Zimmer Biomet (ZBH) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ZBH
Entity Registrant Name	ZIMMER BIOMET HOLDINGS, INC.
Entity Central Index Key	1,136,869
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		199,238,886

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net Sales	$ 1,904	$ 1,134.4
Cost of products sold, excluding intangible asset amortization	635.2	284.9
Intangible asset amortization	126.6	20.4
Research and development	85.7	48.3
Selling, general and administrative	716.9	424.1
Special items (Note 2)	94.1	86.8
Operating expenses	1,658.5	864.5
Operating Profit	245.5	269.9
Other expense, net	(3.8)	(22.6)
Interest income	1.3	2.6
Interest expense	(88.2)	(23.1)
Earnings before income taxes	154.8	226.8
Provision for income taxes	49	55.7
Net Earnings	105.8	171.1
Less: Net loss attributable to noncontrolling interest	(0.1)	(0.3)
Net Earnings of Zimmer Biomet Holdings, Inc.	$ 105.9	$ 171.4
Earnings Per Common Share
Basic	$ 0.53	$ 1.01
Diluted	$ 0.52	$ 0.99
Weighted Average Common Shares Outstanding
Basic	200.1	170
Diluted	202	172.9
Cash Dividends Declared Per Common Share	$ 0.24	$ 0.22

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 105.8	$ 171.1
Other Comprehensive Income:
Foreign currency cumulative translation adjustments	134.2	(149.9)
Unrealized cash flow hedge (losses) gains, net of tax	(44.1)	52.4
Reclassification adjustments on foreign currency hedges, net of tax	(24.4)	(21.6)
Unrealized gains on securities, net of tax	0.4	0.6
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax	20	3.9
Total Other Comprehensive Income (Loss)	86.1	(114.6)
Comprehensive Income	191.9	56.5
Comprehensive (loss) gain attributable to the noncontrolling interest	(0.2)	0.2
Comprehensive Income attributable to Zimmer Biomet Holdings, Inc.	$ 192.1	$ 56.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 996.8	$ 1,459.3
Short-term investments	13.4	164.6
Accounts receivable, less allowance for doubtful accounts	1,568.2	1,446.5
Inventories	2,082.9	2,254.1
Prepaid expenses and other current assets	420.7	529.2
Total Current Assets	5,082	5,853.7
Property, plant and equipment, net	2,039	2,062.6
Goodwill	10,142.9	9,934.2
Intangible assets, net	8,474.2	8,746.3
Other assets	559.2	563.8
Total Assets	26,297.3	27,160.6
Current Liabilities:
Accounts payable	252.6	284.8
Income taxes payable	165.6	147.2
Other current liabilities	1,096.4	1,185.9
Total Current Liabilities	1,514.6	1,617.9
Deferred income taxes	3,015.1	3,150.2
Other long-term liabilities	989.2	1,005.7
Long-term debt	11,117.4	11,497.4
Total Liabilities	$ 16,636.3	$ 17,271.2
Commitments and Contingencies (Note 16)
Stockholders' Equity:
Common stock, $0.01 par value, one billion shares authorized, 303.3 million shares issued in 2016 (302.7 million in 2015)	$ 3	$ 3
Paid-in capital	8,233.5	8,195.3
Retained earnings	8,407.5	8,347.7
Accumulated other comprehensive loss	(242.9)	(329)
Treasury stock, 104.2 million shares in 2016 (100.0 million shares in 2015)	(6,741.4)	(6,329.1)
Total Zimmer Biomet Holdings, Inc. stockholders' equity	9,659.7	9,887.9
Noncontrolling interest	1.3	1.5
Total Stockholders' Equity	9,661	9,889.4
Total Liabilities and Stockholders' Equity	$ 26,297.3	$ 27,160.6

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	303,300,000	302,700,000
Treasury stock, shares	104,200,000	100,000,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows provided by (used in) operating activities:
Net earnings	$ 105.8	$ 171.1
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	246.9	89
Share-based compensation	12.7	12.9
Income tax benefit from stock option exercises	10	16.4
Excess income tax benefit from stock option exercises	(3.2)	(7.8)
Inventory step-up	153.7	0.4
Changes in operating assets and liabilities, net of effect of acquisitions:
Income taxes	(40.8)	(12.6)
Receivables	(83.4)	6.6
Inventories	38.3	(57.9)
Accounts payable and accrued expenses	(120.7)	(151.4)
Other assets and liabilities	(54.1)	24.8
Net cash provided by operating activities	265.2	91.5
Cash flows provided by (used in) investing activities:
Additions to instruments	(85.1)	(62.4)
Additions to other property, plant and equipment	(27.6)	(34.4)
Purchases of investments	(0.3)	(152.6)
Sales of investments	223.5	320.3
Investments in other assets	(14.7)	(3)
Net cash provided by investing activities	95.8	67.9
Cash flows provided by (used in) financing activities:
Proceeds from senior notes		7,628.2
Payments on term loan	(400)
Net proceeds under revolving credit facilities	0.3	0.8
Dividends paid to stockholders	(44.6)	(37.3)
Proceeds from employee stock compensation plans	31.3	27.5
Excess income tax benefit from stock option exercises	3.2	7.8
Debt issuance costs		(58.4)
Repurchase of common stock	(415.5)
Net cash (used in) provided by financing activities	(825.3)	7,568.6
Effect of exchange rates on cash and cash equivalents	1.8	(17.8)
(Decrease) increase in cash and cash equivalents	(462.5)	7,710.2
Cash and cash equivalents, beginning of year	1,459.3	1,083.3
Cash and cash equivalents, end of period	$ 996.8	$ 8,793.5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The financial data presented herein is unaudited and should be read in conjunction with the consolidated financial statements and accompanying notes included in the 2015 Annual Report on Form 10-K filed by Zimmer Biomet Holdings, Inc. In our opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The December 31, 2015 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Results for interim periods should not be considered indicative of results for the full year. On June 24, 2015 (the “Closing Date”), pursuant to an agreement and plan of merger dated April 24, 2014, we acquired LVB Acquisition, Inc. (“LVB”), the parent company of Biomet, Inc. (“Biomet”), and LVB and Biomet became our wholly-owned subsidiaries (sometimes hereinafter referred to as the “Biomet merger” or the “merger”). For more information on the merger, see Note 3. In connection with the merger, we changed our name from Zimmer Holdings, Inc. to Zimmer Biomet Holdings, Inc. The words “we,” “us,” “our” and similar words and “Zimmer Biomet” refer to Zimmer Biomet Holdings, Inc. and its subsidiaries. “Zimmer Biomet Holdings” refers to the parent company only. “Zimmer” used alone refers to the business or information of us and our subsidiaries on a stand-alone basis without inclusion of the business or information of LVB or any of its subsidiaries. Unless the context indicates or requires otherwise, references to “LVB” and “Biomet” refer to LVB and its subsidiaries.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Special Items Three Months Ended 2016 2015 Biomet-related Consulting and professional fees $ 36.1 $ 24.2 Employee termination benefits 4.1 0.4 Dedicated project personnel 21.7 1.0 Relocated facilities 7.1 — Contract terminations 10.1 — Information technology integration 1.4 — Other 4.0 0.2 Other Consulting and professional fees 6.9 39.7 Employee termination benefits — 0.1 Dedicated project personnel 1.8 12.4 Impairment/loss on disposal of assets — 2.3 Relocated facilities 0.2 0.5 Information technology integration 0.1 — Contingent consideration adjustments — 2.3 Accelerated software amortization — 1.5 Other 0.6 2.2 Special items $ 94.1 $ 86.8 After the Closing Date of the Biomet merger, we started to implement our integration plans to drive operational synergies. Part of these integration plans included termination of employees and certain contracts. Expenses attributable to the initial phase of these integration plans that were recognized in the three month period ended March 31, 2016 as part of “Special items” related to employee termination benefits and contract termination expense associated with agreements with independent agents, distributors, suppliers and lessors. Our integration plans are expected to last through 2018 and we expect to incur a total of $170 million for employee termination benefits and $130 million for contract termination expense in that time period. As of March 31, 2016, we have incurred a cumulative total of $105.1 million for employee termination benefits and $105.1 million for contract termination expense. The following table summarizes the liabilities related to these integration plans (in millions): Employee Contract Total Balance at December 31, 2015 $ 46.8 $ 56.0 $ 102.8 Additions 4.1 10.1 14.2 Cash payments (19.2 ) (26.1 ) (45.3 ) Foreign currency exchange rate changes 0.2 0.1 0.3 Balance at March 31, 2016 $ 31.9 $ 40.1 $ 72.0 Recent Accounting Pronouncements— —Revenue from Contracts with Customers (Topic 606) In April 2015, the FASB issued ASU 2015-03— Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU 2016-02— Leases In March 2016, the FASB issued ASU 2016-09— Improvements to Employee Share-Based Payment Accounting There are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Biomet Merger

Biomet Merger	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Biomet Merger	3. Biomet Merger On the Closing Date, we completed our merger with LVB, the parent company of Biomet. We paid $12,030.3 million in cash and stock and assumed Biomet’s senior notes. The total amount of merger consideration utilized for the acquisition method of accounting, as reduced by the merger consideration paid to holders of unvested LVB stock options and LVB stock-based awards of $90.4 million, was $11,939.9 million. The purchase price allocation as of March 31, 2016 is preliminary. The primary tasks to be completed related to our purchase price accounting are finalizing tax accounts, including, but not limited to, the allocation of acquired intangible assets and goodwill on a jurisdictional basis, and finalizing the estimated fair values of contingent assets and liabilities. There may be differences between these preliminary estimates of fair value and the final acquisition accounting, which differences could be material. The final estimates of fair value are expected to be completed in the three month period ended June 30, 2016. The following table summarizes our estimate of the preliminary fair values of the assets acquired and liabilities assumed at the Closing Date (in millions): Closing Date Adjustments Closing Date Cash $ 494.8 $ — $ 494.8 Accounts receivable, net 529.0 (0.9 ) 528.1 Inventory 1,245.7 (8.2 ) 1,237.5 Other current assets 26.4 — 26.4 Property, plant and equipment 791.4 (8.1 ) 783.3 Intangible assets not subject to amortization: Trademarks and trade names 479.0 — 479.0 In-process research and development (IPR&D) 246.0 — 246.0 Intangible assets subject to amortization: Technology 2,492.1 (160.0 ) 2,332.1 Customer relationships 4,956.0 (10.0 ) 4,946.0 Trademarks and trade names 389.0 (29.0 ) 360.0 Other assets 241.1 6.5 247.6 Goodwill 7,573.9 143.3 7,717.2 Total assets acquired 19,464.4 (66.4 ) 19,398.0 Current liabilities 628.1 (13.1 ) 615.0 Long-term debt 2,740.0 — 2,740.0 Deferred taxes 4,097.5 (50.9 ) 4,046.6 Other long-term liabilities 58.9 (2.4 ) 56.5 Total liabilities assumed 7,524.5 (66.4 ) 7,458.1 Net assets acquired $ 11,939.9 $ — $ 11,939.9 Adjustments to the preliminary fair values of the assets acquired and liabilities assumed during the three month period ended March 31, 2016 primarily related to refinements to intangible assets for certain less significant brands. All other adjustments were not significant. The adjustments resulted in a decrease to intangible asset amortization of $6.7 million for the three month period ended March 31, 2016, which related to the year ended December 31, 2015. There may be additional adjustments to these preliminary estimates of fair value which could be material. The following table summarizes the changes in the carrying amount of our goodwill (in millions): Americas EMEA Asia Product Total Balance at December 31, 2015 Goodwill $ 7,328.0 $ 1,291.0 $ 548.9 $ 1,139.3 $ 10,307.2 Accumulated impairment loss — — — (373.0 ) (373.0 ) 7,328.0 1,291.0 548.9 766.3 9,934.2 Biomet purchase accounting adjustments 100.7 11.1 8.4 23.1 143.3 Currency translation 35.6 18.4 8.3 3.1 65.4 Balance at March 31, 2016 Goodwill 7,464.3 1,320.5 565.6 1,165.5 10,515.9 Accumulated impairment loss — — — (373.0 ) (373.0 ) $ 7,464.3 $ 1,320.5 $ 565.6 $ 792.5 $ 10,142.9

