Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 24, 2017 | Oct. 27, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | WRIGHT MEDICAL GROUP N.V. | |
Entity Central Index Key | 1,492,658 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 24, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 105,015,417 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 25, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 238,867 | $ 262,265 |
Restricted Cash and Cash Equivalents, Current | 38,922 | 150,000 |
Accounts receivable, net | 114,948 | 130,602 |
Inventories | 172,311 | 150,849 |
Prepaid expenses | 14,159 | 11,678 |
Other current assets | 61,912 | 54,231 |
Total current assets | 641,119 | 759,625 |
Property, plant and equipment, net | 211,785 | 201,732 |
Goodwill | 860,860 | 851,042 |
Intangible assets, net | 226,617 | 231,797 |
Deferred income taxes | 1,690 | 1,498 |
Other assets | 258,612 | 244,892 |
Total assets | 2,200,683 | 2,290,586 |
Current liabilities: | ||
Accounts payable | 43,481 | 32,866 |
Accrued Liabilities, Current | 387,561 | 407,704 |
Current portion of long-term obligations | 56,783 | 33,948 |
Total current liabilities | 487,825 | 474,518 |
Long-term debt and capital lease obligations | 818,873 | 780,407 |
Deferred income taxes | 27,813 | 27,550 |
Other liabilities | 327,656 | 321,247 |
Total liabilities | 1,662,167 | 1,603,722 |
Stockholders' equity: | ||
Common stock, $.01 par value, authorized: 100,000,000 shares; issued and outstanding: 47,993,765 shares at December 31, 2013 and 39,703,358 shares at December 31, 2012 | 3,868 | 3,815 |
Additional paid-in capital | 1,947,717 | 1,908,749 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 24,901 | (19,461) |
Retained earnings | (1,437,970) | (1,206,239) |
Total stockholders' equity | 538,516 | 686,864 |
Total liabilities and stockholders' equity | $ 2,200,683 | $ 2,290,586 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - € / shares | Sep. 24, 2017 | Dec. 25, 2016 |
Common Stock, Par or Stated Value Per Share | € 0.03 | € 0.03 |
Common stock, shares authorized (in shares) | 320,000,000 | 320,000,000 |
Common Stock, Shares, Issued | 105,011,678 | 103,400,995 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | ||
Income Statement [Abstract] | |||||
Net sales | $ 170,503 | $ 157,332 | $ 527,387 | $ 497,339 | |
Cost of sales | [1],[2] | 38,421 | 46,149 | 113,669 | 141,824 |
Gross profit | 132,082 | 111,183 | 413,718 | 355,515 | |
Operating expenses: | |||||
Selling, general and administrative | [1] | 131,421 | 129,840 | 392,073 | 401,069 |
Research and development | [1] | 11,992 | 12,481 | 36,971 | 36,705 |
Amortization of intangible assets | 7,178 | 7,466 | 21,574 | 21,407 | |
Total operating expenses | 150,591 | 149,787 | 450,618 | 459,181 | |
Operating income | (18,509) | (38,604) | (36,900) | (103,666) | |
Interest Income (Expense), Nonoperating, Net | 18,978 | 16,795 | 55,512 | 41,673 | |
Other expense, net | 5,457 | (365) | 6,875 | (3,494) | |
Income (loss) before income taxes | (42,944) | (55,034) | (99,287) | (141,845) | |
Provision (benefit) for income taxes | (8,822) | (2,325) | (7,498) | (6,913) | |
Income (Loss) from Continuing Operations Attributable to Parent | (34,122) | (52,709) | (91,789) | (134,932) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (97,748) | (57,436) | (139,942) | (252,571) | |
Net (loss) income | $ (131,870) | $ (110,145) | $ (231,731) | $ (387,503) | |
Net income (loss) per share: | |||||
Net loss from continuing operations per share-basic and diluted (Note 11): | $ (0.33) | $ (0.51) | $ (0.88) | $ (1.31) | |
Net loss from discontinued operations per share-basic and diluted (Note 11): | (0.93) | (0.56) | (1.34) | (2.46) | |
Net loss per share-basic and diluted (Note 11): | $ (1.26) | $ (1.07) | $ (2.22) | $ (3.77) | |
Weighted-average number of ordinary shares outstanding-basic and diluted: | 104,836 | 104,292 | |||
[1] | 1 These line items include the following amounts of non-cash, share-based compensation expense for the periods indicated: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016Cost of sales$152 $146 $403 $321Selling, general and administrative4,960 3,168 12,939 9,070Research and development333 214 789 510 | ||||
[2] | 2 Cost of sales includes amortization of inventory step-up adjustment of $10.3 million and $30.9 million for the three and nine months ended September 25, 2016, respectively. |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Inventory step-up, amortization | $ 10,306 | $ 30,922 | ||
Cost of Sales [Member] | ||||
Stock-based compensation expense | $ 152 | 146 | $ 403 | 321 |
Selling, general and administrative [Member] | ||||
Stock-based compensation expense | 4,960 | 3,168 | 12,939 | 9,070 |
Research and Development [Member] | ||||
Stock-based compensation expense | $ 333 | $ 214 | $ 789 | $ 510 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Net (loss) income | $ (131,870) | $ (110,145) | $ (231,731) | $ (387,503) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Changes in foreign currency translation | 44,362 | 11,763 | ||
Other Comprehensive Income (Loss) | 25,132 | 4,480 | 44,362 | 11,763 |
Comprehensive Income (Loss) | (106,738) | (105,665) | (187,369) | (375,740) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Changes in foreign currency translation | $ 25,132 | $ 4,480 | $ 44,362 | $ 11,763 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | |
Operating activities: | ||
Net (loss) income | $ (231,731) | $ (387,503) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Consolidated Depreciation | 42,124 | 42,066 |
Stock-based compensation expense | 14,131 | 9,901 |
Consolidated Intangible Amortization | 21,574 | 21,746 |
Amortization of Financing Costs and Discounts | 37,373 | 28,676 |
Deferred income taxes | (2,059) | (9,534) |
Inventory Write-down | 13,770 | 16,171 |
Write off of Deferred Debt Issuance Cost | 0 | 12,343 |
Amortization of inventory step-up adjustment | 0 | 34,346 |
Non Cash Adjustment Derivative Fair Value | (4,163) | (26,460) |
Impairment of Long-Lived Assets to be Disposed of | 0 | 21,876 |
Mark-to-market adjustment for CVRs | 6,721 | 8,968 |
Other | 2,093 | 3,494 |
Changes in assets and liabilities (net of acquisitions): | ||
Accounts receivable | 18,807 | 9,900 |
Inventories | (28,210) | (3,662) |
Prepaid expenses and other current assets | 5,851 | 20,066 |
Accounts payable | 8,260 | (6,659) |
Accrued expenses and other liabilities | (21,343) | (9,820) |
Product Liability Accrual, Period Expense | (12,506) | 188,732 |
Net cash provided by operating activities | (129,308) | (25,353) |
Investing activities: | ||
Capital expenditures | (49,476) | (37,800) |
Purchase of intangible assets | (1,408) | (4,761) |
Net cash used in investing activities | (50,884) | (42,561) |
Financing activities: | ||
Issuance of ordinary shares | 24,828 | 5,654 |
Proceeds from other debt | 395,000 | |
Redemption of convertible senior notes | 0 | 102,974 |
Payment of notes premium | 0 | (1,619) |
Proceeds from Issuance of Warrants | 54,629 | |
Proceeds from notes hedge option | 0 | 99,816 |
Payment of notes hedge option | 0 | 3,892 |
Payments of deferred financing costs and equity issuance costs | 0 | 8,318 |
Proceeds from issuance of other long-term debt | 32,000 | 821 |
Repayments of Long-term Debt | (10,722) | 0 |
Repurchase of stock warrants | 0 | 3,319 |
Payment of contingent consideration - initial valuation | (1,429) | (664) |
Repayments of Long-term Capital Lease Obligations | (1,863) | (1,822) |
Net cash provided by (used in) financing activities | 42,814 | 241,464 |
Effect of exchange rates on cash and cash equivalents | 2,902 | 960 |
Net increase in cash and cash equivalents | (134,476) | 174,510 |
Consolidated cash and cash equivalents, beginning of year | 412,265 | 139,804 |
Consolidated Cash and Equivalents, end of year | $ 277,789 | $ 314,314 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 24, 2017 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Organization and Description of Business Wright Medical Group N.V. (Wright or we) is a global medical device company focused on extremities and biologics products. We are committed to delivering innovative, value-added solutions improving quality of life for patients worldwide and are a recognized leader of surgical solutions for the upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics markets, three of the fastest growing segments in orthopaedics. We market our products in over 50 countries worldwide. Our global corporate headquarters are located in Amsterdam, the Netherlands. We also have significant operations located in Memphis, Tennessee (U.S. headquarters, research and development, sales and marketing administration, and administrative activities); Bloomington, Minnesota (upper extremities sales and marketing and warehousing operations); Arlington, Tennessee (manufacturing and warehousing operations); Franklin, Tennessee (manufacturing and warehousing operations); Montbonnot, France (manufacturing and warehousing operations); and Macroom, Ireland (manufacturing). In addition, we have local sales and distribution offices in Canada, Australia, Asia, Latin America, and throughout Europe. For purposes of this report, references to "international" or "foreign" relate to non-U.S. matters while references to "domestic" relate to U.S. matters. Our fiscal year-end is generally determined on a 52-week basis and runs from the Monday nearest to the 31st of December of a year, and ends on the Sunday nearest to the 31st of December of the following year. Every few years, it is necessary to add an extra week to the year making it a 53-week period. Prior to the merger (the Wright/Tornier merger or the merger) with Tornier N.V. (legacy Tornier) in October 2015, our fiscal year ended December 31 each year. The condensed consolidated financial statements and accompanying notes present our consolidated results for each of the three and nine months ended September 24, 2017 and September 25, 2016 . The three and nine months ended September 24, 2017 and September 25, 2016 each consisted of thirteen and thirty-nine weeks, respectively. All amounts are presented in U.S. dollars ($), except where expressly stated as being in other currencies, e.g., Euros (€). References in these notes to condensed consolidated financial statements to "we," "our" and "us" refer to Wright Medical Group N.V. and its subsidiaries after the Wright/Tornier merger and Wright Medical Group, Inc. (WMG or legacy Wright) and its subsidiaries before the Wright/Tornier merger. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 24, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation. The unaudited condensed consolidated interim financial statements of Wright Medical Group N.V. have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP) for interim financial statements and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to these rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 25, 2016 , as filed with the U.S. Securities and Exchange Commission (SEC) on February 23, 2017. