Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.


Statement of Earnings Data	2020		2019		2018		2017		2016
Net sales	$	14,351	$	14,884	$	13,601	$	12,444	$	11,325
Cost of sales	5,294		5,188		4,663		4,264		3,821
Gross profit	$	9,057	$	9,696	$	8,938	$	8,180	$	7,504
Research, development and engineering expenses	984		971		862		787		715
Selling, general and administrative expenses	5,361		5,356		5,099		4,552		4,137
Recall charges	17		192		23		173		158
Amortization of intangible assets	472		464		417		371		319
Total operating expenses	$	6,834	$	6,983	$	6,401	$	5,883	$	5,329
Operating income	$	2,223	$	2,713	$	2,537	$	2,297	$	2,175
Other income (expense), net	(269)		(151)		(181)		(234)		(254)
Earnings before income taxes	$	1,954	$	2,562	$	2,356	$	2,063	$	1,921
Income taxes	355		479		(1,197)		1,043		274
Net earnings	$	1,599	$	2,083	$	3,553	$	1,020	$	1,647

Net earnings per share of common stock:
Basic	$	4.26	$	5.57	$	9.50	$	2.73	$	4.40
Diluted	$	4.20	$	5.48	$	9.34	$	2.68	$	4.35

Dividends declared per share of common stock	$	2.355	$	2.135	$	1.93	$	1.745	$	1.565

Balance Sheet Data
Cash, cash equivalents and current marketable securities	$	3,024	$	4,425	$	3,699	$	2,793	$	3,384
Accounts receivable, net	2,701		2,893		2,332		2,198		1,967
Inventories(1)	3,494		2,980		2,955		2,465		2,030
Property, plant and equipment, net	2,752		2,567		2,291		1,975		1,569
Total assets	$	34,330	$	30,167	$	27,229	$	22,197	$	20,435
Accounts payable	810		675		646		487		437
Total debt	13,991		11,090		9,859		7,222		6,914
Shareholders’ equity	$	13,084	$	12,807	$	11,730	$	9,980	$	9,550

Cash Flow Data
Net cash provided by operating activities	$	3,277	$	2,191	$	2,610	$	1,559	$	1,915
Purchases of property, plant and equipment	487		649		572		598		490
Depreciation	340		314		306		271		227
Acquisitions, net of cash acquired	4,222		802		2,451		831		4,332
Amortization of intangible assets	472		464		417		371		319
Dividends paid	863		778		703		636		568
Repurchase of common stock	—		307		300		230		13

Other Data
Number of shareholders of record	2,597		2,636		2,732		2,850		3,010
Approximate number of employees	43,000		40,000		36,000		33,000		33,000

(1) Loaner instrumentation not intended to be sold of $302 in 2019 has been reclassified from inventories to other noncurrent assets to conform with current year presentation. Refer to Note 1 to our Consolidated Financial Statements for further information.


Dollar amounts in millions except per share amounts or as otherwise specified.			10

STRYKER CORPORATION 2020 FORM 10-K

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