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	4. Inventories March 31, December 31, (in millions) Finished goods $ 1,695.7 $ 1,827.9 Work in progress 134.1 146.1 Raw materials 253.1 280.1 Inventories $ 2,082.9 $ 2,254.1 Finished goods inventory as of March 31, 2016 and December 31, 2015 includes $139.4 million and $284.4 million, respectively, to step-up the acquired Biomet inventory to fair value.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	5. Property, Plant and Equipment March 31, December 31, (in millions) Land $ 39.4 $ 39.6 Buildings and equipment 1,782.2 1,789.3 Capitalized software costs 368.3 330.1 Instruments 2,215.8 2,160.5 Construction in progress 115.5 108.4 4,521.2 4,427.9 Accumulated depreciation (2,482.2 ) (2,365.3 ) Property, plant and equipment, net $ 2,039.0 $ 2,062.6

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments We invest in short and long-term investments classified as available-for-sale securities. Information regarding our investments is as follows (in millions): Amortized Cost Gross Unrealized Gains Losses Fair Value As of March 31, 2016 Corporate debt securities $ 49.9 $ 0.1 $ (0.1 ) $ 49.9 As of December 31, 2015 Corporate debt securities $ 245.7 $ 0.1 $ (0.4 ) $ 245.4 U.S. government and agency debt securities 21.6 — (0.1 ) 21.5 Commercial paper 4.2 — — 4.2 Certificates of deposit 2.0 — — 2.0 Total short and long-term investments $ 273.5 $ 0.1 $ (0.5 ) $ 273.1 The unrealized losses on our investments in corporate debt securities were caused by increases in interest yields in the global credit markets. We believe the unrealized losses associated with these securities as of March 31, 2016 are temporary because we do not intend to sell these investments, and we do not believe we will be required to sell them before recovery of their amortized cost basis. The amortized cost and fair value of our available-for-sale fixed-maturity securities by contractual maturity are as follows (in millions): March 31, 2016 Amortized Cost Fair Value Due in one year or less $ 13.4 $ 13.4 Due after one year through two years 36.5 36.5 Total $ 49.9 $ 49.9

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	7. Other Current Liabilities March 31, December 31, (in millions) Other current liabilities: Salaries, wages and benefits $ 190.3 $ 265.9 Accrued interest 108.6 77.2 Accrued liabilities 797.5 842.8 Total other current liabilities $ 1,096.4 $ 1,185.9

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	8. Debt Our debt consisted of the following (in millions): March 31, December 31, Long-term debt 1.450% Senior Notes due 2017 $ 500.0 $ 500.0 2.000% Senior Notes due 2018 1,150.0 1,150.0 4.625% Senior Notes due 2019 500.0 500.0 2.700% Senior Notes due 2020 1,500.0 1,500.0 3.375% Senior Notes due 2021 300.0 300.0 3.150% Senior Notes due 2022 750.0 750.0 3.550% Senior Notes due 2025 2,000.0 2,000.0 4.250% Senior Notes due 2035 500.0 500.0 5.750% Senior Notes due 2039 500.0 500.0 4.450% Senior Notes due 2045 1,250.0 1,250.0 U.S. Term Loan 2,100.0 2,500.0 Japan Term Loan 103.2 96.8 Other long-term debt 4.6 4.6 Debt discount and issuance costs (78.0 ) (80.8 ) Adjustment related to interest rate swaps 37.6 26.8 Total long-term debt $ 11,117.4 $ 11,497.4 At March 31, 2016, our total debt balance consisted of $8.95 billion aggregate principal amount of our senior notes, a $2.1 billion U.S. term loan (“U.S. Term Loan”) and an 11.7 billion Japanese Yen term loan agreement (“Japan Term Loan”) that will mature on May 31, 2018, partially reduced by other debt, debt discount and issuance costs and fair value adjustments totaling $35.8 million. The U.S. Term Loan is part of our $4.35 billion senior credit agreement (the “Credit Agreement”) that contains: (i) a 5-year unsecured term loan facility in the principal amount of $3.0 billion (the “U.S. Term Loan Facility”), and (ii) a 5-year unsecured multicurrency revolving facility in the principal amount of $1.35 billion (the “Multicurrency Revolving Facility”). The 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. Financial covenants include a consolidated indebtedness to consolidated EBITDA ratio of no greater than 5.0 to 1.0 through June 24, 2016 and no greater than 4.5 to 1.0 thereafter. If our credit rating falls below investment grade, additional restrictions would result, including restrictions on investments and payment of dividends. We were in compliance with all covenants under the Credit Agreement as of March 31, 2016. On June 24, 2015, we borrowed $3.0 billion under the U.S. Term Loan Facility to fund a portion of the Biomet merger. Under the terms of the U.S. Term Loan Facility, starting September 30, 2015, principal payments are due as follows: $75.0 million on a quarterly basis during the first three years, $112.5 million on a quarterly basis during the fourth year, and $412.5 million on a quarterly basis during the fifth year. We have paid $900.0 million in principal under the U.S. Term Loan Facility, resulting in $2.1 billion in outstanding borrowings as of March 31, 2016. Borrowings under the Multicurrency Revolving Facility may be used for general corporate purposes. There were no borrowings outstanding under the Multicurrency Revolving Facility as of March 31, 2016. Of the total $8.95 billion aggregate principal amount of senior notes outstanding at March 31, 2016, we issued $7.65 billion of this amount in March 2015 (the “Merger Notes”), the proceeds of which were used to finance a portion of the cash consideration payable in the Biomet merger, pay merger related fees and expenses and pay a portion of Biomet’s funded debt. The Merger Notes consist of the following seven tranches: the 1.450% Senior Notes due 2017, the 2.000% Senior Notes due 2018, the 2.700% Senior Notes due 2020, the 3.150% Senior Notes due 2022, the 3.550% Senior Notes due 2025, the 4.250% Senior Notes due 2035 and the 4.450% Senior Notes due 2045. We may, at our option, redeem our senior notes, in whole or in part, at any time upon payment of the principal, any applicable make-whole premium, and accrued and unpaid interest to the date of redemption. In addition, the Merger Notes and the 3.375% Senior Notes due 2021 may be redeemed at our option without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date. The estimated fair value of our senior notes as of March 31, 2016, based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $9,113.8 million. The estimated fair value of the Japan Term Loan as of March 31, 2016, based upon publicly available market yield curves and the terms of the debt (Level 2), was $102.3 million. The carrying value of the U.S. Term Loan approximates fair value as it bears interest at short-term variable market rates.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	9. Accumulated Other Comprehensive Income Other comprehensive income (“OCI”) 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 OCI may be reclassified to net earnings upon the occurrence of certain events. Our OCI is comprised of foreign currency translation adjustments, unrealized gains and losses on cash flow hedges, unrealized gains and losses on available-for-sale securities, 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. Unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings. Unrealized gains and losses on available-for-sale securities are reclassified to net earnings if we sell the security before maturity or if the unrealized loss is considered to be other-than-temporary. Amounts related to defined benefit plans that are in OCI are reclassified over the service periods of employees in the plan. The reclassification amounts are allocated to all employees in the plans and, therefore, the reclassified amounts may become part of inventory to the extent they are considered direct labor costs. See Note 13 for more information on our defined benefit plans. The following table shows the changes in the components of OCI, net of tax (in millions): Foreign Cash Unrealized Defined Balance at December 31, 2015 $ (193.4 ) $ 29.8 $ (0.6 ) $ (164.8 ) OCI before reclassifications 134.2 (44.1 ) 0.4 18.0 Reclassifications — (24.4 ) — 2.0 Balance at March 31, 2016 $ (59.2 ) $ (38.7 ) $ (0.2 ) $ (144.8 ) The following table shows the reclassification adjustments from OCI (in millions): Amount of Gain (Loss) Three Months Ended March 31, Location on Statement of Earnings Component of OCI 2016 2015 Cash flow hedges Foreign exchange forward contracts $ 32.1 $ 28.1 Cost of products sold Forward starting interest rate swaps (0.4 ) (0.1 ) Interest expense 31.7 28.0 Total before tax 7.3 6.4 Provision for income taxes $ 24.4 $ 21.6 Net of tax Defined benefit plans Prior service cost $ 1.9 $ 1.1 * Unrecognized actuarial (loss) (5.0 ) (4.3 ) * (3.1 ) (3.2 ) Total before tax (1.1 ) 0.7 (Benefit) provision for income taxes $ (2.0 ) $ (3.9 ) Net of tax Total reclassifications $ 22.4 $ 17.7 Net of tax * These OCI components are included in the computation of net periodic pension expense (see Note 13). The following table shows the tax effects on each component of OCI recognized in our condensed consolidated statements of comprehensive income (in millions): Three Months Ended March 31, 2016 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ 134.2 $ — $ 134.2 Unrealized cash flow hedge losses (56.5 ) (12.4 ) (44.1 ) Reclassification adjustments on foreign currency hedges (31.7 ) (7.3 ) (24.4 ) Unrealized gains on securities 0.4 — 0.4 Adjustments to prior service cost and unrecognized actuarial assumptions 21.4 1.4 20.0 Total Other Comprehensive Gain (Loss) $ 67.8 $ (18.3 ) $ 86.1 Three Months Ended March 31, 2015 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ (149.9 ) $ — $ (149.9 ) Unrealized cash flow hedge gains (losses) 51.7 (0.7 ) 52.4 Reclassification adjustments on foreign currency hedges (28.0 ) (6.4 ) (21.6 ) Unrealized gains on securities 0.6 — 0.6 Adjustments to prior service cost and unrecognized actuarial assumptions 3.2 (0.7 ) 3.9 Total Other Comprehensive Loss $ (122.4 ) $ (7.8 ) $ (114.6 )

