Stryker Corp. (NYSE:SYK)

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Segment Profit Margin: MedSurg and Neurotechnology

Stryker Corp.; MedSurg and Neurotechnology; segment profit margin calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment operating income	2,807)	2,414)	2,304)	—)	—)
Net sales	9,538)	8,345)	8,475)	—)	—)
Segment Profitability Ratio
Segment profit margin¹	29.43%	28.93%	27.19%	—	—

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 2021 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net sales
= 100 × 2,807 ÷ 9,538 = 29.43%

The MedSurg and Neurotechnology segments exhibited a consistent upward trajectory in operational profitability from 2019 through 2021. A sustained expansion in profit margins is evident, reflecting increased efficiency in converting net sales into operating income.

Net Sales Trends: Net sales experienced a slight contraction in 2020, decreasing to 8,345 million USD from 8,475 million USD in 2019. However, a strong recovery was observed in 2021, with sales increasing to 9,538 million USD, indicating a robust rebound in revenue generation.
Segment Operating Income Analysis: Operating income demonstrated uninterrupted growth over the three-year period. The income rose from 2,304 million USD in 2019 to 2,414 million USD in 2020, and reached 2,807 million USD in 2021. This steady climb in income occurred regardless of the fluctuations seen in net sales.
Profit Margin Expansion: The segment profit margin increased sequentially, moving from 27.19% in 2019 to 28.93% in 2020, and ultimately to 29.43% in 2021. The margin growth observed in 2020 is particularly notable as it occurred concurrently with a decline in net sales, suggesting effective cost optimization or a strategic shift toward higher-margin products.

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Segment Profit Margin: Orthopaedics and Spine

Stryker Corp.; Orthopaedics and Spine; segment profit margin calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment operating income	2,180)	1,588)	2,084)	—)	—)
Net sales	7,570)	6,006)	6,409)	—)	—)
Segment Profitability Ratio
Segment profit margin¹	28.80%	26.44%	32.52%	—	—

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 2021 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net sales
= 100 × 2,180 ÷ 7,570 = 28.80%

The Orthopaedics and Spine segment experienced a period of volatility between 2019 and 2021, characterized by a contraction in performance during 2020 followed by a robust recovery in 2021.

Net Sales Performance: Net sales declined from 6,409 million USD in 2019 to 6,006 million USD in 2020. A significant recovery occurred in 2021, with sales increasing to 7,570 million USD, indicating a strong rebound in revenue generation.
Segment Operating Income: Operating income mirrored the revenue trend, decreasing from 2,084 million USD in 2019 to 1,588 million USD in 2020. By 2021, operating income rose to 2,180 million USD, exceeding the levels recorded in 2019.
Segment Profit Margin Analysis: The segment profit margin underwent a notable contraction, dropping from 32.52% in 2019 to 26.44% in 2020. Although the margin recovered to 28.80% in 2021, it remained below the 2019 benchmark, suggesting that the increase in operating income was driven more by higher sales volume than by a full restoration of previous margin efficiency.

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Stryker Corp., ROA by reportable segment

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	18.45%	15.83%	14.16%	—	—
Orthopaedics and Spine	12.01%	8.78%	16.64%	—	—

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).

An analysis of segment return on assets (ROA) between 2019 and 2021 reveals diverging performance trajectories between the two primary reportable segments. While one segment demonstrates a consistent upward trend in asset efficiency, the other exhibits significant volatility with a partial recovery following a sharp decline.

MedSurg and Neurotechnology: This segment shows a steady and uninterrupted increase in ROA over the three-year period. The return on assets grew from 14.16% in 2019 to 15.83% in 2020, ultimately reaching 18.45% by December 31, 2021. This positive progression indicates a continuous improvement in the segment's ability to generate earnings from its asset base.
Orthopaedics and Spine: A volatile trend is observed within this segment. After starting at 16.64% in 2019, the ROA experienced a substantial contraction in 2020, falling to 8.78%. By 2021, a partial recovery was achieved as the ratio rose to 12.01%, although it remained below the 2019 baseline.
Comparative Segment Efficiency: A shift in relative performance is evident between the two segments. In 2019, the Orthopaedics and Spine segment was the more efficient driver of asset returns. However, by 2021, the MedSurg and Neurotechnology segment emerged as the leader in asset productivity, creating a widening performance gap of 6.44 percentage points by the end of the observed period.

