Zimmer Biomet (ZBH) 10-K 23 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	ZIMMER BIOMET HOLDINGS, INC.
Entity Central Index Key	0001136869
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		205,084,022
Entity Public Float			$ 30,366,867,100
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
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	373-3333
Documents Incorporated by Reference	Document Form 10-K Portions of the Proxy Statement with respect to the 2024 Annual Meeting of Stockholders Part III
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	238
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

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net Sales	$ 7,394.2	$ 6,939.9	$ 6,827.3
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of products sold, excluding intangible asset amortization	$ 2,083.8	$ 2,019.5	$ 1,960.4
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Intangible asset amortization	$ 561.5	$ 526.8	$ 529.5
Research and development	458.7	406	435.8
Selling, general and administrative	2,838.9	2,761.7	2,843.4
Goodwill and intangible asset impairment		292.8	16.3
Restructuring and other cost reduction initiatives	151.9	191.6	125.7
Quality remediation		33.8	52.8
Acquisition, integration, divestiture and related	21.7	11.4	3.1
Operating expenses	6,116.5	6,243.6	5,967
Operating Profit	1,277.7	696.3	860.3
Other (expense) income, net	(9.3)	(128)	12.2
Interest expense, net	(201.2)	(164.8)	(208.4)
Loss on early extinguishment of debt			(165.1)
Earnings from continuing operations before income taxes	1,067.3	403.5	499
Provision for income taxes from continuing operations	42.2	112.3	53.5
Net Earnings from Continuing Operations	1,025.1	291.2	445.5
Less: Net earnings attributable to noncontrolling interest	1.1	1	0.5
Net Earnings from Continuing Operations of Zimmer Biomet Holdings, Inc.	1,024	290.2	445
Loss from Discontinued Operations, Net of Tax		(58.8)	(43.4)
Net Earnings of Zimmer Biomet Holdings, Inc.	$ 1,024	$ 231.4	$ 401.6
Basic Earnings Per Common Share
Earnings from Continuing Operations	$ 4.91	$ 1.38	$ 2.14
Loss from Discontinued Operations		(0.28)	(0.21)
Basic Earnings Per Common Share	4.91	1.1	1.93
Diluted Earnings Per Common Share
Earnings from Continuing Operations	4.88	1.38	2.12
Loss from Discontinued Operations		(0.28)	(0.21)
Diluted Earnings Per Common Share	$ 4.88	$ 1.1	$ 1.91
Weighted Average Common Shares Outstanding
Basic	208.7	209.6	208.6
Diluted	209.7	210.3	210.4

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Earnings of Zimmer Biomet Holdings, Inc.	$ 1,024	$ 231.4	$ 401.6
Other Comprehensive Income (Loss):
Foreign currency cumulative translation adjustments, net of tax	9.9	(123.3)	(99.9)
Unrealized cash flow hedge gains, net of tax	71.1	83.5	86.4
Reclassification adjustments on hedges, net of tax	(77.4)	(46)	1.3
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax	(15.3)	77	78.4
Total Other Comprehensive (Loss) Income	(11.7)	(8.8)	66.2
Comprehensive Income Attributable to Zimmer Biomet Holdings, Inc.	$ 1,012.3	$ 222.6	$ 467.8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 415.8	$ 375.7
Accounts receivable, less allowance for credit losses	1,442.4	1,381.5
Inventories	2,385.2	2,147.2
Prepaid expenses and other current assets	366.1	522.9
Total Current Assets	4,609.5	4,427.3
Property, plant and equipment, net	2,060.4	1,872.5
Goodwill	8,818.5	8,580.2
Intangible assets, net	4,856.4	5,063.8
Other assets	1,152.1	1,122.2
Total Assets	21,496.9	21,066
Current Liabilities:
Accounts payable	410.6	354.1
Income taxes payable	61.2	38.5
Other current liabilities	1,485.7	1,421.3
Current portion of long-term debt	900	544.3
Total Current Liabilities	2,857.4	2,358.2
Deferred income taxes, net	357.6	474.8
Long-term income tax payable	273.7	421.2
Other long-term liabilities	652.1	632.6
Long-term debt	4,867.9	5,152.2
Total Liabilities	9,008.7	9,039
Commitments and Contingencies (Note 21)
Stockholders' Equity:
Common stock, $0.01 par value, one billion shares authorized, 316.2 million (313.8 million in 2022) issued	3.2	3.1
Paid-in capital	9,846.1	9,504.4
Retained earnings	10,384.5	9,559.3
Accumulated other comprehensive loss	(191)	(179.3)
Treasury stock, 110.6 million shares (104.8 million shares in 2022)	(7,562.3)	(6,867.2)
Total Zimmer Biomet Holdings, Inc. stockholders' equity	12,480.5	12,020.3
Noncontrolling interest	7.7	6.7
Total Stockholders' Equity	12,488.1	12,027
Total Liabilities and Stockholders' Equity	$ 21,496.9	$ 21,066

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	316,200,000	313,800,000
Treasury stock, shares	110,600,000	104,800,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 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, 2020	$ 12,199.4	$ 3.1	$ 9,121.6	$ 10,086.9	$ (297.8)	$ (6,719.6)	$ 5.2
Balance, shares at Dec. 31, 2020		311.4				(103.8)
Net earnings	402.1			401.6			0.5
Other comprehensive income (loss)	66.2				66.2
Cash dividends declared	(200.4)			(200.4)
Stock compensation plans	199.1		193.2	4.1		$ 1.8
Stock compensation plans, shares		1.4
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	232.4			231.4			1
Other comprehensive income (loss)	(8.8)				(8.8)
Cash dividends declared	(201.3)			(201.3)
Reclassifications of net investment hedges	25.9				25.9
Spinoff of ZimVie Inc.	(728.2)			(763.4)	35.2
Stock compensation plans	190.6		189.6	0.4		$ 0.6
Stock compensation plans, shares		1
Share repurchases	(150)					$ (150)
Share repurchases, shares						(1)
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	1,025.1			1,024			1.1
Other comprehensive income (loss)	(11.7)				(11.7)
Cash dividends declared	(200.1)			(200.1)
Stock compensation plans	195.8		193.6	1.3		$ 1
Stock compensation plans, shares		1.2
Embody, Inc. acquisition consideration	150.5	$ 0.1	150.4
Embody, Inc. acquisition consideration, shares		1.2
Share repurchases	(698.4)		(2.3)			$ (696.1)
Share repurchases, shares						(5.8)
Balance at Dec. 31, 2023	$ 12,488.1	$ 3.2	$ 9,846.1	$ 10,384.5	$ (191)	$ (7,562.3)	$ 7.7
Balance, shares at Dec. 31, 2023		316.2				(110.6)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share	$ 0.96	$ 0.96	$ 0.96

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows provided by (used in) operating activities from continuing operations:
Net earnings from continuing operations	$ 1,025.1	$ 291.2	$ 445.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	951.7	926.4	937.7
Share-based compensation	99.8	105	76
Goodwill and intangible asset impairment		292.8	16.3
Loss on early extinguishment of debt			165.1
(Gain) loss on investment in ZimVie Inc.	(2.5)	116.6
Deferred income tax benefit	(96.3)	(64.4)	(102.1)
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes	(73.8)	(152.9)	(123.9)
Receivables	(51.9)	(184.7)	(40.8)
Inventories	(240.4)	(75.6)	(8.4)
Accounts payable and accrued liabilities	(55.3)	103	86.5
Other assets and liabilities	25.2	(1.2)	(47.6)
Net cash provided by operating activities from continuing operations	1,581.6	1,356.2	1,404.3
Cash flows provided by (used in) investing activities from continuing operations:
Additions to instruments	(311.7)	(258.3)	(273.6)
Additions to other property, plant and equipment	(291.1)	(187.9)	(143.6)
Net investment hedge settlements	33.4	89.4	1.9
Acquisition of intellectual property rights	(86.4)		(8.4)
Business combination investments, net of acquired cash	(134.9)	(99.8)
Other investing activities	11.8	(65.4)	(19.6)
Net cash used in investing activities from continuing operations	(778.9)	(522)	(443.3)
Cash flows provided by (used in) financing activities from continuing operations:
Net (payments) proceeds on revolving facilities	(325)	375
Proceeds from senior notes	499.8		1,599.8
Redemption of senior notes	(86.3)	(1,275.8)	(2,654.8)
Proceeds from term loan		83
Payments on term loans	(33.9)	(242.9)
Dividends paid to stockholders	(200.9)	(201.2)	(200.1)
Proceeds from employee stock compensation plans	101.1	78.1	122.5
Distribution from ZimVie, Inc.		540.6
Business combination contingent consideration payments	(10.3)		(8.9)
Debt issuance costs	(5.8)	(1.6)	(13.2)
Deferred business combination payments	(4)		(145)
Repurchase of common stock	(692.2)	(126.4)
Other financing activities	(6.1)	(4.5)	(6.3)
Net cash used in financing activities from continuing operations	(763.5)	(775.7)	(1,306)
Cash flows provided by (used in) discontinued operations:
Net cash (used in) provided by operating activities	0	(71.5)	94.9
Net cash used in investing activities	0	(7.2)	(60.3)
Net cash used in financing activities	0	(68.1)	0
Net cash (used in) provided by discontinued operations	0	(146.8)	34.6
Effect of exchange rates on cash and cash equivalents	0.9	(14.5)	(13.2)
Increase (decrease) in cash and cash equivalents	40.1	(102.8)	(323.6)
Cash and cash equivalents, beginning of year (includes $100.4 and $27.4 at January 1, 2022 and 2021, respectively, of discontinued operations cash)	375.7	478.5	802.1
Cash and cash equivalents, end of year (includes $100.4 at December 31, 2021 of discontinued operations cash)	$ 415.8	$ 375.7	$ 478.5

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents including discontinued operations cash	$ 100.4	$ 27.4

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,024	$ 231.4	$ 401.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Title	Board of Directors or officers
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business

Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1. Business We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; craniomaxillofacial and thoracic products; surgical products; and a suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence. We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives. The words “Zimmer Biomet,” “we,” “us,” “our,” “the Company” and similar words refer to Zimmer Biomet Holdings, Inc. and its subsidiaries. “Zimmer Biomet Holdings” refers to the parent company only. 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 Holdings of 80.3 % of the outstanding shares of common stock of ZimVie Inc. (“ZimVie”) to Zimmer Biomet Holding’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 consolidated financial statements through the date of the spinoff in 2022 and in 2021 as the spinoff represents a strategic shift in our business that has a major effect on operations and financial results. The disclosures presented in our notes to the consolidated financial statements are presented on a continuing operations basis.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation - The consolidated financial statements include the accounts of Zimmer Biomet Holdings and its subsidiaries in which it holds a controlling financial interest. All significant intercompany accounts and transactions are eliminated. Amounts reported in millions within these notes to the consolidated financial statements 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. Use of Estimates - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“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. Such estimates include, but are not limited to, variable consideration to our customers, our allowance for doubtful accounts for expected credit losses, the net realizable value of our inventory, the fair value of our goodwill, the recoverability of other long-lived assets and unrecognized tax benefits. Actual results could differ materially from these estimates. Foreign Currency Translation - The financial statements of our foreign subsidiaries are translated into U.S. Dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive loss in stockholders’ equity. When a transaction is denominated in a currency other than the subsidiary’s functional currency, we remeasure the transaction into the functional currency and recognize any transactional gains or losses in earnings. Shipping and Handling - Amounts billed to customers for shipping and handling of products are reflected in net sales and are not significant. Expenses incurred related to shipping and handling of products are reflected in selling, general and administrative (“SG&A”) expenses and were $ 272.7 million, $ 254.4 million and $ 255.4 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Research and Development - We expense all research and development (“R&D”) costs as incurred except when there is an alternative future use for the R&D. R&D costs include salaries, prototypes, depreciation of equipment used in R&D, consultant fees, service fees paid to collaborative partners, and arrangements to gain access to or acquire third-party in-process R&D projects with no alternative future use. Where contingent milestone payments are due to third parties under R&D arrangements, we expense the milestone payment obligations when it is probable that the milestone results will be achieved. Litigation - We record an undiscounted liability for contingent losses, including future legal costs, settlements and judgments, when we consider it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Quality remediation - We used the financial statement line item “Quality remediation” to recognize expenses related to addressing inspectional observations on Form 483 and a warning letter issued by the FDA following its inspections of our Warsaw North Campus facility, among other matters. See Note 21 for additional information about the Form 483 and warning letter. The majority of these expenses were related to consultants who helped us to update previous documents and redesign certain processes. Restructuring and other cost reduction initiatives - A restructuring is defined as a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Restructuring charges include (i) employee termination benefits, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. In December 2023, 2021 and 2019, we approved separate new global restructuring programs intended to further reduce costs and to reorganize our global operations. Restructuring charges for the years ended December 31, 2023, 2022 and 2021 were primarily attributable to these programs. See Note 5 for additional information regarding these restructuring programs. We have also initiated other cost reduction and optimization projects that have the goal of reducing costs across the organization. Costs related to these projects are included in our “Restructuring and other cost reduction initiatives” financial statement line item. Acquisition, integration, divestiture and related – We use the financial statement line item, “Acquisition, integration, divestiture and related” to recognize expenses resulting from the consummation of business mergers and acquisitions and the related integration of those businesses, and expenses related to the divestiture of our businesses. Acquisition, integration, divestiture and related gains and expenses are primarily composed of: • Consulting and professional fees related to third-party integration performed in a variety of areas, such as finance, tax, compliance, logistics and human resources, and legal fees related to the consummation of mergers and acquisitions. • Employee termination benefits related to terminating employees with overlapping responsibilities in various areas of our business. • Dedicated project personnel expenses which include the salary, benefits, travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses and employees who have been notified of termination, but are continuing to work on transferring their responsibilities. • Contract termination expenses related to terminated contracts, primarily with sales agents and distribution agreements. • Changes to our contingent consideration liabilities related to our mergers and acquisitions. • Other various expenses to relocate facilities, integrate information technology, losses incurred on assets resulting from the applicable acquisition, and other various expenses. • Income and expenses related to providing ZimVie certain services after the separation date. Cash and Cash Equivalents - We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost, which approximates their fair value. Accounts Receivable - Accounts receivable consists of trade and other miscellaneous receivables. We grant credit to customers in the normal course of business and maintain an allowance for expected credit losses. We determine the allowance for credit losses by geographic market and take into consideration historical credit experience, creditworthiness of the customer and other pertinent information. We make concerted efforts to collect all accounts receivable, but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible. The allowance for credit losses was $ 75.1 million and $ 78.4 million as of December 31, 2023 and 2022 , respectively. Inventories - Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in first-out basis. Property, Plant and Equipment - Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment. Maintenance and repairs are expensed as incurred. We review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value. Software Costs - We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our balance sheet and amortized on a straight-line or weighted average estimated user basis when the software is ready for its intended use over the estimated useful lives of the software, which approximate three to fifteen years . For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal use software requirements. However, on our consolidated balance sheet these implementation costs are recognized in other noncurrent assets. On our consolidated statement of cash flows, these implementations costs are recognized in operating cash flows. The implementation costs are recognized on a straight-line basis over the expected term of the related service contract. Instruments - Instruments are hand-held devices used by surgeons during total joint replacement and other surgical procedures. Instruments are recognized as long-lived assets and are included in property, plant and equipment. Undeployed instruments are carried at cost or net realizable value. Instruments that have been deployed to be used in surgeries are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on average estimated useful lives, determined principally in reference to associated product life cycles, primarily five years . We review instruments for impairment whenever events or changes in circumstances indicate that the carrying value of an instrument may not be recoverable. Depreciation of instruments is recognized as SG&A expense. Goodwill - Goodwill is not amortized but is subject to annual impairment tests. Goodwill has been assigned to reporting units. Potential impairment of a reporting unit is identified by either comparing a reporting unit’s estimated fair value to its carrying amount or doing a qualitative assessment of a reporting unit’s fair value from the last quantitative assessment to determine if there is potential impairment. We may do a qualitative assessment when the results of the previous quantitative test indicated the reporting unit’s estimated fair value was significantly in excess of the carrying value of its net assets and we do not believe there have been significant changes in the reporting unit’s operations that would significantly decrease its estimated fair value. If a quantitative assessment is performed, the fair value of the reporting unit and the fair value of goodwill are determined based upon a discounted cash flow analysis and/or use of a market approach by looking at market values of comparable companies. Significant assumptions are incorporated into our discounted cash flow analyses such as forecasted net sales, revenue growth rates, forecasted operating expenses and risk-adjusted discount rates. We perform this test in the fourth quarter of the year or whenever events or changes in circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded in the amount that the carrying value of the reporting unit exceeds the fair value. See Note 11 for more information regarding goodwill. Intangible Assets - Intangible assets are initially measured at their fair value. We have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset or the estimated after-tax discounted cash flows expected to be generated from the intangible asset. Intangible assets with a finite life, including technology, certain trademarks and trade names, customer-related intangibles, intellectual property rights and patents and licenses are amortized on a straight-line basis over their estimated useful life or contractual life, which may range from less than one year to twenty years . Intangible assets with a finite life are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. Intangible assets with an indefinite life, including certain trademarks and trade names and in-process research and development (“IPR&D”) projects, are not amortized. Indefinite life intangible assets are assessed annually to determine whether events and circumstances continue to support an indefinite life. Intangible assets with an indefinite life are tested for impairment annually or whenever events or circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. An impairment loss is recognized if the carrying amount exceeds the estimated fair value of the asset. The amount of the impairment loss to be recorded would be determined based upon the excess of the asset’s carrying value over its fair value. The fair values of indefinite lived intangible assets are determined based upon a discounted cash flow analysis using the relief from royalty method or a qualitative assessment may be performed for any changes to the asset’s fair value from the last quantitative assessment. The relief from royalty method estimates the cost savings associated with owning, rather than licensing, assets. Significant assumptions are incorporated into these discounted cash flow analyses such as estimated growth rates, royalty rates and risk-adjusted discount rates. We may do a qualitative assessment when the results of the previous quantitative test indicated that the asset’s fair value was significantly in excess of its carrying value. In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. Trademarks and trade names that do not have a wasting characteristic (i.e., there are no legal, regulatory, contractual, competitive, economic or other factors which limit the useful life) are assigned an indefinite life. Trademarks and trade names that are related to products expected to be phased out are assigned lives consistent with the period in which the products bearing each brand are expected to be sold. For customer relationship intangible assets, we assign useful lives based upon historical levels of customer attrition. Intellectual property rights are assigned useful lives that approximate the contractual life of any related patent or the period for which we maintain exclusivity over the intellectual property. Income Taxes - We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the new tax rate is enacted. We reduce our deferred tax assets by a valuation allowance if it is more likely than not that we will not realize some portion or all of the deferred tax assets. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes. We operate on a global basis and are subject to numerous and complex tax laws and regulations. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in numerous jurisdictions across our global operations. Our income tax filings are regularly under audit in multiple federal, state, and foreign jurisdictions. 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. Because income tax adjustments in certain jurisdictions can be significant, we record tax positions based upon our estimates. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Derivative Financial Instruments - We measure all derivative instruments at fair value and report them on our consolidated balance sheet as assets or liabilities. We maintain written policies and procedures that permit, under appropriate circumstances and subject to proper authorization, the use of derivative financial instruments solely for risk management purposes. The use of derivative financial instruments for trading or speculative purposes is prohibited by our policy. See Note 15 for more information regarding our derivative and hedging activities. Accumulated Other Comprehensive Income (Loss) – Accumulated other comprehensive income (loss) (“AOCI”) refers to gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders’ equity. Our AOCI is comprised of foreign currency translation adjustments, including unrealized gains and losses on net investments hedges, unrealized gains and losses on cash flow hedges and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions. Other (Expense) Income, Net - Other (expense) income , net includes gains/(losses) on changes in fair value of our investments, gains/(losses) on remeasurement of monetary assets and liabilities denominated in a currency other than an entity's functional currency and the related gains/(losses) on derivative instruments that are not designated as hedging instruments that we use to manage the currency exposures of these assets and liabilities, certain components of pension expense, and other non-operating gains/(losses). In the years ended December 31, 2023 and 2022, we recognized a gain of $ 2.5 and a loss of $ 116.6 million, respectively, related to our investment in ZimVie. The initial value of our investment was based upon our 19.7 percent share of the carrying value of net assets transferred to ZimVie on the separation date. At December 31, 2022, we valued our investment at fair value based upon ZimVie's share price on that date, less a discount to reflect that the shares are not registered. We disposed of our remaining shares of ZimVie in February 2023. Treasury Stock - We account for repurchases of common stock under the cost method and present treasury stock as a reduction of stockholders’ equity. We reissue common stock held in treasury only for limited purposes. Noncontrolling Interest - We have investments in other companies in which we have a controlling financial interest, but not 100 percent of the equity. Further information related to the noncontrolling interests of those investments has not been provided as it is not significant to our consolidated financial statements. Accounting Pronouncements Recently Adopted There were no accounting pronouncements that we adopted in 2023 that had a material effect on our financial position, results of operations or cash flows. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, which is an amendment to ASC Topic 280 - Segment Reporting. The ASU requires more detailed and disaggregated segment information, including the disclosure of significant segment expense categories and amounts for each reportable segment. The ASU also requires certain annual disclosures to also be made in interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. The guidance will be applied retrospectively unless retrospective adoption is impracticable. Early adoption of this ASU is permitted. We are currently evaluating the impact this ASU will have on our financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is an amendment to topic ASC 740 - Income Taxes. The ASU improves the transparency of income tax disclosures by requiring greater disaggregated information about an entity’s effective tax rate reconciliation and requiring additional disclosures and disaggregation of income taxes, among other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied prospectively with an option to apply the guidance retrospectively. Early adoption of this ASU is permitted. We are currently evaluating the impact this ASU will have on our financial statements and disclosures.

Discontinued Operations and Rel

Discontinued Operations and Related ZimVie Matters	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Related ZimVie Matters	3. 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 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 senior notes due in 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. Most TSA services were completed as of December 31, 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 Acquisition, integration, divestiture and related expense in our consolidated statements of earnings. Amounts included in the consolidated statements of earnings related to these agreements for the years ended December 31, 2023, 2022 and 2021 were immaterial. We initially retained approximately 5.1 million common shares of ZimVie, 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 consolidated balance sheet. We disposed of these shares in February 2023. Changes to the fair value of the investment are recognized in non-operating other (expense) income, net. In the years ended December 31, 2023 and 2022, we recognized a gain of $ 2.5 and a loss of $ 116.6 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 year ended December 31, 2023. The Forward Exchange Agreement was accounted for at fair value, with changes in fair value recognized in non-operating other (expense) income, net and was included in the net gain related to our investment in ZimVie for the year ended December 31, 2023, as discussed above. The most significant input into the valuation of the Forward Exchange Agreement was the price of 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 consolidated balance sheet. For the year ended December 31, 2022, an unrealized gain of $ 1.1 million related to the change in fair value of the Forward Exchange Agreement was recorded in non-operating other (expense) income, net in our consolidated statements of earnings. As discussed in Note 1, the results of our spine and dental businesses have been reflected as discontinued operations through the date of the spinoff in the prior years presented. Details of earnings (loss) from discontinued operations included in our consolidated statements of earnings are as follows (in millions): For the Years Ended December 31, 2022 2021 Net Sales $ 147.8 $ 1,008.8 Cost of products sold, excluding intangible asset amortization 53.5 380.6 Intangible asset amortization 14.0 86.2 Research and development 10.5 61.3 Selling, general and administrative 89.4 480.5 Restructuring and other cost reduction initiatives 0.4 3.3 Quality remediation - 0.2 Acquisition, integration, divestiture and related 40.9 76.8 Other expense, net 0.3 0.5 Loss from discontinued operations before income taxes ( 61.2 ) ( 80.6 ) Benefit for income taxes from discontinued operations ( 2.4 ) ( 37.2 ) Loss from discontinued operations, net of tax $ ( 58.8 ) $ ( 43.4 )

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2023
Revenue Recognition [Abstract]
Revenue Recognition	4. Revenue Recognition We recognize revenue when our performance obligations under the terms of a contract with our customer are satisfied. This happens when we transfer control of our products to the customer, which generally occurs upon implantation or when title passes upon shipment. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring our product. Taxes collected from customers and remitted to governmental authorities are excluded from revenues. We sell products through two principal channels: 1) direct to healthcare institutions, referred to as direct channel accounts; and 2) through stocking distributors and healthcare dealers. In direct channel accounts and with some healthcare dealers, inventory is generally consigned to sales agents or customers so that products are available when needed for surgical procedures. No revenue is recognized upon the placement of inventory into consignment, as we retain the ability to control the inventory. Upon implantation, we issue an invoice and revenue is recognized. Consignment sales represented approximately 85 percent of our net sales in 2023. Pricing for products is generally predetermined by contracts with customers, agents acting on behalf of customer groups or by government regulatory bodies, depending on the market. Price discounts under group purchasing contracts are generally linked to volume of implant purchases by customer healthcare institutions within a specified group. At negotiated thresholds within a contract buying period, price discounts may increase. Payment terms vary by customer, but are typically less than 90 days . With sales to stocking distributors and some healthcare dealers and hospitals, revenue is generally recognized when control of our product passes to the customer, which can be upon shipment of the product or receipt by the customer. We estimate sales recognized in this manner represented approximately 15 percent of our net sales in 2023. These customers may purchase items in large quantities if incentives are offered or if there are new product offerings in a market, which could cause period-to-period differences in sales. It is our accounting policy to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. We have contracts with these customers or orders may be placed from available price lists. Payment terms vary by customer, but are typically less than 90 days . We offer standard warranties to our customers that our products are not defective. These standard warranties are not considered separate performance obligations. In limited circumstances, we offer extended warranties that are separate performance obligations. We have very few contracts that have multiple performance obligations. Since we do no t have significant multiple element arrangements and essentially all of our sales are recognized upon implantation of a product or when title passes, very little judgment is required to allocate the transaction price of a contract or determine when control has passed to a customer. Our costs to obtain contracts consist primarily of sales commissions to employees or third-party agents that are earned when control of our product passes to the customer. Therefore, sales commissions are expensed as part of SG&A expenses at the same time revenue is recognized. Accordingly, we do no t have significant contract assets, liabilities or future performance obligations. We offer volume-based discounts, rebates, prompt pay discounts, right of return and other various incentives which we account for under the variable consideration model. If sales incentives may be earned by a customer for purchasing a specified amount of our product, we estimate whether such incentives will be achieved and recognize these incentives as a reduction in revenue in the same period the underlying revenue transaction is recognized. We primarily use the expected value method to estimate incentives. Under the expected value method, we consider the historical experience of similar programs as well as review sales trends on a customer-by-customer basis to estimate what levels of incentives will be earned. Occasionally, products are returned and, accordingly, we maintain an estimated refund liability based upon the expected value method that is recorded as a reduction in revenue. We analyze sales by two geographies, the United States and International; and by the following product categories: Knees; Hips; Sports Medicine, Extremities and Trauma (“S.E.T.”), which includes Craniomaxillofacial and Thoracic (“CMFT”); and Other. Other includes sales from our Technology, Surgical and Bone Cement products. 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 below and our reportable operating segments are the geographic groupings. Net sales by geography are as follows (in millions): For the Years Ended December 31, 2023 2022 2021 United States $ 4,288.8 $ 4,012.4 $ 3,853.9 International 3,105.4 2,927.5 2,973.4 Total $ 7,394.2 $ 6,939.9 $ 6,827.3 Net sales by product category are as follows (in millions): For the Years Ended December 31, 2023 2022 2021 Knees $ 3,038.4 $ 2,778.3 $ 2,647.9 Hips 1,967.2 1,894.9 1,856.1 S.E.T 1,752.6 1,696.7 1,727.8 Other 636.0 570.0 595.5 Total $ 7,394.2 $ 6,939.9 $ 6,827.3

