Stryker (SYK) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	1941 Stryker Way
Entity Address, City or Town	Portage,
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	380,949,778
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 0.250% Due 2024 [Member]
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 [Member]
Document Information [Line Items]
Title of each class	2.125% Notes due 2027
Trading Symbol	SYK27
Security Exchange Name	NYSE
Senior Unsecured Notes, 3.375% Due 2028 [Member]
Document Information [Line Items]
Title of each class	3.375% Notes due 2028
Trading Symbol	SYK28
Security Exchange Name	NYSE
Senior Unsecured Notes, 0.750% Due 2029 [Member]
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 [Member]
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, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 5,243	$ 4,778
Cost of sales	1,910	1,762
Gross profit	3,333	3,016
Research, development and engineering expenses	368	339
Selling, general and administrative expenses	1,840	1,781
Amortization of intangible assets	153	161
Total operating expenses	2,361	2,281
Operating income	972	735
Other income (expense), net	(49)	(56)
Earnings before income taxes	923	679
Income taxes	135	87
Net earnings	$ 788	$ 592
Net earnings per share of common stock:
Basic (in dollars per share)	$ 2.07	$ 1.56
Diluted (in dollars per share)	$ 2.05	$ 1.54
Weighted-average shares outstanding (in millions):
Basic (in shares)	380.4	379
Effect of dilutive employee stock compensation (in shares)	4.7	4.2
Diluted (in shares)	385.1	383.2
Cash dividends declared per share of common stock (in dollars per share)	$ 0.80	$ 0.75

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 788	$ 592
Other comprehensive income (loss), net of tax:
Marketable securities	0	0
Pension plans	2	(2)
Unrealized gains (losses) on designated hedges	2	(9)
Financial statement translation	35	(73)
Total other comprehensive income (loss), net of tax	39	(84)
Comprehensive income	$ 827	$ 508

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 2,330	$ 2,971
Marketable securities	77	82
Accounts receivable, less allowance of $175 ($182 in 2023)	3,473	3,765
Inventories:
Materials and supplies	1,232	1,242
Work in process	372	330
Finished goods	3,422	3,271
Total inventories	5,026	4,843
Prepaid expenses and other current assets	986	857
Total current assets	11,892	12,518
Property, plant and equipment:
Land, buildings and improvements	1,686	1,692
Machinery and equipment	4,772	4,652
Total property, plant and equipment	6,458	6,344
Less allowance for depreciation	3,198	3,129
Property, plant and equipment, net	3,260	3,215
Goodwill	15,351	15,243
Other intangibles, net	4,509	4,593
Noncurrent deferred income tax assets	1,641	1,670
Other noncurrent assets	2,749	2,673
Total assets	39,402	39,912
Current liabilities
Accounts payable	1,246	1,517
Accrued compensation	778	1,478
Income taxes	444	391
Dividends payable	305	304
Accrued expenses and other liabilities	2,124	2,137
Current maturities of debt	2,058	2,094
Total current liabilities	6,955	7,921
Long-term debt, excluding current maturities	10,807	10,901
Income taxes	565	567
Other noncurrent liabilities	1,903	1,930
Total liabilities	20,230	21,319
Shareholders' equity
Common stock, $0.10 par value	38	38
Additional paid-in capital	2,257	2,200
Retained earnings	17,254	16,771
Accumulated other comprehensive loss	(377)	(416)
Total shareholders' equity	19,172	18,593
Total liabilities and shareholders' equity	$ 39,402	$ 39,912

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 175	$ 182
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, 2022		$ 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 option and benefit plans (in shares)		0.9
Issuance of common stock under stock compensation and benefit plans		$ 0	(18)
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
Beginning balance at Dec. 31, 2023	18,593	$ 38	2,200	16,771	(416)
Beginning balance (in shares) at Dec. 31, 2023		380.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock option and benefit plans (in shares)		0.8
Issuance of common stock under stock compensation and benefit plans		$ 0	(30)
Share-based compensation			87
Net earnings	788			788
Cash dividends declared				(305)
Other comprehensive income (loss)	39				39
Ending balance at Mar. 31, 2024	$ 19,172	$ 38	$ 2,257	$ 17,254	$ (377)
Ending balance (in shares) at Mar. 31, 2024		380.9

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net earnings	$ 788	$ 592
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	107	96
Amortization of intangible assets	153	161
Asset impairments	3	2
Share-based compensation	87	74
Changes in operating assets and liabilities:
Accounts receivable	258	365
Inventories	(184)	(314)
Accounts payable	(257)	(56)
Accrued expenses and other liabilities	(635)	(419)
Income taxes	76	26
Other, net	(153)	(79)
Net cash provided by operating activities	204	445
Investing activities
Acquisitions, net of cash acquired	(246)	0
Purchases of marketable securities	(18)	(28)
Proceeds from sales of marketable securities	23	25
Purchases of property, plant and equipment	(167)	(130)
Other investing, net	0	1
Net cash used in investing activities	(408)	(132)
Financing activities
Proceeds (payments) on short-term borrowings, net	(1)	(2)
Payments on long-term debt	0	(100)
Payments of dividends	(304)	(284)
Cash paid for taxes from withheld shares	(113)	(94)
Other financing, net	0	(1)
Net cash provided by (used in) financing activities	(418)	(481)
Effect of exchange rate changes on cash and cash equivalents	(19)	(5)
Change in cash and cash equivalents	(641)	(173)
Cash and cash equivalents at beginning of period	2,971	1,844
Cash and cash equivalents at end of period	2,330	1,671
Deferred Income Tax Expense (Benefit)	$ (39)	$ (3)

