Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.



Statement of Earnings Data	2017			2016			2015			2014			2013
Net sales	$	12,444		$	11,325		$	9,946		$	9,675		$	9,021
Cost of sales	4,271			3,830			3,344			3,319			3,002
Gross profit	$	8,173		$	7,495		$	6,602		$	6,356		$	6,019
Research, development and engineering expenses	787			715			625			614			536
Selling, general and administrative expenses	4,552			4,137			3,610			3,547			3,467
Recall charges, net of insurance proceeds	173			158			296			761			622
Amortization of intangible assets	371			319			210			188			138
Total operating expenses	$	5,883		$	5,329		$	4,741		$	5,110		$	4,763
Operating income	$	2,290		$	2,166		$	1,861		$	1,246		$	1,256
Other income (expense), net	(227		)	(245		)	(126		)	(86		)	(44		)
Earnings before income taxes	$	2,063		$	1,921		$	1,735		$	1,160		$	1,212
Income taxes	1,043			274			296			645			206
Net earnings	$	1,020		$	1,647		$	1,439		$	515		$	1,006

Net earnings per share of common stock:
Basic net earnings per share of common stock	$	2.73		$	4.40		$	3.82		$	1.36		$	2.66
Diluted net earnings per share of common stock	$	2.68		$	4.35		$	3.78		$	1.34		$	2.63

Dividends declared per share of common stock	$	1.745		$	1.565		$	1.415		$	1.26		$	1.10

Balance Sheet Data
Cash, cash equivalents and current marketable securities	$	2,793		$	3,384		$	4,079		$	5,000		$	3,980
Accounts receivable, less allowance	2,198			1,967			1,662			1,572			1,518
Inventories	2,465			2,030			1,639			1,588			1,422
Property, plant and equipment, net	1,975			1,569			1,199			1,098			1,081
Total assets	22,197			20,435			16,223			17,258			15,383
Accounts payable	487			437			410			329			314
Total debt	7,222			6,914			3,998			3,952			2,748
Shareholders’ equity	$	9,980		$	9,550		$	8,511		$	8,595		$	9,047

Cash Flow Data
Net cash provided by operating activities	$	1,559		$	1,915		$	981		$	1,858		$	1,930
Purchases of property, plant and equipment	598			490			270			233			195
Depreciation	271			227			187			190			169
Acquisitions, net of cash acquired	831			4,332			153			916			2,320
Amortization of intangible assets	371			319			210			188			138
Dividends paid	636			568			521			462			401
Repurchase of common stock	$	230		$	13		$	700		$	100		$	317

Other Data
Number of shareholders of record	2,850			3,010			3,118			3,305			3,612
Approximate number of employees	33,000			33,000			27,000			26,000			25,000

Certain prior year amounts on the Consolidated Statements of Cash Flows have been reclassified as a result of the adoption of Accounting Standards Update (ASU) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting, adopted January 1, 2017.



Dollar amounts in millions except per share amounts or as otherwise specified.	7

STRYKER CORPORATION 2017 FORM 10-K

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