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	5. Restructuring In December 2023, our management approved a new global restructuring program (the “2023 Restructuring Plan”) intended to optimize our cost base and drive greater efficiencies throughout the company. The 2023 Restructuring Plan is expected to result in total pre-tax restructuring charges of approximately $ 100 million. The pre-tax restructuring charges consist of employee termination benefits, and other charges, such as consulting fees. The expenses incurred under our 2023 Restructuring Plan are reported in our “Restructuring and other cost reduction initiatives” financial statement line item. The following table summarizes the liabilities recognized related to the 2023 Restructuring Plan (in millions): Employee Termination Contract Benefits Terminations Other Total Balance, December 31, 2022 $ - $ - $ - $ - Additions 9.2 - 3.6 12.8 Cash payments - - ( 1.0 ) ( 1.0 ) Non-cash activity - - 2.4 2.4 Balance, December 31, 2023 9.2 - 5.0 14.2 Expense incurred since the start of the 2023 Restructuring Plan $ 9.2 $ - $ 3.6 $ 12.8 Expense estimated to be recognized for the 2023 Restructuring Plan $ 85.0 $ - $ 15.0 $ 100.0 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 $ 180 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 expenses incurred under our 2021 Restructuring Plan are reported in our “Restructuring and other cost reduction initiatives” financial statement line item. 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, 2020 $ - $ - $ - $ - Additions 19.5 2.3 10.3 32.1 Cash payments - - - - Foreign currency exchange rate changes - - - - Balance, December 31, 2021 19.5 2.3 10.3 32.1 Additions 33.6 49.5 16.6 99.7 Cash payments ( 43.4 ) ( 27.8 ) ( 23.9 ) ( 95.1 ) Foreign currency exchange rate changes 0.8 1.0 0.1 1.9 Balance, December 31, 2022 10.5 25.0 3.1 38.6 Additions 6.0 22.0 9.3 37.3 Cash payments ( 12.5 ) ( 30.2 ) ( 9.6 ) ( 52.3 ) Foreign currency exchange rate changes 0.2 0.8 0.1 1.1 Balance, December 31, 2023 $ 4.2 $ 17.6 $ 2.9 $ 24.7 Expense incurred since the start of the 2021 Restructuring Plan $ 59.1 $ 73.8 $ 36.2 $ 169.1 Expense estimated to be recognized for the 2021 Restructuring Plan $ 60.0 $ 80.0 $ 40.0 $ 180.0 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 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 $ 370 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 and relocation costs, including costs to close a manufacturing facility. The following table summarizes the location on our consolidated statement of earnings and type of cost for our 2019 Restructuring Plan (in millions): Year Ended December 31, 2023 Employee Termination Contract Benefits Terminations Other Total Cost of products sold, excluding intangible asset amortization $ - $ - $ 8.2 $ 8.2 Restructuring and other cost reduction initiatives 17.4 - 15.9 33.3 $ 17.4 $ - $ 24.1 $ 41.5 In the years ended December 31, 2022 and 2021, all expenses related to the 2019 Restructuring Plan were recognized in “Restructuring and other cost reduction initiatives”. 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, 2020 $ 37.8 $ 10.9 $ 15.1 $ 63.8 Additions 7.3 18.5 49.2 75.0 Cash payments ( 28.7 ) ( 12.9 ) ( 64.2 ) ( 105.8 ) Foreign currency exchange rate changes ( 1.6 ) - ( 0.1 ) ( 1.7 ) Balance, December 31, 2021 14.8 16.5 - 31.3 Additions 29.1 0.7 40.1 69.9 Cash payments ( 13.4 ) ( 7.3 ) ( 33.3 ) ( 54.0 ) Foreign currency exchange rate changes ( 1.6 ) ( 0.9 ) ( 0.4 ) ( 2.9 ) Balance, December 31, 2022 28.9 9.0 6.4 $ 44.3 Additions 17.4 - 24.1 41.5 Cash payments ( 2.1 ) ( 3.4 ) ( 27.7 ) ( 33.2 ) Foreign currency exchange rate changes ( 0.4 ) - 0.1 ( 0.3 ) Balance, December 31, 2023 $ 43.8 $ 5.6 $ 2.9 $ 52.3 Expense incurred since the start of the 2019 Restructuring Plan $ 125.7 $ 35.0 $ 158.7 $ 319.4 Expense estimated to be recognized for the 2019 Restructuring Plan $ 155.0 $ 35.0 $ 180.0 $ 370.0 We do not include restructuring charges in the operating profit of our reportable segments. We report the expenses for other cost reduction and optimization initiatives in our “Restructuring and other cost reduction initiatives” financial statement line item 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	6. Share-Based Compensation Our share-based payments primarily consist of stock options and restricted stock units (“RSUs”). Share-based compensation expense was as follows (in millions): For the Years Ended December 31, 2023 2022 2021 Total expense, pre-tax $ 99.8 $ 105.0 $ 76.0 Tax benefit related to awards 16.7 16.9 17.2 Total expense, net of tax $ 83.1 $ 88.1 $ 58.8 We had two equity compensation plans in effect at December 31, 2023: the 2009 Stock Incentive Plan (“2009 Plan”) and the Stock Plan for Non-Employee Directors. We have reserved the maximum number of shares of common stock available for awards under the terms of each of these plans. We have registered 49.9 million shares of common stock under these plans. The 2009 Plan provides for the grant of nonqualified stock options and incentive stock options, long-term performance awards in the form of performance shares or units, restricted stock, RSUs and stock appreciation rights. The Compensation and Management Development Committee of the Board of Directors determines the grant date for annual grants under our equity compensation plans. The date for annual grants under the 2009 Plan to our executive officers is expected to occur in the first quarter of each year following the earnings announcements for the previous quarter and full year. The Stock Plan for Non-Employee Directors provides for awards of stock options, restricted stock and RSUs to non-employee directors. It has been our practice to issue shares of common stock upon exercise of stock options from previously unissued shares, except in limited circumstances where they are issued from treasury stock. The total number of awards which may be granted in a given year and/or over the life of the plan under each of our equity compensation plans is limited. At December 31, 2023 , an aggregate of 7.7 million shares were available for future grants and awards under these plans. Stock Options Stock options granted to date under our plans generally vest over three or four years and have a maximum contractual life of 10 years. As established under our equity compensation plans, vesting may accelerate upon retirement after the first anniversary date of the award if certain criteria are met. We recognize expense related to stock options on a straight-line basis over the requisite service period, less awards expected to be forfeited using estimated forfeiture rates. Due to the accelerated retirement provisions, the requisite service period of our stock options range from one to four years . Stock options are granted with an exercise price equal to the market price of our common stock on the date of grant, except in limited circumstances where local law may dictate otherwise. A summary of stock option activity for the year ended December 31, 2023 is as follows (options in thousands): Stock Weighted Weighted Intrinsic Outstanding at January 1, 2023 7,944 $ 121.94 Options granted 15 127.96 Options exercised ( 733 ) 96.17 Options forfeited ( 280 ) 135.28 Options expired ( 725 ) 131.46 Outstanding at December 31, 2023 6,221 $ 123.29 5.0 $ 44.3 Vested or expected to vest as of December 31, 2023 6,176 $ 123.23 5.0 $ 44.1 Exercisable at December 31, 2023 5,012 $ 120.83 4.4 $ 41.0 We use a Black-Scholes option-pricing model to determine the fair value of our stock options. Expected volatility was derived from a combination of historical volatility and implied volatility because the options that were actively traded around the grant date of our stock options did not have maturities of over one year. The expected term of the stock options has been derived from historical employee exercise behavior. The risk-free interest rate was determined using the implied yield currently available for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options. The dividend yield was determined by using an estimated annual dividend and dividing it by the market price of our stock on the grant date. The following table presents information regarding the weighted average fair value of stock options granted, the assumptions used to determine fair value, the intrinsic value of options exercised and the tax benefit of options exercised in the indicated year: For the Years Ended December 31, 2023 2022 2021 Dividend yield 0.8 % 0.8 % 0.6 % Volatility 27.7 % 30.2 % 30.3 % Risk-free interest rate 3.5 % 1.9 % 0.7 % Expected life (years) 5.0 5.0 5.4 Weighted average fair value of options granted $ 36.65 $ 32.07 $ 43.91 Intrinsic value of options exercised (in millions) $ 23.2 $ 20.5 $ 54.6 Tax benefit of options exercised (in millions) $ 4.4 $ 4.0 $ 10.8 As of December 31, 2023 , there was $ 18.7 million of unrecognized share-based payment expense related to nonvested stock options granted under our plans. That expense is expected to be recognized over a weighted average period of 1.2 years. RSUs We have awarded RSUs to certain of our employees. The terms of the awards are generally three or four years . Some of the awards have only service conditions while some have performance and market conditions in addition to service conditions. Future service conditions may be waived if an employee retires after the first anniversary date of the award, but performance and market conditions continue to apply. Accordingly, the requisite service period used for share-based payment expense on our RSUs range from one year to four years . A summary of nonvested RSU activity for the year ended December 31, 2023 is as follows (RSUs in thousands): Weighted Grant Date RSUs Fair Value Outstanding at January 1, 2023 1,198 $ 147.85 Granted 1,225 127.47 Vested ( 265 ) 124.73 Forfeited ( 351 ) 147.16 Outstanding at December 31, 2023 1,807 $ 135.97 For the RSUs with service conditions only, the fair value of the awards was determined based upon the fair market value of our common stock on the date of grant. For the RSUs with market conditions, a Monte Carlo valuation technique was used to simulate the market conditions of the awards. The outcome of the simulation was used to determine the fair value of the awards. We are required to estimate the number of RSUs that will vest and recognize share-based payment expense on a straight-line basis over the requisite service period. As of December 31, 2023 , we estimate that approximately 1,347,105 outstanding RSUs will vest. If our estimate were to change in the future, the cumulative effect of the change in estimate will be recorded in that period. Based upon the number of RSUs that we expect to vest, the unrecognized share-based payment expense as of December 31, 2023 was $ 84.5 million and is expected to be recognized over a weighted-average period of 1.8 years. The fair value of RSUs that vested during the years ended December 31, 2023, 2022 and 2021 based upon our stock price on the date of vesting was $ 26.9 million, $ 20.3 million, and $ 40.0 million, respectively.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	7. Inventories Inventories consisted of the following (in millions): As of December 31, 2023 2022 Finished goods $ 1,831.2 $ 1,655.0 Work in progress 246.5 230.9 Raw materials 307.5 261.3 Inventories $ 2,385.2 $ 2,147.2 Amounts charged to the consolidated statements of earnings for excess and obsolete inventory, including certain product lines we intend to discontinue, in the years ended December 31, 2023, 2022 and 2021 were $ 155.2 million, $ 137.3 million and $ 117.3 million, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	8. Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions): As of December 31, 2023 2022 Land $ 18.9 $ 19.2 Building and equipment 2,245.9 2,093.4 Capitalized software costs 552.2 518.2 Instruments 3,748.6 3,683.5 Construction in progress 200.6 144.1 6,766.2 6,458.4 Accumulated depreciation ( 4,705.8 ) ( 4,585.9 ) Property, plant and equipment, net $ 2,060.4 $ 1,872.5 Depreciation expense w as $ 390.2 million, $ 399.6 million and $ 408.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. We had $ 30.8 million and $ 17.0 million of property, plant and equipment included in accounts payable as of December 31, 2023 and 2022, respectively.

Fair Value Measurements of Asse

Fair Value Measurements of Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements of Assets and Liabilities	9. Fair Value Measurements of Assets and Liabilities The following financial assets and liabilities related to continuing operations are recorded at fair value on a recurring basis (in millions): As of December 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 $ 54.4 $ - $ 54.4 $ - Cross-currency interest rate swaps 5.4 - 5.4 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 0.4 - 0.4 - Total Assets $ 60.2 $ - $ 60.2 $ - Liabilities Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 3.7 $ - $ 3.7 $ - Cross-currency interest rate swaps 68.1 - 68.1 - Interest rate swaps 144.7 - 144.7 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 1.6 - 1.6 - Contingent payments related to acquisitions 141.7 - - 141.7 Total Liabilities $ 359.8 $ - $ 218.1 $ 141.7 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 uncommon 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 are 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 settlement date. Contingent payments related to acquisitions consist of sales-based payments and regulatory milestones, and are valued using discounted cash flow techniques. The fair value of sales-based payments is based upon significant unobservable inputs such as probability-weighted future revenue estimates and simulating the numerous potential outcomes, and changes as revenue estimates increase or decrease. The fair value of the regulatory milestones is based on the probability of success in obtaining the specified regulatory approval. Contingent payments related to our acquisition of Embody, Inc. (“Embody”) in February 2023 are to be settled by issuance of our common stock and cash payments. The Embody acquisition is discussed in Note 10. During the year ended December 31, 2023, we issued 0.1 million shares of our common stock valued at $ 15.5 million and paid $ 0.7 million of cash as the regulatory milestone related to the Embody acquisition was achieved. The fair value of common stock was determined to be $ 143.84 per share, which represented the average of our high and low stock prices on the settlement date. To minimize dilution from issuing shares for the milestone settlement, we repurchased 0.1 million shares of our common stock in June of 2023. 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 consideration related to the 2023 acquisitions 138.5 Change in estimates 16.0 Settlements ( 30.2 ) Ending balance December 31, 2023 $ 141.7 Changes in estimates for contingent payments related to acquisitions are recognized in the Acquisition, integration, divestiture and related line item on our consolidated statements of earnings.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Acquisitions	10. Acquisitions On February 14, 2023 , we completed the acquisition of all the outstanding shares of Embody, a medical device company focused on soft tissue healing, that expands our portfolio for the sports medicine market. 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, subject to achieving a future regulatory milestone after closing 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. On April 28, 2023 , we completed the acquisition of all the outstanding shares of a privately held orthopedics medical device company that expands our portfolio in the orthopedics market ("April acquisition"). The initial consideration consisted of $ 15.0 million of cash and includes additional consideration of up to $ 8.0 million in cash, subject to achieving future regulatory milestones. On October 6, 2023 , we completed the acquisition of all the outstanding shares of a privately held orthopedics medical device company that provides us new surgical technology that can be used in procedures across multiple product categories (“October acquisition”). The initial consideration consisted of $ 42.2 million of cash and includes additional consideration of up to $ 33.0 million in cash contingent upon achieving certain commercial milestones based on sales growth over a three-year period. We assigned a fair value of $ 21.5 million for this contingent consideration as of the acquisition date. The estimated fair value of the contingent liability was calculated based on the probability of achieving the commercial milestones and discounting to present value the estimated payments. On November 15, 2023 , we completed the acquisition of a privately held technology company by acquiring certain assets, liabilities and employees of the technology company (“November acquisition”). The November acquisition expands our technology and data capabilities and solutions across multiple product categories to better serve our customers. The initial consideration consisted of $ 60.7 million of cash and includes additional consideration of up to $ 20.0 million in cash contingent upon achieving a commercial milestone based on a certain sales target which must be achieved by December 31, 2025. We assigned a fair value of $ 15.0 million for this contingent consideration as of the acquisition date. The estimated fair value of the contingent liability was calculated based on the probability of achieving the commercial milestone and discounting to present value the estimated payment. These acquisitions are collectively referred to in this report as the “2023 acquisitions”. Refer to Note 9 for information regarding the issuance of common stock and cash payments related to the contingent consideration liabilities that have occurred subsequent to the acquisition dates. The goodwill related to the 2023 acquisitions represents the excess of the consideration transferred over the fair value of the net assets acquired. The goodwill related to the 2023 acquisitions is generated from the operational synergies and cross-selling opportunities we expect to achieve from the technologies acquired. A portion of the goodwill is expected to be deductible for U.S. income tax purposes. The goodwill related to the Embody, the October and the November acquisitions is included in the Americas operating segment and the Americas Orthopedics reporting unit. The goodwill related to the April acquisition is included in the Asia Pacific operating segment and reporting unit. The purchase price allocations for the 2023 acquisitions are preliminary as of December 31, 2023. We need additional time to evaluate the tax attributes of the transactions, which may change the recognized tax assets and liabilities. We are also evaluating certain contingent liabilities as of the respective acquisition dates. 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 respective acquisition dates. The following table summarizes the preliminary estimates of fair value of the assets acquired and liabilities assumed related to the 2023 acquisitions (in millions): Current assets $ 13.1 Intangible assets subject to amortization: Technology 144.0 Trademarks and trade names 3.5 Customer relationships 40.1 Intangible assets not subject to amortization: In-process research and development (IPR&D) 36.3 Goodwill 215.0 Other assets 4.8 Total assets acquired 456.8 Current liabilities 8.2 Deferred income taxes 37.7 Total liabilities assumed 45.9 Net assets acquired $ 410.9 The weighted average amortization periods selected for technology, customer relationships and trademarks and trade names were 15 years, 8 years and 13 years, respectively. Upon receiving regulatory approval subsequent to the Embody acquisition date, the $ 36.3 million of IPR&D was reclassified to a definite-lived intangible asset and began amortizing over the applicable estimated useful life. During the year ended December 31, 2023, there were no material adjustments to the preliminary values of the 2023 acquisitions. 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 following two years , of which $ 4.0 million was paid in the year ended December 31, 2023. 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.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	11. Goodwill and Other Intangible Assets The following table summarizes the changes in the carrying amount of goodwill related to continuing operations (in millions): Americas EMEA Asia Pacific Total Balance at January 1, 2022 Goodwill $ 8,045.8 $ 1,354.3 $ 564.0 $ 9,964.1 Accumulated impairment losses ( 7.7 ) ( 1,037.0 ) - ( 1,044.7 ) 8,038.1 317.3 564.0 8,919.4 Purchase accounting adjustments 0.9 - - 0.9 Other acquisitions 48.3 - - 48.3 Currency translation ( 51.7 ) ( 27.5 ) ( 19.4 ) ( 98.6 ) Impairment - ( 289.8 ) - ( 289.8 ) Balance at December 31, 2022 Goodwill 8,043.3 1,326.8 544.6 9,914.7 Accumulated impairment losses ( 7.7 ) ( 1,326.8 ) - ( 1,334.5 ) 8,035.6 - 544.6 8,580.2 2023 acquisitions 201.4 - 13.6 215.0 Currency translation 28.8 - ( 5.5 ) 23.3 Balance at December 31, 2023 Goodwill 8,273.5 1,326.8 552.7 10,153.0 Accumulated impairment losses ( 7.7 ) ( 1,326.8 ) - ( 1,334.5 ) $ 8,265.8 $ - $ 552.7 $ 8,818.5 As discussed further in Note 10, we completed acquisitions during the years ended December 31, 2023 and 2022, resulting in additional goodwill. We perform our annual test of goodwill impairment in the fourth quarter of every year. In connection with the annual goodwill impairment test in the fourth quarter of 2023, we estimated the fair value of our Americas Orthopedics and Americas CMFT reporting units using the income and market approaches. In the annual 2023 test, each of the Americas Orthopedics and Americas CMFT reporting units exceeded their carrying values by more than 50 percent. We performed a qualitative test on our Asia Pacific reporting unit and concluded it was more likely than not the fair value of this reporting unit exceeded its carrying value. We fully impaired the goodwill related to our EMEA reporting unit during the fourth quarter of 2022, as discussed below. During the year ended December 31, 2022, we recorded a goodwill impairment charge of $ 289.8 million in our EMEA reporting unit, primarily due to the impacts from macroeconomic factors. The weakening of major foreign currencies in our EMEA reporting unit against the U.S. Dollar significantly impacted forecasted cash flows used in our analysis. For the EMEA reporting unit, operating expenses did not decline proportionally to revenue as many inventory-related and certain expenses are based on the U.S. Dollar. In addition, inflationary pressures also caused our forecasted expenses to increase. Furthermore, our discounted cash flows utilized a higher risk-adjusted discount rate for the 2022 impairment test when compared to the 2021 test, primarily due to central banks raising interest rates in 2022 and increased country-specific risk due to macroeconomic factors and risks the region faces. We had previously taken goodwill impairment charges related to this reporting unit in prior years so when these negative macroeconomic factors occurred in 2022, the remaining goodwill was determined to be fully impaired. We estimated the fair value of the EMEA reporting unit based on income and market approaches. Fair value under the income approach was determined by discounting to present value the estimated future cash flows of the reporting unit. Fair value under the market approach utilized the guideline public company methodology, which uses valuation indicators from publicly-traded companies that are similar to our EMEA reporting unit and considers differences between our reporting unit and the comparable companies. In estimating the future cash flows of the EMEA reporting unit, we utilized a combination of market and company-specific inputs that a market participant would use in assessing the fair value of the reporting units. The primary market input was revenue growth rates. These rates were based upon historical trends and estimated future growth drivers such as an aging global population, obesity and more active lifestyles. Significant company-specific inputs included assumptions regarding how the reporting unit could leverage operating expenses as revenue grows and the impact any of our differentiated products or new products will have on revenues. Under the guideline public company methodology, we took into consideration specific risk differences between our reporting unit and the comparable companies, such as recent financial performance, size risks and product portfolios, among other considerations. There were no goodwill impairment charges for the year ended December 31, 2021. We will continue to monitor the fair value of our reporting units in our interim and annual reporting periods. If our estimated cash flows decrease, we may have to record further impairment charges in the future. Factors that could result in our cash flows being lower than our current estimates include: 1) additional recurrence of the COVID-19 virus, including variants, causing hospitals to defer elective surgical procedures, 2) decreased revenues caused by unforeseen changes in the healthcare market, or our inability to generate new product revenue from our research and development activities, 3) our inability to achieve the estimated operating margins in our forecasts from our restructuring programs, cost saving initiatives, and other unforeseen factors, and 4) the weakening of foreign currencies against the U.S. Dollar. Additionally, changes in the broader economic environment could cause changes to our estimated discount rates and comparable company valuation indicators, which may impact our estimated fair values. The components of identifiable intangible assets related to continuing operations were as follows (in millions): Technology Intellectual Trademarks Customer IPR&D Other Total As of December 31, 2023: Intangible assets subject to amortization: Gross carrying amount $ 3,177.4 $ 473.2 $ 523.8 $ 5,130.7 $ - $ 172.7 $ 9,477.8 Accumulated amortization ( 1,894.2 ) ( 295.1 ) ( 289.9 ) ( 2,495.4 ) - ( 108.4 ) ( 5,083.0 ) Intangible assets not subject to Gross carrying amount - - 454.6 - 7.0 - 461.6 Total identifiable intangible assets $ 1,283.2 $ 178.1 $ 688.5 $ 2,635.3 $ 7.0 $ 64.3 $ 4,856.4 As of December 31, 2022: Intangible assets subject to amortization: Gross carrying amount $ 2,954.3 $ 388.5 $ 518.0 $ 5,073.1 $ - $ 174.0 $ 9,107.9 Accumulated amortization ( 1,700.2 ) ( 250.8 ) ( 258.7 ) ( 2,198.8 ) - ( 94.7 ) ( 4,503.2 ) Intangible assets not subject to Gross carrying amount - - 452.1 - 7.0 - 459.1 Total identifiable intangible assets $ 1,254.1 $ 137.7 $ 711.4 $ 2,874.3 $ 7.0 $ 79.3 $ 5,063.8 We recognized IPR&D intangible asset impairment charges of $ 3.0 million and $ 16.3 million in the years ended December 31, 2022 and 2021, respectively, in “ Goodwill and intangible asset impairment ” on our consolidated statements of earnings. These impairments were the result of terminated projects or delays and additional costs related to a project. Since these projects had a low probability of success or were not a priority, their terminations are not expected to have a significant impact on our future cash flows. There were no IPR&D intangible asset impairment charges in the year ended December 31, 2023. In the year ended December 31, 2023, we entered into agreements to acquire intellectual property through the buyout of certain licensing arrangements. These new agreements and the related payments eliminate the various royalty payments that would have been due under the terms of previous licensing arrangements through 2030. These new agreements benefit us by expanding our ownership of intellectual property that we may use in the future. We recognized intangible assets of $ 86.1 million related to these agreements which will be amortized through 2030. The fixed, contractual payments made under these new agreements are reflected in investing cash flows in our consolidated statements of cash flows. Estimated annual amortization expense based upon intangible assets recognized as of December 31, 2023 for the years ending December 31, 2024 through 2028 is (in millions): For the Years Ending December 31, 2024 $ 572.7 2025 553.7 2026 532.3 2027 517.9 2028 509.8

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Other Current Liabilities	12. Other Current Liabilities Other current liabilities consisted of the following (in millions): As of December 31, 2023 2022 Other current liabilities: License and service agreements $ 114.7 $ 147.5 Salaries, wages and benefits 417.1 336.2 Litigation and product liability 146.2 205.6 Customer rebates 180.0 149.7 Accrued liabilities 627.7 582.3 Total other current liabilities $ 1,485.7 $ 1,421.3 .