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Mar. 31, 2024
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, 2024 and the results of operations for the three months 2024. 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 2023. New Accounting Pronouncements Not Yet Adopted In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 (Topic 740): Income Taxes: Improvements to Income Tax Disclosures which expands the existing rules on income tax disclosures. This update requires entities to disclose specific categories in the tax rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold and disclose additional information about income taxes paid on an annual basis. The new disclosure requirements are effective for fiscal years beginning after December 15, 2024 and we will adopt this ASU in 2025. In November 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands disclosure requirements to require entities to disclose significant segment expenses that are regularly provided to or easily computed from information regularly provided to the chief operating decision maker. This update also requires all annual disclosures currently required by Topic 280 to be disclosed in interim periods. The new disclosure requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We will adopt this ASU in the fourth quarter 2024. We evaluate all ASUs issued by the 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, 2024
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 2023. 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 2024, a product line previously included in Instruments has been reclassified to Endoscopy to align with a change in our internal reporting structure. We have reflected this change in all historical periods presented. Net Sales by Business Three Months 2024 2023 MedSurg and Neurotechnology: Instruments $ 667 $ 566 Endoscopy 778 707 Medical 864 778 Neurovascular 310 284 Neuro Cranial 380 355 $ 2,999 $ 2,690 Orthopaedics and Spine: Knees $ 588 $ 566 Hips 393 375 Trauma and Extremities 830 769 Spine 300 284 Other 133 94 $ 2,244 $ 2,088 Total $ 5,243 $ 4,778 Net Sales by Geography Three Months 2024 Three Months 2023 United States International United States International MedSurg and Neurotechnology: Instruments $ 532 $ 135 $ 441 $ 125 Endoscopy 636 142 573 134 Medical 715 149 612 166 Neurovascular 121 189 118 166 Neuro Cranial 309 71 289 66 $ 2,313 $ 686 $ 2,033 $ 657 Orthopaedics and Spine: Knees $ 429 $ 159 $ 416 $ 150 Hips 251 142 236 139 Trauma and Extremities 611 219 554 215 Spine 221 79 212 72 Other 89 44 61 33 $ 1,601 $ 643 $ 1,479 $ 609 Total $ 3,914 $ 1,329 $ 3,512 $ 1,266 We sell certain customer lease agreements and the related leased assets to third-party financial institutions to accelerate our cash collection cycle. The lease receivables are sold without recourse and are derecognized from our Consolidated Balance Sheets at the time of sale. Under the terms of our arrangements, we collect lease payments on behalf of the financial institutions but maintain no other form of continuing involvement. Sales of these lease agreements are classified as operating activities in our Consolidated Statements of Cash Flows. Fees earned for our servicing activities are immaterial. Revenue related to customer lease agreements sold under these arrangements represented approximately 3% of our total revenue for the three months 2024 and 2023. Contract Assets and Liabilities On March 31, 2024 and December 31, 2023 contract assets recorded in our Consolidated Balance Sheets were not significant. Our contract liabilities arise as a result of consideration received from customers at inception of contracts for certain businesses or where the timing of billing for services precedes satisfaction of our performance obligations. This occurs primarily when payment is received upfront for certain multi-period extended service contracts. Our contract liabilities of $866 and $860 on March 31, 2024 and December 31, 2023 are classified within accrued

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income (AOCI)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive (Loss) Income (AOCI)	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI) Three Months 2024 Marketable Securities Pension Plans Hedges Financial Statement Translation Total Beginning $ — $ (28) $ 39 $ (427) $ (416) OCI — 2 16 81 99 Income taxes — — (4) (40) (44) Reclassifications to: Cost of sales — — (10) — (10) Other (income) expense, net — — (2) (8) (10) Income taxes — — 2 2 4 Net OCI $ — $ 2 $ 2 $ 35 $ 39 Ending $ — $ (26) $ 41 $ (392) $ (377)