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Segment ROA: MedSurg and Neurotechnology

Stryker Corp.; MedSurg and Neurotechnology; segment ROA calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment operating income	2,807)	2,414)	2,304)	—)	—)
Assets	15,218)	15,250)	16,270)	—)	—)
Segment Profitability Ratio
Segment ROA¹	18.45%	15.83%	14.16%	—	—

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 2021 Calculation
Segment ROA = 100 × Segment operating income ÷ Assets
= 100 × 2,807 ÷ 15,218 = 18.45%

Between 2019 and 2021, the MedSurg and Neurotechnology segments demonstrated a consistent improvement in operational efficiency and asset utilization. The Segment Return on Assets (ROA) followed a sustained upward trajectory, increasing from 14.16% in 2019 to 18.45% by the end of 2021.

Segment Operating Income: A positive growth trend is observed in operating income, which rose from US$ 2,304 million in 2019 to US$ 2,807 million in 2021. The growth accelerated between 2020 and 2021, indicating an increase in the segments' ability to generate profit from their operations.
Asset Base Management: The asset base experienced an overall decline during the period, moving from US$ 16,270 million in 2019 to US$ 15,218 million in 2021. The most significant contraction occurred between 2019 and 2020, with the asset level stabilizing thereafter.
Return on Assets (ROA) Performance: The increase in ROA was driven by the simultaneous expansion of operating income and the reduction of the asset base. This dual effect resulted in an efficiency gain of 4.29 percentage points over the three-year period, reflecting an improved capacity to derive higher earnings from a leaner set of assets.

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Segment ROA: Orthopaedics and Spine

Stryker Corp.; Orthopaedics and Spine; segment ROA calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Segment operating income	2,180)	1,588)	2,084)	—)	—)
Assets	18,149)	18,090)	12,527)	—)	—)
Segment Profitability Ratio
Segment ROA¹	12.01%	8.78%	16.64%	—	—

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 2021 Calculation
Segment ROA = 100 × Segment operating income ÷ Assets
= 100 × 2,180 ÷ 18,149 = 12.01%

The financial performance of the Orthopaedics and Spine segment between 2019 and 2021 is characterized by a period of operational volatility followed by a recovery in earnings, occurring alongside a significant expansion of the asset base.

Segment Operating Income: A fluctuating trend is observed in operating income, which decreased from US$ 2,084 million in 2019 to US$ 1,588 million in 2020. This decline was reversed in 2021, as income rose to US$ 2,180 million, marking a recovery that exceeded 2019 levels.
Asset Base Growth: The segment experienced a substantial increase in assets between 2019 and 2020, rising from US$ 12,527 million to US$ 18,090 million. This growth plateaued in 2021, with assets ending the period at US$ 18,149 million.
Segment Return on Assets (ROA): The Segment ROA demonstrates a sharp decline from 16.64% in 2019 to 8.78% in 2020. This compression was driven by the dual impact of reduced operating income and a significantly larger asset denominator. A partial recovery was noted in 2021, with the ROA increasing to 12.01%, reflecting improved operational efficiency on a stabilized asset base, although the ratio did not return to its 2019 peak.

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Stryker Corp., asset turnover by reportable segment

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	0.63	0.55	0.52	—	—
Orthopaedics and Spine	0.42	0.33	0.51	—	—

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).

Analysis of segment asset turnover reveals contrasting performance trajectories between the MedSurg and Neurotechnology and Orthopaedics and Spine segments from 2019 through 2021. While both segments began the observed period with comparable efficiency levels, a distinct divergence in asset utilization emerged over the subsequent two years.

