Stryker (SYK) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2825 Airview Boulevard
Entity Address, City or Town	Kalamazoo,
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	379,608,166
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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 1.125% due 2021
Document Information [Line Items]
Title of each class	1.125% Notes due 2023
Trading Symbol	SYK23
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, 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

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 4,778	$ 4,275
Cost of sales	1,762	1,541
Gross profit	3,016	2,734
Research, development and engineering expenses	339	413
Selling, general and administrative expenses	1,781	1,710
Recall charges, net	0	14
Goodwill impairment	161	150
Total operating expenses	2,281	2,287
Operating income	735	447
Other income (expense), net	(56)	(61)
Earnings before income taxes	679	386
Income taxes	87	63
Net earnings	$ 592	$ 323
Net earnings per share of common stock:
Basic	$ 1.56	$ 0.86
Diluted	$ 1.54	$ 0.84
Weighted-average shares outstanding (in millions):
Basic	379	377.7
Effect of dilutive employee stock compensation	4.2	5
Diluted	383.2	382.7
Cash dividends declared per share of common stock (in dollars per share)	$ 0.750	$ 0.695

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 592	$ 323
Other comprehensive income (loss), net of tax:
Marketable securities	0	(1)
Pension plans	(2)	(1)
Unrealized gains (losses) on designated hedges	(9)	1
Financial statement translation	(73)	53
Total other comprehensive income (loss), net of tax	(84)	52
Comprehensive income	$ 508	$ 375

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,671	$ 1,844
Marketable securities	86	84
Accounts receivable, less allowance of $180 ($154 in 2022)	3,215	3,565
Inventories:
Materials and supplies	1,144	1,006
Work in process	366	348
Finished goods	2,823	2,641
Total inventories	4,333	3,995
Prepaid expenses and other current assets	850	787
Total current assets	10,155	10,275
Property, plant and equipment:
Land, buildings and improvements	1,770	1,739
Machinery and equipment	4,200	4,066
Total property, plant and equipment	5,970	5,805
Less allowance for depreciation	2,933	2,835
Property, plant and equipment, net	3,037	2,970
Goodwill	14,849	14,880
Other intangibles, net	4,779	4,885
Noncurrent deferred income tax assets	1,443	1,410
Other noncurrent assets	2,567	2,464
Total assets	36,830	36,884
Current liabilities
Accounts payable	1,366	1,413
Accrued compensation	713	1,149
Income taxes	371	292
Dividends payable	285	284
Accrued product liabilities	227	230
Accrued expenses and other liabilities	1,700	1,744
Current maturities of debt	1,204	1,191
Total current liabilities	5,866	6,303
Long-term debt, excluding current maturities	11,857	11,857
Income taxes	625	641
Other noncurrent liabilities	1,587	1,467
Total liabilities	19,935	20,268
Shareholders' equity
Common stock, $0.10 par value	38	38
Additional paid-in capital	2,090	2,034
Retained earnings	15,072	14,765
Accumulated other comprehensive loss	(305)	(221)
Total shareholders' equity	16,895	16,616
Total liabilities and shareholders' equity	$ 36,830	$ 36,884
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 180	$ 154
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF SHAR

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, 2021		$ 38	$ 1,890	$ 13,480	$ (531)
Beginning balance (in shares) at Dec. 31, 2021		377.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock compensation and benefit plans		$ 0	(14)
Issuance of common stock under stock option and benefit plans (in shares)		0.7
Share-based compensation			71
Net earnings	$ 323			323
Cash dividends declared				(263)
Other comprehensive income (loss)	52				52
Ending balance at Mar. 31, 2022	15,046	$ 38	1,947	13,540	(479)
Ending balance (in shares) at Mar. 31, 2022		378.2
Beginning balance at Dec. 31, 2022	16,616	$ 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 compensation and benefit plans		$ 0	(18)
Issuance of common stock under stock option and benefit plans (in shares)		0.9
Share-based compensation			74
Net earnings	592			592
Cash dividends declared				(285)
Other comprehensive income (loss)	(84)				(84)
Ending balance at Mar. 31, 2023	$ 16,895	$ 38	$ 2,090	$ 15,072	$ (305)
Ending balance (in shares) at Mar. 31, 2023		379.6

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net earnings	$ 592	$ 323
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	96	92
Amortization of intangible assets	161	150
Asset impairments	2	0
Share-based compensation	74	71
Recall charges, net	0	14
Sale of inventory stepped-up to fair value at acquisition	0	5
Changes in operating assets and liabilities:
Accounts receivable	365	53
Inventories	(314)	(229)
Accounts payable	(56)	(52)
Accrued expenses and other liabilities	(405)	(348)
Recall-related payments	(14)	(9)
Income taxes	23	(3)
Other, net	(79)	136
Net cash provided by operating activities	445	203
Investing activities
Acquisitions, net of cash acquired	0	(2,563)
Purchases of marketable securities	(28)	(9)
Proceeds from sales of marketable securities	25	11
Purchases of property, plant and equipment	(130)	(119)
Other investing, net	1	(2)
Net cash used in investing activities	(132)	(2,682)
Financing activities
Proceeds (payments) on short-term borrowings, net	(2)	(170)
Proceeds from issuance of long-term debt	0	1,500
Payments on long-term debt	(100)	0
Payments of dividends	(284)	(262)
Cash paid for taxes from withheld shares	(94)	(72)
Other financing, net	(1)	(3)
Net cash provided by (used in) financing activities	(481)	993
Effect of exchange rate changes on cash and cash equivalents	(5)	0
Change in cash and cash equivalents	(173)	(1,486)
Cash and cash equivalents at beginning of period	1,844	2,944
Cash and cash equivalents at end of period	$ 1,671	$ 1,458