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	13. Debt Our debt consisted of the following (in millions): As of December 31, 2023 2022 Current portion of long-term debt Short-Term Term Loan $ - $ 83.0 Uncommitted Credit Facility 50.0 - Five-Year Credit Agreement - 375.0 3.700 % Senior Notes due 2023 - 86.3 1.450 % Senior Notes due 2024 850.0 - Total short-term debt $ 900.0 $ 544.3 Long-term debt 1.450 % Senior Notes due 2024 $ - $ 850.0 3.550 % Senior Notes due 2025 863.0 863.0 3.050 % Senior Notes due 2026 600.0 600.0 5.350 % Senior Notes due 2028 500.0 - 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 552.3 533.6 1.164 % Euro Notes due 2027 552.3 533.6 Debt discount and issuance costs ( 29.1 ) ( 30.1 ) Adjustment related to interest rate swaps ( 144.7 ) ( 172.0 ) Total long-term debt $ 4,867.9 $ 5,152.2 At December 31, 2023, our total current and non-current debt of $ 5.8 billion consisted of $ 5.9 billion aggregate principal amount of senior notes, which included € 1.0 billion of Euro-denominated senior notes (“Euro Notes”), and $ 50.0 million of outstanding borrowings under the U ncommitted Facility Letter (defined below), partially offset by fair value adjustments relating to interest rate swaps totaling $ 144.7 million and debt discount and issuance costs of $ 29.1 million. In 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 November 28, 2023, we completed the offering of $ 500.0 million aggregate principal amount of our 5.350 % Senior Notes due December 1, 2028. Interest is payable on these Senior Notes June 1 and December 1 of each year until maturity. We received net proceeds of $ 499.8 million. On August 28, 2023, we entered into an uncommitted facility letter (the "Uncommitted Credit Facility"), which provides that from time to time, we may request, and the lender in its absolute and sole discretion may provide, short-term loans. Borrowings under the Uncommitted Credit Facility may be used only for general corporate and working capital purposes. The Uncommitted Credit Facility provides that the aggregate principal amount of outstanding borrowings at any time shall not exceed $ 300.0 million. Each borrowing under the Uncommitted Credit Facility will mature on the maturity date specified by the lender at the time of the advance, which will be no more than 90 days following the date of the advance. The Uncommitted Credit Facility and borrowings thereunder are unsecured. Borrowings under the Uncommitted Credit Facility bear interest at floating rates, based upon either an adjusted term secured overnight financing rate (“Term SOFR”) for the applicable interest period, the prime rate, or lender’s cost of funds, in each case, plus an applicable margin determined at the time of each borrowing. The Uncommitted Credit Facility includes customary affirmative and negative covenants and events of default for unsecured uncommitted financing arrangements. We were in compliance with all covenants under the Uncommitted Credit Facility as of December 31, 2023. As of December 31, 2023, there were outstanding borrowings of $ 50.0 million under the Uncommitted Credit Facility. On July 7, 2023, we entered into a new five-year revolving credit agreement (the “2023 Five-Year Credit Agreement”) and a new 364-day revolving credit agreement (the “2023 364-Day Revolving Credit Agreement”), as described below. Borrowings under these credit agreements will be used for general corporate purposes. The 2023 Five-Year Credit Agreement contains a five-year unsecured revolving facility of $ 1.5 billion (the “2023 Five-Year Revolving Facility”). The 2023 Five-Year Credit Agreement replaced the previous revolving credit agreement entered into on August 19, 2022 (the “2022 Five-Year Credit Agreement”), which contained a five-year unsecured revolving facility of $ 1.5 billion (the “2022 Five-Year Revolving Facility”). There was approximately $ 520.0 million in aggregate outstanding borrowings under the 2022 Five-Year Credit Agreement at the time it was terminated, which borrowings were repaid in full through borrowings under the 2023 Five-Year Credit Agreement on July 7, 2023 in the same amount and on the same interest rate and margin terms. The 2023 Five-Year Credit Agreement will mature on July 7, 2028 , with two one-year extensions exercisable at our discretion and subject to required lender consent. The 2023 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 2023 Five-Year 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 2023 Five-Year Revolving Facility at a rate determined by reference to our senior unsecured long-term debt credit rating. The 2023 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 2023 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 2023 Five-Year Credit Agreement as of December 31, 2023. As of December 31, 2023, there were no outstanding borrowings under the 2023 Five-Year Credit Agreement. The 2023 364-Day Revolving Credit Agreement is an unsecured revolving credit facility in the principal amount of $ 1.0 billion (the “2023 364-Day Revolving Facility”). The 2023 364-Day Revolving Credit Agreement replaced a credit agreement entered into on August 19, 2022, which was also a 364-day unsecured revolving credit facility of $ 1.0 billion (the “2022 364-Day Revolving Facility”). There were no borrowings outstanding under the 2022 364-Day Revolving Facility when it was terminated. The 2023 364-Day Revolving Facility will mature on July 5, 2024 . Borrowings under the 2023 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 2023 364-Day Revolving Facility at a rate determined by reference to our senior unsecured long-term debt credit rating. The 2023 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 2023 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 2023 364-Day Revolving Credit Agreement as of December 31, 2023. As of December 31, 2023, there were no outstanding borrowings under the 2023 364-Day Revolving Credit Agreement. Borrowings under our revolving credit facilities have been executed with underlying notes that have maturities of three months or less . At the maturity of the underlying note, we elect to either repay the note, borrow the same amount, or some combination thereof. On our consolidated statements of cash flows, we present the borrowings and repayments of these underlying notes as net cash inflows or outflows due to their short-term nature. The gross borrowings and repayments in the prior years’ consolidated statements of cash flows have been reclassified to a net amount to conform to the current year presentation. On December 13, 2022 , we used cash on hand, including the Short-Term Term Loan proceeds of $ 83.0 million and borrowings under our 2022 Five-Year Revolving Facility, to redeem the full € 500.0 million outstanding principal amount of our 1.414 % Euro Notes due 2022. On September 22, 2022, we used cash on hand to repay the full ¥ 11.7 billion and ¥ 21.3 billion outstanding principal amounts on two Japanese term loans. On August 31, 2022, we borrowed an aggregate principal amount of $ 83.0 million under the Short-Term Term Loan with a third-party financial institution, the proceeds of which were used to redeem a portion of Euro notes that matured on December 13, 2022 . As more fully described in Note 3, the Short-Term Term Loan was settled in February 2023. On March 18, 2022, we redeemed the full $ 750.0 million outstanding principal amount of our senior notes due April 1, 2022. A $ 100.0 million draw under a previous credit facility, together with cash on hand, were used to redeem these notes. $ 540.6 million of this cash on hand came from the dividend paid by ZimVie to Zimmer Biomet at separation. On November 15, 2021, we commenced cash tender offers to purchase certain outstanding senior notes. The proceeds from a 2021 senior notes offering, together with cash on hand, were used to pay for the senior notes purchased in the cash tender offers. As a result, we recorded a loss on the extinguishment of debt in the amount of $ 165.1 million in our consolidated statement of earnings for the year ended December 31, 2021. The components of this loss were the reacquisition price of $ 2,154.8 million minus the carrying value of the debt of $ 1,982.7 million (including debt discount and issuance costs) plus debt tender fees of $ 5.0 million minus a gain of $ 12.0 million on a reverse treasury lock that we entered into to offset any increases or decreases to the premium associated with the tender offer from the date we entered into the lock. The estimated fair value of our senior notes, which includes our Euro notes, as of December 31, 2023 , based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $ 5,602.1 million. The carrying value of the outstanding $ 50.0 million principal balance of the Uncommitted Credit Facility approximates the fair value as it bears interest at short-term market rates. At December 31, 2023 and 2022 , the weighted average interest rate for our borrowings was 3.2 percent and 3.2 percent, respectively. We paid $ 200.6 million, $ 161.7 million, and $ 219.0 million in interest during 2023, 2022, and 2021 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	14. Accumulated Other Comprehensive Income 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 amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on 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 year ended December 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. See Note 16 for more information on our defined benefit plans. The following table shows the changes in the components of AOCI, net of tax (in millions): Foreign Cash Defined Currency Flow Benefit Total Translation Hedges Plan Items AOCI Balance December 31, 2022 $ ( 169.3 ) $ 69.6 $ ( 79.6 ) $ ( 179.3 ) AOCI before reclassifications 9.9 71.1 ( 9.5 ) 71.5 Reclassifications to statements of earnings - ( 77.4 ) ( 5.8 ) ( 83.2 ) Balance December 31, 2023 $ ( 159.4 ) $ 63.3 $ ( 94.9 ) $ ( 191.0 ) The following table shows the reclassification adjustments from AOCI (in millions): Amount of Gain / (Loss) Reclassified from AOCI For the Years Ended December 31, Location on Component of AOCI 2023 2022 2021 Statements of Earnings Cash flow hedges Foreign exchange forward contracts $ 94.1 $ 54.8 $ ( 0.8 ) Cost of products sold Forward starting interest rate swaps ( 0.7 ) ( 0.8 ) ( 0.6 ) Interest expense, net 93.4 54.0 ( 1.4 ) Total before tax 16.0 8.0 ( 0.1 ) Provision for income taxes $ 77.4 $ 46.0 $ ( 1.3 ) Net of tax Defined benefit plans Settlements, Prior service cost and unrealized actuarial gain (loss) $ 6.1 $ 0.2 $ ( 14.0 ) Other (expense) income, net 0.3 ( 1.2 ) ( 3.8 ) Provision for income taxes $ 5.8 $ 1.4 $ ( 10.2 ) Net of tax Total reclassifications $ 83.2 $ 47.4 $ ( 11.5 ) Net of tax The following table shows the tax effects on each component of AOCI recognized in our consolidated statements of comprehensive income (loss) (in millions): For the Years Ended December 31, Before Tax Tax Net of Tax 2023 2022 2021 2023 2022 2021 2023 2022 2021 Foreign currency cumulative $ ( 2.9 ) $ ( 87.3 ) $ ( 54.8 ) $ ( 12.8 ) $ 36.0 $ 45.1 $ 9.9 $ ( 123.3 ) $ ( 99.9 ) Unrealized cash flow hedge gains 84.8 100.5 102.5 13.7 17.0 16.1 71.1 83.5 86.4 Reclassification adjustments on ( 93.4 ) ( 54.0 ) 1.4 ( 16.0 ) ( 8.0 ) 0.1 ( 77.4 ) ( 46.0 ) 1.3 Adjustments to prior service cost ( 17.0 ) 95.9 96.9 ( 1.7 ) 18.9 18.5 ( 15.3 ) 77.0 78.4 Total Other Comprehensive $ ( 28.5 ) $ 55.1 $ 146.0 $ ( 16.8 ) $ 63.9 $ 79.8 $ ( 11.7 ) $ ( 8.8 ) $ 66.2

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	15. 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 partially 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. In June 2021, we entered into $ 1 billion of fixed-to-variable interest rate swaps that we have designated as fair value hedges of $ 1 billion of our fixed rate debt obligations. As of December 31, 2023 and December 31, 2022, the following amounts were recorded on our 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Long-term debt $ 851.3 $ 823.9 $ ( 144.7 ) $ ( 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 (the 4.450 % 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 December 31, 2023 was $ 23.9 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 and other foreign currency exchange forward contracts 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, Chinese Renminbi, 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 Euro. All changes in the fair value of the hedging instrument designated as a net investment hedge are recorded as a component of AOCI in our consolidated balance sheets. At December 31, 2023, we had receive-fixed-rate, pay-fixed-rate cross-currency interest rate 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 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 eliminated. We recognize the excluded component in interest expense, net on our 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 consolidated statements of cash flows. In the year ended December 31, 2023, Euro 100 million and Swiss Franc 50 million of these cross-currency interest rate swaps matured at a gain of $ 6.0 million and a loss of $ 3.0 million, respectively. The settlement of these gains with the counterparties is reflected in investing cash flows in our consolidated statements of cash flows and will remain in AOCI on our 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 consolidated statements of cash flows, the settlements of these cash flow hedges are recognized in operating cash flows. For foreign currency exchange forward contracts outstanding at December 31, 2023, we had obligations to purchase U.S. Dollars and sell Euros, Japanese Yen, Canadian Dollars, Australian Dollars, Korean Won, Swedish Krona, Czech Koruna, Thai Baht, Taiwan Dollars, South African Rand, 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 January 2024 through April 2026. As of December 31, 2023 , the notional amounts of outstanding forward contracts entered into with third parties to purchase U.S. Dollars were $ 1,531.1 million. As of December 31, 2023 , the notional amounts of outstanding forward contracts entered into with third parties to purchase Swiss Francs were $ 449.4 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. Any foreign currency re-measurement gains/losses recognized in earnings are generally offset with gains/losses on the foreign currency forward exchange contracts in the same reporting period. The amount of these gains/losses is recorded in other (expense) income, net. 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. In 2021 we entered into a reverse treasury lock related to our bond tender offer to offset any increases or decreases to the premium associated with the tender offer from the date we entered into the lock. We recognized a gain of $ 12.0 million that was included in the loss on early extinguishment of debt. As discussed in Note 3, 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 (loss) and consolidated balance sheets (in millions): Amount of Gain / (Loss) Amount of Gain / (Loss) Recognized in AOCI Location on Reclassified from AOCI Years Ended December 31, Statement of Years Ended December 31, Derivative Instrument 2023 2022 2021 Earnings 2023 2022 2021 Foreign exchange forward $ 84.8 $ 100.5 $ 102.5 Cost of products sold $ 94.1 $ 54.8 $ ( 0.8 ) Forward starting interest rate - - - Interest expense, net ( 0.7 ) ( 0.7 ) ( 0.6 ) $ 84.8 $ 100.5 $ 102.5 $ 93.4 $ 54.1 $ ( 1.4 ) The fair value of outstanding derivative instruments designated as cash flow hedges and recorded on the consolidated balance sheet at December 31, 2023 , together with settled derivatives where the hedged item has not yet affected earnings, was a net unrealized gain of $ 71.6 million, or $ 63.3 million after taxes, which is deferred in AOCI. A gain of $ 68.2 million, or $ 56.4 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 effects of fair value, cash flow and net investment hedge accounting on our 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 Years Ended December 31, 2023 2022 2021 Cost of Interest Cost of Interest Cost of Interest Products Expense, Products Expense , Products Expense , Sold Net 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 $ 2,083.8 $ ( 201.2 ) $ 2,019.5 $ ( 164.8 ) $ 1,960.4 $ ( 208.4 ) The effects of fair value, cash flow and net investment hedging: Gain (loss) on fair value hedging relationships Discontinued interest rate swaps - - - - - 3.1 Interest rate swaps - ( 38.9 ) - ( 4.0 ) - 6.4 Gain (loss) on cash flow hedging relationships Foreign exchange forward contracts 94.1 - 54.8 - ( 0.8 ) - Forward starting interest rate swaps - ( 0.7 ) - ( 0.7 ) - ( 0.6 ) Gain on net investment hedging relationships Cross-currency interest rate swaps - 33.7 - 21.6 - 37.5 Derivatives Not Designated as Hedging Instruments The following gains/(losses) from these derivative instruments were recognized on our consolidated statements of earnings (in millions): Location on Years Ended December 31, Derivative Instrument Statements of Earnings 2023 2022 2021 Foreign exchange forward contracts Other (expense) income, net $ 4.4 $ ( 26.1 ) $ ( 1.8 ) Forward Exchange Agreement Other (expense) income, net - 1.1 - Reverse treasury lock Loss on early extinguishment of debt - - 12.0 These gains/(losses) do not reflect losses of $ 21.6 million, gains of $ 5.3 million and losses of $ 3.7 million in 2023, 2022 and 2021, respectively, recognized in other (expense) income, net as a result of foreign currency re-measurement of monetary assets and liabilities denominated in a currency other than an entity’s functional currency. Balance Sheet Presentation As of December 31, 2023 and 2022, all derivative instruments designated as fair value hedges, cash flow hedges and net investment hedges are recorded at fair value on our consolidated balance sheets. On our 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 all of our counterparties. The fair value of derivative instruments on a gross basis is as follows (in millions): As of December 31, 2023 As of December 31, 2022 Balance Sheet Fair Balance Sheet Fair Location Value Location Value Asset Derivatives Designated as Hedges Foreign exchange forward contracts Other current assets $ 58.4 Other current assets $ 73.2 Cross-currency interest rate swaps Other current assets - Other current assets 6.8 Foreign exchange forward contracts Other assets 17.2 Other assets 16.6 Cross-currency interest rate swaps Other assets 5.4 Other assets - Total asset derivatives $ 81.0 $ 96.6 Asset Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current assets $ 1.2 Other current assets $ 3.1 Forward Exchange Agreement Other current assets - Other current assets 1.1 Total asset derivatives not designated as hedges $ 1.2 $ 4.2 Liability Derivatives Designated as Hedges Foreign exchange forward contracts Other current liabilities $ 13.9 Other current liabilities $ 8.0 Cross-currency interest rate swaps Other current liabilities 33.3 Other current liabilities 3.3 Foreign exchange forward contracts Other long-term liabilities 11.0 Other long-term liabilities 14.5 Cross-currency interest rate swaps Other long-term liabilities 34.8 Other long-term liabilities 46.3 Interest rate swaps Other long-term liabilities 144.7 Other long-term liabilities 172.0 Total liability derivatives $ 237.7 $ 244.1 Liability Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current liabilities $ 2.4 Other current liabilities $ 4.6 The table below presents the effects of our master netting agreements on our consolidated balance sheets (in millions): As of December 31, 2023 As of December 31, 2022 Description Location Gross Offset Net Gross Offset Net Asset Derivatives Cash flow hedges Other current assets $ 58.4 $ 13.0 $ 45.4 $ 73.2 $ 7.1 $ 66.1 Cash flow hedges Other assets 17.2 8.2 9.0 16.6 9.9 6.7 Derivatives not designated as hedges Other current assets 1.2 0.8 0.4 3.1 1.3 1.8 Liability Derivatives Cash flow hedges Other current liabilities 13.9 13.0 0.9 8.0 7.1 0.9 Cash flow hedges Other long-term liabilities 11.0 8.2 2.8 14.5 9.9 4.6 Derivatives not designated as hedges Other current liabilities 2.4 0.8 1.6 4.6 1.3 3.3 The following net investment hedge gains (losses) were recognized on our consolidated statements of comprehensive income (loss) (in millions): Amount of Gain / (Loss) Recognized in AOCI Years Ended December 31, Derivative Instrument 2023 2022 2021 Euro Notes $ ( 37.4 ) $ 113.1 $ 129.6 Cross-currency interest rate swaps ( 16.9 ) 6.4 103.0 $ ( 54.3 ) $ 119.5 $ 232.6