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments necessary for a fair presentation of our interim financial results. All such adjustments are of a normal and recurring nature. The results of operations for any interim period are not indicative of results for the full fiscal year. The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our domestic and international subsidiaries, all of which are wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Discontinued Operations. On October 21, 2016, pursuant to a binding offer letter dated as of July 8, 2016, Tornier France SAS (Tornier France) and certain other entities related to us and Corin Orthopaedics Holdings Limited (Corin) entered into a business sale agreement and simultaneously completed and closed the sale of our business operations operating under the large joints operating segment. Pursuant to the terms of the agreement, Tornier France sold substantially all of the assets related to our hip and knee, or large joints, business (the Large Joints business) to Corin for approximately €29.7 million in cash, less approximately €11.1 million for net working capital adjustments and subject to certain other closing adjustments. Upon closing, the parties also executed a transitional services agreement and supply agreement, among other ancillary agreements required to implement the transaction. On January 9, 2014, legacy Wright completed the divestiture and sale of its hip and knee (OrthoRecon) business to MicroPort Scientific Corporation (MicroPort). Certain liabilities associated with the OrthoRecon business, including product liability claims associated with hip and knee products sold prior to the closing, were not assumed by MicroPort. Charges associated with these product liability claims, including legal defense, settlements and judgments, income associated with product liability insurance recoveries, and changes to any contingent liabilities associated with the OrthoRecon business have been reflected within results of discontinued operations. All current and historical operating results for the Large Joints and OrthoRecon businesses are reflected within discontinued operations in the condensed consolidated financial statements. Other than the discontinued operations discussed in Note 3 , unless otherwise stated, all discussion of assets and liabilities in these notes to the condensed consolidated financial statements reflects the assets and liabilities held and used in our continuing operations, and all discussion of revenues and expenses reflects those associated with our continuing operations. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying ASUs (collectively ASC 606). Accounting Standards Codification (ASC) 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 outlines a five-step model, under which we will recognize revenue as performance obligations within a customer contract are satisfied. ASC 606 is intended to provide more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual reporting periods beginning after December 15, 2017 (fiscal year 2018 for Wright), including interim periods within the reporting period. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or using the cumulative effect transition method with the cumulative effect of initial adoption recognized at the date of initial application. We are currently assessing the impact that the future adoption of ASC 606 may have on our consolidated financial statements by analyzing our current portfolio of customer contracts, including a review of historical accounting policies and practices to identify potential differences in applying the guidance of ASC 606. Based on our review of our customer contracts, we expect that revenue on the majority of our customer contracts will continue to be recognized at a point in time, generally upon surgical implantation or shipment of products to distributors, consistent with our current revenue recognition model. We expect to adopt ASC 606 using the modified retrospective method, which recognizes the cumulative effect at the date of initial application. On February 25, 2016, the FASB issued ASU 2016-02, Leases, which introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in FASB ASC 606, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, the ASU addresses other concerns related to the current leases model. The ASU will be effective for us beginning in fiscal year 2019. We are in the initial phases of our adoption plans; and accordingly, we are unable to estimate any effect this may have on our consolidated financial statements. On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is to simplify accounting for income taxes, forfeitures, and withholding taxes associated with share-based payment arrangements, and reduce ambiguity in cash flow reporting. We adopted this ASU during the quarter ended March 26, 2017 and noted no impact on our condensed consolidated financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, and proceeds from the settlement of insurance claims. We elected to early adopt this guidance for the year ended December 25, 2016. The application of this guidance did not impact the historical presentation of our consolidated statement of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We elected to early adopt the methodology for presenting restricted cash resulting from the Escrow Agreement described in Note 13 for the year ended December 25, 2016. On January 26, 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The guidance in the ASU is effective for our interim and annual goodwill impairment tests beginning in 2020 with early adoption permitted for annual and interim goodwill impairment testing dates after January 1, 2017. We are in the initial phases of our adoption plans; and, accordingly, we are unable to estimate any effect this may have on our consolidated financial statements. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 24, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations For the three months ended September 24, 2017 and September 25, 2016 , our loss from discontinued operations, net of tax, totaled $97.7 million and $57.4 million , respectively. For the nine months ended September 24, 2017 and September 25, 2016 , our loss from discontinued operations, net of tax, totaled $139.9 million and $252.6 million , respectively. Our loss from discontinued operations was attributable primarily to expenses associated with legacy Wright's former OrthoRecon business and, to a lesser degree, the former Large Joints business. Large Joints Business On October 21, 2016, pursuant to a binding offer letter dated as of July 8, 2016, Tornier France, Corin, and certain other entities related to us and Corin entered into a business sale agreement and simultaneously completed and closed the sale of our Large Joints business. Pursuant to the terms of the agreement, we sold substantially all of the assets related to our Large Joints business to Corin for approximately €29.7 million in cash, less approximately € 11.1 million for net working capital adjustments. Upon closing, the parties also executed a transitional services agreement and supply agreement, among other ancillary agreements required to implement the transaction. These agreements are on arm’s length terms and are not expected to be material to our condensed consolidated financial statements. All historical operating results for the Large Joints business as well as continued involvement in accordance with the transitional service agreement and supply agreement are reflected within discontinued operations in the condensed consolidated statements of operations. For the three and nine months ended September 24, 2017 , our loss from discontinued operations for the Large Joints business, net of tax, totaled $0.9 million and $2.4 million and was primarily attributable to professional fees and internal costs to support transition activities, costs associated with transition services and working capital adjustments. The basic and diluted weighted-average number of ordinary shares outstanding was 104.8 million and 104.3 million for the three and nine months ended September 24, 2017 , respectively. The basic and diluted net loss from discontinued operations per share for the Large Joints business was $0.01 and $0.02 for the three and nine months ended September 24, 2017 , respectively. The following table summarizes the results of discontinued operations for the Large Joints business for the three and nine months ended September 25, 2016 (in thousands, except per share data): Three months ended Nine months ended September 25, 2016 September 25, 2016 Net sales $ 7,320 $ 29,220 Cost of sales 4,348 15,708 Selling, general and administrative 4,897 15,069 Other 396 1,630 Loss from discontinued operations before income taxes (2,321 ) (3,187 ) Impairment loss on assets held for sale, before income taxes — (21,876 ) Total loss from discontinued operations before income taxes (2,321 ) (25,063 ) Income tax benefit 759 5,529 Total loss from discontinued operations, net of tax $ (1,562 ) $ (19,534 ) Net loss from discontinued operations per share-basic and diluted ( Note 11 ) $ (0.02 ) $ (0.19 ) Weighted-average number of ordinary shares outstanding-basic and diluted ( Note 11 ) 103,072 102,854 Cash used in operating activities from the Large Joints business totaled $3.5 million for the nine months ended September 24, 2017 . Cash provided by operating activities from the Large Joints business totaled $3.0 million for the nine months ended September 25, 2016 . OrthoRecon Business On January 9, 2014, legacy Wright completed the divestiture and sale of its OrthoRecon business to MicroPort Scientific Corporation. Pursuant to the terms of the agreement, the purchase price (as defined in the agreement) was approximately $283 million (including a working capital adjustment), which MicroPort paid in cash. As a result of the transaction, we recognized approximately $24.3 million as the gain on disposal of the OrthoRecon business, before the effect of income taxes. Certain liabilities associated with the OrthoRecon business, including product liability claims associated with hip and knee products sold by legacy Wright prior to the closing, were not assumed by MicroPort. Charges associated with these product liability claims, including legal defense, settlements and judgments, income associated with product liability insurance recoveries, and changes to any contingent liabilities associated with the OrthoRecon business have been reflected within results of discontinued operations, and we will continue to reflect these within results of discontinued operations in future periods. All current and historical operating results for the OrthoRecon business are reflected within discontinued operations in the condensed consolidated financial statements. The following table summarizes the results of discontinued operations for the OrthoRecon business (in thousands, except per share data): Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Net sales $ — $ — $ — $ — Selling, general and administrative 96,917 55,874 137,578 233,037 Loss from discontinued operations before income taxes (96,917 ) (55,874 ) (137,578 ) (233,037 ) Benefit for income taxes — — — — Total loss from discontinued operations, net of tax $ (96,917 ) $ (55,874 ) $ (137,578 ) $ (233,037 ) Net loss from discontinued operations per share-basic and diluted ( Note 11 ) $ (0.92 ) $ (0.54 ) $ (1.32 ) $ (2.27 ) Weighted-average number of ordinary shares outstanding-basic and diluted ( Note 11 ) 104,836 103,072 104,292 102,854 The above selling, general and administrative expenses during the three and nine months ended September 24, 2017 included charges of $86.9 million and $103.3 million , respectively, related to the retained metal-on-metal product liability claims associated with the OrthoRecon business. The three and nine months ended September 25, 2016 included charges of $38.7 million and $188.7 million , respectively, related to the retained metal-on-metal product liability claims associated with the OrthoRecon business. See Note 12 to the condensed consolidated financial statements for further discussion regarding the metal-on-metal product liability claims. We will incur continuing cash outflows associated with legal defense costs and the ultimate resolution of these contingent liabilities, net of insurance proceeds, until these liabilities are resolved. Cash used in operating activities by the OrthoRecon business totaled $142.7 million and $29.7 million for the nine months ended September 24, 2017 and September 25, 2016 , respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 24, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): September 24, 2017 December 25, 2016 Raw materials $ 10,695 $ 15,319 Work-in-process 29,714 22,422 Finished goods 131,902 113,108 $ 172,311 $ 150,849 |