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	10 Fair Value Measurement of Assets and Liabilities The following assets and liabilities are recorded at fair value on a recurring basis (in millions): As of March 31, 2016 Recorded Fair Value Measurements at Reporting Date Using: Description Quoted Prices in Significant Other Significant Assets Available-for-sale securities Corporate debt securities $ 49.9 $ — $ 49.9 $ — Total available-for-sale securities 49.9 — 49.9 — Derivatives, current and long-term Foreign currency forward contracts and options 32.9 — 32.9 — Interest rate swaps 37.6 — 37.6 — $ 120.4 $ — $ 120.4 $ — Liabilities Derivatives, current and long-term $ 21.5 $ — $ 21.5 $ — Foreign currency forward contracts and options $ 21.5 $ — $ 21.5 $ — As of December 31, 2015 Recorded Fair Value Measurements at Reporting Date Using: Description Quoted Prices in Significant Other Significant Assets Available-for-sale securities Corporate debt securities $ 245.4 $ — $ 245.4 $ — U.S. government and agency debt securities 21.5 — 21.5 — Commercial paper 4.2 — 4.2 — Certificates of deposit 2.0 — 2.0 — Total available-for-sale securities 273.1 — 273.1 — Derivatives, current and long-term Foreign currency forward contracts and options 96.9 — 96.9 — Interest rate swaps 26.8 — 26.8 — $ 396.8 $ — $ 396.8 $ — Liabilities Derivatives, current and long-term Foreign currency forward contracts and options $ 1.6 $ — $ 1.6 $ — $ 1.6 $ — $ 1.6 $ — We value our available-for-sale securities using a market approach based on broker prices for identical assets in over-the-counter markets and we perform ongoing assessments of counterparty credit risk. We value our foreign currency forward contracts and foreign currency options 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.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	11. 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 use interest rate derivative instruments to manage our exposure to interest rate movements by converting fixed-rate debt into variable-rate debt. Under these agreements, we agree to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. The objective of the instruments is to more closely align interest expense with interest income received on cash and cash equivalents. 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. We have multiple fixed-to-variable interest rate swap agreements that we have designated as fair value hedges of the fixed interest rate obligations on our 4.625% Senior Notes due 2019 and 3.375% Senior Notes due 2021. The total notional amounts are $250 million and $300 million for the 4.625% Senior Notes due 2019 and 3.375% Senior Notes due 2021, respectively. On the interest rate swap agreements for the 4.625% Senior Notes due 2019, we receive a fixed interest rate of 4.625 percent and pay variable interest equal to the three-month LIBOR plus an average of 133 basis points. On the interest rate swap agreements for the 3.375% Senior Notes due 2021, we receive a fixed interest rate of 3.375 percent and pay variable interest equal to the three-month LIBOR plus an average of 99 basis points. Derivatives Designated as Cash Flow Hedges In 2014, we entered into forward starting interest rate swaps that were designated as cash flow hedges of the thirty year tranche of senior notes 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 Merger Notes offering. The total notional amounts of the forward starting interest rate swaps were $1 billion and settled in March 2015 at a loss of $97.6 million. The loss will be recognized using the effective interest rate method over the maturity period of the 4.450% Senior Notes due 2045. 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 and options with major financial institutions. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros, Swiss Francs, Japanese Yen, British Pounds, Canadian Dollars, Australian Dollars, Korean Won, Swedish Krona, Czech Koruna, Thai Baht, Taiwan Dollars, South African Rand, Russian Rubles and Indian Rupees. We do not use derivative financial instruments for trading or speculative purposes. 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 and options. 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 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 effective portion of changes in fair value is temporarily recorded in other comprehensive income and then recognized in cost of products sold when the hedged item affects net earnings. The ineffective portion of a derivative’s change in fair value, if any, is immediately reported in cost of products sold. On our condensed consolidated statement of cash flows, the settlements of these cash flow hedges are recognized in operating cash flows. For foreign currency exchange forward contracts and options outstanding at March 31, 2016, we had obligations to purchase U.S. Dollars and sell Euros, Japanese Yen, British Pounds, Canadian Dollars, Australian Dollars, Korean Won, Swedish Krona, Czech Koruna, Thai Baht, Taiwan Dollars, South African Rand, Russian Rubles and Indian Rupees and obligations to purchase Swiss Francs and sell U.S. Dollars. These derivatives mature at dates ranging from April 2016 through September 2018. As of March 31, 2016, the notional amounts of outstanding forward contracts and options entered into with third parties to purchase U.S. Dollars were $1,453.6 million. As of March 31, 2016, the notional amounts of outstanding forward contracts and options entered into with third parties to purchase Swiss Francs were $293.9 million. Derivatives Not Designated as Hedging Instruments We enter into foreign currency forward exchange contracts with terms of one month to manage currency exposures for monetary assets and liabilities denominated in a currency other than an entity’s functional currency. As a result, any foreign currency 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 net amount of these offsetting gains/losses is recorded in other expense. These contracts are settled on the last day of each reporting period. Therefore, there is no outstanding balance related to these contracts recorded on the balance sheet as of the end of the reporting period. The notional amounts of these contracts are typically in a range of $1.5 billion to $2.0 billion per quarter. Income Statement Presentation Derivatives Designated as Fair Value Hedges Derivative instruments designated as fair value hedges had the following effects on our condensed consolidated statements of earnings (in millions): Gain (Loss) on Instrument Gain (Loss) on Hedged Item Three Months Ended Three Months Ended Location on March 31, March 31, Derivative Instrument 2016 2015 2016 2015 Interest rate swaps Interest expense $ 10.8 $ 7.2 $ (10.8 ) $ (7.2 ) We had no ineffective fair value hedging instruments during the three month periods ended March 31, 2016 and 2015. Derivatives Designated as Cash Flow Hedges Derivative instruments designated as cash flow hedges had the following effects, before taxes, on OCI and net earnings on our condensed consolidated statements of earnings, condensed consolidated statements of comprehensive income and condensed consolidated balance sheets (in millions): Derivative Instrument Amount of Gain (Loss) Recognized in OCI Location on Amount of Gain (Loss) Three Months Ended March 31, Three Months Ended March 31, 2016 2015 2016 2015 Foreign exchange forward contracts $ (56.5 ) $ 90.0 Cost of products sold $ 32.1 $ 28.1 Forward starting interest rate swaps — (38.3 ) Interest expense (0.4 ) (0.1 ) $ (56.5 ) $ 51.7 $ 31.7 $ 28.0 The net amounts recognized in earnings during the three month periods ended March 31, 2016 and 2015 due to ineffectiveness and amounts excluded from the assessment of hedge effectiveness were not significant. The fair value of outstanding derivative instruments designated as cash flow hedges and recorded on the balance sheet at March 31, 2016, together with settled derivatives where the hedged item has not yet affected earnings, was a net unrealized loss of $62.1 million, or $38.7 million after taxes, which is deferred in OCI. A gain of $51.2 million, or $38.5 million after taxes, is expected to be reclassified to earnings over the next twelve months. The disproportionate amount of net unrealized loss deferred in OCI and the expected gain reclassification over the next twelve months is due to the significant loss from the forward starting interest rate swaps deferred in OCI which will be reclassified to earnings over the maturity period of the 4.450% Senior Notes due 2045. Derivatives Not Designated as Hedging Instruments The following (losses) gains from these derivative instruments were recognized on our condensed consolidated statements of earnings (in millions): Derivative Instrument Location on Statement of Earnings Three Months Ended March 31, 2016 2015 Foreign exchange forward contracts Other expense, net $ (21.3 ) $ 15.2 This impact does not include any offsetting gains/losses recognized in earnings 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 March 31, 2016 and December 31, 2015, all derivative instruments designated as fair value hedges and cash flow hedges were recorded at fair value on the balance sheet. On our condensed consolidated balance sheets, we recognize individual forward contracts and options 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): March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Asset Derivatives Foreign exchange forward contracts Other current assets $ 56.1 Other current assets $ 100.5 Foreign exchange forward contracts Other assets 5.6 Other assets 19.8 Interest rate swaps Other assets 37.6 Other assets 26.8 Total asset derivatives $ 99.3 $ 147.1 Liability Derivatives Foreign exchange forward contracts Other current liabilities $ 29.6 Other current liabilities $ 16.7 Foreign exchange forward contracts Other long-term liabilities 20.7 Other long-term liabilities 8.3 Total liability derivatives $ 50.3 $ 25.0 The table below presents the effects of our master netting agreements on our condensed consolidated balance sheets (in millions): As of March 31, 2016 As of December 31, 2015 Description Location Gross Offset Net Amount Gross Offset Net Amount Asset Derivatives Cash flow hedges Other current assets $ 56.1 23.6 $ 32.5 $ 100.5 $ 16.3 $ 84.2 Cash flow hedges Other assets 5.6 5.2 0.4 19.8 7.1 12.7 Liability Derivatives Cash flow hedges Other current liabilities 29.6 23.6 6.0 16.7 16.3 0.4 Cash flow hedges Other long-term liabilities 20.7 5.2 15.5 8.3 7.1 1.2

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes We operate on a global basis and are subject to numerous and complex tax laws and regulations. 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. 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 which could impact our determination of unrecognized tax benefits. Although the ultimate timing for resolution of the disputed tax issues is uncertain, we may resolve certain tax matters within the next twelve months and pay amounts for other unresolved tax matters in order to limit the potential impact of interest charges. Final resolution of these matters could have a material impact on our income tax expense, results of operations and cash flows for future periods. Currently, we cannot reasonably estimate the amount by which our unrecognized tax benefits will change. Our U.S. federal income tax returns have been audited through 2009 and are currently under audit for years 2010 through 2014. The Internal Revenue Service (“IRS”) has proposed adjustments for years 2005 through 2009, reallocating profits between certain of our U.S. and foreign subsidiaries. We have disputed these adjustments and intend to continue to vigorously defend our positions. For years 2005 through 2007, we have filed a petition with the U.S. Tax Court. For years 2008 through 2009, we are pursuing resolution through the IRS Administrative Appeals Process. The U.S. federal income tax returns of the acquired Biomet consolidated group have been audited through fiscal year 2008. In the three month periods ended March 31, 2016 and 2015, our effective tax rate was 31.7 percent and 24.5 percent, respectively. The increase in the 2016 period was primarily due to the recognition of a tax liability related to earnings in certain international locations that we intend to repatriate. Our effective tax rate was lower than the U.S. statutory income tax rate of 35.0 percent primarily due to (i) earning income in foreign locations with lower tax rates, and (ii) incurring the majority of “Special items” expense in higher tax jurisdictions.

