Financial overview (in millions, except per share amounts)
| 2016 | 2015 | % Change | |
| Net sales | $ 11,325 | $ 9,946 | 13.9 |
| Earnings before income taxes | 1,921 | 1,735 | 10.7 |
| Income taxes | 247 | 296 | (7.4) |
| Net earnings | 1,647 | 1,439 | 14.5 |
| Adjusted net earnings2, 3 | 2,194 | 1,949 | 12.6 |
| Net earnings per diluted share of common stock | |||
| Reported | $ 4.35 | $ 3.78 | 15.1 |
| Adjusted1, 2 | 5.80 | 5.12 | 13.3 |
| Dividends paid per share of common stock | $ 1.52 | $ 1.38 | 10.1 |
| Cash, cash equivalents and marketable securities | 3,384 | 4,079 | (17.0) |
- A non-GAAP financial measure. The most comparable GAAP financial measure is net earnings per diluted share.
- Click here for a reconciliation with GAAP.
- A non-GAAP financial measure. The most comparable GAAP financial measure is net earnings.
Reconciliation of non-GAAP financial measures with the most directly comparable GAAP financial measures
| Net earnings ($ millions) | Net earnings per diluted share | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||
| Reported | $1,345 | $1,298 | $1,006 | $515 | $1,439 | $1,647 | $3.45 | $3.39 | $2.63 | $1.34 | $3.78 | $4.35 | |
| Acquisition and integration related charges | 142 | 37 | 72 | 65 | 24 | 100 | 0.37 | 0.09 | 0.19 | 0.17 | 0.06 | 0.26 | |
| Amortization of intangible assets | — | 88 | 98 | 133 | 147 | 221 | — | 0.23 | 0.26 | 0.35 | 0.39 | 0.59 | |
| Restructuring-related charges | 60 | 59 | 46 | 78 | 97 | 98 | 0.16 | 0.15 | 0.12 | 0.20 | 0.26 | 0.26 | |
| Recall matters | — | 133 | 460 | 628 | 210 | 127 | — | 0.35 | 1.20 | 1.65 | 0.55 | 0.34 | |
| Regulatory and legal matters | — | 33 | 63 | — | (46) | (7) | — | 0.09 | 0.17 | — | (0.12) | (0.02) | |
| Donations | — | — | 15 | — | — | — | — | — | 0.04 | — | — | — | |
| Tax matters | (99) | — | (46) | 391 | 78 | 8 | (0.26) | — | (0.12) | 1.02 | 0.20 | 0.02 | |
| Adjusted | $1,448 | $1,648 | $1,714 | $1,810 | $1,949 | $2,194 | $3.72 | $4.30 | $4.49 | $4.73 | $5.12 | $5.80 | |
- Refer to Appendix E to our 2017 proxy statement, available at www.proxymaterials.stryker.com, for additional information regarding our non-GAAP financial measures.