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 a nd the results of operations for the three months 2023. 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 2022. Certain immaterial reclassifications have been made to prior year's segment operating income to conform with current year presentation in our Consolidated Financial Statements. New Accounting Pronouncements Not Yet Adopted We evaluate all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
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 2022. 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 of 2023, we consolidated Other MedSurg and Neurotechnology into Endoscopy as Other MedSurg and Neurotechnology (primarily Sustainability Solutions) has been fully integrated into our Endoscopy business. Endoscopy includes sales related to Other of $81 and $69 for the three months 2023 and 2022. We have reflected these changes in all historical periods presented. Net Sales by Business Three Months 2023 2022 MedSurg and Neurotechnology: Instruments $ 575 $ 528 Endoscopy 698 607 Medical 778 664 Neurovascular 284 301 Neuro Cranial 355 323 $ 2,690 $ 2,423 Orthopaedics and Spine: Knees $ 566 $ 464 Hips 375 327 Trauma and Extremities 769 685 Spine 284 279 Other 94 97 $ 2,088 $ 1,852 Total $ 4,778 $ 4,275 Net Sales by Geography Three Months 2023 Three Months 2022 United States International United States International MedSurg and Neurotechnology: Instruments $ 450 $ 125 $ 414 $ 114 Endoscopy 564 134 486 121 Medical 612 166 525 139 Neurovascular 118 166 110 191 Neuro Cranial 289 66 264 59 $ 2,033 $ 657 $ 1,799 $ 624 Orthopaedics and Spine: Knees $ 416 $ 150 $ 345 $ 119 Hips 236 139 202 125 Trauma and Extremities 554 215 487 198 Spine 212 72 200 79 Other 61 33 72 25 $ 1,479 $ 609 $ 1,306 $ 546 Total $ 3,512 $ 1,266 $ 3,105 $ 1,170 Contract Assets and Liabilities On March 31, 2023 and December 31, 2022 contract assets recorded in our Consolidated Balance Sheets were not significant.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income (AOCI)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive (Loss) Income (AOCI)	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI) Three Months 2023 Marketable Securities Pension Plans Hedges Financial Statement Translation Total Beginning $ (1) $ 31 $ 52 $ (303) $ (221) OCI — 2 3 (99) (94) Income taxes — (3) (1) 32 28 Reclassifications to: Cost of sales — — (13) — (13) Other (income) expense, net — (1) (1) (8) (10) Income taxes — — 3 2 5 Net OCI — (2) (9) (73) (84) Ending $ (1) $ 29 $ 43 $ (376) $ (305)

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
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 2022. Foreign Currency Hedges March 2023 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,109 $ 1,636 $ 3,268 $ 6,013 Maximum term in years 3.6 Fair value: Other current assets $ 14 $ — $ 9 $ 23 Other noncurrent assets 1 78 — 79 Other current liabilities (5) — (46) (51) Other noncurrent liabilities — (25) — (25) Total fair value $ 10 $ 53 $ (37) $ 26 December 2022 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,053 $ 1,598 $ 3,417 $ 6,068 Maximum term in years 3.9 Fair value: Other current assets $ 20 $ — $ 9 $ 29 Other noncurrent assets 1 89 — 90 Other current liabilities (6) — (79) (85) Other noncurrent liabilities (1) (16) — (17) Total fair value $ 14 $ 73 $ (70) $ 17 We had €1.5 billion at March 31, 2023 and December 31, 2022 in certain forward currency contracts designated as net investment hedges 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 €4.4 billion at March 31, 2023 and December 31, 2022 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. The total after-tax gain (loss) recognized in OCI related to designated net investment hedges was ($106) in the three months 2023. Net Currency Exchange Rate Gains (Losses) Derivative Three Months instrument: Recorded in: 2023 2022 Cash Flow Cost of sales $ 13 $ — Net Investment Other income (expense), net 8 11 Non-Designated Other income (expense), net (4) 1 Total $ 17 $ 12 Pretax gains (losses) on derivatives designated as cash flow hedges of $20 and net investment hedges of $34 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense), net in earnings within 12 months as of March 31, 2023. 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 of $5 recorded in AOCI related to other 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 March 31, 2023. The cash flow effect of interest rate hedges is recorded in cash flow from operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 2022. In the third quarter 2022 we determined that certain commercial and regulatory milestones related to technology acquired in the purchase of Mobius Imaging and Cardan Robotics were no longer probable of being achieved and recorded a $110 reduction in the fair value of contingent consideration reflected in selling, general and administrative expenses. There were no significant transfers into or out of any level of the fair value hierarchy in 2023. Assets Measured at Fair Value March December 2023 2022 Cash and cash equivalents $ 1,671 $ 1,844 Trading marketable securities 179 166 Level 1 - Assets $ 1,850 $ 2,010 Available-for-sale marketable securities: Corporate and asset-backed debt securities $ 41 $ 42 Foreign government debt securities 1 1 United States agency debt securities 6 3 United States treasury debt securities 37 36 Certificates of deposit 1 2 Total available-for-sale marketable securities $ 86 $ 84 Foreign currency exchange forward contracts 102 119 Level 2 - Assets $ 188 $ 203 Total assets measured at fair value $ 2,038 $ 2,213 Liabilities Measured at Fair Value March December 2023 2022 Deferred compensation arrangements $ 179 $ 166 Level 1 - Liabilities $ 179 $ 166 Foreign currency exchange forward contracts $ 76 $ 102 Level 2 - Liabilities $ 76 $ 102 Contingent consideration: Beginning $ 121 $ 306 Additions — 1 Change in estimate and foreign exchange — (137) Settlements (1) (49) Ending $ 120 $ 121 Level 3 - Liabilities $ 120 $ 121 Total liabilities measured at fair value $ 375 $ 389 Fair Value of Available for Sale Securities by Maturity March 2023 December 2022 Due in one year or less $ 51 $ 53 Due after one year through three years $ 35 $ 31 On March 31, 2023 and December 31, 2022 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest on cash and cash equivalents, short-term investments and marketable securities income was $14 and $15 in the three months 2023 and 2022, which was recorded in other income (expense), net.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2023
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. In April 2022 the United States District Court for the District of Delaware issued a judgment following a jury verdict in favor of PureWick Corporation (PureWick) for its 2019 complaint seeking patent infringement damages related to our PrimaFit and PrimoFit products. Following a jury trial, the court awarded damages related to this complaint and we recorded charges of $28 in March 2022. Stryker plans to appeal the results of the trial. In June 2022 PureWick filed a motion to enhance the damages awarded, which the court denied in March 2023. In 2022 PureWick also filed a separate complaint seeking additional patent infringement damages related to our PrimaFit products. We are currently investigating whether certain business activities in a foreign country violated provisions of the Foreign Corrupt Practices Act (FCPA) and have engaged outside counsel to conduct this investigation. We have been contacted by the United States Securities and Exchange Commission and United States Department of Justice and are cooperating with both agencies. At this time we are unable to predict the outcome of the investigation or the potential impact, if any, on our financial statements. Recall Matters 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 related to our recalls. Based on the information that has been received, we have recorded reserves of $202, representing our best estimate of probable loss related to recall matters globally. 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 March December 2023 2022 Right-of-use assets $ 489 $ 473 Lease liabilities, current $ 132 $ 121 Lease liabilities, non-current $ 367 $ 357 Other information: Weighted-average remaining lease term (years) 5.3 5.5 Weighted-average discount rate 3.40 % 3.22 % Three Months 2023 2022 Operating lease cost $ 38 $ 31

