Zimmer Biomet (ZBH) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	ZIMMER BIOMET HOLDINGS, INC.
Entity Central Index Key	0001136869
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		208,569,285
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-16407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4151777
Entity Address, Address Line One	345 East Main Street
Entity Address, City or Town	Warsaw
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46580
City Area Code	574
Local Phone Number	267-6131
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	ZBH
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $0.01 par value
2.425% Notes due 2026 [Member]
Document Information [Line Items]
Trading Symbol	ZBH 26
Security Exchange Name	NYSE
Title of 12(b) Security	2.425% Notes due 2026
1.164% Notes due 2027 [Member]
Document Information [Line Items]
Trading Symbol	ZBH 27
Security Exchange Name	NYSE
Title of 12(b) Security	1.164% Notes due 2027

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net Sales	$ 1,831	$ 1,663.2
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of products sold, excluding intangible asset amortization	$ 500.8	$ 500
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Intangible asset amortization	$ 133.4	$ 130.8
Research and development	110.4	96.9
Selling, general and administrative	715.9	684.5
Restructuring and other cost reduction initiatives	41.8	43.9
Quality remediation		6.5
Acquisition, integration, divestiture and related	1.3	2.2
Operating expenses	1,503.7	1,464.8
Operating Profit	327.3	198.4
Other income (expense), net	7.7	(56.1)
Interest expense, net	(48.2)	(41.1)
Earnings from continuing operations before income taxes	286.8	101.2
Provision for income taxes from continuing operations	54.1	28
Net Earnings from continuing operations	232.8	73.2
Less: Net earnings attributable to noncontrolling interest	0.2	0.2
Net Earnings from Continuing Operations of Zimmer Biomet Holdings, Inc.	232.5	73
Loss from discontinued operations, net of taxes		(58.8)
Net Earnings of Zimmer Biomet Holdings, Inc.	$ 232.5	$ 14.2
Earnings Per Common Share - Basic
Earnings from continuing operations	$ 1.11	$ 0.35
Loss from discontinued operations		(0.28)
Net Earnings Per Common Share - Basic	1.11	0.07
Earnings Per Common Share - Diluted
Earnings from continuing operations	1.11	0.35
Loss from discontinued operations		(0.28)
Net Earnings Per Common Share - Diluted	$ 1.11	$ 0.07
Weighted Average Common Shares Outstanding
Basic	209.4	209.2
Diluted	210.4	210.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings of Zimmer Biomet Holdings, Inc.	$ 232.5	$ 14.2
Other Comprehensive Income (Loss):
Foreign currency cumulative translation adjustments, net of tax	12.4	1.3
Unrealized cash flow hedge gains, net of tax	8.8	13.7
Reclassification adjustments on hedges, net of tax	(19)	(4.3)
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax	(0.9)	0.9
Total Other Comprehensive Income	1.3	11.6
Comprehensive Income Attributable to Zimmer Biomet Holdings, Inc.	$ 233.8	$ 25.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 330.2	$ 375.7
Accounts receivable, less allowance for credit losses	1,380.9	1,381.5
Inventories	2,241.3	2,147.2
Prepaid expenses and other current assets	459.5	522.9
Total Current Assets	4,411.9	4,427.3
Property, plant and equipment, net	1,906.4	1,872.5
Goodwill	8,734.9	8,580.2
Intangible assets, net	5,071.7	5,063.8
Other assets	1,118.6	1,122.2
Total Assets	21,243.5	21,066
Current Liabilities:
Accounts payable	397.1	354.1
Income taxes payable	46.6	38.5
Salaries, wages and benefits	234.2	336.2
Other current liabilities	1,072.9	1,085.1
Current portion of long-term debt	585	544.3
Total Current Liabilities	2,335.9	2,358.2
Deferred income taxes, net	484.6	474.8
Long-term income tax payable	423.3	421.2
Other long-term liabilities	637.4	632.6
Long-term debt	5,204.8	5,152.2
Total Liabilities	9,085.9	9,039
Commitments and Contingencies (Note 16)
Stockholders' Equity:
Common stock, $0.01 par value, one billion shares authorized, 315.4 million shares in 2023 (313.8 million in 2022) issued	3.2	3.1
Paid-in capital	9,692.4	9,504.4
Retained earnings	9,741.7	9,559.3
Accumulated other comprehensive loss	(178)	(179.3)
Treasury stock, 106.9 million shares as of March 31, 2023 (104.8 million as of December 31, 2022)	(7,108.6)	(6,867.2)
Total Zimmer Biomet Holdings, Inc. stockholders' equity	12,150.7	12,020.3
Noncontrolling interest	6.9	6.7
Total Stockholders' Equity	12,157.6	12,027
Total Liabilities and Stockholders' Equity	$ 21,243.5	$ 21,066

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	315,400,000	313,800,000
Treasury stock, shares	106,900,000	104,800,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Shares [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2021	$ 12,666.4	$ 3.1	$ 9,314.8	$ 10,292.2	$ (231.6)	$ (6,717.8)	$ 5.7
Balance, shares at Dec. 31, 2021		312.8				(103.8)
Net earnings	14.4			14.2			0.2
Other comprehensive income	11.6				11.6
Cash dividends declared	(50.3)			(50.3)
Reclassifications of net investment hedges	25.9				25.9
Spinoff of ZimVie Inc.	(717.9)			(753.1)	35.2
Stock compensation plans	71.3		70.9	0.1		$ 0.3
Stock compensation plans, shares		0.6
Balance at Mar. 31, 2022	12,021.4	$ 3.1	9,385.7	9,503.1	(158.9)	$ (6,717.5)	5.9
Balance, shares at Mar. 31, 2022		313.4				(103.8)
Balance at Dec. 31, 2022	12,027	$ 3.1	9,504.4	9,559.3	(179.3)	$ (6,867.2)	6.7
Balance, shares at Dec. 31, 2022		313.8				(104.8)
Net earnings	232.8			232.5			0.2
Other comprehensive income	1.3				1.3
Cash dividends declared	(50.4)			(50.4)
Stock compensation plans	56		55.4	0.3		$ 0.3
Stock compensation plans, shares		0.5
Embody acquisition consideration	135	$ 0.1	134.9
Embody acquisition consideration, shares		1.1
Share repurchases	(244)		(2.3)			$ (241.7)
Share repurchases, Shares						(2.1)
Balance at Mar. 31, 2023	$ 12,157.6	$ 3.2	$ 9,692.4	$ 9,741.7	$ (178)	$ (7,108.6)	$ 6.9
Balance, shares at Mar. 31, 2023		315.4				(106.9)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share	$ 0.24	$ 0.24

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows provided by (used in) operating activities from continuing operations:
Net earnings from continuing operations	$ 232,800,000	$ 73,200,000
Adjustments to reconcile net earnings from continuing operations to cash provided by operating activities from continuing operations:
Depreciation and amortization	231,800,000	233,800,000
Share-based compensation	25,000,000	23,200,000
(Gain) loss on investment in ZimVie	(2,500,000)	51,000,000
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes	21,500,000	(2,500,000)
Receivables	8,600,000	(14,200,000)
Inventories	(94,200,000)	(600,000)
Accounts payable and accrued liabilities	(91,800,000)	(15,900,000)
Other assets and liabilities	(23,500,000)	(32,300,000)
Net cash provided by operating activities from continuing operations	307,700,000	315,700,000
Cash flows provided by (used in) investing activities from continuing operations:
Additions to instruments	(82,800,000)	(56,400,000)
Additions to other property, plant and equipment	(46,700,000)	(36,400,000)
Net investment hedge settlements	13,400,000	12,700,000
Business combination investments, net of acquired cash	(18,900,000)
Other investing activities	(14,300,000)	(1,000,000)
Net cash used in investing activities from continuing operations	(149,400,000)	(81,100,000)
Cash flows provided by (used in) financing activities from continuing operations:
Proceeds from revolving facility	370,000,000	100,000,000
Payments on revolving facility	(160,000,000)
Redemption of senior notes	(86,300,000)	(750,000,000)
Payment on term loan	(33,900,000)
Dividends paid to stockholders	(50,300,000)	(50,200,000)
Proceeds from employee stock compensation plans	36,000,000	40,500,000
Distribution from ZimVie, Inc.		540,600,000
Business combination contingent consideration payments	(9,600,000)
Repurchase of common stock	(267,600,000)
Other financing activities	(5,100,000)	(3,300,000)
Net cash used in financing activities from continuing operations	(206,700,000)	(122,400,000)
Cash flows provided by (used in) discontinued operations:
Net cash used in operating activities	0	(78,500,000)
Net cash used in investing activities	0	(7,200,000)
Net cash used in financing activities	0	(68,100,000)
Net cash used in discontinued operations		(153,800,000)
Effect of exchange rates on cash and cash equivalents	2,900,000	(1,100,000)
Decrease in cash and cash equivalents	(45,500,000)	(42,700,000)
Cash and cash equivalents, beginning of year (includes $100.4 at January 1, 2022 of discontinued operations cash)	375,700,000	478,500,000
Cash and cash equivalents, end of period	$ 330,200,000	$ 435,800,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) $ in Millions	Dec. 31, 2021 USD ($)
Statement of Cash Flows [Abstract]
Cash and cash equivalents including discontinued operations cash	$ 100.4

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The financial data presented herein is unaudited and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. In our opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Results for interim periods should not be considered indicative of results for the full year. Amounts reported in millions within this Quarterly Report on Form 10-Q are computed based on the actual amounts. As a result, the sum of the components may not equal the total amount reported in millions due to rounding. In addition, certain columns and rows within tables may not sum to the totals due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts. Risks and Uncertainties - Our results have been and may continue to be impacted by the COVID-19 global pandemic. The vast majority of our net sales are derived from products used in elective surgical procedures which may get deferred due to precautions in certain markets if there is surge in infections. Although the effects of the COVID-19 pandemic on our operating results continue to subside, the pandemic could still have an unfavorable effect on our financial position, results of operations and cash flows in the near term. Spinoff - On March 1, 2022, we completed the previously announced separation of our spine and dental businesses into a new public company through the distribution by Zimmer Biomet of 80.3 % of the outstanding shares of common stock of ZimVie Inc. (“ZimVie”) to Zimmer Biomet’s stockholders. We disposed of our remaining shares of ZimVie in February 2023. The historical results of our spine and dental businesses that were contributed to ZimVie in the spinoff have been reflected as discontinued operations in our condensed consolidated financial statements through the date of the spinoff in 2022 as the spinoff represented a strategic shift in our business that had a major effect on operations and financial results. The disclosures presented in our notes to the interim condensed consolidated financial statements are presented on a continuing operations basis. The words “we,” “us,” “our” and similar words, “Zimmer Biomet” and “the Company” refer to Zimmer Biomet Holdings, Inc. and its subsidiaries. “Zimmer Biomet Holdings” refers to the parent company only.