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
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 2023. Foreign Currency Hedges March 2024 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,659 $ 1,621 $ 4,283 $ 7,563 Maximum term in years 2.6 Fair value: Other current assets $ 29 $ 90 $ 27 $ 146 Other noncurrent assets 3 6 — 9 Other current liabilities (19) — (8) (27) Other noncurrent liabilities (2) (27) — (29) Total fair value $ 11 $ 69 $ 19 $ 99 December 2023 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,650 $ 1,662 $ 4,315 $ 7,627 Maximum term in years 2.9 Fair value: Other current assets $ 24 $ 74 $ 16 $ 114 Other noncurrent assets 2 — — 2 Other current liabilities (16) — (36) (52) Other noncurrent liabilities (2) (43) — (45) Total fair value $ 8 $ 31 $ (20) $ 19 We had €1.5 billion at March 31, 2024 and December 31, 2023 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 €4.9 billion at March 31, 2024 and December 31, 2023 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 $122 in the three months 2024. Currency Exchange Rate Gains (Losses) Recognized in Net Earnings Three Months Derivative Instrument Recognized in: 2024 2023 Cash Flow Cost of sales $ 10 $ 13 Net Investment Other income (expense), net 8 8 Non-Designated Other income (expense), net 3 (4) Total $ 21 $ 17 Pretax gains (losses) on derivatives designated as cash flow hedges of $26 and net investment hedges of $24 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense), net in earnings within 12 months of March 31, 2024. 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 $4 recorded in AOCI related to 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, 2024. 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, 2024
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 2023. In 2023 we recorded $192 of contingent consideration related to the acquisition of Cerus Endovascular Limited (Cerus) described in Note 7. There were no significant transfers into or out of any level of the fair value hierarchy in 2024. Assets Measured at Fair Value March 31 December 31 2024 2023 Cash and cash equivalents $ 2,330 $ 2,971 Trading marketable securities 234 209 Level 1 - Assets $ 2,564 $ 3,180 Available-for-sale marketable securities: Corporate and asset-backed debt securities $ 42 $ 43 United States agency debt securities 1 4 United States treasury debt securities 30 31 Certificates of deposit 4 4 Total available-for-sale marketable securities $ 77 $ 82 Foreign currency exchange forward contracts 155 116 Level 2 - Assets $ 232 $ 198 Total assets measured at fair value $ 2,796 $ 3,378 Liabilities Measured at Fair Value March 31 December 31 2024 2023 Deferred compensation arrangements $ 234 $ 209 Level 1 - Liabilities $ 234 $ 209 Foreign currency exchange forward contracts $ 56 $ 97 Level 2 - Liabilities $ 56 $ 97 Contingent consideration: Beginning $ 289 $ 121 Additions — 192 Change in estimate and foreign exchange (17) (2) Settlements (1) (22) Ending $ 271 $ 289 Level 3 - Liabilities $ 271 $ 289 Total liabilities measured at fair value $ 561 $ 595 Fair Value of Available for Sale Securities by Maturity March 31 December 31 2024 2023 Due in one year or less $ 36 $ 46 Due after one year through three years $ 41 $ 36 On March 31, 2024 and December 31, 2023 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest income on cash and cash equivalents, short-term investments and marketable securities income was $36 and $13 in the three months 2024 and 2023, which was recorded in other income (expense), net.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2024
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 February 2024 we reached an agreement with PureWick Corporation and its affiliates to settle patent infringement claims related to our PrimaFit and PrimoFit products. The terms of the settlement agreement are confidential and did not have a significant impact to our previously recorded reserves, financial position, results of operations or cash flows. We are currently investigating whether certain business activities in certain foreign countries violated provisions of the Foreign Corrupt Practices Act (FCPA) and have engaged outside counsel to conduct these investigations. We have been contacted by the United States Securities and Exchange Commission, United States Department of Justice and certain other regulatory authorities and are cooperating with these agencies. At this time we are unable to predict the outcome of the investigations or the potential impact, if any, on our financial statements. 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. Based on the information that has been received related to the matters discussed above, our accrual for these matters was $277 at March 31, 2024, representing our best estimate of probable loss. 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 31 December 31 2024 2023 Right-of-use assets $ 525 $ 494 Lease liabilities, current $ 157 $ 143 Lease liabilities, non-current $ 378 $ 356 Other information: Weighted-average remaining lease term (years) 5.2 5.5 Weighted-average discount rate 3.92 % 3.87 % Three Months 2024 2023 Operating lease cost $ 47 $ 38

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. In the three months 2024 and 2023 cash paid for acquisitions, net of cash acquired was $246 and $0. On March 20, 2024 we acquired SERF SAS (SERF) for a purchase price of $246. SERF's implants strengthen the global portfolio of our Joint Replacement business within Orthopaedics and Spine. The purchase price allocation for SERF is based on preliminary valuations, primarily related to developed technology and customer relationships. Goodwill attributable to the acquisition is not deductible for tax purposes. In May 2023 we acquired Cerus for net cash consideration of $289 and up to $225 in future milestone payments that had a fair value of $192 at the acquisition date. Cerus designs, develops and manufactures neurovascular products used for the treatment of hemorrhagic stroke. Cerus is part of our Neurovascular business within MedSurg and Neurotechnology. Goodwill attributable to the acquisition is not deductible for tax purposes. The purchase price allocation for Cerus is: Purchase Price Allocation of Acquired Net Assets 2023 Cerus Tangible assets acquired: Accounts receivable $ 1 Inventory 2 Deferred income tax assets 4 Other assets 1 Deferred income tax liabilities (60) Other liabilities (22) Intangible assets: Developed technology 240 Goodwill 315 Purchase price, net of cash acquired of $7 $ 481 Weighted average amortization period at acquisition (years): Developed technologies 13 The purchase price allocation for Cerus is based on preliminary valuations, primarily related to developed technology and deferred income taxes. Our estimates and assumptions are subject to change within the measurement period. Consolidated Estimated Amortization Expense Remainder of 2024 2025 2026 2027 2028 $ 468 $ 593 $ 537 $ 514 $ 468

Debt and Credit Facilities

Debt and Credit Facilities	3 Months Ended
	Mar. 31, 2024
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. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on March 31, 2024. On March 31, 2024 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. The maximum amount of our commercial paper that can be outstanding at any time is $2,250. Summary of Total Debt March 31 December 31 2024 2023 Rate Due Senior unsecured notes: 3.375% May 15, 2024 $ 600 $ 600 Floating November 16, 2024 540 554 0.250% December 3, 2024 918 940 1.150% June 15, 2025 649 648 3.375% November 1, 2025 749 749 3.500% March 15, 2026 997 997 2.125% November 30, 2027 808 828 3.650% March 7, 2028 598 598 4.850% December 8, 2028 596 596 3.375% December 11, 2028 645 661 0.750% March 1, 2029 861 883 1.950% June 15, 2030 991 991 2.625% November 30, 2030 696 713 1.000% December 3, 2031 803 823 4.100% April 1, 2043 393 393 4.375% May 15, 2044 396 396 4.625% March 15, 2046 983 983 2.900% June 15, 2050 642 642 Total debt $ 12,865 $ 12,995 Less current maturities 2,058 2,094 Total long-term debt $ 10,807 $ 10,901 March 31 December 31 2024 2023 Unamortized debt issuance costs $ 34 $ 50 Borrowing capacity on existing facilities $ 2,159 $ 2,160 Fair value of senior unsecured notes $ 12,008 $ 12,252

