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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | A reconciliation of the totals reported 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,
Net sales | 2023 |  | 2022 |  | 2021
MedSurg | $ | 5,320 |  |  | $ | 4,805 |  |  | $ | 4,389 |
Cardiovascular | 8,630 |  |  | 7,599 |  |  | 6,721 |
Total net sales of reportable segments | 13,949 |  |  | 12,404 |  |  | 11,109 |
Other(1) | — |  |  | (60) |  |  | 12 |
Impact of foreign currency fluctuations | 291 |  |  | 338 |  |  | 766 |
| $ | 14,240 |  |  | $ | 12,682 |  |  | $ | 11,888 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
| Year Ended December 31,
Income (loss) before income taxes | 2023 |  | 2022 |  | 2021
MedSurg | $ | 1,796 |  |  | $ | 1,458 |  |  | $ | 1,368 |
Cardiovascular | 2,235 |  |  | 1,748 |  |  | 1,572 |
Total operating income of reportable segments | 4,031 |  |  | 3,206 |  |  | 2,940 |
Unallocated amounts: |  |  |  |  |
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments | (293) |  |  | 96 |  |  | 67 |
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) |  |  | (789) |  |  | (1,070) |
Amortization expense | (828) |  |  | (803) |  |  | (741) |
Other(1) | — |  |  | (60) |  |  | 3 |
Operating income (loss) | 2,343 |  |  | 1,649 |  |  | 1,199 |
Other income (expense), net | (358) |  |  | (508) |  |  | (123) |
Income (loss) before income taxes | $ | 1,985 |  |  | $ | 1,141 |  |  | $ | 1,076 |
(1) 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. In 2021, amounts relate to our Specialty Pharmaceuticals business. On March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business. Prior to the divestiture, we presented the Specialty Pharmaceuticals business as a standalone operating segment alongside our reportable segments
Segment operating income as percentage of net sales |
Operating income of reportable segments as a percentage of net sales of reportable segments | Year Ended December 31,
2023 |  | 2022 |  | 2021
MedSurg | 33.8 | % |  | 30.3 | % |  | 31.2 | %
Cardiovascular | 25.9 | % |  | 23.0 | % |  | 23.4 | %
Reconciliation of Assets from Segment to Consolidated |
| Year Ended December 31,
Depreciation expense | 2023 |  | 2022 |  | 2021
MedSurg | $ | 103 |  |  | $ | 88 |  |  | $ | 91 |
Cardiovascular | 263 |  |  | 245 |  |  | 261 |
Consolidated depreciation expense | $ | 367 |  |  | $ | 333 |  |  | $ | 352 |
| As of December 31,
Total assets | 2023 |  | 2022
MedSurg | $ | 2,888 |  |  | $ | 2,501 |
Cardiovascular | 5,988 |  |  | 5,205 |
Total assets of reportable segments | 8,876 |  |  | 7,706 |
Goodwill | 14,387 |  |  | 12,920 |
Other intangible assets, net | 6,003 |  |  | 5,902 |
All other corporate assets | 5,869 |  |  | 5,941 |
| $ | 35,136 |  |  | $ | 32,469 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
| As of December 31,
Long-lived assets | 2023 |  | 2022 |  |
U.S. | $ | 1,300 |  |  | $ | 1,241 |  |  |
Ireland | 598 |  |  | 478 |  |  |
Costa Rica | 373 |  |  | 246 |  |  |
Other countries | 587 |  |  | 481 |  |  |
Property, plant and equipment, net | 2,859 |  |  | 2,446 |  |  |
Goodwill | 14,387 |  |  | 12,920 |  |  |
Other intangible assets, net | 6,003 |  |  | 5,902 |  |  |
Operating lease right-of-use assets in Other long-term assets | 439 |  |  | 386 |  |  |
| $ | 23,688 |  |  | $ | 21,653 |  |  |

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