Discontinued Operations and Rel

Discontinued Operations and Related ZimVie Matters	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Related ZimVie Matters	2. Discontinued Operations and Related ZimVie Matters On March 1, 2022, we completed the previously announced separation of our spine and dental businesses through the distribution of 80.3 % of the outstanding shares of common stock of ZimVie to our stockholders at the close of business on February 15, 2022 (the “Record Date”). The distribution was made in the amount of one share of ZimVie common stock for every ten shares of our common stock owned by our stockholders at the close of business on the Record Date. Fractional shares of ZimVie common stock were not issued but instead were aggregated and sold in the open market with the proceeds being distributed pro rata in lieu of such fractional shares. In the fourth quarter of 2021, ZimVie entered into a credit agreement with a financial institution providing for revolving loans of up to $ 175.0 million and term loan borrowings of up to $ 595.0 million. On February 28, 2022, prior to separation, ZimVie borrowed the entire $ 595.0 million available under the term loan. Approximately $ 540.6 million of this amount was paid by ZimVie to Zimmer Biomet in the form of a dividend at separation which is included in our cash flows from financing activities in the condensed consolidated statements of cash flows. We used proceeds from the dividend, along with cash on hand and proceeds from a draw on our revolving credit facility, to repay our 3.150 % Senior Notes due 2022 which had an outstanding principal balance of $ 750.0 million. In connection with the spinoff, we entered into definitive agreements with ZimVie that, among other things, set forth the terms and conditions of the separation and distribution. These agreements include a Transition Services Agreement (the “TSA”), a Transition Manufacturing and Supply Agreement (the “TMA”), a Reverse Transition Manufacturing and Supply Agreement (the “Reverse TMA”), and various other agreements each dated as of March 1, 2022. Pursuant to the TSA, both we and ZimVie agree to provide certain services to each other, on an interim, transitional basis from and after the separation and the distribution. The services include certain regulatory services, commercial services, operational services, tax services, clinical affairs services, information technology services, finance and accounting services and human resource and employee benefits services. The remuneration to be paid for such services is generally intended to allow the company providing the services to recover all of its costs and expenses of providing such services. The TSA will terminate on the expiration of the term of the last service provided thereunder, which will generally be no later than March 31, 2025. However, we expect most TSA services will be completed by the end of 2023. Pursuant to the TMA and the Reverse TMA, Zimmer Biomet or ZimVie, as the case may be, will manufacture or cause to be manufactured certain products for the other party, on an interim, transitional basis. Pursuant to such agreements, Zimmer Biomet or ZimVie, as the case may be, will be required to purchase certain minimum amounts of products from the other party. Each of the TMA and the Reverse TMA has a two-year term, with a one-year extension possible upon mutual agreement of the parties. We recognize any gains or losses from the TSA and TMA agreements in the Acquisition, integration, divestiture and related line item in our condensed consolidated statements of earnings. Amounts included in the condensed consolidated statements of earnings related to these agreements for the three-month periods ended March 31, 2023 and 2022 were immaterial. We initially retained approximately 5.1 million common shares of ZimVie in connection with the spinoff, representing approximately 19.7 percent of ZimVie's outstanding common shares on the separation date. Given our inability to exert significant influence over ZimVie, we recognized this investment at fair value in prepaid expenses and other current assets on our condensed consolidated balance sheet. Changes to the fair value of the investment were recognized in non-operating other income (expense), net, in subsequent periods. We disposed of these shares in February 2023. In the three-month periods ended March 31, 2023 and 2022, we recognized a gain of $ 2.5 million and a loss of $ 51.0 million, respectively, related to our investment in ZimVie. On August 31, 2022, we borrowed an aggregate principal amount of $ 83.0 million under a short-term credit agreement (the "Short-Term Term Loan”) with a third-party financial institution, the proceeds of which were used to repay certain of our existing indebtedness. On September 1, 2022, we entered into a forward exchange agreement and pledge agreement (collectively the “Forward Exchange Agreement”) with the same financial institution to deliver to them our 5.1 million shares of ZimVie common stock in the first quarter of 2023. We pledged our 5.1 million shares of ZimVie common stock to the financial institution as collateral for our obligations under the Short-Term Term Loan and the Forward Exchange Agreement. In February 2023, we repaid in full the Short-Term Term Loan by transferring our ZimVie common shares to the financial institution counterparty to settle the Forward Exchange Agreement and by paying $ 33.9 million in cash, representing an amount determined by the difference between the average daily volume-weighted average price of the ZimVie shares over the outstanding term of the Forward Exchange Agreement and the principal amount of $ 83.0 million. The transfer of our ZimVie common shares as part of the settlement resulted in a $ 49.1 million noncash financing activity for the three-month period ended March 31, 2023. The Forward Exchange Agreement was accounted for at fair value, with changes in fair value recognized in non-operating other income (expense), net and was included in the net gain related to our investment in ZimVie for the three month-period ended March 31, 2023, as discussed above. The most significant input into the valuation of the Forward Exchange Agreement was the market price of the ZimVie shares. The fair value of the Forward Exchange Agreement as of December 31, 2022 was $ 1.1 million and was included within prepaid expenses and other current assets on our condensed consolidated balance sheet. As discussed in Note 1, Basis of Presentation, the results of our spine and dental businesses have been reflected as discontinued operations through the date of the spinoff in the prior year period. Details of earnings (loss) from discontinued operations included in our condensed consolidated statements of earnings are as follows (in millions): Three Months Ended March 31, 2022 Net Sales $ 147.8 Cost of products sold, excluding intangible asset amortization 53.5 Intangible asset amortization 14.0 Research and development 10.5 Selling, general and administrative 89.4 Restructuring and other cost reduction initiatives 0.4 Acquisition, integration, divestiture and related 40.9 Other expense, net 0.3 Loss from discontinued operations before income taxes ( 61.2 ) Benefit for income taxes from discontinued operations ( 2.4 ) Loss from discontinued operations, net of tax $ ( 58.8 ) In a pro rata spinoff of consolidated subsidiaries, the distribution of the assets and liabilities are recognized through equity instead of net earnings. Accordingly, we recognized the distribution of net assets to ZimVie in retained earnings in the three-month period ended March 31, 2022. Additionally, the dividend we received from ZimVie at the separation was also recognized in retained earnings in the three-month period ended March 31, 2022.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies Use of Estimates - The accompanying unaudited condensed consolidated financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. Actual results could differ materially from these estimates. Accounting Pronouncements Not Yet Adopted - There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue Recognition [Abstract]
Revenue	4. Revenue Net sales by geography are as follows (in millions): Three Months Ended March 31, 2023 2022 United States $ 1,060.4 $ 941.2 International 770.6 722.0 Total $ 1,831.0 $ 1,663.2 Net sales by product category are as follows (in millions): Three Months Ended March 31, 2023 2022 Knees $ 762.5 $ 662.8 Hips 492.8 451.0 S.E.T. 433.4 416.8 Other 142.3 132.6 Total $ 1,831.0 $ 1,663.2 S.E.T. includes sales from our Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic ("CMFT") product categories. Other includes sales from our Technology, Surgical and Bone Cement product categories. This net sales presentation differs from our reportable operating segments, which are based upon our senior management organizational structure and how we allocate resources toward achieving operating profit goals. Each of our reportable operating segments sells all the product categories noted above. Accordingly, the only difference from the presentation above and our reportable operating segments are the geographic groupings.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	5. Restructuring In December 2021, our management approved a new global restructuring program (the “2021 Restructuring Plan”) intended to further reduce costs and to reorganize our global operations in preparation for the spinoff of ZimVie. The 2021 Restructuring Plan is expected to result in total pre-tax restructuring charges of approximately $ 220 million. The pre-tax restructuring charges consist of employee termination benefits; contract terminations for sales agents; and other charges, such as consulting fees and project management expenses. The following table summarizes the liabilities recognized related to the 2021 Restructuring Plan (in millions): Employee Termination Contract Benefits Terminations Other Total Balance, December 31, 2022 $ 10.5 $ 25.0 $ 3.1 $ 38.6 Expenses incurred in the three months ended March 31, 2023 2.4 14.3 1.5 18.2 Cash payments ( 2.7 ) ( 10.4 ) ( 1.6 ) ( 14.7 ) Foreign currency exchange rate changes 0.1 0.5 - 0.6 Balance, March 31, 2023 $ 10.3 $ 29.4 $ 3.0 $ 42.7 Expense incurred since the start of the 2021 Restructuring Plan $ 55.5 $ 66.1 $ 28.4 $ 150.0 Expense estimated to be recognized for the 2021 Restructuring Plan $ 70.0 $ 100.0 $ 50.0 $ 220.0 In December 2019, our Board of Directors approved, and we initiated, a new global restructuring program (the “2019 Restructuring Plan”) with an objective of reducing structural costs to allow us to further invest in higher priority growth opportunities. The 2019 Restructuring Plan is expected to result in total pre-tax restructuring charges of approximately $ 350 million to $ 400 million. The pre-tax restructuring charges consist of employee termination benefits; contract terminations for facilities and sales agents; and other charges, such as consulting fees, project management expenses and relocation costs. The following table summarizes the liabilities recognized related to the 2019 Restructuring Plan (in millions): Employee Termination Contract Benefits Terminations Other Total Balance, December 31, 2022 $ 28.9 $ 9.0 $ 6.4 $ 44.3 Expenses incurred in the three months ended March 31, 2023 - - 6.1 6.1 Cash payments ( 2.4 ) ( 1.0 ) ( 7.2 ) ( 10.6 ) Foreign currency exchange rate changes - - 0.1 0.1 Balance, March 31, 2023 $ 26.5 $ 8.0 $ 5.4 $ 39.9 Expense incurred since the start of the 2019 Restructuring Plan $ 108.3 $ 35.0 $ 140.7 $ 284.0 Expense estimated to be recognized for the 2019 Restructuring Plan $ 160.0 $ 35.0 $ 180.0 $ 375.0 For the expense estimated to be recognized for the 2019 Restructuring Plan, we have disclosed the midpoint in our estimated range of expenses. We do not include restructuring charges in the operating profit of our reportable segments. In our condensed consolidated statement of earnings, we report restructuring charges in our “Restructuring and other cost reduction initiatives” financial statement line item. We report the expenses for other cost reduction and optimization initiatives with restructuring expenses because these activities also have the goal of reducing costs across the organization. However, since the cost reduction initiative expenses are not considered restructuring, they have been excluded from the amounts presented in this note.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	6. Inventories March 31, December 31, 2023 2022 (in millions) Finished goods $ 1,702.8 $ 1,655.0 Work in progress 243.3 230.9 Raw materials 295.2 261.3 Inventories $ 2,241.3 $ 2,147.2

