Adjustments to Financial Statements
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Adjustments to Current Assets
Stryker Corp., adjusted current assets
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current assets | ||||||
| Adjustments | ||||||
| Add: Allowance for doubtful accounts | ||||||
| After Adjustment | ||||||
| Adjusted current assets | ||||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The data exhibits the trends in current assets and adjusted current assets over a five-year period.
- Current Assets
- The value of current assets increased steadily from 2017 to 2019, rising from 7,993 million US dollars to 11,360 million US dollars. This represents a significant growth during the first three years. However, in 2020, there is a noticeable decline to 9,707 million US dollars, indicating a reversal of the previous upward trend. In 2021, current assets show a modest recovery, rising slightly to 10,017 million US dollars, though still below the 2019 peak.
- Adjusted Current Assets
- Adjusted current assets follow a similar pattern as current assets. They experienced steady growth from 8,052 million US dollars in 2017 to 11,448 million US dollars in 2019. In 2020, there is a decrease to 9,838 million US dollars, mirroring the drop in current assets. By 2021, adjusted current assets increased marginally to 10,184 million US dollars, indicating a partial recovery but remaining below the 2019 high.
Overall, the data reveals a growth phase in current and adjusted current assets until 2019, followed by a downturn in 2020, likely impacted by external factors. The slight increase in 2021 suggests a beginning of stabilization or recovery but does not fully restore assets to previous levels.
Adjustments to Total Assets
Stryker Corp., adjusted total assets
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Noncurrent deferred income tax assets. See details »
- Total Assets
- The total assets demonstrated a steady upward trend over the analyzed five-year period, rising from $22,197 million in 2017 to $34,631 million in 2021. This reflects a cumulative increase of approximately 56% over the period. The growth was consistent year over year, with the most significant increment occurring between 2019 and 2020.
- Adjusted Total Assets
- The adjusted total assets followed a similar growth trajectory, starting at $22,269 million in 2017 and increasing to $33,038 million by 2021. While the overall trend aligns closely with the unadjusted total assets, adjusted total assets values are slightly lower in the later years, particularly from 2018 onward. The increase from 2019 to 2020 is also notable, paralleling the trend observed in total assets.
- Summary of Asset Growth
- Both measures indicate a consistent expansion of asset base across the period analyzed, signaling ongoing investment or acquisition activity. The difference between total and adjusted total assets narrows toward the end of the period, suggesting adjustments are becoming less impactful relative to the total asset size. This consistent growth trend may reflect the company's strategic focus on asset enhancement and capitalization.
Adjustments to Total Liabilities
Stryker Corp., adjusted total liabilities
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Noncurrent deferred income tax liabilities (included in Other noncurrent liabilities). See details »
- Total Liabilities
- The total liabilities increased consistently from 12,217 million US dollars in 2017 to a peak of 21,246 million US dollars in 2020. This represents a significant growth trend over the four-year period. However, there was a noticeable decline in total liabilities in 2021, falling to 19,754 million US dollars, indicating a reduction in the company's outstanding obligations during the last year observed.
- Adjusted Total Liabilities
- Adjusted total liabilities follow a similar pattern to the total liabilities, rising steadily from 12,466 million US dollars in 2017 to a high of 21,129 million US dollars in 2020. Like total liabilities, a decrease is observed in 2021, with adjusted total liabilities reducing to 19,686 million US dollars. The close alignment between total and adjusted total liabilities suggests that adjustments made do not significantly alter the overall liability profile.
Adjustments to Stockholders’ Equity
Stryker Corp., adjusted total Stryker shareholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Net deferred income tax assets (liabilities). See details »
The financial data indicates a consistent upward trend in both the total shareholders' equity and the adjusted total shareholders' equity from 2017 through 2021.
- Total shareholders’ equity
- This metric shows an increase from $9,966 million in 2017 to $14,877 million in 2021. The growth is steady year-over-year, with notable increments particularly between 2018 and 2019, and again from 2020 to 2021. This suggests a strengthening financial position over the five-year period.
