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STRYKER CORPORATION 2017 FORM 10-K Dollar amounts in millions except per share amounts or as otherwise specified. 7 ITEM 6. SELECTED FINANCIAL DATA. Statement of Earnings Data 2017 2016 2015 2014 2013 Net sales $ 12,444 $ 11,325 $ 9,946 $ 9,675 $ 9,021 Cost of sales 4,271 3,830 3,344 3,319 3,002 Gross profit $ 8,173 $ 7,495 $ 6,602 $ 6,356 $ 6,019 Research, development and engineering expenses 787 715 625 614 536 Selling, general and administrative expenses 4,552 4,137 3,610 3,547 3,467 Recall charges, net of insurance proceeds 173 158 296 761 622 Amortization of intangible assets 371 319 210 188 138 Total operating expenses $ 5,883 $ 5,329 $ 4,741 $ 5,110 $ 4,763 Operating income $ 2,290 $ 2,166 $ 1,861 $ 1,246 $ 1,256 Other income (expense), net (227) (245) (126) (86) (44) Earnings before income taxes $ 2,063 $ 1,921 $ 1,735 $ 1,160 $ 1,212 Income taxes 1,043 274 296 645 206 Net earnings $ 1,020 $ 1,647 $ 1,439 $ 515 $ 1,006 Net earnings per share of common stock: Basic net earnings per share of common stock $ 2.73 $ 4.40 $ 3.82 $ 1.36 $ 2.66 Diluted net earnings per share of common stock $ 2.68 $ 4.35 $ 3.78 $ 1.34 $ 2.63 Dividends declared per share of common stock $ 1.745 $ 1.565 $ 1.415 $ 1.26 $ 1.10 Balance Sheet Data Cash, cash equivalents and current marketable securities $ 2,793 $ 3,384 $ 4,079 $ 5,000 $ 3,980 Accounts receivable, less allowance 2,198 1,967 1,662 1,572 1,518 Inventories 2,465 2,030 1,639 1,588 1,422 Property, plant and equipment, net 1,975 1,569 1,199 1,098 1,081 Total assets 22,197 20,435 16,223 17,258 15,383 Accounts payable 487 437 410 329 314 Total debt 7,222 6,914 3,998 3,952 2,748 Shareholders' equity $ 9,980 $ 9,550 $ 8,511 $ 8,595 $ 9,047 Cash Flow Data Net cash provided by operating activities $ 1,559 $ 1,915 $ 981 $ 1,858 $ 1,930 Purchases of property, plant and equipment 598 490 270 233 195 Depreciation 271 227 187 190 169 Acquisitions, net of cash acquired 831 4,332 153 916 2,320 Amortization of intangible assets 371 319 210 188 138 Dividends paid 636 568 521 462 401 Repurchase of common stock $ 230 $ 13 $ 700 $ 100 $ 317 Other Data Number of shareholders of record 2,850 3,010 3,118 3,305 3,612 Approximate number of employees 33,000 33,000 27,000 26,000 25,000 Certain prior year amounts on the Consolidated Statements of Cash Flows have been reclassified as a result of the adoption of Accounting Standards Update (ASU) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting, adopted January 1, 2017.