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. There were no acquisitions in the three months 2023. The aggregate purchase price of our acquisitions, net of cash acquired was $2,563 in the three months 2022. In February 2022 we completed the acquisition of Vocera Communications, Inc. (Vocera) for $79.25 per share, or an aggregate purchase price of $2.6 billion, net of cash acquired ($3.0 billion including convertible notes). Vocera is a leader in the digital care coordination and communication category. Vocera is part of our Medical business within MedSurg and Neurotechnology. Goodwill attributable to the acquisition reflects the strategic benefits of expanding our presence in adjacent markets, diversifying our product portfolio, advancing innovations, and accelerating our digital aspirations. This goodwill is not deductible for tax purposes . In the three months 2022 note holders elected to redeem the 1.50% and 0.50% convertible notes assumed in the Vocera acquisition for $101 and $324. These repayments are classified as financing activities in the Consolidated Statements of Cash Flows. Share-based awards for Vocera employees vested upon our acquisition and a charge of $132 was recorded in selling, general and administrative expenses in 2022. Purchase price allocations for our significant acquisitions are: Purchase Price Allocation of Acquired Net Assets 2022 Vocera Tangible assets acquired: Accounts receivable $ 33 Inventory 13 Deferred income tax assets 91 Other assets 92 Debt (425) Deferred income tax liabilities (193) Other liabilities (117) Intangible assets: Customer and distributor relationships 603 Developed technology 175 Trade name 18 Goodwill 2,273 Purchase price, net of cash acquired of $281 $ 2,563 Weighted average amortization period at acquisition (years): Developed technologies 6 Customer relationships 15 Trademarks 9 The purchase price allocation for Vocera was finalized in the three months 2023 without material adjustments. On May 2, 2023 we acquired Cerus Endovascular Limited (Cerus) for $300 in cash and up to $225 in future milestone payments. Cerus designs, develops and manufactures neurovascular products used for the treatment of hemorrhagic stroke. We plan to integrate Cerus into our Neurovascular business within MedSurg and Neurotechnology. Consolidated Estimated Amortization Expense Remainder of 2023 2024 2025 2026 2027 $ 463 $ 590 $ 571 $ 514 $ 493

Debt and Credit Facilities

Debt and Credit Facilities	3 Months Ended
	Mar. 31, 2023
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. Our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on March 31, 2023. In February 2022 we entered into a $1.5 billion term loan agreement that matures on February 22, 2025 and bears interest at a base rate based on the Term Secured Overnight Financing Rate (SOFR) plus 0.725%. Through March 31, 2023 we have repaid $750 on the term loan. In the first quarter of 2022 our Board of Directors approved an increase to the maximum amount of commercial paper that can be outstanding from $1,500 to $2,250. On March 31, 2023 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. Summary of Total Debt March 2023 December 2022 Rate Due Senior unsecured notes: 1.125% November 30, 2023 $ 599 $ 585 0.600% December 1, 2023 599 599 3.375% May 15, 2024 597 596 0.250% December 3, 2024 925 903 1.150% June 15, 2025 647 647 3.375% November 1, 2025 748 748 3.500% March 15, 2026 996 995 2.125% November 30, 2027 814 795 3.650% March 7, 2028 597 597 0.750% March 1, 2029 868 848 1.950% June 15, 2030 991 991 2.625% November 30, 2030 701 684 1.000% December 3, 2031 809 790 4.100% April 1, 2043 392 392 4.375% May 15, 2044 395 396 4.625% March 15, 2046 983 983 2.900% June 15, 2050 642 642 Term loan 750 850 Other 8 7 Total debt $ 13,061 $ 13,048 Less current maturities 1,204 1,191 Total long-term debt $ 11,857 $ 11,857 March 2023 December 2022 Unamortized debt issuance costs $ 51 $ 52 Borrowing capacity on existing facilities $ 2,160 $ 2,162 Fair value of senior unsecured notes $ 11,274 $ 10,910