MedSurg and Neurotechnology: This segment demonstrated a consistent upward trend in asset turnover, increasing from 0.52 in 2019 to 0.55 in 2020, and reaching 0.63 by 2021. This steady growth indicates a progressive improvement in the segment's ability to generate revenue from its asset base, reflecting enhanced operational efficiency.
Orthopaedics and Spine: A volatile pattern is observed within this segment, characterized by a sharp decline and a subsequent partial recovery. The asset turnover ratio fell from 0.51 in 2019 to 0.33 in 2020, marking a significant decrease in asset productivity. Although the ratio improved to 0.42 in 2021, it remained below the 2019 baseline, suggesting that the segment has not yet fully returned to its prior levels of efficiency.

The comparative data indicates that by 2021, the MedSurg and Neurotechnology segment achieved a substantially higher asset turnover ratio than the Orthopaedics and Spine segment. The trajectory suggests that while one segment optimized its asset utilization consistently, the other faced a significant disruption in 2020 followed by a gradual recovery phase.

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Segment Asset Turnover: MedSurg and Neurotechnology

Stryker Corp.; MedSurg and Neurotechnology; segment asset turnover calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Net sales	9,538)	8,345)	8,475)	—)	—)
Assets	15,218)	15,250)	16,270)	—)	—)
Segment Activity Ratio
Segment asset turnover¹	0.63	0.55	0.52	—	—

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 2021 Calculation
Segment asset turnover = Net sales ÷ Assets
= 9,538 ÷ 15,218 = 0.63

The MedSurg and Neurotechnology segment demonstrated a consistent improvement in asset utilization efficiency from 2019 through 2021. The segment asset turnover ratio rose steadily from 0.52 to 0.63, indicating an increasing ability to generate revenue from the allocated asset base.

Net Sales Trends: Revenue experienced a minor contraction between 2019 and 2020, moving from 8,475 million to 8,345 million. This was followed by a significant increase in 2021, where net sales reached 9,538 million, signaling a strong recovery and growth phase.
Asset Base Evolution: A downward trend in total assets was observed over the three-year period, decreasing from 16,270 million in 2019 to 15,218 million in 2021. The most substantial reduction occurred between 2019 and 2020, with assets declining by approximately 1,020 million.
Asset Turnover Analysis: The improvement in the asset turnover ratio occurred in two distinct stages. Between 2019 and 2020, the ratio increased from 0.52 to 0.55; this improvement was driven by a reduction in assets that outpaced the slight decline in net sales. Between 2020 and 2021, the ratio climbed further to 0.63, resulting from a combination of substantial sales growth and a continued, albeit slight, reduction in the asset base. This trajectory indicates enhanced operational productivity and more efficient deployment of capital.

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Segment Asset Turnover: Orthopaedics and Spine

Stryker Corp.; Orthopaedics and Spine; segment asset turnover calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Net sales	7,570)	6,006)	6,409)	—)	—)
Assets	18,149)	18,090)	12,527)	—)	—)
Segment Activity Ratio
Segment asset turnover¹	0.42	0.33	0.51	—	—

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 2021 Calculation
Segment asset turnover = Net sales ÷ Assets
= 7,570 ÷ 18,149 = 0.42

The Orthopaedics and Spine segment experienced significant volatility in asset utilization between 2019 and 2021, characterized by a sharp decline in efficiency followed by a partial recovery.

Net Sales Performance: Revenue exhibited a non-linear trend, decreasing by approximately 6.3% from US$ 6,409 million in 2019 to US$ 6,006 million in 2020. However, a strong recovery occurred in 2021, with net sales rising to US$ 7,570 million, representing a 26.1% increase over the previous year and surpassing 2019 levels.
Asset Base Expansion: A substantial increase in assets occurred between 2019 and 2020, with the asset base growing from US$ 12,527 million to US$ 18,090 million, an increase of approximately 44.4%. This asset growth remained relatively stable into 2021, ending the period at US$ 18,149 million.
Segment Asset Turnover Analysis: The asset turnover ratio declined from 0.51 in 2019 to 0.33 in 2020. This deterioration was driven by the simultaneous occurrence of declining net sales and a rapid expansion of the asset base, indicating a period of diminished operational efficiency. In 2021, the ratio improved to 0.42, as the segment leveraged its stable asset base to generate significantly higher sales. Despite this recovery, the turnover ratio remained below the 2019 baseline, reflecting a permanently larger asset footprint relative to the revenue generated.