Retirement Benefit Plans

Retirement Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement Benefit Plans	13. Retirement Benefit Plans We have defined benefit pension plans covering certain U.S. and Puerto Rico employees. The employees who are not participating in the defined benefit plans receive additional benefits under our defined contribution plans. Plan benefits are primarily based on years of credited service and the participant’s 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. The components of net periodic pension expense for our U.S. and foreign defined benefit pension plans are as follows (in millions): Three Months Ended 2016 2015 Service cost $ 7.5 $ 7.6 Interest cost 7.2 5.5 Expected return on plan assets (12.7 ) (10.9 ) Curtailment gain (0.3 ) — Amortization of prior service cost (1.9 ) (1.1 ) Amortization of unrecognized actuarial loss 5.0 4.3 Net periodic pension expense $ 4.8 $ 5.4 We expect that we will have minimal legally required funding obligations in 2016 for our U.S. and Puerto Rico defined benefit pension plans, and therefore we have not made, nor do we voluntarily expect to make, any material contributions to these plans during 2016. We contributed $3.6 million to our foreign-based defined benefit pension plans in the three month period ended March 31, 2016, and we expect to contribute $11.9 million to these foreign-based plans during the remainder of 2016.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings Per Share The following is a reconciliation of weighted average shares for the basic and diluted shares computations (in millions): Three Months Ended 2016 2015 Weighted average shares outstanding for basic net earnings per share 200.1 170.0 Effect of dilutive stock options and other equity awards 1.9 2.9 Weighted average shares outstanding for diluted net earnings per share 202.0 172.9 During the three month period ended March 31, 2016, an average of 1.1 million options to purchase shares of common stock were not included in the computation of diluted earnings per share because the exercise prices of these options were greater than the average market price of our common stock. During the three month period ended March 31, 2015, all outstanding options to purchase shares of common stock were included in the computation of diluted earnings per share because the exercise prices of all options were less than the average market price of our common stock. In the three month period ended March 31, 2016, we repurchased 4.2 million shares of our common stock at an average price of $98.50 per share for a total cash outlay of $415.5 million, including commissions.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	15. Segment Information We design, manufacture and market orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; spine, bone healing, craniomaxillofacial (“CMF”) and thoracic products; dental implants; and related surgical products. Due to the Biomet merger, we changed our senior management organizational structure which resulted in a change to our operating segments. We now allocate resources to achieve our operating profit goals through seven operating segments. Our operating segments are comprised of both geographic and product category business units. The geographic operating segments are the Americas, which is comprised principally of the U.S. and includes other North, Central and South American markets; EMEA, which is comprised principally of Europe and includes the Middle East and African markets; and Asia Pacific, which is comprised primarily of Japan and includes other Asian and Pacific markets. The product category operating segments are Americas Spine, Bone Healing, CMF and Dental. The geographic operating segments include results from all of our product categories except those in the product category operating segments. The Bone Healing, CMF and Dental product category operating segments reflect those respective product category results from all regions, whereas the Americas Spine operating segment only includes spine product results from the Americas. As it relates to the geographic operating segments, management evaluates performance based upon segment operating profit exclusive of operating expenses pertaining to inventory step-up and certain other inventory and manufacturing related charges, “Certain claims,” goodwill impairment, intangible asset amortization, “Special items,” and global operations and corporate functions. Global operations and corporate functions include research, development engineering, medical education, brand management, corporate legal, finance and human resource functions, manufacturing operations and logistics and share-based payment expense. As it relates to each product category operating segment, research, development engineering, medical education, brand management and other various costs that are specific to the product category operating segment’s operations are reflected in its operating profit results. Due to these additional costs included in the product category operating segments, profitability metrics between the geographic operating segments and product category operating segments are not comparable. Intercompany transactions have been eliminated from segment operating profit. These seven operating segments are the basis for our reportable segment information provided below. The four product category operating segments are individually insignificant to our consolidated results and therefore do not constitute a reporting segment either individually or combined. For presentation purposes, these product category operating segments have been aggregated. Prior period reportable segment financial information has been restated to conform to the current period. Net sales and operating profit by segment are as follows (in millions): Net Sales Operating Profit Three Months Ended Three Months Ended 2016 2015 2016 2015 Americas $ 984.7 $ 577.7 $ 535.0 $ 296.8 EMEA 416.6 281.2 141.3 109.5 Asia Pacific 256.6 187.5 110.6 97.7 Product Category Operating Segments 246.1 88.0 58.2 14.1 Global Operations and Corporate Functions — — (206.0 ) (137.1 ) Total $ 1,904.0 $ 1,134.4 Inventory step-up and other inventory and manufacturing related charges (172.9 ) (3.9 ) Intangible asset amortization (126.6 ) (20.4 ) Special items (94.1 ) (86.8 ) Operating profit $ 245.5 $ 269.9 Net sales by product category are as follows (in millions): Three Months Ended 2016 2015 Knees $ 703.3 $ 463.9 Hips 467.9 311.4 S.E.T 401.1 218.4 Dental 108.6 55.8 Spine & CMF 141.2 49.5 Other 81.9 35.4 Total $ 1,904.0 $ 1,134.4 “S.E.T” refers to our surgical, sports medicine, biologics, foot and ankle, extremities and trauma product category.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies 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 when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Litigation Durom ® In Re: Zimmer Durom Hip Cup Products Liability Litigation Santas, et al. v. Zimmer, Inc., et al. McAllister, et al. v. Zimmer, Inc., et al. Santas McAllister Since 2008, we have recognized expense of $479.4 million for Durom Cup-related claims. Our estimate of our total liability for these claims as of March 31, 2016 remains consistent with our estimate as of December 31, 2015, and, accordingly, we did not record any additional expense during the three month period ended March 31, 2016. With respect to the same prior year period, we also did not record any additional expense for Durom Cup-related claims. We maintain insurance for product liability claims, subject to self-insurance retention requirements. As of March 31, 2016, we have exhausted our self-insured retention under our insurance program and have a claim for insurance proceeds for ultimate losses which exceed the self-insured retention amount, subject to a 20 percent co-payment requirement and a cap. We believe our contracts with the insurance carriers are enforceable for these claims and, therefore, it is probable that we will recover some amount from our insurance carriers. We have received a portion of the insurance proceeds we estimate we will recover. We have a $95.3 million receivable in “Other assets” remaining on our consolidated balance sheet as of March 31, 2016 for estimated insurance recoveries for Durom Cup-related claims. As is customary in this process, our insurance carriers have reserved all rights under their respective policies and could still ultimately deny coverage for some or all of our insurance claims. Our estimate as of March 31, 2016 of the remaining liability for all Durom Cup-related claims is $309.2 million, of which $50.0 million is classified as short-term in “Other current liabilities” and $259.2 million is classified as long-term in “Other long-term liabilities” on our consolidated balance sheet. We expect to pay the majority of the Durom Cup-related claims within the next few years. Our understanding of clinical outcomes with the Durom Cup and other large diameter hip cups continues to evolve. 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. Among other factors, since our understanding of the clinical outcomes is still evolving, 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. Margo and Daniel Polett v. Zimmer, Inc. et al. NexGen ® In Re: Zimmer NexGen Knee Implant Products Liability Litigation Biomet metal-on-metal hip implant claims ™ (In Re: Biomet M2a Magnum Hip Implant Product Liability Litigation) On February 3, 2014, Biomet announced the settlement of the MDL. Lawsuits filed in the MDL by April 15, 2014 may participate in the settlement. Biomet continues to evaluate the inventory of lawsuits in the MDL pursuant to the categories and procedures set forth in the settlement agreement. The final amount of payments under the settlement is uncertain. The settlement does not affect certain other claims relating to Biomet’s metal-on-metal hip products that are pending in various state and foreign courts, or other claims that may be filed in the future. Our estimate as of March 31, 2016 of the remaining liability for all Biomet metal-on-metal hip implant claims is $25.8 million. Biomet has exhausted the self-insured retention in its insurance program and has been reimbursed for claims related to its metal-on-metal products up to its policy limits in the program. Zimmer Biomet will be responsible for any amounts by which the ultimate losses exceed the amount of Biomet’s third-party insurance coverage. As of March 31, 2016, Biomet had received all of the insurance proceeds it expects to recover under the excess policies. Heraeus trade secret misappropriation lawsuits Following an appeal by Heraeus, on June 5, 2014, the German appeals court (i) enjoined Biomet, Inc., Biomet Europe BV and Biomet Deutschland GmbH from manufacturing, selling or offering the European Cements to the extent they contain certain raw materials in particular specifications; (ii) held the defendants jointly and severally liable to Heraeus for any damages from the sale of European Cements since 2005; and (iii) ruled that no further review may be sought. Damages have not been determined. The judgment is not final and the defendants are seeking review (including review of the appeals court ruling that no further review may be sought) from Germany’s Supreme Court. No prediction can be made as to the likelihood of review being granted by Germany’s Supreme Court. As a result, Biomet Europe BV and Biomet Deutschland GmbH are enjoined from the manufacture, marketing, sale and offering of European Cements in Germany. While Heraeus has indicated that it intends to take the position that the judgment would prohibit the manufacture, marketing, sale and offering of European Cements outside of Germany as well and is attempting to enforce the judgment in a limited number of other European jurisdictions, Biomet, Inc., Biomet Europe BV and Biomet Deutschland GmbH are vigorously contesting any enforcement of the judgment beyond Germany. Biomet, Inc., Biomet Europe BV and Biomet Deutschland GmbH thus filed a declaratory action in Germany on August 3, 2014 to have the court determine the reach of the appeals court decision. On September 8, 2014, Heraeus filed a complaint against a Biomet supplier, Esschem, Inc. (“Esschem”), in the United States District Court for the Eastern District of Pennsylvania. The lawsuit contains allegations that focus on two copolymer compounds that Esschem sells to Biomet, which Biomet incorporates into certain bone cement products that compete with Heraeus’ bone cement products. The complaint alleges that Biomet helped Esschem to develop these copolymers, using Heraeus trade secrets that Biomet allegedly misappropriated. The complaint asserts a claim under the Pennsylvania Trade Secrets Act, as well as other various common law tort claims, all based upon the same trade secret misappropriation theory. Heraeus is seeking to enjoin Esschem from supplying the copolymers to any third party and actual damages in an unspecified amount. The complaint also seeks punitive damages, costs and attorneys’ fees. If Esschem is enjoined, Biomet may not be able to obtain the copolymers from another supplier and as a result may not be able to continue to manufacture the subject bone cement products. Although Heraeus has not named Biomet as a party to this lawsuit, Biomet has agreed, at Esschem’s request and subject to certain limitations, to indemnify Esschem for any liability, damages and legal costs related to this matter. On November 3, 2014, the court entered an order denying Heraeus’ motion for a temporary restraining order. On October 15, 2015, Heraeus initiated expedited proceedings against Biomet France, Biomet SAS, Biomet Europe BV, Biomet, Inc., Biomet Orthopedics Switzerland GmbH and Biomet Global Supply Chain Center BV before the Commercial Court in Paris seeking to enjoin these entities from importing certain raw materials subject to the rulings in Germany and from manufacturing, selling or exporting the bone cements made from those raw materials, including under the names of the European Cements. On November 16, 2015, the presiding judge ruled that it had no jurisdiction over Biomet, Inc. and on December 4, 2015, the judge denied the preliminary measures requested by Heraeus. Heraeus has not appealed this ruling or filed an action on the merits before the Commercial Court in Paris. On December 8, 2015, Heraeus filed separate proceedings against Biomet France, Biomet SAS and Biomet France Holding before the Commercial Court of Roman-Sur-Isere seeking to gain access to certain documents which had been seized during searches of Biomet France’s premises in June 2015. Biomet is defending itself vigorously in this proceeding, which is still ongoing. Heraeus continues to initiate other related legal proceedings in Europe seeking various forms of relief, including injunctive relief and damages, against Biomet-related entities relating to the European Cements. No assurance can be made as to the time or resources that will be needed to devote to this litigation or its final outcome. Stryker patent infringement lawsuit ® Regulatory Matters, Government Investigations and Other Matters FDA warning letters Biomet DPA and Consent In October 2013, Biomet became aware of certain alleged improprieties regarding its operations in Brazil and Mexico, including alleged improprieties that predated the entry of the DPA. Biomet retained counsel and other experts to investigate both matters. Based on the results of the ongoing investigations, Biomet has terminated, suspended or otherwise disciplined certain of the employees and executives involved in these matters, and has taken certain other remedial measures. Additionally, pursuant to the terms of the DPA, in April 2014 and thereafter, Biomet disclosed these matters to and discussed these matters with the independent compliance monitor and the DOJ and SEC. On July 2, 2014 and July 13, 2015, the SEC issued subpoenas to Biomet requiring that Biomet produce certain documents relating to such matters. These matters remain under investigation by the DOJ. On March 13, 2015, the DOJ informed Biomet that the DPA and the independent compliance monitor’s appointment had been extended for an additional year. On April 2, 2015, at the request of the staff of the SEC, Biomet consented to an amendment to the Final Judgment to extend the term of the compliance monitor’s appointment for one year from the date of entry of the Amended Final Judgment. The DPA as originally extended was set to expire on March 26, 2016. However, the DOJ and the SEC continue to evaluate the alleged misconduct in Brazil and Mexico, as well as any issues relating to Biomet’s compliance program. The DOJ, the SEC and Biomet have agreed to continue to evaluate and discuss these matters and, therefore, the matter is ongoing as of the date of the filing of this Form 10-Q. Pursuant to the DPA, the DOJ has sole discretion to determine whether conduct by Biomet constitutes a violation or breach of the DPA. The DOJ has informed Biomet that it retains its rights under the DPA to bring further action against Biomet relating to the conduct in Brazil and Mexico disclosed in 2014 or the violations set forth in the DPA. The DOJ could, among other things, revoke the DPA or prosecute Biomet and/or the involved employees and executives. Biomet continues to cooperate with the SEC and the DOJ, and expects that discussions with the SEC and the DOJ will continue. There is no assurance that Biomet will enter into a consensual resolution of this matter with the SEC or the DOJ, and the terms and conditions of any such potential resolution are uncertain. Other Government Investigations and Document Requests In July 2011, Biomet received an administrative subpoena from the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) requesting documents concerning the export of products to Iran. OFAC informed Biomet that the subpoena related to allegations that Biomet may have been involved in unauthorized sales of dental products to Iran. Biomet is fully cooperating in the investigation and submitted its response to the subpoena in October 2011. We may need to devote significant time and resources to this inquiry and can give no assurances as to its final outcome. In February 2010, Biomet received a subpoena from the Office of the Inspector General of the U.S. Department of Health and Human Services requesting various documents relating to agreements or arrangements between physicians and Biomet’s Interpore Cross subsidiary for the period from 1999 through the date of the subpoena and the marketing and sales activities associated with Interpore Cross’ spinal products. Biomet is fully cooperating in the investigation. We may need to devote significant time and resources to this inquiry and can give no assurances as to its final outcome.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On April 25, 2016, we announced that we have entered into a definitive agreement to acquire Cayenne Medical, Inc. The transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2016. The acquisition of Cayenne Medical, Inc. will strengthen our Sports Medicine capabilities and portfolio of technically advanced soft tissue reconstruction solutions for knee, shoulder and extremities procedures. We do not expect the acquisition to have a material effect on our financial position or results of operations.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Special Items	Special Items Three Months Ended 2016 2015 Biomet-related Consulting and professional fees $ 36.1 $ 24.2 Employee termination benefits 4.1 0.4 Dedicated project personnel 21.7 1.0 Relocated facilities 7.1 — Contract terminations 10.1 — Information technology integration 1.4 — Other 4.0 0.2 Other Consulting and professional fees 6.9 39.7 Employee termination benefits — 0.1 Dedicated project personnel 1.8 12.4 Impairment/loss on disposal of assets — 2.3 Relocated facilities 0.2 0.5 Information technology integration 0.1 — Contingent consideration adjustments — 2.3 Accelerated software amortization — 1.5 Other 0.6 2.2 Special items $ 94.1 $ 86.8 After the Closing Date of the Biomet merger, we started to implement our integration plans to drive operational synergies. Part of these integration plans included termination of employees and certain contracts. Expenses attributable to the initial phase of these integration plans that were recognized in the three month period ended March 31, 2016 as part of “Special items” related to employee termination benefits and contract termination expense associated with agreements with independent agents, distributors, suppliers and lessors. Our integration plans are expected to last through 2018 and we expect to incur a total of $170 million for employee termination benefits and $130 million for contract termination expense in that time period. As of March 31, 2016, we have incurred a cumulative total of $105.1 million for employee termination benefits and $105.1 million for contract termination expense. The following table summarizes the liabilities related to these integration plans (in millions): Employee Contract Total Balance at December 31, 2015 $ 46.8 $ 56.0 $ 102.8 Additions 4.1 10.1 14.2 Cash payments (19.2 ) (26.1 ) (45.3 ) Foreign currency exchange rate changes 0.2 0.1 0.3 Balance at March 31, 2016 $ 31.9 $ 40.1 $ 72.0
Recent Accounting Pronouncements	Recent Accounting Pronouncements— —Revenue from Contracts with Customers (Topic 606) In April 2015, the FASB issued ASU 2015-03— Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU 2016-02— Leases In March 2016, the FASB issued ASU 2016-09— Improvements to Employee Share-Based Payment Accounting There are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position, results of operations or cash flows.