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax [Abstract]
Income Taxes	INCOME TAXESOur effective tax rates were 12.8% and 16.3% in the three months 2023 and 2022. The effective tax rates for the three months 2023 and 2022 reflect the continued lower effective income tax rates as a result of our European operations and certain discrete tax items.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION Three Months 2023 2022 MedSurg and Neurotechnology $ 2,690 $ 2,423 Orthopaedics and Spine 2,088 1,852 Net sales $ 4,778 $ 4,275 MedSurg and Neurotechnology $ 627 $ 630 Orthopaedics and Spine 601 503 Segment operating income $ 1,228 $ 1,133 Items not allocated to segments: Corporate and other $ (222) $ (199) Acquisition and integration-related costs (6) (149) Amortization of intangible assets (161) (150) Structural optimization and other special charges (42) (109) Medical device regulations (28) (28) Recall-related matters — (14) Regulatory and legal matters (34) (37) Consolidated operating income $ 735 $ 447 There w ere no significant changes to total assets by segment from information provided in our Annual Report on Form 10-K for 2022.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Not Yet Adopted We evaluate all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue Recognition [Abstract]
Schedule of Disaggregated Revenue	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 of 2023, we consolidated Other MedSurg and Neurotechnology into Endoscopy as Other MedSurg and Neurotechnology (primarily Sustainability Solutions) has been fully integrated into our Endoscopy business. Endoscopy includes sales related to Other of $81 and $69 for the three months 2023 and 2022. We have reflected these changes in all historical periods presented. Net Sales by Business Three Months 2023 2022 MedSurg and Neurotechnology: Instruments $ 575 $ 528 Endoscopy 698 607 Medical 778 664 Neurovascular 284 301 Neuro Cranial 355 323 $ 2,690 $ 2,423 Orthopaedics and Spine: Knees $ 566 $ 464 Hips 375 327 Trauma and Extremities 769 685 Spine 284 279 Other 94 97 $ 2,088 $ 1,852 Total $ 4,778 $ 4,275 Net Sales by Geography Three Months 2023 Three Months 2022 United States International United States International MedSurg and Neurotechnology: Instruments $ 450 $ 125 $ 414 $ 114 Endoscopy 564 134 486 121 Medical 612 166 525 139 Neurovascular 118 166 110 191 Neuro Cranial 289 66 264 59 $ 2,033 $ 657 $ 1,799 $ 624 Orthopaedics and Spine: Knees $ 416 $ 150 $ 345 $ 119 Hips 236 139 202 125 Trauma and Extremities 554 215 487 198 Spine 212 72 200 79 Other 61 33 72 25 $ 1,479 $ 609 $ 1,306 $ 546 Total $ 3,512 $ 1,266 $ 3,105 $ 1,170
Contract with Customer, Contract Asset, Contract Liability, and Receivable	Changes in contract liabilities during the year were as follows: March 2023 Beginning contract liabilities $ 741 Revenue recognized from beginning of year contract liabilities (129) Net advance consideration received during the period 145 Ending contract liabilities $ 757

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Three Months 2023 Marketable Securities Pension Plans Hedges Financial Statement Translation Total Beginning $ (1) $ 31 $ 52 $ (303) $ (221) OCI — 2 3 (99) (94) Income taxes — (3) (1) 32 28 Reclassifications to: Cost of sales — — (13) — (13) Other (income) expense, net — (1) (1) (8) (10) Income taxes — — 3 2 5 Net OCI — (2) (9) (73) (84) Ending $ (1) $ 29 $ 43 $ (376) $ (305)
Reclassification out of Accumulated Other Comprehensive Income	Three Months 2023 Marketable Securities Pension Plans Hedges Financial Statement Translation Total Beginning $ (1) $ 31 $ 52 $ (303) $ (221) OCI — 2 3 (99) (94) Income taxes — (3) (1) 32 28 Reclassifications to: Cost of sales — — (13) — (13) Other (income) expense, net — (1) (1) (8) (10) Income taxes — — 3 2 5 Net OCI — (2) (9) (73) (84) Ending $ (1) $ 29 $ 43 $ (376) $ (305)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	March 2023 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,109 $ 1,636 $ 3,268 $ 6,013 Maximum term in years 3.6 Fair value: Other current assets $ 14 $ — $ 9 $ 23 Other noncurrent assets 1 78 — 79 Other current liabilities (5) — (46) (51) Other noncurrent liabilities — (25) — (25) Total fair value $ 10 $ 53 $ (37) $ 26 December 2022 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,053 $ 1,598 $ 3,417 $ 6,068 Maximum term in years 3.9 Fair value: Other current assets $ 20 $ — $ 9 $ 29 Other noncurrent assets 1 89 — 90 Other current liabilities (6) — (79) (85) Other noncurrent liabilities (1) (16) — (17) Total fair value $ 14 $ 73 $ (70) $ 17
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	Derivative Three Months instrument: Recorded in: 2023 2022 Cash Flow Cost of sales $ 13 $ — Net Investment Other income (expense), net 8 11 Non-Designated Other income (expense), net (4) 1 Total $ 17 $ 12

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets Measured at Fair Value March December 2023 2022 Cash and cash equivalents $ 1,671 $ 1,844 Trading marketable securities 179 166 Level 1 - Assets $ 1,850 $ 2,010 Available-for-sale marketable securities: Corporate and asset-backed debt securities $ 41 $ 42 Foreign government debt securities 1 1 United States agency debt securities 6 3 United States treasury debt securities 37 36 Certificates of deposit 1 2 Total available-for-sale marketable securities $ 86 $ 84 Foreign currency exchange forward contracts 102 119 Level 2 - Assets $ 188 $ 203 Total assets measured at fair value $ 2,038 $ 2,213 Liabilities Measured at Fair Value March December 2023 2022 Deferred compensation arrangements $ 179 $ 166 Level 1 - Liabilities $ 179 $ 166 Foreign currency exchange forward contracts $ 76 $ 102 Level 2 - Liabilities $ 76 $ 102 Contingent consideration: Beginning $ 121 $ 306 Additions — 1 Change in estimate and foreign exchange — (137) Settlements (1) (49) Ending $ 120 $ 121 Level 3 - Liabilities $ 120 $ 121 Total liabilities measured at fair value $ 375 $ 389
Investments Classified by Contractual Maturity Date	Fair Value of Available for Sale Securities by Maturity March 2023 December 2022 Due in one year or less $ 51 $ 53 Due after one year through three years $ 35 $ 31

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	Leases March December 2023 2022 Right-of-use assets $ 489 $ 473 Lease liabilities, current $ 132 $ 121 Lease liabilities, non-current $ 367 $ 357 Other information: Weighted-average remaining lease term (years) 5.3 5.5 Weighted-average discount rate 3.40 % 3.22 % Three Months 2023 2022 Operating lease cost $ 38 $ 31