Derivatives and Fair Value of F
Derivatives and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 24, 2017 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value [Text Block] | Fair Value of Financial Instruments and Derivatives We account for derivatives in accordance with FASB ASC 815, which establishes accounting and reporting standards requiring that derivative instruments be recorded on the balance sheet as either an asset or liability measured at fair value. Additionally, changes in the derivatives' fair value shall be recognized currently in earnings unless specific hedge accounting criteria are met. FASB ASC Section 820, Fair Value Measurements and Disclosures requires fair value measurements be classified and disclosed in one of the following three categories: Level 1: Financial instruments with unadjusted, quoted prices listed on active market exchanges. Level 2: Financial instruments determined using prices for recently traded financial instruments with similar underlying terms as well as directly or indirectly observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3: Financial instruments that are not actively traded on a market exchange. This category includes situations where there is little, if any, market activity for the financial instrument. The prices are determined using significant unobservable inputs or valuation techniques. 2021 Notes Conversion Derivative and Notes Hedges On May 20, 2016 , we issued $395 million aggregate principal amount of 2.25% cash convertible senior notes due 2021 (2021 Notes). See Note 8 of the condensed consolidated financial statements for additional information regarding the 2021 Notes. The 2021 Notes have a conversion derivative feature (2021 Notes Conversion Derivative) that requires bifurcation from the 2021 Notes in accordance with ASC Topic 815, and is accounted for as a derivative liability. The fair value of the 2021 Notes Conversion Derivative at the time of issuance of the 2021 Notes was $117.2 million . In connection with the issuance of the 2021 Notes, we entered into hedges (2021 Notes Hedges) with two option counterparties. The 2021 Notes Hedges, which are cash-settled, are generally intended to reduce our exposure to potential cash payments that we are required to make upon conversion of the 2021 Notes in excess of the principal amount of converted notes if our ordinary share price exceeds the conversion price. The aggregate cost of the 2021 Notes Hedges was $99.8 million and is accounted for as a derivative asset in accordance with ASC Topic 815. However, in connection with certain events, these option counterparties have the discretion to make certain adjustments to the 2021 Note Hedges, which may reduce the effectiveness of the 2021 Note Hedges. The following table summarizes the fair value and the presentation in our condensed consolidated balance sheets (in thousands) of the 2021 Notes Hedges and 2021 Notes Conversion Derivative: Location on condensed consolidated balance sheet September 24, 2017 December 25, 2016 2021 Notes Hedges Other assets $ 177,818 $ 159,095 2021 Notes Conversion Derivative Other liabilities $ 177,870 $ 161,601 In the first quarter of 2017, the closing price of our ordinary shares was greater than 130% of the 2021 Notes conversion price for 20 or more of the 30 consecutive trading days preceding the quarter-end; and, therefore, the holders of the 2021 Notes had the ability to convert the notes during the succeeding quarterly period. Due to the ability of the holders of the 2021 Notes to convert the notes during this period, the carrying value of the 2021 Notes and the fair value of the 2021 Notes Conversion Derivative were classified as current liabilities, and the fair value of the 2021 Notes Hedges were classified as current assets as of March 26, 2017. There were no conversions during the second quarter of 2017. The closing price of our ordinary shares was less than 130% of the 2021 Notes conversion price for more than 20 of the 30 consecutive trading days preceding the calendar quarters ended June 30, 2017 and September 30, 2017, which resulted in the 2021 Notes no longer being convertible. As such, the 2021 Notes, 2021 Notes Conversion Derivative and 2021 Notes Hedges were classified as long-term as of September 24, 2017. The 2021 Notes Hedges and the 2021 Notes Conversion Derivative are measured at fair value using Level 3 inputs. These instruments are not actively traded and are valued using an option pricing model that uses observable and unobservable market data for inputs. Neither the 2021 Notes Conversion Derivative nor the 2021 Notes Hedges qualify for hedge accounting; thus, any change in the fair value of the derivatives is recognized immediately in our condensed consolidated statements of operations. The following table summarizes the net gain (loss) on changes in fair value (in thousands) related to the 2021 Notes Hedges and 2021 Notes Conversion Derivative: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 2021 Notes Hedges $ (9,074 ) $ 85,182 $ 18,723 $ 69,671 2021 Notes Conversion Derivative 9,321 (86,275 ) (16,269 ) (55,478 ) Net gain (loss) on changes in fair value $ 247 $ (1,093 ) $ 2,454 $ 14,193 2020 Notes Conversion Derivative and Notes Hedges On February 13, 2015 , WMG issued $632.5 million aggregate principal amount of 2.00% cash convertible senior notes due 2020 (2020 Notes). See Note 8 of the condensed consolidated financial statements for additional information regarding the 2020 Notes. The 2020 Notes have a conversion derivative feature (2020 Notes Conversion Derivative) that requires bifurcation from the 2020 Notes in accordance with ASC Topic 815, and is accounted for as a derivative liability. The fair value of the 2020 Notes Conversion Derivative at the time of issuance of the 2020 Notes was $149.8 million . In connection with the issuance of the 2020 Notes, WMG entered into hedges (2020 Notes Hedges) with three option counterparties. The 2020 Notes Hedges, which are cash-settled, are generally intended to reduce WMG's exposure to potential cash payments that WMG is required to make upon conversion of the 2020 Notes in excess of the principal amount of converted notes if our ordinary share price exceeds the conversion price. The aggregate cost of the 2020 Notes Hedges was $144.8 million and is accounted for as a derivative asset in accordance with ASC Topic 815. However, in connection with certain events, these option counterparties have the discretion to make certain adjustments to the 2020 Note Hedges, which may reduce the effectiveness of the 2020 Note Hedges. Concurrently with the issuance and sale of the 2021 Notes, certain holders of the 2020 Notes exchanged approximately $45 million aggregate principal amount of 2020 Notes (including the 2020 Notes Conversion Derivative) for the 2021 Notes. For each $1,000 principal amount of 2020 Notes validly submitted for exchange, we delivered $990 .00 principal amount of the 2021 Notes (subject, in each case, to rounding down to the nearest $1,000 principal amount of the 2021 Notes, the difference being referred as the rounded amount) to the investor plus an amount of cash equal to the unpaid interest on the 2020 Notes and the rounded amount at an aggregate cost of approximately $44.6 million . We settled the associated portion of the 2020 Notes Conversion Derivative at a benefit of approximately $0.4 million and satisfied the accrued interest, which was not material. In addition, during the second quarter of 2016, we settled a portion of the 2020 Notes Hedges (receiving $3.9 million ) and repurchased a portion of the warrants associated with the 2020 Notes (paying $3.3 million ), generating net proceeds of approximately $0.6 million . The following table summarizes the fair value and the presentation in our condensed consolidated balance sheets (in thousands) of the 2020 Notes Hedges and 2020 Notes Conversion Derivative: Location on condensed consolidated balance sheet September 24, 2017 December 25, 2016 2020 Notes Hedges Other assets $ 73,694 $ 77,232 2020 Notes Conversion Derivative Other liabilities $ 72,460 $ 77,758 The 2020 Notes Hedges and the 2020 Notes Conversion Derivative are measured at fair value using Level 3 inputs. These instruments are not actively traded and are valued using an option pricing model that uses observable and unobservable market data for inputs. Neither the 2020 Notes Conversion Derivative nor the 2020 Notes Hedges qualify for hedge accounting; thus, any change in the fair value of the derivatives is recognized immediately in our condensed consolidated statements of operations. The following table summarizes the net (loss) gain on changes in fair value (in thousands) related to the 2020 Notes Hedges and 2020 Notes Conversion Derivative: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 2020 Notes Hedges $ (10,340 ) $ 49,887 $ (3,538 ) $ (40,558 ) 2020 Notes Conversion Derivative 10,292 (45,421 ) 5,298 44,701 Net (loss) gain on changes in fair value $ (48 ) $ 4,466 $ 1,760 $ 4,143 2017 Notes Conversion Derivative and Notes Hedges On August 31, 2012 , WMG issued $300 million aggregate principal amount of 2.00% cash convertible senior notes due 2017 (2017 Notes). The 2017 Notes matured and the remaining $2.0 million principal amount was repaid on August 15, 2017. See Note 8 of the condensed consolidated financial statements for additional information regarding the 2017 Notes. The 2017 Notes had a conversion derivative feature (2017 Notes Conversion Derivative) that required bifurcation from the 2017 Notes in accordance with ASC Topic 815, and was accounted for as a derivative liability. The fair value of the 2017 Notes Conversion Derivative at the time of issuance of the 2017 Notes was $48.1 million . In connection with the issuance of the 2017 Notes, WMG entered into hedges (2017 Notes Hedges) with three option counterparties. The aggregate cost of the 2017 Notes Hedges was $56.2 million and was accounted for as a derivative asset in accordance with ASC Topic 815. In connection with the issuance of the 2020 Notes, WMG used approximately $292 million of the 2020 Notes' net proceeds to repurchase and extinguish approximately $240 million aggregate principal amount of the 2017 Notes, settle the associated portion of the 2017 Notes Conversion Derivative at a cost of approximately $49 million , and satisfy the accrued interest of $2.4 million . WMG also settled all of the 2017 Notes Hedges (receiving $70 million ) and repurchased all of the warrants associated with the 2017 Notes (paying $60 million ), generating net proceeds of approximately $10 million . Concurrently with the issuance and sale of the 2021 Notes, certain holders of the 2017 Notes exchanged approximately $54.4 million aggregate principal amount of 2017 Notes (including the 2017 Notes Conversion Derivative) for the 2021 Notes. For each $1,000 principal amount of 2017 Notes validly submitted for exchange, we delivered $1,035.40 principal amount of the 2021 Notes (subject, in each case, to rounding down to the nearest $1,000 principal amount of the 2021 Notes, the difference being referred as the rounded amount) to the investor plus an amount of cash equal to the unpaid interest on the 2017 Notes and the rounded amount at a cost of approximately $56.3 million . We settled the associated portion of the 2017 Notes Conversion Derivative at a cost of approximately $1.9 million and satisfied the accrued interest, which was not material. In addition, during the second quarter of 2016, we repurchased and extinguished an additional $3.6 million aggregate principal amount of the 2017 Notes in privately negotiated transactions and settled the associated portion of the 2017 Notes Conversion Derivative at a cost of approximately $0.1 million , and satisfied the accrued interest, which was not material. The remainder of the 2017 Notes Conversion Derivative was settled at a cost of approximately $0.2 million in conjunction with the maturity of the 2017 Notes on August 15, 2017. The following table summarizes the fair value and the presentation in our condensed consolidated balance sheets (in thousands) of the 2017 Notes Conversion Derivative: Location on condensed consolidated balance sheet September 24, 2017 December 25, 2016 2017 Notes Conversion Derivative Accrued expenses and other current liabilities $ — $ 164 The 2017 Notes Conversion Derivative was measured at fair value using Level 3 inputs. This instrument was not actively traded and was valued using an option pricing model that used observable and unobservable market data for inputs. Neither the 2017 Notes Conversion Derivative nor the 2017 Notes Hedges qualified for hedge accounting; thus, any change in the fair value of the derivatives was recognized immediately in our condensed consolidated statements of operations. The following table summarizes the net (loss) gain on changes in fair value (in thousands) related to the 2017 Notes Conversion Derivative: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 2017 Notes Conversion Derivative $ 15 $ (186 ) $ (51 ) $ 8,124 Net (loss) gain on changes in fair value $ 15 $ (186 ) $ (51 ) $ 8,124 To determine the fair value of the embedded conversion option in the 2017, 2020, and 2021 Notes Conversion Derivatives, a trinomial lattice model was used. A trinomial stock price lattice generates three possible outcomes of stock price - one up, one down, and one stable. This lattice generates a distribution of stock prices at the maturity date and throughout the life of the 2017, 2020, and 2021 Notes. Using this stock price lattice, a convertible note lattice was created where the value of the embedded conversion option was estimated by comparing the value produced in a convertible note lattice with the option to convert against the value without the ability to convert. In each case, the convertible note lattice first calculates the possible convertible note values at the maturity date, using the distribution of stock prices, which equals to the maximum of (x) the remaining bond cash flows and (y) stock price times the conversion price. The values of the 2017, 2020, and 2021 Notes Conversion Derivatives at the valuation date were estimated using the values at the maturity date and moving back in time on the lattices (both for the lattice with the conversion option and without the conversion option). Specifically, at each node, if the 2017, 2020, or 2021 Notes are eligible for early conversion, the value at this node is the maximum of (i) converting to stock, which is the stock price times the conversion price, and (ii) holding onto the 2017, 2020, and 2021 Notes, which is the discounted and probability-weighted value from the three possible outcomes at the future nodes plus any accrued but unpaid coupons that are not considered at the future nodes. If the 2017, 2020, or 2021 Notes are not eligible for early conversion, the value of the conversion option at this node equals to (ii). In the lattice, a credit adjustment was applied to the discount for each cash flow in the model as the embedded conversion option, as well as the coupon and notional payments, is settled with cash instead of shares. To estimate the fair value of the 2020 and 2021 Notes Hedges, we used the Black-Scholes formula combined with credit adjustments, as the option counterparties have credit risk and the call options are cash settled. We assumed that the call options will be exercised at the maturity since our ordinary shares do not pay any dividends and management does not expect to declare dividends in the near term. The following assumptions were used in the fair market valuations of the 2020 Notes Conversion Derivative, 2020 Notes Hedge, 2021 Notes Conversion Derivative, and 2021 Notes Hedge as of September 24, 2017 : 2020 Notes Conversion Derivative 2020 Notes 2021 Notes Conversion Derivative 2021 Notes Hedge Stock Price Volatility (1) 31.07% 31.07% 35.58% 35.58% Credit Spread for Wright (2) 2.31% N/A 3.42% N/A Credit Spread for Deutsche Bank AG (3) N/A 0.43% N/A N/A Credit Spread for Wells Fargo Securities, LLC (3) N/A 0.19% N/A N/A Credit Spread for JPMorgan Chase Bank (3) N/A 0.24% N/A 0.41% Credit Spread for Bank of America (3) N/A N/A N/A 0.42% (1) Volatility selected based on historical and implied volatility of ordinary shares of Wright Medical Group N.V. (2) Credit spread implied from traded price. (3) Credit spread of each bank is estimated using CDS curves. Source: Bloomberg. Derivatives not Designated as Hedging Instruments We employ a derivative program using foreign currency forward contracts to mitigate the risk of currency fluctuations on our intercompany receivable and payable balances that are denominated in foreign currencies. These forward contracts are expected to offset the transactional gains and losses on the related intercompany balances. These forward contracts are not designated as hedging instruments under FASB ASC Topic 815. Accordingly, the changes in the fair value and the settlement of the contracts are recognized in the period incurred in the accompanying condensed consolidated statements of operations. At September 24, 2017 and December 25, 2016 , we had $1 million and $0.4 million in foreign currency contracts outstanding, respectively. As part of our acquisition of WG Healthcare on January 7, 2013, we were obligated to pay contingent consideration upon the achievement of certain revenue milestones. As of September 24, 2017, we have made all required contingent consideration payments based on the achievement of these milestones. As of December 25, 2016 , we had recorded an estimated fair value of future contingent consideration of $0.4 million . As a result of the acquired sales and distribution business of Surgical Specialties Australia Pty. Ltd in 2015, we have recorded the estimated fair value of future contingent consideration of approximately $1.1 million and $1.7 million as of September 24, 2017 and December 25, 2016 , respectively. The fair value of the contingent consideration as of September 24, 2017 and December 25, 2016 was determined using a discounted cash flow model and probability adjusted estimates of the future earnings and is classified in Level 3. Changes in the fair value of contingent consideration are recorded in “Other expense (income), net” in our condensed consolidated statements of operations. On March 1, 2013, as part of our acquisition of BioMimetic Therapeutics, Inc. (BioMimetic), we issued Contingent Value Rights (CVRs) as part of the merger consideration. Each CVR entitles its holder to receive additional cash payments of up to $6.50 per share, which are payable upon receipt of FDA approval of AUGMENT ® Bone Graft and upon achieving certain revenue milestones. On September 1, 2015, AUGMENT ® Bone Graft received FDA approval and the first of the milestone payments associated with the CVRs was paid out at $3.50 per share, which totaled $98.1 million . The fair value of the CVRs outstanding at September 24, 2017 and December 25, 2016 was $43.7 million and $37.0 million , respectively, and was determined using the closing price of the security in the active market (Level 1). For the three and nine months ended September 24, 2017 , the change in the fair value of the CVRs resulted in expense of $4.5 million and $6.7 million , respectively. For the three and nine months ended September 25, 2016 , the change in the fair value of the CVRs resulted in expense of $2.3 million and $9.0 million , respectively. The income or expense related to the change in the value of the CVRs is recorded in “Other expense (income), net” in our condensed consolidated statements of operations. If, prior to March 1, 2019, sales of AUGMENT ® Bone Graft reach $40 million over 12 consecutive months, cash payment would be required at $1.50 per share, or $42 million . Further, if, prior to March 1, 2019, sales of AUGMENT ® Bone Graft reach $70 million over 12 consecutive months, an additional cash payment would be required at $1.50 per share, or $42 million . As of September 24, 2017 , we have reflected the $42 million balance related to CVR liability within "Accrued expenses and other current liabilities." The carrying value of cash and cash equivalents, accounts receivable, and accounts payable approximates the fair value of these financial instruments at September 24, 2017 and December 25, 2016 due to their short maturities and variable rates. The following tables summarize the valuation of our financial instruments (in thousands): Total Quoted prices in active markets (Level 1) Prices with other observable inputs (Level 2) Prices with unobservable inputs (Level 3) At September 24, 2017 Assets Cash and cash equivalents $ 238,867 $ 238,867 $ — $ — Restricted cash 38,922 38,922 — — 2020 Notes Hedges 73,694 — — 73,694 2021 Notes Hedges 177,818 — — 177,818 Total $ 529,301 $ 277,789 $ — $ 251,512 Liabilities 2020 Notes Conversion Derivative $ 72,460 $ — $ — $ 72,460 2021 Notes Conversion Derivative 177,870 — — 177,870 Contingent consideration 1,306 — — 1,306 Contingent consideration (CVRs) 43,726 43,726 — — Total $ 295,362 $ 43,726 $ — $ 251,636 Total Quoted prices Prices with Prices with At December 25, 2016 Assets Cash and cash equivalents $ 262,265 $ 262,265 $ — $ — Restricted cash 150,000 150,000 — — 2020 Notes Hedges 77,232 — — 77,232 2021 Notes Hedges 159,095 — — 159,095 Total $ 648,592 $ 412,265 $ — $ 236,327 Liabilities 2017 Notes Conversion Derivative $ 164 $ — $ — $ 164 2020 Notes Conversion Derivative 77,758 — — 77,758 2021 Notes Conversion Derivative 161,601 — — 161,601 Contingent consideration 2,249 — — 2,249 Contingent consideration (CVRs) 36,999 36,999 — — Total $ 278,771 $ 36,999 $ — $ 241,772 The following is a roll forward of our assets and liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) (in thousands): Balance at December 25, 2016 Additions Transfers into Level 3 Gain/(loss) included in earnings Settlements Currency Balance at September 24, 2017 2017 Notes Conversion Derivative $ (164 ) $ — $ — $ (51 ) $ 215 $ — $ — 2020 Notes Hedges 77,232 — — (3,538 ) — — 73,694 2020 Notes Conversion Derivative (77,758 ) — — 5,298 — — (72,460 ) 2021 Notes Hedges 159,095 — — 18,723 — — 177,818 2021 Notes Conversion Derivative (161,601 ) — — (16,269 ) — — (177,870 ) Contingent consideration (2,249 ) — — (305 ) 1,429 (181 ) (1,306 ) |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 24, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, net consists of the following (in thousands): September 24, 2017 December 25, 2016 Property, plant and equipment, at cost $ 428,419 $ 368,278 Less: Accumulated depreciation (216,634 ) (166,546 ) $ 211,785 $ 201,732 |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Sep. 24, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangible Assets Changes in the carrying amount of goodwill occurring during the nine months ended September 24, 2017 are as follows (in thousands): U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Total Goodwill at December 25, 2016 $ 218,525 $ 558,669 $ 73,848 $ 851,042 Foreign currency translation — — 9,818 9,818 Goodwill at September 24, 2017 $ 218,525 $ 558,669 $ 83,666 $ 860,860 Goodwill is recognized for the excess of the purchase price over the fair value of net assets of businesses acquired. Goodwill is required to be tested for impairment at least annually. Unless circumstances otherwise dictate, the annual impairment test is performed in the fourth quarter annually. The components of our identifiable intangible assets, net, are as follows (in thousands): September 24, 2017 December 25, 2016 Cost Accumulated amortization Cost Accumulated amortization Indefinite life intangibles: In-process research and development (IPRD) technology $ 1,071 $ 938 Finite life intangibles: Distribution channels 900 $ 575 900 $ 374 Completed technology 145,223 38,531 133,966 26,550 Licenses 4,868 1,427 4,868 1,115 Customer relationships 129,819 21,434 122,974 15,133 Trademarks 14,505 9,767 13,950 6,881 Non-compete agreements 11,020 9,192 11,810 7,833 Other 580 443 524 247 Total finite life intangibles 306,915 $ 81,369 288,992 $ 58,133 Total intangibles 307,986 289,930 Less: Accumulated amortization (81,369 ) (58,133 ) Intangible assets, net $ 226,617 $ 231,797 Based on the total finite life intangible assets held at September 24, 2017 , we expect amortization expense of approximately $29.3 million in 2017 , $24.1 million in 2018 , $22.0 million in 2019 , $21.3 million in 2020 , and $21.1 million in 2021 . |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Lease Obligations | 9 Months Ended |
Sep. 24, 2017 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long Term Debt and Capital Lease Obligations | Debt and Capital Lease Obligations Debt and capital lease obligations consist of the following (in thousands): September 24, 2017 December 25, 2016 Capital lease obligations $ 17,268 $ 14,892 2021 Notes 295,065 280,811 2020 Notes 505,106 482,364 2017 Notes 1 — 1,971 Asset-based line of credit 53,908 30,000 Mortgages 2,626 2,544 Shareholder debt 1,683 1,773 875,656 814,355 Less: Current portion (56,783 ) (33,948 ) $ 818,873 $ 780,407 1 The 2017 Notes matured on August 15, 2017. 2021 Notes On May 20, 2016, we issued $395 million aggregate principal amount of the 2021 Notes pursuant to an indenture (2021 Notes Indenture), dated as of May 20, 2016 , between us and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2021 Notes require interest to be paid at an annual rate of 2.25% semi-annually in arrears on each May 15 and November 15 , and will mature on November 15, 2021 unless earlier converted or repurchased. The 2021 Notes are convertible, subject to certain conditions, solely into cash. The initial conversion rate for the 2021 Notes will be 46.8165 ordinary shares (subject to adjustment as provided in the 2021 Notes Indenture) per $1,000 principal amount of the 2021 Notes (subject to, and in accordance with, the settlement provisions of the 2021 Notes Indenture), which is equal to an initial conversion price of approximately $21.36 per ordinary share. We may not redeem the 2021 Notes prior to the maturity date, and no “sinking fund” is available for the 2021 Notes, which means that we are not required to redeem or retire the 2021 Notes periodically. The holders of the 2021 Notes may convert their 2021 Notes at any time prior to May 15, 2021 solely into cash, in multiples of $1,000 principal amount, upon satisfaction of one or more of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2016 (and only during such calendar quarter), if the last reported sale price of our ordinary shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of 2021 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our ordinary shares and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after May 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2021 Notes solely into cash, regardless of the foregoing circumstances. Upon conversion, a holder will receive an amount in cash, per $1,000 principal amount of the 2021 Notes, equal to the settlement amount as calculated under the 2021 Notes Indenture. If we undergo a fundamental change, as defined in the 2021 Notes Indenture, subject to certain conditions, holders of the 2021 Notes will have the option to require us to repurchase for cash all or a portion of their 2021 Notes at a repurchase price equal to 100% of the principal amount of the 2021 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date, as defined in the 2021 Notes Indenture. In addition, following certain corporate transactions, we, under certain circumstances, will increase the applicable conversion rate for a holder that elects to convert its 2021 Notes in connection with such corporate transaction. The 2021 Notes are senior unsecured obligations that rank: (i) senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the 2021 Notes; (ii) equal in right of payment to any of our unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. As a result of the issuance of the 2021 Notes, we recorded deferred financing charges of approximately $7.3 million , which are being amortized over the term of the 2021 Notes using the effective interest method. In the first quarter of 2017, the closing price of our ordinary shares was greater than 130% of the 2021 Notes conversion price for 20 or more of the 30 consecutive trading days preceding the quarter-end; and, therefore, the holders of the 2021 Notes had the ability to convert the notes during the succeeding quarterly period. Due to the ability of the holders of the 2021 Notes to convert the notes during this period, the carrying value of the 2021 Notes and the fair value of the 2021 Notes Conversion Derivative were classified as current liabilities, and the fair value of the 2021 Notes Hedges were classified as current assets as of March 26, 2017. There were no conversions during the second quarter of 2017. The closing price of our ordinary shares was less than 130% of the 2021 Notes conversion price for more than 20 of the 30 consecutive trading days preceding the calendar quarters ended June 30, 2017 and September 30, 2017, which resulted in the 2021 Notes no longer being convertible. As such, the 2021 Notes, 2021 Notes Conversion Derivative and 2021 Notes Hedges were classified as long-term as of September 24, 2017. The 2021 Notes Conversion Derivative requires bifurcation from the 2021 Notes in accordance with ASC Topic 815, Derivatives and Hedging , and is accounted for as a derivative liability. See Note 5 for additional information regarding the 2021 Notes Conversion Derivative. The fair value of the 2021 Notes Conversion Derivative at the time of issuance of the 2021 Notes was $117.2 million and was recorded as original debt discount for purposes of accounting for the debt component of the 2021 Notes. This discount is amortized as interest expense using the effective interest method over the term of the 2021 Notes. For the three and nine months ended September 24, 2017 , we recorded $4.6 million and $13.4 million , respectively, of interest expense related to the amortization of the debt discount based upon an effective rate of 9.72% . For the three and nine months ended September 25, 2016 , we recorded $4.2 million and $5.6 million , respectively, of interest expense related to the amortization of the debt discount based upon an effective rate of 9.72% . The components of the 2021 Notes were as follows (in thousands): September 24, 2017 December 25, 2016 Principal amount of 2021 Notes $ 395,000 $ 395,000 Unamortized debt discount (94,025 ) (107,441 ) Unamortized debt issuance costs (5,910 ) (6,748 ) Net carrying amount of 2021 Notes $ 295,065 $ 280,811 The estimated fair value of the 2021 Notes was approximately $528.4 million at September 24, 2017 , based on a quoted price in an active market (Level 1). We entered into 2021 Notes Hedges in connection with the issuance of the 2021 Notes with two counterparties. The 2021 Notes Hedges, which are cash-settled, are generally intended to reduce our exposure to potential cash payments that we would be required to make if holders elect to convert the 2021 Notes at a time when our ordinary share price exceeds the conversion price. However, in connection with certain events, including, among others, (i) a merger or other make-whole fundamental change (as defined in the 2021 Notes Indenture); (ii) certain hedging disruption events, which may include changes in tax laws, an increase in the cost of borrowing our ordinary shares in the market or other material increases in the cost to the option counterparties of hedging the 2021 Note Hedges; (iii) our failure to perform certain obligations under the 2021 Notes Indenture or under the 2021 Notes Hedges; (iv) certain payment defaults on our existing indebtedness in excess of $25 million ; or (v) if we or any of our significant subsidiaries become insolvent or otherwise becomes subject to bankruptcy proceedings, the option counterparties have the discretion to terminate the 2021 Notes Hedges, which may reduce the effectiveness of the 2021 Notes Hedges. In addition, the option counterparties have broad discretion to make certain adjustments to the 2021 Notes Hedges and warrant transactions upon the occurrence of certain other events, including, among others, (i) any adjustment to the conversion rate of the 2021 Notes; or (ii) upon the announcement of certain significant corporate events, including events that may give rise to a termination event as described above, such as the announcement of a third-party tender offer. Any such adjustment may also reduce the effectiveness of the 2021 Note Hedges. The aggregate cost of the 2021 Notes Hedges was $99.8 million and is accounted for as a derivative asset in accordance with ASC Topic 815. See Note 5 of the condensed consolidated financial statements for additional information regarding the 2021 Notes Hedges and the 2021 Notes Conversion Derivative. We also entered into warrant transactions in which we sold warrants for an aggregate of 18.5 million ordinary shares to the two option counterparties, subject to adjustment, for an aggregate of $54.6 million . The strike price of the warrants is $30.00 per share, which was 69% above the last reported sale price of our ordinary shares on May 12, 2016 . The warrants are expected to be net-share settled and exercisable over the 100 trading day period beginning on February 15, 2022. The warrant transactions will have a dilutive effect on our ordinary shares to the extent that the market value per ordinary share during such period exceeds the applicable strike price of the warrants. However, in connection with certain events, these option counterparties have the discretion to make certain adjustments to warrant transactions, which may increase our obligations under the warrant transactions. Aside from the initial payment of the $99.8 million premium in the aggregate to the two option counterparties and subject to the right of the option counterparties to terminate the 2021 Notes Hedges in certain circumstances, we do not expect to be required to make any cash payments to the option counterparties under the 2021 Notes Hedges and expect to be entitled to receive from the option counterparties cash, generally equal to the amount by which the market price per ordinary share exceeds the strike price of the convertible note hedging transactions during the relevant valuation period. The strike price under the 2021 Notes Hedges is initially equal to the conversion price of the 2021 Notes. However, in connection with certain events, these option counterparties have the discretion to make certain adjustments to the 2021 Note Hedges, which may reduce the effectiveness of the 2021 Note Hedges. Additionally, if the market value per ordinary share exceeds the strike price on any settlement date under the warrant transaction, we will generally be obligated to issue to the option counterparties in the aggregate a number of shares equal in value to one percent of the amount by which the then-current market value of one ordinary share exceeds the then-effective strike price of each warrant, multiplied by the number of ordinary shares into which the 2021 Notes are initially convertible. We will not receive any additional proceeds if warrants are exercised. As described in more detail below, concurrently with the issuance and sale of the 2021 Notes, certain holders of the 2017 Notes and the 2020 Notes exchanged their 2017 Notes or 2020 Notes for the 2021 Notes. 