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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "pageNumber": 47,
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  "notes": "The slide uses red boxes to highlight the specific line items that do not reconcile.",
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      "kind": "callout",
      "text": "We observe that Stryker continues to have a material mismatch between D&A disclosed in the cash flow statement and its segment reporting. We believe Stryker needs to form a committee with the assistance of an independent advisor to review its historical intangible asset recognition, expense policy and segment financial reporting.",
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      "kind": "callout",
      "text": "Warning: Stryker's total depreciation and amortization is not being accurately reported. On the surface, 2021 D&A is $371m + $619m = $990m. According to its segment reporting, the total is almost triple: $1,272m + $619m = $1,891m",
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      "text": "Depreciation and Amortization: $1,891m",
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      "text": "Source: Stryker 2021 10-K",
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      "text": "Stryker's Segment Reporting",
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      "text": "Stryker's Cash Flow Statement (Consolidated)",
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      "kind": "title",
      "text": "We Believe Stryker Has Had Segment Reporting Errors For Over A Decade",
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