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	Purchase price allocations for our significant acquisitions are: Purchase Price Allocation of Acquired Net Assets 2022 Vocera Tangible assets acquired: Accounts receivable $ 33 Inventory 13 Deferred income tax assets 91 Other assets 92 Debt (425) Deferred income tax liabilities (193) Other liabilities (117) Intangible assets: Customer and distributor relationships 603 Developed technology 175 Trade name 18 Goodwill 2,273 Purchase price, net of cash acquired of $281 $ 2,563 Weighted average amortization period at acquisition (years): Developed technologies 6 Customer relationships 15 Trademarks 9
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Consolidated Estimated Amortization Expense Remainder of 2023 2024 2025 2026 2027 $ 463 $ 590 $ 571 $ 514 $ 493

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
Schedule of Long-term Debt Instruments	Summary of Total Debt March 2023 December 2022 Rate Due Senior unsecured notes: 1.125% November 30, 2023 $ 599 $ 585 0.600% December 1, 2023 599 599 3.375% May 15, 2024 597 596 0.250% December 3, 2024 925 903 1.150% June 15, 2025 647 647 3.375% November 1, 2025 748 748 3.500% March 15, 2026 996 995 2.125% November 30, 2027 814 795 3.650% March 7, 2028 597 597 0.750% March 1, 2029 868 848 1.950% June 15, 2030 991 991 2.625% November 30, 2030 701 684 1.000% December 3, 2031 809 790 4.100% April 1, 2043 392 392 4.375% May 15, 2044 395 396 4.625% March 15, 2046 983 983 2.900% June 15, 2050 642 642 Term loan 750 850 Other 8 7 Total debt $ 13,061 $ 13,048 Less current maturities 1,204 1,191 Total long-term debt $ 11,857 $ 11,857 March 2023 December 2022 Unamortized debt issuance costs $ 51 $ 52 Borrowing capacity on existing facilities $ 2,160 $ 2,162 Fair value of senior unsecured notes $ 11,274 $ 10,910

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Sales and Other Financial Information by Business Segment	Three Months 2023 2022 MedSurg and Neurotechnology $ 2,690 $ 2,423 Orthopaedics and Spine 2,088 1,852 Net sales $ 4,778 $ 4,275 MedSurg and Neurotechnology $ 627 $ 630 Orthopaedics and Spine 601 503 Segment operating income $ 1,228 $ 1,133 Items not allocated to segments: Corporate and other $ (222) $ (199) Acquisition and integration-related costs (6) (149) Amortization of intangible assets (161) (150) Structural optimization and other special charges (42) (109) Medical device regulations (28) (28) Recall-related matters — (14) Regulatory and legal matters (34) (37) Consolidated operating income $ 735 $ 447

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Sales Analysis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 4,778	$ 4,275
United States
Disaggregation of Revenue [Line Items]
Net sales	3,512	3,105
International
Disaggregation of Revenue [Line Items]
Net sales	1,266	1,170
Other MedSurg and Neurotechnology
Disaggregation of Revenue [Line Items]
Net sales	81	69
MedSurg and Neurotechnology:
Disaggregation of Revenue [Line Items]
Net sales	2,690	2,423
MedSurg and Neurotechnology: | United States
Disaggregation of Revenue [Line Items]
Net sales	2,033	1,799
MedSurg and Neurotechnology: | International
Disaggregation of Revenue [Line Items]
Net sales	657	624
MedSurg and Neurotechnology: | Instruments
Disaggregation of Revenue [Line Items]
Net sales	575	528
MedSurg and Neurotechnology: | Instruments | United States
Disaggregation of Revenue [Line Items]
Net sales	450	414
MedSurg and Neurotechnology: | Instruments | International
Disaggregation of Revenue [Line Items]
Net sales	125	114
MedSurg and Neurotechnology: | Endoscopy
Disaggregation of Revenue [Line Items]
Net sales	698	607
MedSurg and Neurotechnology: | Endoscopy | United States
Disaggregation of Revenue [Line Items]
Net sales	564	486
MedSurg and Neurotechnology: | Endoscopy | International
Disaggregation of Revenue [Line Items]
Net sales	134	121
MedSurg and Neurotechnology: | Medical
Disaggregation of Revenue [Line Items]
Net sales	778	664
MedSurg and Neurotechnology: | Medical | United States
Disaggregation of Revenue [Line Items]
Net sales	612	525
MedSurg and Neurotechnology: | Medical | International
Disaggregation of Revenue [Line Items]
Net sales	166	139
MedSurg and Neurotechnology: | Neurovascular
Disaggregation of Revenue [Line Items]
Net sales	284	301
MedSurg and Neurotechnology: | Neurovascular | United States
Disaggregation of Revenue [Line Items]
Net sales	118	110
MedSurg and Neurotechnology: | Neurovascular | International
Disaggregation of Revenue [Line Items]
Net sales	166	191
MedSurg and Neurotechnology: | Neuro Cranial
Disaggregation of Revenue [Line Items]
Net sales	355	323
MedSurg and Neurotechnology: | Neuro Cranial | United States
Disaggregation of Revenue [Line Items]
Net sales	289	264
MedSurg and Neurotechnology: | Neuro Cranial | International
Disaggregation of Revenue [Line Items]
Net sales	66	59
Orthopaedics and Spine:
Disaggregation of Revenue [Line Items]
Net sales	2,088	1,852
Orthopaedics and Spine: | United States
Disaggregation of Revenue [Line Items]
Net sales	1,479	1,306
Orthopaedics and Spine: | International
Disaggregation of Revenue [Line Items]
Net sales	609	546
Orthopaedics and Spine: | Other
Disaggregation of Revenue [Line Items]
Net sales	94	97
Orthopaedics and Spine: | Other | United States
Disaggregation of Revenue [Line Items]
Net sales	61	72
Orthopaedics and Spine: | Other | International
Disaggregation of Revenue [Line Items]
Net sales	33	25
Orthopaedics and Spine: | Knees
Disaggregation of Revenue [Line Items]
Net sales	566	464
Orthopaedics and Spine: | Knees | United States
Disaggregation of Revenue [Line Items]
Net sales	416	345
Orthopaedics and Spine: | Knees | International
Disaggregation of Revenue [Line Items]
Net sales	150	119
Orthopaedics and Spine: | Hips
Disaggregation of Revenue [Line Items]
Net sales	375	327
Orthopaedics and Spine: | Hips | United States
Disaggregation of Revenue [Line Items]
Net sales	236	202
Orthopaedics and Spine: | Hips | International
Disaggregation of Revenue [Line Items]
Net sales	139	125
Orthopaedics and Spine: | Trauma and Extremities
Disaggregation of Revenue [Line Items]
Net sales	769	685
Orthopaedics and Spine: | Trauma and Extremities | United States
Disaggregation of Revenue [Line Items]
Net sales	554	487
Orthopaedics and Spine: | Trauma and Extremities | International
Disaggregation of Revenue [Line Items]
Net sales	215	198
Orthopaedics and Spine: | Spine
Disaggregation of Revenue [Line Items]
Net sales	284	279
Orthopaedics and Spine: | Spine | United States
Disaggregation of Revenue [Line Items]
Net sales	212	200
Orthopaedics and Spine: | Spine | International
Disaggregation of Revenue [Line Items]
Net sales	$ 72	$ 79