Significant Accounting Polici25

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Expenses in Special Items	“Special items” included (in millions): Three Months Ended 2016 2015 Biomet-related Consulting and professional fees $ 36.1 $ 24.2 Employee termination benefits 4.1 0.4 Dedicated project personnel 21.7 1.0 Relocated facilities 7.1 — Contract terminations 10.1 — Information technology integration 1.4 — Other 4.0 0.2 Other Consulting and professional fees 6.9 39.7 Employee termination benefits — 0.1 Dedicated project personnel 1.8 12.4 Impairment/loss on disposal of assets — 2.3 Relocated facilities 0.2 0.5 Information technology integration 0.1 — Contingent consideration adjustments — 2.3 Accelerated software amortization — 1.5 Other 0.6 2.2 Special items $ 94.1 $ 86.8
Summary of Liabilities Related to Integration Plans	The following table summarizes the liabilities related to these integration plans (in millions): Employee Contract Total Balance at December 31, 2015 $ 46.8 $ 56.0 $ 102.8 Additions 4.1 10.1 14.2 Cash payments (19.2 ) (26.1 ) (45.3 ) Foreign currency exchange rate changes 0.2 0.1 0.3 Balance at March 31, 2016 $ 31.9 $ 40.1 $ 72.0

Biomet Merger (Tables)

Biomet Merger (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes our estimate of the preliminary fair values of the assets acquired and liabilities assumed at the Closing Date (in millions): Closing Date Adjustments Closing Date Cash $ 494.8 $ — $ 494.8 Accounts receivable, net 529.0 (0.9 ) 528.1 Inventory 1,245.7 (8.2 ) 1,237.5 Other current assets 26.4 — 26.4 Property, plant and equipment 791.4 (8.1 ) 783.3 Intangible assets not subject to amortization: Trademarks and trade names 479.0 — 479.0 In-process research and development (IPR&D) 246.0 — 246.0 Intangible assets subject to amortization: Technology 2,492.1 (160.0 ) 2,332.1 Customer relationships 4,956.0 (10.0 ) 4,946.0 Trademarks and trade names 389.0 (29.0 ) 360.0 Other assets 241.1 6.5 247.6 Goodwill 7,573.9 143.3 7,717.2 Total assets acquired 19,464.4 (66.4 ) 19,398.0 Current liabilities 628.1 (13.1 ) 615.0 Long-term debt 2,740.0 — 2,740.0 Deferred taxes 4,097.5 (50.9 ) 4,046.6 Other long-term liabilities 58.9 (2.4 ) 56.5 Total liabilities assumed 7,524.5 (66.4 ) 7,458.1 Net assets acquired $ 11,939.9 $ — $ 11,939.9
Changes in Carrying Amount of Goodwill	The following table summarizes the changes in the carrying amount of our goodwill (in millions): Americas EMEA Asia Product Total Balance at December 31, 2015 Goodwill $ 7,328.0 $ 1,291.0 $ 548.9 $ 1,139.3 $ 10,307.2 Accumulated impairment loss — — — (373.0 ) (373.0 ) 7,328.0 1,291.0 548.9 766.3 9,934.2 Biomet purchase accounting adjustments 100.7 11.1 8.4 23.1 143.3 Currency translation 35.6 18.4 8.3 3.1 65.4 Balance at March 31, 2016 Goodwill 7,464.3 1,320.5 565.6 1,165.5 10,515.9 Accumulated impairment loss — — — (373.0 ) (373.0 ) $ 7,464.3 $ 1,320.5 $ 565.6 $ 792.5 $ 10,142.9

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Summary of Inventories	March 31, December 31, (in millions) Finished goods $ 1,695.7 $ 1,827.9 Work in progress 134.1 146.1 Raw materials 253.1 280.1 Inventories $ 2,082.9 $ 2,254.1

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	March 31, December 31, (in millions) Land $ 39.4 $ 39.6 Buildings and equipment 1,782.2 1,789.3 Capitalized software costs 368.3 330.1 Instruments 2,215.8 2,160.5 Construction in progress 115.5 108.4 4,521.2 4,427.9 Accumulated depreciation (2,482.2 ) (2,365.3 ) Property, plant and equipment, net $ 2,039.0 $ 2,062.6

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments in Short and Long-Term Classified as Available-for-Sale Securities	We invest in short and long-term investments classified as available-for-sale securities. Information regarding our investments is as follows (in millions): Amortized Cost Gross Unrealized Gains Losses Fair Value As of March 31, 2016 Corporate debt securities $ 49.9 $ 0.1 $ (0.1 ) $ 49.9 As of December 31, 2015 Corporate debt securities $ 245.7 $ 0.1 $ (0.4 ) $ 245.4 U.S. government and agency debt securities 21.6 — (0.1 ) 21.5 Commercial paper 4.2 — — 4.2 Certificates of deposit 2.0 — — 2.0 Total short and long-term investments $ 273.5 $ 0.1 $ (0.5 ) $ 273.1
Cost and Fair Value of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity	The amortized cost and fair value of our available-for-sale fixed-maturity securities by contractual maturity are as follows (in millions): March 31, 2016 Amortized Cost Fair Value Due in one year or less $ 13.4 $ 13.4 Due after one year through two years 36.5 36.5 Total $ 49.9 $ 49.9

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
Summary of Other Current Liabilities	March 31, December 31, (in millions) Other current liabilities: Salaries, wages and benefits $ 190.3 $ 265.9 Accrued interest 108.6 77.2 Accrued liabilities 797.5 842.8 Total other current liabilities $ 1,096.4 $ 1,185.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Debt Instruments	Our debt consisted of the following (in millions): March 31, December 31, Long-term debt 1.450% Senior Notes due 2017 $ 500.0 $ 500.0 2.000% Senior Notes due 2018 1,150.0 1,150.0 4.625% Senior Notes due 2019 500.0 500.0 2.700% Senior Notes due 2020 1,500.0 1,500.0 3.375% Senior Notes due 2021 300.0 300.0 3.150% Senior Notes due 2022 750.0 750.0 3.550% Senior Notes due 2025 2,000.0 2,000.0 4.250% Senior Notes due 2035 500.0 500.0 5.750% Senior Notes due 2039 500.0 500.0 4.450% Senior Notes due 2045 1,250.0 1,250.0 U.S. Term Loan 2,100.0 2,500.0 Japan Term Loan 103.2 96.8 Other long-term debt 4.6 4.6 Debt discount and issuance costs (78.0 ) (80.8 ) Adjustment related to interest rate swaps 37.6 26.8 Total long-term debt $ 11,117.4 $ 11,497.4

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in Components of Other Comprehensive Income, Net of Tax	The following table shows the changes in the components of OCI, net of tax (in millions): Foreign Cash Unrealized Defined Balance at December 31, 2015 $ (193.4 ) $ 29.8 $ (0.6 ) $ (164.8 ) OCI before reclassifications 134.2 (44.1 ) 0.4 18.0 Reclassifications — (24.4 ) — 2.0 Balance at March 31, 2016 $ (59.2 ) $ (38.7 ) $ (0.2 ) $ (144.8 )
Reclassification Adjustments from Accumulated Other Comprehensive Income	The following table shows the reclassification adjustments from OCI (in millions): Amount of Gain (Loss) Three Months Ended March 31, Location on Statement of Earnings Component of OCI 2016 2015 Cash flow hedges Foreign exchange forward contracts $ 32.1 $ 28.1 Cost of products sold Forward starting interest rate swaps (0.4 ) (0.1 ) Interest expense 31.7 28.0 Total before tax 7.3 6.4 Provision for income taxes $ 24.4 $ 21.6 Net of tax Defined benefit plans Prior service cost $ 1.9 $ 1.1 * Unrecognized actuarial (loss) (5.0 ) (4.3 ) * (3.1 ) (3.2 ) Total before tax (1.1 ) 0.7 (Benefit) provision for income taxes $ (2.0 ) $ (3.9 ) Net of tax Total reclassifications $ 22.4 $ 17.7 Net of tax * These OCI components are included in the computation of net periodic pension expense (see Note 13).
Tax Effects on Each Component of Other Comprehensive Income Recognized in Statements of Comprehensive Income	The following table shows the tax effects on each component of OCI recognized in our condensed consolidated statements of comprehensive income (in millions): Three Months Ended March 31, 2016 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ 134.2 $ — $ 134.2 Unrealized cash flow hedge losses (56.5 ) (12.4 ) (44.1 ) Reclassification adjustments on foreign currency hedges (31.7 ) (7.3 ) (24.4 ) Unrealized gains on securities 0.4 — 0.4 Adjustments to prior service cost and unrecognized actuarial assumptions 21.4 1.4 20.0 Total Other Comprehensive Gain (Loss) $ 67.8 $ (18.3 ) $ 86.1 Three Months Ended March 31, 2015 Before Tax Tax Net of Tax Foreign currency cumulative translation adjustments $ (149.9 ) $ — $ (149.9 ) Unrealized cash flow hedge gains (losses) 51.7 (0.7 ) 52.4 Reclassification adjustments on foreign currency hedges (28.0 ) (6.4 ) (21.6 ) Unrealized gains on securities 0.6 — 0.6 Adjustments to prior service cost and unrecognized actuarial assumptions 3.2 (0.7 ) 3.9 Total Other Comprehensive Loss $ (122.4 ) $ (7.8 ) $ (114.6 )

