine 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 Third 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 $185 at September 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
September 30December 31
20242023
Right-of-use assets $516 $494 
Lease liabilities, current $149 $143 
Lease liabilities, non-current $374 $356 
Other information:
Weighted-average remaining lease term (years)5.15.5
Weighted-average discount rate3.88 %3.87 %
Three MonthsNine Months
2024202320242023
Operating lease cost$47 $48 $144 $127 
NOTE 7 - ACQUISITIONS
We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. In the nine months 2024 and 2023 cash paid for acquisitions, net of cash acquired was $1,598 and $390.
In the nine months 2024 we completed various acquisitions for total consideration that includes $1,598 in upfront payments, net of cash acquired, and $395 contingent upon the achievement of certain commercial or clinical milestones. The combined acquisition-date fair values of the contingent milestone payments totaled $204. Goodwill of $615 and $528 was recorded within our Orthopaedics and Spine and our MedSurg and Neurotechnology segments respectively. The acquired companies expand the product portfolios of our Instruments, Endoscopy, Medical and Neuro Cranial businesses within MedSurg and Neurotechnology and our Trauma and Extremities, Joint Replacement and Spine businesses within Orthopaedics and Spine. The purchase price allocation for our acquisitions are based on preliminary valuations, primarily related to developed technology and customer relationships. Goodwill attributable to the acquisitions reflects the strategic benefits of expanding our market presence, diversifying our product portfolio and advancing innovations. This goodwill 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 allocations for the acquisitions completed in the nine months 2024 and Cerus are:
Purchase Price Allocation of Acquired Net Assets
20242023
TotalCerus
Tangible assets acquired:
Accounts receivable$36 $1 
Inventory104 2 
Deferred income tax assets31 4 
Other assets27 1 
Debt(31)— 
Deferred income tax liabilities(200)(60)
Other liabilities(94)(22)
Intangible assets:
Developed technology576 240 
Customer relationships202 — 
Patents6 — 
Trademarks2 — 
Goodwill1,143 315 
Purchase price, net of cash acquired of $53 and $7
$1,802 $481 
Weighted average amortization period at acquisition (years):
Developed technologies1213
Customer relationships14— 
Patents12— 
Trademarks5— 
The purchase price allocation for Cerus was finalized in the second quarter 2024 with no material adjustments.
Consolidated Estimated Amortization Expense
Remainder of 20242025202620272028
$169 $648 $592 $570 $520 
Dollar amounts are in millions except per share amounts or as otherwise specified.
8
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
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 September 30, 2024.
On September 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. In September 2024 we issued $750 of 4.250% senior unsecured notes due September 11, 2029, €800 of 3.375% senior unsecured notes due September 11, 2032, $750 of 4.625% senior unsecured notes due September 11, 2034 and €600 of 3.625% senior unsecured notes due September 11, 2036.
Summary of Total DebtSeptember 30December 31
20242023
RateDue
Senior unsecured notes:
3.375%May 15, 2024$— $600 
FloatingNovember 16, 2024559 554 
0.250%December 3, 2024951 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025749 749 
3.500%March 15, 2026997 997 
2.125%November 30, 2027837 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028596 596 
3.375%December 11, 2028668 661 
0.750%March 1, 2029892 883 
4.250%September 11, 2029743 — 
1.950%June 15, 2030991 991 
2.625%November 30, 2030721 713 
1.000%December 3, 2031832 823 
3.375%September 11, 2032887 — 
4.625%September 11, 2034740 — 
3.625%September 11, 2036660 — 
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$15,484 $12,995 
Less current maturities2,159 2,094 
Total long-term debt$13,325 $10,901 
September 30December 31
20242023
Unamortized debt issuance costs$66 $50 
Borrowing capacity on existing facilities$2,159 $2,160 
Fair value of senior unsecured notes$14,950 $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 20.0% and 17.4% in the three and nine months 2024 and 20.4% and 17.4% in the three and nine months 2023. The effective tax rates for the three and nine 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 MonthsNine Months
2024202320242023
MedSurg and Neurotechnology$3,224 $2,859 $9,340 $8,409 
Orthopaedics and Spine2,270 2,050 6,819 6,274 
Net sales$5,494 $4,909 $16,159 $14,683 
MedSurg and Neurotechnology$924 $859 $2,589 $2,266 
Orthopaedics and Spine643 499 1,924 1,701 
Segment operating income$1,567 $1,358 $4,513 $3,967 
Items not allocated to segments:
Corporate and other
$(210)$(209)$(676)$(596)
Acquisition and integration-related costs(77)1 (87)(7)
Amortization of intangible assets
(159)(164)(467)(486)
Structural optimization and other special charges(24)(28)(113)(142)
Medical device regulations
(13)(19)(41)(74)
Recall-related matters
— (9)(22)(12)
Regulatory and legal matters
1 1 1 (19)
Consolidated operating income$1,085 $931 $3,108 $2,631 
There were no significant changes to total assets by segment from the information provided in our Annual Report on Form 10-K for 2023.
Dollar amounts are in millions except per share amounts or as otherwise specified.
9
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ABOUT STRYKER
Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology, Orthopaedics and Spine that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually.
We segregate our operations into two reportable business segments: (i) MedSurg and Neurotechnology and (ii) Orthopaedics and Spine. MedSurg and Neurotechnology products include surgical equipment and navigation systems (Instruments), endoscopic and communications systems (Endoscopy), patient handling, emergency medical equipment and intensive care disposable products (Medical), minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke (Neurovascular), a comprehensive line of products for traditional brain and open skull based surgical procedures; orthobiologic and biosurgery products, including synthetic bone grafts and vertebral augmentation products (Neuro Cranial). Orthopaedics and Spine products consist primarily of implants used in hip and knee joint replacements and trauma and extremity surgeries, and cervical, thoracolumbar and interbody systems used in spinal injury, deformity and degenerative therapies.
Overview of the Three and Nine Months
In the three months 2024 we achieved sales growth of 11.9% from 2023. Excluding the impact of acquisitions and divestitures, sales grew 11.5% in constant currency. We reported operating income margin of 19.7%, net earnings of $834 and net earnings per diluted share of $2.16. Excluding the impact of certain items,
adjusted operating income margin(1) increased by 130 basis points to 24.7%, with adjusted net earnings(1) of $1,107 and adjusted net earnings per diluted share(1) of $2.87, an increase of 16.7% from 2023.
In the nine months 2024 we achieved sales growth of 10.1% from 2023. Excluding the impact of acquisitions and divestitures, sales grew 10.2% in constant currency. We reported operating income margin of 19.2%, net earnings of $2,447 and net earnings per diluted share of $6.35. Excluding the impact of certain items, adjusted operating income margin(1) increased by 70 basis points to 23.7%, with adjusted net earnings(1) of $3,154 and adjusted net earnings per diluted share(1) of $8.18, an increase of 14.6% from 2023.
Recent Developments
In the nine months 2024 we completed various acquisitions for total consideration of $1,598 in upfront payments, net of cash acquired, as well as $395 of contingent consideration if certain commercial or clinical milestones are achieved. Refer to Note 7 to our Consolidated Financial Statements for further information.
In September 2024 we issued $750 of 4.250% senior unsecured notes due September 11, 2029, €800 of 3.375% senior unsecured notes due September 11, 2032, $750 of 4.625% senior unsecured notes due September 11, 2034 and €600 of 3.625% senior unsecured notes due September 11, 2036. Refer to Note 8 to our Consolidated Financial Statements for further information.
(1) Refer to "Non-GAAP Financial Measures" for a discussion of non-GAAP financial measures used in this report and a reconciliation to the most directly comparable GAAP financial measure.

CONSOLIDATED RESULTS OF OPERATIONS
Three MonthsNine Months
Percent Net SalesPercentagePercent Net SalesPercentage
2024202320242023Change2024202320242023Change
Net sales$5,494 $4,909 100.0 %100.0 %11.9 %$16,159 $14,683 100.0 %100.0 %10.1 %
Gross profit3,517 3,158 64.0 64.3 11.4 10,266 9,355 63.5 63.7 9.7 
Research, development and engineering expenses377 353 6.9 7.2 6.8 1,108 1,038 6.9 7.1 6.7 
Selling, general and administrative expenses1,896 1,710 34.5 34.8 10.9 5,583 5,200 34.6 35.4 7.4 
Amortization of intangible assets159 164 2.9 3.3 (3.0)467 486 2.9 3.3 (3.9)
Other income (expense), net(42)(62)(0.8)(1.3)(32.3)(144)(184)(0.9)(1.3)(21.7)
Income taxes209 177 nmnm18.1517 425 nmnm21.6 
Net earnings$834 $692 15.2 %14.1 %20.5 %$2,447 $2,022 15.1 %13.8 %21.0 %
Net earnings per diluted share$2.16 $1.80 20.0 %$6.35 $5.27 20.5 %
Adjusted net earnings per diluted share(1)
$2.87 $2.46 16.7 %$8.18 $7.14 14.6 %


nm - not meaningful
Geographic and Segment Net SalesThree MonthsNine Months
Percentage ChangePercentage Change
20242023As ReportedConstant
Currency		20242023As ReportedConstant
Currency
Geographic:
United States$4,109 $3,678 11.7 %11.7 %$12,070 $10,901 10.7 %10.7 %
International1,385 1,231 12.5 13.0 4,089 3,782 8.1 10.1 
Total$5,494 $4,909 11.9 %12.0 %$16,159 $14,683 10.1 %10.6 %
Segment:
MedSurg and Neurotechnology$3,224 $2,859 12.8 %12.9 %$9,340 $8,409 11.1 %11.5 %
Orthopaedics and Spine2,270 2,050 10.7 10.8 6,819 6,274 8.7 9.2 
Total$5,494 $4,909 11.9 %12.0 %$16,159 $14,683 10.1 %10.6 %
Dollar amounts are in millions except per share amounts or as otherwise specified.
10
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
Supplemental Net Sales Growth Information
Three MonthsNine Months
Percentage ChangePercentage Change
United StatesInternationalUnited StatesInternational
20242023As ReportedConstant CurrencyAs ReportedAs ReportedConstant Currency20242023As ReportedConstant CurrencyAs ReportedAs ReportedConstant Currency
MedSurg and Neurotechnology:
Instruments$679 $620 9.6 %9.5 %9.9 %8.3 %7.8 %$2,044 $1,808 13.1 %13.3 %13.9 %9.7 %10.9 %
Endoscopy837 746 12.2 12.5 11.3 16.6 18.1 2,383 2,166 10.0 10.5 10.2 9.1 11.6 
Medical938 798 17.6 17.7 18.6 12.7 13.2 2,710 2,417 12.1 12.3 15.7 (2.9)(1.8)
Neurovascular329 311 5.5 5.9 1.5 8.1 8.6 966 906 6.6 8.3 2.2 9.4 12.4 
Neuro Cranial441 384 15.0 15.0 16.2 9.4 9.6 1,237 1,112 11.3 11.7 11.4 10.7 12.9 
$3,224 $2,859 12.8 %12.9 %13.3 %10.9 %11.4 %$9,340 $8,409 11.1 %11.5 %12.4 %6.7 %8.7 %
Orthopaedics and Spine:
Knees$570 $515 10.6 %10.7 %8.4 %17.1 %17.4 %$1,760 $1,643 7.1 %7.7 %6.0 %10.2 %12.2 %
Hips420 362 15.9 16.2 10.9 24.8 25.3 1,241 1,130 9.9 10.9 7.3 14.4 17.3 
Trauma and Extremities849 752 12.8 12.6 12.9 12.6 12.0 2,511 2,287 9.8 10.0 10.8 7.1 7.8 
Spine304 291 4.6 4.4 3.5 7.5 6.8 911 871 4.6 4.8 3.9 6.5 7.3 
Other127 130 (2.4)0.1 (0.6)(6.1)1.3 396 343 15.4 17.8 17.4 11.2 18.6 
$2,270 $2,050 10.7 %10.8 %9.2 %14.4 %14.8 %$6,819 $6,274 8.7 %9.2 %8.3 %9.7 %11.6 %
Total $5,494 $4,909 11.9 %12.0 %11.7 %12.5 %13.0 %$16,159 $14,683 10.1 %10.6 %10.7 %8.1 %10.1 %
Note: 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.
Consolidated Net Sales
Consolidated net sales increased 11.9% in the three months 2024 as reported and 12.0% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.1%. Excluding the 0.5% impact of acquisitions and divestitures, net sales in constant currency increased by 10.3% from increased unit volume and 1.2% due to higher prices. The unit volume increase was due to higher product shipments across all MedSurg and Neurotechnology businesses and most Orthopaedics and Spine businesses.
