STRYKER CORPSYK

STRYKER CORP Debt Disclosure

10-KFiled Feb 11, 20262 min read
DEBT AND CREDIT FACILITIES
We have lines of credit issued by various financial institutions that
are available to fund our day-to-day operating needs. Certain of
our credit facilities require us to comply with financial and other
covenants. We were in compliance with all covenants on
December 31, 2025.
In February 2025 we entered into a new revolving credit
agreement that replaces our previous agreement dated October
2021. The primary changes included increasing the aggregate
principal amount of the facility by $750 to $3,000 and extending
the maturity date to February 25, 2030. On December 31, 2025
there were no borrowings outstanding under our revolving credit
facility or our commercial paper program which allows for
maturities up to 397 days from the date of issuance. The
maximum amount of our commercial paper that can be
outstanding at any time is $3,000.
In February 2025 we issued $500 of 4.550% senior unsecured
notes due February 10, 2027, $700 of 4.700% senior unsecured
notes due February 10, 2028, $800 of 4.850% senior unsecured
notes due February 10, 2030 and $1,000 of 5.200% senior
unsecured notes due February 10, 2035. In June 2025 we repaid
$650 of 1.150% senior unsecured notes. In November 2025 we
repaid $750 of 3.375% senior unsecured notes. The following
table summarizes our total debt at December 31:
Summary of Total Debt
Rate
Due
2025
2024
Senior unsecured notes:
1.150%
June 15, 2025
$—
$649
3.375%
November 1, 2025
—
750
3.500%
March 15, 2026
1,000
998
4.550%
February 10, 2027
498
—
2.125%
November 30, 2027
881
777
4.700%
February 10, 2028
697
—
3.650%
March 7, 2028
599
598
4.850%
December 8, 2028
597
596
3.375%
December 11, 2028
704
621
0.750%
March 1, 2029
939
828
4.250%
September 11, 2029
744
743
4.850%
February 10, 2030
794
—
1.950%
June 15, 2030
995
993
2.625%
November 30, 2030
759
669
1.000%
December 3, 2031
876
772
3.375%
September 11, 2032
934
824
4.625%
September 11, 2034
741
740
5.200%
February 10, 2035
990
—
3.625%
September 11, 2036
695
613
4.100%
April 1, 2043
393
393
4.375%
May 15, 2044
396
396
4.625%
March 15, 2046
984
984
2.900%
June 15, 2050
643
643
Other
—
10
Total debt
$15,859
$13,597
Less current maturities
1,000
1,409
Total long-term debt
$14,859
$12,188
Unamortized debt issuance costs
$70
$63
Borrowing capacity on existing facilities
$2,911
$2,160
Fair value of senior unsecured notes
$15,344
$12,780
The fair value of the senior unsecured notes was estimated using
quoted interest rates, maturities and amounts of borrowings
based on quoted active market prices and yields that took into
account the underlying terms of the debt instruments.
Substantially all of our debt is classified within Level 2 of the fair
value hierarchy.
Interest expense on outstanding debt and credit facilities,
including required fees incurred totaled $582, $396 and $356 in
2025, 2024 and 2023.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 12, 2025
2023Feb 14, 2024
2022Feb 10, 2023
2021Feb 11, 2022
2020Feb 11, 2021
2019Feb 6, 2020
2018Feb 7, 2019
2017Feb 8, 2018
2016Feb 9, 2017
2015Feb 11, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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