Retirement Benefit Plans

Retirement Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Benefit Plans	16. Retirement Benefit Plans We have defined benefit pension plans covering certain U.S. and Puerto Rico employees. Plan benefits are primarily based on years of credited service and the participant’s average eligible compensation. The U.S. and Puerto Rico plans are frozen except for one insignificant plan; meaning there are no new participants that can join the plan and participants in the plan do not accrue additional years of service or compensation. In addition to the U.S. and Puerto Rico defined benefit pension plans, we sponsor various foreign pension arrangements, including retirement and termination benefit plans required by local law or coordinated with government sponsored plans. We use a December 31 measurement date for our benefit plans. Defined Benefit Plans The components of net pension expense for our defined benefit retirement plans were as follows (in millions): For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2021 2023 2022 2021 Service cost $ 0.4 $ 0.7 $ 0.9 $ 15.5 $ 22.7 $ 24.7 Interest cost 18.7 11.7 10.5 15.7 5.4 4.9 Expected return on plan assets ( 30.1 ) ( 30.8 ) ( 29.8 ) ( 22.5 ) ( 14.3 ) ( 15.6 ) Settl ements 0.1 - 6.4 ( 2.6 ) ( 5.0 ) 0.5 Amortization of prior service cost 0.2 0.3 0.3 ( 4.4 ) ( 4.1 ) ( 4.3 ) Amortization of unrecognized actuarial loss 2.8 7.8 8.6 ( 2.2 ) 0.8 2.5 Net periodic (income) benefit expense $ ( 7.9 ) $ ( 10.3 ) $ ( 3.1 ) $ ( 0.5 ) $ 5.5 $ 12.7 In our consolidated statements of earnings, service cost is reported in the same location as other compensation costs arising from services rendered by the pertinent employees while the other components of net pension expense are reported in other (expense) income, net. The weighted average actuarial assumptions used to determine net pension expense for our defined benefit retirement plans were as follows: For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2021 2023 2022 2021 Discount rate 5.25 % 2.86 % 2.04 % 2.60 % 0.67 % 0.63 % Rate of compensation increase - - - 2.33 % 2.27 % 2.39 % Expected long-term rate of return on 6.75 % 6.75 % 6.75 % 3.17 % 1.83 % 2.09 % The expected long-term rate of return on plan assets is based on the historical and estimated future rates of return on the different asset classes held in the plans. The expected long-term rate of return is the weighted average of the target asset allocation of each individual asset class. We believe that historical asset results approximate expected market returns applicable to the funding of a long-term benefit obligation. Discount rates were determined for each of our defined benefit retirement plans at their measurement date to reflect the yield of a portfolio of high quality bonds matched against the timing and amounts of projected future benefit payments. Changes in projected benefit obligations and plan assets were (in millions): For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Projected benefit obligation - beginning of year $ 366.8 $ 503.1 $ 567.9 $ 807.9 Service cost 0.4 0.7 15.5 22.7 Interest cost 18.7 11.7 15.7 5.4 Employee contributions - - 24.1 24.5 Benefits paid ( 20.1 ) ( 23.5 ) ( 48.1 ) ( 64.3 ) Actuarial loss (gain) 15.1 ( 125.2 ) 31.1 ( 186.2 ) Settlements ( 0.3 ) - - ( 2.3 ) Translation loss (gain) - - 48.2 ( 39.8 ) Projected benefit obligation - end of year $ 380.6 $ 366.8 $ 654.4 $ 567.9 For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Plan assets at fair market value - beginning of year $ 396.2 $ 499.5 $ 667.2 $ 821.2 Actual return on plan assets 57.6 ( 81.5 ) 31.9 ( 93.8 ) Employer contributions 0.4 1.7 19.9 19.8 Employee contributions - - 24.1 24.5 Settlements ( 0.3 ) - - ( 2.3 ) Benefits paid ( 20.1 ) ( 23.5 ) ( 48.1 ) ( 64.3 ) Translation gain (loss) - - 56.7 ( 37.9 ) Plan assets at fair market value - end of year $ 433.8 $ 396.2 $ 751.7 $ 667.2 Funded status $ 53.2 $ 29.4 $ 97.3 $ 99.3 For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Amounts recognized in consolidated balance sheet: Prepaid pension $ 54.5 $ 30.9 $ 117.8 $ 119.9 Short-term accrued benefit liability ( 0.1 ) ( 0.1 ) ( 1.4 ) ( 1.4 ) Long-term accrued benefit liability ( 1.2 ) ( 1.4 ) ( 19.1 ) ( 19.2 ) Net amount recognized $ 53.2 $ 29.4 $ 97.3 $ 99.3 The weighted average actuarial assumptions used to determine the projected benefit obligation for our defined benefit retirement plans were as follows: For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2021 2023 2022 2021 Discount rate 5.38 % 5.37 % 2.70 % 2.21 % 2.65 % 0.73 % Rate of compensation increase - - - 2.34 % 2.25 % 2.48 % Plans with projected benefit obligations in excess of plan assets were as follows (in millions): As of December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Projected benefit obligation $ 1.3 $ 1.5 $ 27.2 $ 26.8 Plan assets at fair market value - - 8.6 7.9 Total accumulated benefit obligations and plans with accumulated benefit obligations in excess of plan assets were as follows (in millions): As of December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Total accumulated benefit obligations $ 380.6 $ 366.8 $ 640.3 $ 548.6 Plans with accumulated benefit obligations in excess Accumulated benefit obligation 1.3 1.5 24.9 24.5 Plan assets at fair market value - - 8.6 7.9 The benefits expected to be paid out in each of the next five years and for the five years combined thereafter are as follows (in millions): For the Years Ending December 31, U.S. and Foreign 2024 $ 24.4 $ 37.1 2025 25.7 38.9 2026 25.9 37.0 2027 26.3 37.8 2028 26.8 36.9 2029-2033 133.5 173.3 The U.S. and Puerto Rico defined benefit retirement plans’ overall investment strategy is to balance total returns by emphasizing long-term growth of capital while mitigating risk. We have established target ranges of assets held by the plans of 30 to 65 percent for equity securities, 30 to 50 percent for debt securities and 0 to 15 percent in non-traditional investments. The plans strive to have sufficiently diversified assets so that adverse or unexpected results from one asset class will not have an unduly detrimental impact on the entire portfolio. We regularly review the investments in the plans and we may rebalance them from time-to-time based upon the target asset allocation of the plans. For the U.S. and Puerto Rico plans, we maintain an investment policy statement that guides the investment allocation in the plans. The investment policy statement describes the target asset allocation positions described above. Our benefits committee, along with our investment advisor, monitor compliance with and administer the investment policy statement and the plans’ assets and oversee the general investment strategy and objectives of the plans. Our benefits committee generally meets quarterly to review performance. The investment strategies of foreign based plans vary according to the plan provisions and local laws. The majority of the assets in foreign based plans are located in Switzerland-based plans. These assets are held in trusts and are commingled with the assets of other Swiss companies with representatives of all the companies making the investment decisions. The overall strategy is to maximize total returns while avoiding risk. The trustees of the assets have established target ranges of assets held by the plans of 30 to 50 percent in debt securities, 20 to 37 percent in equity securities, 15 to 24 percent in real estate, 3 to 15 percent in cash funds and 0 to 12 percent in other funds. The fair value of our U.S. and Puerto Rico pension plan assets by asset category was as follows (in millions): As of December 31, 2023 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 2.5 $ 2.5 $ - $ - Equity securities 296.2 - 296.2 - Intermediate fixed income securities 135.1 - 135.1 - Total $ 433.8 $ 2.5 $ 431.3 $ - As of December 31, 2022 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 5.0 $ 5.0 $ - $ - Equity securities 263.2 - 263.2 - Intermediate fixed income securities 128.0 - 128.0 - Total $ 396.2 $ 5.0 $ 391.2 $ - The fair value of our foreign pension plan assets was as follows (in millions): As of December 31, 2023 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 28.5 $ 28.5 $ - $ - Equity securities 160.9 148.2 12.7 - Fixed income securities 181.3 - 181.3 - Other types of investments 185.3 - 185.3 - Real estate 195.7 - - 195.7 Total $ 751.7 $ 176.7 $ 379.3 $ 195.7 As of December 31, 2022 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 21.9 $ 21.9 $ - $ - Equity securities 136.0 122.6 13.4 - Fixed income securities 168.8 - 168.8 - Other types of investments 175.0 - 175.0 - Real estate 165.5 - - 165.5 Total $ 667.2 $ 144.5 $ 357.2 $ 165.5 As of December 31, 2023 and 2022, our defined benefit pension plans’ assets did not hold any direct investment in Zimmer Biomet Holdings common stock. Equity securities are valued using a market approach, based on quoted prices for the specific security from transactions in active exchange markets (Level 1), or in some cases where we are invested in mutual or collective funds, based upon the net asset value per unit of the fund which is determined from quoted market prices of the underlying securities in the fund’s portfolio (Level 2). Fixed income securities are valued using a market approach, based upon quoted prices for the specific security or from institutional bid evaluations. Real estate is valued by discounting to present value the cash flows expected to be generated by the specific properties. The following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs (Level 3) (in millions): December 31, 2023 Beginning Balance $ 165.5 Change in fair value of assets 9.4 Net purchases and sales 3.5 Translation gain 17.3 Ending Balance $ 195.7 We expect that we will have minimal legally required funding requirements in 2024 for the qualified U.S. and Puerto Rico defined benefit retirement plans, and we do not expect to voluntarily contribute to these plans during 2024. Contributions to foreign defined benefit plans are estimated to be $ 18.2 million in 2024. We do not expect the assets in any of our plans to be returned to us in the next year. Defined Contribution Plans We also sponsor defined contribution plans for substantially all of the U.S. and Puerto Rico employees and certain employees in other countries. The benefits offered under these plans are reflective of local customs and practices in the countries concerned. We expensed $ 60.4 million, $ 48.5 million and $ 46.3 million related to these plans for the years ended December 31, 2023, 2022 and 2021 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	17. Income Taxes The components of earnings (loss) from continuing operations before income taxes consisted of the following (in millions): For the Years Ended December 31, 2023 2022 2021 United States operations $ 57.0 $ ( 242.4 ) $ ( 118.8 ) Foreign operations 1,010.3 645.9 617.8 Total $ 1,067.3 $ 403.5 $ 499.0 The provision for income taxes and the income taxes paid consisted of the following (in millions): For the Years Ended December 31, 2023 2022 2021 Current: Federal $ 0.5 $ 175.3 $ 44.3 State 19.5 16.1 7.2 Foreign 118.5 ( 14.7 ) 104.1 138.5 176.7 155.6 Deferred: Federal ( 125.2 ) ( 74.8 ) ( 83.5 ) State ( 16.7 ) 1.6 ( 19.4 ) Foreign 45.6 8.8 0.8 ( 96.3 ) ( 64.4 ) ( 102.1 ) Provision for income taxes $ 42.2 $ 112.3 $ 53.5 Net income taxes paid $ 215.2 $ 326.6 $ 258.4 A reconciliation of the U.S. statutory income tax rate to our effective tax rate is as follows: For the Years Ended December 31, 2023 2022 2021 U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal deduction 0.2 3.2 ( 2.8 ) Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits ( 0.3 ) ( 1.8 ) ( 10.3 ) Change in valuation allowance ( 0.2 ) 1.1 ( 0.5 ) Non-deductible expenses 0.7 5.8 1.3 Goodwill impairment - 15.3 - Tax rate change - 0.3 0.1 Tax impact of certain significant transactions - 0.9 1.1 Tax benefit relating to foreign derived intangible income and U.S. manufacturer’s ( 0.8 ) ( 2.9 ) 0.4 R&D tax credit ( 0.6 ) ( 2.0 ) ( 2.2 ) Share-based compensation 0.1 1.8 ( 0.2 ) Net uncertain tax positions, including interest and penalties ( 16.0 ) ( 14.6 ) 2.9 Other ( 0.1 ) ( 0.2 ) ( 0.1 ) Effective income tax rate 4.0 % 27.9 % 10.7 % Our operations in Puerto Rico benefit from a tax incentive grant which expires in fiscal year 2026. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are recorded to reduce deferred income tax assets when it is more likely than not that an income tax benefit will not be realized. We reclassified certain prior period amounts to conform to the current period presentation. The components of deferred taxes consisted of the following (in millions): As of December 31, 2023 2022 Deferred tax assets: Inventory $ 204.0 $ 187.9 Net operating loss carryover 484.3 476.2 Tax credit carryover 81.8 72.9 Capital loss carryover 8.1 7.8 Product liability and litigation 27.9 36.7 Accrued liabilities 92.4 99.1 Share-based compensation 44.4 36.6 Accounts receivable 23.0 25.8 Research and development 103.9 47.9 Lease liability 52.6 51.6 Other 25.2 51.1 Total deferred tax assets 1,147.6 1,093.6 Less: Valuation allowances ( 464.6 ) ( 463.2 ) Total deferred tax assets after valuation allowances $ 683.0 $ 630.4 Deferred tax liabilities: Fixed assets $ 122.2 $ 111.6 Intangible assets 466.5 466.8 Foreign currency items - 23.0 Lease asset 48.8 47.2 Other 41.2 49.2 Total deferred tax liabilities 678.7 697.8 Total net deferred income taxes $ 4.3 $ ( 67.4 ) At December 31, 2023, net operating loss, tax credit carryovers, and capital loss carryovers are available to reduce future federal, state and foreign taxable earnings (in millions): Expiration Period: Net operating loss carryover Tax credit carryover Capital loss carryover 1-5 years $ 50.6 $ 20.3 $ 0.1 6-10 years 11.0 59.0 - 11+ years 281.9 1.3 - Indefinite 140.8 1.2 8.0 484.3 81.8 8.1 Valuation allowances $ 411.5 $ 39.5 $ 8.1 The remaining valuation allowances booked against deferred tax assets of $ 5.5 million relate primarily to accrued liabilities and intangible assets that management believes, more likely than not, will not be realized. We generally intend to limit distributions such that they would not result in significant U.S. tax costs. These distributions could come from foreign subsidiaries earnings that were previously taxed in the U.S. as a result of the transition tax or tax on Global Intangible Low-Taxed Income (“GILTI”). These previously taxed earnings would not be subject to further U.S. federal tax. We have not provided deferred taxes on any other outside basis differences in our investments in other foreign subsidiaries as these other outside basis differences are indefinitely reinvested in the operations of our foreign entities. If we decide later to repatriate these earnings to the U.S., we would be required to provide for the net tax effects on these amounts. We estimate that the total tax effect of a potential repatriation would not be significant under enacted tax laws and regulations and at current foreign currency exchange rates. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions): For the Years Ended December 31, 2023 2022 2021 Balance at January 1 $ 521.0 $ 558.6 $ 619.4 Increases related to prior periods 68.7 25.0 11.5 Decreases related to prior periods ( 206.2 ) ( 78.2 ) ( 12.7 ) Increases related to current period 8.7 19.0 7.3 Decreases related to settlements with taxing - ( 2.0 ) ( 65.1 ) Decreases related to lapse of statute of limitations ( 0.3 ) ( 1.4 ) ( 1.8 ) Balance at December 31 $ 391.9 $ 521.0 $ 558.6 Amounts impacting effective tax rate, if recognized $ 251.6 $ 360.1 $ 426.4 We recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. During 2023, we released interest and penalties of $ 45.3 million, and as of December 31, 2023, had a recognized liability for interest and penalties of $ 89.1 million, which does not include any increase related to business combinations. The $ 206.2 million decrease related to prior periods and the $ 45.3 million release of interest and penalties primarily resulted from unrecognized tax benefits determined to be effectively settled during 2023. During 2022, we accrued interest and penalties of $ 18.1 million, and as of December 31, 2022 had a recognized liability for interest and penalties of $ 134.5 million, which does not include any increase related to business combinations. During 2021, we accrued interest and penalties of $ 8.9 million, and as of December 31, 2021, had a recognized liability for interest and penalties of $ 116.2 million, which does not include any increase related to business combinations. We operate on a global basis and are subject to numerous and complex tax laws and regulations. Additionally, tax laws have and continue to undergo rapid changes in both application and interpretation by various countries, including 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 $ 270 million decrease to a $ 20 million increase. We are under continuous audit by the Internal Revenue Service (“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, we receive proposed adjustments from taxing authorities that may be material. Therefore, there is a possibility that an adverse outcome in these audits could have a material effect on our results of operations and financial condition. Our U.S. federal income tax returns have been audited through 2019. The IRS has proposed adjustments for tax years 2010-2012, primarily related to the reallocation of profits between certain 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, primarily related to transfer pricing involving our cost sharing agreement between the U.S. and Switzerland affiliated companies and the reallocation of profits between certain U.S. and foreign subsidiaries. This includes a proposed increase to our U.S. federal taxable income related to our cost sharing agreement, which would result in additional tax expense related to 2013 of approximately $ 370 million, subject to interest and penalties. 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 continue to vigorously contest the adjustments, 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. The IRS has proposed adjustments for tax years 2016-2019, primarily related to the U.S. taxation of foreign earnings and profits, which could result in additional material tax expense if we are unsuccessful in defending our position. We disagree with the proposed adjustments and intend to continue to vigorously contest the adjustments. We do not expect a final resolution of these issues in the next 12 months. No payment of any amount related to this matter is required to be made, if at all, until all applicable proceedings have been completed. State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state impact of any federal changes generally remains subject to examination by various states for a period of up to one year after formal notification to the states. We have various state income tax return positions in the process of audit, appeals, or litigation. In other major foreign jurisdictions, open years are generally 2016 or later.

Capital Stock and Earnings per

Capital Stock and Earnings per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Capital Stock and Earnings per Share	18. Capital Stock and Earnings per Share We are authorized to issue 250.0 million shares of preferred stock, no ne of which were issued or outstanding as of December 31, 2023. The numerator for both basic and diluted earnings per share is net earnings available to common stockholders. The denominator for basic earnings per share is the weighted average number of common shares outstanding during the period. The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards. The following is a reconciliation of weighted average shares for the basic and diluted share computations (in millions): For the Years Ended December 31, 2023 2022 2021 Weighted average shares outstanding for basic net 208.7 209.6 208.6 Effect of dilutive stock options and other 1.0 0.7 1.8 Weighted average shares outstanding for diluted net 209.7 210.3 210.4 For the years ended December 31, 2023, 2022 and 2021, an average of 2.7 million options, 4.4 million options and 1.3 million options, respectively, to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock.

Segment Data

Segment Data	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Data	19. Segment Data We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; CMFT products; 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 certain inventory and manufacturing-related charges, intangible asset amortization, 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 expenses, certain research and development expenses, 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 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. In 2023, the segment operating profit measures our CODM reviews were revised. Certain support function costs from our operating segments are now included in Corporate items. We have reclassified these support function expenses in the prior years to conform to the current year presentation. In 2023, our CODM started reviewing accounts receivable and inventories as part of operating segment performance. In prior years no asset information was reviewed. Accordingly, we have included these operating segment assets in our 2023 and 2022 disclosures, rounded to the nearest million as presented to the CODM. Net sales and other information by segment are as follows (in millions): Net Sales Operating Profit Depreciation and Amortization Segment Assets Year Ended December 31, Year Ended December 31, Year Ended December 31, As of December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 Americas $ 4,624.1 $ 4,295.5 $ 4,102.1 $ 1,948.9 $ 1,819.7 $ 1,726.9 $ 145.9 $ 142.1 $ 143.1 $ 1,218.0 $ 1,172.0 EMEA 1,592.4 1,456.6 1,477.2 524.6 404.1 405.9 67.2 64.4 71.4 679.0 664.0 Asia Pacific 1,177.7 1,187.8 1,248.0 422.6 419.6 418.3 62.3 63.5 66.7 355.0 350.0 Total $ 7,394.2 $ 6,939.9 $ 6,827.3 Corporate items ( 1,056.9 ) ( 1,127.5 ) ( 1,145.0 ) 114.8 129.6 127.0 1,575.6 1,342.7 Intangible asset amortization ( 561.5 ) ( 526.8 ) ( 529.5 ) 561.5 526.8 529.5 - - Goodwill and intangible asset impairment - ( 292.8 ) ( 16.3 ) - - - - - Total $ 1,277.7 $ 696.3 $ 860.3 $ 951.7 $ 926.4 $ 937.7 $ 3,827.6 $ 3,528.7 We conduct business in the following countries that hold 10 percent or more of our total consolidated Property, plant and equipment, net (in millions): As of December 31, 2023 2022 United States $ 1,265.1 $ 1,101.8 Other countries 795.3 770.7 Property, plant and equipment, net $ 2,060.4 $ 1,872.5 U.S. sales were $ 4,288.8 million, $ 4,012.4 million, and $ 3,853.9 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Sales within any other individual country were less than 10 percent of our consolidated sales in each of those years. Sales are attributable to a country based upon the customer's country of domicile.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	20. Leases We own most of our manufacturing facilities, but lease various office space, vehicles and other less significant assets throughout the world. Our contracts contain a lease if they convey a right to control the use of an identified asset, either explicitly or implicitly, in exchange for consideration. We have elected not to recognize a right-of-use asset nor a lease liability for leases with an initial term of twelve months or less. Additionally, we have elected not to separate non-lease components from the leased components in the valuation of our right-of-use asset and lease liability for all asset classes. Our lease contracts are a necessary part of our business, but we do not believe they are significant to our overall operations. We do not have any significant finance leases. Additionally, we do not have significant leases: where we are considered a lessor; where we sublease our assets; with an initial term of twelve months or less; with related parties; with residual value guarantees; that impose restrictions or covenants on us; or that have not yet commenced, but create significant rights and obligations against us. Our real estate leases generally have terms of between 5 to 10 years and contain lease extension options that can vary from month-to-month extensions to up to 5 year extensions. We include extension options in our lease term if we are reasonably certain to exercise that option. In determining whether an extension is reasonably certain, we consider the uniqueness of the property for our needs, the availability of similar properties, whether the extension period payments remain the same or may change due to market rates or fixed price increases in the contract, and other economic factors. Our vehicle leases generally have terms of between 3 to 5 years and contain lease extension options on a month-to-month basis. Our vehicle leases are generally not reasonably certain to be extended. We are required to discount our lease liabilities to present value using the rate implicit in the lease, or our incremental borrowing rate for a similar term as the lease term if the implicit rate is not readily available. We generally do not have adequate information to know the implicit rate in a lease and therefore use our incremental borrowing rate. The incremental borrowing rate must be on a collateralized basis, but our debt arrangements are unsecured. We have determined our incremental borrowing rate by using our credit rating to estimate our unsecured borrowing rate and applying reasonable assumptions to reduce the unsecured rate for a risk adjustment effect from collateral. Information on our leases is as follows ($ in millions): For the Years Ended December 31, 2023 2022 2021 Lease cost $ 59.7 $ 62.4 $ 71.1 Cash paid for leases recognized in operating cash flows $ 62.8 $ 65.2 $ 70.5 Right-of-use assets obtained in exchange for new lease liabilities $ 77.8 $ 72.0 $ 88.8 As of December 31, 2023 2022 Right-of-use assets recognized in Other assets $ 203.8 $ 196.4 Lease liabilities recognized in Other current liabilities $ 52.9 $ 53.0 Lease liabilities recognized in Other long-term liabilities $ 174.4 $ 167.3 Weighted-average remaining lease term 5.8 years 5.9 years Weighted-average discount rate 2.8 % 2.1 % Our variable lease costs are not significant. Our future minimum lease payments as of December 31, 2023 were (in millions): For the Years Ending December 31, 2024 $ 57.7 2025 48.1 2026 39.3 2027 31.3 2028 20.9 Thereafter 50.1 Total 247.4 Less imputed interest 20.1 Total $ 227.3

