Analysis of Debt
Total Debt (Carrying Amount)
Stryker Corp., balance sheet: debt
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).
Total debt (carrying amount) experienced a consistent upward trajectory from 2017 through 2020, increasing from 7,222 million US$ to a peak of 13,991 million US$. This period of expansion was followed by a moderate reduction in 2021, with total debt decreasing to 12,479 million US$.
- Long-Term Debt Accumulation
- Long-term debt, excluding current maturities, served as the primary driver of the overall debt increase. This figure grew steadily from 6,590 million US$ in 2017 to 13,230 million US$ in 2020, before experiencing a slight decline to 12,472 million US$ in 2021. The sustained growth over the first four years suggests a strategic increase in long-term leverage.
- Current Maturities Volatility
- Current maturities of debt exhibited a non-linear trend, peaking at 1,373 million US$ in 2018. Following this peak, a downward trend occurred, culminating in a significant reduction to 7 million US$ by December 31, 2021. This sharp decline in the final year indicates a substantial shift in short-term repayment obligations.
- Debt Composition and Structure
- The debt profile remained heavily weighted toward long-term obligations throughout the observed period. By 2021, the proportion of total debt attributed to current maturities became negligible, with long-term debt accounting for nearly the entire carrying amount of the company's total debt.
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Total Debt (Fair Value)
| Dec 31, 2021 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior unsecured notes | 13,391) |
| Term loan | —) |
| Other | 10) |
| Total debt (fair value) | 13,401) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.07 |
Based on: 10-K (reporting date: 2021-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 2.33%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 1.13% | 622) | 7) | |
| 0.60% | 598) | 4) | |
| 3.38% | 593) | 20) | |
| 0.25% | 958) | 2) | |
| 1.15% | 645) | 7) | |
| 3.38% | 748) | 25) | |
| 3.50% | 994) | 35) | |
| 2.13% | 845) | 18) | |
| 3.65% | 597) | 22) | |
| 0.75% | 901) | 7) | |
| 1.95% | 990) | 19) | |
| 2.63% | 727) | 19) | |
| 1.00% | 840) | 8) | |
| 4.10% | 392) | 16) | |
| 4.38% | 395) | 17) | |
| 4.63% | 982) | 45) | |
| 2.90% | 642) | 19) | |
| Total | 12,469) | 291) | |
| 2.33% | |||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 291 ÷ 12,469 = 2.33%