2020 Notes On February 13, 2015 , WMG issued $632.5 million aggregate principal amount of the 2020 Notes pursuant to an indenture (2020 Notes Indenture), dated as of February 13, 2015 between WMG and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2020 Notes require interest to be paid semi-annually on each February 15 and August 15 at an annual rate of 2.00% , and mature on February 15, 2020 unless earlier converted or repurchased. The 2020 Notes were initially issued whereby they were convertible at the option of the holder, during certain periods and subject to certain conditions described below, solely into cash at an initial conversion rate of 32.3939 shares of WMG common stock per $1,000 principal amount of the 2020 Notes, subject to adjustment upon the occurrence of certain events, which represented an initial conversion price of approximately $30.87 per share of WMG common stock. On November 24, 2015, Wright Medical Group N.V. executed a supplemental indenture, fully and unconditionally guaranteeing, on a senior unsecured basis, WMG’s obligations relating to the 2020 Notes, changing the underlying reference securities from WMG common stock to Wright Medical Group N.V. ordinary shares and making a corresponding adjustment to the conversion price. From and after the effective time of the Wright/Tornier merger, (i) all calculations and other determinations with respect to the 2020 Notes previously based on references to WMG common stock are calculated or determined by reference to our ordinary shares, and (ii) the conversion rate (as defined in the 2020 Notes Indenture) for the 2020 Notes was adjusted to a conversion rate of 33.39487 ordinary shares (subject to adjustment as provided in the 2020 Notes Indenture) per $1,000 principal amount of the 2020 Notes, which represents a conversion price of approximately $29.94 per ordinary share (subject to, and in accordance with, the settlement provisions of the 2020 Notes Indenture). The 2020 Notes may not be redeemed by WMG prior to the maturity date, and no “sinking fund” is available for the 2020 Notes, which means that WMG is not required to redeem or retire the 2020 Notes periodically. The holders of the 2020 Notes may convert their notes at any time prior to August 15, 2019 solely into cash, in multiples of $1,000 principal amount, upon satisfaction of one or more of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2015 (and only during such calendar quarter), if the last reported sale price of our ordinary shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of 2020 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our ordinary shares and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. The Wright/Tornier merger did not result in a conversion right for holders of the 2020 Notes. On or after August 15, 2019 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2020 Notes solely into cash, regardless of the foregoing circumstances. Upon conversion, a holder will receive an amount in cash, per $1,000 principal amount of the 2020 Notes, equal to the settlement amount as calculated under the 2020 Notes Indenture. If WMG undergoes a fundamental change, as defined in the 2020 Notes Indenture, subject to certain conditions, holders of the 2020 Notes will have the option to require WMG to repurchase for cash all or a portion of their notes at a purchase price equal to 100% of the principal amount of the 2020 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date, as defined in the 2020 Notes Indenture. In addition, following certain corporate transactions, WMG, under certain circumstances, will increase the applicable conversion rate for a holder that elects to convert its 2020 Notes in connection with such corporate transaction. The 2020 Notes are senior unsecured obligations that rank: (i) senior in right of payment to any of WMG's indebtedness that is expressly subordinated in right of payment to the 2020 Notes; (ii) equal in right of payment to any of WMG's unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities (including trade payables) of WMG's subsidiaries. In conjunction with the issuance of the 2020 Notes, we recorded deferred financing charges of approximately $18.1 million , which are being amortized over the term of the 2020 Notes using the effective interest method. The 2020 Notes Conversion Derivative requires bifurcation from the 2020 Notes in accordance with ASC Topic 815, Derivatives and Hedging, and is accounted for as a derivative liability. See Note 5 of the condensed consolidated financial statements for additional information regarding the 2020 Notes Conversion Derivative. The fair value of the 2020 Notes Conversion Derivative at the time of issuance of the 2020 Notes was $149.8 million and was recorded as original debt discount for purposes of accounting for the debt component of the 2020 Notes. This discount is amortized as interest expense using the effective interest method over the term of the 2020 Notes. For the three and nine months ended September 24, 2017 , we recorded $6.9 million and $20.3 million , respectively, of interest expense related to the amortization of the debt discount based upon an effective rate of 8.54% . For the three and nine months ended September 25, 2016 , we recorded $6.3 million and $19.4 million , respectively, of interest expense related to the amortization of the debt discount based upon an effective rate of 8.54% . Concurrently with the issuance and sale of the 2021 Notes, certain holders of the 2020 Notes exchanged approximately $45.0 million aggregate principal amount of their 2020 Notes for the 2021 Notes. For each $1,000 principal amount of 2020 Notes validly submitted for exchange, we delivered $990.00 principal amount of the 2021 Notes (subject to rounding down to the nearest $1,000 principal amount of the 2021 Notes, the difference being referred as the rounded amount) to the investor plus an amount of cash equal to the unpaid interest on the 2020 Notes and the rounded amount. As a result of this note exchange and retirement of $45.0 million aggregate principal amount of the 2020 Notes, we recognized approximately $9.3 million for the write-off of related pro-rata unamortized deferred financing fees and debt discount within “Other expense (income), net” in our condensed consolidated statements of operations during the three months ended June 26, 2016. The components of the 2020 Notes were as follows (in thousands): September 24, 2017 December 25, 2016 Principal amount of 2020 Notes $ 587,500 $ 587,500 Unamortized debt discount (73,470 ) (93,749 ) Unamortized debt issuance costs (8,924 ) (11,387 ) Net carrying amount of 2020 Notes $ 505,106 $ 482,364 The estimated fair value of the 2020 Notes was approximately $632.4 million at September 24, 2017 , based on a quoted price in an active market (Level 1). WMG entered into the 2020 Notes Hedges in connection with the issuance of the 2020 Notes with three option counterparties. See Note 5 of the condensed consolidated financial statements for additional information on the 2020 Notes Hedges. The 2020 Notes Hedges, which are cash-settled, are generally intended to reduce WMG's exposure to potential cash payments that WMG would be required to make if holders elect to convert the 2020 Notes at a time when our ordinary share price exceeds the conversion price. However, in connection with certain events, including, among others, (i) a merger or other make-whole fundamental change (as defined in the 2020 Notes indenture); (ii) certain hedging disruption events, which may include changes in tax laws, an increase in the cost of borrowing our ordinary shares in the market or other material increases in the cost to the option counterparties of hedging the 2020 Note Hedges; (iii) WMG's failure to perform certain obligations under the 2020 Notes Indenture or under the 2020 Notes Hedges; (iv) certain payment defaults on WMG's existing indebtedness in excess of $25 million ; or (v) if WMG or any of its significant subsidiaries become insolvent or otherwise becomes subject to bankruptcy proceedings, the option counterparties have the discretion to terminate the 2020 Note Hedges at a value determined by them in a commercially reasonable manner and/or adjust the terms of the 2020 Note Hedges, which may reduce the effectiveness of the 2020 Note Hedges. In addition, the option counterparties have broad discretion to make certain adjustments to the 2020 Notes Hedges upon the occurrence of certain other events, including, among others, (i) any adjustment to the conversion rate of the 2020 Notes; or (ii) upon the announcement of certain significant corporate events, including events that may give rise to a termination event as described above, such as the announcement of a third-party tender offer. Any such adjustment may also reduce the effectiveness of the 2020 Note Hedges. The aggregate cost of the 2020 Notes Hedges was $144.8 million and is accounted for as a derivative asset in accordance with ASC Topic 815. See Note 5 of the condensed consolidated financial statements for additional information regarding the 2020 Notes Hedges and the 2020 Notes Conversion Derivative. WMG also entered into warrant transactions in which it sold warrants for an aggregate of 20.5 million shares of WMG common stock to the three option counterparties, subject to adjustment. The strike price of the warrants was initially $40 per share of WMG common stock, which was 59% above the last reported sale price of WMG common stock on February 9, 2015 . On November 24, 2015, Wright Medical Group N.V. assumed WMG's obligations pursuant to the warrants. Following the assumption, the warrants became exercisable for 21.1 million Wright Medical Group N.V. ordinary shares and the strike price of the warrants was adjusted to $38.8010 per ordinary share. The warrants are expected to be net-share settled and exercisable over the 200 trading day period beginning on May 15, 2020. The warrant transactions will have a dilutive effect on our ordinary shares to the extent that the market value per ordinary share during such period exceeds the applicable strike price of the warrants. However, in connection