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STRYKER CORPORATION 2016 Form 10-K Dollar amounts in millions except per share amounts or as otherwise specified. 8 ITEM 6. SELECTED FINANCIAL DATA. Statement of Earnings Data 2016 2015 2014 2013 2012 Net sales $ 11,325 $ 9,946 $ 9,675 $ 9,021 $ 8,657 Cost of sales 3,830 3,344 3,319 3,002 2,806 Gross profit $ 7,495 $ 6,602 $ 6,356 $ 6,019 $ 5,851 Research, development and engineering expenses 715 625 614 536 471 Selling, general and administrative expenses 4,137 3,610 3,547 3,467 3,342 Recall charges, net of insurance proceeds 158 296 761 622 174 Amortization of intangible assets 319 210 188 138 123 Total operating expenses $ 5,329 $ 4,741 $ 5,110 $ 4,763 $ 4,110 Operating income $ 2,166 $ 1,861 $ 1,246 $ 1,256 $ 1,741 Other income (expense), net (245) (126) (86) (44) (36) Earnings before income taxes $ 1,921 $ 1,735 $ 1,160 $ 1,212 $ 1,705 Income taxes 274 296 645 206 407 Net earnings $ 1,647 $ 1,439 $ 515 $ 1,006 $ 1,298 Diluted net earnings per share of common stock $ 4.35 $ 3.78 $ 1.34 $ 2.63 $ 3.39 Balance Sheet Data Cash, cash equivalents and current marketable securities $ 3,384 $ 4,079 $ 5,000 $ 3,980 $ 4,285 Accounts receivable, less allowance 1,967 1,662 1,572 1,518 1,430 Inventories 2,030 1,639 1,588 1,422 1,265 Property, plant and equipment, net 1,569 1,199 1,098 1,081 948 Total assets 20,435 16,223 17,258 15,383 13,025 Accounts payable 437 410 329 314 288 Total debt 6,914 3,998 3,952 2,748 1,752 Shareholders' equity $ 9,550 $ 8,511 $ 8,595 $ 9,047 $ 8,597 Cash Flow Data Net cash provided by operating activities $ 1,812 $ 899 $ 1,782 $ 1,886 $ 1,657 Capital expenditures 490 270 233 195 210 Depreciation 227 187 190 169 154 Acquisitions, net of cash acquired 4,332 153 916 2,320 154 Amortization of intangible assets 319 210 188 138 123 Dividends paid 568 521 462 401 324 Repurchase of common stock $ 13 $ 700 $ 100 $ 317 $ 108 Other Data Number of shareholders of record 3,010 3,118 3,305 3,612 4,258 Approximate number of employees 33,000 27,000 26,000 25,000 22,000 Certain prior year amounts on the balance sheet were reclassified as a result of the adoption of Accounting Standards Update (ASU) 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs effective January 1, 2016.