Issue link: http://catalog.e-digitaleditions.com/i/647001
ITEM 6. SELECTED FINANCIAL DATA. CONSOLIDATED OPERATIONS 2015 2014 2013 2012 2011 Net sales $ 9,946 $ 9,675 $ 9,021 $ 8,657 $ 8,307 Cost of sales 3,344 3,319 3,002 2,806 2,834 Gross profit $ 6,602 $ 6,356 $ 6,019 $ 5,851 $ 5,473 Research, development and engineering expenses 625 614 536 471 462 Selling, general and administrative expenses 3,610 3,547 3,467 3,342 3,203 Recall charges, net of insurance proceeds 296 761 622 174 — Intangible asset amortization 210 188 138 123 122 Total operating expenses $ 4,741 $ 5,110 $ 4,763 $ 4,110 $ 3,787 Operating income 1,861 1,246 1,256 1,741 1,686 Other income (expense), net (126 ) (86 ) (44 ) (36 ) — Earnings before income taxes $ 1,735 $ 1,160 $ 1,212 $ 1,705 $ 1,686 Income taxes 296 645 206 407 341 Net earnings $ 1,439 $ 515 $ 1,006 $ 1,298 $ 1,345 PER SHARE DATA Net earnings per share of common stock: Basic $ 3.82 $ 1.36 $ 2.66 $ 3.41 $ 3.48 Diluted $ 3.78 $ 1.34 $ 2.63 $ 3.39 $ 3.45 Dividends per share of common stock: Declared $ 1.42 $ 1.26 $ 1.10 $ 0.90 $ 0.75 Paid $ 1.34 $ 1.22 $ 1.06 $ 0.85 $ 0.72 Average number of shares outstanding: Basic 376.6 378.5 378.6 380.6 386.5 Diluted 380.9 382.8 382.1 383.0 389.5 CONSOLIDATED FINANCIAL POSITION Cash, cash equivalents and current marketable securities $ 4,079 $ 5,000 $ 3,980 $ 4,285 $ 3,418 Accounts receivable, less allowance 1,662 1,572 1,518 1,430 1,417 Inventories 1,639 1,588 1,422 1,265 1,283 Property, plant and equipment, net 1,199 1,098 1,081 948 888 Capital expenditures 270 233 195 210 226 Depreciation and amortization 590 586 511 486 481 Total assets* 16,247 17,279 15,399 13,035 11,978 Accounts payable 410 329 314 288 345 Total debt 4,022 3,973 2,764 1,762 1,768 Shareholders' equity 8,511 8,595 9,047 8,597 7,683 Net cash provided by operating activities $ 899 $ 1,782 $ 1,886 $ 1,657 $ 1,434 OTHER DATA Number of shareholders of record 3,118 3,305 3,612 4,258 4,508 Approximate number of employees 27,000 26,000 25,000 22,000 21,000 * Certain prior year amounts have been reclassified to comply with Accounting Standards Update (ASU) 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 was adopted in 2015. STRYKER CORPORATION 2015 Form 10-K 8 Dollar amounts in millions except per share amounts or as otherwise specified.