2013 Form 10-K

Issue link:

Contents of this Issue


Page 8 of 50

7 Dollar amounts in millions except per share amounts or as otherwise specified ITEM 2. PROPERTIES. The following are our principal manufacturing locations as of December 31, 2013: Location Segment Square Feet Owned/ Leased Portage, Michigan M 1,034,000 Owned Changzhou, China R, NS 736,000 Owned Mahwah, New Jersey R 531,000 Owned Arroyo, Puerto Rico M 220,000 Leased Kiel, Germany R 173,000 Owned Suzhou, China R, NS 158,000 Owned San Jose, California M 185,000 Leased Selzach, Switzerland R 137,000 Owned Lakeland, Florida M 125,000 Leased Freiburg, Germany R 123,000 Owned Limerick, Ireland R 121,000 Owned Flower Mound, Texas M 114,000 Leased Carrigtwohill, Ireland R, NS 110,000 Leased Phoenix, Arizona M 100,000 Leased Cestas, France NS 91,000 Owned Neuch√Ętel, Switzerland NS 88,000 Owned Ft. Lauderdale, Florida R 83,000 Leased Carrigtwohill, Ireland R 72,000 Owned Malvern, Pennsylvania R 65,000 Leased Mountain View, California NS 62,000 Leased Fremont, California NS 52,000 Leased Guayama, Puerto Rico M 46,000 Leased Cestas, France NS 35,000 Leased Freiburg, Germany R, M 34,000 Leased Stetten, Germany R 33,000 Owned Rennes, France R 31,000 Leased West Valley, Utah NS 29,000 Leased R = Reconstructive M = MedSurg NS = Neurotechnology and Spine Our corporate headquarters are located in Kalamazoo, Michigan, in a 75,000 square foot owned facility. In addition, we maintain administrative and sales offices and warehousing and distribution facilities in multiple countries. We believe that our properties are suitable and adequate for the manufacture and distribution of our products. ITEM 3. LEGAL PROCEEDINGS. We are involved in various proceedings, legal actions and claims arising in the normal course of business, including proceedings related to product, labor and intellectual property, and other matters that are more fully described in Note 7 to the Consolidated Financial Statements in Item 8 of this report; this information is incorporated herein by reference. ITEM 4. MINE SAFETY. Not applicable. PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Our common stock is traded on the New York Stock Exchange under the symbol SYK. Quarterly stock price and dividend information for the years ended December 31, 2013 and 2012 were as follows: 2013 Quarter Ended Mar. 31 June 30 Sept. 30 Dec. 31 Dividends declared per share of common stock $ 0.265 $ 0.265 $ 0.265 $ 0.305 Market price of common stock: High 66.92 70.00 71.94 75.55 Low 55.24 63.35 63.71 66.93 2012 Quarter Ended Mar. 31 June 30 Sept. 30 Dec. 31 Dividends declared per share of common stock $0.2125 $0.2125 $0.2125 $ 0.265 Market price of common stock: High 55.90 57.14 56.79 56.75 Low 50.41 49.43 50.05 51.60 Our Board of Directors considers payment of cash dividends at each of its quarterly meetings. On January 31, 2014, there were 3,556 shareholders of record of our common stock. In December of 2012, 2011 and 2010, we announced that our Board of Directors had authorized us to purchase up to $405, $500 and $500, respectively, of our common stock (the 2012, 2011 and 2010 Repurchase Programs, respectively). The manner, timing and amount of purchases is determined by management based on an evaluation of market conditions, stock price and other factors and is subject to regulatory considerations. Purchases are to be made from time to time in the open market, in privately negotiated transactions or otherwise. During the year ended December 31, 2013 we repurchased 1.4 million shares at a cost of $95 under the 2010 Repurchase Program and 3.4 million shares at a cost of $222 under the 2011 Repurchase Program. As of December 31, 2013, the 2010 Repurchase Program was complete and the maximum dollar value of shares that may yet be purchased under the 2011 Repurchase Program was $278. We had made no repurchases pursuant to the 2012 Repurchase Program at December 31, 2013. Shares repurchased under the share repurchase programs are available for general corporate purposes, including offsetting dilution associated with stock option and other equity-based employee benefit plans. At December 31, 2013, the maximum dollar value of shares that may be purchased under the authorized Repurchase Programs was $683. The activity pursuant to the 2011 Repurchase Program for the three months ended December 31, 2013 is summarized as follows:

Articles in this issue

view archives of STRYKER - 2013 Form 10-K