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Stryker Corp., capital expenditures to depreciation by reportable segment

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	0.38	0.39	0.58	—	—
Orthopaedics and Spine	0.26	0.33	0.30	—	—

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).

An evaluation of the capital expenditures to depreciation ratios indicates a broad contraction in the rate of capital reinvestment relative to asset wear and tear across both primary business segments between 2019 and 2021.

MedSurg and Neurotechnology: A sharp downward trajectory is evident, with the ratio decreasing from 0.58 in 2019 to 0.39 in 2020, before stabilizing at 0.38 by the end of 2021. This trend suggests a significant reduction in capital intensity or a strategic shift in the replacement and expansion of fixed assets within this segment.
Orthopaedics and Spine: This segment demonstrated relative volatility, with the ratio increasing slightly from 0.30 in 2019 to 0.33 in 2020, followed by a decrease to 0.26 in 2021. The decline in the final year represents the lowest reinvestment level recorded for this segment over the observed period.

Across the analyzed timeframe, the MedSurg and Neurotechnology segment consistently maintained a higher ratio than the Orthopaedics and Spine segment. However, the gap between the two segments narrowed over time, indicating a convergence in reinvestment patterns as both segments trended toward lower capital expenditure relative to depreciation by 2021.

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Segment Capital Expenditures to Depreciation: MedSurg and Neurotechnology

Stryker Corp.; MedSurg and Neurotechnology; segment capital expenditures to depreciation calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Purchases of property, plant and equipment	197)	192)	281)	—)	—)
Depreciation and amortization	518)	496)	488)	—)	—)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	0.38	0.39	0.58	—	—

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 2021 Calculation
Segment capital expenditures to depreciation = Purchases of property, plant and equipment ÷ Depreciation and amortization
= 197 ÷ 518 = 0.38

Between 2019 and 2021, the MedSurg and Neurotechnology segments exhibited a contraction in capital reinvestment relative to the depreciation of existing assets. While depreciation and amortization expenses grew steadily, purchases of property, plant, and equipment experienced a significant decline followed by a period of stabilization.

Purchases of Property, Plant, and Equipment: Capital expenditures decreased from 281 million US dollars in 2019 to 192 million US dollars in 2020, remaining relatively flat at 197 million US dollars in 2021. This reflects a reduction in the acquisition of new fixed assets over the analyzed period.
Depreciation and Amortization: A consistent upward trend is observed in depreciation and amortization expenses, which rose from 488 million US dollars in 2019 to 518 million US dollars by 2021. This steady increase indicates a growing base of depreciable assets or the impact of previous high-value investments.
Segment Capital Expenditures to Depreciation Ratio: The ratio declined sharply from 0.58 in 2019 to 0.39 in 2020, ending at 0.38 in 2021. Because the ratio remained significantly below 1.0 throughout the period, it is evident that capital expenditures were insufficient to offset the annual depreciation of the asset base. This pattern suggests a strategy of reduced capital intensity or a phase of asset utilization where replacement investment is not keeping pace with the consumption of existing capital.

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Segment Capital Expenditures to Depreciation: Orthopaedics and Spine

Stryker Corp.; Orthopaedics and Spine; segment capital expenditures to depreciation calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Purchases of property, plant and equipment	165)	150)	138)	—)	—)
Depreciation and amortization	629)	458)	457)	—)	—)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	0.26	0.33	0.30	—	—

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 2021 Calculation
Segment capital expenditures to depreciation = Purchases of property, plant and equipment ÷ Depreciation and amortization
= 165 ÷ 629 = 0.26

The financial trajectory of the Orthopaedics and Spine segment from 2019 to 2021 reflects a strategy of modest capital investment relative to the depreciation of its existing asset base. While nominal investment in property, plant, and equipment increased steadily over the period, the rate of asset depreciation accelerated more rapidly, particularly in the final year of the analysis.