Fair Value Measurement of Ass33

Fair Value Measurement of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	The following assets and liabilities are recorded at fair value on a recurring basis (in millions): As of March 31, 2016 Recorded Fair Value Measurements at Reporting Date Using: Description Quoted Prices in Significant Other Significant Assets Available-for-sale securities Corporate debt securities $ 49.9 $ — $ 49.9 $ — Total available-for-sale securities 49.9 — 49.9 — Derivatives, current and long-term Foreign currency forward contracts and options 32.9 — 32.9 — Interest rate swaps 37.6 — 37.6 — $ 120.4 $ — $ 120.4 $ — Liabilities Derivatives, current and long-term $ 21.5 $ — $ 21.5 $ — Foreign currency forward contracts and options $ 21.5 $ — $ 21.5 $ — As of December 31, 2015 Recorded Fair Value Measurements at Reporting Date Using: Description Quoted Prices in Significant Other Significant Assets Available-for-sale securities Corporate debt securities $ 245.4 $ — $ 245.4 $ — U.S. government and agency debt securities 21.5 — 21.5 — Commercial paper 4.2 — 4.2 — Certificates of deposit 2.0 — 2.0 — Total available-for-sale securities 273.1 — 273.1 — Derivatives, current and long-term Foreign currency forward contracts and options 96.9 — 96.9 — Interest rate swaps 26.8 — 26.8 — $ 396.8 $ — $ 396.8 $ — Liabilities Derivatives, current and long-term Foreign currency forward contracts and options $ 1.6 $ — $ 1.6 $ — $ 1.6 $ — $ 1.6 $ —

Derivative Instruments and He34

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments Designated as Fair Value Hedges	Derivative instruments designated as fair value hedges had the following effects on our condensed consolidated statements of earnings (in millions): Gain (Loss) on Instrument Gain (Loss) on Hedged Item Three Months Ended Three Months Ended Location on March 31, March 31, Derivative Instrument 2016 2015 2016 2015 Interest rate swaps Interest expense $ 10.8 $ 7.2 $ (10.8 ) $ (7.2 )
Gross Unrealized Losses from Derivative Instruments	Derivative instruments designated as cash flow hedges had the following effects, before taxes, on OCI and net earnings on our condensed consolidated statements of earnings, condensed consolidated statements of comprehensive income and condensed consolidated balance sheets (in millions): Derivative Instrument Amount of Gain (Loss) Recognized in OCI Location on Amount of Gain (Loss) Three Months Ended March 31, Three Months Ended March 31, 2016 2015 2016 2015 Foreign exchange forward contracts $ (56.5 ) $ 90.0 Cost of products sold $ 32.1 $ 28.1 Forward starting interest rate swaps — (38.3 ) Interest expense (0.4 ) (0.1 ) $ (56.5 ) $ 51.7 $ 31.7 $ 28.0
Derivative Instruments Not Designated as Hedging Instruments	The following (losses) gains from these derivative instruments were recognized on our condensed consolidated statements of earnings (in millions): Derivative Instrument Location on Statement of Earnings Three Months Ended March 31, 2016 2015 Foreign exchange forward contracts Other expense, net $ (21.3 ) $ 15.2
Fair Value of Derivative Instruments on Gross Basis	The fair value of derivative instruments on a gross basis is as follows (in millions): March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Asset Derivatives Foreign exchange forward contracts Other current assets $ 56.1 Other current assets $ 100.5 Foreign exchange forward contracts Other assets 5.6 Other assets 19.8 Interest rate swaps Other assets 37.6 Other assets 26.8 Total asset derivatives $ 99.3 $ 147.1 Liability Derivatives Foreign exchange forward contracts Other current liabilities $ 29.6 Other current liabilities $ 16.7 Foreign exchange forward contracts Other long-term liabilities 20.7 Other long-term liabilities 8.3 Total liability derivatives $ 50.3 $ 25.0
Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets	The table below presents the effects of our master netting agreements on our condensed consolidated balance sheets (in millions): As of March 31, 2016 As of December 31, 2015 Description Location Gross Offset Net Amount Gross Offset Net Amount Asset Derivatives Cash flow hedges Other current assets $ 56.1 23.6 $ 32.5 $ 100.5 $ 16.3 $ 84.2 Cash flow hedges Other assets 5.6 5.2 0.4 19.8 7.1 12.7 Liability Derivatives Cash flow hedges Other current liabilities 29.6 23.6 6.0 16.7 16.3 0.4 Cash flow hedges Other long-term liabilities 20.7 5.2 15.5 8.3 7.1 1.2

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Pension Expense	The components of net periodic pension expense for our U.S. and foreign defined benefit pension plans are as follows (in millions): Three Months Ended 2016 2015 Service cost $ 7.5 $ 7.6 Interest cost 7.2 5.5 Expected return on plan assets (12.7 ) (10.9 ) Curtailment gain (0.3 ) — Amortization of prior service cost (1.9 ) (1.1 ) Amortization of unrecognized actuarial loss 5.0 4.3 Net periodic pension expense $ 4.8 $ 5.4

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Weighted Average Shares for Basic and Diluted Shares Computations	The following is a reconciliation of weighted average shares for the basic and diluted shares computations (in millions): Three Months Ended 2016 2015 Weighted average shares outstanding for basic net earnings per share 200.1 170.0 Effect of dilutive stock options and other equity awards 1.9 2.9 Weighted average shares outstanding for diluted net earnings per share 202.0 172.9

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Summary of Net sales and Operating Profit by Segment	Net sales and operating profit by segment are as follows (in millions): Net Sales Operating Profit Three Months Ended Three Months Ended 2016 2015 2016 2015 Americas $ 984.7 $ 577.7 $ 535.0 $ 296.8 EMEA 416.6 281.2 141.3 109.5 Asia Pacific 256.6 187.5 110.6 97.7 Product Category Operating Segments 246.1 88.0 58.2 14.1 Global Operations and Corporate Functions — — (206.0 ) (137.1 ) Total $ 1,904.0 $ 1,134.4 Inventory step-up and other inventory and manufacturing related charges (172.9 ) (3.9 ) Intangible asset amortization (126.6 ) (20.4 ) Special items (94.1 ) (86.8 ) Operating profit $ 245.5 $ 269.9
Summary of Net Sales by Product Category	Net sales by product category are as follows (in millions): Three Months Ended 2016 2015 Knees $ 703.3 $ 463.9 Hips 467.9 311.4 S.E.T 401.1 218.4 Dental 108.6 55.8 Spine & CMF 141.2 49.5 Other 81.9 35.4 Total $ 1,904.0 $ 1,134.4

Significant Accounting Polici38

Significant Accounting Policies - Summary of Expenses in Special Items (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Biomet-related
Consulting and professional fees	$ 36.1	$ 24.2
Employee termination benefits	4.1	0.4
Dedicated project personnel	21.7	1
Relocated facilities	7.1
Contract terminations	10.1
Information technology integration	1.4
Other	4	0.2
Other
Consulting and professional fees	6.9	39.7
Employee termination benefits		0.1
Dedicated project personnel	1.8	12.4
Impairment/loss on disposal of assets		2.3
Relocated facilities	0.2	0.5
Information technology integration	0.1
Contingent consideration adjustments		2.3
Accelerated software amortization		1.5
Other	0.6	2.2
Special items	$ 94.1	$ 86.8

Significant Accounting Polici39

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016
Business And Significant Accounting Policies [Line Items]
Reclassification of other current assets to debt	$ 9.2
Decrease in long-term debt	58.9
Reclassification of other assets to debt	$ 49.7
Employee Severance [Member]
Business And Significant Accounting Policies [Line Items]
Restructuring Cost		$ 170
Cumulative restructuring cost		105.1
Contract Terminations [Member]
Business And Significant Accounting Policies [Line Items]
Restructuring Cost		130
Cumulative restructuring cost		$ 105.1

Significant Accounting Polici40

Significant Accounting Policies - Summary of Liabilities Related to Integration Plans (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule Of Business Acquisitions Liabilities Related To Integration Plans [Line Items]
Beginning Balance	$ 102.8
Additions	14.2
Cash payments	(45.3)
Foreign currency exchange rate changes	0.3
Closing Balance	72
Employee Termination Benefits [Member]
Schedule Of Business Acquisitions Liabilities Related To Integration Plans [Line Items]
Beginning Balance	46.8
Additions	4.1
Cash payments	(19.2)
Foreign currency exchange rate changes	0.2
Closing Balance	31.9
Contract Terminations [Member]
Schedule Of Business Acquisitions Liabilities Related To Integration Plans [Line Items]
Beginning Balance	56
Additions	10.1
Cash payments	(26.1)
Foreign currency exchange rate changes	0.1
Closing Balance	$ 40.1

Biomet Merger - Additional Info

Biomet Merger - Additional Information (Detail) - USD ($) $ in Millions	Jun. 24, 2015	Mar. 31, 2016
Business Acquisition [Line Items]
Net assets acquired		$ 11,939.9
Decrease to intangible asset amortization		$ (6.7)
LVB Acquisition Inc [Member]
Business Acquisition [Line Items]
Total consideration	$ 12,030.3
Biomet merger consideration compensation expense	90.4
Net assets acquired	$ 11,939.9

Biomet Merger - Summary of Prel

Biomet Merger - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Cash	$ 494.8
Accounts receivable, net	528.1
Inventory	1,237.5
Other current assets	26.4
Property, plant and equipment	783.3
Other assets	247.6
Goodwill	10,142.9	$ 9,934.2
Total assets acquired	19,398
Current liabilities	615
Long-term debt	2,740
Deferred taxes	4,046.6
Other long-term liabilities	56.5
Total liabilities assumed	7,458.1
Net assets acquired	11,939.9
In Process Research and Development (IPR&D) [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization	246
Technology [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	2,332.1
Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	4,946
Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization	479
Intangible assets subject to amortization	360
As Reported [Member]
Business Acquisition [Line Items]
Cash		494.8
Accounts receivable, net		529
Inventory		1,245.7
Other current assets		26.4
Property, plant and equipment		791.4
Other assets		241.1
Goodwill		7,573.9
Total assets acquired		19,464.4
Current liabilities		628.1
Long-term debt		2,740
Deferred taxes		4,097.5
Other long-term liabilities		58.9
Total liabilities assumed		7,524.5
Net assets acquired		11,939.9
As Reported [Member] | In Process Research and Development (IPR&D) [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization		246
As Reported [Member] | Technology [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization		2,492.1
As Reported [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization		4,956
As Reported [Member] | Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets not subject to amortization		479
Intangible assets subject to amortization		$ 389
Adjustments [Member]
Business Acquisition [Line Items]
Accounts receivable, net	(0.9)
Inventory	(8.2)
Property, plant and equipment	(8.1)
Other assets	6.5
Goodwill	143.3
Total assets acquired	(66.4)
Current liabilities	(13.1)
Deferred taxes	(50.9)
Other long-term liabilities	(2.4)
Total liabilities assumed	(66.4)
Adjustments [Member] | Technology [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	(160)
Adjustments [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	(10)
Adjustments [Member] | Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	$ (29)

Biomet Merger - Changes in Carr

Biomet Merger - Changes in Carrying Amount of Goodwill (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 10,307.2
Accumulated impairment loss, Beginning Balance	(373)
Goodwill, net of accumulated impairment loss, Beginning Balance	9,934.2
Biomet purchase accounting adjustments	143.3
Currency translation	65.4
Goodwill, Ending Balance	10,515.9
Accumulated impairment loss, Ending Balance	(373)
Goodwill, net of accumulated impairment loss, Ending Balance	10,142.9
Americas [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	7,328
Goodwill, net of accumulated impairment loss, Beginning Balance	7,328
Biomet purchase accounting adjustments	100.7
Currency translation	35.6
Goodwill, Ending Balance	7,464.3
Goodwill, net of accumulated impairment loss, Ending Balance	7,464.3
EMEA [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,291
Goodwill, net of accumulated impairment loss, Beginning Balance	1,291
Biomet purchase accounting adjustments	11.1
Currency translation	18.4
Goodwill, Ending Balance	1,320.5
Goodwill, net of accumulated impairment loss, Ending Balance	1,320.5
Asia Pacific [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	548.9
Goodwill, net of accumulated impairment loss, Beginning Balance	548.9
Biomet purchase accounting adjustments	8.4
Currency translation	8.3
Goodwill, Ending Balance	565.6
Goodwill, net of accumulated impairment loss, Ending Balance	565.6
Product Category Operating Segments [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,139.3
Accumulated impairment loss, Beginning Balance	(373)
Goodwill, net of accumulated impairment loss, Beginning Balance	766.3
Biomet purchase accounting adjustments	23.1
Currency translation	3.1
Goodwill, Ending Balance	1,165.5
Accumulated impairment loss, Ending Balance	(373)
Goodwill, net of accumulated impairment loss, Ending Balance	$ 792.5