Consolidated net sales increased 10.1% in the nine months 2024 as reported and 10.6% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.5%. Excluding the 0.4% impact of acquisitions and divestitures, net sales in constant currency increased by 9.2% from increased unit volume and 1.0% due to higher prices. The unit volume increase was due to higher product shipments across all MedSurg and Neurotechnology and Orthopaedics and Spine businesses.
MedSurg and Neurotechnology Net Sales
MedSurg and Neurotechnology net sales increased 12.8% in the three months 2024 as reported and 12.9% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.1%. Excluding the 0.2% impact of acquisitions and divestitures, net sales in constant currency increased by 11.0% from increased unit volume and 1.7% from higher prices. The unit volume increase was due to higher shipments across all MedSurg and Neurotechnology businesses.
MedSurg and Neurotechnology net sales increased 11.1% in the nine months 2024 as reported and 11.5% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.4%. Excluding the 0.2% impact of acquisitions and divestitures, net sales in constant currency increased by 9.6% from increased unit volume and 1.7% from higher prices. The unit
volume increase was due to higher shipments across all MedSurg and Neurotechnology businesses.
Orthopaedics and Spine Net Sales
Orthopaedics and Spine net sales increased 10.7% in the three months 2024 as reported and 10.8% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.1%. Excluding the 1.1% impact of acquisitions and divestitures, net sales in constant currency increased 9.3% from increased unit volume and 0.4% from higher prices. The unit volume increase was due to higher shipments across most Orthopaedics and Spine businesses.
Orthopaedics and Spine net sales increased 8.7% in the nine months 2024 as reported and 9.2% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.5%. Excluding the 0.6% impact of acquisitions and divestitures, net sales in constant currency increased 8.6% from increased unit volume. The unit volume increase was due to higher shipments across all Orthopaedics and Spine businesses.
Gross Profit
Gross profit was $3,517 and $3,158 in the three months 2024 and 2023. The key components of the change were:
Gross Profit
Percent Net Sales
Three Months 202364.3 %
Sales pricing40 bps
Volume and mix60 bps
Manufacturing and supply chain costs(90) bps
Structural optimization and other special charges20 bps
Inventory stepped up to fair value(60) bps
Three Months 202464.0 %
Gross profit as a percentage of net sales in the three months 2024 remained relatively flat with 2023.
Gross profit was $10,266 and $9,355 in the nine months 2024 and 2023. The key components of the change were:
Dollar amounts are in millions except per share amounts or as otherwise specified.
11
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
Gross Profit
Percent Net Sales
Nine Months 202363.7 %
Sales pricing40 bps
Volume and mix60 bps
Manufacturing and supply chain costs(70) bps
Structural optimization and other special charges(20) bps
Inventory stepped up to fair value(30) bps
Nine Months 202463.5 %
Gross profit as a percentage of net sales in the nine months 2024 remained relatively flat with 2023.
While segment mix was not a significant driver of the change in gross profit as a percent of net sales between the three and nine months 2024 and 2023, we generally expect segment mix to have an unfavorable impact for the foreseeable future as we anticipate more rapid sales growth in our lower gross margin MedSurg and Neurotechnology segment than our Orthopaedics and Spine segment.
Research, Development and Engineering Expenses
Research, development and engineering expenses increased $24 or 6.8% in the three months 2024 and decreased as a percentage of net sales to 6.9% from 7.2% in 2023, primarily due to lower product launch costs.
Research, development and engineering expenses increased $70 or 6.7% in the nine months 2024 and decreased as a percentage of net sales to 6.9% from 7.1% in 2023, primarily due to lower spend on medical device regulations in the European Union.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased $186 or 10.9% in the three months 2024. As a percentage of net sales, expenses decreased to 34.5% from 34.8% in 2023, primarily due to continued spend discipline that was partially offset by higher acquisition-related costs.
Selling, general and administrative expenses increased $383 or 7.4% in the nine months 2024 and decreased as a percentage of net sales to 34.6% from 35.4% in 2023, primarily due to continued spend discipline and lower charges for structural optimization and certain legal matters, offset by higher acquisition-related costs.
Amortization of Intangible Assets
Amortization of intangible assets was $159 and $164 in the three months and $467 and $486 in the nine months 2024 and 2023. Refer to Note 7 to our Consolidated Financial Statements for further information.
Operating Income
Operating income was $1,085 and $931 in the three months 2024 and 2023. Operating income as a percentage of net sales in the three months 2024 increased to 19.7% from 19.0% in 2023. Refer to the discussion above for the primary drivers of the change.
Operating income was $3,108 and $2,631 in the nine months 2024 and 2023. Operating income as a percentage of net sales in the nine months 2024 increased to 19.2% from 17.9% in 2023. Refer to the discussion above for the primary drivers of the change.
MedSurg and Neurotechnology operating income as a percentage of net sales decreased to 28.7% in the three months 2024 from 30.0% in 2023. Orthopaedics and Spine operating income as a percentage of net sales increased to 28.3% in the three months 2024 from 24.3% in 2023. The key components of
the change were:
Operating Income
Percent Net Sales
MedSurg and NeurotechnologyOrthopaedics and Spine
Three Months 202330.0 %24.3 %
Sales pricing120 bps 30 bps
Volume340 bps 530 bps
Manufacturing and supply chain costs(310) bps 180 bps
Research, development and engineering expenses(80) bps (30) bps
Selling, general and administrative expenses(200) bps (310) bps
Three Months 202428.7 %28.3 %
The decrease in MedSurg and Neurotechnology operating income as a percentage of net sales for the three months was primarily driven by higher manufacturing and supply chain costs and higher selling, general and administrative expenses partially offset by higher unit volumes and higher prices.
The increase in Orthopaedics and Spine operating income as a percentage of net sales for the three months was primarily driven by higher unit volumes and lower manufacturing and supply chain costs partially offset by higher selling, general and administrative expenses.
MedSurg and Neurotechnology operating income as a percentage of net sales increased to 27.7% in the nine months 2024 from 26.9% in 2023. Orthopaedics and Spine operating income as a percentage of net sales increased to 28.2% in the nine months 2024 from 27.1% in 2023. The key components of the change were:
Operating Income
Percent Net Sales
MedSurg and NeurotechnologyOrthopaedics and Spine
Nine Months 202326.9 %27.1 %
Sales pricing130 bps 0 bps
Volume320 bps 450 bps
Manufacturing and supply chain costs(80) bps (40) bps
Research, development and engineering expenses(90) bps (60) bps
Selling, general and administrative expenses(200) bps (240) bps
Nine Months 202427.7 %28.2 %
The increase in MedSurg and Neurotechnology operating income as a percentage of net sales for the nine months was primarily driven by higher unit volumes and higher prices partially offset by higher selling, general and administrative expenses.
The increase in Orthopaedics and Spine operating income as a percentage of net sales for the nine months was primarily driven by higher sales volume partially offset by higher selling, general and administrative expenses.
Dollar amounts are in millions except per share amounts or as otherwise specified.
12
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
Other Income (Expense), Net
Other income (expense), net was ($42) and ($62) in the three months and ($144) and ($184) in the nine months 2024 and 2023. The decrease in net expense in the three and nine months 2024 compared to 2023 was primarily due to higher interest income in 2024.
Income Taxes
Our effective tax rates were 20.0% and 17.4% in the three and nine months 2024 and 20.4% and 17.4% in the three and nine months 2023. The effective tax rates for the three and nine months 2024 and 2023 reflect the continued lower effective income tax rates as a result of our European operations and certain discrete tax items. The Organisation for Economic Cooperation and Development (OECD), which represents a coalition of member countries, has put forth two proposed base erosion and profit shifting frameworks that revise the existing profit allocation and nexus rules (Pillar One) and ensure a minimal level of taxation (Pillar Two). On December 12, 2022 the European Union member states agreed to implement the Inclusive Framework’s global corporate minimum tax rate of 15%, and various countries within and outside the European Union have either enacted or proposed new tax laws implementing Pillar Two in 2024. The OECD continues to release additional guidance and we anticipate more countries will enact similar tax laws. Some of the new tax laws are effective in 2024 while others will be effective in future years. These tax law changes and any additional contemplated tax law changes could increase tax expense in future periods.
Net Earnings
Net earnings increased to $834 or $2.16 per diluted share in the three months 2024 from $692 or $1.80 per diluted share in 2023. Net earnings increased to $2,447 or $6.35 per diluted share in the nine months 2024 from $2,022 or $5.27 per diluted share in 2023. Refer to the discussion above for the primary drivers of the change.
Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under accounting principles generally accepted in the United States (GAAP) with certain non-GAAP financial measures, including percentage sales growth in constant currency; percentage organic sales growth; adjusted gross profit; adjusted selling, general and administrative expenses; adjusted research, development and engineering expenses; adjusted operating income; adjusted other income (expense), net; adjusted income taxes; adjusted effective income tax rate; adjusted net earnings; and adjusted net earnings per diluted share (Diluted EPS). We believe these non-GAAP financial measures provide meaningful information to assist investors and shareholders in understanding our financial results and assessing our prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of our operations because they exclude items that may not be indicative of or are unrelated to our core operating results and provide a baseline for analyzing trends in our underlying businesses. Management uses these non-GAAP financial measures for reviewing the operating results of reportable business segments and analyzing potential future business trends in connection with our budget process and bases certain management incentive compensation on these non-GAAP financial measures. To measure percentage sales growth in constant currency, we remove the impact of changes in foreign currency exchange rates that affect the comparability and trend of sales. Percentage sales growth in constant currency is calculated by translating current and prior year results at the same foreign currency exchange rate. To measure percentage organic sales growth, we remove the impact of changes in foreign currency exchange rates, acquisitions and divestitures, which affect the comparability and trend of sales. Percentage organic sales growth is calculated by translating current year and prior year results at the same foreign currency exchange rates excluding the impact of acquisitions and divestitures. To measure earnings performance on a consistent and comparable basis, we exclude certain items that affect the comparability of operating results and the trend of earnings. The income tax effect of each adjustment was determined based on the tax effect of the jurisdiction in which the related pre-tax adjustment was recorded. These adjustments are irregular in timing and may not be indicative of our past and future performance. The following are examples of the types of adjustments that may be included in a period:
1.Acquisition and integration-related costs. Costs related to integrating recently acquired businesses (e.g., costs associated with the termination of sales relationships, employee retention and workforce reductions, manufacturing integration costs and other integration-related activities), changes in the fair value of contingent consideration, amortization of inventory stepped-up to fair value, specific costs (e.g., deal costs and costs associated with legal entity rationalization) related to the consummation of the acquisition process and legal entity rationalization and acquisition-related tax items.
2.Amortization of purchased intangible assets. Periodic amortization expense related to purchased intangible assets.
3.Structural optimization and other special charges. Costs associated with employee retention and workforce reductions, the closure or transfer of manufacturing and other facilities (e.g., site closure costs, contract termination costs and redundant employee costs during the work transfers), product line exits (primarily inventory, long-lived
Dollar amounts are in millions except per share amounts or as otherwise specified.
13
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
asset and specifically-identified intangible asset write-offs), certain long-lived and intangible asset write-offs and impairments and other charges.
4.Medical device regulations. Costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the new medical device reporting regulations and other requirements of the European Union.
5.Recall-related matters. Changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve the Rejuvenate, LFIT V40, Wright legacy hip products and other product recalls.
6.Regulatory and legal matters. Changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
7.Tax matters. Impact of accounting for certain significant and discrete tax items.
Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit, selling, general and administrative expenses, research, development and engineering expenses, operating income, other income (expense), net, income taxes, effective income tax rate, net earnings and net earnings per diluted share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of our operations when viewed with our GAAP results and the reconciliations to corresponding GAAP financial measures at the end of the discussion of Consolidated Results of
Operations below. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
The weighted-average diluted shares outstanding used in the calculation of adjusted net earnings per diluted share are the same as those used in the calculation of reported net earnings per diluted share for the respective period.


























Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Three Months 2024Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax Rate		Diluted EPS
Reported$3,517 $1,896 $377 $1,085 $(42)$209 $834 20.0 %$2.16 
Reported percent net sales64.0 %34.5 %6.9 %19.7 %(0.8)%nm15.2 %
Acquisition and integration-related costs:
Inventory stepped-up to fair value29 — — 29 — 7 22 0.2 0.06 
Other acquisition and integration-related (a)— (48)— 48 — 11 37 0.3 0.10 
Amortization of purchased intangible assets— — — 159 — 32 127 0.7 0.32 
Structural optimization and other special charges (b)(2)(26)— 24 — 4 20 — 0.05 
Medical device regulations (c)— — (13)13 — 2 11 0.1 0.03 
Recall-related matters (d)— — — — — — — — — 
Regulatory and legal matters (e)— 1 — (1)— — (1)— — 
Tax matters (f)— — — — — (57)57 (5.5)0.15 
Adjusted$3,544 $1,823 $364 $1,357 $(42)$208 $1,107 15.8 %$2.87 
Adjusted percent net sales64.5 %33.2 %6.6 %24.7 %(0.8)%nm20.1 %
Dollar amounts are in millions except per share amounts or as otherwise specified.