Capital Expenditure Trends: Purchases of property, plant, and equipment exhibited a consistent upward trend, rising from 138 million US dollars in 2019 to 165 million US dollars by 2021. This indicates a steady, incremental commitment to expanding or maintaining the segment's physical infrastructure.
Depreciation and Amortization Dynamics: Depreciation and amortization expenses remained nearly stagnant between 2019 and 2020, at 457 million and 458 million US dollars, respectively. However, a significant increase occurred in 2021, with expenses rising to 629 million US dollars, suggesting a substantial increase in the depreciable asset base or a shift in the amortization schedule of existing assets.
Segment Capital Expenditures to Depreciation Ratio: The ratio of capital expenditures to depreciation remained well below 1.0 throughout the observed period, peaking at 0.33 in 2020 before declining to 0.26 in 2021. This persistent gap indicates that the segment is not replacing its depreciating assets at a one-to-one replacement rate. The contraction in the ratio during 2021 was driven primarily by the sharp increase in depreciation expenses, which outpaced the growth in capital spending.

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Stryker Corp., net sales by reportable segment

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	9,538)	8,345)	8,475)	—)	—)
Orthopaedics and Spine	7,570)	6,006)	6,409)	—)	—)
Total	17,108)	14,351)	14,884)	—)	—)

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).

Total net sales across the reportable segments experienced a moderate contraction in 2020 followed by a significant expansion in 2021. Total revenue declined from US$ 14,884 million in 2019 to US$ 14,351 million in 2020, before recovering to reach US$ 17,108 million by the end of 2021.

MedSurg and Neurotechnology Performance: The MedSurg and Neurotechnology segment showed relative resilience during the observed period. Net sales decreased slightly from US$ 8,475 million in 2019 to US$ 8,345 million in 2020, representing a marginal decline of approximately 1.5%. Growth accelerated in 2021, with sales rising to US$ 9,538 million, a year-over-year increase of roughly 14.2%.
Orthopaedics and Spine Performance: The Orthopaedics and Spine segment exhibited higher volatility compared to the MedSurg segment. A more pronounced decline was observed between 2019 and 2020, with sales dropping from US$ 6,409 million to US$ 6,006 million, a decrease of approximately 6.3%. This was followed by a robust recovery in 2021, where sales surged to US$ 7,570 million, reflecting a significant growth rate of approximately 26.0%.
Comparative Segment Analysis: MedSurg and Neurotechnology consistently contributed a larger share of the total net sales throughout the three-year period. While the Orthopaedics and Spine segment experienced a sharper downturn in 2020, it demonstrated a more aggressive recovery trajectory in 2021, outpacing the growth rate of the MedSurg and Neurotechnology segment.

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Stryker Corp., depreciation and amortization by reportable segment

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	518)	496)	488)	—)	—)
Orthopaedics and Spine	629)	458)	457)	—)	—)
Corporate and Other	125)	122)	99)	—)	—)
Total	1,272)	1,076)	1,044)	—)	—)

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).

Total depreciation and amortization expenses experienced a cumulative increase of approximately 21.8% between 2019 and 2021, rising from $1,044 million to $1,272 million. The growth trajectory remained relatively stable between 2019 and 2020 before accelerating significantly in 2021.

MedSurg and Neurotechnology: A consistent upward trend is observed, with expenses increasing from $488 million in 2019 to $518 million in 2021. This segment demonstrates a gradual and steady rise in depreciation and amortization costs over the three-year period.
Orthopaedics and Spine: This segment remained nearly stagnant between 2019 and 2020, moving from $457 million to $458 million. However, a substantial increase occurred in 2021, with expenses surging to $629 million. This sharp escalation suggests a significant expansion in capital assets or the acquisition of intangible assets during that period.
Corporate and Other: Expenses in this category rose from $99 million in 2019 to $122 million in 2020, followed by a marginal increase to $125 million in 2021. The most pronounced growth for this segment occurred during the 2020 fiscal year.

The overall increase in consolidated depreciation and amortization is primarily attributable to the Orthopaedics and Spine segment's performance in 2021, which served as the primary driver for the total expense growth during the final year of the observed period.

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Stryker Corp., segment operating income by reportable segment

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	2,807)	2,414)	2,304)	—)	—)
Orthopaedics and Spine	2,180)	1,588)	2,084)	—)	—)
Total	4,987)	4,002)	4,388)	—)	—)

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).

