STRYKER CORP, 10-Q filed on 5/1/2024
Quarterly Report
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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, $.10 Par Value
Trading Symbol SYK
Security Exchange Name NYSE
Senior Unsecured Notes, 0.250% Due 2024 [Member]  
Document Information [Line Items]  
Title of each class 0.250% Notes due 2024
Trading Symbol SYK24A
Security Exchange Name NYSE
Senior Unsecured Notes, 2.125% Due 2027 [Member]  
Document Information [Line Items]  
Title of each class 2.125% Notes due 2027
Trading Symbol SYK27
Security Exchange Name NYSE
Senior Unsecured Notes, 3.375% Due 2028 [Member]  
Document Information [Line Items]  
Title of each class 3.375% Notes due 2028
Trading Symbol SYK28
Security Exchange Name NYSE
Senior Unsecured Notes, 0.750% Due 2029 [Member]  
Document Information [Line Items]  
Title of each class 0.750% Notes due 2029
Trading Symbol SYK29
Security Exchange Name NYSE
Senior Unsecured Notes, 2.625% Due 2030 [Member]  
Document Information [Line Items]  
Title of each class 2.625% Notes due 2030
Trading Symbol SYK30
Security Exchange Name NYSE
Senior Unsecured Notes, 1.000% Due 2031  
Document Information [Line Items]  
Title of each class 1.000% Notes due 2031
Trading Symbol SYK31
Security Exchange Name NYSE
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CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
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) 380.4 379.0
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
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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
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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
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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
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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      
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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)
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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.
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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
20242023
MedSurg and Neurotechnology:
Instruments$667 $566 
Endoscopy778 707 
Medical864 778 
Neurovascular310 284 
Neuro Cranial380 355 
$2,999 $2,690 
Orthopaedics and Spine:
Knees$588 $566 
Hips393 375 
Trauma and Extremities830 769 
Spine300 284 
Other133 94 
$2,244 $2,088 
Total$5,243 $4,778 
Net Sales by Geography
Three Months 2024Three Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$532 $135 $441 $125 
Endoscopy636 142 573 134 
Medical715 149 612 166 
Neurovascular121 189 118 166 
Neuro Cranial309 71 289 66 
$2,313 $686 $2,033 $657 
Orthopaedics and Spine:
Knees$429 $159 $416 $150 
Hips251 142 236 139 
Trauma and Extremities611 219 554 215 
Spine221 79 212 72 
Other89 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 $860 on March 31, 2024 and December 31, 2023 are classified within accrued
expenses and other liabilities and other noncurrent liabilities within our Consolidated Balance Sheets based on the timing of when we expect to complete our performance obligations.
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Accumulated Other Comprehensive (Loss) Income (AOCI)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive (Loss) Income (AOCI) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(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)
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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 2024Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,659 $1,621 $4,283 $7,563 
Maximum term in years2.6
Fair value:
Other current assets$29 $90 $27 $146 
Other noncurrent assets3 6 — 9 
Other current liabilities(19)— (8)(27)
Other noncurrent liabilities(2)(27)— (29)
Total fair value$11 $69 $19 $99 
December 2023Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,650 $1,662 $4,315 $7,627 
Maximum term in years2.9
Fair value:
Other current assets$24 $74 $16 $114 
Other noncurrent assets2 — — 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 InstrumentRecognized in:20242023
Cash FlowCost of sales$10 $13 
Net InvestmentOther income (expense), net8 8 
Non-DesignatedOther income (expense), net3 (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.
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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 31December 31
20242023
Cash and cash equivalents$2,330 $2,971 
Trading marketable securities234 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 securities1 4 
United States treasury debt securities30 31 
Certificates of deposit4 4 
Total available-for-sale marketable securities$77 $82 
Foreign currency exchange forward contracts155 116 
Level 2 - Assets$232 $198 
Total assets measured at fair value$2,796 $3,378 
Liabilities Measured at Fair Value
March 31December 31
20242023
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 31December 31
20242023
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.
Our investments in available-for-sale marketable securities had a minimum credit quality rating of A2 (Moody's), A (Standard & Poor's) and A (Fitch). We do not plan to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.
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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 31December 31
20242023
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)5.25.5
Weighted-average discount rate3.92 %3.87 %
Three Months
20242023
Operating lease cost$47 $38 
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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
2023Cerus
Tangible assets acquired:
Accounts receivable$1 
Inventory2 
Deferred income tax assets4 
Other assets1 
Deferred income tax liabilities(60)
Other liabilities(22)
Intangible assets:
Developed technology240 
Goodwill315 
Purchase price, net of cash acquired of $7
$481 
Weighted average amortization period at acquisition (years):
Developed technologies13
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 20242025202620272028
$468 $593 $537 $514 $468 
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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 DebtMarch 31December 31
20242023
RateDue
Senior unsecured notes:
3.375%May 15, 2024$600 $600 
FloatingNovember 16, 2024540 554 
0.250%December 3, 2024918 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025749 749 
3.500%March 15, 2026997 997 
2.125%November 30, 2027808 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028596 596 
3.375%December 11, 2028645 661 
0.750%March 1, 2029861 883 
1.950%June 15, 2030991 991 
2.625%November 30, 2030696 713 
1.000%December 3, 2031803 823 
4.100%April 1, 2043393 393 
4.375%May 15, 2044396 396 
4.625%March 15, 2046983 983 
2.900%June 15, 2050642 642 
Total debt$12,865 $12,995 
Less current maturities2,058 2,094 
Total long-term debt$10,807 $10,901 
March 31December 31
20242023
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 
The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.