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESOur effective tax rates were 14.6% and 12.8% in the three months 2024 and 2023. The effective tax rates for the three months 2024 and 2023 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, 2024
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION Three Months 2024 2023 MedSurg and Neurotechnology $ 2,999 $ 2,690 Orthopaedics and Spine 2,244 2,088 Net sales $ 5,243 $ 4,778 MedSurg and Neurotechnology $ 804 $ 627 Orthopaedics and Spine 605 601 Segment operating income $ 1,409 $ 1,228 Items not allocated to segments: Corporate and other $ (263) $ (222) Acquisition and integration-related costs 13 (6) Amortization of intangible assets (153) (161) Structural optimization and other special charges (14) (42) Medical device regulations (13) (28) Recall-related matters (5) — Regulatory and legal matters (2) (34) Consolidated operating income $ 972 $ 735 There w ere no significant changes to total assets by segment from the information provided in our Annual Report on Form 10-K for 2023.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Not Yet Adopted In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 (Topic 740): Income Taxes: Improvements to Income Tax Disclosures which expands the existing rules on income tax disclosures. This update requires entities to disclose specific categories in the tax rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold and disclose additional information about income taxes paid on an annual basis. The new disclosure requirements are effective for fiscal years beginning after December 15, 2024 and we will adopt this ASU in 2025. In November 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands disclosure requirements to require entities to disclose significant segment expenses that are regularly provided to or easily computed from information regularly provided to the chief operating decision maker. This update also requires all annual disclosures currently required by Topic 280 to be disclosed in interim periods. The new disclosure requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We will adopt this ASU in the fourth quarter 2024. We evaluate all ASUs issued by the 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, 2024
Revenue Recognition [Abstract]
Schedule of Disaggregated Revenue	Net Sales by Business Three Months 2024 2023 MedSurg and Neurotechnology: Instruments $ 667 $ 566 Endoscopy 778 707 Medical 864 778 Neurovascular 310 284 Neuro Cranial 380 355 $ 2,999 $ 2,690 Orthopaedics and Spine: Knees $ 588 $ 566 Hips 393 375 Trauma and Extremities 830 769 Spine 300 284 Other 133 94 $ 2,244 $ 2,088 Total $ 5,243 $ 4,778 Net Sales by Geography Three Months 2024 Three Months 2023 United States International United States International MedSurg and Neurotechnology: Instruments $ 532 $ 135 $ 441 $ 125 Endoscopy 636 142 573 134 Medical 715 149 612 166 Neurovascular 121 189 118 166 Neuro Cranial 309 71 289 66 $ 2,313 $ 686 $ 2,033 $ 657 Orthopaedics and Spine: Knees $ 429 $ 159 $ 416 $ 150 Hips 251 142 236 139 Trauma and Extremities 611 219 554 215 Spine 221 79 212 72 Other 89 44 61 33 $ 1,601 $ 643 $ 1,479 $ 609 Total $ 3,914 $ 1,329 $ 3,512 $ 1,266
Contract with Customer, Contract Asset, Contract Liability, and Receivable	Changes in contract liabilities during the three months 2024 were as follows: March 31 2024 Beginning contract liabilities $ 860 Revenue recognized from beginning of year contract liabilities (153) Net advance consideration received during the period 159 Ending contract liabilities $ 866

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Three Months 2024 Marketable Securities Pension Plans Hedges Financial Statement Translation Total Beginning $ — $ (28) $ 39 $ (427) $ (416) OCI — 2 16 81 99 Income taxes — — (4) (40) (44) Reclassifications to: Cost of sales — — (10) — (10) Other (income) expense, net — — (2) (8) (10) Income taxes — — 2 2 4 Net OCI $ — $ 2 $ 2 $ 35 $ 39 Ending $ — $ (26) $ 41 $ (392) $ (377)
Reclassification out of Accumulated Other Comprehensive Income	Three Months 2024 Marketable Securities Pension Plans Hedges Financial Statement Translation Total Beginning $ — $ (28) $ 39 $ (427) $ (416) OCI — 2 16 81 99 Income taxes — — (4) (40) (44) Reclassifications to: Cost of sales — — (10) — (10) Other (income) expense, net — — (2) (8) (10) Income taxes — — 2 2 4 Net OCI $ — $ 2 $ 2 $ 35 $ 39 Ending $ — $ (26) $ 41 $ (392) $ (377)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	March 2024 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,659 $ 1,621 $ 4,283 $ 7,563 Maximum term in years 2.6 Fair value: Other current assets $ 29 $ 90 $ 27 $ 146 Other noncurrent assets 3 6 — 9 Other current liabilities (19) — (8) (27) Other noncurrent liabilities (2) (27) — (29) Total fair value $ 11 $ 69 $ 19 $ 99 December 2023 Cash Flow Net Investment Non-Designated Total Gross notional amount $ 1,650 $ 1,662 $ 4,315 $ 7,627 Maximum term in years 2.9 Fair value: Other current assets $ 24 $ 74 $ 16 $ 114 Other noncurrent assets 2 — — 2 Other current liabilities (16) — (36) (52) Other noncurrent liabilities (2) (43) — (45) Total fair value $ 8 $ 31 $ (20) $ 19
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	Three Months Derivative Instrument Recognized in: 2024 2023 Cash Flow Cost of sales $ 10 $ 13 Net Investment Other income (expense), net 8 8 Non-Designated Other income (expense), net 3 (4) Total $ 21 $ 17