14
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
Three Months 2023Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax Rate		Diluted EPS
Reported$3,158 $1,710 $353 $931 $(62)$177 $692 20.4 %$1.80 
Reported percent net sales64.3 %34.8 %7.2 %19.0 %(1.3)%nm14.1 %
Acquisition and integration-related costs:
Inventory stepped-up to fair value— — — — — — — — — 
Other acquisition and integration-related (a)— 1 — (1)— (28)27 (3.1)0.07 
Amortization of purchased intangible assets— — — 164 — 36 128 1.6 0.34 
Structural optimization and other special charges (b)19 (9)— 28 — 7 21 0.3 0.06 
Medical device regulations (c)1 — (18)19 — 4 15 0.2 0.04 
Recall-related matters (d)— (9)— 9 — 2 7 0.1 0.01 
Regulatory and legal matters (e)— 1 — (1)— 1 (2)0.1 — 
Tax matters (f)— — — — 1 (55)56 (6.4)0.14 
Adjusted$3,178 $1,694 $335 $1,149 $(61)$144 $944 13.2 %$2.46 
Adjusted percent net sales64.7 %34.5 %6.8 %23.4 %(1.2)%nm19.2 %

(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:
Three Months
20242023
Termination of sales relationships$— $2 
Employee retention and workforce reductions13 3 
Changes in the fair value of contingent consideration2 (4)
Manufacturing integration costs1 — 
Stock compensation payments upon a change in control22 — 
Other integration-related activities10 (2)
Adjustments to Operating Income $48 $(1)
Charges for acquisition-related tax provisions— (28)
Other income taxes related to acquisition and integration-related costs11 — 
Adjustments to Income Taxes$11 $(28)
Adjustments to Net Earnings$37 $27 

(b) Structural optimization and other special charges represent the costs associated with:
Three Months
20242023
Employee retention and workforce reductions$12 $(5)
Closure/transfer of manufacturing and other facilities2 12 
Product line exits4 7 
Certain long-lived and intangible asset write-offs and impairments12 9 
Termination of sales relationships in certain countries6 — 
Other charges(12)5 
Adjustments to Operating Income $24 $28 
Adjustments to Income Taxes$4 $7 
Adjustments to Net Earnings$20 $21 

(c) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union.
(d) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain recall-related matters.
(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
(f) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:
Three Months
20242023
Adjustments related to the transfer of certain intellectual properties between tax jurisdictions$(47)$(44)
Other tax matters(10)(11)
Adjustments to Income Taxes$(57)$(55)
Charges / benefits for certain tax audit settlements— 1
Adjustments to Other Income (Expense), Net$— $1 
Adjustments to Net Earnings$57 $56 
Dollar amounts are in millions except per share amounts or as otherwise specified.
15
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
Nine Months 2024Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax Rate		Diluted EPS
Reported$10,266 $5,583 $1,108 $3,108 $(144)$517 $2,447 17.4 %$6.35 
Reported percent net sales63.5 %34.6 %6.9 %19.2 %(0.9)%nm15.1 %
Acquisition and integration-related costs:
Inventory stepped-up to fair value38 — — 38 — 9 29 0.3 0.08 
Other acquisition and integration-related (a)— (49)— 49 — 14 35 0.2 0.09 
Amortization of purchased intangible assets— — — 467 — 96 371 1.0 0.96 
Structural optimization and other special charges (b)41 (72)— 113 — 24 89 0.2 0.23 
Medical device regulations (c)5 — (36)41 — 9 32 0.1 0.08 
Recall-related matters (d)11 (11)— 22 — 5 17 0.1 0.04 
Regulatory and legal matters (e)— 1 — (1)— — (1)— — 
Tax matters (f)— — — — (1)(136)135 (4.7)0.35 
Adjusted$10,361 $5,452 $1,072 $3,837 $(145)$538 $3,154 14.6 %$8.18 
Adjusted percent net sales64.1 %33.7 %6.6 %23.7 %(0.9)%nm19.5 %
Nine Months 2023Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax Rate		Diluted EPS
Reported$9,355 $5,200 $1,038 $2,631 $(184)$425 $2,022 17.4 %$5.27 
Reported percent net sales63.7 %35.4 %7.1 %17.9 %(1.3)%nm13.8 %
Acquisition and integration-related costs:
Inventory stepped-up to fair value— — — — — — — — — 
Other acquisition and integration-related (a)— (7)— 7 — (25)32 (1.0)0.08 
Amortization of purchased intangible assets— — — 486 — 104 382 1.5 1.00 
Structural optimization and other special charges (b)30 (112)— 142 — 32 110 0.5 0.29 
Medical device regulations (c)1 — (73)74 — 17 57 0.3 0.15 
Recall-related matters (d)— (12)— 12 — 3 9 — 0.02 
Regulatory and legal matters (e)— (19)— 19 — 4 15 — 0.04 
Tax matters (f)— — — — (8)(121)113 (4.9)0.29 
Adjusted$9,386 $5,050 $965 $3,371 $(192)$439 $2,740 13.8 %$7.14 
Adjusted percent net sales63.9 %34.4 %6.6 %23.0 %(1.3)%nm18.7 %

(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:
Nine Months
20242023
Termination of sales relationships$3 $2 
Employee retention and workforce reductions17 3 
Changes in the fair value of contingent consideration(12)(7)
Manufacturing integration costs2 2 
Stock compensation payments upon a change in control22 — 
Other integration-related activities17 7 
Adjustments to Operating Income $49 $7 
Charges for acquisition-related tax provisions— (28)
Other income taxes related to acquisition and integration-related costs14 3 
Adjustments to Income Taxes$14 $(25)
Adjustments to Net Earnings$35 $32 

(b) Structural optimization and other special charges represent the costs associated with:
Nine Months
20242023
Employee retention and workforce reductions$14 $63 
Closure/transfer of manufacturing and other facilities18 36 
Product line exits19 16 
Certain long-lived and intangible asset write-offs and impairments22 12 
Termination of sales relationships in certain countries7 — 
Other charges33 15 
Adjustments to Operating Income $113 $142 
Adjustments to Income Taxes$24 $32 
Adjustments to Net Earnings$89 $110 

(c) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union.
(d) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain recall-related matters.
(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
16
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
(f) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:
Nine Months
20242023
Adjustments related to the transfer of certain intellectual properties between tax jurisdictions$(141)$(138)
Certain tax audit settlements(2)24
Other tax matters7 (7)
Adjustments to Income Taxes$(136)$(121)
Charges / benefits for certain tax audit settlements(1)(9)
Other tax related adjustments— 1 
Adjustments to Other Income (Expense), Net$(1)$(8)
Adjustments to Net Earnings$135 $113 
FINANCIAL CONDITION AND LIQUIDITY
Nine Months
Net cash provided by (used in):20242023
Operating activities$2,311 $2,183 
Investing activities(2,697)(810)
Financing activities1,269 (1,308)
Effect of exchange rate changes(4)(49)
Change in cash and cash equivalents$879 $16 
Operating Activities
Cash provided by operating activities was $2,311 and $2,183 in the nine months 2024 and 2023. The increase was primarily due to higher net earnings partially offset by the timing of payments and collections in working capital accounts.
Investing Activities    
Cash used in investing activities was $2,697 and $810 in the nine months 2024 and 2023. The nine months 2024 included cash paid for various acquisitions and purchases of short-term investments partially offset by proceeds from the settlement of certain foreign currency forward contracts designated as net investment hedges. The nine months 2023 included cash paid for the Cerus acquisition. Refer to Notes 4 and 7 to our Consolidated Financial Statements for further information on derivative instruments and acquisitions.
Financing Activities
Cash provided by financing activities was $1,269 in the nine months 2024 and cash used in financing activities was $1,308 in the nine months 2023. In 2024, cash provided was primarily driven by proceeds from the issuance of various senior unsecured notes as described in Note 8 to our Consolidated Financial Statements. This was partially offset by the repayment of maturing senior unsecured notes, dividend payments and cash paid for taxes on withheld shares. Cash used in 2023 was primarily driven by dividend payments, repayment of the term loan used to fund the acquisition of Vocera and cash paid for taxes on withheld shares, partially offset by proceeds from the issuance of €500 of floating rate senior notes.
We did not repurchase any shares in the nine months 2024 and 2023.
Liquidity
Cash, cash equivalents, short-term investments and marketable securities were $4,684 and $3,053 on September 30, 2024 and December 31, 2023. Current assets exceeded current liabilities by $7,004 and $4,597 on September 30, 2024 and December 31, 2023. We anticipate being able to support our short-term liquidity and operating needs from a variety of sources including cash from operations, commercial paper and existing credit lines.
We have raised funds in the capital markets and have accessed the credit markets in the past and may continue to do so from time-to-time. We continue to have strong investment-grade short-term and long-term debt ratings that we believe should enable us to refinance our debt as needed.
Our cash, cash equivalents, short-term investments and marketable securities held in locations outside the United States was 14% on September 30, 2024 compared to 25% on December 31, 2023.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
There were no changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for 2023, except as follows.
We test goodwill annually for impairment at October 31 or whenever events or circumstances indicate that goodwill may be impaired. When it is unlikely that goodwill of a reporting unit is impaired, we perform a qualitative assessment that may be periodically supplemented with a corroborative quantitative analysis.
During 2022 we recognized a goodwill impairment charge of $216 for the Spine reporting unit. Due to the impairment charge in 2022, we performed a quantitative impairment test for our Spine reporting unit at October 31, 2023 and determined that its fair value exceeded its carrying amount by 10% and no additional impairment charges were recorded.
The Spine business’s operating results continue to be affected by inflationary pressures and the competitive environment. These inputs were included in the updated projections used in our annual long-range financial plan, which was approved during the third quarter 2024. Additionally, it is likely we will reorganize our Spine reporting unit during the fourth quarter 2024 to separate the spine enabling technologies portfolio (Enabling Technologies) from the spinal implant portfolio (Core Spine). While changes in reporting units are accounted for on a prospective basis, they may be an indicator that goodwill of a reporting unit is potentially impaired. As a result of these factors, we performed a quantitative impairment test of the Spine reporting unit at September 30, 2024. The outcome of the impairment test was that the fair value of the Spine reporting unit exceeded its carrying amount by 9% and we did not record any impairment charges during the quarter ended September 30, 2024. Goodwill attributable to the Spine reporting unit was approximately $1.0 billion at September 30, 2024.
In our quantitative impairment test, the fair value of the Spine reporting unit was determined using a discounted cash flow analysis, which is a form of the income approach. Significant inputs to the analysis included assumptions for future revenue growth, operating margin and the rate used to discount the estimated future cash flows to their present value based on the reporting unit’s estimated weighted average cost of capital. Our assumptions for revenue growth and operating margin considered several operating factors, including surgery volumes, increased costs and our competitive environment. We believe our estimates are appropriate based upon current and anticipated future market conditions and the best information available at the impairment assessment date. However, future impairment charges could be required if our Spine reporting unit does not
Dollar amounts are in millions except per share amounts or as otherwise specified.
17
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
achieve its cash flow, revenue and profitability projections or if there is an increase in the weighted average cost of capital.
The assumptions used in the discounted cash flow analysis are subject to inherent uncertainties and subjectivity. The use of different assumptions, estimates or judgments with respect to the estimation of future cash flows and the determination of the discount rate used to reduce such estimated future cash flows to their net present value could materially affect the determination of any impairment charges. Hypothetical changes in our estimates of the discount rate, long-term revenue growth and long-term operating margin would result in impairment charges as follows:
Change in selected assumptionPercentage decline in fair valueImpairment charge
100 bps increase in discount rate16 %$150 
100 bps decrease in long-term revenue growth11 50
100 bps decrease in long-term operating margin6 —
During the fourth quarter 2024, it is likely we will reorganize certain of our reporting units, including the Spine reporting unit. Upon a reorganization of our reporting units, the assets (including goodwill) and liabilities will be reassigned to the new reporting units and we will perform a goodwill impairment test immediately before and after the reorganization. We estimate that approximately $265 of goodwill will be assigned to the Core Spine reporting unit upon a reorganization and we expect that a material portion of this balance could be impaired.
Historical impairment assessments for our other reporting units have indicated that their implied fair values exceed their respective carrying amounts by at least 100%. We have not identified any factors in 2024 that would lead us to believe that those reporting units are at risk of a goodwill impairment.
New Accounting Pronouncements Not Yet Adopted
Refer to Note 1 to our Consolidated Financial Statements for information.