with certain events, these option counterparties have the discretion to make certain adjustments to warrant transactions, which may increase our obligations under the warrant transactions. In addition, during the second quarter of 2016, we settled a portion of the 2020 Notes Hedges (receiving $3.9 million ) and repurchased a portion of the warrants associated with the 2020 Notes (paying $3.3 million ), generating net proceeds of approximately $0.6 million . Subsequent to this partial settlement, we had warrants which were exercisable for 19.6 million ordinary shares and the strike price of the warrants remained $38.8010 per ordinary share. Aside from the initial payment of the $144.8 million premium in the aggregate to the option counterparties, we do not expect to be required to make any cash payments to the option counterparties under the 2020 Notes Hedges and expect to be entitled to receive from the option counterparties cash, generally equal to the amount by which the market price per ordinary share exceeds the strike price of the convertible note hedging transactions during the relevant valuation period. The strike price under the 2020 Notes Hedges is initially equal to the conversion price of the 2020 Notes. However, in connection with certain events, these option counterparties have the discretion to make certain adjustments to the 2020 Note Hedges, which may reduce the effectiveness of the 2020 Note Hedges. Additionally, if the market value per ordinary share exceeds the strike price on any settlement date under the warrant transaction, we will generally be obligated to issue to the option counterparties in the aggregate a number of ordinary shares equal in value to one half of one percent of the amount by which the then-current market value of one ordinary share exceeds the then-effective strike price of each warrant, multiplied by the number of reference ordinary shares into which the 2020 Notes are initially convertible. We will not receive any additional proceeds if warrants are exercised. 2017 Notes On August 31, 2012 , WMG issued $300 million aggregate principal amount of the 2017 Notes pursuant to an indenture (2017 Notes Indenture), dated as of August 31, 2012 between WMG and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2017 Notes matured on August 15, 2017 . Prior to maturity, we paid interest on the 2017 Notes semi-annually on each February 15 and August 15 at an annual rate of 2.00% . WMG could not redeem the 2017 Notes prior to the maturity date, and no “sinking fund” was available for the 2017 Notes, which means that WMG was not required to redeem or retire the 2017 Notes periodically. The 2017 Notes were convertible at the option of the holder, during certain periods and subject to certain conditions as described below, solely into cash at an initial conversion rate of 39.3140 shares per $1,000 principal amount of the 2017 Notes, subject to adjustment upon the occurrence of specified events, which represented an initial conversion price of $25.44 per share. Holders could have converted their 2017 Notes at any time prior to February 15, 2017 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending December 31, 2012 (and only during such calendar quarter), if the last reported sale price of our ordinary shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter was greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our ordinary shares and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after February 15, 2017 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders could convert their 2017 Notes solely into cash, regardless of the foregoing circumstances. The 2017 Notes were senior unsecured obligations that ranked: (i) senior in right of payment to any of WMG's indebtedness that is expressly subordinated in right of payment to the 2017 Notes; (ii) equal in right of payment to any of WMG's unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities (including trade payables) of WMG's subsidiaries. As a result of the issuance of the 2017 Notes, we recognized deferred financing charges of approximately $8.8 million , which were amortized over the term of the 2017 Notes using the effective interest method. The 2017 Notes Conversion Derivative required bifurcation from the 2017 Notes in accordance with ASC Topic 815, Derivatives and Hedging, and was accounted for as a derivative liability. See Note 5 of the condensed consolidated financial statements for additional information regarding the 2017 Notes Conversion Derivative. The fair value of the 2017 Notes Conversion Derivative at the time of issuance of the 2017 Notes was $48.1 million and was recorded as original debt discount for purposes of accounting for the debt component of the 2017 Notes. This discount is amortized as interest expense using the effective interest method over the term of the 2017 Notes. For the three and nine months ended September 25, 2016 , we recorded $18.0 thousand and $0.9 million , respectively, of interest expense related to the amortization of the debt discount based upon an effective rate of 6.47% . The amount of interest expense related to the amortization of debt discount for the three and nine months ended September 24, 2017 was insignificant. In connection with the issuance of the 2020 Notes on February 13, 2015, WMG repurchased and extinguished $240 million aggregate principal amount of the 2017 Notes and settled all of the 2017 Notes Hedges (receiving $70 million ) and repurchased all of the warrants (paying $60 million ) associated with the 2017 Notes. As a result of the repurchase, we recognized approximately $25.1 million for the write-off of related pro-rata unamortized deferred financing fees and debt discount within “Other expense (income), net” in our condensed consolidated statements of operations during the three months ended March 31, 2015. Concurrently with the issuance and sale of the 2021 Notes, certain holders of the 2017 Notes exchanged approximately $54.4 million aggregate principal amount their 2017 Notes for the 2021 Notes. For each $1,000 principal amount of 2017 Notes validly submitted for exchange, we delivered $1,035.40 principal amount of 2021 Notes (subject to rounding down to the nearest $1,000 principal amount of the 2021 Notes, the difference being referred as the rounded amount) to the investor plus an amount of cash equal to the unpaid interest on the 2017 Notes and the rounded amount. In addition, during the three months ended June 26, 2016, we repurchased and extinguished an additional $3.6 million aggregate principal amount of the 2017 Notes in privately negotiated transactions. As a result of this exchange and these repurchases, we recognized approximately $3.0 million for the write-off of related pro-rata unamortized deferred financing fees and debt discount within “Other expense (income), net” in our condensed consolidated statements of operations during the three months ended June 26, 2016. The components of the 2017 Notes were as follows (in thousands): September 24, 2017 December 25, 2016 Principal amount of 2017 Notes $ — $ 2,026 Unamortized debt discount — (47 ) Unamortized debt issuance costs — (8 ) Net carrying amount of 2017 Notes $ — $ 1,971 ABL Facility On December 23, 2016 , we, together with WMG and certain of our other wholly-owned U.S. subsidiaries (collectively, Borrowers), entered into a Credit, Security and Guaranty Agreement (ABL Credit Agreement) with Midcap Financial Trust, as administrative agent (Agent) and a lender and the additional lenders from time to time party thereto. The ABL Credit Agreement provides for a $150.0 million senior secured asset-based line of credit, subject to the satisfaction of a borrowing base requirement (ABL Facility). The ABL Facility may be increased by up to $100.0 million upon the Borrowers’ request, subject to the consent of the Agent and each of the other lenders providing such increase. All borrowings under the ABL Facility are subject to the satisfaction of customary conditions, including the absence of default, the accuracy of representations and warranties in all material respects and the delivery of an updated borrowing base certificate. As of September 24, 2017 and December 25, 2016 , we had $53.9 million and $30.0 million , respectively, in borrowings outstanding under the ABL Facility. We have reflected this debt as a current liability on our condensed consolidated balance sheet as of September 24, 2017 and December 25, 2016 , as required by US GAAP due to the weekly lockbox repayment/re-borrowing arrangement underlying the agreement, as well as the ability for the lenders to accelerate the repayment of the debt under certain circumstances as described below. As of September 24, 2017 and December 25, 2016 , we had $2.4 million and $2.5 million , respectively, of unamortized debt issuance costs related to the ABL Facility. These amounts are include |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 9 Months Ended |
Sep. 24, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss), Note | Accumulated Other Comprehensive Income (AOCI) Other comprehensive income (OCI) includes certain gains and losses that under US GAAP are included in comprehensive income but are excluded from net loss as these amounts are initially recorded as an adjustment to shareholders’ equity. Amounts in OCI may be reclassified to net loss upon the occurrence of certain events. For the nine months ended September 24, 2017 and September 25, 2016 , OCI was comprised solely of foreign currency translation adjustments. Changes in AOCI for the nine months ended September 24, 2017 and September 25, 2016 were as follows (in thousands): Nine months ended September 24, 2017 Currency translation adjustment Balance at December 25, 2016 $ (19,461 ) Other comprehensive income 44,362 Balance at September 24, 2017 $ 24,901 Nine months ended September 25, 2016 Currency translation adjustment Balance at December 27, 2015 $ (10,484 ) Other comprehensive income 11,763 Balance at September 25, 2016 $ 1,279 |
Changes in Stockholders' Equity
Changes in Stockholders' Equity (Notes) | 9 Months Ended |
Sep. 24, 2017 | |
Changes in Stockholders' Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Changes in Shareholders' Equity The below table provides an analysis of changes in each balance sheet caption of shareholders’ equity for the nine months ended September 24, 2017 and September 25, 2016 (in thousands, except share data): Nine Months Ended September 24, 2017 Ordinary shares Additional paid-in capital Accumulated deficit Accumulated other comprehensive income (loss) Total shareholders' equity Number of shares Amount Balance at December 25, 2016 103,400,995 $ 3,815 $ 1,908,749 $ (1,206,239 ) $ (19,461 ) $ 686,864 2017 Activity: Net loss — — — (231,731 ) — (231,731 ) Foreign currency translation — — — — 44,362 44,362 Issuances of ordinary shares 1,217,088 40 24,788 — — 24,828 Vesting of restricted stock units 393,595 13 (13 ) — — — Share-based compensation — — 14,193 — — 14,193 Balance at September 24, 2017 105,011,678 $ 3,868 $ 1,947,717 $ (1,437,970 ) $ 24,901 $ 538,516 Nine Months Ended September 25, 2016 Ordinary shares Additional paid-in capital Accumulated deficit Accumulated other comprehensive income (loss) Total shareholders' equity Number of shares Amount Balance at December 27, 2015 102,672,678 $ 3,790 $ 1,835,586 $ (773,866 ) $ (10,484 ) $ 1,055,026 2016 Activity: Net loss — — — (387,503 ) — (387,503 ) Foreign currency translation — — — — 11,763 11,763 Issuances of ordinary shares 287,328 10 5,654 — — 5,664 Vesting of restricted stock units 265,378 9 (9 ) — — — Share-based compensation — — 9,843 — — 9,843 Issuance of stock warrants, net of repurchases and equity issuance costs — — 50,312 — — 50,312 Balance at September 25, 2016 103,225,384 $ 3,809 $ 1,901,386 $ (1,161,369 ) $ 1,279 $ 745,105 |