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets Measured at Fair Value March 31 December 31 2024 2023 Cash and cash equivalents $ 2,330 $ 2,971 Trading marketable securities 234 209 Level 1 - Assets $ 2,564 $ 3,180 Available-for-sale marketable securities: Corporate and asset-backed debt securities $ 42 $ 43 United States agency debt securities 1 4 United States treasury debt securities 30 31 Certificates of deposit 4 4 Total available-for-sale marketable securities $ 77 $ 82 Foreign currency exchange forward contracts 155 116 Level 2 - Assets $ 232 $ 198 Total assets measured at fair value $ 2,796 $ 3,378 Liabilities Measured at Fair Value March 31 December 31 2024 2023 Deferred compensation arrangements $ 234 $ 209 Level 1 - Liabilities $ 234 $ 209 Foreign currency exchange forward contracts $ 56 $ 97 Level 2 - Liabilities $ 56 $ 97 Contingent consideration: Beginning $ 289 $ 121 Additions — 192 Change in estimate and foreign exchange (17) (2) Settlements (1) (22) Ending $ 271 $ 289 Level 3 - Liabilities $ 271 $ 289 Total liabilities measured at fair value $ 561 $ 595
Investments Classified by Contractual Maturity Date	Fair Value of Available for Sale Securities by Maturity March 31 December 31 2024 2023 Due in one year or less $ 36 $ 46 Due after one year through three years $ 41 $ 36

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	Leases March 31 December 31 2024 2023 Right-of-use assets $ 525 $ 494 Lease liabilities, current $ 157 $ 143 Lease liabilities, non-current $ 378 $ 356 Other information: Weighted-average remaining lease term (years) 5.2 5.5 Weighted-average discount rate 3.92 % 3.87 % Three Months 2024 2023 Operating lease cost $ 47 $ 38

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	urchase price allocation for Cerus is: Purchase Price Allocation of Acquired Net Assets 2023 Cerus Tangible assets acquired: Accounts receivable $ 1 Inventory 2 Deferred income tax assets 4 Other assets 1 Deferred income tax liabilities (60) Other liabilities (22) Intangible assets: Developed technology 240 Goodwill 315 Purchase price, net of cash acquired of $7 $ 481 Weighted average amortization period at acquisition (years): Developed technologies 13
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Consolidated Estimated Amortization Expense Remainder of 2024 2025 2026 2027 2028 $ 468 $ 593 $ 537 $ 514 $ 468

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract]
Schedule of Long-term Debt Instruments	Summary of Total Debt March 31 December 31 2024 2023 Rate Due Senior unsecured notes: 3.375% May 15, 2024 $ 600 $ 600 Floating November 16, 2024 540 554 0.250% December 3, 2024 918 940 1.150% June 15, 2025 649 648 3.375% November 1, 2025 749 749 3.500% March 15, 2026 997 997 2.125% November 30, 2027 808 828 3.650% March 7, 2028 598 598 4.850% December 8, 2028 596 596 3.375% December 11, 2028 645 661 0.750% March 1, 2029 861 883 1.950% June 15, 2030 991 991 2.625% November 30, 2030 696 713 1.000% December 3, 2031 803 823 4.100% April 1, 2043 393 393 4.375% May 15, 2044 396 396 4.625% March 15, 2046 983 983 2.900% June 15, 2050 642 642 Total debt $ 12,865 $ 12,995 Less current maturities 2,058 2,094 Total long-term debt $ 10,807 $ 10,901 March 31 December 31 2024 2023 Unamortized debt issuance costs $ 34 $ 50 Borrowing capacity on existing facilities $ 2,159 $ 2,160 Fair value of senior unsecured notes $ 12,008 $ 12,252

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Sales and Other Financial Information by Business Segment	Three Months 2024 2023 MedSurg and Neurotechnology $ 2,999 $ 2,690 Orthopaedics and Spine 2,244 2,088 Net sales $ 5,243 $ 4,778 MedSurg and Neurotechnology $ 804 $ 627 Orthopaedics and Spine 605 601 Segment operating income $ 1,409 $ 1,228 Items not allocated to segments: Corporate and other $ (263) $ (222) Acquisition and integration-related costs 13 (6) Amortization of intangible assets (153) (161) Structural optimization and other special charges (14) (42) Medical device regulations (13) (28) Recall-related matters (5) — Regulatory and legal matters (2) (34) Consolidated operating income $ 972 $ 735