Guarantees and Other Off-Balance Sheet Arrangements
We do not have guarantees or other off-balance sheet financing arrangements, including variable interest entities, of a magnitude that we believe could have a material impact on our financial condition or liquidity.
OTHER MATTERS
Legal and Regulatory Matters
We are involved in various ongoing proceedings, legal actions and claims arising in the normal course of our business, including proceedings related to product, labor, intellectual property and other matters. Refer to Note 6 to our Consolidated Financial Statements for further information.
FORWARD-LOOKING STATEMENTS
This report contains statements that are not historical facts and are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current projections about operations, industry conditions, financial condition and liquidity. Words that identify forward-looking statements include, without limitation, words such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "goal," "strategy" and words and terms of similar substance used in connection with any discussion of future operating or financial performance, an acquisition or our businesses. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. Those statements are not guarantees and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results could differ materially and adversely from these forward-looking statements, historical experience or our present expectations. Some important factors that could cause our actual results to differ from our expectations in any forward-looking statements include the risks discussed in Item 1A. "Risk Factors" of our Annual Report on Form 10-K for 2023. This Form 10-Q should be read in conjunction with our Consolidated Financial Statements and accompanying notes to our Consolidated Financial Statements in our Annual Report on Form 10-K for 2023. While we believe that the assumptions underlying such forward-looking statements are reasonable, there can be no assurance that future events or developments will not cause such statements to be inaccurate. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement. We expressly disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that affect the likelihood that actual results will differ from those contained in the forward-looking statements.
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We consider our greatest potential area of market risk exposure to be exchange rate risk on our operating results. Quantitative and qualitative disclosures about exchange rate risk are included in Item 7A "Quantitative and Qualitative Disclosures About Market Risk" of our Annual Report on Form 10-K for 2023. There were no material changes from the information provided therein.
ITEM 4.CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of the Chief Executive Officer and Chief Financial Officer (the Certifying Officers), evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended) on September 30, 2024. Based on that evaluation, the Certifying Officers concluded the Company's disclosure controls and procedures were effective as of September 30, 2024.
Changes in Internal Control Over Financial Reporting
There was no change to our internal control over financial reporting during the nine months 2024 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1A.RISK FACTORS
We are not aware of any material changes to the risk factors included in Item 1A. "Risk Factors" in our Annual Report on Form 10-K for 2023.
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In the three months 2024 we did not issue shares of our common stock as performance incentive awards to employees. When issued, these shares are not registered under the Securities Act of 1933 based on the conclusion that the awards would not be events of sale within the meaning of Section 2(a)(3) of the Act.
In March 2015 we announced that our Board of Directors had authorized us to purchase up to $2,000 of our common stock.
Dollar amounts are in millions except per share amounts or as otherwise specified.
18
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
The manner, timing and amount of repurchases are determined by management based on an evaluation of market conditions, stock price, and other factors and are subject to regulatory considerations. Purchases are made from time-to-time in the open market, in privately negotiated transactions or otherwise.
In the nine months 2024 we did not repurchase any shares of our common stock under our authorized repurchase program. The total dollar value of shares of our common stock that could be acquired under our authorized repurchase program was $1,033 as of September 30, 2024.
ITEM 5.OTHER INFORMATION
Certain of our officers or directors have made elections to participate in, and are participating in, our employee stock purchase plan and 401(k) plan and have made, and may from time to time make, elections to have shares withheld to cover withholding taxes due or pay the exercise price of stock options, restricted stock units and performance stock units, which may constitute non-Rule 10b5–1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
ITEM 6.EXHIBITS
4(i)
4(ii)
4(iii)
4(iv)
31(i)†
31(ii)†
32(i)††
32(ii)††
101.INSiXBRL Instance Document
101.SCHiXBRL Schema Document
101.CALiXBRL Calculation Linkbase Document
101.DEFiXBRL Definition Linkbase Document
101.LABiXBRL Label Linkbase Document
101.PREiXBRL Presentation Linkbase Document
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
† Filed with this Form 10-Q
†† Furnished with this Form 10-Q
Dollar amounts are in millions except per share amounts or as otherwise specified.
19
STRYKER CORPORATION
2024 Third Quarter Form 10-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
STRYKER CORPORATION
(Registrant)
Date:October 30, 2024/s/ KEVIN A. LOBO
Kevin A. Lobo
Chair, Chief Executive Officer and President
Date:October 30, 2024/s/ GLENN S. BOEHNLEIN
Glenn S. Boehnlein
Vice President, Chief Financial Officer
20

Exhibit 31(i)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin A. Lobo, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 of Stryker Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:October 30, 2024/s/ KEVIN A. LOBO
Kevin A. Lobo
Chair, Chief Executive Officer and President


Exhibit 31(ii)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn S. Boehnlein, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 of Stryker Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:October 30, 2024/s/ GLENN S. BOEHNLEIN
Glenn S. Boehnlein
Vice President, Chief Financial Officer


Exhibit 32(i)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Stryker Corporation (the "Company") for the quarter ended September 30, 2024 (the "Report"), I, Kevin A. Lobo, Chair, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:October 30, 2024/s/ KEVIN A. LOBO
Kevin A. Lobo
Chair, Chief Executive Officer and President






Exhibit 32(ii)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Stryker Corporation (the "Company") for the quarter ended September 30, 2024 (the "Report"), I, Glenn S. Boehnlein, Vice President, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:October 30, 2024/s/ GLENN S. BOEHNLEIN
Glenn S. Boehnlein
Vice President, Chief Financial Officer


v3.24.3
Document and Entity Information
 9 Months Ended
Sep. 30, 2024
shares
Document Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2024
Document Transition Report false
Entity File Number 001-13149
Entity Registrant Name STRYKER CORP
Entity Incorporation, State or Country Code MI
Entity Tax Identification Number 38-1239739
Entity Address, Address Line One 1941 Stryker Way
Entity Address, City or Town Portage,
Entity Address, State or Province MI
Entity Address, Postal Zip Code 49002
City Area Code (269)
Local Phone Number 385-2600
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 381,215,773
Amendment Flag false
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q3
Entity Central Index Key 0000310764
Current Fiscal Year End Date --12-31
Common stock  
Document Information [Line Items]  
Title of each class Common Stock, $.10 Par Value
Trading Symbol SYK
Security Exchange Name NYSE
Senior Unsecured Notes, 0.250% Due 2024  
Document Information [Line Items]  
Title of each class 0.250% Notes due 2024
Trading Symbol SYK24A
Security Exchange Name NYSE
Senior Unsecured Notes, 2.125% Due 2027  
Document Information [Line Items]  
Title of each class 2.125% Notes due 2027
Trading Symbol SYK27
Security Exchange Name NYSE
Senior Unsecured Notes, 3.375% Due 2028  
Document Information [Line Items]  
Title of each class 3.375% Notes due 2028
Trading Symbol SYK28
Security Exchange Name NYSE
Senior Unsecured Notes, 0.750% Due 2029  
Document Information [Line Items]  
Title of each class 0.750% Notes due 2029
Trading Symbol SYK29
Security Exchange Name NYSE
Senior Unsecured Notes, 2.625% Due 2030  
Document Information [Line Items]  
Title of each class 2.625% Notes due 2030
Trading Symbol SYK30
Security Exchange Name NYSE
Senior Unsecured Notes, 1.000% Due 2031  
Document Information [Line Items]  
Title of each class 1.000% Notes due 2031
Trading Symbol SYK31
Security Exchange Name NYSE
Senior Unsecured Notes, 3.375% Due 2032  
Document Information [Line Items]  
Title of each class 3.375% Notes due 2032
Trading Symbol SYK32
Security Exchange Name NYSE
Senior Unsecured Notes, 3.625% Due 2036  
Document Information [Line Items]  
Title of each class 3.625% Notes due 2036
Trading Symbol SYK36
Security Exchange Name NYSE
v3.24.3
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 5,494 $ 4,909 $ 16,159 $ 14,683
Cost of sales 1,977 1,751 5,893 5,328
Gross profit 3,517 3,158 10,266 9,355
Research, development and engineering expenses 377 353 1,108 1,038
Selling, general and administrative expenses 1,896 1,710 5,583 5,200
Amortization of intangible assets 159 164 467 486
Total operating expenses 2,432 2,227 7,158 6,724
Operating income 1,085 931 3,108 2,631
Other income (expense), net (42) (62) (144) (184)
Earnings before income taxes 1,043 869 2,964 2,447
Income taxes 209 177 517 425
Net earnings $ 834 $ 692 $ 2,447 $ 2,022
Net earnings per share of common stock:        
Basic (in dollars per share) $ 2.18 $ 1.82 $ 6.42 $ 5.33
Diluted (in dollars per share) $ 2.16 $ 1.80 $ 6.35 $ 5.27
Weighted-average shares outstanding (in millions):        
Basic (in shares) 381.1 379.8 380.9 379.5
Effect of dilutive employee stock compensation (in shares) 4.5 4.2 4.5 4.2
Diluted (in shares) 385.6 384.0 385.4 383.7
Cash dividends declared per share of common stock (in dollars per share) $ 0.80 $ 0.75 $ 2.40 $ 2.25
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 834 $ 692 $ 2,447 $ 2,022
Other comprehensive income (loss), net of tax:        
Marketable securities 0 0 0 0
Pension plans (2) (1) (1) (4)
Unrealized gains (losses) on designated hedges (27) 2 (28) 4
Financial statement translation (161) 80 (100) (28)
Total other comprehensive income (loss), net of tax (190) 81 (129) (28)
Comprehensive income $ 644 $ 773 $ 2,318 $ 1,994
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 3,850 $ 2,971
Short-term investments 750 0
Marketable securities 84 82
Accounts receivable, less allowance of $200 ($182 in 2023) 3,736 3,765
Inventories:    
Materials and supplies 1,234 1,242
Work in process 391 330
Finished goods 3,667 3,271
Total inventories 5,292 4,843
Prepaid expenses and other current assets 961 857
Total current assets 14,673 12,518
Property, plant and equipment:    
Land, buildings and improvements 1,729 1,692
Machinery and equipment 5,160 4,652
Total property, plant and equipment 6,889 6,344
Less allowance for depreciation 3,460 3,129
Property, plant and equipment, net 3,429 3,215
Goodwill 16,396 15,243
Other intangibles, net 4,940 4,593
Noncurrent deferred income tax assets 1,562 1,670
Other noncurrent assets 2,833 2,673
Total assets 43,833 39,912
Current liabilities    
Accounts payable 1,337 1,517
Accrued compensation 1,250 1,478
Income taxes 394 391
Dividends payable 305 304
Accrued expenses and other liabilities 2,224 2,137
Current maturities of debt 2,159 2,094
Total current liabilities 7,669 7,921
Long-term debt, excluding current maturities 13,325 10,901
Income taxes 368 567
Other noncurrent liabilities 2,322 1,930
Total liabilities 23,684 21,319
Shareholders' equity    
Common stock, $0.10 par value 38 38
Additional paid-in capital 2,353 2,200
Retained earnings 18,303 16,771
Accumulated other comprehensive loss (545) (416)
Total shareholders' equity 20,149 18,593
Total liabilities and shareholders' equity $ 43,833 $ 39,912
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 200 $ 182
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
v3.24.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Beginning balance at Dec. 31, 2022   $ 38 $ 2,034 $ 14,765 $ (221)
Beginning balance (in shares) at Dec. 31, 2022   378.7      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option and benefit plans (in shares)   1.2      
Issuance of common stock under stock compensation and benefit plans   $ 0 (16)    
Share-based compensation     165    
Net earnings $ 2,022     2,022  
Cash dividends declared       (854)  
Other comprehensive income (loss) (28)       (28)
Ending balance at Sep. 30, 2023 17,905 $ 38 2,183 15,933 (249)
Ending balance (in shares) at Sep. 30, 2023   379.9      
Beginning balance at Jun. 30, 2023   $ 38 2,127 15,526 (330)
Beginning balance (in shares) at Jun. 30, 2023   379.8      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option and benefit plans (in shares)   0.1      
Issuance of common stock under stock compensation and benefit plans   $ 0 4    
Share-based compensation     52    
Net earnings 692     692  
Cash dividends declared       (285)  
Other comprehensive income (loss) 81       81
Ending balance at Sep. 30, 2023 17,905 $ 38 2,183 15,933 (249)
Ending balance (in shares) at Sep. 30, 2023   379.9      
Beginning balance at Dec. 31, 2023 18,593 $ 38 2,200 16,771 (416)
Beginning balance (in shares) at Dec. 31, 2023   380.1      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option and benefit plans (in shares)   1.1      
Issuance of common stock under stock compensation and benefit plans   $ 0 (31)    
Share-based compensation     184    
Net earnings 2,447     2,447  
Cash dividends declared       (915)  
Other comprehensive income (loss) (129)        
Ending balance at Sep. 30, 2024 20,149 $ 38 2,353 18,303 (545)
Ending balance (in shares) at Sep. 30, 2024   381.2      
Beginning balance at Jun. 30, 2024   $ 38 2,305 17,774 (355)
Beginning balance (in shares) at Jun. 30, 2024   381.1      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option and benefit plans (in shares)   0.1      
Issuance of common stock under stock compensation and benefit plans   $ 0 (3)    
Share-based compensation     51    
Net earnings 834     834  
Cash dividends declared       (305)  
Other comprehensive income (loss) (190)       (190)
Ending balance at Sep. 30, 2024 $ 20,149 $ 38 $ 2,353 $ 18,303 $ (545)
Ending balance (in shares) at Sep. 30, 2024   381.2      
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net earnings $ 2,447 $ 2,022
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 319 292
Amortization of intangible assets 467 486
Asset impairments 21 12
Share-based compensation 184 165
Sale of inventory stepped-up to fair value at acquisition 38 0
Deferred income tax (benefit) expense (21) (4)
Changes in operating assets and liabilities:    
Accounts receivable 67 266
Inventories (362) (922)
Accounts payable (203) (118)
Accrued expenses and other liabilities (224) 149
Income taxes (236) (65)
Other, net (186) (100)
Net cash provided by operating activities 2,311 2,183
Investing activities    
Acquisitions, net of cash acquired (1,598) (390)
Payments to Acquire Short-Term Investments 750 0
Purchases of marketable securities (41) (41)
Proceeds from sales of marketable securities 40 49
Purchases of property, plant and equipment (489) (430)
Proceeds from settlement of net investment hedges 99 0
Other investing, net 42 2
Net cash used in investing activities (2,697) (810)
Financing activities    
Proceeds (payments) on short-term borrowings, net (32) 540
Proceeds from issuance of long-term debt 3,011 0
Payments on long-term debt (601) (852)
Payments of dividends (914) (854)
Cash paid for taxes from withheld shares (146) (121)
Other financing, net (49) (21)
Net cash provided by (used in) financing activities 1,269 (1,308)
Effect of exchange rate changes on cash and cash equivalents (4) (49)
Change in cash and cash equivalents 879 16
Cash and cash equivalents at beginning of period 2,971 1,844
Cash and cash equivalents at end of period $ 3,850 $ 1,860
v3.24.3
Basis Of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation 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, 2024 and the results of operations for the three and nine 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.