Total operating income experienced a contraction in 2020 before achieving a significant increase in 2021. Aggregate income declined from 4,388 million USD in 2019 to 4,002 million USD in 2020, representing a decrease of approximately 8.8%, before rebounding to a period high of 4,987 million USD by the end of 2021.

MedSurg and Neurotechnology Performance: A consistent upward trajectory is observed in this segment. Operating income grew steadily from 2,304 million USD in 2019 to 2,414 million USD in 2020, and further increased to 2,807 million USD in 2021. This segment provided a stabilizing effect on total operating income during the 2020 downturn.
Orthopaedics and Spine Performance: This segment exhibited significant volatility between 2019 and 2021. A sharp decrease in operating income occurred in 2020, falling from 2,084 million USD to 1,588 million USD. This decline was followed by a robust recovery in 2021, with income rising to 2,180 million USD, exceeding the 2019 levels.
Comparative Segment Analysis: The divergence in performance between the two segments in 2020 highlights a disparity in operational resilience. While MedSurg and Neurotechnology maintained growth, the Orthopaedics and Spine segment saw a substantial temporary decline. However, by 2021, both segments contributed to an overall expansion of profitability, with the Orthopaedics and Spine segment recording the most significant year-over-year growth rate during the 2020-2021 period.

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Stryker Corp., assets by reportable segment

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	15,218)	15,250)	16,270)	—)	—)
Orthopaedics and Spine	18,149)	18,090)	12,527)	—)	—)
Corporate and Other	1,264)	990)	1,370)	—)	—)
Total	34,631)	34,330)	30,167)	—)	—)

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).

Total reportable segment assets experienced an overall increase between 2019 and 2021, rising from 30,167 million US dollars to 34,631 million US dollars. The most significant expansion occurred between 2019 and 2020, followed by a period of relative stability through the end of 2021.

Orthopaedics and Spine: This segment served as the primary driver of total asset growth. Assets increased substantially from 12,527 million US dollars in 2019 to 18,090 million US dollars in 2020, representing a significant shift in the company's asset allocation. This growth plateaued in 2021, ending the period at 18,149 million US dollars.
MedSurg and Neurotechnology: A consistent downward trend is observed in this segment. Assets decreased from 16,270 million US dollars in 2019 to 15,250 million US dollars in 2020, with a further slight decline to 15,218 million US dollars by December 31, 2021.
Corporate and Other: Assets in this category remained relatively low compared to the primary operating segments. A contraction occurred between 2019 and 2020, with values dropping from 1,370 million US dollars to 990 million US dollars, before recovering to 1,264 million US dollars in 2021.

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Stryker Corp., purchases of property, plant and equipment by reportable segment

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
MedSurg and Neurotechnology	197)	192)	281)	—)	—)
Orthopaedics and Spine	165)	150)	138)	—)	—)
Corporate and Other	163)	145)	230)	—)	—)
Total	525)	487)	649)	—)	—)

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).

Total capital expenditures for property, plant, and equipment exhibited a notable contraction between 2019 and 2020, followed by a moderate recovery in 2021. Total investment decreased from 649 million USD in 2019 to 487 million USD in 2020, representing a reduction of approximately 25%, before rising to 525 million USD by the end of 2021.

MedSurg and Neurotechnology Segment: This segment recorded the highest initial expenditure in 2019 at 281 million USD. A significant reduction occurred in 2020, with spending dropping to 192 million USD, followed by a marginal increase to 197 million USD in 2021. This pattern suggests a transition from a period of aggressive capital investment to a more stabilized spending phase.
Orthopaedics and Spine Segment: In contrast to the other categories, the Orthopaedics and Spine segment demonstrated a consistent upward trajectory in capital spending. Investment rose steadily from 138 million USD in 2019 to 150 million USD in 2020, and further to 165 million USD in 2021, indicating a sustained commitment to growth or infrastructure upgrades within this business unit.
Corporate and Other Expenditures: Expenditures within the Corporate and Other category mirrored the broader corporate trend of decline and partial recovery. Spending fell from 230 million USD in 2019 to 145 million USD in 2020, before increasing to 163 million USD in 2021.

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