Item 6. SELECTED FINANCIAL DATA.


Statement of Earnings Data	2023		2022		2021		2020		2019
Net sales	$	20,498	$	18,449	$	17,108	$	14,351	$	14,884
Cost of sales	7,440		6,871		6,140		5,294		5,188
Gross profit	$	13,058	$	11,578	$	10,968	$	9,057	$	9,696
Research, development and engineering expenses	1,388		1,454		1,235		984		971
Selling, general and administrative expenses	7,129		6,455		6,427		5,361		5,356
Recall charges, net	18		(15)		103		17		192
Amortization of intangible assets	635		627		619		472		464
Goodwill impairment	—		216		—		—		—
Total operating expenses	$	9,170	$	8,737	$	8,384	$	6,834	$	6,983
Operating income	$	3,888	$	2,841	$	2,584	$	2,223	$	2,713
Other income (expense), net	(215)		(158)		(303)		(269)		(151)
Earnings before income taxes	$	3,673	$	2,683	$	2,281	$	1,954	$	2,562
Income taxes	508		325		287		355		479
Net earnings	$	3,165	$	2,358	$	1,994	$	1,599	$	2,083

Net earnings per share of common stock:
Basic	$	8.34	$	6.23	$	5.29	$	4.26	$	5.57
Diluted	$	8.25	$	6.17	$	5.21	$	4.20	$	5.48

Dividends declared per share of common stock	$	3.050	$	2.835	$	2.585	$	2.355	$	2.135

Balance Sheet Data
Cash, cash equivalents and current marketable securities	$	3,053	$	1,928	$	3,019	$	3,024	$	4,425
Accounts receivable, net	3,765		3,565		3,022		2,701		2,893
Inventories	4,843		3,995		3,314		3,494		2,980
Property, plant and equipment, net	3,215		2,970		2,833		2,752		2,567
Total assets	$	39,912	$	36,884	$	34,631	$	34,330	$	30,167
Accounts payable	1,517		1,413		1,129		810		675
Total debt	12,995		13,048		12,479		13,991		11,090
Shareholders’ equity	$	18,593	$	16,616	$	14,877	$	13,084	$	12,807

Cash Flow Data
Net cash provided by operating activities	$	3,711	$	2,624	$	3,263	$	3,277	$	2,191
Purchases of property, plant and equipment	575		588		525		487		649
Depreciation	393		371		371		340		314
Acquisitions, net of cash acquired	390		2,563		339		4,222		802
Amortization of intangible assets	635		627		619		472		464
Payments of dividends	1,139		1,051		950		863		778
Repurchase of common stock	—		—		—		—		307

Other Data
Number of shareholders of record	2,518		2,533		2,551		2,597		2,636
Approximate number of employees	52,000		51,000		46,000		43,000		40,000


Dollar amounts in millions except per share amounts or as otherwise specified.			12


STRYKER CORPORATION						2023 FORM 10-K

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