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue Recognition [Abstract]  
Revenue Recognition 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 MonthsNine Months
2024202320242023
MedSurg and Neurotechnology:
Instruments$679 $620 $2,044 $1,808 
Endoscopy837 746 2,383 2,166 
Medical938 798 2,710 2,417 
Neurovascular329 311 966 906 
Neuro Cranial441 384 1,237 1,112 
$3,224 $2,859 $9,340 $8,409 
Orthopaedics and Spine:
Knees$570 $515 $1,760 $1,643 
Hips420 362 1,241 1,130 
Trauma and Extremities849 752 2,511 2,287 
Spine304 291 911 871 
Other127 130 396 343 
$2,270 $2,050 $6,819 $6,274 
Total$5,494 $4,909 $16,159 $14,683 
Net Sales by Geography
Three Months 2024Three Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$544 $135 $495 $125 
Endoscopy689 148 618 128 
Medical783 155 660 138 
Neurovascular121 208 120 191 
Neuro Cranial366 75 315 69 
$2,503 $721 $2,208 $651 
Orthopaedics and Spine:
Knees$417 $153 $385 $130 
Hips256 164 231 131 
Trauma and Extremities621 228 550 202 
Spine225 79 217 74 
Other87 40 87 43 
$1,606 $664 $1,470 $580 
Total$4,109 $1,385 $3,678 $1,231 
Net Sales by Geography
Nine Months 2024Nine Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$1,640 $404 $1,440 $368 
Endoscopy1,948 435 1,767 399 
Medical2,261 449 1,954 463 
Neurovascular369 597 361 545 
Neuro Cranial1,014 223 910 202 
$7,232 $2,108 $6,432 $1,977 
Orthopaedics and Spine:
Knees$1,279 $481 $1,207 $436 
Hips768 473 716 414 
Trauma and Extremities1,842 669 1,663 624 
Spine675 236 650 221 
Other274 122 233 110 
$4,838 $1,981 $4,469 $1,805 
Total$12,070 $4,089 $10,901 $3,782 
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,
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 less than 3% of our total revenue for the three and nine months 2024 and 2023.    
Contract Assets and Liabilities
On September 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 $1,008 and $860 on September 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 nine months 2024 were as follows:
September 30
2024
Beginning contract liabilities$860 
Revenue recognized from beginning of year contract liabilities(382)
Net advance consideration received during the period530 
Ending contract liabilities$1,008 
v3.24.3
Accumulated Other Comprehensive (Loss) Income (AOCI)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive (Loss) Income (AOCI) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(27)$38 $(366)$(355)
OCI — (1)(28)(221)(250)
Income taxes— (1)7 66 72 
Reclassifications to:
Cost of sales— — (8)— (8)
Other (income) expense, net— — — (8)(8)
Income taxes— — 2 2 4 
Net OCI$— $(2)$(27)$(161)$(190)
Ending$— $(29)$11 $(527)$(545)
Three Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$28 $54 $(411)$(330)
OCI 1 (1)11 133 144 
Income taxes— 1 (2)(47)(48)
Reclassifications to:
Cost of sales— — (7)— (7)
Other (income) expense, net(1)(1)(2)(8)(12)
Income taxes— — 2 2 4 
Net OCI$— $(1)$2 $80 $81 
Ending$(1)$27 $56 $(331)$(249)
Nine Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(28)$39 $(427)$(416)
OCI — (1)(4)(91)(96)
Income taxes— — — 9 9 
Reclassifications to:
Cost of sales— — (28)— (28)
Other (income) expense, net— — (3)(24)(27)
Income taxes— — 7 6 13 
Net OCI$— $(1)$(28)$(100)$(129)
Ending$— $(29)$11 $(527)$(545)
Nine Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$31 $52 $(303)$(221)
OCI — 2 38 10 50 
Income taxes— (4)(8)(19)(31)
Reclassifications to:
Cost of sales— — (29)— (29)
Other (income) expense, net— (3)(4)(25)(32)
Income taxes— 1 7 6 14 
Net OCI$— $(4)$4 $(28)$(28)
Ending$(1)$27 $56 $(331)$(249)
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments 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
September 2024Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,730 $2,516 $5,649 $9,895 
Maximum term in years10.0
Fair value:
Other current assets$14 $— $10 $24 
Other noncurrent assets1 — — 1 
Other current liabilities(28)— (82)(110)
Other noncurrent liabilities(3)(78)— (81)
Total fair value$(16)$(78)$(72)$(166)
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 
We had €2.3 billion and €1.5 billion at September 30, 2024 and December 31, 2023 in certain forward currency contracts designated as net investment hedges, for which the maximum term is 10 years, 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 €5.0 billion and €4.9 billion at September 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 nine 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 ($67) in the nine months 2024.
Currency Exchange Rate Gains (Losses) Recognized in Net Earnings
Three MonthsNine Months
Derivative InstrumentRecognized in:2024202320242023
Cash FlowCost of sales$8 $7 $28 $29 
Net InvestmentOther income (expense), net8 8 24 25 
Non-DesignatedOther income (expense), net20 4 33 13 
Total$36 $19 $85 $67 
Pretax gains (losses) on derivatives designated as cash flow hedges of ($4) and net investment hedges of $40 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense), net in earnings within 12 months of September 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 (losses) 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 September 30, 2024. The cash flow effect of interest rate hedges is recorded in cash flow from operations.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 the nine months 2024 we recorded $204 of contingent consideration related to various acquisitions described in Note 7.
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
September 30December 31
20242023
Cash and cash equivalents$3,850 $2,971 
Short-term investments750 — 
Trading marketable securities255 209 
Level 1 - Assets$4,855 $3,180 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$50 $43 
United States agency debt securities1 4 
United States treasury debt securities28 31 
Certificates of deposit5 4 
Total available-for-sale marketable securities$84 $82 
Foreign currency exchange forward contracts25 116 
Level 2 - Assets$109 $198 
Total assets measured at fair value$4,964 $3,378 
Liabilities Measured at Fair Value
September 30December 31
20242023
Deferred compensation arrangements$255 $209 
Level 1 - Liabilities$255 $209 
Foreign currency exchange forward contracts$191 $97 
Level 2 - Liabilities$191 $97 
Contingent consideration:
Beginning$289 $121 
Additions204 192 
Change in estimate and foreign exchange(11)(2)
Settlements(53)(22)
Ending$429 $289 
Level 3 - Liabilities$429 $289 
Total liabilities measured at fair value$875 $595 
Fair Value of Available for Sale Securities by Maturity
September 30December 31
20242023
Due in one year or less$41 $46 
Due after one year through three years$43 $36 
On September 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 $30 and $15 in the three months and $92 and $40 in the nine 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.
v3.24.3
Contingencies and Commitments
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments 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
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 $185 at September 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
September 30December 31
20242023
Right-of-use assets $516 $494 
Lease liabilities, current $149 $143 
Lease liabilities, non-current $374 $356 
Other information:
Weighted-average remaining lease term (years)5.15.5
Weighted-average discount rate3.88 %3.87 %
Three MonthsNine Months
2024202320242023
Operating lease cost$47 $48 $144 $127 
v3.24.3
Acquisitions
 9 Months Ended
Sep. 30, 2024
Business Combinations [Abstract]  
Acquisitions ACQUISITIONS
We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. In the nine months 2024 and 2023 cash paid for acquisitions, net of cash acquired was $1,598 and $390.
In the nine months 2024 we completed various acquisitions for total consideration that includes $1,598 in upfront payments, net of cash acquired, and $395 contingent upon the achievement of certain commercial or clinical milestones. The combined acquisition-date fair values of the contingent milestone payments totaled $204. Goodwill of $615 and $528 was recorded within our Orthopaedics and Spine and our MedSurg and Neurotechnology segments respectively. The acquired companies expand the product portfolios of our Instruments, Endoscopy, Medical and Neuro Cranial businesses within MedSurg and Neurotechnology and our Trauma and Extremities, Joint Replacement and Spine businesses within Orthopaedics and Spine. The purchase price allocation for our acquisitions are based on preliminary valuations, primarily related to developed technology and customer relationships. Goodwill attributable to the acquisitions reflects the strategic benefits of expanding our market presence, diversifying our product portfolio and advancing innovations. This goodwill 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 allocations for the acquisitions completed in the nine months 2024 and Cerus are:
Purchase Price Allocation of Acquired Net Assets
20242023
TotalCerus
Tangible assets acquired:
Accounts receivable$36 $1 
Inventory104 2 
Deferred income tax assets31 4 
Other assets27 1 
Debt(31)— 
Deferred income tax liabilities(200)(60)
Other liabilities(94)(22)
Intangible assets:
Developed technology576 240 
Customer relationships202 — 
Patents6 — 
Trademarks2 — 
Goodwill1,143 315 
Purchase price, net of cash acquired of $53 and $7
$1,802 $481 
Weighted average amortization period at acquisition (years):
Developed technologies1213
Customer relationships14— 
Patents12— 
Trademarks5— 
The purchase price allocation for Cerus was finalized in the second quarter 2024 with no material adjustments.
Consolidated Estimated Amortization Expense
Remainder of 20242025202620272028
$169 $648 $592 $570 $520 
v3.24.3
Debt and Credit Facilities
 9 Months Ended
Sep. 30, 2024
Long-Term Debt, Unclassified [Abstract]  
Debt And Credit Facilities 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 September 30, 2024.
On September 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. In September 2024 we issued $750 of 4.250% senior unsecured notes due September 11, 2029, €800 of 3.375% senior unsecured notes due September 11, 2032, $750 of 4.625% senior unsecured notes due September 11, 2034 and €600 of 3.625% senior unsecured notes due September 11, 2036.