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	21. Commitments and Contingencies From time to time, we are involved in various legal proceedings, including product liability, intellectual property, stockholder matters, tax disputes, commercial disputes, employment matters, whistleblower and qui tam claims and investigations, 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. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and other contingencies 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. We recognize litigation-related charges and gains in Selling, general and administrative expense on our consolidated statement of earnings. During the years ended December 31, 2023, 2022, and 2021, we recognized $ 21.6 million, $ 65.9 million and $ 201.0 million, respectively, of net litigation-related charges. At December 31, 2023 and 2022, accrued litigation liabilities were $ 244.1 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. 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. 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 ). Most of the cases in the MDL have been resolved. Other related cases are pending in various state and federal courts and in courts in Canada, and additional claims may be asserted in the future. 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 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”). On December 27, 2023, the FDA notified us that the warning letter relating to the Warsaw North Campus had been resolved. FDA Form 483 inspectional observations: We are in the process of addressing various FDA Form 483 inspectional observations at certain of our manufacturing facilities. The ultimate outcome of these matters is presently uncertain. 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 were subject to a maximum amount that has been met and paid as of December 31, 2023. 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 consolidated balance sheets. These estimated payments could range from $ 0 to approximately $ 440 million.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II. Valuation and Qualifying Accounts (in millions): Additions Balance at Charged Deductions / Effects of Balance at Beginning (Credited) Other Additions Foreign End of Description of Period to Expense to Reserve Currency Period Allowance for Doubtful Accounts: Year Ended December 31, 2021 $ 58.6 $ 12.4 $ ( 9.0 ) $ ( 1.9 ) $ 60.1 Year Ended December 31, 2022 60.1 22.5 ( 7.6 ) 3.4 78.4 Year Ended December 31, 2023 78.4 5.1 ( 5.1 ) ( 3.3 ) 75.1 Deferred Tax Asset Valuation Allowances: Year Ended December 31, 2021 $ 527.3 $ ( 2.6 ) $ ( 61.5 ) (1) $ ( 3.1 ) $ 460.1 Year Ended December 31, 2022 460.1 3.0 2.0 (1) ( 1.9 ) 463.2 Year Ended December 31, 2023 463.2 ( 3.1 ) 3.7 (1) 0.8 464.6 (1) Primarily relate to amounts generated by tax rate changes or current year activity which have offsetting changes to the associated attribute and therefore there is no resulting impact on tax expense in the consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The consolidated financial statements include the accounts of Zimmer Biomet Holdings and its subsidiaries in which it holds a controlling financial interest. All significant intercompany accounts and transactions are eliminated. Amounts reported in millions within these notes to the consolidated financial statements 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.
Use of Estimates	Use of Estimates - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“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. Such estimates include, but are not limited to, variable consideration to our customers, our allowance for doubtful accounts for expected credit losses, the net realizable value of our inventory, the fair value of our goodwill, the recoverability of other long-lived assets and unrecognized tax benefits. Actual results could differ materially from these estimates.
Foreign Currency Translation	Foreign Currency Translation - The financial statements of our foreign subsidiaries are translated into U.S. Dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive loss in stockholders’ equity. When a transaction is denominated in a currency other than the subsidiary’s functional currency, we remeasure the transaction into the functional currency and recognize any transactional gains or losses in earnings.
Shipping and Handling	Shipping and Handling - Amounts billed to customers for shipping and handling of products are reflected in net sales and are not significant. Expenses incurred related to shipping and handling of products are reflected in selling, general and administrative (“SG&A”) expenses and were $ 272.7 million, $ 254.4 million and $ 255.4 million for the years ended December 31, 2023, 2022 and 2021 , respectively.
Research and Development	Research and Development - We expense all research and development (“R&D”) costs as incurred except when there is an alternative future use for the R&D. R&D costs include salaries, prototypes, depreciation of equipment used in R&D, consultant fees, service fees paid to collaborative partners, and arrangements to gain access to or acquire third-party in-process R&D projects with no alternative future use. Where contingent milestone payments are due to third parties under R&D arrangements, we expense the milestone payment obligations when it is probable that the milestone results will be achieved.
Litigation	Litigation - We record an undiscounted liability for contingent losses, including future legal costs, settlements and judgments, when we consider it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
Quality Remediation	Quality remediation - We used the financial statement line item “Quality remediation” to recognize expenses related to addressing inspectional observations on Form 483 and a warning letter issued by the FDA following its inspections of our Warsaw North Campus facility, among other matters. See Note 21 for additional information about the Form 483 and warning letter. The majority of these expenses were related to consultants who helped us to update previous documents and redesign certain processes.
Restructuring and Other Cost Reduction Initiatives	Restructuring and other cost reduction initiatives - A restructuring is defined as a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Restructuring charges include (i) employee termination benefits, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. In December 2023, 2021 and 2019, we approved separate new global restructuring programs intended to further reduce costs and to reorganize our global operations. Restructuring charges for the years ended December 31, 2023, 2022 and 2021 were primarily attributable to these programs. See Note 5 for additional information regarding these restructuring programs. We have also initiated other cost reduction and optimization projects that have the goal of reducing costs across the organization. Costs related to these projects are included in our “Restructuring and other cost reduction initiatives” financial statement line item.
Acquisition, Integration, Divestiture and Related	Acquisition, integration, divestiture and related – We use the financial statement line item, “Acquisition, integration, divestiture and related” to recognize expenses resulting from the consummation of business mergers and acquisitions and the related integration of those businesses, and expenses related to the divestiture of our businesses. Acquisition, integration, divestiture and related gains and expenses are primarily composed of: • Consulting and professional fees related to third-party integration performed in a variety of areas, such as finance, tax, compliance, logistics and human resources, and legal fees related to the consummation of mergers and acquisitions. • Employee termination benefits related to terminating employees with overlapping responsibilities in various areas of our business. • Dedicated project personnel expenses which include the salary, benefits, travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses and employees who have been notified of termination, but are continuing to work on transferring their responsibilities. • Contract termination expenses related to terminated contracts, primarily with sales agents and distribution agreements. • Changes to our contingent consideration liabilities related to our mergers and acquisitions. • Other various expenses to relocate facilities, integrate information technology, losses incurred on assets resulting from the applicable acquisition, and other various expenses. • Income and expenses related to providing ZimVie certain services after the separation date.
Cash and Cash Equivalents	Cash and Cash Equivalents - We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost, which approximates their fair value.
Accounts Receivable	Accounts Receivable - Accounts receivable consists of trade and other miscellaneous receivables. We grant credit to customers in the normal course of business and maintain an allowance for expected credit losses. We determine the allowance for credit losses by geographic market and take into consideration historical credit experience, creditworthiness of the customer and other pertinent information. We make concerted efforts to collect all accounts receivable, but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible. The allowance for credit losses was $ 75.1 million and $ 78.4 million as of December 31, 2023 and 2022 , respectively.
Inventories	Inventories - Inventories are stated at the lower of cost and net realizable value, with cost determined on a first-in first-out basis.
Property, Plant and Equipment	Property, Plant and Equipment - Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment. Maintenance and repairs are expensed as incurred. We review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value.
Software Costs	Software Costs - We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our balance sheet and amortized on a straight-line or weighted average estimated user basis when the software is ready for its intended use over the estimated useful lives of the software, which approximate three to fifteen years . For cloud computing arrangements that are considered a service contract, our capitalization of implementation costs is aligned with the internal use software requirements. However, on our consolidated balance sheet these implementation costs are recognized in other noncurrent assets. On our consolidated statement of cash flows, these implementations costs are recognized in operating cash flows. The implementation costs are recognized on a straight-line basis over the expected term of the related service contract.
Instruments	Instruments - Instruments are hand-held devices used by surgeons during total joint replacement and other surgical procedures. Instruments are recognized as long-lived assets and are included in property, plant and equipment. Undeployed instruments are carried at cost or net realizable value. Instruments that have been deployed to be used in surgeries are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on average estimated useful lives, determined principally in reference to associated product life cycles, primarily five years . We review instruments for impairment whenever events or changes in circumstances indicate that the carrying value of an instrument may not be recoverable. Depreciation of instruments is recognized as SG&A expense.
Goodwill	Goodwill - Goodwill is not amortized but is subject to annual impairment tests. Goodwill has been assigned to reporting units. Potential impairment of a reporting unit is identified by either comparing a reporting unit’s estimated fair value to its carrying amount or doing a qualitative assessment of a reporting unit’s fair value from the last quantitative assessment to determine if there is potential impairment. We may do a qualitative assessment when the results of the previous quantitative test indicated the reporting unit’s estimated fair value was significantly in excess of the carrying value of its net assets and we do not believe there have been significant changes in the reporting unit’s operations that would significantly decrease its estimated fair value. If a quantitative assessment is performed, the fair value of the reporting unit and the fair value of goodwill are determined based upon a discounted cash flow analysis and/or use of a market approach by looking at market values of comparable companies. Significant assumptions are incorporated into our discounted cash flow analyses such as forecasted net sales, revenue growth rates, forecasted operating expenses and risk-adjusted discount rates. We perform this test in the fourth quarter of the year or whenever events or changes in circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded in the amount that the carrying value of the reporting unit exceeds the fair value. See Note 11 for more information regarding goodwill.
Intangible Assets	Intangible Assets - Intangible assets are initially measured at their fair value. We have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset or the estimated after-tax discounted cash flows expected to be generated from the intangible asset. Intangible assets with a finite life, including technology, certain trademarks and trade names, customer-related intangibles, intellectual property rights and patents and licenses are amortized on a straight-line basis over their estimated useful life or contractual life, which may range from less than one year to twenty years . Intangible assets with a finite life are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. Intangible assets with an indefinite life, including certain trademarks and trade names and in-process research and development (“IPR&D”) projects, are not amortized. Indefinite life intangible assets are assessed annually to determine whether events and circumstances continue to support an indefinite life. Intangible assets with an indefinite life are tested for impairment annually or whenever events or circumstances indicate that the fair value of the reporting unit is more likely than not below its carrying amount. An impairment loss is recognized if the carrying amount exceeds the estimated fair value of the asset. The amount of the impairment loss to be recorded would be determined based upon the excess of the asset’s carrying value over its fair value. The fair values of indefinite lived intangible assets are determined based upon a discounted cash flow analysis using the relief from royalty method or a qualitative assessment may be performed for any changes to the asset’s fair value from the last quantitative assessment. The relief from royalty method estimates the cost savings associated with owning, rather than licensing, assets. Significant assumptions are incorporated into these discounted cash flow analyses such as estimated growth rates, royalty rates and risk-adjusted discount rates. We may do a qualitative assessment when the results of the previous quantitative test indicated that the asset’s fair value was significantly in excess of its carrying value. In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. Trademarks and trade names that do not have a wasting characteristic (i.e., there are no legal, regulatory, contractual, competitive, economic or other factors which limit the useful life) are assigned an indefinite life. Trademarks and trade names that are related to products expected to be phased out are assigned lives consistent with the period in which the products bearing each brand are expected to be sold. For customer relationship intangible assets, we assign useful lives based upon historical levels of customer attrition. Intellectual property rights are assigned useful lives that approximate the contractual life of any related patent or the period for which we maintain exclusivity over the intellectual property.
Income Taxes	Income Taxes - We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the new tax rate is enacted. We reduce our deferred tax assets by a valuation allowance if it is more likely than not that we will not realize some portion or all of the deferred tax assets. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes. We operate on a global basis and are subject to numerous and complex tax laws and regulations. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in numerous jurisdictions across our global operations. Our income tax filings are regularly under audit in multiple federal, state, and foreign jurisdictions. 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. Because income tax adjustments in certain jurisdictions can be significant, we record tax positions based upon our estimates. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.
Derivative Financial Instruments	Derivative Financial Instruments - We measure all derivative instruments at fair value and report them on our consolidated balance sheet as assets or liabilities. We maintain written policies and procedures that permit, under appropriate circumstances and subject to proper authorization, the use of derivative financial instruments solely for risk management purposes. The use of derivative financial instruments for trading or speculative purposes is prohibited by our policy. See Note 15 for more information regarding our derivative and hedging activities.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) – Accumulated other comprehensive income (loss) (“AOCI”) refers to gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders’ equity. Our AOCI is comprised of foreign currency translation adjustments, including unrealized gains and losses on net investments hedges, unrealized gains and losses on cash flow hedges and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions.
Other (Expense) Income, Net	Other (Expense) Income, Net - Other (expense) income , net includes gains/(losses) on changes in fair value of our investments, gains/(losses) on remeasurement of monetary assets and liabilities denominated in a currency other than an entity's functional currency and the related gains/(losses) on derivative instruments that are not designated as hedging instruments that we use to manage the currency exposures of these assets and liabilities, certain components of pension expense, and other non-operating gains/(losses). In the years ended December 31, 2023 and 2022, we recognized a gain of $ 2.5 and a loss of $ 116.6 million, respectively, related to our investment in ZimVie. The initial value of our investment was based upon our 19.7 percent share of the carrying value of net assets transferred to ZimVie on the separation date. At December 31, 2022, we valued our investment at fair value based upon ZimVie's share price on that date, less a discount to reflect that the shares are not registered. We disposed of our remaining shares of ZimVie in February 2023.
Treasury Stock	Treasury Stock - We account for repurchases of common stock under the cost method and present treasury stock as a reduction of stockholders’ equity. We reissue common stock held in treasury only for limited purposes.
Noncontrolling Interest	Noncontrolling Interest - We have investments in other companies in which we have a controlling financial interest, but not 100 percent of the equity. Further information related to the noncontrolling interests of those investments has not been provided as it is not significant to our consolidated financial statements.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted There were no accounting pronouncements that we adopted in 2023 that had a material effect on our financial position, results of operations or cash flows. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, which is an amendment to ASC Topic 280 - Segment Reporting. The ASU requires more detailed and disaggregated segment information, including the disclosure of significant segment expense categories and amounts for each reportable segment. The ASU also requires certain annual disclosures to also be made in interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. The guidance will be applied retrospectively unless retrospective adoption is impracticable. Early adoption of this ASU is permitted. We are currently evaluating the impact this ASU will have on our financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is an amendment to topic ASC 740 - Income Taxes. The ASU improves the transparency of income tax disclosures by requiring greater disaggregated information about an entity’s effective tax rate reconciliation and requiring additional disclosures and disaggregation of income taxes, among other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for fiscal years beginning after December 15, 2024. The guidance will be applied prospectively with an option to apply the guidance retrospectively. Early adoption of this ASU is permitted. We are currently evaluating the impact this ASU will have on our financial statements and disclosures.
Revenue from Contract with Customer	We recognize revenue when our performance obligations under the terms of a contract with our customer are satisfied. This happens when we transfer control of our products to the customer, which generally occurs upon implantation or when title passes upon shipment. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring our product. Taxes collected from customers and remitted to governmental authorities are excluded from revenues. We sell products through two principal channels: 1) direct to healthcare institutions, referred to as direct channel accounts; and 2) through stocking distributors and healthcare dealers. In direct channel accounts and with some healthcare dealers, inventory is generally consigned to sales agents or customers so that products are available when needed for surgical procedures. No revenue is recognized upon the placement of inventory into consignment, as we retain the ability to control the inventory. Upon implantation, we issue an invoice and revenue is recognized. Consignment sales represented approximately 85 percent of our net sales in 2023. Pricing for products is generally predetermined by contracts with customers, agents acting on behalf of customer groups or by government regulatory bodies, depending on the market. Price discounts under group purchasing contracts are generally linked to volume of implant purchases by customer healthcare institutions within a specified group. At negotiated thresholds within a contract buying period, price discounts may increase. Payment terms vary by customer, but are typically less than 90 days . With sales to stocking distributors and some healthcare dealers and hospitals, revenue is generally recognized when control of our product passes to the customer, which can be upon shipment of the product or receipt by the customer. We estimate sales recognized in this manner represented approximately 15 percent of our net sales in 2023. These customers may purchase items in large quantities if incentives are offered or if there are new product offerings in a market, which could cause period-to-period differences in sales. It is our accounting policy to account for shipping and handling activities as a fulfillment cost rather than as an additional promised service. We have contracts with these customers or orders may be placed from available price lists. Payment terms vary by customer, but are typically less than 90 days . We offer standard warranties to our customers that our products are not defective. These standard warranties are not considered separate performance obligations. In limited circumstances, we offer extended warranties that are separate performance obligations. We have very few contracts that have multiple performance obligations. Since we do no t have significant multiple element arrangements and essentially all of our sales are recognized upon implantation of a product or when title passes, very little judgment is required to allocate the transaction price of a contract or determine when control has passed to a customer. Our costs to obtain contracts consist primarily of sales commissions to employees or third-party agents that are earned when control of our product passes to the customer. Therefore, sales commissions are expensed as part of SG&A expenses at the same time revenue is recognized. Accordingly, we do no t have significant contract assets, liabilities or future performance obligations. We offer volume-based discounts, rebates, prompt pay discounts, right of return and other various incentives which we account for under the variable consideration model. If sales incentives may be earned by a customer for purchasing a specified amount of our product, we estimate whether such incentives will be achieved and recognize these incentives as a reduction in revenue in the same period the underlying revenue transaction is recognized. We primarily use the expected value method to estimate incentives. Under the expected value method, we consider the historical experience of similar programs as well as review sales trends on a customer-by-customer basis to estimate what levels of incentives will be earned. Occasionally, products are returned and, accordingly, we maintain an estimated refund liability based upon the expected value method that is recorded as a reduction in revenue. We analyze sales by two geographies, the United States and International; and by the following product categories: Knees; Hips; Sports Medicine, Extremities and Trauma (“S.E.T.”), which includes Craniomaxillofacial and Thoracic (“CMFT”); and Other. Other includes sales from our Technology, Surgical and Bone Cement products. 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 below and our reportable operating segments are the geographic groupings.
Leases	We own most of our manufacturing facilities, but lease various office space, vehicles and other less significant assets throughout the world. Our contracts contain a lease if they convey a right to control the use of an identified asset, either explicitly or implicitly, in exchange for consideration. We have elected not to recognize a right-of-use asset nor a lease liability for leases with an initial term of twelve months or less. Additionally, we have elected not to separate non-lease components from the leased components in the valuation of our right-of-use asset and lease liability for all asset classes. Our lease contracts are a necessary part of our business, but we do not believe they are significant to our overall operations. We do not have any significant finance leases. Additionally, we do not have significant leases: where we are considered a lessor; where we sublease our assets; with an initial term of twelve months or less; with related parties; with residual value guarantees; that impose restrictions or covenants on us; or that have not yet commenced, but create significant rights and obligations against us. Our real estate leases generally have terms of between 5 to 10 years and contain lease extension options that can vary from month-to-month extensions to up to 5 year extensions. We include extension options in our lease term if we are reasonably certain to exercise that option. In determining whether an extension is reasonably certain, we consider the uniqueness of the property for our needs, the availability of similar properties, whether the extension period payments remain the same or may change due to market rates or fixed price increases in the contract, and other economic factors. Our vehicle leases generally have terms of between 3 to 5 years and contain lease extension options on a month-to-month basis. Our vehicle leases are generally not reasonably certain to be extended. We are required to discount our lease liabilities to present value using the rate implicit in the lease, or our incremental borrowing rate for a similar term as the lease term if the implicit rate is not readily available. We generally do not have adequate information to know the implicit rate in a lease and therefore use our incremental borrowing rate. The incremental borrowing rate must be on a collateralized basis, but our debt arrangements are unsecured. We have determined our incremental borrowing rate by using our credit rating to estimate our unsecured borrowing rate and applying reasonable assumptions to reduce the unsecured rate for a risk adjustment effect from collateral.

Discontinued Operations and R_2

Discontinued Operations and Related ZimVie Matters (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Details of Earnings (Loss), Asset and Liabilities from Discontinued operation	Details of earnings (loss) from discontinued operations included in our consolidated statements of earnings are as follows (in millions): For the Years Ended December 31, 2022 2021 Net Sales $ 147.8 $ 1,008.8 Cost of products sold, excluding intangible asset amortization 53.5 380.6 Intangible asset amortization 14.0 86.2 Research and development 10.5 61.3 Selling, general and administrative 89.4 480.5 Restructuring and other cost reduction initiatives 0.4 3.3 Quality remediation - 0.2 Acquisition, integration, divestiture and related 40.9 76.8 Other expense, net 0.3 0.5 Loss from discontinued operations before income taxes ( 61.2 ) ( 80.6 ) Benefit for income taxes from discontinued operations ( 2.4 ) ( 37.2 ) Loss from discontinued operations, net of tax $ ( 58.8 ) $ ( 43.4 )

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue Recognition [Abstract]
Schedule of Net Sales by Geography	Net sales by geography are as follows (in millions): For the Years Ended December 31, 2023 2022 2021 United States $ 4,288.8 $ 4,012.4 $ 3,853.9 International 3,105.4 2,927.5 2,973.4 Total $ 7,394.2 $ 6,939.9 $ 6,827.3
Schedule of Net Sales by Product Category	Net sales by product category are as follows (in millions): For the Years Ended December 31, 2023 2022 2021 Knees $ 3,038.4 $ 2,778.3 $ 2,647.9 Hips 1,967.2 1,894.9 1,856.1 S.E.T 1,752.6 1,696.7 1,727.8 Other 636.0 570.0 595.5 Total $ 7,394.2 $ 6,939.9 $ 6,827.3

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 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 2023 Restructuring Plan (in millions): Employee Termination Contract Benefits Terminations Other Total Balance, December 31, 2022 $ - $ - $ - $ - Additions 9.2 - 3.6 12.8 Cash payments - - ( 1.0 ) ( 1.0 ) Non-cash activity - - 2.4 2.4 Balance, December 31, 2023 9.2 - 5.0 14.2 Expense incurred since the start of the 2023 Restructuring Plan $ 9.2 $ - $ 3.6 $ 12.8 Expense estimated to be recognized for the 2023 Restructuring Plan $ 85.0 $ - $ 15.0 $ 100.0 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, 2020 $ - $ - $ - $ - Additions 19.5 2.3 10.3 32.1 Cash payments - - - - Foreign currency exchange rate changes - - - - Balance, December 31, 2021 19.5 2.3 10.3 32.1 Additions 33.6 49.5 16.6 99.7 Cash payments ( 43.4 ) ( 27.8 ) ( 23.9 ) ( 95.1 ) Foreign currency exchange rate changes 0.8 1.0 0.1 1.9 Balance, December 31, 2022 10.5 25.0 3.1 38.6 Additions 6.0 22.0 9.3 37.3 Cash payments ( 12.5 ) ( 30.2 ) ( 9.6 ) ( 52.3 ) Foreign currency exchange rate changes 0.2 0.8 0.1 1.1 Balance, December 31, 2023 $ 4.2 $ 17.6 $ 2.9 $ 24.7 Expense incurred since the start of the 2021 Restructuring Plan $ 59.1 $ 73.8 $ 36.2 $ 169.1 Expense estimated to be recognized for the 2021 Restructuring Plan $ 60.0 $ 80.0 $ 40.0 $ 180.0 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, 2020 $ 37.8 $ 10.9 $ 15.1 $ 63.8 Additions 7.3 18.5 49.2 75.0 Cash payments ( 28.7 ) ( 12.9 ) ( 64.2 ) ( 105.8 ) Foreign currency exchange rate changes ( 1.6 ) - ( 0.1 ) ( 1.7 ) Balance, December 31, 2021 14.8 16.5 - 31.3 Additions 29.1 0.7 40.1 69.9 Cash payments ( 13.4 ) ( 7.3 ) ( 33.3 ) ( 54.0 ) Foreign currency exchange rate changes ( 1.6 ) ( 0.9 ) ( 0.4 ) ( 2.9 ) Balance, December 31, 2022 28.9 9.0 6.4 $ 44.3 Additions 17.4 - 24.1 41.5 Cash payments ( 2.1 ) ( 3.4 ) ( 27.7 ) ( 33.2 ) Foreign currency exchange rate changes ( 0.4 ) - 0.1 ( 0.3 ) Balance, December 31, 2023 $ 43.8 $ 5.6 $ 2.9 $ 52.3 Expense incurred since the start of the 2019 Restructuring Plan $ 125.7 $ 35.0 $ 158.7 $ 319.4 Expense estimated to be recognized for the 2019 Restructuring Plan $ 155.0 $ 35.0 $ 180.0 $ 370.0
Summary of Location on Consolidated Statement of Earnings and Type of Cost for Restructuring Plan	The following table summarizes the location on our consolidated statement of earnings and type of cost for our 2019 Restructuring Plan (in millions): Year Ended December 31, 2023 Employee Termination Contract Benefits Terminations Other Total Cost of products sold, excluding intangible asset amortization $ - $ - $ 8.2 $ 8.2 Restructuring and other cost reduction initiatives 17.4 - 15.9 33.3 $ 17.4 $ - $ 24.1 $ 41.5

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Expense	Share-based compensation expense was as follows (in millions): For the Years Ended December 31, 2023 2022 2021 Total expense, pre-tax $ 99.8 $ 105.0 $ 76.0 Tax benefit related to awards 16.7 16.9 17.2 Total expense, net of tax $ 83.1 $ 88.1 $ 58.8
Summary of Stock Option Activity	A summary of stock option activity for the year ended December 31, 2023 is as follows (options in thousands): Stock Weighted Weighted Intrinsic Outstanding at January 1, 2023 7,944 $ 121.94 Options granted 15 127.96 Options exercised ( 733 ) 96.17 Options forfeited ( 280 ) 135.28 Options expired ( 725 ) 131.46 Outstanding at December 31, 2023 6,221 $ 123.29 5.0 $ 44.3 Vested or expected to vest as of December 31, 2023 6,176 $ 123.23 5.0 $ 44.1 Exercisable at December 31, 2023 5,012 $ 120.83 4.4 $ 41.0
Weighted Average Fair Value for Stock Options Granted	The following table presents information regarding the weighted average fair value of stock options granted, the assumptions used to determine fair value, the intrinsic value of options exercised and the tax benefit of options exercised in the indicated year: For the Years Ended December 31, 2023 2022 2021 Dividend yield 0.8 % 0.8 % 0.6 % Volatility 27.7 % 30.2 % 30.3 % Risk-free interest rate 3.5 % 1.9 % 0.7 % Expected life (years) 5.0 5.0 5.4 Weighted average fair value of options granted $ 36.65 $ 32.07 $ 43.91 Intrinsic value of options exercised (in millions) $ 23.2 $ 20.5 $ 54.6 Tax benefit of options exercised (in millions) $ 4.4 $ 4.0 $ 10.8
Summary of Nonvested RSU Activity	A summary of nonvested RSU activity for the year ended December 31, 2023 is as follows (RSUs in thousands): Weighted Grant Date RSUs Fair Value Outstanding at January 1, 2023 1,198 $ 147.85 Granted 1,225 127.47 Vested ( 265 ) 124.73 Forfeited ( 351 ) 147.16 Outstanding at December 31, 2023 1,807 $ 135.97

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following (in millions): As of December 31, 2023 2022 Finished goods $ 1,831.2 $ 1,655.0 Work in progress 246.5 230.9 Raw materials 307.5 261.3 Inventories $ 2,385.2 $ 2,147.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consisted of the following (in millions): As of December 31, 2023 2022 Land $ 18.9 $ 19.2 Building and equipment 2,245.9 2,093.4 Capitalized software costs 552.2 518.2 Instruments 3,748.6 3,683.5 Construction in progress 200.6 144.1 6,766.2 6,458.4 Accumulated depreciation ( 4,705.8 ) ( 4,585.9 ) Property, plant and equipment, net $ 2,060.4 $ 1,872.5

Fair Value Measurements of As_2

Fair Value Measurements of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements of Assets and Liabilities Related to Continuing Operations	The following financial assets and liabilities related to continuing operations are recorded at fair value on a recurring basis (in millions): As of December 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 $ 54.4 $ - $ 54.4 $ - Cross-currency interest rate swaps 5.4 - 5.4 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 0.4 - 0.4 - Total Assets $ 60.2 $ - $ 60.2 $ - Liabilities Derivatives designated as hedges, current and long-term Foreign currency forward contracts $ 3.7 $ - $ 3.7 $ - Cross-currency interest rate swaps 68.1 - 68.1 - Interest rate swaps 144.7 - 144.7 - Derivatives not designated as hedges, current and long-term Foreign currency forward contracts 1.6 - 1.6 - Contingent payments related to acquisitions 141.7 - - 141.7 Total Liabilities $ 359.8 $ - $ 218.1 $ 141.7 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 consideration related to the 2023 acquisitions 138.5 Change in estimates 16.0 Settlements ( 30.2 ) Ending balance December 31, 2023 $ 141.7

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
2023 Acquisitions [Member]
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 the 2023 acquisitions (in millions): Current assets $ 13.1 Intangible assets subject to amortization: Technology 144.0 Trademarks and trade names 3.5 Customer relationships 40.1 Intangible assets not subject to amortization: In-process research and development (IPR&D) 36.3 Goodwill 215.0 Other assets 4.8 Total assets acquired 456.8 Current liabilities 8.2 Deferred income taxes 37.7 Total liabilities assumed 45.9 Net assets acquired $ 410.9
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

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill Related to Continuing Operations	The following table summarizes the changes in the carrying amount of goodwill related to continuing operations (in millions): Americas EMEA Asia Pacific Total Balance at January 1, 2022 Goodwill $ 8,045.8 $ 1,354.3 $ 564.0 $ 9,964.1 Accumulated impairment losses ( 7.7 ) ( 1,037.0 ) - ( 1,044.7 ) 8,038.1 317.3 564.0 8,919.4 Purchase accounting adjustments 0.9 - - 0.9 Other acquisitions 48.3 - - 48.3 Currency translation ( 51.7 ) ( 27.5 ) ( 19.4 ) ( 98.6 ) Impairment - ( 289.8 ) - ( 289.8 ) Balance at December 31, 2022 Goodwill 8,043.3 1,326.8 544.6 9,914.7 Accumulated impairment losses ( 7.7 ) ( 1,326.8 ) - ( 1,334.5 ) 8,035.6 - 544.6 8,580.2 2023 acquisitions 201.4 - 13.6 215.0 Currency translation 28.8 - ( 5.5 ) 23.3 Balance at December 31, 2023 Goodwill 8,273.5 1,326.8 552.7 10,153.0 Accumulated impairment losses ( 7.7 ) ( 1,326.8 ) - ( 1,334.5 ) $ 8,265.8 $ - $ 552.7 $ 8,818.5
Components of Identifiable Intangible Assets Related to Continuing Operations	The components of identifiable intangible assets related to continuing operations were as follows (in millions): Technology Intellectual Trademarks Customer IPR&D Other Total As of December 31, 2023: Intangible assets subject to amortization: Gross carrying amount $ 3,177.4 $ 473.2 $ 523.8 $ 5,130.7 $ - $ 172.7 $ 9,477.8 Accumulated amortization ( 1,894.2 ) ( 295.1 ) ( 289.9 ) ( 2,495.4 ) - ( 108.4 ) ( 5,083.0 ) Intangible assets not subject to Gross carrying amount - - 454.6 - 7.0 - 461.6 Total identifiable intangible assets $ 1,283.2 $ 178.1 $ 688.5 $ 2,635.3 $ 7.0 $ 64.3 $ 4,856.4 As of December 31, 2022: Intangible assets subject to amortization: Gross carrying amount $ 2,954.3 $ 388.5 $ 518.0 $ 5,073.1 $ - $ 174.0 $ 9,107.9 Accumulated amortization ( 1,700.2 ) ( 250.8 ) ( 258.7 ) ( 2,198.8 ) - ( 94.7 ) ( 4,503.2 ) Intangible assets not subject to Gross carrying amount - - 452.1 - 7.0 - 459.1 Total identifiable intangible assets $ 1,254.1 $ 137.7 $ 711.4 $ 2,874.3 $ 7.0 $ 79.3 $ 5,063.8
Estimated Annual Amortization Expense Based on Intangible Assets Recognized	Estimated annual amortization expense based upon intangible assets recognized as of December 31, 2023 for the years ending December 31, 2024 through 2028 is (in millions): For the Years Ending December 31, 2024 $ 572.7 2025 553.7 2026 532.3 2027 517.9 2028 509.8

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Summary of Other Current Liabilities	Other current liabilities consisted of the following (in millions): As of December 31, 2023 2022 Other current liabilities: License and service agreements $ 114.7 $ 147.5 Salaries, wages and benefits 417.1 336.2 Litigation and product liability 146.2 205.6 Customer rebates 180.0 149.7 Accrued liabilities 627.7 582.3 Total other current liabilities $ 1,485.7 $ 1,421.3

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt Instruments	Our debt consisted of the following (in millions): As of December 31, 2023 2022 Current portion of long-term debt Short-Term Term Loan $ - $ 83.0 Uncommitted Credit Facility 50.0 - Five-Year Credit Agreement - 375.0 3.700 % Senior Notes due 2023 - 86.3 1.450 % Senior Notes due 2024 850.0 - Total short-term debt $ 900.0 $ 544.3 Long-term debt 1.450 % Senior Notes due 2024 $ - $ 850.0 3.550 % Senior Notes due 2025 863.0 863.0 3.050 % Senior Notes due 2026 600.0 600.0 5.350 % Senior Notes due 2028 500.0 - 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 552.3 533.6 1.164 % Euro Notes due 2027 552.3 533.6 Debt discount and issuance costs ( 29.1 ) ( 30.1 ) Adjustment related to interest rate swaps ( 144.7 ) ( 172.0 ) Total long-term debt $ 4,867.9 $ 5,152.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 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, net of tax (in millions): Foreign Cash Defined Currency Flow Benefit Total Translation Hedges Plan Items AOCI Balance December 31, 2022 $ ( 169.3 ) $ 69.6 $ ( 79.6 ) $ ( 179.3 ) AOCI before reclassifications 9.9 71.1 ( 9.5 ) 71.5 Reclassifications to statements of earnings - ( 77.4 ) ( 5.8 ) ( 83.2 ) Balance December 31, 2023 $ ( 159.4 ) $ 63.3 $ ( 94.9 ) $ ( 191.0 )
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 For the Years Ended December 31, Location on Component of AOCI 2023 2022 2021 Statements of Earnings Cash flow hedges Foreign exchange forward contracts $ 94.1 $ 54.8 $ ( 0.8 ) Cost of products sold Forward starting interest rate swaps ( 0.7 ) ( 0.8 ) ( 0.6 ) Interest expense, net 93.4 54.0 ( 1.4 ) Total before tax 16.0 8.0 ( 0.1 ) Provision for income taxes $ 77.4 $ 46.0 $ ( 1.3 ) Net of tax Defined benefit plans Settlements, Prior service cost and unrealized actuarial gain (loss) $ 6.1 $ 0.2 $ ( 14.0 ) Other (expense) income, net 0.3 ( 1.2 ) ( 3.8 ) Provision for income taxes $ 5.8 $ 1.4 $ ( 10.2 ) Net of tax Total reclassifications $ 83.2 $ 47.4 $ ( 11.5 ) Net of tax
Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income (Loss)	The following table shows the tax effects on each component of AOCI recognized in our consolidated statements of comprehensive income (loss) (in millions): For the Years Ended December 31, Before Tax Tax Net of Tax 2023 2022 2021 2023 2022 2021 2023 2022 2021 Foreign currency cumulative $ ( 2.9 ) $ ( 87.3 ) $ ( 54.8 ) $ ( 12.8 ) $ 36.0 $ 45.1 $ 9.9 $ ( 123.3 ) $ ( 99.9 ) Unrealized cash flow hedge gains 84.8 100.5 102.5 13.7 17.0 16.1 71.1 83.5 86.4 Reclassification adjustments on ( 93.4 ) ( 54.0 ) 1.4 ( 16.0 ) ( 8.0 ) 0.1 ( 77.4 ) ( 46.0 ) 1.3 Adjustments to prior service cost ( 17.0 ) 95.9 96.9 ( 1.7 ) 18.9 18.5 ( 15.3 ) 77.0 78.4 Total Other Comprehensive $ ( 28.5 ) $ 55.1 $ 146.0 $ ( 16.8 ) $ 63.9 $ 79.8 $ ( 11.7 ) $ ( 8.8 ) $ 66.2