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue Recognition [Abstract]
Contract liabilities	$ 757	$ 741

Revenue Recognition - Changes i

Revenue Recognition - Changes in Contract Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Movement In Contract Liabilities [Roll Forward]
Beginning contract liabilities	$ 741
Revenue recognized from beginning of year contract liabilities	(129)
Net advance consideration received during the period	145
Ending contract liabilities	$ 757

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	$ (221)	$ (531)
OCI	(94)	85
Income taxes	28	(25)
Reclassification to: cost of sales	1,762	1,541
Reclassification to: Other (income) expense, net	(56)	(61)
Reclassification to: Income taxes	(87)	(63)
Net OCI	(84)	52
AOCI, at end of period	(305)	(479)
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to: cost of sales	(13)
Reclassification to: Other (income) expense, net	(10)	(10)
Reclassification to: Income taxes	5	2
Net OCI	(84)	52
Marketable Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	(1)	0
OCI	0	(1)
Income taxes	0	0
AOCI, at end of period	(1)	(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
Reclassification to: Other (income) expense, net	0	0
Reclassification to: Income taxes	0	0
Net OCI	0	(1)
Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	31	(155)
OCI	2	(4)
Income taxes	(3)	2
AOCI, at end of period	29	(156)
Pension Plans | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to: cost of sales	0
Reclassification to: Other (income) expense, net	(1)	2
Reclassification to: Income taxes	0	(1)
Net OCI	(2)	(1)
Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	52	40
OCI	3	4
Income taxes	(1)	(2)
AOCI, at end of period	43	41
Hedges | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to: cost of sales	(13)
Reclassification to: Other (income) expense, net	(1)	(1)
Reclassification to: Income taxes	3	0
Net OCI	(9)	1
Financial Statement Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	(303)	(416)
OCI	(99)	86
Income taxes	32	(25)
AOCI, at end of period	(376)	(363)
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
Reclassification to: Other (income) expense, net	(8)	(11)
Reclassification to: Income taxes	2	3
Net OCI	$ (73)	$ 53

Derivative Instruments (Forward

Derivative Instruments (Forward Currency Exchange Contracts) (Details) - Foreign Exchange Contract € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)
Derivative [Line Items]
Notional Amount	$ 6,013	$ 6,068
Maximum term in years	3 years 7 months 6 days	3 years 10 months 24 days
Derivative, Fair Value, Net	$ 26	$ 17
Other current assets
Derivative [Line Items]
Derivative assets	23	29
Other noncurrent assets
Derivative [Line Items]
Derivative assets	79	90
Other current liabilities
Derivative [Line Items]
Derivative liabilities	(51)	(85)
Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	(25)	(17)
Net Investment
Derivative [Line Items]
Notional Amount | €			€ 4,400	€ 4,400
Non-Designated
Derivative [Line Items]
Notional Amount	3,268	3,417
Derivative, Fair Value, Net	(37)	(70)
Non-Designated | Other current assets
Derivative [Line Items]
Derivative assets	9	9
Non-Designated | Other noncurrent assets
Derivative [Line Items]
Derivative assets	0	0
Non-Designated | Other current liabilities
Derivative [Line Items]
Derivative liabilities	(46)	(79)
Non-Designated | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	0	0
Cash Flow | Net Investment
Derivative [Line Items]
Notional Amount	1,109	1,053
Derivative, Fair Value, Net	10	14
Cash Flow | Net Investment | Other current assets
Derivative [Line Items]
Derivative assets	14	20
Cash Flow | Net Investment | Other noncurrent assets
Derivative [Line Items]
Derivative assets	1	1
Cash Flow | Net Investment | Other current liabilities
Derivative [Line Items]
Derivative liabilities	(5)	(6)
Cash Flow | Net Investment | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	0	(1)
Net Investment | Net Investment
Derivative [Line Items]
Notional Amount	1,636	1,598
Derivative, Fair Value, Net	53	73
Net Investment | Net Investment | Other current assets
Derivative [Line Items]
Derivative assets	0	0
Net Investment | Net Investment | Other noncurrent assets
Derivative [Line Items]
Derivative assets	78	89
Net Investment | Net Investment | Other current liabilities
Derivative [Line Items]
Derivative liabilities	0	0
Net Investment | Net Investment | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	$ (25)	$ (16)

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 6,013		$ 6,068
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount | €		€ 1,500,000,000		€ 1,500,000,000
Notional amount | €		€ 4,400,000,000		€ 4,400,000,000
After-tax gain (loss) recognized in AOCI related to designated net investment hedges	(106)
Cash flow hedge gain (loss) to be reclassified within twelve months	20
Net investment hedges expected to be reclassified to cost of sales and other income (expense)	34
Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 5