Summary of Total DebtSeptember 30December 31
20242023
RateDue
Senior unsecured notes:
3.375%May 15, 2024$— $600 
FloatingNovember 16, 2024559 554 
0.250%December 3, 2024951 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025749 749 
3.500%March 15, 2026997 997 
2.125%November 30, 2027837 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028596 596 
3.375%December 11, 2028668 661 
0.750%March 1, 2029892 883 
4.250%September 11, 2029743 — 
1.950%June 15, 2030991 991 
2.625%November 30, 2030721 713 
1.000%December 3, 2031832 823 
3.375%September 11, 2032887 — 
4.625%September 11, 2034740 — 
3.625%September 11, 2036660 — 
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$15,484 $12,995 
Less current maturities2,159 2,094 
Total long-term debt$13,325 $10,901 
September 30December 31
20242023
Unamortized debt issuance costs$66 $50 
Borrowing capacity on existing facilities$2,159 $2,160 
Fair value of senior unsecured notes$14,950 $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.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXESOur effective tax rates were 20.0% and 17.4% in the three and nine months 2024 and 20.4% and 17.4% in the three and nine months 2023. The effective tax rates for the three and nine months 2024 and 2023 reflect the continued lower effective income tax rates as a result of our European operations and certain discrete tax items.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Three MonthsNine Months
2024202320242023
MedSurg and Neurotechnology$3,224 $2,859 $9,340 $8,409 
Orthopaedics and Spine2,270 2,050 6,819 6,274 
Net sales$5,494 $4,909 $16,159 $14,683 
MedSurg and Neurotechnology$924 $859 $2,589 $2,266 
Orthopaedics and Spine643 499 1,924 1,701 
Segment operating income$1,567 $1,358 $4,513 $3,967 
Items not allocated to segments:
Corporate and other
$(210)$(209)$(676)$(596)
Acquisition and integration-related costs(77)1 (87)(7)
Amortization of intangible assets
(159)(164)(467)(486)
Structural optimization and other special charges(24)(28)(113)(142)
Medical device regulations
(13)(19)(41)(74)
Recall-related matters
— (9)(22)(12)
Regulatory and legal matters
1 1 1 (19)
Consolidated operating income$1,085 $931 $3,108 $2,631 
There were no significant changes to total assets by segment from the information provided in our Annual Report on Form 10-K for 2023.
v3.24.3
Basis Of Presentation (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Pronouncements Not Yet Adopted
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.
v3.24.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue Recognition [Abstract]  
Schedule of Disaggregated Revenue
Net Sales by Business
Three MonthsNine Months
2024202320242023
MedSurg and Neurotechnology:
Instruments$679 $620 $2,044 $1,808 
Endoscopy837 746 2,383 2,166 
Medical938 798 2,710 2,417 
Neurovascular329 311 966 906 
Neuro Cranial441 384 1,237 1,112 
$3,224 $2,859 $9,340 $8,409 
Orthopaedics and Spine:
Knees$570 $515 $1,760 $1,643 
Hips420 362 1,241 1,130 
Trauma and Extremities849 752 2,511 2,287 
Spine304 291 911 871 
Other127 130 396 343 
$2,270 $2,050 $6,819 $6,274 
Total$5,494 $4,909 $16,159 $14,683 
Net Sales by Geography
Three Months 2024Three Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$544 $135 $495 $125 
Endoscopy689 148 618 128 
Medical783 155 660 138 
Neurovascular121 208 120 191 
Neuro Cranial366 75 315 69 
$2,503 $721 $2,208 $651 
Orthopaedics and Spine:
Knees$417 $153 $385 $130 
Hips256 164 231 131 
Trauma and Extremities621 228 550 202 
Spine225 79 217 74 
Other87 40 87 43 
$1,606 $664 $1,470 $580 
Total$4,109 $1,385 $3,678 $1,231 
Net Sales by Geography
Nine Months 2024Nine Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$1,640 $404 $1,440 $368 
Endoscopy1,948 435 1,767 399 
Medical2,261 449 1,954 463 
Neurovascular369 597 361 545 
Neuro Cranial1,014 223 910 202 
$7,232 $2,108 $6,432 $1,977 
Orthopaedics and Spine:
Knees$1,279 $481 $1,207 $436 
Hips768 473 716 414 
Trauma and Extremities1,842 669 1,663 624 
Spine675 236 650 221 
Other274 122 233 110 
$4,838 $1,981 $4,469 $1,805 
Total$12,070 $4,089 $10,901 $3,782 
Contract with Customer, Contract Asset, Contract Liability, and Receivable
Changes in contract liabilities during the nine months 2024 were as follows:
September 30
2024
Beginning contract liabilities$860 
Revenue recognized from beginning of year contract liabilities(382)
Net advance consideration received during the period530 
Ending contract liabilities$1,008 
v3.24.3
Accumulated Other Comprehensive (Loss) Income (AOCI) (Tables)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(27)$38 $(366)$(355)
OCI — (1)(28)(221)(250)
Income taxes— (1)7 66 72 
Reclassifications to:
Cost of sales— — (8)— (8)
Other (income) expense, net— — — (8)(8)
Income taxes— — 2 2 4 
Net OCI$— $(2)$(27)$(161)$(190)
Ending$— $(29)$11 $(527)$(545)
Three Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$28 $54 $(411)$(330)
OCI 1 (1)11 133 144 
Income taxes— 1 (2)(47)(48)
Reclassifications to:
Cost of sales— — (7)— (7)
Other (income) expense, net(1)(1)(2)(8)(12)
Income taxes— — 2 2 4 
Net OCI$— $(1)$2 $80 $81 
Ending$(1)$27 $56 $(331)$(249)
Nine Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(28)$39 $(427)$(416)
OCI — (1)(4)(91)(96)
Income taxes— — — 9 9 
Reclassifications to:
Cost of sales— — (28)— (28)
Other (income) expense, net— — (3)(24)(27)
Income taxes— — 7 6 13 
Net OCI$— $(1)$(28)$(100)$(129)
Ending$— $(29)$11 $(527)$(545)
Nine Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$31 $52 $(303)$(221)
OCI — 2 38 10 50 
Income taxes— (4)(8)(19)(31)
Reclassifications to:
Cost of sales— — (29)— (29)
Other (income) expense, net— (3)(4)(25)(32)
Income taxes— 1 7 6 14 
Net OCI$— $(4)$4 $(28)$(28)
Ending$(1)$27 $56 $(331)$(249)
Reclassification out of Accumulated Other Comprehensive Income
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(27)$38 $(366)$(355)
OCI — (1)(28)(221)(250)
Income taxes— (1)7 66 72 
Reclassifications to:
Cost of sales— — (8)— (8)
Other (income) expense, net— — — (8)(8)
Income taxes— — 2 2 4 
Net OCI$— $(2)$(27)$(161)$(190)
Ending$— $(29)$11 $(527)$(545)
Three Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$28 $54 $(411)$(330)
OCI 1 (1)11 133 144 
Income taxes— 1 (2)(47)(48)
Reclassifications to:
Cost of sales— — (7)— (7)
Other (income) expense, net(1)(1)(2)(8)(12)
Income taxes— — 2 2 4 
Net OCI$— $(1)$2 $80 $81 
Ending$(1)$27 $56 $(331)$(249)
Nine Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(28)$39 $(427)$(416)
OCI — (1)(4)(91)(96)
Income taxes— — — 9 9 
Reclassifications to:
Cost of sales— — (28)— (28)
Other (income) expense, net— — (3)(24)(27)
Income taxes— — 7 6 13 
Net OCI$— $(1)$(28)$(100)$(129)
Ending$— $(29)$11 $(527)$(545)
Nine Months 2023Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$31 $52 $(303)$(221)
OCI — 2 38 10 50 
Income taxes— (4)(8)(19)(31)
Reclassifications to:
Cost of sales— — (29)— (29)
Other (income) expense, net— (3)(4)(25)(32)
Income taxes— 1 7 6 14 
Net OCI$— $(4)$4 $(28)$(28)
Ending$(1)$27 $56 $(331)$(249)
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
September 2024Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,730 $2,516 $5,649 $9,895 
Maximum term in years10.0
Fair value:
Other current assets$14 $— $10 $24 
Other noncurrent assets1 — — 1 
Other current liabilities(28)— (82)(110)
Other noncurrent liabilities(3)(78)— (81)
Total fair value$(16)$(78)$(72)$(166)
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 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
Three MonthsNine Months
Derivative InstrumentRecognized in:2024202320242023
Cash FlowCost of sales$8 $7 $28 $29 
Net InvestmentOther income (expense), net8 8 24 25 
Non-DesignatedOther income (expense), net20 4 33 13 
Total$36 $19 $85 $67 
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets Measured at Fair Value
September 30December 31
20242023
Cash and cash equivalents$3,850 $2,971 
Short-term investments750 — 
Trading marketable securities255 209 
Level 1 - Assets$4,855 $3,180 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$50 $43 
United States agency debt securities1 4 
United States treasury debt securities28 31 
Certificates of deposit5 4 
Total available-for-sale marketable securities$84 $82 
Foreign currency exchange forward contracts25 116 
Level 2 - Assets$109 $198 
Total assets measured at fair value$4,964 $3,378 
Liabilities Measured at Fair Value
September 30December 31
20242023
Deferred compensation arrangements$255 $209 
Level 1 - Liabilities$255 $209 
Foreign currency exchange forward contracts$191 $97 
Level 2 - Liabilities$191 $97 
Contingent consideration:
Beginning$289 $121 
Additions204 192 
Change in estimate and foreign exchange(11)(2)
Settlements(53)(22)
Ending$429 $289 
Level 3 - Liabilities$429 $289 
Total liabilities measured at fair value$875 $595 
Investments Classified by Contractual Maturity Date
Fair Value of Available for Sale Securities by Maturity
September 30December 31
20242023
Due in one year or less$41 $46 
Due after one year through three years$43 $36 
v3.24.3
Contingencies and Commitments (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Lease, Cost
Leases
September 30December 31
20242023
Right-of-use assets $516 $494 
Lease liabilities, current $149 $143 
Lease liabilities, non-current $374 $356 
Other information:
Weighted-average remaining lease term (years)5.15.5
Weighted-average discount rate3.88 %3.87 %
Three MonthsNine Months
2024202320242023
Operating lease cost$47 $48 $144 $127 
v3.24.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The purchase price allocations for the acquisitions completed in the nine months 2024 and Cerus are:
Purchase Price Allocation of Acquired Net Assets
20242023
TotalCerus
Tangible assets acquired:
Accounts receivable$36 $1 
Inventory104 2 
Deferred income tax assets31 4 
Other assets27 1 
Debt(31)— 
Deferred income tax liabilities(200)(60)
Other liabilities(94)(22)
Intangible assets:
Developed technology576 240 
Customer relationships202 — 
Patents6 — 
Trademarks2 — 
Goodwill1,143 315 
Purchase price, net of cash acquired of $53 and $7
$1,802 $481 
Weighted average amortization period at acquisition (years):
Developed technologies1213
Customer relationships14— 
Patents12— 
Trademarks5— 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Consolidated Estimated Amortization Expense
Remainder of 20242025202620272028
$169 $648 $592 $570 $520 
v3.24.3
Debt and Credit Facilities (Tables)
 9 Months Ended
Sep. 30, 2024
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-term Debt Instruments
Summary of Total DebtSeptember 30December 31
20242023
RateDue
Senior unsecured notes:
3.375%May 15, 2024$— $600 
FloatingNovember 16, 2024559 554 
0.250%December 3, 2024951 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025749 749 
3.500%March 15, 2026997 997 
2.125%November 30, 2027837 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028596 596 
3.375%December 11, 2028668 661 
0.750%March 1, 2029892 883 
4.250%September 11, 2029743 — 
1.950%June 15, 2030991 991 
2.625%November 30, 2030721 713 
1.000%December 3, 2031832 823 
3.375%September 11, 2032887 — 
4.625%September 11, 2034740 — 
3.625%September 11, 2036660 — 
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$15,484 $12,995 
Less current maturities2,159 2,094 
Total long-term debt$13,325 $10,901 
September 30December 31
20242023
Unamortized debt issuance costs$66 $50 
Borrowing capacity on existing facilities$2,159 $2,160 
Fair value of senior unsecured notes$14,950 $12,252 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Sales and Other Financial Information by Business Segment
Three MonthsNine Months
2024202320242023
MedSurg and Neurotechnology$3,224 $2,859 $9,340 $8,409 
Orthopaedics and Spine2,270 2,050 6,819 6,274 
Net sales$5,494 $4,909 $16,159 $14,683 
MedSurg and Neurotechnology$924 $859 $2,589 $2,266 
Orthopaedics and Spine643 499 1,924 1,701 
Segment operating income$1,567 $1,358 $4,513 $3,967 
Items not allocated to segments:
Corporate and other
$(210)$(209)$(676)$(596)
Acquisition and integration-related costs(77)1 (87)(7)
Amortization of intangible assets
(159)(164)(467)(486)
Structural optimization and other special charges(24)(28)(113)(142)
Medical device regulations
(13)(19)(41)(74)
Recall-related matters
— (9)(22)(12)
Regulatory and legal matters
1 1 1 (19)
Consolidated operating income$1,085 $931 $3,108 $2,631 
v3.24.3
Revenue Recognition - Disaggregated Sales Analysis (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 5,494 $ 4,909 $ 16,159 $ 14,683
United States        
Disaggregation of Revenue [Line Items]        
Net sales 4,109 3,678 12,070 10,901
International        
Disaggregation of Revenue [Line Items]        
Net sales 1,385 1,231 4,089 3,782
MedSurg and Neurotechnology:        
Disaggregation of Revenue [Line Items]        
Net sales 3,224 2,859    
MedSurg and Neurotechnology: | United States        
