Stryker (SYK) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(in millions)

	2017			2016			2015			2014			2013
Earnings from continuing operations before income taxes (public data)	$	2,063		$	1,921		$	1,735		$	1,160		$	1,212
Plus fixed charges:
Interest expense (1)		246.6			227.6			107.7			113.0			83.7
Rental interest factor		38.3			36.3			38.0			34.3			33.3
Total fixed charges:		284.9			263.9			145.7			147.3			117.0
Earnings from continuing operations before income taxes and fixed charges	$	2,347.9		$	2,184.9		$	1,880.7		$	1,307.3		$	1,329.0
Ratio of earnings to fixed charges		8.2			8.3			12.9			8.9			11.4
Total rental expense		125.4			111.8			100.8			103.0			100.0
Interest factor		30.5	%		32.5	%		38.0	%		34.3	%		33.3	%
(1) Interest costs consist of interest on indebtedness, amortization of fees and debt prepayment fees, forward points on interest rate hedges. Interest on uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes has been excluded.
Interest Expense on debt & credit facilities		244.3			225.4			105.1			108.9			83.0
Plus: Amortization of fees		2.1			2.0			1.3			1.2			0.7
Hedging forward points		0.2			0.2			1.3			2.9			—
		246.6			227.6			107.7			113.0			83.7