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and December 31, 2022, the following amounts were recorded on our 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Long-term debt $ 851.3 $ 823.9 $ ( 144.7 ) $ ( 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 (loss) and consolidated balance sheets (in millions): Amount of Gain / (Loss) Amount of Gain / (Loss) Recognized in AOCI Location on Reclassified from AOCI Years Ended December 31, Statement of Years Ended December 31, Derivative Instrument 2023 2022 2021 Earnings 2023 2022 2021 Foreign exchange forward $ 84.8 $ 100.5 $ 102.5 Cost of products sold $ 94.1 $ 54.8 $ ( 0.8 ) Forward starting interest rate - - - Interest expense, net ( 0.7 ) ( 0.7 ) ( 0.6 ) $ 84.8 $ 100.5 $ 102.5 $ 93.4 $ 54.1 $ ( 1.4 )
Effects of Fair Value, Cash Flow and Net Investment Hedge Accounting on Consolidated Statements of Earnings	The following table presents the effects of fair value, cash flow and net investment hedge accounting on our 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 Years Ended December 31, 2023 2022 2021 Cost of Interest Cost of Interest Cost of Interest Products Expense, Products Expense , Products Expense , Sold Net 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 $ 2,083.8 $ ( 201.2 ) $ 2,019.5 $ ( 164.8 ) $ 1,960.4 $ ( 208.4 ) The effects of fair value, cash flow and net investment hedging: Gain (loss) on fair value hedging relationships Discontinued interest rate swaps - - - - - 3.1 Interest rate swaps - ( 38.9 ) - ( 4.0 ) - 6.4 Gain (loss) on cash flow hedging relationships Foreign exchange forward contracts 94.1 - 54.8 - ( 0.8 ) - Forward starting interest rate swaps - ( 0.7 ) - ( 0.7 ) - ( 0.6 ) Gain on net investment hedging relationships Cross-currency interest rate swaps - 33.7 - 21.6 - 37.5
Derivative Instruments Not Designated as Hedging Instruments	The following gains/(losses) from these derivative instruments were recognized on our consolidated statements of earnings (in millions): Location on Years Ended December 31, Derivative Instrument Statements of Earnings 2023 2022 2021 Foreign exchange forward contracts Other (expense) income, net $ 4.4 $ ( 26.1 ) $ ( 1.8 ) Forward Exchange Agreement Other (expense) income, net - 1.1 - Reverse treasury lock Loss on early extinguishment of debt - - 12.0
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 December 31, 2023 As of December 31, 2022 Balance Sheet Fair Balance Sheet Fair Location Value Location Value Asset Derivatives Designated as Hedges Foreign exchange forward contracts Other current assets $ 58.4 Other current assets $ 73.2 Cross-currency interest rate swaps Other current assets - Other current assets 6.8 Foreign exchange forward contracts Other assets 17.2 Other assets 16.6 Cross-currency interest rate swaps Other assets 5.4 Other assets - Total asset derivatives $ 81.0 $ 96.6 Asset Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current assets $ 1.2 Other current assets $ 3.1 Forward Exchange Agreement Other current assets - Other current assets 1.1 Total asset derivatives not designated as hedges $ 1.2 $ 4.2 Liability Derivatives Designated as Hedges Foreign exchange forward contracts Other current liabilities $ 13.9 Other current liabilities $ 8.0 Cross-currency interest rate swaps Other current liabilities 33.3 Other current liabilities 3.3 Foreign exchange forward contracts Other long-term liabilities 11.0 Other long-term liabilities 14.5 Cross-currency interest rate swaps Other long-term liabilities 34.8 Other long-term liabilities 46.3 Interest rate swaps Other long-term liabilities 144.7 Other long-term liabilities 172.0 Total liability derivatives $ 237.7 $ 244.1 Liability Derivatives Not Designated as Hedges Foreign exchange forward contracts Other current liabilities $ 2.4 Other current liabilities $ 4.6
Schedule of Effects of Master Netting Agreements on Consolidated Balance Sheets	The table below presents the effects of our master netting agreements on our consolidated balance sheets (in millions): As of December 31, 2023 As of December 31, 2022 Description Location Gross Offset Net Gross Offset Net Asset Derivatives Cash flow hedges Other current assets $ 58.4 $ 13.0 $ 45.4 $ 73.2 $ 7.1 $ 66.1 Cash flow hedges Other assets 17.2 8.2 9.0 16.6 9.9 6.7 Derivatives not designated as hedges Other current assets 1.2 0.8 0.4 3.1 1.3 1.8 Liability Derivatives Cash flow hedges Other current liabilities 13.9 13.0 0.9 8.0 7.1 0.9 Cash flow hedges Other long-term liabilities 11.0 8.2 2.8 14.5 9.9 4.6 Derivatives not designated as hedges Other current liabilities 2.4 0.8 1.6 4.6 1.3 3.3
Net Investment Hedge Gains Recognized on Consolidated Statements of Comprehensive Income (Loss)	The following net investment hedge gains (losses) were recognized on our consolidated statements of comprehensive income (loss) (in millions): Amount of Gain / (Loss) Recognized in AOCI Years Ended December 31, Derivative Instrument 2023 2022 2021 Euro Notes $ ( 37.4 ) $ 113.1 $ 129.6 Cross-currency interest rate swaps ( 16.9 ) 6.4 103.0 $ ( 54.3 ) $ 119.5 $ 232.6

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Components of Net Pension Expense	The components of net pension expense for our defined benefit retirement plans were as follows (in millions): For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2021 2023 2022 2021 Service cost $ 0.4 $ 0.7 $ 0.9 $ 15.5 $ 22.7 $ 24.7 Interest cost 18.7 11.7 10.5 15.7 5.4 4.9 Expected return on plan assets ( 30.1 ) ( 30.8 ) ( 29.8 ) ( 22.5 ) ( 14.3 ) ( 15.6 ) Settl ements 0.1 - 6.4 ( 2.6 ) ( 5.0 ) 0.5 Amortization of prior service cost 0.2 0.3 0.3 ( 4.4 ) ( 4.1 ) ( 4.3 ) Amortization of unrecognized actuarial loss 2.8 7.8 8.6 ( 2.2 ) 0.8 2.5 Net periodic (income) benefit expense $ ( 7.9 ) $ ( 10.3 ) $ ( 3.1 ) $ ( 0.5 ) $ 5.5 $ 12.7
Weighted Average Actuarial Assumptions Used to Determine Net Pension Expense for Our Defined Benefit Retirement Plans	The weighted average actuarial assumptions used to determine net pension expense for our defined benefit retirement plans were as follows: For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2021 2023 2022 2021 Discount rate 5.25 % 2.86 % 2.04 % 2.60 % 0.67 % 0.63 % Rate of compensation increase - - - 2.33 % 2.27 % 2.39 % Expected long-term rate of return on 6.75 % 6.75 % 6.75 % 3.17 % 1.83 % 2.09 %
Changes in Projected Benefit Obligations	Changes in projected benefit obligations and plan assets were (in millions): For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Projected benefit obligation - beginning of year $ 366.8 $ 503.1 $ 567.9 $ 807.9 Service cost 0.4 0.7 15.5 22.7 Interest cost 18.7 11.7 15.7 5.4 Employee contributions - - 24.1 24.5 Benefits paid ( 20.1 ) ( 23.5 ) ( 48.1 ) ( 64.3 ) Actuarial loss (gain) 15.1 ( 125.2 ) 31.1 ( 186.2 ) Settlements ( 0.3 ) - - ( 2.3 ) Translation loss (gain) - - 48.2 ( 39.8 ) Projected benefit obligation - end of year $ 380.6 $ 366.8 $ 654.4 $ 567.9
Changes in Fair Value of Plan Assets	For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Plan assets at fair market value - beginning of year $ 396.2 $ 499.5 $ 667.2 $ 821.2 Actual return on plan assets 57.6 ( 81.5 ) 31.9 ( 93.8 ) Employer contributions 0.4 1.7 19.9 19.8 Employee contributions - - 24.1 24.5 Settlements ( 0.3 ) - - ( 2.3 ) Benefits paid ( 20.1 ) ( 23.5 ) ( 48.1 ) ( 64.3 ) Translation gain (loss) - - 56.7 ( 37.9 ) Plan assets at fair market value - end of year $ 433.8 $ 396.2 $ 751.7 $ 667.2 Funded status $ 53.2 $ 29.4 $ 97.3 $ 99.3
Summary of Amounts Recognized in Balance Sheet	For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Amounts recognized in consolidated balance sheet: Prepaid pension $ 54.5 $ 30.9 $ 117.8 $ 119.9 Short-term accrued benefit liability ( 0.1 ) ( 0.1 ) ( 1.4 ) ( 1.4 ) Long-term accrued benefit liability ( 1.2 ) ( 1.4 ) ( 19.1 ) ( 19.2 ) Net amount recognized $ 53.2 $ 29.4 $ 97.3 $ 99.3
Weighted Average Actuarial Assumptions Used to Determine Projected Benefit Obligation for Defined Benefit Retirement Plans	The weighted average actuarial assumptions used to determine the projected benefit obligation for our defined benefit retirement plans were as follows: For the Years Ended December 31, U.S. and Puerto Rico Foreign 2023 2022 2021 2023 2022 2021 Discount rate 5.38 % 5.37 % 2.70 % 2.21 % 2.65 % 0.73 % Rate of compensation increase - - - 2.34 % 2.25 % 2.48 %
Plans with Benefit Obligations in Excess of Plan Assets	Plans with projected benefit obligations in excess of plan assets were as follows (in millions): As of December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Projected benefit obligation $ 1.3 $ 1.5 $ 27.2 $ 26.8 Plan assets at fair market value - - 8.6 7.9
Total Accumulated Benefit Obligations and Plans with Accumulated Benefit Obligations in Excess of Plan Assets	Total accumulated benefit obligations and plans with accumulated benefit obligations in excess of plan assets were as follows (in millions): As of December 31, U.S. and Puerto Rico Foreign 2023 2022 2023 2022 Total accumulated benefit obligations $ 380.6 $ 366.8 $ 640.3 $ 548.6 Plans with accumulated benefit obligations in excess Accumulated benefit obligation 1.3 1.5 24.9 24.5 Plan assets at fair market value - - 8.6 7.9
Summary of Benefits Expected to be Paid Out	The benefits expected to be paid out in each of the next five years and for the five years combined thereafter are as follows (in millions): For the Years Ending December 31, U.S. and Foreign 2024 $ 24.4 $ 37.1 2025 25.7 38.9 2026 25.9 37.0 2027 26.3 37.8 2028 26.8 36.9 2029-2033 133.5 173.3
Reconciliation of Beginning and Ending Balances of Foreign Pension Plan Assets Measured at Fair Value	The following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs (Level 3) (in millions): December 31, 2023 Beginning Balance $ 165.5 Change in fair value of assets 9.4 Net purchases and sales 3.5 Translation gain 17.3 Ending Balance $ 195.7
U.S. and Puerto Rico [Member]
Fair Value of Pension Plan Assets	The fair value of our U.S. and Puerto Rico pension plan assets by asset category was as follows (in millions): As of December 31, 2023 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 2.5 $ 2.5 $ - $ - Equity securities 296.2 - 296.2 - Intermediate fixed income securities 135.1 - 135.1 - Total $ 433.8 $ 2.5 $ 431.3 $ - As of December 31, 2022 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 5.0 $ 5.0 $ - $ - Equity securities 263.2 - 263.2 - Intermediate fixed income securities 128.0 - 128.0 - Total $ 396.2 $ 5.0 $ 391.2 $ -
Foreign [Member]
Fair Value of Pension Plan Assets	The fair value of our foreign pension plan assets was as follows (in millions): As of December 31, 2023 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 28.5 $ 28.5 $ - $ - Equity securities 160.9 148.2 12.7 - Fixed income securities 181.3 - 181.3 - Other types of investments 185.3 - 185.3 - Real estate 195.7 - - 195.7 Total $ 751.7 $ 176.7 $ 379.3 $ 195.7 As of December 31, 2022 Fair Value Measurements at Asset Category Total Quoted Prices Significant Significant Cash and cash equivalents $ 21.9 $ 21.9 $ - $ - Equity securities 136.0 122.6 13.4 - Fixed income securities 168.8 - 168.8 - Other types of investments 175.0 - 175.0 - Real estate 165.5 - - 165.5 Total $ 667.2 $ 144.5 $ 357.2 $ 165.5

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Earnings (Loss) Before Income Taxes	The components of earnings (loss) from continuing operations before income taxes consisted of the following (in millions): For the Years Ended December 31, 2023 2022 2021 United States operations $ 57.0 $ ( 242.4 ) $ ( 118.8 ) Foreign operations 1,010.3 645.9 617.8 Total $ 1,067.3 $ 403.5 $ 499.0
Provision for Income Taxes and Income Taxes Paid	The provision for income taxes and the income taxes paid consisted of the following (in millions): For the Years Ended December 31, 2023 2022 2021 Current: Federal $ 0.5 $ 175.3 $ 44.3 State 19.5 16.1 7.2 Foreign 118.5 ( 14.7 ) 104.1 138.5 176.7 155.6 Deferred: Federal ( 125.2 ) ( 74.8 ) ( 83.5 ) State ( 16.7 ) 1.6 ( 19.4 ) Foreign 45.6 8.8 0.8 ( 96.3 ) ( 64.4 ) ( 102.1 ) Provision for income taxes $ 42.2 $ 112.3 $ 53.5 Net income taxes paid $ 215.2 $ 326.6 $ 258.4
Reconciliation of U.S. Statutory Income Tax Rate to Our Effective Tax Rate	A reconciliation of the U.S. statutory income tax rate to our effective tax rate is as follows: For the Years Ended December 31, 2023 2022 2021 U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal deduction 0.2 3.2 ( 2.8 ) Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits ( 0.3 ) ( 1.8 ) ( 10.3 ) Change in valuation allowance ( 0.2 ) 1.1 ( 0.5 ) Non-deductible expenses 0.7 5.8 1.3 Goodwill impairment - 15.3 - Tax rate change - 0.3 0.1 Tax impact of certain significant transactions - 0.9 1.1 Tax benefit relating to foreign derived intangible income and U.S. manufacturer’s ( 0.8 ) ( 2.9 ) 0.4 R&D tax credit ( 0.6 ) ( 2.0 ) ( 2.2 ) Share-based compensation 0.1 1.8 ( 0.2 ) Net uncertain tax positions, including interest and penalties ( 16.0 ) ( 14.6 ) 2.9 Other ( 0.1 ) ( 0.2 ) ( 0.1 ) Effective income tax rate 4.0 % 27.9 % 10.7 %
Components of Deferred Taxes	The components of deferred taxes consisted of the following (in millions): As of December 31, 2023 2022 Deferred tax assets: Inventory $ 204.0 $ 187.9 Net operating loss carryover 484.3 476.2 Tax credit carryover 81.8 72.9 Capital loss carryover 8.1 7.8 Product liability and litigation 27.9 36.7 Accrued liabilities 92.4 99.1 Share-based compensation 44.4 36.6 Accounts receivable 23.0 25.8 Research and development 103.9 47.9 Lease liability 52.6 51.6 Other 25.2 51.1 Total deferred tax assets 1,147.6 1,093.6 Less: Valuation allowances ( 464.6 ) ( 463.2 ) Total deferred tax assets after valuation allowances $ 683.0 $ 630.4 Deferred tax liabilities: Fixed assets $ 122.2 $ 111.6 Intangible assets 466.5 466.8 Foreign currency items - 23.0 Lease asset 48.8 47.2 Other 41.2 49.2 Total deferred tax liabilities 678.7 697.8 Total net deferred income taxes $ 4.3 $ ( 67.4 )
Summary of Tax Credit Carryforwards	At December 31, 2023, net operating loss, tax credit carryovers, and capital loss carryovers are available to reduce future federal, state and foreign taxable earnings (in millions): Expiration Period: Net operating loss carryover Tax credit carryover Capital loss carryover 1-5 years $ 50.6 $ 20.3 $ 0.1 6-10 years 11.0 59.0 - 11+ years 281.9 1.3 - Indefinite 140.8 1.2 8.0 484.3 81.8 8.1 Valuation allowances $ 411.5 $ 39.5 $ 8.1
Tabular Reconciliation of Total Amounts of Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions): For the Years Ended December 31, 2023 2022 2021 Balance at January 1 $ 521.0 $ 558.6 $ 619.4 Increases related to prior periods 68.7 25.0 11.5 Decreases related to prior periods ( 206.2 ) ( 78.2 ) ( 12.7 ) Increases related to current period 8.7 19.0 7.3 Decreases related to settlements with taxing - ( 2.0 ) ( 65.1 ) Decreases related to lapse of statute of limitations ( 0.3 ) ( 1.4 ) ( 1.8 ) Balance at December 31 $ 391.9 $ 521.0 $ 558.6 Amounts impacting effective tax rate, if recognized $ 251.6 $ 360.1 $ 426.4

Capital Stock and Earnings pe_2

Capital Stock and Earnings per Share (Tables)	12 Months Ended
	Dec. 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 share computations (in millions): For the Years Ended December 31, 2023 2022 2021 Weighted average shares outstanding for basic net 208.7 209.6 208.6 Effect of dilutive stock options and other 1.0 0.7 1.8 Weighted average shares outstanding for diluted net 209.7 210.3 210.4

Segment Data (Tables)

Segment Data (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Net Sales and Other Information by Segment	Net sales and other information by segment are as follows (in millions): Net Sales Operating Profit Depreciation and Amortization Segment Assets Year Ended December 31, Year Ended December 31, Year Ended December 31, As of December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 Americas $ 4,624.1 $ 4,295.5 $ 4,102.1 $ 1,948.9 $ 1,819.7 $ 1,726.9 $ 145.9 $ 142.1 $ 143.1 $ 1,218.0 $ 1,172.0 EMEA 1,592.4 1,456.6 1,477.2 524.6 404.1 405.9 67.2 64.4 71.4 679.0 664.0 Asia Pacific 1,177.7 1,187.8 1,248.0 422.6 419.6 418.3 62.3 63.5 66.7 355.0 350.0 Total $ 7,394.2 $ 6,939.9 $ 6,827.3 Corporate items ( 1,056.9 ) ( 1,127.5 ) ( 1,145.0 ) 114.8 129.6 127.0 1,575.6 1,342.7 Intangible asset amortization ( 561.5 ) ( 526.8 ) ( 529.5 ) 561.5 526.8 529.5 - - Goodwill and intangible asset impairment - ( 292.8 ) ( 16.3 ) - - - - - Total $ 1,277.7 $ 696.3 $ 860.3 $ 951.7 $ 926.4 $ 937.7 $ 3,827.6 $ 3,528.7
Disclosure on Geographic Areas, Long-Lived Assets	We conduct business in the following countries that hold 10 percent or more of our total consolidated Property, plant and equipment, net (in millions): As of December 31, 2023 2022 United States $ 1,265.1 $ 1,101.8 Other countries 795.3 770.7 Property, plant and equipment, net $ 2,060.4 $ 1,872.5

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Information on Leases	Information on our leases is as follows ($ in millions): For the Years Ended December 31, 2023 2022 2021 Lease cost $ 59.7 $ 62.4 $ 71.1 Cash paid for leases recognized in operating cash flows $ 62.8 $ 65.2 $ 70.5 Right-of-use assets obtained in exchange for new lease liabilities $ 77.8 $ 72.0 $ 88.8 As of December 31, 2023 2022 Right-of-use assets recognized in Other assets $ 203.8 $ 196.4 Lease liabilities recognized in Other current liabilities $ 52.9 $ 53.0 Lease liabilities recognized in Other long-term liabilities $ 174.4 $ 167.3 Weighted-average remaining lease term 5.8 years 5.9 years Weighted-average discount rate 2.8 % 2.1 %
Schedule of Future Minimum Lease Payments	Our future minimum lease payments as of December 31, 2023 were (in millions): For the Years Ending December 31, 2024 $ 57.7 2025 48.1 2026 39.3 2027 31.3 2028 20.9 Thereafter 50.1 Total 247.4 Less imputed interest 20.1 Total $ 227.3

Business - Additional Informati

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

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Mar. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business And Significant Accounting Policies [Line Items]
Expenses incurred related to shipping and handling of products		$ 2,838.9	$ 2,761.7	$ 2,843.4
Employees dedication percentage for dedicated project personnel expenses		100%
Allowance for doubtful accounts		$ 75.1	78.4
Gain (loss) on investment in ZimVie		2.5	(116.6)
Percentage of outstanding common shares retained	19.70%
Spinoff [Member]
Business And Significant Accounting Policies [Line Items]
Gain (loss) on investment in ZimVie		$ 2.5	(116.6)
Percentage of outstanding common shares retained	19.70%
Minimum [Member]
Business And Significant Accounting Policies [Line Items]
Useful life of finite lived intangibles		1 year
Maximum [Member]
Business And Significant Accounting Policies [Line Items]
Useful life of finite lived intangibles		20 years
Building and Building Improvements [Member] | Minimum [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		10 years
Building and Building Improvements [Member] | Maximum [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		40 years
Machinery and Equipment [Member] | Minimum [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		3 years
Machinery and Equipment [Member] | Maximum [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		8 years
Capitalized Software Costs [Member] | Minimum [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		3 years
Capitalized Software Costs [Member] | Maximum [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		15 years
Instruments [Member]
Business And Significant Accounting Policies [Line Items]
Average estimated useful life		5 years
Shipping and Handling [Member]
Business And Significant Accounting Policies [Line Items]
Expenses incurred related to shipping and handling of products		$ 272.7	$ 254.4	$ 255.4

Discontinued Operations and R_3

Discontinued Operations and Related ZimVie Matters - Additional Information (Details) - USD ($) shares in Millions				1 Months Ended	12 Months Ended
	Sep. 01, 2022	Mar. 01, 2022	Feb. 28, 2022	Feb. 28, 2023	Dec. 31, 2023	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
Outstanding principal balance								$ 1,982,700,000
Outstanding common shares retained		5.1
Percentage of outstanding common shares retained		19.70%
Aggregate principal amount					5,900,000,000
Gain (loss) on investment in ZimVie					2,500,000	$ (116,600,000)
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
Unrealized gain						$ 1,100,000
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
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 Consolidated Statements of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Net Sales	$ 147.8	$ 1,008.8
Cost of products sold, excluding intangible asset amortization	53.5	380.6
Intangible asset amortization	14	86.2
Research and development	10.5	61.3
Selling, general and administrative	89.4	480.5
Restructuring and other cost reduction initiatives	0.4	3.3
Quality remediation		0.2
Acquisition, integration, divestiture and related	40.9	76.8
Other expense, net	0.3	0.5
Loss from discontinued operations before income taxes	(61.2)	(80.6)
Benefit for income taxes from discontinued operations	(2.4)	(37.2)
Loss from discontinued operations, net of tax	$ (58.8)	$ (43.4)

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment
Revenue Recognition [Abstract]
Percentage of sales through direct channel	85%
Period terms for payment	90 days
Percentage of sales through indirect channel	15%
Contract assets	$ 0
Contract liabilities	0
Future performance obligations	$ 0
Number of geographic segments | Segment	2
Number of operating segments | Segment	3

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Geography (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales Information [Line Items]
Net Sales	$ 7,394.2	$ 6,939.9	$ 6,827.3
US [Member]
Sales Information [Line Items]
Net Sales	4,288.8	4,012.4	3,853.9
International [Member]
Sales Information [Line Items]
Net Sales	$ 3,105.4	$ 2,927.5	$ 2,973.4

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Net Sales by Product Category (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	$ 7,394.2	$ 6,939.9	$ 6,827.3
Knees [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	3,038.4	2,778.3	2,647.9
Hips [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	1,967.2	1,894.9	1,856.1
S.E.T [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	1,752.6	1,696.7	1,727.8
Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Net Sales	$ 636	$ 570	$ 595.5

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2019
2023 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges	$ 100
2021 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges	180	$ 180
2019 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Pre-tax restructuring charges	$ 370		$ 370

