Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.


Statement of Earnings Data	2022		2021		2020		2019		2018
Net sales	$	18,449	$	17,108	$	14,351	$	14,884	$	13,601
Cost of sales	6,871		6,140		5,294		5,188		4,663
Gross profit	$	11,578	$	10,968	$	9,057	$	9,696	$	8,938
Research, development and engineering expenses	1,454		1,235		984		971		862
Selling, general and administrative expenses	6,455		6,427		5,361		5,356		5,099
Recall charges, net	(15)		103		17		192		23
Amortization of intangible assets	627		619		472		464		417
Goodwill impairment	216		—		—		—		—
Total operating expenses	$	8,737	$	8,384	$	6,834	$	6,983	$	6,401
Operating income	$	2,841	$	2,584	$	2,223	$	2,713	$	2,537
Other income (expense), net	(158)		(303)		(269)		(151)		(181)
Earnings before income taxes	$	2,683	$	2,281	$	1,954	$	2,562	$	2,356
Income taxes	325		287		355		479		(1,197)
Net earnings	$	2,358	$	1,994	$	1,599	$	2,083	$	3,553

Net earnings per share of common stock:
Basic	$	6.23	$	5.29	$	4.26	$	5.57	$	9.50
Diluted	$	6.17	$	5.21	$	4.20	$	5.48	$	9.34

Dividends declared per share of common stock	$	2.835	$	2.585	$	2.355	$	2.135	$	1.930

Balance Sheet Data
Cash, cash equivalents and current marketable securities	$	1,928	$	3,019	$	3,024	$	4,425	$	3,699
Accounts receivable, net	3,565		3,022		2,701		2,893		2,332
Inventories	3,995		3,314		3,494		2,980		2,955
Property, plant and equipment, net	2,970		2,833		2,752		2,567		2,291
Total assets	$	36,884	$	34,631	$	34,330	$	30,167	$	27,229
Accounts payable	1,413		1,129		810		675		646
Total debt	13,048		12,479		13,991		11,090		9,859
Shareholders’ equity	$	16,616	$	14,877	$	13,084	$	12,807	$	11,730

Cash Flow Data
Net cash provided by operating activities	$	2,624	$	3,263	$	3,277	$	2,191	$	2,610
Purchases of property, plant and equipment	588		525		487		649		572
Depreciation	371		371		340		314		306
Acquisitions, net of cash acquired	2,563		339		4,222		802		2,451
Amortization of intangible assets	627		619		472		464		417
Payments of dividends	1,051		950		863		778		703
Repurchase of common stock	—		—		—		307		300

Other Data
Number of shareholders of record	2,533		2,551		2,597		2,636		2,732
Approximate number of employees	51,000		46,000		43,000		40,000		36,000


Dollar amounts in millions except per share amounts or as otherwise specified.			11

STRYKER CORPORATION 2022 FORM 10-K

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