Disaggregation of Revenue [Line Items]        
Net sales 2,503 2,208 7,232 6,432
MedSurg and Neurotechnology: | International        
Disaggregation of Revenue [Line Items]        
Net sales 721 651 2,108 1,977
MedSurg and Neurotechnology: | Instruments        
Disaggregation of Revenue [Line Items]        
Net sales 679 620 2,044 1,808
MedSurg and Neurotechnology: | Instruments | United States        
Disaggregation of Revenue [Line Items]        
Net sales 544 495 1,640 1,440
MedSurg and Neurotechnology: | Instruments | International        
Disaggregation of Revenue [Line Items]        
Net sales 135 125 404 368
MedSurg and Neurotechnology: | Endoscopy        
Disaggregation of Revenue [Line Items]        
Net sales 837 746 2,383 2,166
MedSurg and Neurotechnology: | Endoscopy | United States        
Disaggregation of Revenue [Line Items]        
Net sales 689 618 1,948 1,767
MedSurg and Neurotechnology: | Endoscopy | International        
Disaggregation of Revenue [Line Items]        
Net sales 148 128 435 399
MedSurg and Neurotechnology: | Medical        
Disaggregation of Revenue [Line Items]        
Net sales 938 798 2,710 2,417
MedSurg and Neurotechnology: | Medical | United States        
Disaggregation of Revenue [Line Items]        
Net sales 783 660 2,261 1,954
MedSurg and Neurotechnology: | Medical | International        
Disaggregation of Revenue [Line Items]        
Net sales 155 138 449 463
MedSurg and Neurotechnology: | Neurovascular        
Disaggregation of Revenue [Line Items]        
Net sales 329 311 966 906
MedSurg and Neurotechnology: | Neurovascular | United States        
Disaggregation of Revenue [Line Items]        
Net sales 121 120 369 361
MedSurg and Neurotechnology: | Neurovascular | International        
Disaggregation of Revenue [Line Items]        
Net sales 208 191 597 545
MedSurg and Neurotechnology: | Neuro Cranial        
Disaggregation of Revenue [Line Items]        
Net sales 441 384 1,237 1,112
MedSurg and Neurotechnology: | Neuro Cranial | United States        
Disaggregation of Revenue [Line Items]        
Net sales 366 315 1,014 910
MedSurg and Neurotechnology: | Neuro Cranial | International        
Disaggregation of Revenue [Line Items]        
Net sales 75 69 223 202
Orthopaedics and Spine:        
Disaggregation of Revenue [Line Items]        
Net sales 2,270 2,050 6,819 6,274
Orthopaedics and Spine: | United States        
Disaggregation of Revenue [Line Items]        
Net sales 1,606 1,470 4,838 4,469
Orthopaedics and Spine: | International        
Disaggregation of Revenue [Line Items]        
Net sales 664 580 1,981 1,805
Orthopaedics and Spine: | Knees        
Disaggregation of Revenue [Line Items]        
Net sales 570 515 1,760 1,643
Orthopaedics and Spine: | Knees | United States        
Disaggregation of Revenue [Line Items]        
Net sales 417 385 1,279 1,207
Orthopaedics and Spine: | Knees | International        
Disaggregation of Revenue [Line Items]        
Net sales 153 130 481 436
Orthopaedics and Spine: | Hips        
Disaggregation of Revenue [Line Items]        
Net sales 420 362 1,241 1,130
Orthopaedics and Spine: | Hips | United States        
Disaggregation of Revenue [Line Items]        
Net sales 256 231 768 716
Orthopaedics and Spine: | Hips | International        
Disaggregation of Revenue [Line Items]        
Net sales 164 131 473 414
Orthopaedics and Spine: | Trauma and Extremities        
Disaggregation of Revenue [Line Items]        
Net sales 849 752 2,511 2,287
Orthopaedics and Spine: | Trauma and Extremities | United States        
Disaggregation of Revenue [Line Items]        
Net sales 621 550 1,842 1,663
Orthopaedics and Spine: | Trauma and Extremities | International        
Disaggregation of Revenue [Line Items]        
Net sales 228 202 669 624
Orthopaedics and Spine: | Spine        
Disaggregation of Revenue [Line Items]        
Net sales 304 291 911 871
Orthopaedics and Spine: | Spine | United States        
Disaggregation of Revenue [Line Items]        
Net sales 225 217 675 650
Orthopaedics and Spine: | Spine | International        
Disaggregation of Revenue [Line Items]        
Net sales 79 74 236 221
Orthopaedics and Spine: | Other        
Disaggregation of Revenue [Line Items]        
Net sales 127 130 396 343
Orthopaedics and Spine: | Other | United States        
Disaggregation of Revenue [Line Items]        
Net sales 87 87 274 233
Orthopaedics and Spine: | Other | International        
Disaggregation of Revenue [Line Items]        
Net sales $ 40 $ 43 $ 122 $ 110
v3.24.3
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Disaggregation of Revenue [Line Items]          
Contract liabilities $ 1,008   $ 1,008   $ 860
Revenue Benchmark | Product Concentration Risk | Customer Lease Agreements          
Disaggregation of Revenue [Line Items]          
Concentration risk (as a percent) 3.00% 3.00% 3.00% 3.00%  
v3.24.3
Revenue Recognition - Changes in Contract Liabilities (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Movement In Contract Liabilities [Roll Forward]  
Beginning contract liabilities $ 860
Revenue recognized from beginning of year contract liabilities (382)
Net advance consideration received during the period 530
Ending contract liabilities $ 1,008
v3.24.3
Accumulated Other Comprehensive (Loss) Income (AOCI) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
AOCI, at beginning of period $ (355) $ (330) $ (416) $ (221)
OCI (250) 144 (96) 50
Income taxes 72 (48) 9 (31)
Reclassification to: cost of sales 1,977 1,751 5,893 5,328
Reclassification to: Other (income) expense, net (42) (62) (144) (184)
Reclassification to: Income taxes (209) (177) (517) (425)
Net OCI (190) 81 (129) (28)
AOCI, at end of period (545) (249) (545) (249)
Reclassification out of Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification to: cost of sales (8) (7) (28) (29)
Reclassification to: Other (income) expense, net (8) (12) (27) (32)
Reclassification to: Income taxes 4 4 13 14
Net OCI (190) 81 (129) (28)
Marketable Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
AOCI, at beginning of period 0 (1) 0 (1)
OCI 0 1 0 0
Income taxes 0 0 0 0
AOCI, at end of period 0 (1) 0 (1)
Marketable Securities | Reclassification out of Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification to: cost of sales 0 0 0 0
Reclassification to: Other (income) expense, net 0 (1) 0 0
Reclassification to: Income taxes 0 0 0 0
Net OCI 0 0 0 0
Pension Plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
AOCI, at beginning of period (27) 28 (28) 31
OCI (1) (1) (1) 2
Income taxes (1) 1 0 (4)
AOCI, at end of period (29) 27 (29) 27
Pension Plans | Reclassification out of Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification to: cost of sales 0 0 0 0
Reclassification to: Other (income) expense, net 0 (1) 0 (3)
Reclassification to: Income taxes 0 0 0 1
Net OCI (2) (1) (1) (4)
Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
AOCI, at beginning of period 38 54 39 52
OCI (28) 11 (4) 38
Income taxes 7 (2) 0 (8)
AOCI, at end of period 11 56 11 56
Hedges | Reclassification out of Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification to: cost of sales (8) (7) (28) (29)
Reclassification to: Other (income) expense, net 0 (2) (3) (4)
Reclassification to: Income taxes 2 2 7 7
Net OCI (27) 2 (28) 4
Financial Statement Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
AOCI, at beginning of period (366) (411) (427) (303)
OCI (221) 133 (91) 10
Income taxes 66 (47) 9 (19)
AOCI, at end of period (527) (331) (527) (331)
Financial Statement Translation | Reclassification out of Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Reclassification to: cost of sales 0 0 0 0
Reclassification to: Other (income) expense, net (8) (8) (24) (25)
Reclassification to: Income taxes 2 2 6 6
Net OCI $ (161) $ 80 $ (100) $ (28)
v3.24.3
Derivative Instruments - Forward Currency Exchange Contracts (Details) - Foreign Exchange Contract
$ in Millions, € in Billions
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Derivative [Line Items]          
Derivative, notional amount   $ 9,895   $ 7,627  
Maximum Remaining Maturity of Foreign Currency Derivatives 2 years 10 months 24 days 10 years      
Total fair value   $ (166)   19  
Other current assets          
Derivative [Line Items]          
Derivative assets   24   114  
Other noncurrent assets          
Derivative [Line Items]          
Derivative assets   1   2  
Other current liabilities          
Derivative [Line Items]          
Derivative liabilities   (110)   (52)  
Other noncurrent liabilities          
Derivative [Line Items]          
Derivative liabilities   (81)   (45)  
Non-Designated          
Derivative [Line Items]          
Derivative, notional amount   5,649   4,315  
Total fair value   (72)   (20)  
Non-Designated | Other current assets          
Derivative [Line Items]          
Derivative assets   10   16  
Non-Designated | Other noncurrent assets          
Derivative [Line Items]          
Derivative assets   0   0  
Non-Designated | Other current liabilities          
Derivative [Line Items]          
Derivative liabilities   (82)   (36)  
Non-Designated | Other noncurrent liabilities          
Derivative [Line Items]          
Derivative liabilities   0   0  
Cash Flow | Designated as Hedging Instrument          
Derivative [Line Items]          
Derivative, notional amount   1,730   1,650  
Total fair value   (16)   8  
Cash Flow | Designated as Hedging Instrument | Other current assets          
Derivative [Line Items]          
Derivative assets   14   24  
Cash Flow | Designated as Hedging Instrument | Other noncurrent assets          
Derivative [Line Items]          
Derivative assets   1   2  
Cash Flow | Designated as Hedging Instrument | Other current liabilities          
Derivative [Line Items]          
Derivative liabilities   (28)   (16)  
Cash Flow | Designated as Hedging Instrument | Other noncurrent liabilities          
Derivative [Line Items]          
Derivative liabilities   (3)   (2)  
Net Investment | Designated as Hedging Instrument          
Derivative [Line Items]          
Derivative, notional amount   2,516 € 2.3 1,662 € 1.5
Total fair value   (78)   31  
Net Investment | Designated as Hedging Instrument | Other current assets          
Derivative [Line Items]          
Derivative assets   0   74  
Net Investment | Designated as Hedging Instrument | Other noncurrent assets          
Derivative [Line Items]          
Derivative assets   0   0  
Net Investment | Designated as Hedging Instrument | Other current liabilities          
Derivative [Line Items]          
Derivative liabilities   0   0  
Net Investment | Designated as Hedging Instrument | Other noncurrent liabilities          
Derivative [Line Items]          
Derivative liabilities   $ (78)   $ (43)  
v3.24.3
Derivative Instruments - Narrative (Details)
$ in Millions, € in Billions
 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]          
Proceeds from settlement of net investment hedges $ 99 $ 0      
Foreign Exchange Contract          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, notional amount 9,895     $ 7,627  
Designated as Hedging Instrument | Foreign Exchange Contract          
Derivative Instruments, Gain (Loss) [Line Items]          
After-tax gain (loss) recognized in AOCI related to designated net investment hedges (67)        
Cash flow hedge gain (loss) to be reclassified within twelve months (4)        
Net investment hedges expected to be reclassified to cost of sales and other income (expense) 40        
Designated as Hedging Instrument | Foreign Exchange Contract | Net Investment          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, notional amount 2,516   € 2.3 $ 1,662 € 1.5
Designated as Hedging Instrument | Interest Rate Swap          
Derivative Instruments, Gain (Loss) [Line Items]          
Cash flow hedge gain (loss) to be reclassified within twelve months $ 4        
Designated as Hedging Instrument | Embedded Derivative Financial Instruments | Net Investment          
Derivative Instruments, Gain (Loss) [Line Items]          
Derivative, notional amount | €     € 5.0   € 4.9
v3.24.3
Derivative Instruments - Income Statement Location (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Foreign Exchange Contract        
Derivative Instruments, Gain (Loss) [Line Items]        
Net currency exchange rate gains (losses) $ 36 $ 19 $ 85 $ 67
Foreign Exchange Contract | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Net currency exchange rate gains (losses) 8 7 28 29
Foreign Exchange Contract | Other income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Net currency exchange rate gains (losses) 20 4 33 13
Net Investment | Other income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Net currency exchange rate gains (losses) $ 8 $ 8 $ 24 $ 25