Derivative Instruments (Income

Derivative Instruments (Income Statement Location) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	$ 17	$ 12
Foreign Exchange Contract | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	13	0
Foreign Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	(4)	1
Net Investment | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	$ 8	$ 11

Fair Value Measurements (Valuat

Fair Value Measurements (Valuation Of Financial Instruments By Pricing Categories) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 1,671		$ 1,844
Assets
Available-for-sale securities, current	86		84
Investments Fair Value Disclosure	2,038		2,213
Contingent consideration:
Total liabilities measured at fair value	375		389
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,671		1,844
Trading marketable securities	179		166
Assets
Investments Fair Value Disclosure	1,850		2,010
Deferred compensation arrangements	179		166
Contingent consideration:
Total liabilities measured at fair value	179		166
Fair Value, Inputs, Level 2
Assets
Available-for-sale securities, current	86		84
Investments Fair Value Disclosure	188		203
Contingent consideration:
Total liabilities measured at fair value	76		102
Fair Value, Inputs, Level 2 | Foreign currency exchange forward contracts
Assets
Derivative asset	102		119
Liabilities
Foreign currency exchange forward contracts	76		102
Fair Value, Inputs, Level 2 | Corporate and asset-backed debt securities
Assets
Available-for-sale securities, current	41		42
Fair Value, Inputs, Level 2 | Foreign government
Assets
Available-for-sale securities, current	1		1
Fair Value, Inputs, Level 2 | United States agency debt securities
Assets
Available-for-sale securities, current	6		3
Fair Value, Inputs, Level 2 | United States treasury debt securities
Assets
Available-for-sale securities, current	37		36
Fair Value, Inputs, Level 2 | Certificates of deposit
Assets
Available-for-sale securities, current	1		2
Fair Value, Inputs, Level 3
Contingent consideration:
Beginning	121	$ 306
Additions	0	1
Change in estimate and foreign exchange	0	(137)
Settlements	(1)	$ (49)
Ending	120
Total liabilities measured at fair value	$ 120		$ 121

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs (Level 3)) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Due in one year or less	$ 51	$ 53
Due after one year through three years	$ 35	$ 31

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Reduction of contingent consideration	$ 110
Gain on sale of marketable securities	$ 14	$ 15

Contingencies and Commitments_2

Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Loss Contingencies [Line Items]
Estimate of possible loss		$ 202
Recall-related payments		(14)	$ (9)
Recall charges, net		$ 0	$ 14
PureWick
Loss Contingencies [Line Items]
Charges during period	$ 28

Contingencies and Commitments -

Contingencies and Commitments - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 489		$ 473
Lease liabilities, current	132		121
Lease liabilities, non-current	$ 367		$ 357
Other information:
Weighted-average remaining lease term (years)	5 years 3 months 18 days		5 years 6 months
Weighted-average discount rate	3.40%		3.22%
Operating lease cost	$ 38	$ 31

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	May 02, 2023	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Aggregate purchase price of acquisitions				$ 2,563
Payments of long-term debt			$ 100	$ 0
Vocera
Business Acquisition [Line Items]
Aggregate purchase price of acquisitions		$ 2,600
Consideration transferred (in dollars per share)		$ 79.25
Business combination, consideration transferred, including convertible notes		$ 3,000
Share-based payment expense			$ 132
Vocera | 1.50% Convertible Notes
Business Acquisition [Line Items]
Stated interest rate			1.50%
Payments of long-term debt			$ 101
Vocera | 0.50% Convertible Notes
Business Acquisition [Line Items]
Stated interest rate			0.50%
Payments of long-term debt			$ 324
Cerus | Subsequent Event
Business Acquisition [Line Items]
Aggregate purchase price of acquisitions	$ 300
Business acquisition, future milestone payments (up to)	$ 225

Acquisitions (Allocation Of The

Acquisitions (Allocation Of The Preliminary Purchase Price To The Acquired Net Assets (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 14,849	$ 14,880
Vocera
Business Acquisition [Line Items]
Accounts receivable		33
Inventory		13
Deferred income tax assets		91
Other assets		92
Debt		(425)
Deferred income tax liabilities		(193)
Other liabilities		(117)
Goodwill		2,273
Purchase price, net of cash acquired of $281		2,563
Cash acquired from acquisition	$ 281
Vocera | Customer and distributor relationships
Business Acquisition [Line Items]
Intangible assets acquired		603
Vocera | Developed technology
Business Acquisition [Line Items]
Intangible assets acquired		$ 175
Weighted average amortization period at acquisition (years):		6 years
Vocera | Trade name
Business Acquisition [Line Items]
Intangible assets acquired		$ 18
Vocera | Customer relationships
Business Acquisition [Line Items]
Weighted average amortization period at acquisition (years):		15 years
Vocera | Trademarks
Business Acquisition [Line Items]
Weighted average amortization period at acquisition (years):		9 years

Acquisitions (Future Amortizati

Acquisitions (Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Business Combinations [Abstract]
Remainder of 2023	$ 463
2023	590
2024	571
2025	514
2026	$ 493