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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.
v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Three Months
20242023
MedSurg and Neurotechnology$2,999 $2,690 
Orthopaedics and Spine2,244 2,088 
Net sales$5,243 $4,778 
MedSurg and Neurotechnology$804 $627 
Orthopaedics and Spine605 601 
Segment operating income$1,409 $1,228 
Items not allocated to segments:
Corporate and other
$(263)$(222)
Acquisition and integration-related costs13 (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 were no significant changes to total assets by segment from the information provided in our Annual Report on Form 10-K for 2023.
v3.24.1.u1
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.
v3.24.1.u1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue Recognition [Abstract]  
Schedule of Disaggregated Revenue
Net Sales by Business
Three Months
20242023
MedSurg and Neurotechnology:
Instruments$667 $566 
Endoscopy778 707 
Medical864 778 
Neurovascular310 284 
Neuro Cranial380 355 
$2,999 $2,690 
Orthopaedics and Spine:
Knees$588 $566 
Hips393 375 
Trauma and Extremities830 769 
Spine300 284 
Other133 94 
$2,244 $2,088 
Total$5,243 $4,778 
Net Sales by Geography
Three Months 2024Three Months 2023
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$532 $135 $441 $125 
Endoscopy636 142 573 134 
Medical715 149 612 166 
Neurovascular121 189 118 166 
Neuro Cranial309 71 289 66 
$2,313 $686 $2,033 $657 
Orthopaedics and Spine:
Knees$429 $159 $416 $150 
Hips251 142 236 139 
Trauma and Extremities611 219 554 215 
Spine221 79 212 72 
Other89 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 period159 
Ending contract liabilities$866 
v3.24.1.u1
Accumulated Other Comprehensive (Loss) Income (AOCI) (Tables)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Three Months 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$— $(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 2024Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
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)
v3.24.1.u1
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 2024Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,659 $1,621 $4,283 $7,563 
Maximum term in years2.6
Fair value:
Other current assets$29 $90 $27 $146 
Other noncurrent assets3 6 — 9 
Other current liabilities(19)— (8)(27)
Other noncurrent liabilities(2)(27)— (29)
Total fair value$11 $69 $19 $99 
December 2023Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$1,650 $1,662 $4,315 $7,627 
Maximum term in years2.9
Fair value:
Other current assets$24 $74 $16 $114 
Other noncurrent assets2 — — 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 InstrumentRecognized in:20242023
Cash FlowCost of sales$10 $13 
Net InvestmentOther income (expense), net8 8 
Non-DesignatedOther income (expense), net3 (4)
Total$21 $17 
v3.24.1.u1
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 31December 31
20242023
Cash and cash equivalents$2,330 $2,971 
Trading marketable securities234 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 securities1 4 
United States treasury debt securities30 31 
Certificates of deposit4 4 
Total available-for-sale marketable securities$77 $82 
Foreign currency exchange forward contracts155 116 
Level 2 - Assets$232 $198 
Total assets measured at fair value$2,796 $3,378 
Liabilities Measured at Fair Value
March 31December 31
20242023
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 31December 31
20242023
Due in one year or less$36 $46 
Due after one year through three years$41 $36 
v3.24.1.u1
Contingencies and Commitments (Tables)
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Lease, Cost
Leases
March 31December 31
20242023
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)5.25.5
Weighted-average discount rate3.92 %3.87 %
Three Months
20242023
Operating lease cost$47 $38 
v3.24.1.u1
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
2023Cerus
Tangible assets acquired:
Accounts receivable$1 
Inventory2 
Deferred income tax assets4 
Other assets1 
Deferred income tax liabilities(60)
Other liabilities(22)
Intangible assets:
Developed technology240 
Goodwill315 
Purchase price, net of cash acquired of $7
$481 
Weighted average amortization period at acquisition (years):
Developed technologies13
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Consolidated Estimated Amortization Expense
Remainder of 20242025202620272028
$468 $593 $537 $514 $468 
v3.24.1.u1
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 DebtMarch 31December 31
20242023
RateDue
Senior unsecured notes:
3.375%May 15, 2024$600 $600 
FloatingNovember 16, 2024540 554 
0.250%December 3, 2024918 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025749 749 
3.500%March 15, 2026997 997 
2.125%November 30, 2027808 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028596 596 
3.375%December 11, 2028645 661 
0.750%March 1, 2029861 883 
1.950%June 15, 2030991 991 
2.625%November 30, 2030696 713 
1.000%December 3, 2031803 823 
4.100%April 1, 2043393 393 
4.375%May 15, 2044396 396 
4.625%March 15, 2046983 983 
2.900%June 15, 2050642 642 
Total debt$12,865 $12,995 
Less current maturities2,058 2,094 
Total long-term debt$10,807 $10,901 
March 31December 31
20242023
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 
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Sales and Other Financial Information by Business Segment
Three Months
20242023
MedSurg and Neurotechnology$2,999 $2,690 
Orthopaedics and Spine2,244 2,088 
Net sales$5,243 $4,778 
MedSurg and Neurotechnology$804 $627 
Orthopaedics and Spine605 601 
Segment operating income$1,409 $1,228 
Items not allocated to segments:
Corporate and other
$(263)$(222)
Acquisition and integration-related costs13 (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 $735 
v3.24.1.u1
Revenue Recognition - Disaggregated Sales Analysis (Details) - USD ($)
$ 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
v3.24.1.u1
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) 3.00% 3.00%  
v3.24.1.u1
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
v3.24.1.u1
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)
v3.24.1.u1
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)  
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
Contingencies and Commitments (Narrative) (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Estimate of possible loss $ 277
v3.24.1.u1
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  
v3.24.1.u1
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
v3.24.1.u1
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    
v3.24.1.u1
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
v3.24.1.u1
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 1.00%  
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  
v3.24.1.u1
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%
v3.24.1.u1
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)