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	7. Property, Plant and Equipment March 31, December 31, 2023 2022 (in millions) Land $ 19.2 $ 19.2 Buildings and equipment 2,130.2 2,093.4 Capitalized software costs 525.8 518.2 Instruments 3,762.2 3,683.5 Construction in progress 156.5 144.1 6,593.9 6,458.4 Accumulated depreciation ( 4,687.5 ) ( 4,585.9 ) Property, plant and equipment, net $ 1,906.4 $ 1,872.5 We had $ 12.9 million and $ 17.0 million of property, plant and equipment included in accounts payable as of March 31, 2023 and December 31, 2022, respectively.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Acquisitions	8. Acquisitions On February 14, 2023 , we completed the acquisition of all the outstanding shares of Embody, Inc. ("Embody"), a medical device company focused on soft tissue healing, that expands our portfolio for the sports medicine market. The initial consideration consisted of the issuance of 1.1 million shares of our common stock valued at $ 135.0 million and $ 19.5 million of cash for a total value of $ 154.5 million. The fair value of our common stock was determined to be $ 127.34 per share, which represented the average of our high and low stock prices on the acquisition date. To minimize dilution from issuing shares for the Embody acquisition, we repurchased 1.9 million shares of our common stock in the three-month period ended March 31, 2023. The Embody acquisition includes additional consideration of up to $ 120.0 million in fair value of our common shares and cash that is subject to achieving future regulatory and commercial milestones based on sales growth over a three-year period. We assigned a fair value of $ 94.0 million for this contingent consideration as of the acquisition date. The estimated fair value of the contingent consideration liability was calculated based on the probability of achieving the specified regulatory milestone and by simulating numerous potential outcomes for the commercial milestones and discounting to present value the estimated payments. The goodwill related to this acquisition represents the excess of the consideration transferred over the fair value of the net assets acquired. The goodwill related to the Embody acquisition is generated from the operational synergies and cross-selling opportunities we expect to achieve from the technologies acquired. The goodwill related to this acquisition is not expected to be deductible for tax purposes. The goodwill is included in the Americas operating segment and the Americas Orthopedics reporting unit. This goodwill was the only significant activity related to our consolidated goodwill balance in the three-month period ended March 31, 2023, other than changes related to foreign currency exchange rate translation adjustments. The purchase price allocation as of March 31, 2023 is preliminary. We need additional time to evaluate the tax attributes of the transaction, which may change the recognized assets and liabilities. There may be differences between the preliminary estimates of fair value and the final acquisition accounting. The final estimates of fair value are expected to be completed as soon as possible, but no later than one year after the acquisition date. The following table summarizes the preliminary estimates of fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): Current assets $ 4.6 Intangible assets subject to amortization: Technology 81.5 Customer relationships 9.3 Intangible assets not subject to amortization: In-process research and development (IPR&D) 36.2 Goodwill 141.6 Other assets 4.4 Total assets acquired 277.5 Current liabilities 0.6 Deferred income taxes 28.4 Total liabilities assumed 29.0 Net assets acquired $ 248.5 The amortization periods selected for technology and customer relationships were 15 years and 5 years, respectively. Upon receiving regulatory approval, the IPR&D will be reclassified to a definite-lived intangible asset and amortized over the applicable estimated useful life. On April 18, 2022 , we completed the acquisition of all the outstanding shares of a privately held sternal closure company. The acquisition was completed primarily to expand our product offerings in the CMFT market. The total aggregate cash consideration paid at closing was $ 100.0 million, with an additional $ 11.0 million of deferred payments to be made over the next two years . The goodwill related to this acquisition represents the excess of the consideration transferred over the fair value of the net assets acquired. The goodwill is related to the operational synergies we expect to achieve from combining the companies and the cash flows from future, undefined, development projects. The goodwill is included in the Americas operating segment and the Americas CMFT reporting unit. A portion of the goodwill is expected to be deductible for U.S. income tax purposes. The following table summarizes the aggregate final estimates of fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): Current assets $ 3.8 Intangible assets subject to amortization: Technology 42.8 Customer relationships 12.3 Goodwill 48.3 Other assets 4.9 Total assets acquired 112.1 Current liabilities 1.1 Total liabilities assumed 1.1 Net assets acquired $ 111.0 The amortization periods selected for technology and customer relationships were 10 years and 4 years , respectively. We have not included pro forma information and certain other information under GAAP for these acquisitions because they did not have a material impact on our financial position or results of operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	9. Debt Our debt consisted of the following (in millions): March 31, December 31, 2023 2022 Current portion of long-term debt Short-Term Term Loan $ - $ 83.0 2022 Five-Year Credit Agreement 585.0 375.0 3.700 % Senior Notes due 2023 - 86.3 Total current portion of long-term debt $ 585.0 $ 544.3 Long-term debt 1.450 % Senior Notes due 2024 850.0 850.0 3.550 % Senior Notes due 2025 863.0 863.0 3.050 % Senior Notes due 2026 600.0 600.0 3.550 % Senior Notes due 2030 257.5 257.5 2.600 % Senior Notes due 2031 750.0 750.0 4.250 % Senior Notes due 2035 253.4 253.4 5.750 % Senior Notes due 2039 317.8 317.8 4.450 % Senior Notes due 2045 395.4 395.4 2.425 % Euro Notes due 2026 543.2 533.6 1.164 % Euro Notes due 2027 543.2 533.6 Debt discount and issuance costs ( 28.4 ) ( 30.1 ) Adjustment related to interest rate swaps ( 140.3 ) ( 172.0 ) Total long-term debt $ 5,204.8 $ 5,152.2 At March 31, 2023 , our total current and non-current debt of $ 5.8 billion consisted of $ 5.4 billion aggregate principal amount of our senior notes, which included € 1.0 billion Euro-denominated senior notes (“Euro Notes”), and $ 585.0 million of outstanding borrowings under the 2022 Five-Year Revolving Facility (defined below), partially offset by debt discount and issuance costs of $ 28.4 million and fair value adjustments related to interest rate swaps totaling $ 140.3 million. In the three-month period ended March 31, 2023, we redeemed the $ 83.0 million outstanding principal amount of our Short-Term Term Loan and the $ 86.3 million outstanding principal amount of our 3.700 % Senior Notes due 2023. On August 19, 2022, we entered into a new five-year revolving credit agreement (the “2022 Five-Year Credit Agreement”) and a new 364-day revolving credit agreement (the “2022 364-Day Revolving Credit Agreement”), as described below. Borrowings under these credit agreements will be used for general corporate purposes. The 2022 Five-Year Credit Agreement contains a five-year unsecured revolving facility of $ 1.5 billion (the “2022 Five-Year Revolving Facility”). The 2022 Five-Year Credit Agreement replaces the previous revolving credit agreement (the “2021 Five-Year Credit Agreement”), which contained a five-year unsecured multicurrency revolving facility of $ 1.5 billion (the “2021 Five-Year Revolving Facility”). There were no borrowings outstanding under the 2021 Five-Year Credit Agreement at the time it was terminated . The 2022 Five-Year Credit Agreement will mature on August 19, 2027 , with two one-year extensions exercisable at our discretion and subject to required lender consent. The 2022 Five-Year Credit Agreement also includes an uncommitted incremental feature allowing us to request an increase of the facility by an aggregate amount of up to $ 500.0 million. Borrowings under the 2022 Five-Year Credit Agreement bear interest at floating rates, based upon either an adjusted term secured overnight financing rate (“Term SOFR”) for the applicable interest period or an alternate base rate, in each case, plus an applicable margin determined by reference to our senior unsecured long-term debt credit rating. We pay a facility fee on the aggregate amount of the 2022 Five-Year Revolving Facility at a rate determined by reference to our senior unsecured long-term debt credit rating. The 2022 Five-Year Credit Agreement contains customary affirmative and negative covenants and events of default for unsecured financing arrangements, including, among other things, limitations on consolidations, mergers, and sales of assets. The 2022 Five-Year Credit Agreement also requires us to maintain a consolidated indebtedness to consolidated EBITDA ratio of no greater than 4.5 to 1.0 as of the last day of any period of four consecutive fiscal quarters (with such ratio subject to increase to 5.0 to 1.0 for a period of time in connection with a qualified material acquisition and certain other restrictions). We were in compliance with all covenants under the 2022 Five-Year Credit Agreement as of March 31, 2023. As of March 31, 2023, there were outstanding borrowings of $ 585.0 million under the 2022 Five-Year Credit Agreement. The 2022 364-Day Revolving Credit Agreement is an unsecured revolving credit facility in the principal amount of $ 1.0 billion (the “2022 364-Day Revolving Facility”). The 2022 364-Day Revolving Credit Agreement replaced a credit agreement entered into on August 20, 2021, which was also a 364- day unsecured revolving credit facility of $ 1.0 billion (the “2021 364-Day Revolving Facility”). There were no borrowings outstanding under the 2021 364-Day Revolving Facility when it was terminated. The 2022 364-Day Revolving Facility will mature on August 18, 2023 . Borrowings under the 2022 364-Day Revolving Credit Agreement bear interest at floating rates based upon either an adjusted Term SOFR for the applicable interest period or an alternate base rate, in each case, plus an applicable margin determined by reference to our senior unsecured long-term debt credit rating. We pay a facility fee on the aggregate amount of the 2022 364-Day Revolving Facility at a rate determined by reference to our senior unsecured long-term debt credit rating. The 2022 364-Day Revolving Credit Agreement contains customary affirmative and negative covenants and events of default for an unsecured financing arrangement including, among other things, limitations on consolidations, mergers, and sales of assets. The 2022 364-Day Revolving Credit Agreement also requires us to maintain a consolidated indebtedness to consolidated EBITDA ratio of no greater than 4.5 to 1.0 as of the last day of any period of four consecutive fiscal quarters (with such ratio subject to increase to 5.0 to 1.0 in connection with a qualified material acquisition and certain other restrictions). We were in compliance with all covenants under the 2022 364-Day Revolving Credit Agreement as of March 31, 2023. As of March 31, 2023, there were no outstanding borrowings under the 2022 364-Day Revolving Credit Agreement. The estimated fair value of our senior notes, which includes our Euro notes, as of March 31, 2023, based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $ 4,986.0 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	10. Accumulated Other Comprehensive Income Accumulated other comprehensive income (loss) (“AOCI”) refers to certain gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. Amounts in AOCI may be reclassified to net earnings upon the occurrence of certain events. Our AOCI is comprised of foreign currency translation adjustments, unrealized gains and losses on cash flow hedges and unrecognized prior service costs and gains and losses in actuarial assumptions related to our defined benefit plans. Foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity. In the three-month period ended March 31, 2022, due to the spinoff of ZimVie, certain foreign entities were completely liquidated. In a pro rata spinoff of consolidated subsidiaries’ assets and liabilities, the distribution of these net assets is recognized through equity instead of net earnings. Therefore, the foreign currency translation adjustments of those entities that were completely liquidated were reclassified to retained earnings. Similarly, we had entered into instruments designated as net investment hedges against certain of these same foreign entities. We reclassified the portion of the net investment hedge gains (losses) deferred in foreign currency translation adjustments related to those entities to retained earnings. Unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings. Amounts related to defined benefit plans that are in AOCI are reclassified over the service periods of employees in the plan. The following table shows the changes in the components of AOCI gains (losses), net of tax (in millions): Foreign Cash Defined Currency Flow Benefit Total Translation Hedges Plan Items AOCI Balance at December 31, 2022 $ ( 169.3 ) $ 69.6 $ ( 79.6 ) $ ( 179.3 ) AOCI before reclassifications 12.4 8.8 - 21.2 Reclassifications to statements of earnings - ( 19.0 ) ( 0.9 ) ( 19.9 ) Balance at March 31, 2023 $ ( 156.9 ) $ 59.4 $ ( 80.5 ) $ ( 178.0 ) The following table shows the reclassification adjustments from AOCI (in millions): Amount of Gain (Loss) Reclassified from AOCI Three Months Ended March 31, Location on Component of AOCI 2023 2022 Statements of Earnings Cash flow hedges Foreign exchange forward contracts $ 23.1 $ 5.2 Cost of products sold Forward starting interest rate swaps ( 0.2 ) ( 0.2 ) Interest expense, net 22.9 5.0 Total before tax 3.9 0.7 Provision for income taxes $ 19.0 $ 4.3 Net of tax Defined benefit plans Prior service cost and unrecognized actuarial loss $ 1.0 $ ( 1.3 ) Other income (expense), net 0.1 ( 0.4 ) Provision for income taxes $ 0.9 $ ( 0.9 ) Net of tax Total reclassifications $ 19.9 $ 3.4 Net of tax The following table shows the tax effects on each component of AOCI recognized in our condensed consolidated statements of comprehensive income (in millions): Three Months Ended March 31, 2023 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ 7.5 ( 4.9 ) $ 12.4 Unrealized cash flow hedge gains 11.1 2.3 8.8 Reclassification adjustments on cash flow hedges ( 22.9 ) ( 3.9 ) ( 19.0 ) Adjustments to prior service cost and unrecognized actuarial assumptions ( 1.0 ) ( 0.1 ) ( 0.9 ) Total Other Comprehensive (Loss) Income $ ( 5.3 ) $ ( 6.6 ) $ 1.3 Three Months Ended March 31, 2022 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ ( 1.1 ) $ ( 2.4 ) $ 1.3 Unrealized cash flow hedge gains 21.0 7.3 13.7 Reclassification adjustments on cash flow hedges ( 5.0 ) ( 0.7 ) ( 4.3 ) Adjustments to prior service cost and unrecognized actuarial assumptions 1.3 0.4 0.9 Total Other Comprehensive Income $ 16.2 $ 4.6 $ 11.6