Debt and Credit Facilities (Det

Debt and Credit Facilities (Details) - USD ($)	1 Months Ended	3 Months Ended	13 Months Ended
	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Commercial paper		$ 0	$ 0
Borrowings outstanding under credit facility		0	0
Other Long-term Debt		8,000,000	8,000,000	$ 7,000,000
Total debt		13,061,000,000	13,061,000,000	13,048,000,000
Less current maturities		1,204,000,000	1,204,000,000	1,191,000,000
Total long-term debt		11,857,000,000	11,857,000,000	11,857,000,000
Unamortized debt issuance costs		51,000,000	51,000,000	52,000,000
Borrowing capacity on existing facilities		2,160,000,000	2,160,000,000	2,162,000,000
Fair value of senior unsecured notes		$ 11,274,000,000	11,274,000,000	10,910,000,000
Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,500,000,000
Repayments of debt			750,000,000
Maturity Date
Long-term Debt		$ 750,000,000	750,000,000	850,000,000
Term Loan | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.725%
Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,250,000,000	$ 2,250,000,000	1,500,000,000
Senior Unsecured Notes 1.125% due 2021
Line of Credit Facility [Line Items]
Stated interest rate		1.125%	1.125%
Maturity Date		Nov. 30, 2023
Unsecured Debt		$ 599,000,000	$ 599,000,000	585,000,000
Senior Unsecured Notes, 0.600% Due 2023
Line of Credit Facility [Line Items]
Stated interest rate		0.60%	0.60%
Maturity Date		Dec. 01, 2023
Unsecured Debt		$ 599,000,000	$ 599,000,000	599,000,000
Senior Unsecured Notes 3.375% due 2024
Line of Credit Facility [Line Items]
Stated interest rate		3.375%	3.375%
Maturity Date		May 15, 2024
Unsecured Debt		$ 597,000,000	$ 597,000,000	596,000,000
Senior Unsecured Notes, 0.250% Due 2024
Line of Credit Facility [Line Items]
Stated interest rate		0.25%	0.25%
Maturity Date		Dec. 03, 2024
Unsecured Debt		$ 925,000,000	$ 925,000,000	903,000,000
Senior Unsecured Notes, 1.150% Due 2025
Line of Credit Facility [Line Items]
Stated interest rate		1.15%	1.15%
Maturity Date		Jun. 15, 2025
Unsecured Debt		$ 647,000,000	$ 647,000,000	647,000,000
Senior Unsecured Notes 3.375% due 2025
Line of Credit Facility [Line Items]
Stated interest rate		3.375%	3.375%
Maturity Date		Nov. 01, 2025
Unsecured Debt		$ 748,000,000	$ 748,000,000	748,000,000
Senior Unsecured Notes 3.50% due 2026
Line of Credit Facility [Line Items]
Stated interest rate		3.50%	3.50%
Maturity Date		Mar. 15, 2026
Unsecured Debt		$ 996,000,000	$ 996,000,000	995,000,000
Senior Unsecured Notes 2.125% due 2027
Line of Credit Facility [Line Items]
Stated interest rate		2.125%	2.125%
Maturity Date		Nov. 30, 2027
Unsecured Debt		$ 814,000,000	$ 814,000,000	795,000,000
Senior Unsecured Notes 3.650% due 2028
Line of Credit Facility [Line Items]
Stated interest rate		3.65%	3.65%
Maturity Date		Mar. 07, 2028
Unsecured Debt		$ 597,000,000	$ 597,000,000	597,000,000
Senior Unsecured Notes, 0.750% Due 2029
Line of Credit Facility [Line Items]
Stated interest rate		0.75%	0.75%
Maturity Date		Mar. 01, 2029
Unsecured Debt		$ 868,000,000	$ 868,000,000	848,000,000
Senior Unsecured Notes, 1.950% Due 2030
Line of Credit Facility [Line Items]
Stated interest rate		1.95%	1.95%
Maturity Date		Jun. 15, 2030
Unsecured Debt		$ 991,000,000	$ 991,000,000	991,000,000
Senior Unsecured Notes 2.625% due 2030
Line of Credit Facility [Line Items]
Stated interest rate		2.625%	2.625%
Maturity Date		Nov. 30, 2030
Unsecured Debt		$ 701,000,000	$ 701,000,000	684,000,000
Senior Unsecured Notes, 1.000% Due 2031
Line of Credit Facility [Line Items]
Stated interest rate		1%	1%
Maturity Date		Dec. 03, 2031
Unsecured Debt		$ 809,000,000	$ 809,000,000	790,000,000
Senior Unsecured Notes 4.100% due 2043
Line of Credit Facility [Line Items]
Stated interest rate		4.10%	4.10%
Maturity Date		Apr. 01, 2043
Unsecured Debt		$ 392,000,000	$ 392,000,000	392,000,000
Senior Unsecured Notes 4.375% due 2044
Line of Credit Facility [Line Items]
Stated interest rate		4.375%	4.375%
Maturity Date		May 15, 2044
Unsecured Debt		$ 395,000,000	$ 395,000,000	396,000,000
Senior Unsecured Notes 4.625% due 2046
Line of Credit Facility [Line Items]
Stated interest rate		4.625%	4.625%
Maturity Date		Mar. 15, 2046
Unsecured Debt		$ 983,000,000	$ 983,000,000	983,000,000
Senior Unsecured Notes, 2.900% due 2050
Line of Credit Facility [Line Items]
Stated interest rate		2.90%	2.90%
Maturity Date		Jun. 15, 2050
Unsecured Debt		$ 642,000,000	$ 642,000,000	$ 642,000,000
Commercial Paper
Line of Credit Facility [Line Items]
Debt instrument, maturity		397 days

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax [Abstract]
Effective income tax rate reconciliation, percent	12.80%	16.30%

Segment Information (Sales And

Segment Information (Sales And Other Financial Information By Business Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 4,778	$ 4,275
Segment operating income	735	447
Amortization of intangible assets	(161)	(150)
Recall-related matters	0	(14)
MedSurg and Neurotechnology:
Segment Reporting Information [Line Items]
Net sales	2,690	2,423
Orthopaedics and Spine:
Segment Reporting Information [Line Items]
Net sales	2,088	1,852
Operating Segments
Segment Reporting Information [Line Items]
Segment operating income	1,228	1,133
Operating Segments | MedSurg and Neurotechnology:
Segment Reporting Information [Line Items]
Net sales	2,690	2,423
Segment operating income	627	630
Operating Segments | Orthopaedics and Spine:
Segment Reporting Information [Line Items]
Net sales	2,088	1,852
Segment operating income	601	503
Corporate and other
Segment Reporting Information [Line Items]
Segment operating income	(222)	(199)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Acquisition and integration-related costs	(6)	(149)
Amortization of intangible assets	(161)	(150)
Structural optimization and other special charges	(42)	(109)
Medical device regulations	(28)	(28)
Recall-related matters	0	(14)
Regulatory and legal matters	$ (34)	$ (37)