Restructuring - Summary of Liab

Restructuring - Summary of Liabilities Recognized Related to Restructuring Plan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
2023 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Additions	$ 12.8
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (1)
Non-cash activity	2.4
Ending Balance	14.2
Expense incurred since the start of the Restructuring Plan	12.8
Expense estimated to be recognized for the Restructuring Plan	100
2023 Restructuring Plan [Member] | Employee Termination Benefits [Member]
Restructuring Cost And Reserve [Line Items]
Additions	$ 9.2
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives
Ending Balance	$ 9.2
Expense incurred since the start of the Restructuring Plan	9.2
Expense estimated to be recognized for the Restructuring Plan	$ 85
2023 Restructuring Plan [Member] | Contract Termination [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives
2023 Restructuring Plan [Member] | Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Additions	$ 3.6
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (1)
Non-cash activity	2.4
Ending Balance	5
Expense incurred since the start of the Restructuring Plan	3.6
Expense estimated to be recognized for the Restructuring Plan	15
2021 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	38.6	$ 32.1
Additions	$ 37.3	$ 99.7	$ 32.1
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (52.3)	$ (95.1)
Foreign currency exchange rate changes	1.1	1.9
Ending Balance	24.7	38.6	$ 32.1
Expense incurred since the start of the Restructuring Plan	169.1
Expense estimated to be recognized for the Restructuring Plan	180		180
2021 Restructuring Plan [Member] | Employee Termination Benefits [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	10.5	19.5
Additions	$ 6	$ 33.6	$ 19.5
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (12.5)	$ (43.4)
Foreign currency exchange rate changes	0.2	0.8
Ending Balance	4.2	10.5	$ 19.5
Expense incurred since the start of the Restructuring Plan	59.1
Expense estimated to be recognized for the Restructuring Plan	60
2021 Restructuring Plan [Member] | Contract Termination [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	25	2.3
Additions	$ 22	$ 49.5	$ 2.3
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (30.2)	$ (27.8)
Foreign currency exchange rate changes	0.8	1
Ending Balance	17.6	25	$ 2.3
Expense incurred since the start of the Restructuring Plan	73.8
Expense estimated to be recognized for the Restructuring Plan	80
2021 Restructuring Plan [Member] | Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	3.1	10.3
Additions	$ 9.3	$ 16.6	$ 10.3
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (9.6)	$ (23.9)
Foreign currency exchange rate changes	0.1	0.1
Ending Balance	2.9	3.1	$ 10.3
Expense incurred since the start of the Restructuring Plan	36.2
Expense estimated to be recognized for the Restructuring Plan	40
2019 Restructuring Plan [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	44.3	31.3	63.8
Additions	$ 41.5	$ 69.9	$ 75
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (33.2)	$ (54)	$ (105.8)
Foreign currency exchange rate changes	(0.3)	(2.9)	(1.7)
Ending Balance	52.3	44.3	31.3
Expense incurred since the start of the Restructuring Plan	319.4
Expense estimated to be recognized for the Restructuring Plan	370			$ 370
2019 Restructuring Plan [Member] | Employee Termination Benefits [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	28.9	14.8	37.8
Additions	$ 17.4	$ 29.1	$ 7.3
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (2.1)	$ (13.4)	$ (28.7)
Foreign currency exchange rate changes	(0.4)	(1.6)	(1.6)
Ending Balance	43.8	28.9	14.8
Expense incurred since the start of the Restructuring Plan	125.7
Expense estimated to be recognized for the Restructuring Plan	155
2019 Restructuring Plan [Member] | Contract Termination [Member]
Restructuring Cost And Reserve [Line Items]
Beginning Balance	$ 9	16.5	10.9
Additions		$ 0.7	$ 18.5
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (3.4)	$ (7.3)	$ (12.9)
Foreign currency exchange rate changes		(0.9)
Ending Balance	5.6	9	16.5
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		15.1
Additions	$ 24.1	$ 40.1	$ 49.2
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives	Restructuring And Other Cost Reduction Initiatives
Cash payments	$ (27.7)	$ (33.3)	$ (64.2)
Foreign currency exchange rate changes	0.1	(0.4)	$ (0.1)
Ending Balance	2.9	$ 6.4
Expense incurred since the start of the Restructuring Plan	158.7
Expense estimated to be recognized for the Restructuring Plan	$ 180

Restructuring - Summary of Loca

Restructuring - Summary of Location on Consolidated Statement of Earnings and Type of Cost for Restructuring Plan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Cost of products sold, excluding intangible asset amortization	$ 2,083.8	$ 2,019.5	$ 1,960.4
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Restructuring and other cost reduction initiatives	$ 151.9	$ 191.6	$ 125.7
2019 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Cost of products sold, excluding intangible asset amortization	$ 8.2
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember
Restructuring and other cost reduction initiatives	$ 33.3
Total	41.5	69.9	75
Employee Termination Benefits [Member] | 2019 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other cost reduction initiatives	17.4
Total	17.4	29.1	7.3
Contract Termination [Member] | 2019 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Total		0.7	18.5
Other Restructuring [Member] | 2019 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Cost of products sold, excluding intangible asset amortization	$ 8.2
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember
Restructuring and other cost reduction initiatives	$ 15.9
Total	$ 24.1	$ 40.1	$ 49.2

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compensation Related Costs [Abstract]
Total expense, pre-tax	$ 99.8	$ 105	$ 76
Tax benefit related to awards	16.7	16.9	17.2
Total expense, net of tax	$ 83.1	$ 88.1	$ 58.8

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Plan shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual life	10 years
Unrecognized share-based payment expense | $	$ 18.7
Weighted average period expected to be recognized	1 year 2 months 12 days
Stock Options [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Requisite service period for stock award	1 year
Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Requisite service period for stock award	4 years
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period expected to be recognized	1 year 9 months 18 days
Estimated outstanding RSU | shares	1,347,105
Unrecognized share-based payment expense related to nonvested stock options | $	$ 84.5
Fair value of RSUs vesting during the year | $	$ 26.9	$ 20.3	$ 40
RSUs [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period for stock award	1 year
RSUs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Requisite service period for stock award	4 years
2009 Plan and the Stock Plan for Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity compensation plans | Plan	2
Number of common stock registered for award | shares	49,900,000
Shares available for future grants | shares	7,700,000

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding stock options, Beginning balance | shares	7,944
Options granted | shares	15
Options exercised | shares	(733)
Options forfeited | shares	(280)
Options expired | shares	(725)
Outstanding stock options, Ending Balance | shares	6,221
Number of outstanding options, Vested or expected to vest | shares	6,176
Exercisable, Stock options | shares	5,012
Outstanding Weighted average exercise price, Beginning Balance | $ / shares	$ 121.94
Options granted, Weighted average exercise price | $ / shares	127.96
Options exercised, Weighted average exercise price | $ / shares	96.17
Options forfeited, Weighted average exercise price | $ / shares	135.28
Options expired, Weighted average exercise price | $ / shares	131.46
Outstanding Weighted average exercise price, ending Balance | $ / shares	123.29
Outstanding Weighted average exercise price, Vested or expected to vest | $ / shares	123.23
Exercisable, Weighted average exercise price | $ / shares	$ 120.83
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2023	5 years
Weighted Average Remaining Contractual Life, Vested or expected to vest as of December 31, 2023	5 years
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2023	4 years 4 months 24 days
Intrinsic Value, Outstanding at December 31, 2023 | $	$ 44.3
Intrinsic Value, Vested or expected to vest as of December 31, 2023 | $	44.1
Intrinsic Value, Exercisable at December 31, 2023 | $	$ 41

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Fair Value for Stock Options Granted (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.80%	0.80%	0.60%
Volatility	27.70%	30.20%	30.30%
Risk-free interest rate	3.50%	1.90%	0.70%
Expected life (years)	5 years	5 years	5 years 4 months 24 days
Weighted average fair value of options granted	$ 36.65	$ 32.07	$ 43.91
Intrinsic value of options exercised (in millions)	$ 23.2	$ 20.5	$ 54.6
Tax benefit of options exercised (in millions)	$ 4.4	$ 4	$ 10.8

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Nonvested RSU Activity (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
RSUs, Outstanding Beginning Balance | shares	1,198
RSUs, Granted | shares	1,225
RSUs, Vested | shares	(265)
RSUs, Forfeited | shares	(351)
RSUs, Outstanding Ending Balance | shares	1,807
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance | $ / shares	$ 147.85
Weighted Average Grant Date Fair Value, Granted | $ / shares	127.47
Weighted Average Grant Date Fair Value, Vested | $ / shares	124.73
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	147.16
Weighted Average Grant Date Fair Value, Outstanding Ending Balance | $ / shares	$ 135.97

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 1,831.2	$ 1,655
Work in progress	246.5	230.9
Raw materials	307.5	261.3
Inventories	$ 2,385.2	$ 2,147.2

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Amounts charged for excess obsolete inventory, including certain product lines intend to discontinue	$ 155,200	$ 137,300	$ 117,300

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 6,766.2	$ 6,458.4
Accumulated depreciation	(4,705.8)	(4,585.9)
Property, plant and equipment, net	2,060.4	1,872.5
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	18.9	19.2
Building And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	2,245.9	2,093.4
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	552.2	518.2
Instruments [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	3,748.6	3,683.5
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 200.6	$ 144.1

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 390.2	$ 399.6	$ 408.1
Property plant and equipment included in accounts payable	$ 30.8	$ 17

Fair Value Measurements of As_3

Fair Value Measurements of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Related to Continuing Operations (Detail) - USD ($) $ in Millions	Dec. 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	$ 1.6	$ 3.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Foreign Exchange Forward Contracts [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	$ 0.4	$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, 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
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	$ 60.2	128
Contingent payments related to acquisitions	141.7	17.4
Total Liabilities	359.8	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	60.2	82.5
Total Liabilities	218.1	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	141.7	17.4
Total Liabilities	141.7	17.4
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward Contracts [Member] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 54.4	$ 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	$ 3.7	$ 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 Contracts [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	$ 0.4	$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current, Other Assets, Noncurrent	Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 1.6	$ 3.3
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 Contracts [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	$ 54.4	$ 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	$ 3.7	$ 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 Contracts [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	$ 0.4	$ 1.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current, Other Assets, Noncurrent	Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 1.6	$ 3.3
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] | Derivatives Designated as Hedges [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 5.4	$ 6.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current, Other Assets, Noncurrent	Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 68.1	$ 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	$ 5.4	$ 6.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current, Other Assets, Noncurrent	Assets, Current, Other Assets, Noncurrent
Derivatives, current and long-term	$ 68.1	$ 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	$ 144.7	$ 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	$ 144.7	$ 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] | 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
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

Fair Value Measurements of As_4

Fair Value Measurements of Assets and Liabilities (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Mar. 01, 2022	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination contingent consideration payments			$ 10.3	$ 8.9
Common Stock [Member] | Embody, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of common stock for contingent consideration liability			0.1
Issuance of common stock for contingent consideration liability, valued			$ 15.5
Business combination contingent consideration payments			$ 0.7
Fair value of common stock at the settlement date			$ 143.84
Shares of common stock repurchased		0.1
Common Stock [Member] | Spinoff [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of unregistered common shares retained in spinoff	5.1
Spin-off percentage retained	19.70%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Liabilities Measured on Recurring Basis (Detail) $ in Millions	12 Months Ended
	Dec. 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 consideration related to the 2023 acquisitions	138.5
Change in estimates	16
Settlements	(30.2)
Ending balance December 31, 2023	$ 141.7

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions						3 Months Ended	12 Months Ended
	Nov. 15, 2023	Oct. 06, 2023	Apr. 28, 2023	Feb. 14, 2023	Apr. 18, 2022	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2021
Business Acquisition [Line Items]
Deferred business combination payments made							$ 4	$ 145
Technology [Member]
Business Acquisition [Line Items]
Weighted average amortization period of intangible assets					10 years		15 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Weighted average amortization period of intangible assets					4 years		8 years
Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Weighted average amortization period of intangible assets							13 years
Sternal closure company [Member]
Business Acquisition [Line Items]
Acquisition date					Apr. 18, 2022
Cash payments to acquire businesses					$ 100
Deferred business combination payments made							$ 4
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 dates				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
Fair value of common stock at the acquisition date				$ 127.34
Business combination, shares of common stock repurchased						1.9
Embody, Inc. | Common Stock [Member] | Maximum
Business Acquisition [Line Items]
Contingent consideration				$ 120
Embody, Inc. | In-process Research and Development (IPR&D) [Member]
Business Acquisition [Line Items]
IPR&D							$ 36.3
April Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date							Apr. 28, 2023
Cash payments to acquire businesses			$ 15
April Acquisition [Member] | Maximum
Business Acquisition [Line Items]
Contingent consideration			$ 8
October Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date							Oct. 06, 2023
Cash payments to acquire businesses		$ 42.2
Contingent consideration		21.5
October Acquisition [Member] | Maximum
Business Acquisition [Line Items]
Contingent consideration		$ 33
November Acquisition [Member]
Business Acquisition [Line Items]
Acquisition date							Nov. 15, 2023
Cash payments to acquire businesses	$ 60.7
Contingent consideration	15
November Acquisition [Member] | Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 20

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Estimates of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Apr. 18, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 8,818.5	$ 8,580.2		$ 8,919.4
2023 Acquisitions [Member]
Business Acquisition [Line Items]
Current assets	13.1
Goodwill	215
Other assets	4.8
Total assets acquired	456.8
Current liabilities	8.2
Deferred income taxes	37.7
Total liabilities assumed	45.9
Net assets acquired	410.9
2023 Acquisitions [Member] | Technology [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	144
2023 Acquisitions [Member] | Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	3.5
2023 Acquisitions [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	40.1
2023 Acquisitions [Member] | In-process Research and Development (IPR&D) [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization	$ 36.3
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

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment		$ 289,800,000	$ 0
Goodwill	$ 8,818,500,000	8,580,200,000	8,919,400,000
In Process Research and Development (IPR&D) [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset impairment	0	$ 3,000,000	$ 16,300,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Goodwill and Intangible Asset Impairment	Goodwill and Intangible Asset Impairment
Intellectual Property [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization	$ 86,100,000
EMEA [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment		$ 289,800,000
Goodwill			$ 317,300,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill Related to Continuing Operations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 9,914,700,000	$ 9,964,100,000
Accumulated impairment losses, Beginning Balance	(1,334,500,000)	(1,044,700,000)
Goodwill, net of accumulated impairment losses, Beginning Balance	8,580,200,000	8,919,400,000
Purchase accounting adjustments		900,000
Acquisitions	215,000,000	48,300,000
Currency translation	23,300,000	(98,600,000)
Impairment		(289,800,000)	$ 0
Goodwill, Ending Balance	10,153,000,000	9,914,700,000	9,964,100,000
Accumulated impairment losses, Ending Balance	(1,334,500,000)	(1,334,500,000)	(1,044,700,000)
Goodwill, net of accumulated impairment losses, Ending Balance	8,818,500,000	8,580,200,000	8,919,400,000
Americas [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	8,043,300,000	8,045,800,000
Accumulated impairment losses, Beginning Balance	(7,700,000)	(7,700,000)
Goodwill, net of accumulated impairment losses, Beginning Balance	8,035,600,000	8,038,100,000
Purchase accounting adjustments		900,000
Acquisitions	201,400,000	48,300,000
Currency translation	28,800,000	(51,700,000)
Goodwill, Ending Balance	8,273,500,000	8,043,300,000	8,045,800,000
Accumulated impairment losses, Ending Balance	(7,700,000)	(7,700,000)	(7,700,000)
Goodwill, net of accumulated impairment losses, Ending Balance	8,265,800,000	8,035,600,000	8,038,100,000
EMEA [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,326,800,000	1,354,300,000
Accumulated impairment losses, Beginning Balance	(1,326,800,000)	(1,037,000,000)
Goodwill, net of accumulated impairment losses, Beginning Balance		317,300,000
Currency translation		(27,500,000)
Impairment		(289,800,000)
Goodwill, Ending Balance	1,326,800,000	1,326,800,000	1,354,300,000
Accumulated impairment losses, Ending Balance	(1,326,800,000)	(1,326,800,000)	(1,037,000,000)
Goodwill, net of accumulated impairment losses, Ending Balance			317,300,000
Asia Pacific [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	544,600,000	564,000,000
Goodwill, net of accumulated impairment losses, Beginning Balance	544,600,000	564,000,000
Acquisitions	13,600,000
Currency translation	(5,500,000)	(19,400,000)
Goodwill, Ending Balance	552,700,000	544,600,000	564,000,000
Goodwill, net of accumulated impairment losses, Ending Balance	$ 552,700,000	$ 544,600,000	$ 564,000,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Components of Identifiable Intangible Assets Related to Continuing Operations (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	$ 9,477.8	$ 9,107.9
Accumulated amortization	(5,083)	(4,503.2)
Gross carrying amount	461.6	459.1
Total identifiable intangible assets	4,856.4	5,063.8
Technology [Member]
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	3,177.4	2,954.3
Accumulated amortization	(1,894.2)	(1,700.2)
Total identifiable intangible assets	1,283.2	1,254.1
Intellectual Property Rights [Member]
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	473.2	388.5
Accumulated amortization	(295.1)	(250.8)
Total identifiable intangible assets	178.1	137.7
Trademarks and trade names [Member]
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	523.8	518
Accumulated amortization	(289.9)	(258.7)
Gross carrying amount	454.6	452.1
Total identifiable intangible assets	688.5	711.4
Customer relationships [Member]
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	5,130.7	5,073.1
Accumulated amortization	(2,495.4)	(2,198.8)
Total identifiable intangible assets	2,635.3	2,874.3
In Process Research and Development (IPR&D) [Member]
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	7	7
Total identifiable intangible assets	7	7
Other [Member]
Identifiable Intangible Assets Acquired [Line Items]
Gross carrying amount	172.7	174
Accumulated amortization	(108.4)	(94.7)
Total identifiable intangible assets	$ 64.3	$ 79.3

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Estimated Annual Amortization Expense Based on Intangible Assets Recognized (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 572.7
2025	553.7
2026	532.3
2027	517.9
2028	$ 509.8

Other Current Liabilities - Sum

Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other current liabilities:
License and service agreements	$ 114.7	$ 147.5
Salaries, wages and benefits	417.1	336.2
Litigation and product liability	146.2	205.6
Customer rebates	180	149.7
Accrued liabilities	627.7	582.3
Total other current liabilities	$ 1,485.7	$ 1,421.3

Debt - Summary of Debt Instrume

Debt - Summary of Debt Instruments (Detail) € in Billions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Nov. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)
Current portion of long-term debt
Total short-term debt	$ 900,000,000			$ 544,300,000
Long-term debt
Senior Notes due	5,900,000,000
Debt discount and issuance costs	(29,100,000)			(30,100,000)
Adjustment related to interest rate swaps	(144,700,000)			(172,000,000)
Total long-term debt	4,867,900,000			5,152,200,000
Uncommitted Credit Facility [Member]
Current portion of long-term debt
Outstanding borrowings	50,000,000
Five-Year Credit Agreement [Member]
Current portion of long-term debt
Outstanding borrowings				375,000,000
Short-Term Term Loan [Member]
Short-Term Debt [Abstract]
Short-Term Term Loan	0			83,000,000
Long-term debt
Senior Notes due					$ 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] | 5.350% [Member] | Due in 2028 [Member]
Long-term debt
Senior Notes due	500,000,000		$ 500,000,000
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	552,300,000			533,600,000
Euro Notes [Member] | 1.164% [Member] | Due in 2027 [Member]
Long-term debt
Term loan	$ 552,300,000			$ 533,600,000

Debt - Summary of Debt Instru_2

Debt - Summary of Debt Instruments (Parenthetical) (Detail)	Dec. 31, 2023	Nov. 28, 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%
5.350% [Member] | Due in 2028 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.35%	5.35%	5.35%
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 Millions, ¥ in Billions

12 Months Ended

Nov. 28, 2023 USD ($)

Jul. 07, 2023 USD ($)

Dec. 13, 2022 USD ($)

Dec. 13, 2022 EUR (€)

Sep. 22, 2022 JPY (¥)

Aug. 31, 2022 USD ($)

Aug. 19, 2022 USD ($)

Mar. 18, 2022 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2023 EUR (€)

Aug. 28, 2023 USD ($)

Debt Instrument [Line Items]

Debt, long-term and short-term, combined amount

$ 5,800,000,000

Aggregate principal amount

5,900,000,000

Other debt and fair value adjustments, total

144,700,000

Debt discount and issuance costs

29,100,000

$ 30,100,000

Proceeds from senior notes

$ 499,800,000

499,800,000

$ 1,599,800,000

Loss on early extinguishment of debt

165,100,000

Debt re-acquisition price

2,154,800,000

Long-term debt, carrying value

1,982,700,000

Debt tender fees

5,000,000

Gain on reverse treasury lock

12,000,000

Estimated fair value

$ 5,602,100,000

Weighted average interest rate for all borrowings, long-term debt

3.20%

3.20%

3.20%

Interest paid on Debt

$ 200,600,000

$ 161,700,000

$ 219,000,000

Line of credit facility maturity description

underlying notes that have maturities of three months or less

ZimVie to Zimmer Biomet

Debt Instrument [Line Items]

Cash

$ 540,600,000

2023 Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Outstanding borrowings

$ 0

2023 Five-Year Credit Agreement [Member] | Maximum [Member]

Debt Instrument [Line Items]

Consolidated EBITDA ratio

4.50%

4.50%

Consolidated EBITDA ratio thereafter

5%

5%

2023 Five-Year Credit Agreement [Member] | Minimum [Member]

Debt Instrument [Line Items]

Consolidated EBITDA ratio

1%

1%

Consolidated EBITDA ratio thereafter

1%

1%

2023 364-Day Revolving Credit Agreement [Member]

Debt Instrument [Line Items]

Maturity date of debt instrument

Jul. 05, 2024

Debt instrument

$ 1,000,000,000

Outstanding borrowings

$ 0

2023 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%

2023 364-Day Revolving Credit Agreement [Member] | Minimum [Member]

Debt Instrument [Line Items]

Consolidated EBITDA ratio

1%

1%

Consolidated EBITDA ratio thereafter

1%

1%

Uncommitted Credit Facility [Member]

Debt Instrument [Line Items]

Debt instrument

$ 300,000,000

Outstanding borrowings

$ 50,000,000

2021 Five-Year Revolving Facility

Debt Instrument [Line Items]

Proceeds from revolving facility

100,000,000

2022 Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Outstanding borrowings

$ 520,000,000

2022 364-Day Revolving Credit Agreement [Member]

Debt Instrument [Line Items]

Debt instrument

$ 1,000,000,000

Outstanding borrowings

0

Euro Notes [Member]

Debt Instrument [Line Items]

Term loan | €

€ 1,000

Euro Notes [Member] | Due in 2022 [Member]

Debt Instrument [Line Items]

Interest rate

1.414%

1.414%

Euro Notes [Member] | 1.414% [Member] | Due in 2022 [Member]

Debt Instrument [Line Items]

Maturity date of debt instrument

Dec. 13, 2022

Redemption of outstanding principal amount | €

€ 500

Japan Term Loan A [Member]

Debt Instrument [Line Items]

Redemption of outstanding principal amount | ¥

¥ 11.7

Japan Term Loan B [Member]

Debt Instrument [Line Items]

Redemption of outstanding principal amount | ¥

¥ 21.3

Senior Notes [Member] | 3.150% [Member] | Due in 2022 [Member]

Debt Instrument [Line Items]

Redemption of outstanding principal amount

$ 750,000,000

Senior Notes [Member] | 1.450% [Member] | Due in 2024 [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 850,000,000

$ 850,000,000

Interest rate

1.45%

1.45%

1.45%

Senior Notes [Member] | 2.600% [Member] | Due in 2031 [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 750,000,000

$ 750,000,000

Interest rate

2.60%

2.60%

2.60%

Senior Notes [Member] | 3.700% Senior Notes due 2023 [Member] | Due in 2023 [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 86,300,000

Redemption of outstanding principal amount

$ 86,300,000

Interest rate

3.70%

3.70%

3.70%

Senior Notes [Member] | 3.550% [Member] | Due in 2025 [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 863,000,000

$ 863,000,000

Interest rate

3.55%

3.55%

3.55%

Senior Notes [Member] | 3.550% [Member] | Due in 2030 [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 257,500,000

$ 257,500,000

Interest rate

3.55%

3.55%

3.55%

Senior Notes [Member] | 5.350% [Member] | Due in 2028 [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

$ 500,000,000

Interest rate

5.35%

5.35%

5.35%

5.35%

Multicurrency Revolving Facility [Member] | 2023 Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Maturity date of debt instrument

Jul. 07, 2028

Debt instrument

$ 1,500,000,000

Debt instrument, term

5 years

Uncommitted incremental feature

$ 500,000,000

Multicurrency Revolving Facility [Member] | 2022 Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Debt instrument

$ 1,500,000,000

Debt instrument, term

5 years

Short-Term Term Loan [Member]

Debt Instrument [Line Items]

Aggregate principal amount

$ 83,000,000

Short-Term Term loan proceeds

$ 83,000,000

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	12 Months Ended
	Dec. 31, 2023 USD ($)
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	$ 12,020.3
AOCI before reclassifications	71.5
Reclassifications to statements of earnings	(83.2)
Stockholders equity, ending balance	12,480.5
Cash Flow Hedges [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	69.6
AOCI before reclassifications	71.1
Reclassifications to statements of earnings	(77.4)
Stockholders equity, ending balance	63.3
Foreign Currency Translation [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	(169.3)
AOCI before reclassifications	9.9
Stockholders equity, ending balance	(159.4)
Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	(79.6)
AOCI before reclassifications	(9.5)
Reclassifications to statements of earnings	(5.8)
Stockholders equity, ending balance	(94.9)
Total AOCI [Member]
Other Comprehensive Income Loss [Line Items]
Stockholders equity, beginning balance	(179.3)
Stockholders equity, ending balance	$ (191)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Reclassification Adjustments from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income Loss [Line Items]
Cost of products sold	$ 2,083.8	$ 2,019.5	$ 1,960.4
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Interest expense, net	$ (201.2)	$ (164.8)	$ (208.4)
Earnings from continuing operations before income taxes	1,067.3	403.5	499
Provision for income taxes	42.2	112.3	53.5
Other (expense) income, net	(9.3)	(128)	12.2
Reclassification out of Accumulated Other Comprehensive Income [Member]
Other Comprehensive Income Loss [Line Items]
Net of tax	$ 83.2	$ 47.4	$ (11.5)
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	us-gaap:ProductMember
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	$ 93.4	$ 54	$ (1.4)
Provision for income taxes	16	8	(0.1)
Net of tax	77.4	46	(1.3)
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	94.1	54.8	(0.8)
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	(0.7)	(0.8)	(0.6)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Provision for income taxes	0.3	(1.2)	(3.8)
Net of tax	5.8	1.4	(10.2)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member] | Settlements, Prior Service Cost and Unrealized Actuarial Gain (Loss) [Member]
Other Comprehensive Income Loss [Line Items]
Other (expense) income, net	$ 6.1	$ 0.2	$ (14)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income - Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency cumulative translation adjustments, before tax	$ (2.9)	$ (87.3)	$ (54.8)
Unrealized cash flow hedge gains, before tax	84.8	100.5	102.5
Reclassification adjustments on cash flow hedges, before tax	(93.4)	(54)	1.4
Adjustments to prior service cost and unrecognized actuarial assumptions, before tax	(17)	95.9	96.9
Total Other Comprehensive (Loss) Income	(28.5)	55.1	146
Foreign currency cumulative translation adjustments, tax	(12.8)	36	45.1
Unrealized cash flow hedge gains, tax	13.7	17	16.1
Reclassification adjustments on cash flow hedges, tax	(16)	(8)	0.1
Adjustments to prior service cost and unrecognized actuarial assumptions, tax	(1.7)	18.9	18.5
Total Other Comprehensive (Loss) Income	(16.8)	63.9	79.8
Foreign currency cumulative translation adjustments, net of tax	9.9	(123.3)	(99.9)
Unrealized cash flow hedge gains, net of tax	71.1	83.5	86.4
Reclassification adjustments on cash flow hedges, net of tax	(77.4)	(46)	1.3
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax	(15.3)	77	78.4
Total Other Comprehensive (Loss) Income	$ (11.7)	$ (8.8)	$ 66.2