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	11. Fair Value Measurement of Assets and Liabilities The following financial assets and liabilities are recorded at fair value on a recurring basis (in millions): As of March 31, 2023 Fair Value Measurements at Reporting Date Using: Description Recorded Quoted Prices Significant Significant Assets Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 59.9 $ - $ 59.9 $ - Total Assets $ 59.9 $ - $ 59.9 $ - Liabilities Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 3.1 $ - $ 3.1 $ - Cross-currency interest rate swaps 50.3 - 50.3 - Interest rate swaps 140.3 - 140.3 - Contingent payments related to acquisitions 99.0 - - 99.0 Total Liabilities $ 292.7 $ - $ 193.7 $ 99.0 As of December 31, 2022 Fair Value Measurements at Reporting Date Using: Description Recorded Quoted Prices Significant Significant Assets Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 72.8 $ - $ 72.8 $ - Cross-currency interest rate swaps 6.8 - 6.8 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 1.8 - 1.8 - Forward Exchange Agreement 1.1 - 1.1 - Investment in ZimVie 45.5 45.5 - - Total Assets $ 128.0 $ 45.5 $ 82.5 $ - Liabilities Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 5.5 $ - $ 5.5 $ - Cross-currency interest rate swaps 49.6 - 49.6 - Interest rate swaps 172.0 - 172.0 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 3.3 - 3.3 - Contingent payments related to acquisitions 17.4 - - 17.4 Total Liabilities $ 247.8 $ - $ 230.4 $ 17.4 We value our foreign currency forward contracts using a market approach based on foreign currency exchange rates obtained from active markets, and we perform ongoing assessments of counterparty credit risk. We value our interest rate swaps using a market approach based on publicly available market yield curves and the terms of our swaps, and we perform ongoing assessments of counterparty credit risk. The valuation of our cross-currency interest rate swaps also includes consideration of foreign currency exchange rates. In connection with the spinoff, we retained approximately 5.1 million unregistered common shares of ZimVie, representing 19.7 percent of ZimVie's common stock on the separation date. At December 31, 2022, we valued these shares based upon the market share price of ZimVie less a discount to reflect that the shares were not registered. We disposed of these shares in February 2023. The value of the Forward Exchange Agreement as of December 31, 2022, was based upon the historical volume-weighted average price of ZimVie stock since the inception of the agreement with simulations of how the ZimVie stock might perform until the scheduled settlement date. Contingent payments related to acquisitions consist of sales-based payments and a regulatory milestone, and are valued using discounted cash flow techniques. The fair value of sales-based payments is based upon probability-weighted future revenue estimates, and increases as revenue estimates increase. The fair value of the regulatory milestone is based on the probability of success in obtaining the specified regulatory approval. The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) (in millions): Level 3 - Liabilities Contingent payments related to acquisitions Beginning balance December 31, 2022 $ 17.4 New contingent payments related to the Embody acquisition 94.0 Change in estimates 0.2 Settlements ( 12.6 ) Ending balance March 31, 2023 $ 99.0 Changes in estimates for contingent payments related to acquisitions included in continuing operations are recognized in the Acquisition, integration, divestiture and related line item on our condensed consolidated statements of earnings.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	12. Derivative Instruments and Hedging Activities We are exposed to certain market risks relating to our ongoing business operations, including foreign currency exchange rate risk, commodity price risk, interest rate risk and credit risk. We manage our exposure to these and other market risks through regular operating and financing activities. Currently, the only risks that we manage through the use of derivative instruments are interest rate risk and foreign currency exchange rate risk. Interest Rate Risk Derivatives Designated as Fair Value Hedges We currently use fixed-to-variable interest rate swaps to manage our exposure to interest rate risk from our cash investments and debt portfolio. These derivative instruments are designated as fair value hedges under GAAP. Changes in the fair value of the derivative instrument are recorded in current earnings and are offset by gains or losses on the underlying debt instrument. As of March 31, 2023 and December 31, 2022, the following amounts were recorded on our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions): Carrying Amount of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities Balance Sheet Line Item March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Long-term debt $ 855.6 $ 823.9 $ ( 140.3 ) $ ( 172.0 ) Derivatives Designated as Cash Flow Hedges In 2014, we entered into forward starting interest rate swaps that were designated as cash flow hedges of our thirty-year tranche of senior notes due 2045 we expected to issue in 2015. The forward starting interest rate swaps mitigated the risk of changes in interest rates prior to the completion of the notes offering. The interest rate swaps were settled, and the remaining loss to be recognized at March 31, 2023 was $ 24.4 million, which will be recognized using the effective interest rate method over the remaining maturity period of the hedged notes. Foreign Currency Exchange Rate Risk We operate on a global basis and are exposed to the risk that our financial condition, results of operations and cash flows could be adversely affected by changes in foreign currency exchange rates. To reduce the potential effects of foreign currency exchange rate movements on net earnings, we enter into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions. We also designated our Euro Notes as net investment hedges of investments in foreign subsidiaries. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros, Swiss Francs, Japanese Yen, British Pounds, Canadian Dollars, Australian Dollars, Korean Won, Swedish Krona, Czech Koruna, Thai Baht, Taiwan Dollars, South African Rand, Russian Rubles, Indian Rupees, Turkish Lira, Polish Zloty, Danish Krone, and Norwegian Krone. We do not use derivative financial instruments for trading or speculative purposes. Derivatives Designated as Net Investment Hedges We are exposed to the impact of foreign exchange rate fluctuations in the investments in our wholly-owned foreign subsidiaries that are denominated in currencies other than the U.S. Dollar. In order to mitigate the volatility in foreign exchange rates, we issued Euro Notes in December 2016 and November 2019 and designated 100 percent of the Euro Notes to hedge our net investment in certain wholly-owned foreign subsidiaries that have a functional currency of the Euro. All changes in the fair value of a hedging instrument designated as a net investment hedge are recorded as a component of AOCI in the condensed consolidated balance sheets. At March 31, 2023, we had receive-fixed-rate, pay-fixed-rate cross-currency interest swaps with notional amounts outstanding of Euro 700 million, Japanese Yen 54.1 billion and Swiss Franc 125 million. These transactions further hedge our net investment in certain wholly-owned foreign subsidiaries that have a functional currency of Euro, Japanese Yen and Swiss Franc. All changes in the fair value of a derivative instrument designated as a net investment hedge are recorded as a component of AOCI in the condensed consolidated balance sheets. The portion of this change related to the excluded component will be amortized into earnings over the life of the derivative while the remainder will be recorded in AOCI until the hedged net investment is sold or substantially liquidated. We recognize the excluded component in interest expense, net on our condensed consolidated statements of earnings. The net cash received related to the receive-fixed-rate, pay-fixed-rate component of the cross-currency interest rate swaps is reflected in investing cash flows in our condensed consolidated statements of cash flows. In the three-month period ended March 31, 2023, € 100 million and ₣ 50 million of these cross-currency interest rate swaps matured at a gain of $ 6.0 million and loss of $ 3.0 million, respectively. The settlement of these gains and losses with the counterparties is reflected in investing cash flows in our condensed consolidated statements of cash flows and will remain in AOCI on our condensed consolidated balance sheet until the hedged net investment is sold or substantially liquidated. Derivatives Designated as Cash Flow Hedges Our revenues are generated in various currencies throughout the world. However, a significant amount of our inventory is produced in U.S. Dollars. Therefore, movements in foreign currency exchange rates may have different proportional effects on our revenues compared to our cost of products sold. To minimize the effects of foreign currency exchange rate movements on cash flows, we hedge intercompany sales of inventory expected to occur within the next 30 months with foreign currency exchange forward contracts. We designate these derivative instruments as cash flow hedges. We perform quarterly assessments of hedge effectiveness by verifying and documenting the critical terms of the hedge instrument and confirming that forecasted transactions have not changed significantly. We also assess on a quarterly basis whether there have been adverse developments regarding the risk of a counterparty default. For derivatives which qualify as hedges of future cash flows, the gains and losses are temporarily recorded in AOCI and then recognized in cost of products sold when the hedged item affects net earnings. On our condensed consolidated statements of cash flows, the settlements of these cash flow hedges are recognized in operating cash flows. For foreign currency exchange forward contracts and options outstanding at March 31, 2023, we had obligations to purchase U.S. Dollars and sell Euros, Japanese Yen, British Pounds, Canadian Dollars, Australian Dollars, Korean Won, Swedish Krona, Czech Koruna, Thai Baht, Taiwan Dollars, South African Rand, Russian Rubles, Indian Rupees, Polish Zloty, Danish Krone, and Norwegian Krone and obligations to purchase Swiss Francs and sell U.S. Dollars. These derivatives mature at dates ranging from April 2023 through September 2025. As of March 31, 2023 , the notional amounts of outstanding forward contracts and options entered into with third parties to purchase U.S. Dollars were $ 1,450.1 million. As of March 31, 2023 , the notional amounts of outstanding forward contracts and options entered into with third parties to purchase Swiss Francs were $ 438.5 million. Derivatives Not Designated as Hedging Instruments We enter into foreign currency forward exchange contracts with terms of one to three months to manage currency exposures for monetary assets and liabilities denominated in a currency other than an entity’s functional currency. As a result, any foreign currency remeasurement gains/losses recognized in earnings are generally offset with gains/losses on the foreign currency forward exchange contracts in the same reporting period. The net amount of these offsetting gains/losses is recorded in other expense, net. Any outstanding contracts are recorded on the balance sheet at fair value as of the end of the reporting period. The notional amounts of these contracts are typically in a range of $ 1.25 billion to $ 1.75 billion per quarter. As discussed in Note 2, we entered into the Forward Exchange Agreement as part of our pledge to transfer our ZimVie shares to a third-party financial institution, which occurred in February 2023. Income Statement Presentation Derivatives Designated as Cash Flow Hedges Derivative instruments designated as cash flow hedges had the following effects, before taxes, on AOCI and net earnings on our consolidated statements of earnings, consolidated statements of comprehensive income and consolidated balance sheets (in millions): Amount of Gain (Loss) Amount of Gain (Loss) Recognized in AOCI Reclassified from AOCI Three Months Ended Three Months Ended March 31, Location on March 31, Derivative Instrument 2023 2022 Statements of Earnings 2023 2022 Foreign exchange $ 11.1 $ 21.0 Cost of products sold $ 23.1 $ 5.2 Forward starting - - Interest expense, net ( 0.2 ) ( 0.2 ) $ 11.1 $ 21.0 $ 22.9 $ 5.0 The fair value of outstanding derivative instruments designated as cash flow hedges and recorded on our condensed consolidated balance sheet at March 31, 2023, together with settled derivatives where the hedged item has not yet affected earnings, was a net unrealized gain of $ 68.5 million, or $ 59.4 million after taxes, which is deferred in AOCI. A gain of $ 73.3 million, or $ 60.3 million after taxes, is expected to be reclassified to earnings in cost of products sold and a loss of $ 0.7 million, or $ 0.5 million after taxes, is expected to be reclassified to earnings in interest expense, net over the next twelve months. The following table presents the effect of fair value, cash flow and net investment hedge accounting on our condensed consolidated statements of earnings (in millions): Location and Amount of Gain/(Loss) Recognized in Income on Fair Value, Cash Flow and Net Investment Hedging Relationships Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 Cost of Interest Cost of Interest Products Expense, Products Expense, Sold Net Sold Net Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded $ 500.8 $ ( 48.2 ) $ 500.0 $ ( 41.1 ) The effects of fair value, cash flow and net investment hedging: Gain (loss) on fair value hedging Interest rate swaps - ( 8.2 ) - 2.9 Gain (loss) on cash flow hedging Foreign exchange forward contracts 23.1 - 5.2 - Forward starting interest rate swaps - ( 0.2 ) - ( 0.2 ) Gain on net investment hedging Cross-currency interest rate swaps - 9.0 - 6.5 Derivatives Not Designated as Hedging Instruments The following losses from these derivative instruments were recognized on our condensed consolidated statements of earnings (in millions): Three Months Ended Location on March 31, Derivative Instrument Statements of Earnings 2023 2022 Foreign exchange forward contracts Other income (expense), net $ ( 3.6 ) $ ( 8.5 ) These losses do not reflect offsetting gains of $ 0.4 million and $ 7.7 million in the three-month periods ended March 31, 2023 and 2022, respectively, recognized in other income (expense), net as a result of foreign currency remeasurement of monetary assets and liabilities denominated in a currency other than an entity’s functional currency. Balance Sheet Presentation As of March 31, 2023 and December 31, 2022 , all derivatives designated as fair value hedges, cash flow hedges and net investment hedges are recorded at fair value on our condensed consolidated balance sheets. On our condensed consolidated balance sheets, we recognize individual forward contracts with the same counterparty on a net asset/liability basis if we have a master netting agreement with the counterparty. Under these master netting agreements, we are able to settle derivative instrument assets and liabilities with the same counterparty in a single transaction, instead of settling each derivative instrument separately. We have master netting agreements with substantially all of our counterparties. The fair value of derivative instruments on a gross basis is as follows (in millions): As of March 31, 2023 As of December 31, 2022 Balance Balance Sheet Fair Sheet Fair Location Value Location Value Asset Derivatives Designated as Hedges Foreign exchange forward contracts Other current assets $ 63.4 Other current assets $ 73.2 Cross-currency interest rate swaps Other current assets - Other current assets 6.8 Foreign exchange forward contracts Other assets 12.9 Other assets 16.6 Cross-currency interest rate swaps Other assets - Other assets - Total asset derivatives $ 76.3 $ 96.6 Asset Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current assets $ - Other current assets $ 3.1 Forward Exchange Agreement Other current assets - Other current assets 1.1 Total asset derivatives not designated as hedges - 4.2 Liability Derivatives Designated as Hedges Foreign exchange forward contracts Other current liabilities $ 9.0 Other current liabilities $ 8.0 Cross-currency interest rate swaps Other current liabilities - Other current liabilities 3.3 Foreign exchange forward contracts Other long-term liabilities 10.5 Other long-term liabilities 14.5 Cross-currency interest rate swaps Other long-term liabilities 50.3 Other long-term liabilities 46.3 Interest rate swaps Other long-term liabilities 140.3 Other long-term liabilities 172.0 Total liability derivatives $ 210.1 $ 244.1 Liability Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current liabilities $ - Other current liabilities $ 4.6 The table below presents the effects of our master netting agreements on our condensed consolidated balance sheets (in millions): As of March 31, 2023 As of December 31, 2022 Description Location Gross Offset Net Amount in Gross Offset Net Amount in Asset Derivatives Cash flow hedges Other current assets $ 63.4 $ 8.4 $ 55.0 $ 73.2 $ 7.1 $ 66.1 Cash flow hedges Other assets 12.9 8.0 4.9 16.6 9.9 6.7 Derivatives Not Designated as Hedges Other current assets - - - 3.1 1.3 1.8 Liability Derivatives Cash flow hedges Other current liabilities 9.0 8.4 0.6 8.0 7.1 0.9 Cash flow hedges Other long-term liabilities 10.5 8.0 2.5 14.5 9.9 4.6 Derivatives Not Designated as Hedges Other current liabilities - - - 4.6 1.3 3.3 The following net investment hedge gains (losses) were recognized on our condensed consolidated statements of comprehensive income (in millions): Amount of Gain (Loss) Recognized in AOCI Three Months Ended March 31, Derivative Instrument 2023 2022 Euro Notes $ ( 19.2 ) $ 36.9 Cross-currency interest rate swaps ( 4.5 ) 12.3 $ ( 23.7 ) $ 49.2

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes We operate on a global basis and are subject to numerous and complex tax laws and regulations. Additionally, tax laws continue to undergo rapid changes in both application and interpretation by various countries, including state aid interpretations and initiatives led by the Organisation for Economic Cooperation and Development. Our income tax filings are subject to examinations by taxing authorities throughout the world. Income tax audits may require an extended period of time to reach resolution and may result in significant income tax adjustments when interpretation of tax laws or allocation of company profits is disputed. Although ultimate timing is uncertain, the net amount of tax liability for unrecognized tax benefits may change within the next twelve months due to changes in audit status, expiration of statutes of limitations, settlements of tax assessments and other events. Management’s best estimate of such change is within the range of a $ 400 million decrease to a $ 20 million increase. We are under continuous audit by the IRS and have disputes with the IRS and other foreign taxing authorities in the jurisdictions where we operate. In addition, some jurisdictions in which we operate require payment of disputed taxes to petition a court or taxing authority, or we may elect to make such payments prior to final resolution. We record any prepayments as income tax receivables when we believe our position is more likely than not to be upheld. We assess our position on these disputes at each reporting period. During the course of these audits and disputes, we receive proposed adjustments from taxing authorities that may be material. Therefore, there is a possibility that an adverse outcome in these audits or disputes could have a material effect on our results of operations and financial condition. Our U.S. Federal income tax returns have been audited through 2015 and are currently under audit for years 2016-2019. The IRS has proposed adjustments for tax years 2010-2012, primarily related to reallocating profits between certain of our U.S. and foreign subsidiaries, which remain unsettled. We have disputed these adjustments and intend to continue to vigorously defend our positions as we pursue resolution through the administrative process with the IRS Independent Office of Appeals. The IRS has proposed adjustments for tax years 2013-2015 relating to transfer pricing involving our cost sharing agreement between the U.S. and Switzerland affiliated companies and reallocating profits between certain of our U.S. and foreign subsidiaries. This includes a proposed increase to our U.S. Federal taxable income, which would result in additional tax expense related to 2013 of approximately $ 370 million, subject to interest and penalties related to our cost sharing agreement. We strongly believe that the position of the IRS, with regard to this matter, is inconsistent with the applicable U.S. Treasury regulations governing our cost sharing agreement. We intend to vigorously contest the adjustment, and we will pursue all available administrative and, if necessary, judicial remedies. If we pursue judicial remedies in the U.S. Tax Court for years 2013-2015, a number of years will likely elapse before such matters are finally resolved. No payment of any amount related to this matter is required to be made, if at all, until all applicable proceedings have been completed. In the three-month period ended March 31, 2023, our effective tax rate (“ETR”) was 18.9 percent compared to 27.8 percent for the three-month period ended March 31, 2022. The 18.9 percent ETR in the three-month period ended March 31, 2023 was primarily driven by our mix of earnings between U.S. and foreign locations. The 27.8 percent ETR in the three-month period ended March 31, 2022 was primarily driven by the loss on our investment in ZimVie which was not deductible for tax purposes. Absent discrete tax events, we expect our future ETR will be lower than the U.S. corporate income tax rate of 21.0 percent due to our mix of earnings between U.S. and foreign locations, which have lower corporate income tax rates. Our ETR in future periods could also potentially be impacted by: changes in our mix of pre-tax earnings; changes in tax rates, tax laws or their interpretation; the outcome of various federal, state and foreign audits; and the expiration of certain statutes of limitations. Currently, we cannot reasonably estimate the impact of these items on our financial results.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings Per Share The following is a reconciliation of weighted average shares for the basic and diluted shares computations (in millions): Three Months Ended March 31, 2023 2022 Weighted average shares outstanding for basic net earnings per share 209.4 209.2 Effect of dilutive stock options and other equity awards 1.0 0.9 Weighted average shares outstanding for diluted net earnings per share 210.4 210.1 During the three-month periods ended March 31, 2023 and 2022, an average of 2.0 million options and 2.9 million options, respectively, to purchase shares of common stock were not included in the computation of diluted earnings per share because the effect would have been antidilutive.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	15. Segment Information We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; craniomaxillofacial and thoracic products (“CMFT”); surgical products; and a suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence. Our chief operating decision maker (“CODM”) allocates resources to achieve our operating profit goals through three operating segments. These operating segments, which also constitute our reportable segments, are Americas; EMEA; and Asia Pacific. Our CODM evaluates performance based upon segment operating profit exclusive of operating expenses and income pertaining to intangible asset amortization, certain inventory and manufacturing-related charges, goodwill and intangible asset impairment, restructuring and other cost reduction initiatives, quality remediation, acquisition, integration, divestiture and related, litigation, certain European Union Medical Device Regulation (“EU MDR”) expenses, certain research and development ("R&D") agreements, other charges and corporate functions (collectively referred to as “Corporate items”). Corporate functions include corporate legal, finance, information technology, human resources and other corporate departments as well as stock-based compensation and certain operations, distribution, quality assurance and regulatory assurance expenses. Intercompany transactions have been eliminated from segment operating profit. Our Americas operating segment is comprised principally of the U.S. and includes other North, Central and South American markets. This segment also includes research, development engineering, medical education, and brand management for our product category headquarter locations. Our EMEA operating segment is comprised principally of Europe and includes the Middle East and African markets. Our Asia Pacific operating segment is comprised principally of Japan, China and Australia and includes other Asian and Pacific markets. The EMEA and Asia Pacific operating segments include the commercial operations as well as regional headquarter expenses to operate in those markets. Since the Americas segment includes additional costs related to centralized product category headquarter expenses, profitability metrics in this operating segment are not comparable to the EMEA and Asia Pacific operating segments. Our CODM does not review asset information by operating segment. Instead, our CODM reviews cash flow and other financial ratios by operating segment. We reclassified certain insignificant prior period expenses to conform to the current period presentation. Net sales and operating profit by segment are as follows (in millions): Net Sales Operating Profit Three Months Ended Three Months Ended March 31, March 31, 2023 2022 2023 2022 Americas $ 1,141.3 $ 1,004.3 $ 477.5 $ 401.5 EMEA 425.6 379.9 140.7 104.9 Asia Pacific 264.1 279.0 84.6 93.4 Total $ 1,831.0 $ 1,663.2 Corporate items ( 242.1 ) ( 270.6 ) Intangible asset amortization ( 133.4 ) ( 130.8 ) Operating profit $ 327.3 $ 198.4

