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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
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 |  |  |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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