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Sales Analysis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 5,243	$ 4,778
United States
Disaggregation of Revenue [Line Items]
Net sales	3,914	3,512
International
Disaggregation of Revenue [Line Items]
Net sales	1,329	1,266
MedSurg and Neurotechnology
Disaggregation of Revenue [Line Items]
Net sales	2,999	2,690
MedSurg and Neurotechnology | United States
Disaggregation of Revenue [Line Items]
Net sales	2,313	2,033
MedSurg and Neurotechnology | International
Disaggregation of Revenue [Line Items]
Net sales	686	657
MedSurg and Neurotechnology | Instruments
Disaggregation of Revenue [Line Items]
Net sales	667	566
MedSurg and Neurotechnology | Instruments | United States
Disaggregation of Revenue [Line Items]
Net sales	532	441
MedSurg and Neurotechnology | Instruments | International
Disaggregation of Revenue [Line Items]
Net sales	135	125
MedSurg and Neurotechnology | Endoscopy
Disaggregation of Revenue [Line Items]
Net sales	778	707
MedSurg and Neurotechnology | Endoscopy | United States
Disaggregation of Revenue [Line Items]
Net sales	636	573
MedSurg and Neurotechnology | Endoscopy | International
Disaggregation of Revenue [Line Items]
Net sales	142	134
MedSurg and Neurotechnology | Medical
Disaggregation of Revenue [Line Items]
Net sales	864	778
MedSurg and Neurotechnology | Medical | United States
Disaggregation of Revenue [Line Items]
Net sales	715	612
MedSurg and Neurotechnology | Medical | International
Disaggregation of Revenue [Line Items]
Net sales	149	166
MedSurg and Neurotechnology | Neurovascular
Disaggregation of Revenue [Line Items]
Net sales	310	284
MedSurg and Neurotechnology | Neurovascular | United States
Disaggregation of Revenue [Line Items]
Net sales	121	118
MedSurg and Neurotechnology | Neurovascular | International
Disaggregation of Revenue [Line Items]
Net sales	189	166
MedSurg and Neurotechnology | Neuro Cranial
Disaggregation of Revenue [Line Items]
Net sales	380	355
MedSurg and Neurotechnology | Neuro Cranial | United States
Disaggregation of Revenue [Line Items]
Net sales	309	289
MedSurg and Neurotechnology | Neuro Cranial | International
Disaggregation of Revenue [Line Items]
Net sales	71	66
Orthopaedics and Spine
Disaggregation of Revenue [Line Items]
Net sales	2,244	2,088
Orthopaedics and Spine | United States
Disaggregation of Revenue [Line Items]
Net sales	1,601	1,479
Orthopaedics and Spine | International
Disaggregation of Revenue [Line Items]
Net sales	643	609
Orthopaedics and Spine | Knees
Disaggregation of Revenue [Line Items]
Net sales	588	566
Orthopaedics and Spine | Knees | United States
Disaggregation of Revenue [Line Items]
Net sales	429	416
Orthopaedics and Spine | Knees | International
Disaggregation of Revenue [Line Items]
Net sales	159	150
Orthopaedics and Spine | Hips
Disaggregation of Revenue [Line Items]
Net sales	393	375
Orthopaedics and Spine | Hips | United States
Disaggregation of Revenue [Line Items]
Net sales	251	236
Orthopaedics and Spine | Hips | International
Disaggregation of Revenue [Line Items]
Net sales	142	139
Orthopaedics and Spine | Trauma and Extremities
Disaggregation of Revenue [Line Items]
Net sales	830	769
Orthopaedics and Spine | Trauma and Extremities | United States
Disaggregation of Revenue [Line Items]
Net sales	611	554
Orthopaedics and Spine | Trauma and Extremities | International
Disaggregation of Revenue [Line Items]
Net sales	219	215
Orthopaedics and Spine | Spine
Disaggregation of Revenue [Line Items]
Net sales	300	284
Orthopaedics and Spine | Spine | United States
Disaggregation of Revenue [Line Items]
Net sales	221	212
Orthopaedics and Spine | Spine | International
Disaggregation of Revenue [Line Items]
Net sales	79	72
Orthopaedics and Spine | Other
Disaggregation of Revenue [Line Items]
Net sales	133	94
Orthopaedics and Spine | Other | United States
Disaggregation of Revenue [Line Items]
Net sales	89	61
Orthopaedics and Spine | Other | International
Disaggregation of Revenue [Line Items]
Net sales	$ 44	$ 33

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 866		$ 860
Revenue Benchmark | Product Concentration Risk | Customer Lease Agreements
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	3%	3%

Revenue Recognition - Changes i

Revenue Recognition - Changes in Contract Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Movement In Contract Liabilities [Roll Forward]
Beginning contract liabilities	$ 860
Revenue recognized from beginning of year contract liabilities	(153)
Net advance consideration received during the period	159
Ending contract liabilities	$ 866

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	$ (416)	$ (221)
OCI	99	(94)
Income taxes	(44)	28
Reclassification to: cost of sales	1,910	1,762
Reclassification to: Other (income) expense, net	(49)	(56)
Reclassification to: Income taxes	(135)	(87)
Net OCI	39	(84)
AOCI, at end of period	(377)	(305)
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to: cost of sales	(10)	(13)
Reclassification to: Other (income) expense, net	(10)	(10)
Reclassification to: Income taxes	4	5
Net OCI	39	(84)
Marketable Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	0	(1)
OCI	0	0
Income taxes	0	0
AOCI, at end of period	0	(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	0
Reclassification to: Other (income) expense, net	0	0
Reclassification to: Income taxes	0	0
Net OCI	0	0
Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	(28)	31
OCI	2	2
Income taxes	0	(3)
AOCI, at end of period	(26)	29
Pension Plans | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to: cost of sales	0	0
Reclassification to: Other (income) expense, net	0	(1)
Reclassification to: Income taxes	0	0
Net OCI	2	(2)
Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	39	52
OCI	16	3
Income taxes	(4)	(1)
AOCI, at end of period	41	43
Hedges | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to: cost of sales	(10)	(13)
Reclassification to: Other (income) expense, net	(2)	(1)
Reclassification to: Income taxes	2	3
Net OCI	2	(9)
Financial Statement Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, at beginning of period	(427)	(303)
OCI	81	(99)
Income taxes	(40)	32
AOCI, at end of period	(392)	(376)
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	0
Reclassification to: Other (income) expense, net	(8)	(8)
Reclassification to: Income taxes	2	2
Net OCI	$ 35	$ (73)