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Detail) € in Millions, SFr in Millions, ¥ in Billions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 JPY (¥)	Dec. 31, 2023 CHF (SFr)	Jun. 30, 2021 USD ($)
Derivative Instruments Gain Loss [Line Items]
Fair value hedges of fixed rate obligations							$ 1,000,000,000
Forward starting interest rate swap cash flow hedge to be amortized	$ 23,900,000
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
Loss on early extinguishment of debt			$ (165,100,000)
Fair value of outstanding derivative instruments, net unrealized gain deferred in accumulated other comprehensive income	$ 71,600,000
Gains (losses) on derivatives	(21,600,000)	$ 5,300,000	(3,700,000)
Cost of Products Sold [Member]
Derivative Instruments Gain Loss [Line Items]
Fair value of outstanding derivative instruments, gain, expected to be reclassified to earnings	68,200,000
Fair value of outstanding derivative instruments, gain (loss), net of taxes expected to be reclassified to earnings	56,400,000
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	63,300,000
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
U.S. Dollars [Member] | Foreign Exchange Contract [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total	1,531,100,000
Swiss Francs [Member] | Foreign Exchange Contract [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total	$ 449,400,000
4.450% [Member] | Senior Notes [Member] | Due in 2045 [Member]
Derivative Instruments Gain Loss [Line Items]
Hedged senior notes maturity period	30 years
Interest rate	4.45%	4.45%		4.45%	4.45%	4.45%
Derivatives Designated as Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative notional amount, Total							$ 1,000,000,000
Derivatives Not Designated as Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Loss on early extinguishment of debt			$ 12,000,000
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

Derivative Instruments and He_4

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	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Current portion of long-term debt	$ 900	$ 544.3
Long-term debt			$ 1,000
Carrying Amount of Hedged Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt	851.3	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	$ (144.7)	$ (172)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Gross Unrealized Losses from Derivative Instruments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	$ 84.8	$ 100.5	$ 102.5
Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	84.8	100.5	102.5
Amount of Gain / (Loss) Reclassified from AOCI	93.4	54.1	(1.4)
Cash Flow Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	84.8	100.5	102.5
Amount of Gain / (Loss) Reclassified from AOCI	$ 94.1	$ 54.8	$ (0.8)
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	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	$ (0.7)	$ (0.7)	$ (0.6)
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 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 Consolidated Statements of Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Gain on net investment hedging relationships	$ (54.3)	$ 119.5	$ 232.6
Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on cash flow hedging relationships	93.4	54.1	(1.4)
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	2,083.8	2,019.5	1,960.4
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	(201.2)	(164.8)	(208.4)
Interest Expense [Member] | Discontinued Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on fair value hedging relationships			3.1
Forward Starting Interest Rate Swaps [Member] | Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on cash flow hedging relationships	$ (0.7)	$ (0.7)	$ (0.6)
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 Income (Expense), Net
Foreign Exchange Forward Contracts [Member] | Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on cash flow hedging relationships	$ 94.1	$ 54.8	$ (0.8)
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	Cost of Goods and Services Sold
Interest Rate Swaps [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 Income (Expense), Net
Interest Rate Swaps [Member] | Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on fair value hedging relationships	$ (38.9)	$ (4)	$ 6.4
Cross-currency Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Gain on net investment hedging relationships	(16.9)	6.4	103
Cross-currency Interest Rate Swaps [Member] | Interest Expense [Member] | Net Investment Hedging [Member]
Derivative Instruments Gain Loss [Line Items]
Gain on net investment hedging relationships	$ 33.7	$ 21.6	$ 37.5

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Derivative Instruments Not Designated as Hedging Instruments (Detail) - Derivatives Not Designated as Hedges [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign Exchange Forward Contracts [Member] | Other (Expense) Income, Net [Member]
Derivative Instruments Gain Loss [Line Items]
Gains/(losses) from derivative instruments not designated as hedging instruments	$ 4.4	$ (26.1)	$ (1.8)
Forward Exchange Agreement | Other (Expense) Income, Net [Member]
Derivative Instruments Gain Loss [Line Items]
Gains/(losses) from derivative instruments not designated as hedging instruments		$ 1.1
Reverse Treasury Lock [Member] | Loss on Early Extinguishment of Debt [Member]
Derivative Instruments Gain Loss [Line Items]
Gains/(losses) from derivative instruments not designated as hedging instruments			$ 12

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on Gross Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 81	$ 96.6
Derivative Liabilities	237.7	244.1
Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	1.2	4.2
Derivative Liabilities	2.4	4.6
Foreign Exchange Forward Contracts [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	1.2	3.1
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	58.4	73.2
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	1.2	3.1
Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	17.2	16.6
Foreign Exchange Forward Contracts [Member] | Other Current Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	13.9	8
Foreign Exchange Forward Contracts [Member] | Other Current Liabilities [Member] | Derivatives Not Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2.4	4.6
Foreign Exchange Forward Contracts [Member] | Other Long-term Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	11	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	5.4	0
Cross-currency Interest Rate Swaps [Member] | Other Current Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	33.3	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	34.8	46.3
Interest Rate Swaps [Member] | Other Long-term Liabilities [Member] | Derivatives Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 144.7	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 Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Not Designated as Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	$ 1.2	$ 4.2
Gross Amount	2.4	4.6
Offset	0.8	1.3
Net Amount in Balance Sheet	$ 1.6	$ 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	$ 1.2	$ 3.1
Offset	0.8	1.3
Net Amount in Balance Sheet	$ 0.4	$ 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	$ 58.4	$ 73.2
Offset	13	7.1
Net Amount in Balance Sheet	$ 45.4	$ 66.1
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Gross Amount	$ 13.9	$ 8
Offset	13	7.1
Net Amount in Balance Sheet	$ 0.9	$ 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	$ 17.2	$ 16.6
Offset	8.2	9.9
Net Amount in Balance Sheet	$ 9	$ 6.7
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Gross Amount	$ 11	$ 14.5
Offset	8.2	9.9
Net Amount in Balance Sheet	$ 2.8	$ 4.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Derivative Instruments and H_10

Derivative Instruments and Hedging Activities - Net Investment Hedge Gains Recognized on Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	$ (54.3)	$ 119.5	$ 232.6
Euro Notes [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	(37.4)	113.1	129.6
Cross-currency Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain / (Loss) Recognized in AOCI	$ (16.9)	$ 6.4	$ 103

Retirement Benefit Plans - Comp

Retirement Benefit Plans - Components of Net Pension Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States [Member]
Net Periodic Benefit Cost
Service cost	$ 0.4	$ 0.7	$ 0.9
Interest cost	$ 18.7	$ 11.7	$ 10.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (30.1)	$ (30.8)	$ (29.8)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Settlements	$ 0.1		$ 6.4
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost	$ 0.2	$ 0.3	$ 0.3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of unrecognized actuarial loss	$ 2.8	$ 7.8	$ 8.6
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic (income) benefit expense	$ (7.9)	$ (10.3)	$ (3.1)
Foreign [Member]
Net Periodic Benefit Cost
Service cost	15.5	22.7	24.7
Interest cost	$ 15.7	$ 5.4	$ 4.9
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (22.5)	$ (14.3)	$ (15.6)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Settlements	$ (2.6)	$ (5)	$ 0.5
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost	$ (4.4)	$ (4.1)	$ (4.3)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of unrecognized actuarial loss	$ (2.2)	$ 0.8	$ 2.5
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic (income) benefit expense	$ (0.5)	$ 5.5	$ 12.7

Retirement Benefit Plans - Weig

Retirement Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Net Pension Expense for Our Defined Benefit Retirement Plans (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Discount rate	5.25%	2.86%	2.04%
Expected long-term rate of return on plan assets	6.75%	6.75%	6.75%
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Discount rate	2.60%	0.67%	0.63%
Rate of compensation increase	2.33%	2.27%	2.39%
Expected long-term rate of return on plan assets	3.17%	1.83%	2.09%

Retirement Benefit Plans - Chan

Retirement Benefit Plans - Changes in Projected Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Projected benefit obligation - beginning of year	$ 366.8	$ 503.1
Service cost	0.4	0.7	$ 0.9
Interest cost	18.7	11.7	10.5
Benefits paid	(20.1)	(23.5)
Actuarial loss (gain)	15.1	(125.2)
Settlements	(0.3)
Projected benefit obligation - end of year	380.6	366.8	503.1
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Projected benefit obligation - beginning of year	567.9	807.9
Service cost	15.5	22.7	24.7
Interest cost	15.7	5.4	4.9
Employee contributions	24.1	24.5
Benefits paid	(48.1)	(64.3)
Actuarial loss (gain)	31.1	(186.2)
Settlements		(2.3)
Translation loss (gain)	48.2	(39.8)
Projected benefit obligation - end of year	$ 654.4	$ 567.9	$ 807.9

Retirement Benefit Plan - Chang

Retirement Benefit Plan - Changes in Fair Value of Plan Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value - beginning of year	$ 396.2	$ 499.5
Actual return on plan assets	57.6	(81.5)
Employer contributions	0.4	1.7
Settlements	(0.3)
Benefits paid	(20.1)	(23.5)
Plan assets at fair market value - end of year	433.8	396.2
Funded status	53.2	29.4
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value - beginning of year	667.2	821.2
Actual return on plan assets	31.9	(93.8)
Employer contributions	19.9	19.8
Employee contributions	24.1	24.5
Settlements		(2.3)
Benefits paid	(48.1)	(64.3)
Translation gain (loss)	56.7	(37.9)
Plan assets at fair market value - end of year	751.7	667.2
Funded status	$ 97.3	$ 99.3

Retirement Benefit Plan - Summa

Retirement Benefit Plan - Summary of Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Prepaid pension	$ 54.5	$ 30.9
Short-term accrued benefit liability	(0.1)	(0.1)
Long-term accrued benefit liability	(1.2)	(1.4)
Net amount recognized	53.2	29.4
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Prepaid pension	117.8	119.9
Short-term accrued benefit liability	(1.4)	(1.4)
Long-term accrued benefit liability	(19.1)	(19.2)
Net amount recognized	$ 97.3	$ 99.3

Retirement Benefit Plans - We_2

Retirement Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Projected Benefit Obligation for Defined Benefit Retirement Plans (Detail)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Discount rate	5.38%	5.37%	2.70%
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Discount rate	2.21%	2.65%	0.73%
Rate of compensation increase	2.34%	2.25%	2.48%

Retirement Benefit Plans - Plan

Retirement Benefit Plans - Plans with Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Projected benefit obligation	$ 1.3	$ 1.5
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Projected benefit obligation	27.2	26.8
Plan assets at fair market value	$ 8.6	$ 7.9

Retirement Benefit Plans - Tota

Retirement Benefit Plans - Total Accumulated Benefit Obligations and Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
United States [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Total accumulated benefit obligations	$ 380.6	$ 366.8
Plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation	1.3	1.5
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Total accumulated benefit obligations	640.3	548.6
Plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation	24.9	24.5
Plan assets at fair market value	$ 8.6	$ 7.9

Retirement Benefit Plans - Summ

Retirement Benefit Plans - Summary of Benefits Expected to be Paid Out (Detail) $ in Millions	Dec. 31, 2023 USD ($)
United States [Member]
Schedule of Expected Future Pension Benefit Payment [Line Items]
2024	$ 24.4
2025	25.7
2026	25.9
2027	26.3
2028	26.8
2029-2033	133.5
Foreign [Member]
Schedule of Expected Future Pension Benefit Payment [Line Items]
2024	37.1
2025	38.9
2026	37
2027	37.8
2028	36.9
2029-2033	$ 173.3

Retirement Benefit Plans - Addi

Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Expense related to defined contribution plan	$ 60.4	$ 48.5	$ 46.3
Foreign [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Contribution towards defined benefit plans	$ 18.2
Minimum | U.S. and Puerto Rico [Member] | Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	30%
Minimum | U.S. and Puerto Rico [Member] | Debt Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	30%
Minimum | U.S. and Puerto Rico [Member] | Non-Traditional Investments [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	0%
Minimum | Foreign [Member] | Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	20%
Minimum | Foreign [Member] | Debt Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	30%
Minimum | Foreign [Member] | Real Estate [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	15%
Minimum | Foreign [Member] | Cash Fund [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	3%
Minimum | Foreign [Member] | Other Funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	0%
Maximum | U.S. and Puerto Rico [Member] | Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	65%
Maximum | U.S. and Puerto Rico [Member] | Debt Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	50%
Maximum | U.S. and Puerto Rico [Member] | Non-Traditional Investments [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	15%
Maximum | Foreign [Member] | Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	37%
Maximum | Foreign [Member] | Debt Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	50%
Maximum | Foreign [Member] | Real Estate [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	24%
Maximum | Foreign [Member] | Cash Fund [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	15%
Maximum | Foreign [Member] | Other Funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Target range of assets held by defined benefit plan for cash funds	12%

Retirement Benefit Plans - Fair

Retirement Benefit Plans - Fair Value of U.S. and Puerto Rico Pension Plan Assets (Detail) - United States [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	$ 433.8	$ 396.2	$ 499.5
Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	2.5	5
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	431.3	391.2
Cash and Cash Equivalents [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	2.5	5
Cash and Cash Equivalents [Member] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	2.5	5
Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	296.2	263.2
Equity Securities [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	296.2	263.2
Intermediate Fixed Income Debt Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	135.1	128
Intermediate Fixed Income Debt Securities [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	$ 135.1	$ 128

Retirement Benefit Plans - Fa_2

Retirement Benefit Plans - Fair Value of Foreign Pension Plan Assets (Detail) - Foreign [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	$ 751.7	$ 667.2	$ 821.2
Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	176.7	144.5
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	379.3	357.2
Fair Value Measurements at Reporting Date Using: Significant Unobservable Inputs (Level 3) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	195.7	165.5
Cash and Cash Equivalents [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	28.5	21.9
Cash and Cash Equivalents [Member] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	28.5	21.9
Equity Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	160.9	136
Equity Securities [Member] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	148.2	122.6
Equity Securities [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	12.7	13.4
Fixed Income Securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	181.3	168.8
Fixed Income Securities [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	181.3	168.8
Other Types of Investments [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	185.3	175
Other Types of Investments [Member] | Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	185.3	175
Real Estate [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	195.7	165.5
Real Estate [Member] | Fair Value Measurements at Reporting Date Using: Significant Unobservable Inputs (Level 3) [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets at fair market value	$ 195.7	$ 165.5

Retirement Benefit Plans - Reco

Retirement Benefit Plans - Reconciliation of Beginning and Ending Balances of Foreign Pension Plan Assets Measured at Fair Value (Detail) - Foreign [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Fair Values of Plan Assets [Line Items]
Plan assets at fair market value - beginning of year	$ 667.2	$ 821.2
Translation gain	56.7	(37.9)
Plan assets at fair market value - end of year	751.7	667.2
Fair Value Measurements at Reporting Date Using: Significant Unobservable Inputs (Level 3) [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Plan assets at fair market value - beginning of year	165.5
Change in fair value of assets	9.4
Net purchases and sales	3.5
Translation gain	17.3
Plan assets at fair market value - end of year	$ 195.7	$ 165.5

Income Taxes - Components of Ea

Income Taxes - Components of Earnings (Loss) Before Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States operations	$ 57	$ (242.4)	$ (118.8)
Foreign operations	1,010.3	645.9	617.8
Earnings from continuing operations before income taxes	$ 1,067.3	$ 403.5	$ 499

Income Taxes - Provision_(Benef

Income Taxes - Provision/(Benefit) for Income Taxes and Income Taxes Paid (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0.5	$ 175.3	$ 44.3
State	19.5	16.1	7.2
Foreign	118.5	(14.7)	104.1
Current, Total	138.5	176.7	155.6
Deferred:
Federal	(125.2)	(74.8)	(83.5)
State	(16.7)	1.6	(19.4)
Foreign	45.6	8.8	0.8
Deferred, Total	(96.3)	(64.4)	(102.1)
Provision for income taxes	42.2	112.3	53.5
Net income taxes paid	$ 215.2	$ 326.6	$ 258.4

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate to Our Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21%	21%	21%
State taxes, net of federal deduction	0.20%	3.20%	(2.80%)
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits	(0.30%)	(1.80%)	(10.30%)
Change in valuation allowance	(0.20%)	1.10%	(0.50%)
Non-deductible expenses	0.70%	5.80%	1.30%
Goodwill impairment		15.30%
Tax rate change		0.30%	0.10%
Tax impact of certain significant transactions		0.90%	1.10%
Tax benefit relating to foreign derived intangible income and U.S. manufacturer's deduction	(0.80%)	(2.90%)	0.40%
R&D tax credit	(0.60%)	(2.00%)	(2.20%)
Share-based compensation	0.10%	1.80%	(0.20%)
Net uncertain tax positions, including interest and penalties	(16.00%)	(14.60%)	2.90%
Other	(0.10%)	(0.20%)	(0.10%)
Effective income tax rate	4%	27.90%	10.70%

Income Taxes - Components of De

Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Inventory	$ 204	$ 187.9
Net operating loss carryover	484.3	476.2
Tax credit carryover	81.8	72.9
Capital loss carryover	8.1	7.8
Product liability and litigation	27.9	36.7
Accrued liabilities	92.4	99.1
Share-based compensation	44.4	36.6
Accounts receivable	23	25.8
Research and development	103.9	47.9
Lease liability	52.6	51.6
Other	25.2	51.1
Total deferred tax assets	1,147.6	1,093.6
Less: Valuation allowances	(464.6)	(463.2)
Total deferred tax assets after valuation allowances	683	630.4
Deferred tax liabilities:
Fixed assets	122.2	111.6
Intangible assets	466.5	466.8
Foreign currency items		23
Lease asset	48.8	47.2
Other	41.2	49.2
Total deferred tax liabilities	678.7	697.8
Total net deferred income taxes	$ 4.3
Total net deferred income taxes		$ (67.4)

Income Taxes - Summary of Tax C

Income Taxes - Summary of Tax Credit Carryforwards (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Net operating loss carryover	$ 484.3	$ 476.2
Tax credit carryover	81.8	72.9
Capital loss carryover	8.1	$ 7.8
Net operating loss carryover valuation allowance	411.5
Tax credit carryover valuation allowance	39.5
Capital loss carryover valuation allowance	8.1
1-5 Years [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryover	50.6
Tax credit carryover	20.3
Capital loss carryover	0.1
6-10 Years [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryover	11
Tax credit carryover	59
11+ Years [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryover	281.9
Tax credit carryover	1.3
Indefinite [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryover	140.8
Tax credit carryover	1.2
Capital loss carryover	$ 8

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
Other valuation allowance	$ 5.5
Unrecognized tax benefits income tax penalties and interest expense recognized	45.3	$ 18.1	$ 8.9
Recognized liability for interest and penalties	89.1	134.5	116.2
Unrecognized tax benefits, decrease related to prior periods	206.2	$ 78.2	$ 12.7
Decrease in unrecognized tax benefits within the next twelve months	270
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
State examination period after notification	up to one year
Minimum
Income Taxes Disclosure [Line Items]
State jurisdictions statutes of limitation period	3 years
Maximum [Member]
Income Taxes Disclosure [Line Items]
State jurisdictions statutes of limitation period	5 years

Income Taxes - Tabular Reconcil

Income Taxes - Tabular Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at January 1	$ 521	$ 558.6	$ 619.4
Increases related to prior periods	68.7	25	11.5
Decreases related to prior periods	(206.2)	(78.2)	(12.7)
Increases related to current period	8.7	19	7.3
Decreases related to settlements with taxing authorities		(2)	(65.1)
Decreases related to lapse of statute of limitations	(0.3)	(1.4)	(1.8)
Balance at December 31	391.9	521	558.6
Amounts impacting effective tax rate, if recognized balance at December 31	$ 251.6	$ 360.1	$ 426.4

Capital Stock and Earnings pe_3

Capital Stock and Earnings per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Preferred stock, shares authorized	250,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Options to purchase shares of common stock not included in the computation of diluted earnings per share	2,700,000	4,400,000	1,300,000

Capital Stock and Earnings pe_4

Capital Stock and Earnings per Share - Reconciliation of Weighted Average Shares for Basic and Diluted Shares Computations (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted average shares outstanding for basic net earnings per share	208.7	209.6	208.6
Effect of dilutive stock options and other equity awards	1	0.7	1.8
Weighted average shares outstanding for diluted net earnings per share	209.7	210.3	210.4

Segment Data - Additional Infor

Segment Data - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment	3
Net Sales	$ 7,394.2	$ 6,939.9	$ 6,827.3
Share of revenue from an individual country in net sales	less than 10 percent
US [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 4,288.8	$ 4,012.4	$ 3,853.9

Segment Data - Summary of Net S

Segment Data - Summary of Net Sales and Other Information by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Sales And Operating Profit Information [Line Items]
Net Sales	$ 7,394.2	$ 6,939.9	$ 6,827.3
Operating Profit	1,277.7	696.3	860.3
Depreciation and Amortization	951.7	926.4	937.7
Segment Assets	3,827.6	3,528.7
Intangible asset amortization	561.5	526.8	529.5
Goodwill and intangible asset impairment		(292.8)	(16.3)
Intangible asset amortization	(561.5)	(526.8)	(529.5)
Americas [Member]
Net Sales And Operating Profit Information [Line Items]
Net Sales	4,624.1	4,295.5	4,102.1
Operating Profit	1,948.9	1,819.7	1,726.9
Depreciation and Amortization	145.9	142.1	143.1
Segment Assets	1,218	1,172
Corporate Items [Member]
Net Sales And Operating Profit Information [Line Items]
Operating Profit	(1,056.9)	(1,127.5)	(1,145)
Depreciation and Amortization	114.8	129.6	127
Segment Assets	1,575.6	1,342.7
Operating Segments [Member] | EMEA [Member]
Net Sales And Operating Profit Information [Line Items]
Net Sales	1,592.4	1,456.6	1,477.2
Operating Profit	524.6	404.1	405.9
Depreciation and Amortization	67.2	64.4	71.4
Segment Assets	679	664
Operating Segments [Member] | Asia Pacific [Member]
Net Sales And Operating Profit Information [Line Items]
Net Sales	1,177.7	1,187.8	1,248
Operating Profit	422.6	419.6	418.3
Depreciation and Amortization	62.3	63.5	$ 66.7
Segment Assets	$ 355	$ 350

Segment Data - Disclosure on Ge

Segment Data - Disclosure on Geographic Areas, Long-Lived Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 2,060.4	$ 1,872.5
United States [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	1,265.1	1,101.8
International [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 795.3	$ 770.7

Leases - Additional Information

Leases - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Real Estate Leases [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend	Our real estate leases generally have terms of between 5 to 10 years and contain lease extension options that can vary from month-to-month extensions to up to 5 year extensions. We include extension options in our lease term if we are reasonably certain to exercise that option.
Lessee, operating lease, existence of option to extend	true
Real Estate Leases [Member] | Minimum
Lessee Lease Description [Line Items]
Lessee, operating lease, term of contract	5 years
Real Estate Leases [Member] | Maximum
Lessee Lease Description [Line Items]
Lessee, operating lease, term of contract	10 years
Lessee, operating lease, renewal term	5 years
Vehicle Leases [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend	Our vehicle leases generally have terms of between 3 to 5 years and contain lease extension options on a month-to-month basis. Our vehicle leases are generally not reasonably certain to be extended.
Lessee, operating lease, existence of option to extend	true
Vehicle Leases [Member] | Minimum
Lessee Lease Description [Line Items]
Lessee, operating lease, term of contract	3 years
Vehicle Leases [Member] | Maximum
Lessee Lease Description [Line Items]
Lessee, operating lease, term of contract	5 years

Leases - Schedule of Informatio

Leases - Schedule of Information on Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease cost	$ 59.7	$ 62.4	$ 71.1
Cash paid for leases recognized in operating cash flows	62.8	65.2	70.5
Right-of-use assets obtained in exchange for new lease liabilities	77.8	72	$ 88.8
Right-of-use assets recognized in Other assets	$ 203.8	$ 196.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities recognized in Other current liabilities	$ 52.9	$ 53
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Lease liabilities recognized in Other long-term liabilities	$ 174.4	$ 167.3
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Weighted-average remaining lease term	5 years 9 months 18 days	5 years 10 months 24 days
Weighted-average discount rate	2.80%	2.10%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 57.7
2025	48.1
2026	39.3
2027	31.3
2028	20.9
Thereafter	50.1
Total	247.4
Less imputed interest	20.1
Total	$ 227.3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Net Litigation Related Charges	$ 21.6	$ 65.9	$ 201
Accrued litigation liabilities	244.1	$ 349.2
Other Contingencies [Member]
Loss Contingencies [Line Items]
Loss Contingency Minimum	0
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 440

Schedule - Valuation and Qualif

Schedule - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Doubtful Accounts [Member]
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 78.4	$ 60.1	$ 58.6
Additions Charged (Credited) to Expense	5.1	22.5	12.4
Deductions / Other Additions to Reserve	(5.1)	(7.6)	(9)
Effects of Foreign Currency	(3.3)	3.4	(1.9)
Balance at End of Period	75.1	78.4	60.1
Deferred Tax Asset Valuation Allowances [Member]
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	463.2	460.1	527.3
Additions Charged (Credited) to Expense	(3.1)	3	(2.6)
Deductions / Other Additions to Reserve	3.7	2	(61.5)
Effects of Foreign Currency	0.8	(1.9)	(3.1)
Balance at End of Period	$ 464.6	$ 463.2	$ 460.1