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]          
Gain on sale of marketable securities $ 30 $ 15 $ 92 $ 40  
Various          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Fair value of contingent consideration $ 395   $ 395   $ 204
Cerus          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Fair value of contingent consideration         $ 192
v3.24.3
Fair Value Measurements - Valuation Of Financial Instruments By Pricing Categories (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Dec. 31, 2023
Assets Measured at Fair Value      
Short-term investments $ 750 $ 750 $ 0
Available-for-sale securities, current 84 84 82
Total assets measured at fair value 4,964 4,964 3,378
Contingent consideration:      
Total liabilities measured at fair value 875 875 595
Fair Value, Inputs, Level 1      
Assets Measured at Fair Value      
Cash and cash equivalents 3,850 3,850 2,971
Short-term investments 750 750 0
Trading marketable securities 255 255 209
Total assets measured at fair value 4,855 4,855 3,180
Liabilities      
Deferred compensation arrangements 255 255 209
Contingent consideration:      
Total liabilities measured at fair value 255 255 209
Fair Value, Inputs, Level 2      
Assets Measured at Fair Value      
Available-for-sale securities, current 84 84 82
Total assets measured at fair value 109 109 198
Contingent consideration:      
Total liabilities measured at fair value 191 191 97
Fair Value, Inputs, Level 2 | Foreign currency exchange forward contracts      
Assets Measured at Fair Value      
Derivative asset 25 25 116
Liabilities      
Foreign currency exchange forward contracts 191 191 97
Fair Value, Inputs, Level 2 | Corporate and asset-backed debt securities      
Assets Measured at Fair Value      
Available-for-sale securities, current 50 50 43
Fair Value, Inputs, Level 2 | United States agency debt securities      
Assets Measured at Fair Value      
Available-for-sale securities, current 1 1 4
Fair Value, Inputs, Level 2 | United States treasury debt securities      
Assets Measured at Fair Value      
Available-for-sale securities, current 28 28 31
Fair Value, Inputs, Level 2 | Certificates of deposit      
Assets Measured at Fair Value      
Available-for-sale securities, current 5 5 4
Fair Value, Inputs, Level 3      
Contingent consideration:      
Beginning   289 121
Additions 204   192
Change in estimate and foreign exchange   (11) (2)
Settlements   (53) (22)
Ending 429 429 289
Total liabilities measured at fair value $ 429 $ 429 $ 289
v3.24.3
Fair Value Measurements - Assets and Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs (Level 3) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Due in one year or less $ 41 $ 46
Due after one year through three years $ 43 $ 36
v3.24.3
Contingencies and Commitments - Narrative (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Estimate of possible loss $ 185
v3.24.3
Contingencies and Commitments - Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]          
Right-of-use assets $ 516   $ 516   $ 494
Lease liabilities, current 149   149   143
Lease liabilities, non-current $ 374   $ 374   $ 356
Other information:          
Weighted-average remaining lease term (years) 5 years 1 month 6 days   5 years 1 month 6 days   5 years 6 months
Weighted-average discount rate 3.88%   3.88%   3.87%
Operating lease cost $ 47 $ 48 $ 144 $ 127  
v3.24.3
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
May 02, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Business Acquisition [Line Items]        
Acquisitions, net of cash acquired   $ 1,598 $ 390  
Goodwill   16,396   $ 15,243
Orthopaedics and Spine:        
Business Acquisition [Line Items]        
Goodwill   615    
MedSurg and Neurotechnology:        
Business Acquisition [Line Items]        
Goodwill   528    
Various        
Business Acquisition [Line Items]        
Acquisitions, net of cash acquired   1,598    
Fair value of contingent consideration   395   204
Goodwill   $ 1,143    
Cerus        
Business Acquisition [Line Items]        
Fair value of contingent consideration       $ 192
Goodwill     $ 315  
Aggregate purchase price of acquisitions $ 289      
Business acquisition, future milestone payments (up to) $ 225      
v3.24.3
Acquisitions (Allocation Of The Preliminary Purchase Price To The Acquired Net Assets (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 16,396   $ 15,243
Various      
Business Acquisition [Line Items]      
Accounts receivable 36    
Inventory 104    
Deferred income tax assets 31    
Other assets 27    
Debt (31)    
Deferred income tax liabilities (200)    
Other liabilities (94)    
Goodwill 1,143    
Purchase price, net of cash acquired of $53 and $7 1,802    
Various | Developed technology      
Business Acquisition [Line Items]      
Intangible assets acquired $ 576    
Weighted average amortization period at acquisition (years) 12 years    
Various | Customer relationships      
Business Acquisition [Line Items]      
Intangible assets acquired $ 202    
Weighted average amortization period at acquisition (years) 14 years    
Various | Patents      
Business Acquisition [Line Items]      
Intangible assets acquired $ 6    
Weighted average amortization period at acquisition (years) 12 years    
Various | Trademarks      
Business Acquisition [Line Items]      
Intangible assets acquired $ 2    
Weighted average amortization period at acquisition (years) 5 years    
Cerus      
Business Acquisition [Line Items]      
Accounts receivable   $ 1  
Inventory   2  
Deferred income tax assets   4  
Other assets   1  
Debt   0  
Deferred income tax liabilities   (60)  
Other liabilities   (22)  
Goodwill   315  
Purchase price, net of cash acquired of $53 and $7   481  
Cash Acquired from Acquisition $ (53) (7)  
Cerus | Developed technology      
Business Acquisition [Line Items]      
Intangible assets acquired   $ 240  
Weighted average amortization period at acquisition (years)   13 years  
Cerus | Customer relationships      
Business Acquisition [Line Items]      
Intangible assets acquired   $ 0  
Cerus | Patents      
Business Acquisition [Line Items]      
Intangible assets acquired   0  
Cerus | Trademarks      
Business Acquisition [Line Items]      
Intangible assets acquired   $ 0  
v3.24.3
Acquisitions (Future Amortization Expense) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Business Combinations [Abstract]  
Remainder of 2024 $ 169
2025 648
2026 592
2027 570
2028 $ 520
v3.24.3
Debt and Credit Facilities - Narrative (Details)
€ in Millions
 1 Months Ended 9 Months Ended
May 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Line of Credit Facility [Line Items]      
Commercial paper   $ 0  
Commercial Paper      
Line of Credit Facility [Line Items]      
Debt instrument, face amount   $ 2,250,000,000  
Commercial Paper      
Line of Credit Facility [Line Items]      
Debt instrument, maturity   397 days  
Senior Unsecured Notes 3.375% Due May 15, 2024      
Line of Credit Facility [Line Items]      
Repayments of debt $ 600,000,000    
Rate 3.375% 3.375% 3.375%
Senior Unsecured Notes, 4.250% Due 2029      
Line of Credit Facility [Line Items]      
Debt instrument, face amount   $ 750,000,000  
Rate   4.25% 4.25%
Senior Unsecured Notes 3.375% Due 2025      
Line of Credit Facility [Line Items]      
Debt instrument, face amount | €     € 800
Rate   3.375% 3.375%
Senior Unsecured Notes 4.625% due 2046      
Line of Credit Facility [Line Items]      
Debt instrument, face amount   $ 750,000,000  
Rate   4.625% 4.625%
Senior Unsecured Notes, 3.625% Due 2036      
Line of Credit Facility [Line Items]      
Debt instrument, face amount | €     € 600
Rate   3.625% 3.625%
Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Borrowings outstanding under credit facility   $ 0  
v3.24.3
Debt and Credit Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
May 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]      
Total debt $ 15,484   $ 12,995
Current maturities of debt 2,159   2,094
Long-term debt, excluding current maturities 13,325   10,901
Unamortized debt issuance costs 66   50
Borrowing capacity on existing facilities 2,159   2,160
Fair value of senior unsecured notes $ 14,950   12,252
Senior Unsecured Notes 3.375% Due May 15, 2024      
Line of Credit Facility [Line Items]      
Rate 3.375% 3.375%  
Unsecured debt $ 0   600
Senior Unsecured Notes, Floating, due November 16, 2024      
Line of Credit Facility [Line Items]      
Unsecured debt $ 559   554
Senior Unsecured Notes, 0.250% Due 2024      
Line of Credit Facility [Line Items]      
Rate 0.25%    
Unsecured debt $ 951   940
Senior Unsecured Notes, 1.150% Due 2025      
Line of Credit Facility [Line Items]      
Rate 1.15%    
Unsecured debt $ 649   648
Senior Unsecured Notes 3.375% Due 2025      
Line of Credit Facility [Line Items]      
Rate 3.375%    
Unsecured debt $ 749   749
Senior Unsecured Notes 3.500% Due 2026      
Line of Credit Facility [Line Items]      
Rate 3.50%    
Unsecured debt $ 997   997
Senior Unsecured Notes, 2.125% Due 2027      
Line of Credit Facility [Line Items]      
Rate 2.125%    
Unsecured debt $ 837   828
Senior Unsecured Notes 3.650% Due 2028      
Line of Credit Facility [Line Items]      
Rate 3.65%    
Unsecured debt $ 598   598
Senior Unsecured Notes 4.850% Due 2028      
Line of Credit Facility [Line Items]      
Rate 4.85%    
Unsecured debt $ 596   596
Senior Unsecured Notes, 3.375% Due 2028      
Line of Credit Facility [Line Items]      
Rate 3.375%    
Unsecured debt $ 668   661
Senior Unsecured Notes 0.750% due 2029      
Line of Credit Facility [Line Items]      
Rate 0.75%    
Unsecured debt $ 892   883
Senior Unsecured Notes, 4.250% Due 2029      
Line of Credit Facility [Line Items]      
Rate 4.25%    
Unsecured debt $ 743   0
Senior Unsecured Notes, 1.950% Due 2030      
Line of Credit Facility [Line Items]      
Rate 1.95%    
Unsecured debt $ 991   991
Senior Unsecured Notes, 2.625% due November 2030      
Line of Credit Facility [Line Items]      
Rate 2.625%    
Unsecured debt $ 721   713
Senior Unsecured Notes 1.000% due 2031      
Line of Credit Facility [Line Items]      
Rate 1.00%    
Unsecured debt $ 832   823
Senior Unsecured Notes, 3.375% Due 2032      
Line of Credit Facility [Line Items]      
Rate 3.375%    
Unsecured debt $ 887   0
Senior Unsecured Notes 4.624% due 2034      
Line of Credit Facility [Line Items]      
Rate 4.625%    
Unsecured debt $ 740   0
Senior Unsecured Notes, 3.625% Due 2036      
Line of Credit Facility [Line Items]      
Rate 3.625%    
Unsecured debt $ 660   0
Senior Unsecured Notes, 4.100% Due 2043      
Line of Credit Facility [Line Items]      
Rate 4.10%    
Unsecured debt $ 393   393
Senior Unsecured Notes 4.375% due 2044      
Line of Credit Facility [Line Items]      
Rate 4.375%    
Unsecured debt $ 396   396
Senior Unsecured Notes 4.625% due 2046      
Line of Credit Facility [Line Items]      
Rate 4.625%    
Unsecured debt $ 983   983
Senior Unsecured Notes, 2.900% due 2050      
Line of Credit Facility [Line Items]      
Rate 2.90%    
Unsecured debt $ 642   $ 642
v3.24.3
Income Taxes (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation, percent 20.00% 20.40% 17.40% 17.40%
v3.24.3
Segment Information - Sales And Other Financial Information By Business Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Net sales $ 5,494 $ 4,909 $ 16,159 $ 14,683
Segment operating income 1,085 931 3,108 2,631
Amortization of intangible assets (159) (164) (467) (486)
MedSurg and Neurotechnology:        
Segment Reporting Information [Line Items]        
Net sales 3,224 2,859    
Orthopaedics and Spine:        
Segment Reporting Information [Line Items]        
Net sales 2,270 2,050 6,819 6,274
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 5,494 4,909 16,159 14,683
Segment operating income 1,567 1,358 4,513 3,967
Operating Segments | MedSurg and Neurotechnology:        
Segment Reporting Information [Line Items]        
Net sales 3,224 2,859 9,340 8,409
Segment operating income 924 859 2,589 2,266
Operating Segments | Orthopaedics and Spine:        
Segment Reporting Information [Line Items]        
Net sales 2,270 2,050 6,819 6,274
Segment operating income 643 499 1,924 1,701
Corporate and other        
Segment Reporting Information [Line Items]        
Segment operating income (210) (209) (676) (596)
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Acquisition and integration-related costs (77) 1 (87) (7)
Amortization of intangible assets (159) (164) (467) (486)
Structural optimization and other special charges (24) (28) (113) (142)
Medical device regulations (13) (19) (41) (74)
Recall-related matters 0 (9) (22) (12)
Regulatory and legal matters $ 1 $ 1 $ 1 $ (19)
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