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  "documentTitle": "Stryker Corp. (SYK)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "Uses direct quotes from 10-K and earnings call to contrast with UK financial reporting.",
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      "text": "Spruce Point questions why Stryker impaired its UK goodwill for its Ear Nose and Throat (\"ENT\") business in 2020, when it said that its U.S. business has a higher ENT weighting, and that ENT was the most heavily impacted by COVID-19?",
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      "text": "At the parent level, Stryker continues to claim no goodwill impairments have been necessary. Spruce Point questions why Stryker impaired its UK goodwill for its Ear Nose and Throat (\"ENT\") business in 2020, when it said that its U.S. business has a higher ENT weighting, and that ENT was the most heavily impacted by COVID-19?",
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      "text": "During the year ended 31 December 2020 a goodwill impairment loss of £3,065,000 (2019: £nil) was recognised in relation to the Ear, Nose and Throat (ENT) CGU.",
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      "text": "So in the U.S., you have a much higher weighting on ENT, CMF and neurosurgical. All 3 of which, obviously, were heavily impacted by the pandemic.... And ENT was the most heavily impacted business of all of the business of Stryker given the aerosolizing procedures.",
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      "text": "Our annual impairment testing indicated that all reporting unit goodwill fair values significantly exceeded their respective recorded values...",
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      "text": "\"Our annual impairment testing indicated that all reporting unit goodwill fair values significantly exceeded their respective recorded values.\" — 2020 10-K. \"So in the U.S., you have a much higher weighting on ENT, CMF and neurosurgical. All 3 of which, obviously, were heavily impacted by the pandemic.... And ENT was the most heavily impacted business of all of the business of Stryker given the aerosolizing procedures.\" — CEO Lobo, Q2 2020 Earnings Call. \"During the year ended 31 December 2020 a goodwill impairment loss of £3,065,000 (2019: £nil) was recognised in relation to the Ear, Nose and Throat (ENT) CGU.\" — Stryker UK Ltd, FY 2020.",
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      "text": "No Goodwill Impairments... Really?",
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