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies We are involved in various legal proceedings, including product liability, intellectual property, stockholder matters, tax disputes, commercial, employment, governmental proceedings and investigations, and other legal matters that arise in the normal course of our business, including those described below. On a quarterly and annual basis, we review relevant information with respect to loss contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. We establish liabilities for loss contingencies on an undiscounted basis when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. For matters where a loss is believed to be reasonably possible, but not probable, or if no reasonable estimate of known or probable loss is available, no accrual has been made. We recognize litigation-related charges and gains in Selling, general and administrative expense on our condensed consolidated statement of earnings. The ultimate cost of litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on our financial condition and results of operations. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and other contingences are inherently difficult to predict, particularly when the matters are in early procedural stages with incomplete facts or legal discovery, involve unsubstantiated or indeterminate claims for damages, and/or potentially involve penalties, fines or punitive damages. In addition to the matters described herein, we remain subject to the risk of future governmental, regulatory and legal actions. Governmental and regulatory actions may lead to product recalls, injunctions and other restrictions on our operations and monetary sanctions, which may include substantial civil or criminal penalties. Actions involving intellectual property could result in a loss of patent protection or the ability to market products, which could lead to significant sales reductions or cost increases, or otherwise materially affect the results of our operations. During the three-month periods ended March 31, 2023 and 2022, we recognized $ 3.3 million and $ 33.2 million, respectively, of net litigation-related charges. At March 31, 2023 and December 31, 2022, accrued litigation liabilities were $ 320.9 million and $ 349.2 million, respectively. These litigation-related charges and accrued liabilities reflect all of our litigation-related contingencies and not just the matters discussed below. Litigation Durom Cup-related claims : On July 22, 2008, we temporarily suspended marketing and distribution of the Durom Cup in the U.S. Subsequently, a number of product liability lawsuits were filed against us in various U.S. and foreign jurisdictions. The plaintiffs seek damages for personal injury, and they generally allege that the Durom Cup contains defects that result in complications and revision of the device. We have settled the majority of these claims in the U.S., but other lawsuits are pending in various foreign jurisdictions and additional claims may be asserted in the future. The majority of claims outside the U.S. are pending in Germany, Netherlands and Italy. We rely on significant estimates in determining the provisions for Durom Cup-related claims, including our estimate of the number of claims that we will receive and the average amount we will pay per claim. The actual number of claims and the actual amount we pay per claim may differ from our estimates. For various reasons, we cannot reasonably estimate the possible loss or range of loss that may result from Durom Cup-related claims in excess of the losses we have accrued. Although we are vigorously defending these lawsuits, their ultimate resolution is uncertain. We accrued a litigation-related charge in this matter based on an estimate of the reasonably possible loss, as discussed above. Zimmer M/L Taper, M/L Taper with Kinectiv Technology, and Versys Femoral Head-related claims (“Metal Reaction” claims): We are a defendant in a number of product liability lawsuits relating to our M/L Taper and M/L Taper with Kinectiv Technology hip stems, and Versys Femoral Head implants. The plaintiffs seek damages for personal injury, alleging that defects in the products lead to corrosion at the head/stem junction resulting in, among other things, pain, inflammation and revision surgery. The majority of the cases are consolidated in an MDL that was created on October 3, 2018 in the U.S. District Court for the Southern District of New York ( In Re: Zimmer M/L Taper Hip Prosthesis or M/L Taper Hip Prosthesis with Kinectiv Technology and Versys Femoral Head Products Liability Litigation ). Other related cases are pending in various state and federal courts, and additional lawsuits are likely to be filed. Although we are vigorously defending these lawsuits, their ultimate resolution is uncertain. We accrued a litigation-related charge in this matter based on an estimate of the reasonably possible loss, as discussed above. Biomet metal-on-metal hip implant claims : Biomet is a defendant in a number of product liability lawsuits relating to metal-on-metal hip implants, most of which involve the M2a-Magnum hip system. Cases were originally consolidated in an MDL in the U.S. District Court for the Northern District of Indiana (In Re: Biomet M2a Magnum Hip Implant Product Liability Litigation) , but the majority of the claims in the U.S. have been settled. Trials may still occur in the future, and although each case will be tried on its particular facts, a verdict and subsequent final judgment for the plaintiff in one or more of these cases could have a substantial impact on our potential liability. Lawsuits are pending in various foreign jurisdictions and additional claims are expected to be asserted. We continue to refine our estimates of the potential liability to resolve the remaining claims and lawsuits. Although we are vigorously defending these lawsuits, their ultimate resolution is uncertain. We accrued a litigation-related charge in this matter based on an estimate of the reasonably possible loss, as discussed above. Regulatory Matters, Government Investigations and Other Matters FDA warning letter : In August 2018, we received a warning letter from the Food and Drug Administration ("FDA") related to observed non-conformities with current good manufacturing practice requirements of the Quality System Regulation (21 CFR Part 820) (“QSR”) at our legacy Biomet manufacturing facility in Warsaw, Indiana (this facility is sometimes referred to in this report as the “Warsaw North Campus”). We have provided detailed responses to the FDA as to our corrective actions and will continue to work expeditiously to address the issues identified by the FDA during inspections in Warsaw. As of March 31, 2023, the Warsaw warning letter remained pending. Until the violations cited in the pending warning letter are corrected, we may be subject to additional regulatory action by the FDA, as described more fully below. Additionally, requests for Certificates to Foreign Governments may not be granted and premarket approval applications for Class III devices to which the QSR deviations are reasonably related will not be approved until the violations have been corrected. In addition to responding to the warning letter described above, we are in the process of addressing various FDA Form 483 inspectional observations at certain of our manufacturing facilities, including observations issued by the FDA following an inspection of the Warsaw North Campus in January 2020, which inspection the FDA has classified as Voluntary Action Indicated (“VAI”). The ultimate outcome of these matters is presently uncertain. Among other available regulatory actions, the FDA may impose operating restrictions, including a ceasing of operations, at one or more facilities, enjoining and restraining certain violations of applicable law pertaining to products, seizure of products and assessing civil or criminal penalties against our officers, employees or us. The FDA could also issue a corporate warning letter or a recidivist warning letter or negotiate the entry of a consent decree of permanent injunction with us. The FDA may also recommend prosecution by the U.S. Department of Justice. Any adverse regulatory action, depending on its magnitude, may restrict us from effectively manufacturing, marketing and selling our products and could have a material adverse effect on our business, financial condition and results of operations. Other Contingencies Indemnifications : As part of the ZimVie spinoff, we agreed to indemnify ZimVie for certain legal and tax matters. Our responsibilities for legal indemnification are for specifically identified matters and are subject to a maximum amount, which is not significant for us. We have made an accrual based on an estimate of the probable loss for any legal indemnification. For tax matters, our indemnification is related to tax periods prior to the spinoff and any tax liabilities that may be incurred as part of the spinoff. We have maintained accruals based upon an estimate of any possible tax indemnifications. Contractual obligations: We have entered into development, distribution and other contractual arrangements that may result in future payments dependent upon various events such as the achievement of certain product R&D milestones, sales milestones, or, at our discretion, maintenance of exclusive rights to distribute a product. Since there is uncertainty on the timing or whether such payments will have to be made, they have not been recognized on our condensed consolidated balance sheets. These estimated payments could range from $ 0 to approximately $ 410 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates - The accompanying unaudited condensed consolidated financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. Actual results could differ materially from these estimates.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted - There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Discontinued Operations and R_2

Discontinued Operations and Related ZimVie Matters (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Details of Earnings (Loss) from Discontinued operation	Details of earnings (loss) from discontinued operations included in our condensed consolidated statements of earnings are as follows (in millions): Three Months Ended March 31, 2022 Net Sales $ 147.8 Cost of products sold, excluding intangible asset amortization 53.5 Intangible asset amortization 14.0 Research and development 10.5 Selling, general and administrative 89.4 Restructuring and other cost reduction initiatives 0.4 Acquisition, integration, divestiture and related 40.9 Other expense, net 0.3 Loss from discontinued operations before income taxes ( 61.2 ) Benefit for income taxes from discontinued operations ( 2.4 ) Loss from discontinued operations, net of tax $ ( 58.8 )

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue Recognition [Abstract]
Schedule of Net Sales by Geography	Net sales by geography are as follows (in millions): Three Months Ended March 31, 2023 2022 United States $ 1,060.4 $ 941.2 International 770.6 722.0 Total $ 1,831.0 $ 1,663.2
Schedule of Net Sales by Product Category	Net sales by product category are as follows (in millions): Three Months Ended March 31, 2023 2022 Knees $ 762.5 $ 662.8 Hips 492.8 451.0 S.E.T. 433.4 416.8 Other 142.3 132.6 Total $ 1,831.0 $ 1,663.2

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Summary of Liabilities Recognized Related to Restructuring Plan	The following table summarizes the liabilities recognized related to the 2021 Restructuring Plan (in millions): Employee Termination Contract Benefits Terminations Other Total Balance, December 31, 2022 $ 10.5 $ 25.0 $ 3.1 $ 38.6 Expenses incurred in the three months ended March 31, 2023 2.4 14.3 1.5 18.2 Cash payments ( 2.7 ) ( 10.4 ) ( 1.6 ) ( 14.7 ) Foreign currency exchange rate changes 0.1 0.5 - 0.6 Balance, March 31, 2023 $ 10.3 $ 29.4 $ 3.0 $ 42.7 Expense incurred since the start of the 2021 Restructuring Plan $ 55.5 $ 66.1 $ 28.4 $ 150.0 Expense estimated to be recognized for the 2021 Restructuring Plan $ 70.0 $ 100.0 $ 50.0 $ 220.0 The following table summarizes the liabilities recognized related to the 2019 Restructuring Plan (in millions): Employee Termination Contract Benefits Terminations Other Total Balance, December 31, 2022 $ 28.9 $ 9.0 $ 6.4 $ 44.3 Expenses incurred in the three months ended March 31, 2023 - - 6.1 6.1 Cash payments ( 2.4 ) ( 1.0 ) ( 7.2 ) ( 10.6 ) Foreign currency exchange rate changes - - 0.1 0.1 Balance, March 31, 2023 $ 26.5 $ 8.0 $ 5.4 $ 39.9 Expense incurred since the start of the 2019 Restructuring Plan $ 108.3 $ 35.0 $ 140.7 $ 284.0 Expense estimated to be recognized for the 2019 Restructuring Plan $ 160.0 $ 35.0 $ 180.0 $ 375.0