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 1,695.7	$ 1,827.9
Work in progress	134.1	146.1
Raw materials	253.1	280.1
Inventories	$ 2,082.9	$ 2,254.1

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Biomet [Member]
Inventory [Line Items]
Finished goods inventory step-up	$ 139.4	$ 284.4

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 4,521.2	$ 4,427.9
Accumulated depreciation	(2,482.2)	(2,365.3)
Property, plant and equipment, net	2,039	2,062.6
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	39.4	39.6
Buildings And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	1,782.2	1,789.3
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	368.3	330.1
Instruments [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	2,215.8	2,160.5
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross	$ 115.5	$ 108.4

Investments - Investments in Sh

Investments - Investments in Short and Long-Term Classified as Available-for-Sale Securities (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost	$ 49.9	$ 273.5
Available-for-sale Securities, Gross Unrealized Gains		0.1
Available-for-sale Securities, Gross Unrealized Losses		(0.5)
Available-for-sale Securities, Fair Value	49.9	273.1
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost	49.9	245.7
Available-for-sale Securities, Gross Unrealized Gains	0.1	0.1
Available-for-sale Securities, Gross Unrealized Losses	(0.1)	(0.4)
Available-for-sale Securities, Fair Value	$ 49.9	245.4
U.S. Government and Agency Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost		21.6
Available-for-sale Securities, Gross Unrealized Losses		(0.1)
Available-for-sale Securities, Fair Value		21.5
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost		4.2
Available-for-sale Securities, Fair Value		4.2
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost		2
Available-for-sale Securities, Fair Value		$ 2

Investments - Cost and Fair Val

Investments - Cost and Fair Value of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Amortized Cost and Fair Value Debt Securities [Abstract]
Available-for-sale Securities, Debt Maturities, Due in One Year or less, Amortized Cost	$ 13.4
Available-for-sale Securities, Debt Maturities, Due after One year through two Years, Amortized Cost	36.5
Available-for-sale Securities, Amortized Cost	49.9	$ 273.5
Available-for-sale Securities, Debt Maturities, Due in One Year or less, Fair Value	13.4
Available-for-sale Securities, Debt Maturities, Due after One year through two Years, Fair Value	36.5
Available-for-sale Securities, Fair Value	$ 49.9	$ 273.1

Other Current Liabilities - Sum

Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Other current liabilities:
Salaries, wages and benefits	$ 190.3	$ 265.9
Accrued interest	108.6	77.2
Accrued liabilities	797.5	842.8
Total other current liabilities	$ 1,096.4	$ 1,185.9

Debt - Summary of Debt Instrume

Debt - Summary of Debt Instruments (Detail) $ in Millions, ¥ in Billions	Mar. 31, 2016USD ($)	Mar. 31, 2016JPY (¥)	Dec. 31, 2015USD ($)
Long-term debt
Senior Notes due	$ 8,950
Other long-term debt	4.6		$ 4.6
Debt discount and issuance costs	(78)		(80.8)
Adjustment related to interest rate swaps	37.6		26.8
Total long-term debt	11,117.4		11,497.4
Senior Notes [Member] | 1.450% [Member] | Due in 2017 [Member]
Long-term debt
Senior Notes due	500		500
Senior Notes [Member] | 2.0% [Member] | Due in 2018 [Member]
Long-term debt
Senior Notes due	1,150		1,150
Senior Notes [Member] | 4.625% [Member] | Due in 2019 [Member]
Long-term debt
Senior Notes due	500		500
Senior Notes [Member] | 2.70% [Member] | Due in 2020 [Member]
Long-term debt
Senior Notes due	1,500		1,500
Senior Notes [Member] | 3.375% [Member] | Due in 2021 [Member]
Long-term debt
Senior Notes due	300		300
Senior Notes [Member] | 3.150% [Member] | Due in 2022 [Member]
Long-term debt
Senior Notes due	750		750
Senior Notes [Member] | 3.550% [Member] | Due in 2025 [Member]
Long-term debt
Senior Notes due	2,000		2,000
Senior Notes [Member] | 4.250% [Member] | Due in 2035 [Member]
Long-term debt
Senior Notes due	500		500
Senior Notes [Member] | 5.750% [Member] | Due in 2039 [Member]
Long-term debt
Senior Notes due	500		500
Senior Notes [Member] | 4.450% [Member] | Due in 2045 [Member]
Long-term debt
Senior Notes due	1,250		1,250
U.S. Term Loan [Member]
Long-term debt
Term loan	2,100		2,500
Japan Term Loan [Member]
Long-term debt
Term loan	$ 103.2	¥ 11.7	$ 96.8

Debt - Summary of Debt Instru51

Debt - Summary of Debt Instruments (Parenthetical) (Detail) - Senior Notes [Member]	Mar. 31, 2016	Dec. 31, 2015
1.450% [Member] | Due in 2017 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	1.45%	1.45%
2.0% [Member] | Due in 2018 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	2.00%	2.00%
4.625% [Member] | Due in 2019 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	4.625%	4.625%
2.70% [Member] | Due in 2020 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	2.70%	2.70%
3.375% [Member] | Due in 2021 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	3.375%	3.375%
3.150% [Member] | Due in 2022 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	3.15%	3.15%
3.550% [Member] | Due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	3.55%	3.55%
4.250% [Member] | Due in 2035 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	4.25%	4.25%
5.750% [Member] | Due in 2039 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	5.75%	5.75%
4.450% [Member] | Due in 2045 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes	4.45%	4.45%

Debt - Additional Information (

Debt - Additional Information (Detail) ¥ in Billions	1 Months Ended	3 Months Ended
	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)Ratio	Mar. 31, 2016JPY (¥)	Dec. 31, 2015USD ($)	Jun. 24, 2015USD ($)
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 8,950,000,000
Other debt, debt discount and issuance costs and fair value adjustments		35,800,000
Payments on term loan		400,000,000
Proceeds from senior notes	$ 7,650,000,000
Estimated fair value of Senior Notes and term loan		9,113,800,000
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount, unsecured credit facility		$ 4,350,000,000
Principal amount, term loan description		Senior credit agreement (the "Credit Agreement") that contains (i) a 5-year unsecured term loan facility in the principal amount of $3.0 billion (the "U.S. Term Loan Facility"), and (ii) a 5-year unsecured multicurrency revolving facility in the principal amount of $1.35 billion (the "Multicurrency Revolving Facility").
Leverage ratio description under line of credit facility on financial covenants		Financial covenants include a consolidated indebtedness to consolidated EBITDA ratio of no greater than 5.0 to 1.0 through June 24, 2016 and no greater than 4.5 to 1.0 thereafter.
U.S. Term Loan [Member]
Debt Instrument [Line Items]
Term loan current		$ 2,100,000,000
Term loan		2,100,000,000		$ 2,500,000,000
Principal amount, unsecured credit facility					$ 3,000,000,000
Principal payments due on a quarterly basis starting September 30, 2015, during first three years		75,000,000
Principal payments due on a quarterly basis starting September 30, 2015, during fourth year		112,500,000
Principal payments due on a quarterly basis starting September 30, 2015, during fifth year		412,500,000
Payments on term loan		900,000,000
Japan Term Loan [Member]
Debt Instrument [Line Items]
Term loan		$ 103,200,000	¥ 11.7	96,800,000
Maturity date of term loan		May 31, 2018
Estimated fair value of Senior Notes and term loan		$ 102,300,000
Term Loan [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount, unsecured credit facility		$ 3,000,000,000
Debt instrument term		5 years
Multicurrency Revolving Facility [Member]
Debt Instrument [Line Items]
Outstanding Senior Credit Facility		$ 0
Multicurrency Revolving Facility [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount, unsecured credit facility		$ 1,350,000,000
Debt instrument term		5 years
Term Loan Through June 24, 2016 [Member]
Debt Instrument [Line Items]
Maximum Leverage Ratio | Ratio		5
Thereafter Term Loan [Member]
Debt Instrument [Line Items]
Maximum Leverage Ratio | Ratio		4.5
1.450% [Member] | Due in 2017 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 500,000,000		$ 500,000,000
Interest rate of Senior Notes		1.45%	1.45%	1.45%
2.0% [Member] | Due in 2018 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 1,150,000,000		$ 1,150,000,000
Interest rate of Senior Notes		2.00%	2.00%	2.00%
2.70% [Member] | Due in 2020 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 1,500,000,000		$ 1,500,000,000
Interest rate of Senior Notes		2.70%	2.70%	2.70%
3.150% [Member] | Due in 2022 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 750,000,000		$ 750,000,000
Interest rate of Senior Notes		3.15%	3.15%	3.15%
3.550% [Member] | Due in 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 2,000,000,000		$ 2,000,000,000
Interest rate of Senior Notes		3.55%	3.55%	3.55%
4.250% [Member] | Due in 2035 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 500,000,000		$ 500,000,000
Interest rate of Senior Notes		4.25%	4.25%	4.25%
4.450% [Member] | Due in 2045 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of Senior Notes		$ 1,250,000,000		$ 1,250,000,000
Interest rate of Senior Notes		4.45%	4.45%	4.45%
3.375% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate of Senior Notes		3.375%	3.375%
Minimum [Member] | 3.375% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Debt instrument redemption period		1 month
Maximum [Member] | 3.375% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Debt instrument redemption period		6 months

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income - Changes in Components of Other Comprehensive Income, Net of Tax (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income, Beginning Balance	$ (329)
Accumulated Other Comprehensive Income, Ending Balance	(242.9)
Foreign Currency Translation [Member]
Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income, Beginning Balance	(193.4)
OCI before reclassifications	134.2
Accumulated Other Comprehensive Income, Ending Balance	(59.2)
Unrealized (Losses) Gains on Securities [Member]
Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income, Beginning Balance	(0.6)
OCI before reclassifications	0.4
Accumulated Other Comprehensive Income, Ending Balance	(0.2)
Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income, Beginning Balance	(164.8)
OCI before reclassifications	18
Reclassifications	2
Accumulated Other Comprehensive Income, Ending Balance	(144.8)
Cash Flow Hedges [Member]
Other Comprehensive Income Loss [Line Items]
Accumulated Other Comprehensive Income, Beginning Balance	29.8
OCI before reclassifications	(44.1)
Reclassifications	(24.4)
Accumulated Other Comprehensive Income, Ending Balance	$ (38.7)

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Income - Reclassification Adjustments from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Comprehensive Income Loss [Line Items]
Cost of products sold	$ 635.2	$ 284.9
Earnings before income taxes	154.8	226.8
(Benefit) provision for income taxes	49	55.7
Reclassification out of Accumulated Other Comprehensive Income [Member]
Other Comprehensive Income Loss [Line Items]
Net of tax	22.4	17.7
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member]
Other Comprehensive Income Loss [Line Items]
Earnings before income taxes	31.7	28
(Benefit) provision for income taxes	7.3	6.4
Net of tax	24.4	21.6
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Other Comprehensive Income Loss [Line Items]
Cost of products sold	32.1	28.1
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Forward Starting Interest Rate Swaps [Member]
Other Comprehensive Income Loss [Line Items]
Interest expenses	(0.4)	(0.1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items [Member]
Other Comprehensive Income Loss [Line Items]
Prior service cost	1.9	1.1
Unrecognized actuarial (loss)	(5)	(4.3)
Earnings before income taxes	(3.1)	(3.2)
(Benefit) provision for income taxes	(1.1)	0.7
Net of tax	$ (2)	$ (3.9)