Derivative Instruments (Forward

Derivative Instruments (Forward Currency Exchange Contracts) (Details) - Foreign Exchange Contract $ in Millions, € in Billions	3 Months Ended	9 Months Ended
	Mar. 31, 2024 USD ($)	Sep. 30, 2023	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Derivative [Line Items]
Derivative, notional amount	$ 7,563			$ 7,627
Maximum Remaining Maturity of Foreign Currency Derivatives	2 years 7 months 6 days	2 years 10 months 24 days
Total fair value	$ 99			19
Other current assets
Derivative [Line Items]
Derivative assets	146			114
Other noncurrent assets
Derivative [Line Items]
Derivative assets	9			2
Other current liabilities
Derivative [Line Items]
Derivative liabilities	(27)			(52)
Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	(29)			(45)
Non-Designated
Derivative [Line Items]
Derivative, notional amount	4,283			4,315
Total fair value	19			(20)
Non-Designated | Other current assets
Derivative [Line Items]
Derivative assets	27			16
Non-Designated | Other noncurrent assets
Derivative [Line Items]
Derivative assets	0			0
Non-Designated | Other current liabilities
Derivative [Line Items]
Derivative liabilities	(8)			(36)
Non-Designated | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	0			0
Cash Flow | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	1,659			1,650
Total fair value	11			8
Cash Flow | Designated as Hedging Instrument | Other current assets
Derivative [Line Items]
Derivative assets	29			24
Cash Flow | Designated as Hedging Instrument | Other noncurrent assets
Derivative [Line Items]
Derivative assets	3			2
Cash Flow | Designated as Hedging Instrument | Other current liabilities
Derivative [Line Items]
Derivative liabilities	(19)			(16)
Cash Flow | Designated as Hedging Instrument | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	(2)			(2)
Net Investment | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	1,621		€ 1.5	1,662	€ 1.5
Total fair value	69			31
Net Investment | Designated as Hedging Instrument | Other current assets
Derivative [Line Items]
Derivative assets	90			74
Net Investment | Designated as Hedging Instrument | Other noncurrent assets
Derivative [Line Items]
Derivative assets	6			0
Net Investment | Designated as Hedging Instrument | Other current liabilities
Derivative [Line Items]
Derivative liabilities	0			0
Net Investment | Designated as Hedging Instrument | Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities	$ (27)			$ (43)

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions, € in Billions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 7,563		$ 7,627
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
After-tax gain (loss) recognized in AOCI related to designated net investment hedges	122
Cash flow hedge gain (loss) to be reclassified within twelve months	26
Net investment hedges expected to be reclassified to cost of sales and other income (expense)	24
Designated as Hedging Instrument | Foreign Exchange Contract | Net Investment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	1,621	€ 1.5	$ 1,662	€ 1.5
Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 4
Designated as Hedging Instrument | Embedded Derivative Financial Instruments | Net Investment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount | €		€ 4.9		€ 4.9

Derivative Instruments (Income

Derivative Instruments (Income Statement Location) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	$ 21	$ 17
Foreign Exchange Contract | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	10	13
Foreign Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	3	(4)
Net Investment | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net currency exchange rate gains (losses)	$ 8	$ 8

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, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets Measured at Fair Value
Available-for-sale securities, current	$ 77		$ 82
Total assets measured at fair value	2,796		3,378
Contingent consideration:
Total liabilities measured at fair value	561		595
Fair Value, Inputs, Level 1
Assets Measured at Fair Value
Cash and cash equivalents	2,330		2,971
Trading marketable securities	234		209
Total assets measured at fair value	2,564		3,180
Liabilities
Deferred compensation arrangements	234		209
Contingent consideration:
Total liabilities measured at fair value	234		209
Fair Value, Inputs, Level 2
Assets Measured at Fair Value
Available-for-sale securities, current	77		82
Total assets measured at fair value	232		198
Contingent consideration:
Total liabilities measured at fair value	56		97
Fair Value, Inputs, Level 2 | Foreign currency exchange forward contracts
Assets Measured at Fair Value
Derivative asset	155		116
Liabilities
Foreign currency exchange forward contracts	56		97
Fair Value, Inputs, Level 2 | Corporate and asset-backed debt securities
Assets Measured at Fair Value
Available-for-sale securities, current	42		43
Fair Value, Inputs, Level 2 | United States agency debt securities
Assets Measured at Fair Value
Available-for-sale securities, current	1		4
Fair Value, Inputs, Level 2 | United States treasury debt securities
Assets Measured at Fair Value
Available-for-sale securities, current	30		31
Fair Value, Inputs, Level 2 | Certificates of deposit
Assets Measured at Fair Value
Available-for-sale securities, current	4		4
Fair Value, Inputs, Level 3
Contingent consideration:
Beginning	289	$ 121
Additions	0	192
Change in estimate and foreign exchange	(17)	(2)
Settlements	(1)	$ (22)
Ending	271
Total liabilities measured at fair value	$ 271		$ 289

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, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Due in one year or less	$ 36	$ 46
Due after one year through three years	$ 41	$ 36

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Gain on sale of marketable securities	$ 36	$ 13

Contingencies and Commitments_2

Contingencies and Commitments (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimate of possible loss	$ 277

Contingencies and Commitments -

Contingencies and Commitments - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 525		$ 494
Lease liabilities, current	157		143
Lease liabilities, non-current	$ 378		$ 356
Other information:
Weighted-average remaining lease term (years)	5 years 2 months 12 days		5 years 6 months
Weighted-average discount rate	3.92%		3.87%
Operating lease cost	$ 47	$ 38

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions			3 Months Ended
	Mar. 20, 2024	May 02, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Acquisitions, net of cash acquired			$ 246	$ 0
SERF
Business Acquisition [Line Items]
Aggregate purchase price of acquisitions	$ 246
Cerus
Business Acquisition [Line Items]
Aggregate purchase price of acquisitions		$ 289
Business acquisition, future milestone payments (up to)		$ 225
Fair value of contingent consideration					$ 192

Acquisitions (Allocation Of The

Acquisitions (Allocation Of The Preliminary Purchase Price To The Acquired Net Assets (Details) - USD ($) $ in Millions	May 02, 2023	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 15,351	$ 15,243
Cerus
Business Acquisition [Line Items]
Accounts receivable	$ 1
Inventory	2
Deferred income tax assets	4
Other assets	1
Deferred income tax liabilities	(60)
Other liabilities	(22)
Goodwill	315
Purchase price, net of cash acquired of $7	481
Cash acquired from acquisition	7
Cerus | Developed technology
Business Acquisition [Line Items]
Intangible assets acquired	$ 240
Weighted average amortization period at acquisition (years)	13 years