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	March 31, December 31, 2023 2022 (in millions) Finished goods $ 1,702.8 $ 1,655.0 Work in progress 243.3 230.9 Raw materials 295.2 261.3 Inventories $ 2,241.3 $ 2,147.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	March 31, December 31, 2023 2022 (in millions) Land $ 19.2 $ 19.2 Buildings and equipment 2,130.2 2,093.4 Capitalized software costs 525.8 518.2 Instruments 3,762.2 3,683.5 Construction in progress 156.5 144.1 6,593.9 6,458.4 Accumulated depreciation ( 4,687.5 ) ( 4,585.9 ) Property, plant and equipment, net $ 1,906.4 $ 1,872.5

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Embody, Inc.
Business Acquisition [Line Items]
Summary of Preliminary Estimates of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimates of fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): Current assets $ 4.6 Intangible assets subject to amortization: Technology 81.5 Customer relationships 9.3 Intangible assets not subject to amortization: In-process research and development (IPR&D) 36.2 Goodwill 141.6 Other assets 4.4 Total assets acquired 277.5 Current liabilities 0.6 Deferred income taxes 28.4 Total liabilities assumed 29.0 Net assets acquired $ 248.5
Sternal Closure Company [Member]
Business Acquisition [Line Items]
Summary of Preliminary Estimates of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the aggregate final estimates of fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): Current assets $ 3.8 Intangible assets subject to amortization: Technology 42.8 Customer relationships 12.3 Goodwill 48.3 Other assets 4.9 Total assets acquired 112.1 Current liabilities 1.1 Total liabilities assumed 1.1 Net assets acquired $ 111.0

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt Instruments	Our debt consisted of the following (in millions): March 31, December 31, 2023 2022 Current portion of long-term debt Short-Term Term Loan $ - $ 83.0 2022 Five-Year Credit Agreement 585.0 375.0 3.700 % Senior Notes due 2023 - 86.3 Total current portion of long-term debt $ 585.0 $ 544.3 Long-term debt 1.450 % Senior Notes due 2024 850.0 850.0 3.550 % Senior Notes due 2025 863.0 863.0 3.050 % Senior Notes due 2026 600.0 600.0 3.550 % Senior Notes due 2030 257.5 257.5 2.600 % Senior Notes due 2031 750.0 750.0 4.250 % Senior Notes due 2035 253.4 253.4 5.750 % Senior Notes due 2039 317.8 317.8 4.450 % Senior Notes due 2045 395.4 395.4 2.425 % Euro Notes due 2026 543.2 533.6 1.164 % Euro Notes due 2027 543.2 533.6 Debt discount and issuance costs ( 28.4 ) ( 30.1 ) Adjustment related to interest rate swaps ( 140.3 ) ( 172.0 ) Total long-term debt $ 5,204.8 $ 5,152.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Changes in Components of Accumulated Other Comprehensive Income, Net of Tax	The following table shows the changes in the components of AOCI gains (losses), net of tax (in millions): Foreign Cash Defined Currency Flow Benefit Total Translation Hedges Plan Items AOCI Balance at December 31, 2022 $ ( 169.3 ) $ 69.6 $ ( 79.6 ) $ ( 179.3 ) AOCI before reclassifications 12.4 8.8 - 21.2 Reclassifications to statements of earnings - ( 19.0 ) ( 0.9 ) ( 19.9 ) Balance at March 31, 2023 $ ( 156.9 ) $ 59.4 $ ( 80.5 ) $ ( 178.0 )
Reclassification Adjustments from Accumulated Other Comprehensive Income	The following table shows the reclassification adjustments from AOCI (in millions): Amount of Gain (Loss) Reclassified from AOCI Three Months Ended March 31, Location on Component of AOCI 2023 2022 Statements of Earnings Cash flow hedges Foreign exchange forward contracts $ 23.1 $ 5.2 Cost of products sold Forward starting interest rate swaps ( 0.2 ) ( 0.2 ) Interest expense, net 22.9 5.0 Total before tax 3.9 0.7 Provision for income taxes $ 19.0 $ 4.3 Net of tax Defined benefit plans Prior service cost and unrecognized actuarial loss $ 1.0 $ ( 1.3 ) Other income (expense), net 0.1 ( 0.4 ) Provision for income taxes $ 0.9 $ ( 0.9 ) Net of tax Total reclassifications $ 19.9 $ 3.4 Net of tax
Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income	The following table shows the tax effects on each component of AOCI recognized in our condensed consolidated statements of comprehensive income (in millions): Three Months Ended March 31, 2023 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ 7.5 ( 4.9 ) $ 12.4 Unrealized cash flow hedge gains 11.1 2.3 8.8 Reclassification adjustments on cash flow hedges ( 22.9 ) ( 3.9 ) ( 19.0 ) Adjustments to prior service cost and unrecognized actuarial assumptions ( 1.0 ) ( 0.1 ) ( 0.9 ) Total Other Comprehensive (Loss) Income $ ( 5.3 ) $ ( 6.6 ) $ 1.3 Three Months Ended March 31, 2022 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ ( 1.1 ) $ ( 2.4 ) $ 1.3 Unrealized cash flow hedge gains 21.0 7.3 13.7 Reclassification adjustments on cash flow hedges ( 5.0 ) ( 0.7 ) ( 4.3 ) Adjustments to prior service cost and unrecognized actuarial assumptions 1.3 0.4 0.9 Total Other Comprehensive Income $ 16.2 $ 4.6 $ 11.6

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement of Asset and Liabilities	The following financial assets and liabilities are recorded at fair value on a recurring basis (in millions): As of March 31, 2023 Fair Value Measurements at Reporting Date Using: Description Recorded Quoted Prices Significant Significant Assets Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 59.9 $ - $ 59.9 $ - Total Assets $ 59.9 $ - $ 59.9 $ - Liabilities Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 3.1 $ - $ 3.1 $ - Cross-currency interest rate swaps 50.3 - 50.3 - Interest rate swaps 140.3 - 140.3 - Contingent payments related to acquisitions 99.0 - - 99.0 Total Liabilities $ 292.7 $ - $ 193.7 $ 99.0 As of December 31, 2022 Fair Value Measurements at Reporting Date Using: Description Recorded Quoted Prices Significant Significant Assets Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 72.8 $ - $ 72.8 $ - Cross-currency interest rate swaps 6.8 - 6.8 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 1.8 - 1.8 - Forward Exchange Agreement 1.1 - 1.1 - Investment in ZimVie 45.5 45.5 - - Total Assets $ 128.0 $ 45.5 $ 82.5 $ - Liabilities Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 5.5 $ - $ 5.5 $ - Cross-currency interest rate swaps 49.6 - 49.6 - Interest rate swaps 172.0 - 172.0 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 3.3 - 3.3 - Contingent payments related to acquisitions 17.4 - - 17.4 Total Liabilities $ 247.8 $ - $ 230.4 $ 17.4
Fair Value Liabilities Measured on Recurring Basis	The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) (in millions): Level 3 - Liabilities Contingent payments related to acquisitions Beginning balance December 31, 2022 $ 17.4 New contingent payments related to the Embody acquisition 94.0 Change in estimates 0.2 Settlements ( 12.6 ) Ending balance March 31, 2023 $ 99.0

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Amounts Recorded On Balance Sheet Related To Cumulative Basis Adjustments For Fair Value Hedges	As of March 31, 2023 and December 31, 2022, the following amounts were recorded on our condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in millions): Carrying Amount of the Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities Balance Sheet Line Item March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Long-term debt $ 855.6 $ 823.9 $ ( 140.3 ) $ ( 172.0 )
Gross Unrealized Losses from Derivative Instruments	Derivative instruments designated as cash flow hedges had the following effects, before taxes, on AOCI and net earnings on our consolidated statements of earnings, consolidated statements of comprehensive income and consolidated balance sheets (in millions): Amount of Gain (Loss) Amount of Gain (Loss) Recognized in AOCI Reclassified from AOCI Three Months Ended Three Months Ended March 31, Location on March 31, Derivative Instrument 2023 2022 Statements of Earnings 2023 2022 Foreign exchange $ 11.1 $ 21.0 Cost of products sold $ 23.1 $ 5.2 Forward starting - - Interest expense, net ( 0.2 ) ( 0.2 ) $ 11.1 $ 21.0 $ 22.9 $ 5.0
Effects of Fair Value, Cash Flow and Net Investment Hedge Accounting on Consolidated Statements of Earnings	The following table presents the effect of fair value, cash flow and net investment hedge accounting on our condensed consolidated statements of earnings (in millions): Location and Amount of Gain/(Loss) Recognized in Income on Fair Value, Cash Flow and Net Investment Hedging Relationships Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 Cost of Interest Cost of Interest Products Expense, Products Expense, Sold Net Sold Net Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded $ 500.8 $ ( 48.2 ) $ 500.0 $ ( 41.1 ) The effects of fair value, cash flow and net investment hedging: Gain (loss) on fair value hedging Interest rate swaps - ( 8.2 ) - 2.9 Gain (loss) on cash flow hedging Foreign exchange forward contracts 23.1 - 5.2 - Forward starting interest rate swaps - ( 0.2 ) - ( 0.2 ) Gain on net investment hedging Cross-currency interest rate swaps - 9.0 - 6.5
Derivative Instruments Not Designated as Hedging Instruments	The following losses from these derivative instruments were recognized on our condensed consolidated statements of earnings (in millions): Three Months Ended Location on March 31, Derivative Instrument Statements of Earnings 2023 2022 Foreign exchange forward contracts Other income (expense), net $ ( 3.6 ) $ ( 8.5 )
Fair Value of Derivative Instruments on Gross Basis	The fair value of derivative instruments on a gross basis is as follows (in millions): As of March 31, 2023 As of December 31, 2022 Balance Balance Sheet Fair Sheet Fair Location Value Location Value Asset Derivatives Designated as Hedges Foreign exchange forward contracts Other current assets $ 63.4 Other current assets $ 73.2 Cross-currency interest rate swaps Other current assets - Other current assets 6.8 Foreign exchange forward contracts Other assets 12.9 Other assets 16.6 Cross-currency interest rate swaps Other assets - Other assets - Total asset derivatives $ 76.3 $ 96.6 Asset Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current assets $ - Other current assets $ 3.1 Forward Exchange Agreement Other current assets - Other current assets 1.1 Total asset derivatives not designated as hedges - 4.2 Liability Derivatives Designated as Hedges Foreign exchange forward contracts Other current liabilities $ 9.0 Other current liabilities $ 8.0 Cross-currency interest rate swaps Other current liabilities - Other current liabilities 3.3 Foreign exchange forward contracts Other long-term liabilities 10.5 Other long-term liabilities 14.5 Cross-currency interest rate swaps Other long-term liabilities 50.3 Other long-term liabilities 46.3 Interest rate swaps Other long-term liabilities 140.3 Other long-term liabilities 172.0 Total liability derivatives $ 210.1 $ 244.1 Liability Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current liabilities $ - Other current liabilities $ 4.6
Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets	The table below presents the effects of our master netting agreements on our condensed consolidated balance sheets (in millions): As of March 31, 2023 As of December 31, 2022 Description Location Gross Offset Net Amount in Gross Offset Net Amount in Asset Derivatives Cash flow hedges Other current assets $ 63.4 $ 8.4 $ 55.0 $ 73.2 $ 7.1 $ 66.1 Cash flow hedges Other assets 12.9 8.0 4.9 16.6 9.9 6.7 Derivatives Not Designated as Hedges Other current assets - - - 3.1 1.3 1.8 Liability Derivatives Cash flow hedges Other current liabilities 9.0 8.4 0.6 8.0 7.1 0.9 Cash flow hedges Other long-term liabilities 10.5 8.0 2.5 14.5 9.9 4.6 Derivatives Not Designated as Hedges Other current liabilities - - - 4.6 1.3 3.3
Net Investment Hedge Gains Recognized on Condensed Consolidated Statements of Comprehensive Income	The following net investment hedge gains (losses) were recognized on our condensed consolidated statements of comprehensive income (in millions): Amount of Gain (Loss) Recognized in AOCI Three Months Ended March 31, Derivative Instrument 2023 2022 Euro Notes $ ( 19.2 ) $ 36.9 Cross-currency interest rate swaps ( 4.5 ) 12.3 $ ( 23.7 ) $ 49.2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Reconciliation of Weighted Average Shares for Basic and Diluted Shares Computations	The following is a reconciliation of weighted average shares for the basic and diluted shares computations (in millions): Three Months Ended March 31, 2023 2022 Weighted average shares outstanding for basic net earnings per share 209.4 209.2 Effect of dilutive stock options and other equity awards 1.0 0.9 Weighted average shares outstanding for diluted net earnings per share 210.4 210.1

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Net sales and Operating Profit by Segment	Net sales and operating profit by segment are as follows (in millions): Net Sales Operating Profit Three Months Ended Three Months Ended March 31, March 31, 2023 2022 2023 2022 Americas $ 1,141.3 $ 1,004.3 $ 477.5 $ 401.5 EMEA 425.6 379.9 140.7 104.9 Asia Pacific 264.1 279.0 84.6 93.4 Total $ 1,831.0 $ 1,663.2 Corporate items ( 242.1 ) ( 270.6 ) Intangible asset amortization ( 133.4 ) ( 130.8 ) Operating profit $ 327.3 $ 198.4

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	Mar. 01, 2022
Spinoff [Member] | Common Stock [Member]
Spin-off percentage	80.30%