Accumulated Other Comprehensi55

Accumulated Other Comprehensive Income - Tax Effects on Each Component of Other Comprehensive Income Recognized in Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency cumulative translation adjustments, Before Tax	$ 134.2	$ (149.9)
Unrealized cash flow hedge gains (losses), Before Tax	(56.5)	51.7
Reclassification adjustments on foreign currency hedges, Before Tax	(31.7)	(28)
Unrealized gains on securities, Before Tax	0.4	0.6
Adjustments to prior service cost and unrecognized actuarial assumptions, Before Tax	21.4	3.2
Total Other Comprehensive Gain (Loss), Before Tax	67.8	(122.4)
Foreign currency cumulative translation adjustments, Tax	0	0
Unrealized cash flow hedge gains (losses), Tax	(12.4)	(0.7)
Reclassification adjustments on foreign currency hedges, Tax	(7.3)	(6.4)
Unrealized gains on securities, Tax	0	0
Adjustments to prior service cost and unrecognized actuarial assumptions, Tax	1.4	(0.7)
Total Other Comprehensive Gain (Loss), Tax	(18.3)	(7.8)
Foreign currency cumulative translation adjustments, net of tax	134.2	(149.9)
Unrealized cash flow hedge gains (losses), net of tax	(44.1)	52.4
Reclassification adjustments on foreign currency hedges, net of tax	(24.4)	(21.6)
Unrealized gains on securities, net of tax	0.4	0.6
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax	20	3.9
Total Other Comprehensive Gain (Loss), net of tax	$ 86.1	$ (114.6)

Fair Value Measurement of Ass56

Fair Value Measurement of Assets and Liabilities - Fair Value Measurement of Assets and Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value	$ 49.9	$ 273.1
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value	49.9	273.1
Total fair value measurement of assets	120.4	396.8
Total fair value measurement of liabilities	21.5	1.6
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value	49.9	245.4
Fair Value, Measurements, Recurring [Member] | U.S. Government and Agency Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value		21.5
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value		4.2
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value		2
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	32.9	96.9
Derivatives, current and long-term	21.5	1.6
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	37.6	26.8
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value	49.9	273.1
Total fair value measurement of assets	120.4	396.8
Total fair value measurement of liabilities	21.5	1.6
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value	49.9	245.4
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government and Agency Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value		21.5
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value		4.2
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value		2
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	32.9	96.9
Derivatives, current and long-term	21.5	1.6
Fair Value Measurements at Reporting Date Using: Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, current and long-term	$ 37.6	$ 26.8

Derivative Instruments and He57

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total	$ 1,000,000,000		$ 1,000,000,000
Loss on settlement of forward starting interest rate swaps	$ 97,600,000
Expected months of hedging of inter company sales of inventory to minimize the effects of foreign exchange rate movements		30 months
Amounts excluded from the assessment of hedge effectiveness		$ 0	$ 0
Fair value of outstanding derivative instruments, net unrealized loss deferred in other comprehensive income		62,100,000
Fair value of outstanding derivative instruments, gain, expected to be reclassified to earnings		51,200,000
Fair value of outstanding derivative instruments, gain, net of taxes expected to be reclassified to earnings		$ 38,500,000
4.450% Senior Notes due 2045 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate of Senior Notes		4.45%
Hedged senior notes maturity period		30 years
4.625% Senior Notes due 2019 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total		$ 250,000,000
Interest rate of Senior Notes		4.625%
Description of terms of Interest rate Derivatives terms		Receive a fixed interest rate of 4.625 percent and pay variable interest equal to the three-month LIBOR plus an average of 133 basis points.
Description of variable interest rate basis		Three-month LIBOR
3.375% Senior Notes due 2021 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total		$ 300,000,000
Interest rate of Senior Notes		3.375%
Description of terms of Interest rate Derivatives terms		We receive a fixed interest rate of 3.375 percent and pay variable interest equal to the three-month LIBOR plus an average of 99 basis points.
Description of variable interest rate basis		Three-month LIBOR
LIBOR [Member] | 4.625% Senior Notes due 2019 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap basis spread on variable rate		1.33%
LIBOR [Member] | 3.375% Senior Notes due 2021 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap basis spread on variable rate		0.99%
Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of outstanding derivative instruments, unrealized loss net of taxes deferred in other comprehensive income		$ 38,700,000
U.S. Dollars [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total		1,453,600,000
Swiss Francs [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total		293,900,000
Minimum [Member] | Nondesignated [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total		1,500,000,000
Maximum [Member] | Nondesignated [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount, Total		$ 2,000,000,000

Derivative Instruments and He58

Derivative Instruments and Hedging Activities - Derivative Instruments Designated as Fair Value Hedges (Detail) - Interest Rate Swaps [Member] - Interest Expense [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Instrument	$ 10.8	$ 7.2
Gain (Loss) on Hedged Item	$ (10.8)	$ (7.2)

Derivative Instruments and He59

Derivative Instruments and Hedging Activities - Gross Unrealized Losses from Derivative Instruments (Detail) - Cash Flow Hedges [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain / (Loss) Recognized in OCI	$ (56.5)	$ 51.7
Amount of Gain / (Loss) Reclassified from OCI	31.7	28
Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain / (Loss) Recognized in OCI	(56.5)	90
Foreign Exchange Forward Contracts [Member] | Cost of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain / (Loss) Reclassified from OCI	32.1	28.1
Forward Starting Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain / (Loss) Recognized in OCI		(38.3)
Forward Starting Interest Rate Swaps [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain / (Loss) Reclassified from OCI	$ (0.4)	$ (0.1)

Derivative Instruments and He60

Derivative Instruments and Hedging Activities - Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Nondesignated [Member] | Foreign Exchange Forward Contracts [Member] | Other Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains from derivative instruments not designated as hedging instruments	$ (21.3)	$ 15.2

Derivative Instruments and He61

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on Gross Basis (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 99.3	$ 147.1
Derivative Liabilities	50.3	25
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	56.1	100.5
Foreign Exchange Forward Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	5.6	19.8
Foreign Exchange Forward Contracts [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	29.6	16.7
Foreign Exchange Forward Contracts [Member] | Other Long-term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	20.7	8.3
Interest Rate Swaps [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 37.6	$ 26.8

Derivative Instruments and He62

Derivative Instruments and Hedging Activities - Schedule of Effects of Master Netting Agreements on Condensed Consolidated Balance Sheets (Detail) - Cash Flow Hedges [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Other Current Assets [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	$ 56.1	$ 100.5
Offset	23.6	16.3
Net Amount in Balance Sheet	32.5	84.2
Other Assets [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	5.6	19.8
Offset	5.2	7.1
Net Amount in Balance Sheet	0.4	12.7
Other Current Liabilities [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	29.6	16.7
Offset	23.6	16.3
Net Amount in Balance Sheet	6	0.4
Other Long-term Liabilities [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount	20.7	8.3
Offset	5.2	7.1
Net Amount in Balance Sheet	$ 15.5	$ 1.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	31.70%	24.50%
U.S. statutory income tax rate	35.00%

Retirement Benefit Plans - Comp

Retirement Benefit Plans - Components of Net Pension Expense (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 7.5	$ 7.6
Interest cost	7.2	5.5
Expected return on plan assets	(12.7)	(10.9)
Curtailment gain	(0.3)
Amortization of prior service cost	(1.9)	(1.1)
Amortization of unrecognized actuarial loss	5	4.3
Net periodic pension expense	$ 4.8	$ 5.4

Retirement Benefit Plans - Addi

Retirement Benefit Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
Foreign-based Defined Benefit Plans [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Contribution towards defined benefit plans	$ 3,600,000
Expected contribution during remainder of year	11,900,000
U.S. and Puerto Rico [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Contribution towards defined benefit plans	0
Expected contribution during remainder of year	$ 0

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Weighted Average Shares for Basic and Diluted Shares Computations (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average shares outstanding for basic net earnings per share	200.1	170
Effect of dilutive stock options and other equity awards	1.9	2.9
Weighted average shares outstanding for diluted net earnings per share	202	172.9

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Earnings Per Share [Abstract]
Options to purchase shares of common stock not included in the computation of diluted earnings per share	1.1
Repurchased shares of common stock	4.2
Average price per share | $ / shares	$ 98.50
Total cash outlay | $	$ 415.5

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting [Abstract]
Number of operating segments	7

Segment Information - Summary o

Segment Information - Summary of Net sales and Operating Profit by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Sales Information [Line Items]
Net Sales	$ 1,904	$ 1,134.4
Operating profit	245.5	269.9
Intangible asset amortization	(126.6)	(20.4)
Special items	(94.1)	(86.8)
Operating Segments [Member] | Americas [Member]
Sales Information [Line Items]
Net Sales	984.7	577.7
Operating profit	535	296.8
Operating Segments [Member] | EMEA [Member]
Sales Information [Line Items]
Net Sales	416.6	281.2
Operating profit	141.3	109.5
Operating Segments [Member] | Asia Pacific [Member]
Sales Information [Line Items]
Net Sales	256.6	187.5
Operating profit	110.6	97.7
Operating Segments [Member] | Product Category Operating Segments [Member]
Sales Information [Line Items]
Net Sales	246.1	88
Operating profit	58.2	14.1
Segment Reconciling Items [Member]
Sales Information [Line Items]
Inventory step-up and other inventory and manufacturing related charges	(172.9)	(3.9)
Intangible asset amortization	(126.6)	(20.4)
Special items	(94.1)	(86.8)
Global Operations and Corporate Functions [Member]
Sales Information [Line Items]
Global Operations and Corporate Functions	$ (206)	$ (137.1)

Segment Information - Summary70

Segment Information - Summary of Net Sales by Product Category (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue from External Customer [Line Items]
Net Sales	$ 1,904	$ 1,134.4
Knees [Member]
Revenue from External Customer [Line Items]
Net Sales	703.3	463.9
Hips [Member]
Revenue from External Customer [Line Items]
Net Sales	467.9	311.4
S.E.T [Member]
Revenue from External Customer [Line Items]
Net Sales	401.1	218.4
Dental [Member]
Revenue from External Customer [Line Items]
Net Sales	108.6	55.8
Spine and CMF [Member]
Revenue from External Customer [Line Items]
Net Sales	141.2	49.5
Other [Member]
Revenue from External Customer [Line Items]
Net Sales	$ 81.9	$ 35.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Feb. 05, 2013USD ($)	Jul. 31, 2015USD ($)	Dec. 31, 2008EUR (€)	Mar. 31, 2016USD ($)Patents	Dec. 31, 2014USD ($)	Oct. 19, 2015USD ($)	Mar. 01, 2013USD ($)	Jun. 10, 2011USD ($)
Loss Contingencies [Line Items]
Compensatory damages awarded				$ 27,600,000
Percentage of fault apportioned to plaintiffs				30.00%
Percentage of fault apportioned to company				34.00%
Percentage of fault apportioned to unrelated third party				36.00%
Verdict in full and entered judgment								$ 20,300,000
Compensatory damages vacated							$ 27,600,000
Durom Cup Related Claims [Member]
Loss Contingencies [Line Items]
Certain claims				$ 479,400,000
Co-payment requirement				20.00%
Estimated liability outstanding				$ 309,200,000
Estimated liability classified as short-term				50,000,000
Estimated liability classified as long-term				259,200,000
Durom Cup Related Claims [Member] | Other Assets [Member]
Loss Contingencies [Line Items]
Estimated insurance recoveries				95,300,000
Biomet Metal On Metal Hip Implant Claims [Member]
Loss Contingencies [Line Items]
Estimated liability classified as short-term				$ 25,800,000
Heraeus Trade Secret Misappropriation Lawsuits [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages incurred | €			€ 30,000,000
Stryker Corporation [Member]
Loss Contingencies [Line Items]
Number of patents infringed | Patents				3
Monetary damages for lost profits	$ 70,000,000
Estimated charges		$ 90,300,000			$ 70,000,000
Stryker Corporation [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Estimated charges						$ 140,000,000