Acquisitions (Future Amortizati

Acquisitions (Future Amortization Expense) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Business Combinations [Abstract]
Remainder of 2024	$ 468
2025	593
2026	537
2027	514
2028	$ 468

Debt and Credit Facilities (Det

Debt and Credit Facilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Commercial paper	$ 0
Total debt	12,865,000,000	$ 12,995,000,000
Less current maturities	2,058,000,000	2,094,000,000
Total long-term debt	10,807,000,000	10,901,000,000
Unamortized debt issuance costs	34,000,000	50,000,000
Borrowing capacity on existing facilities	2,159,000,000	2,160,000,000
Fair value of senior unsecured notes	12,008,000,000	12,252,000,000
Commercial Paper
Line of Credit Facility [Line Items]
Debt instrument, face amount	2,250,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowings outstanding under credit facility	$ 0
Senior Unsecured Notes 3.375% Due May 15, 2024
Line of Credit Facility [Line Items]
Stated interest rate	3.375%
Unsecured debt	$ 600,000,000	600,000,000
Senior Unsecured Notes, Floating, due November 16, 2024
Line of Credit Facility [Line Items]
Unsecured debt	$ 540,000,000	554,000,000
Senior Unsecured Notes, 0.250% Due 2024 [Member]
Line of Credit Facility [Line Items]
Stated interest rate	0.25%
Unsecured debt	$ 918,000,000	940,000,000
Senior Unsecured Notes, 1.150% Due 2025
Line of Credit Facility [Line Items]
Stated interest rate	1.15%
Unsecured debt	$ 649,000,000	648,000,000
Senior Unsecured Notes 3.375% Due 2025
Line of Credit Facility [Line Items]
Stated interest rate	3.375%
Unsecured debt	$ 749,000,000	749,000,000
Senior Unsecured Notes 3.500% Due 2026
Line of Credit Facility [Line Items]
Stated interest rate	3.50%
Unsecured debt	$ 997,000,000	997,000,000
Senior Unsecured Notes, 2.125% Due 2027 [Member]
Line of Credit Facility [Line Items]
Stated interest rate	2.125%
Unsecured debt	$ 808,000,000	828,000,000
Senior Unsecured Notes 3.650% Due 2028
Line of Credit Facility [Line Items]
Stated interest rate	3.65%
Unsecured debt	$ 598,000,000	598,000,000
Senior Unsecured Notes 4.850% Due 2028
Line of Credit Facility [Line Items]
Stated interest rate	4.85%
Unsecured debt	$ 596,000,000	596,000,000
Senior Unsecured Notes, 3.375% Due 2028 [Member]
Line of Credit Facility [Line Items]
Stated interest rate	3.375%
Unsecured debt	$ 645,000,000	661,000,000
Senior Unsecured Notes 0.750% due 2029
Line of Credit Facility [Line Items]
Stated interest rate	0.75%
Unsecured debt	$ 861,000,000	883,000,000
Senior Unsecured Notes, 1.950% Due 2030
Line of Credit Facility [Line Items]
Stated interest rate	1.95%
Unsecured debt	$ 991,000,000	991,000,000
Senior Unsecured Notes, 2.625% due November 2030
Line of Credit Facility [Line Items]
Stated interest rate	2.625%
Unsecured debt	$ 696,000,000	713,000,000
Senior Unsecured Notes 1.000% due 2031
Line of Credit Facility [Line Items]
Stated interest rate	1%
Unsecured debt	$ 803,000,000	823,000,000
Senior Unsecured Notes 4.100% due 2043
Line of Credit Facility [Line Items]
Stated interest rate	4.10%
Unsecured debt	$ 393,000,000	393,000,000
Senior Unsecured Notes 4.375% due 2044
Line of Credit Facility [Line Items]
Stated interest rate	4.375%
Unsecured debt	$ 396,000,000	396,000,000
Senior Unsecured Notes 4.625% due 2046
Line of Credit Facility [Line Items]
Stated interest rate	4.625%
Unsecured debt	$ 983,000,000	983,000,000
Senior Unsecured Notes, 2.900% due 2050
Line of Credit Facility [Line Items]
Stated interest rate	2.90%
Unsecured debt	$ 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, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	14.60%	12.80%

Segment Information (Sales And

Segment Information (Sales And Other Financial Information By Business Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 5,243	$ 4,778
Segment operating income	972	735
Amortization of intangible assets	(153)	(161)
MedSurg and Neurotechnology
Segment Reporting Information [Line Items]
Net sales	2,999	2,690
Orthopaedics and Spine
Segment Reporting Information [Line Items]
Net sales	2,244	2,088
Operating Segments
Segment Reporting Information [Line Items]
Segment operating income	1,409	1,228
Operating Segments | MedSurg and Neurotechnology
Segment Reporting Information [Line Items]
Net sales	2,999	2,690
Segment operating income	804	627
Operating Segments | Orthopaedics and Spine
Segment Reporting Information [Line Items]
Net sales	2,244	2,088
Segment operating income	605	601
Corporate and other
Segment Reporting Information [Line Items]
Segment operating income	(263)	(222)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Acquisition and integration-related costs	13	(6)
Amortization of intangible assets	(153)	(161)
Structural optimization and other special charges	(14)	(42)
Medical device regulations	(13)	(28)
Recall-related matters	(5)	0
Regulatory and legal matters	$ (2)	$ (34)