Discontinued Operations and R_3

Discontinued Operations and Related ZimVie Matters - Additional Information (Details) - USD ($) shares in Millions				1 Months Ended	3 Months Ended
	Sep. 01, 2022	Mar. 01, 2022	Feb. 28, 2022	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Aug. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of outstanding common stock distributed		80.30%
Dividend paid on separation						$ 540,600,000
Percentage of outstanding common shares retained		19.70%
Outstanding common shares retained		5.1
Aggregate principal amount					$ 5,400,000,000
Accounts receivable, less allowance for credit losses					1,380,900,000		$ 1,381,500,000
Retained earnings					9,741,700,000		9,559,300,000
Gain (loss) on investment in ZimVie					2,500,000	$ (51,000,000)
Short Term Term Loan And Forward Exchange Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Outstanding common shares retained	5.1
Forward Exchange Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Outstanding common shares retained	5.1
Fair value of forward exchange agreement							$ 1,100,000
3.150% Senior Notes Due 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Outstanding principal balance									$ 750,000,000
Interest rate									3.15%
Revolving Loans
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
ZimVie revolving credit agreement									$ 175,000,000
Term Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
ZimVie term loan credit agreement			$ 595,000,000
Term Loan | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
ZimVie term loan credit agreement									$ 595,000,000
Short-Term Term Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount				$ 83,000,000				$ 83,000,000
Payments to settle debt				$ 33,900,000
Noncash financing activity					$ 49,100,000

Discontinued Operations and R_4

Discontinued Operations and Related ZimVie Matters - Summary of Details of Earnings (Loss) from Discontinued Operations Included in Condensed Consolidated Statements of Earnings (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Net Sales	$ 147.8
Cost of products sold, excluding intangible asset amortization	53.5
Intangible asset amortization	14
Research and development	10.5
Selling, general and administrative	89.4
Restructuring and other cost reduction initiatives	0.4
Acquisition, integration, divestiture and related	40.9
Other expense, net	0.3
Loss from discontinued operations before income taxes	(61.2)
Benefit for income taxes from discontinued operations	(2.4)
Loss from discontinued operations, net of tax	$ (58.8)

Revenue - Schedule of Net Sales

Revenue - Schedule of Net Sales by Geography (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales Information [Line Items]
Net Sales	$ 1,831	$ 1,663.2
US [Member]
Sales Information [Line Items]
Net Sales	1,060.4	941.2
International [Member]
Sales Information [Line Items]
Net Sales	$ 770.6	$ 722

Revenue - Schedule of Net Sal_2

Revenue - Schedule of Net Sales by Product Category (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	$ 1,831	$ 1,663.2
Knees [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	762.5	662.8
Hips [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	492.8	451
S.E.T [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	433.4	416.8
Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	$ 142.3	$ 132.6

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2019
2021 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges	$ 220,000,000	$ 220,000,000
2019 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges	$ 375,000,000
2019 Restructuring Plan [Member] | Minimum [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges			$ 350,000,000
2019 Restructuring Plan [Member] | Maximum [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges			$ 400,000,000

Restructuring - Summary of Liab

Restructuring - Summary of Liabilities Recognized Related to Restructuring Plan (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2021
2021 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	$ 38.6
Expenses	18.2
Cash payments	(14.7)
Foreign currency exchange rate changes	0.6
Ending Balance	42.7
Expense incurred since the start of the Restructuring Plan	150
Expense estimated to be recognized for the Restructuring Plan	220	$ 220
2021 Restructuring Plan [Member] | Employee Termination Benefits [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	10.5
Expenses	2.4
Cash payments	(2.7)
Foreign currency exchange rate changes	0.1
Ending Balance	10.3
Expense incurred since the start of the Restructuring Plan	55.5
Expense estimated to be recognized for the Restructuring Plan	70
2021 Restructuring Plan [Member] | Contract Termination [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	25
Expenses	14.3
Cash payments	(10.4)
Foreign currency exchange rate changes	0.5
Ending Balance	29.4
Expense incurred since the start of the Restructuring Plan	66.1
Expense estimated to be recognized for the Restructuring Plan	100
2021 Restructuring Plan [Member] | Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	3.1
Expenses	1.5
Cash payments	(1.6)
Foreign currency exchange rate changes
Ending Balance	3
Expense incurred since the start of the Restructuring Plan	28.4
Expense estimated to be recognized for the Restructuring Plan	50
2019 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	44.3
Expenses	6.1
Cash payments	(10.6)
Foreign currency exchange rate changes	0.1
Ending Balance	39.9
Expense incurred since the start of the Restructuring Plan	284
Expense estimated to be recognized for the Restructuring Plan	375
2019 Restructuring Plan [Member] | Employee Termination Benefits [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	28.9
Cash payments	(2.4)
Ending Balance	26.5
Expense incurred since the start of the Restructuring Plan	108.3
Expense estimated to be recognized for the Restructuring Plan	160
2019 Restructuring Plan [Member] | Contract Termination [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	9
Cash payments	(1)
Ending Balance	8
Expense incurred since the start of the Restructuring Plan	35
Expense estimated to be recognized for the Restructuring Plan	35
2019 Restructuring Plan [Member] | Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	6.4
Expenses	6.1
Cash payments	(7.2)
Foreign currency exchange rate changes	0.1
Ending Balance	5.4
Expense incurred since the start of the Restructuring Plan	140.7
Expense estimated to be recognized for the Restructuring Plan	$ 180

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 1,702.8	$ 1,655
Work in progress	243.3	230.9
Raw materials	295.2	261.3
Inventories	$ 2,241.3	$ 2,147.2

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 6,593.9	$ 6,458.4
Accumulated depreciation	(4,687.5)	(4,585.9)
Property, plant and equipment, net	1,906.4	1,872.5
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	19.2	19.2
Buildings And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	2,130.2	2,093.4
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	525.8	518.2
Instruments [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	3,762.2	3,683.5
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 156.5	$ 144.1

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property plant and equipment included in accounts payable	$ 12.9	$ 17

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended
	Feb. 14, 2023	Apr. 18, 2022	Mar. 31, 2023
Technology [Member]
Business Acquisition [Line Items]
Amortization period of intangible assets	15 years	10 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Amortization period of intangible assets	5 years	4 years
Sternal closure company [Member]
Business Acquisition [Line Items]
Acquisition date			Apr. 18, 2022
Cash payments to acquire businesses		$ 100
Deferred business combination payments		$ 11
Deferred payments timeframe		2 years
Embody, Inc.
Business Acquisition [Line Items]
Acquisition date			Feb. 14, 2023
Cash payments to acquire businesses	$ 19.5
Total consideration transferred at the acquisition date	154.5
Contingent consideration	$ 94
Embody, Inc. | Common Stock [Member]
Business Acquisition [Line Items]
Issuance of common stock for acquisition	1.1
Issuance of common stock for acquisition, valued	$ 135
Business combination, shares of common stock repurchased			1.9
Fair value of common stock at the acquisition date	$ 127.34
Embody, Inc. | Common Stock [Member] | Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 120

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Estimates of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2023	Feb. 14, 2023	Dec. 31, 2022	Apr. 18, 2022
Business Acquisition [Line Items]
Goodwill	$ 8,734.9		$ 8,580.2
Embody, Inc.
Business Acquisition [Line Items]
Current assets		$ 4.6
Goodwill		141.6
Other assets		4.4
Total assets acquired		277.5
Current liabilities		0.6
Deferred income taxes		28.4
Total liabilities assumed		29
Net assets acquired		248.5
Embody, Inc. | Technology [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization		81.5
Embody, Inc. | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization		9.3
Embody, Inc. | In-process Research and Development (IPR&D) [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization		$ 36.2
Sternal Closure Company [Member]
Business Acquisition [Line Items]
Current assets				$ 3.8
Goodwill				48.3
Other assets				4.9
Total assets acquired				112.1
Current liabilities				1.1
Total liabilities assumed				1.1
Net assets acquired				111
Sternal Closure Company [Member] | Technology [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization				42.8
Sternal Closure Company [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization				$ 12.3

Debt - Summary of Debt Instrume

Debt - Summary of Debt Instruments (Detail) € in Billions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Current portion of long-term debt
Total current portion of long-term debt	$ 585,000,000		$ 544,300,000
Long-term debt
Senior Notes due	5,400,000,000
Debt discount and issuance costs	(28,400,000)		(30,100,000)
Adjustment related to interest rate swaps	(140,300,000)		(172,000,000)
Total long-term debt	5,204,800,000		5,152,200,000
2022 Five-Year Credit Agreement [Member]
Current portion of long-term debt
Outstanding borrowings	585,000,000		375,000,000
Short-Term Term Loan [Member]
Short-Term Debt [Abstract]
Short-Term Term Loan	0		83,000,000
Senior Notes [Member] | 3.700% [Member] | Due in 2023 [Member]
Long-term debt
Senior Notes due			86,300,000
Senior Notes [Member] | 1.450% [Member] | Due in 2024 [Member]
Long-term debt
Senior Notes due	850,000,000		850,000,000
Senior Notes [Member] | 3.550% [Member] | Due in 2025 [Member]
Long-term debt
Senior Notes due	863,000,000		863,000,000
Senior Notes [Member] | 3.550% [Member] | Due in 2030 [Member]
Long-term debt
Senior Notes due	257,500,000		257,500,000
Senior Notes [Member] | 3.050% [Member] | Due in 2026 [Member]
Long-term debt
Senior Notes due	600,000,000		600,000,000
Senior Notes [Member] | 2.600% [Member] | Due in 2031 [Member]
Long-term debt
Senior Notes due	750,000,000		750,000,000
Senior Notes [Member] | 4.250% [Member] | Due in 2035 [Member]
Long-term debt
Senior Notes due	253,400,000		253,400,000
Senior Notes [Member] | 5.750% [Member] | Due in 2039 [Member]
Long-term debt
Senior Notes due	317,800,000		317,800,000
Senior Notes [Member] | 4.450% [Member] | Due in 2045 [Member]
Long-term debt
Senior Notes due	395,400,000		395,400,000
Euro Notes [Member]
Long-term debt
Term loan | €		€ 1
Euro Notes [Member] | 2.425% [Member] | Due in 2026 [Member]
Long-term debt
Term loan	543,200,000		533,600,000
Euro Notes [Member] | 1.164% [Member] | Due in 2027 [Member]
Long-term debt
Term loan	$ 543,200,000		$ 533,600,000

Debt - Summary of Debt Instru_2

Debt - Summary of Debt Instruments (Parenthetical) (Detail)	Mar. 31, 2023	Dec. 31, 2022
3.700% [Member] | Due in 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	3.70%	3.70%
1.450% [Member] | Due in 2024 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	1.45%	1.45%
3.550% [Member] | Due in 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	3.55%	3.55%
3.550% [Member] | Due in 2030 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	3.55%	3.55%
3.050% [Member] | Due in 2026 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	3.05%	3.05%
2.600% [Member] | Due in 2031 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	2.60%	2.60%
4.250% [Member] | Due in 2035 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.25%	4.25%
5.750% [Member] | Due in 2039 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%
4.450% [Member] | Due in 2045 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.45%	4.45%
2.425% [Member] | Due in 2026 [Member] | Euro Notes [Member]
Debt Instrument [Line Items]
Interest rate	2.425%	2.425%
1.164% [Member] | Due in 2027 [Member] | Euro Notes [Member]
Debt Instrument [Line Items]
Interest rate	1.164%	1.164%