- Adjusted total shareholders’ equity
- Similarly, adjusted total shareholders’ equity grew from $9,803 million in 2017 to $13,352 million in 2021. Although the adjusted figures are consistently slightly lower than the total shareholders’ equity, the trajectory mirrors that of the total equity with a steady increase each year. The largest absolute increase occurred between 2020 and 2021.
Overall, the data suggests a robust expansion in equity indicating improving net asset value and possibly retained earnings or capital injections. This trend reflects positively on the company’s solvency and financial health over the analyzed timeframe.
Adjustments to Capitalization Table
Stryker Corp., adjusted capitalization table
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Current operating lease liabilities (recorded in Accrued expenses and other liabilities). See details »
3 Noncurrent operating lease liabilities (recorded in Other noncurrent liabilities). See details »
4 Net deferred income tax assets (liabilities). See details »
- Total reported debt
- The total reported debt increased steadily from 7,222 million US dollars in 2017 to a peak of 13,991 million US dollars in 2020, followed by a decrease to 12,479 million US dollars in 2021. This indicates a significant rise in borrowing over the four-year period, with a partial reduction in the final year.
- Total Stryker shareholders’ equity
- Shareholders’ equity exhibited consistent growth, rising from 9,966 million US dollars in 2017 to 14,877 million US dollars by the end of 2021. This upward trend suggests improving retained earnings and/or additional equity injections contributing to stronger financial foundations.
- Total reported capital
- The total reported capital, representing the sum of debt and equity, increased from 17,188 million US dollars in 2017 to 27,075 million US dollars in 2020, with a marginal increase to 27,356 million US dollars in 2021. This reflects overall growth in financing sources, predominantly driven by both higher debt and equity levels over time.
- Adjusted total debt
- The adjusted total debt follows a similar pattern to the reported debt, increasing from 7,518 million US dollars in 2017 to 14,425 million US dollars in 2020 before declining to 12,901 million US dollars in 2021. The adjustments slightly increase debt figures but maintain the same trend of rising leverage and then partial deleveraging.
- Adjusted total shareholders’ equity
- Adjusted shareholders’ equity shows growth from 9,803 million US dollars in 2017 to 13,352 million US dollars in 2021, but with a notably slower increase compared to the reported equity. The equity rises at a more modest pace, indicating adjustments possibly associated with accounting or valuation changes that temper the growth rate.
- Adjusted total capital
- Adjusted total capital increases from 17,321 million US dollars in 2017 to 26,227 million US dollars in 2020, then slightly decreases to 26,253 million US dollars in 2021. This overall upward trajectory mirrors the total reported capital but rises at a slightly diminished rate, likely reflecting the cumulative adjustments on both debt and equity.
Adjustments to Reported Income
Stryker Corp., adjusted net earnings
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Deferred income tax expense (benefit). See details »
The annual financial data reveal notable fluctuations and trends in net earnings and adjusted net earnings over the five-year period.
- Net Earnings
- The net earnings started at 1,020 million US dollars in 2017 before sharply increasing to a peak of 3,553 million US dollars in 2018. Subsequently, there was a decline to 2,083 million in 2019, followed by a further decrease to 1,599 million in 2020. In 2021, net earnings rose again to 1,994 million US dollars. This sequence indicates significant volatility, with the highest performance recorded in 2018 and a trough in 2020, possibly reflecting external challenges or operational factors affecting profitability during this period.
- Adjusted Net Earnings
- Adjusted net earnings demonstrate a different pattern. They began at 1,267 million US dollars in 2017 and increased steadily to 1,898 million in 2018, then to 2,258 million in 2019. However, in 2020, there was a sharp decline to 1,139 million US dollars, the lowest point in the observed timeframe. The year 2021 showed a strong recovery with adjusted net earnings rising to 2,419 million US dollars, the highest value in the dataset. This trend suggests that while adjustments may have tempered some of the volatility seen in net earnings, there was still a significant impact in 2020 followed by a robust rebound.
Overall, despite fluctuations, especially in 2020, both net earnings and adjusted net earnings reflect resilience with recovery observed in 2021. The adjusted net earnings typically remained above net earnings for most years, indicative of the potential exclusion of non-recurring or extraordinary items in the adjusted figures that may have influenced the financial performance metrics.