Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

A reconciliation of sales and operating income for the reportable segments to the applicable line items within our accompanying consolidated statements of operations is as follows (in millions, except percentages). Prior period amounts have been restated at constant currency to conform to the current year presentation.


	Year Ended December 31, 2024
	MedSurg		% of net sales		Cardiovascular		% of net sales		Total
Net sales of reportable segments	$	5,973			$	10,711			$	16,683
Impact of foreign currency fluctuations									64
Total net sales									16,747
Segment expenses:
Cost of products sold	1,649		27.6	%	3,404		31.8	%	5,053
Selling, general and administrative expenses	1,801		30.2	%	3,166		29.6	%	4,967
Research and development expenses	462		7.7	%	975		9.1	%	1,437
Other segment items(1)	14		0.2	%	19		0.2	%	33
Segment operating income(2)	2,046		34.3	%	3,147		29.4	%	5,193
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments									(663)
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits) and EU MDR implementation costs									(1,070)
Amortization expense									(856)
Operating income (loss)									2,603
Other income (expense), net									(321)
Income (loss) before income taxes									$	2,282


	Year Ended December 31, 2023
	MedSurg		% of net sales		Cardiovascular		% of net sales		Total
Net sales of reportable segments	$	5,378			$	8,714			$	14,091
Impact of foreign currency fluctuations									149
Total net sales									14,240
Segment expenses:
Cost of products sold	1,470		27.3	%	2,805		32.2	%	4,276
Selling, general and administrative expenses	1,626		30.2	%	2,749		31.5	%	4,375
Research and development expenses	427		7.9	%	855		9.8	%	1,282
Other segment items(1)	20		0.4	%	23		0.3	%	43
Segment operating income(2)	1,834		34.1	%	2,281		26.2	%	4,115
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments									(377)
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits) and EU MDR implementation costs									(567)
Amortization expense									(828)
Operating income (loss)									2,343
Other income (expense), net									(358)
Income (loss) before income taxes									$	1,985


	Year Ended December 31, 2022
	MedSurg		% of net sales		Cardiovascular		% of net sales		Total
Net sales of reportable segments	$	4,855			$	7,679			$	12,535
Other(3)									(60)
Impact of foreign currency fluctuations									208
Total net sales									12,682
Segment expenses:
Cost of products sold	1,401		28.9	%	2,637		34.3	%	4,038
Selling, general and administrative expenses	1,510		31.1	%	2,454		32.0	%	3,965
Research and development expenses	432		8.9	%	782		10.2	%	1,214
Other segment items(1)	23		0.5	%	22		0.3	%	45
Segment operating income(2)	1,489		30.7	%	1,784		23.2	%	3,272
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments									29
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits) and EU MDR implementation costs									(789)
Amortization expense									(803)
Other(3)									(60)
Operating income (loss)									1,649
Other income (expense), net									(508)
Income (loss) before income taxes									$	1,141

(1) Includes royalty expense.

(2) Calculated as Net sales of reportable segments less Segment expenses.

(3) In 2022, amounts reflect sales reserves established for Italian government payback provisions, which are being disputed in the Italian court system. These amounts were not allocated to our reportable segments or considered by our CODM for resource allocation and decision-making purposes.

Reconciliation of Assets from Segment to Consolidated


	Year Ended December 31,
Depreciation expense (in millions)	2024		2023		2022
MedSurg	$	110	$	103	$	88
Cardiovascular	302		263		245


Consolidated depreciation expense	$	412	$	367	$	333


	As of December 31,
Total assets (in millions)	2024		2023
MedSurg	$	3,093	$	2,888
Cardiovascular	7,084		5,988
Total assets of reportable segments	10,177		8,876

Goodwill	17,089		14,387
Other intangible assets, net	6,684		6,003
All other corporate assets	5,446		5,869
	$	39,395	$	35,136

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


	As of December 31,
Long-lived assets (in millions)	2024		2023
U.S.	$	1,461	$	1,300
Ireland	631		598
Costa Rica	530		373
Other countries	672		587
Property, plant and equipment, net	3,294		2,859
Goodwill	17,089		14,387
Other intangible assets, net	6,684		6,003
Operating lease right-of-use assets in Other long-term assets	449		439
	$	27,516	$	23,688