Debt - Additional Information (

Debt - Additional Information (Detail) € in Billions		3 Months Ended
	Aug. 19, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Aug. 20, 2021 USD ($)
Debt Instrument [Line Items]
Debt, long-term and short-term, combined amount		$ 5,800,000,000
Aggregate principal amount		5,400,000,000
Other debt and fair value adjustments, total		140,300,000
Debt discount and issuance costs		28,400,000			$ 30,100,000
Proceeds from revolving facility		370,000,000	$ 100,000,000
Estimated fair value		4,986,000,000
3.150% Senior Notes Due 2022
Debt Instrument [Line Items]
Interest rate						3.15%
2022 Five-Year Revolving Facility
Debt Instrument [Line Items]
Outstanding borrowings		585,000,000
2022 Five-Year Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings		$ 585,000,000
2022 Five-Year Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Consolidated EBITDA ratio		4.50%		4.50%
Consolidated EBITDA ratio thereafter		5%		5%
2022 Five-Year Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Consolidated EBITDA ratio		1%		1%
Consolidated EBITDA ratio thereafter		1%		1%
2022 364-Day Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings		$ 0
Maturity date of debt instrument		Aug. 18, 2023
Debt instrument		$ 1,000,000,000
2022 364-Day Revolving Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Consolidated EBITDA ratio		4.50%		4.50%
Consolidated EBITDA ratio thereafter		5%		5%
2022 364-Day Revolving Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Consolidated EBITDA ratio		1%		1%
Consolidated EBITDA ratio thereafter		1%		1%
2021 364-Day Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings							$ 0
Debt instrument							$ 1,000,000,000
Euro Notes [Member]
Debt Instrument [Line Items]
Term loan | €				€ 1
Senior Notes [Member] | 3.700% Senior Notes due 2023 | Due in 2023 [Member]
Debt Instrument [Line Items]
Redemption of outstanding principal amount		$ 86,300,000
Interest rate		3.70%		3.70%
Multicurrency Revolving Facility [Member] | 2021 Five-Year Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 0
Debt instrument	$ 1,500,000,000
Multicurrency Revolving Facility [Member] | 2022 Five-Year Credit Agreement [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument	Aug. 19, 2027
Debt instrument	$ 1,500,000,000
Debt instrument, term	5 years
Uncommitted incremental feature	$ 500,000,000
Short-Term Term Loan [Member] | Due in 2023 [Member]
Debt Instrument [Line Items]
Redemption of outstanding principal amount		$ 83,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income, Net of Tax (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	$ 12,020.3
AOCI before reclassifications	21.2
Reclassifications to statements of earnings	19.9
Stockholders equity, ending balance	12,150.7
Cash Flow Hedges [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	69.6
AOCI before reclassifications	8.8
Reclassifications to statements of earnings	19
Stockholders equity, ending balance	59.4
Foreign Currency Translation [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	(169.3)
AOCI before reclassifications	12.4
Stockholders equity, ending balance	(156.9)
Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	(79.6)
Reclassifications to statements of earnings	0.9
Stockholders equity, ending balance	(80.5)
Total AOCI [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	(179.3)
Stockholders equity, ending balance	$ (178)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Reclassification Adjustments from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income Loss [Line Items]
Cost of products sold	$ 500.8	$ 500
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Interest expense, net	$ (48.2)	$ (41.1)
Other income (expense), net	7.7	(56.1)
Earnings from continuing operations before income taxes	286.8	101.2
Provision (benefit) for income taxes	54.1	28
Reclassification out of Accumulated Other Comprehensive Income [Member]
Other Comprehensive Income Loss [Line Items]
Net of tax	$ 19.9	$ 3.4
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Other Comprehensive Income Loss [Line Items]
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Provision (benefit) for income taxes	$ 0.1	$ (0.4)
Net of tax	0.9	(0.9)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member] | Prior Service Cost and Unrecognized Actuarial Gain Loss [Member]
Other Comprehensive Income Loss [Line Items]
Other income (expense), net	1	(1.3)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Earnings from continuing operations before income taxes	22.9	5
Provision (benefit) for income taxes	3.9	0.7
Net of tax	19	4.3
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member] | Foreign Exchange Forward Contracts [Member]
Other Comprehensive Income Loss [Line Items]
Cost of products sold	23.1	5.2
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member] | Forward Starting Interest Rate Swaps [Member]
Other Comprehensive Income Loss [Line Items]
Interest expense, net	$ (0.2)	$ (0.2)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income - Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency cumulative translation adjustments, before tax	$ 7.5	$ (1.1)
Unrealized cash flow hedge gains, before tax	11.1	21
Reclassification adjustments on cash flow hedges, before tax	(22.9)	(5)
Adjustments to prior service cost and unrecognized actuarial assumptions, before tax	(1)	1.3
Total Other Comprehensive (Loss) Income	(5.3)	16.2
Foreign currency cumulative translation adjustments, tax	(4.9)	(2.4)
Unrealized cash flow hedge gains, tax	2.3	7.3
Reclassification adjustments on cash flow hedges, tax	(3.9)	(0.7)
Adjustments to prior service cost and unrecognized actuarial assumptions, tax	(0.1)	0.4
Other Comprehensive Income, tax	(6.6)	4.6
Foreign currency cumulative translation adjustments, net of tax	12.4	1.3
Unrealized cash flow hedge gains, net of tax	8.8	13.7
Reclassification adjustments on cash flow hedges, net of tax	(19)	(4.3)
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax	(0.9)	0.9
Total Other Comprehensive Income (Loss)	$ 1.3	$ 11.6

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Schedule of Fair Value Measurement of Asset and Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives Not Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 3.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Forward Exchange Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 1.1
Foreign Exchange Forward [Member] | Derivatives Not Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in ZimVie		$ 45.5
Total Assets	$ 59.9	128
Contingent payments related to acquisitions	99	17.4
Total Liabilities	292.7	247.8
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in ZimVie		45.5
Total Assets		45.5
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	59.9	82.5
Total Liabilities	193.7	230.4
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements at Reporting Date Using: Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent payments related to acquisitions	99	17.4
Total Liabilities	99	17.4
Fair Value, Measurements, Recurring [Member] | Forward Exchange Agreement [Member] | Derivatives Not Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 1.1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets, Current, Other Assets, Noncurrent
Fair Value, Measurements, Recurring [Member] | Forward Exchange Agreement [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Derivatives Not Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 1.1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets, Current, Other Assets, Noncurrent
Fair Value, Measurements, Recurring [Member] | Cross-currency Interest Rate Swaps [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 6.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 50.3	$ 49.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Cross-currency Interest Rate Swaps [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 6.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 50.3	$ 49.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 140.3	$ 172
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 140.3	$ 172
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 59.9	$ 72.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current, Other Assets, Noncurrent	Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 3.1	$ 5.5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Derivatives Not Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term		$ 3.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 59.9	$ 72.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current, Other Assets, Noncurrent	Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 3.1	$ 5.5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Derivatives Not Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term		$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term		$ 3.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current, Other Liabilities, Noncurrent

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - Spinoff [Member] - Common Stock [Member] shares in Millions	Mar. 01, 2022 shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Spin-off percentage retained	19.70%
Number of unregistered common shares retained in spinoff	5.1

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Schedule of Fair Value Liabilities Measured on Recurring Basis (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition Integration Divestiture And Related Expenses
Fair Value Measurements at Reporting Date Using: Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance December 31, 2022	$ 17.4
New contingent payments related to the Embody acquisition	94
Change in estimates	0.2
Settlements	(12.6)
Ending balance March 31, 2023	$ 99

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Amounts Recorded On Balance Sheet Related To Cumulative Basis Adjustments For Fair Value Hedges (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount of Hedged Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt	$ 855.6	$ 823.9
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Liabilities [Member] | Long Term Debt Noncurrent [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt	$ (140.3)	$ (172)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Detail) € in Millions, SFr in Millions, ¥ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 JPY (¥)	Mar. 31, 2023 CHF (SFr)
Derivative Instruments Gain Loss [Line Items]
Forward starting interest rate swap cash flow hedge to be amortized	$ 24,400,000
Percentage of debt designated as net investment hedges	100%
Expected months of hedging of inter company sales of inventory to minimize the effects of foreign exchange rate movements	30 months
Fair value of outstanding derivative instruments, net unrealized gain deferred in accumulated other comprehensive income	$ 68,500,000
Gains (losses) on derivatives	400,000	$ 7,700,000
Cost of Products Sold [Member]
Derivative Instruments Gain Loss [Line Items]
Fair value of outstanding derivative instruments, gain, expected to be reclassified to earnings	73,300,000
Fair value of outstanding derivative instruments, gain (loss), net of taxes expected to be reclassified to earnings	60,300,000
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Fair value of outstanding derivative instruments, gain (loss), net of taxes expected to be reclassified to earnings	(500,000)
Fair value of outstanding derivative instruments, loss, expected to be reclassified to earnings	(700,000)
Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Fair value of outstanding derivative instruments, unrealized gain net of taxes deferred in accumulated other comprehensive income	59,400,000
Cross-currency Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total			€ 700	¥ 54.1	SFr 125
Cross-Currency Interest Rate Swaps Matured [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total			€ 100		SFr 50
Net investment hedge gain at maturity	6,000,000
Net investment hedge loss at maturity	3,000,000
Derivatives Not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | Minimum [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total	1,250,000,000
Derivatives Not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | Maximum [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total	1,750,000,000
U.S. Dollars [Member] | Foreign Exchange Contract [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total	1,450,100,000
Swiss Francs [Member] | Foreign Exchange Contract [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total	$ 438,500,000
4.450% [Member] | Senior Notes [Member] | Due in 2045 [Member]
Derivative Instruments Gain Loss [Line Items]
Hedged senior notes maturity period	30 years

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Gross Unrealized Losses from Derivative Instruments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	$ 11.1	$ 21
Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	11.1	21
Amount of Gain / (Loss) Reclassified from AOCI	22.9	5
Cash Flow Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	11.1	21
Amount of Gain / (Loss) Reclassified from AOCI	$ 23.1	$ 5.2
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Cash Flow Hedges [Member] | Forward Starting Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Reclassified from AOCI	$ (0.2)	$ (0.2)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Effects of Fair Value, Cash Flow and Net Investment Hedge Accounting on Condensed Consolidated Statements of Earnings (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Gain on net investment hedging relationships	$ (23.7)	$ 49.2
Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on cash flow hedging relationships	22.9	5
Cost of Products Sold [Member]
Derivative Instruments Gain Loss [Line Items]
Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded	500.8	500
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Total amounts of income and expense line items presented in the statements of earnings in which the effects of fair value, cash flow and net investment hedges are recorded	$ (48.2)	$ (41.1)
Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net
Interest Rate Swap [Member] | Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on fair value hedging relationships	$ (8.2)	$ 2.9
Foreign Exchange Forward [Member] | Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on cash flow hedging relationships	$ 23.1	$ 5.2
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Forward Starting Interest Rate Swaps [Member] | Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on cash flow hedging relationships	$ (0.2)	$ (0.2)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net
Cross Currency Interest Rate Contract [Member]
Derivative Instruments Gain Loss [Line Items]
Gain on net investment hedging relationships	$ (4.5)	$ 12.3
Cross Currency Interest Rate Contract [Member] | Interest Expense [Member] | Net Investment Hedging [Member]
Derivative Instruments Gain Loss [Line Items]
Gain on net investment hedging relationships	$ 9	$ 6.5

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives Not Designated as Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other income (expense), net [Member]
Derivative Instruments Gain Loss [Line Items]
Gains/(losses) from derivative instruments not designated as hedging instruments	$ (3.6)	$ (8.5)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on Gross Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 76.3	$ 96.6
Derivative Liabilities	210.1	244.1
Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		4.2
Derivative Liabilities		4.6
Foreign Exchange Forward Contracts [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		3.1
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	63.4	73.2
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		3.1
Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	12.9	16.6
Foreign Exchange Forward Contracts [Member] | Other Current Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	9	8
Foreign Exchange Forward Contracts [Member] | Other Current Liabilities [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities		4.6
Foreign Exchange Forward Contracts [Member] | Other Long-term Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	10.5	14.5
Cross-currency Interest Rate Swaps [Member] | Other Current Assets [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	0	6.8
Cross-currency Interest Rate Swaps [Member] | Other Assets [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Cross-currency Interest Rate Swaps [Member] | Other Current Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	3.3
Cross-currency Interest Rate Swaps [Member] | Other Long-term Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	50.3	46.3
Interest Rate Swap [Member] | Other Long-term Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 140.3	172
Forward Exchange Agreement [Member] | Other Current Assets [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		$ 1.1

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives Not Designated as Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount		$ 4.2
Gross Amount		4.6
Offset		1.3
Net Amount in Balance Sheet		$ 3.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Foreign Exchange Forward [Member] | Derivatives Not Designated as Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount		$ 3.1
Offset		1.3
Net Amount in Balance Sheet		$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	$ 63.4	$ 73.2
Offset	8.4	7.1
Net Amount in Balance Sheet	$ 55	$ 66.1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Gross Amount	$ 9	$ 8
Offset	8.4	7.1
Net Amount in Balance Sheet	$ 0.6	$ 0.9
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	$ 12.9	$ 16.6
Offset	8	9.9
Net Amount in Balance Sheet	$ 4.9	$ 6.7
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Gross Amount	$ 10.5	$ 14.5
Offset	8	9.9
Net Amount in Balance Sheet	$ 2.5	$ 4.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Other Current Assets [Member] | Foreign Exchange Forward [Member] | Derivatives Not Designated as Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount		$ 3.1
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Derivatives Not Designated as Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount		$ 4.6

Derivative Instruments and H_10

Derivative Instruments and Hedging Activities - Net Investment Hedge Gains (Losses) Recognized on Condensed Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI	$ (23.7)	$ 49.2
Euro Notes [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI	(19.2)	36.9
Cross-currency Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI	$ (4.5)	$ 12.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes Disclosure [Line Items]
Decrease in unrecognized tax benefits within the next twelve months	$ 400
Increase in unrecognized tax benefits within the next twelve months	20
Amount of potential additional income tax expense related to an IRS notice of proposed adjustment subject to interest and penalties.	$ 370
Effective tax rate	18.90%	27.80%
U.S. corporate income tax rate	21%

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Weighted Average Shares for Basic and Diluted Shares Computations (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted average shares outstanding for basic net earnings per share	209.4	209.2
Effect of dilutive stock options and other equity awards	1	0.9
Weighted average shares outstanding for diluted net earnings per share	210.4	210.1

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Options to purchase shares of common stock not included in the computation of diluted earnings per share	2	2.9

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Summary o

Segment Information - Summary of Net Sales and Operating Profit by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Sales And Operating Profit Information [Line Items]
Net Sales	$ 1,831	$ 1,663.2
Operating Profit	327.3	198.4
Intangible asset amortization	(133.4)	(130.8)
Americas [Member]
Net Sales And Operating Profit Information [Line Items]
Net Sales	1,141.3	1,004.3
Operating Profit	477.5	401.5
Corporate Items [Member]
Net Sales And Operating Profit Information [Line Items]
Operating Profit	(242.1)	(270.6)
Operating Segments [Member] | EMEA [Member]
Net Sales And Operating Profit Information [Line Items]
Net Sales	425.6	379.9
Operating Profit	140.7	104.9
Operating Segments [Member] | Asia Pacific [Member]
Net Sales And Operating Profit Information [Line Items]
Net Sales	264.1	279
Operating Profit	$ 84.6	$ 93.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Loss Contingencies [Line Items]
Net Litigation Related Charges	$ 3.3	$ 33.2
Accrued litigation liabilities	320.9		$ 349.2
Other Contingencies [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	0
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 410