Earnings per share (Notes)
Earnings per share (Notes) | 9 Months Ended |
Sep. 24, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Capital Stock and Earnings Per Share We are authorized to issue up to 320 million ordinary shares, each share with a par value of three Euro cents ( €0.03 ). We had 105.0 million and 103.4 million ordinary shares issued and outstanding as of September 24, 2017 and December 25, 2016 , respectively. FASB ASC Topic 260, Earnings Per Share, requires the presentation of basic and diluted earnings per share. Basic earnings per share is calculated based on the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated to include any dilutive effect of our ordinary share equivalents. For the three and nine months ended September 24, 2017 and September 25, 2016 , our ordinary share equivalents consisted of stock options, restricted stock units, and warrants. The dilutive effect of the stock options, restricted stock units, and warrants is calculated using the treasury-stock method. We had outstanding options to purchase 10.4 million ordinary shares, 1.4 million restricted stock units, and 0.1 million performance stock units at September 24, 2017 and outstanding options to purchase 10.7 million ordinary shares and 1.4 million restricted stock units at September 25, 2016 . We had outstanding net-share settled warrants on the 2020 Notes of 19.6 million ordinary shares at September 24, 2017 and September 25, 2016 . We also had net-share settled warrants on the 2021 Notes of 18.5 million ordinary shares at September 24, 2017 and September 25, 2016 . None of the options, restricted stock units, or warrants were included in diluted earnings per share for the three and nine months ended September 24, 2017 or September 25, 2016 because we recorded a net loss for all periods; and therefore, including these instruments would be anti-dilutive. The weighted-average number of ordinary shares outstanding for basic and diluted earnings per share purposes is as follows (in thousands): Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Weighted-average number of ordinary shares outstanding-basic and diluted 104,836 103,072 104,292 102,854 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 24, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | ximately $22.4 million to $25.5 million . Any claims associated with this product outside of the United States and Canada, or for any other products, will be managed as part of our standard product liability accrual methodology on a case-by-case basis. Due to the uncertainty within our aggregate range of loss resulting from the estimation of the number of claims and related monetary payments, we have recorded a liability of $22.4 million , which represents the low-end of our estimated aggregate range of loss. We have classified $14.5 million of this liability as current in “Accrued expenses and other current liabilities,” as we expect to pay such claims within the next twelve months, and $7.9 million as non-current in “Other liabilities” on our consolidated balance sheet. We expect to pay the majority of these claims within the next three years. We are aware that MicroPort has recalled certain sizes of its cobalt chrome modular neck products as a result of alleged fractures. As of September 24, 2017, there were six pending U.S. lawsuits and eight pending non-U.S. lawsuits against us alleging personal injury resulting from the fracture of a cobalt chrome modular neck. These claims will be managed as part of our standard product liability accrual methodology on a case-by-case basis. We have maintained product liability insurance coverage on a claims-made basis. During the quarter ended March 31, 2013, we received a customary reservation of rights from our primary product liability insurance carrier asserting that present and future claims related to fractures of our PROFEMUR ® titanium modular neck hip products and which allege certain types of injury (Titanium Modular Neck Claims) would be covered as a single occurrence under the policy year the first such claim was asserted. The effect of this coverage position would be to place Titanium Modular Neck Claims into a single prior policy year in which applicable claims-made coverage was available, subject to the overall policy limits then in effect. Management agrees with the assertion that the Titanium Modular Neck Claims should be treated as a single occurrence, but notified the carrier that it disputed the carrier's selection of available policy years. During the second quarter of 2013, we received confirmation from the primary carrier confirming their agreement with our policy year determination. Based on our insurer's treatment of Titanium Modular Neck Claims as a single occurrence, we increased our estimate of the total probable insurance recovery related to Titanium Modular Neck Claims by $19.4 million , and recognized such additional recovery as a reduction to our selling, general and administrative expenses for the three months ended March 31, 2013, within results of discontinued operations. In the quarter ended June 30, 2013, we received payment from the primary insurance carrier of $5 million . In the quarter ended September 30, 2013, we received payment of $10 million from the next insurance carrier in the tower. We have requested, but not yet received, payment of the remaining $25 million from the third insurance carrier in the tower for that policy period. The policies with the second and third carrier in this tower are “follow form” policies and management believes the third carrier should follow the coverage position taken by the primary and secondary carriers. On September 29, 2015, that third carrier asserted that the terms and conditions identified in its reservation of rights will preclude coverage for the Titanium Modular Neck Claims. We strongly dispute the carrier's position and, in accordance with the dispute resolution provisions of the policy, have initiated an arbitration proceeding in London, England seeking payment of these funds. Pursuant to applicable accounting standards, we reduced our insurance receivable balance for this claim to $0 , and recorded a $25 million charge within "Net loss from discontinued operations" during the year ended December 27, 2015. The arbitration proceeding is ongoing. Claims for personal injury have also been made against us associated with our metal-on-metal hip products (primarily our CONSERVE ® product line). The pre-trial management of certain of these claims has been consolidated in the federal court system, in the United States District Court for the Northern District of Georgia under multi-district litigation (MDL) and certain other claims by the Judicial Counsel Coordinated Proceedings (JCCP) in state court in Los Angeles County, California (collectively the Consolidated Metal-on-Metal Claims). As of September 24, 2017, there were approximately 1,000 lawsuits pending in the MDL and JCCP, and an additional 50 cases pending in various U.S. state courts. As of that date, we have also entered into approximately 850 so called "tolling agreements" with potential claimants who have not yet filed suit. The number of lawsuits pending in the MDL and JCCP and tolling agreements disclosed above includes the claims that have been resolved pursuant to the Master Settlement Agreement and Second Settlement Agreements discussed below. Based on presently available information, we believe approximately 350 of these matters allege claims involving bilateral implants. As of September 24, 2017, there were also approximately 50 non-U.S. lawsuits pending. We believe we have data that supports the efficacy and safety of our metal-on-metal hip products. Every metal-on-metal hip case involves fundamental issues of law, science and medicine that often are uncertain, that continue to evolve, and which present contested facts and issues that can differ significantly from case to case. Such contested facts and issues include medical causation, individual patient characteristics, surgery specific factors, statutes of limitation, and the existence of actual, provable injury. The first bellwether trial in the MDL commenced on November 9, 2015 in Atlanta, Georgia. On November 24, 2015, the jury returned a verdict in favor of the plaintiff and awarded the plaintiff $1 million in compensatory damages and $10 million in punitive damages. We believe there were significant trial irregularities and vigorously contested the trial result. On December 28, 2015, we filed a post-trial motion for judgment as a matter of law or, in the alternative, for a new trial or a reduction of damages awarded. On April 5, 2016, the trial judge issued an order reducing the punitive damage award from $10 million to $1.1 million , but otherwise denied our motion. On May 4, 2016, we filed a notice of appeal with the United States Court of Appeals for the Eleventh Circuit. The United States Court of Appeals for the Eleventh Circuit heard oral arguments on January 26, 2017 and on March 20, 2017, the Eleventh Circuit Court of Appeals upheld the lower court’s verdict. On April 10, 2017, we filed a petition for rehearing en banc or for panel rehearing, which was denied. In light of this denial, we elected to forego a further appeal and paid the judgment in July 2017. The first bellwether trial in the JCCP, which was scheduled to commence on October 31, 2016, and subsequently rescheduled to January 9, 2017, was settled for an immaterial amount. The first state court metal-on-metal hip trial not part of the MDL or JCCP commenced on October 24, 2016, in St. Louis, Missouri. On November 3, 2016, the jury returned a verdict in our favor. The plaintiff has appealed. On November 1, 2016, WMT entered into a Master Settlement Agreement (MSA) with Court-appointed attorneys representing plaintiffs in the MDL and JCCP. Under the terms of the MSA, the parties agreed to settle 1,292 specifically identified claims associated with CONSERVE ® , DYNASTY ® and LINEAGE ® products that meet the eligibility requirements of the MSA and are either pending in the MDL or JCCP, or subject to court-approved tolling agreements in the MDL or JCCP, for a settlement amount of $240 million . The $240 million settlement amount is a maximum settlement based on the pool of 1,292 specific, existing claims comprised of an identified mix of CONSERVE ® , DYNASTY ® and LINEAGE ® products (Initial Settlement Pool), with a value assigned to each product type, resulting in a total settlement of $240 million for the 1,292 claims in the Initial Settlement Pool. Actual settlements paid to individual claimants will be determined under the claims administration procedures contained in the MSA and may be more or less than the amounts used to calculate the $240 million settlement for the 1,292 claims in the Initial Settlement Pool. However in no event will variations in actual settlement amounts payable to individual claimants affect WMT’s maximum settlement obligation of $240 million or the manner in which it may be reduced due to opt outs, final product mix, or elimination of ineligible claims. If it is determined a claim in the Initial Settlement Pool is ineligible due to failure to meet the eligibility criteria of the MSA, such claim will be removed and, where possible, replaced with a new eligible claim involving the same product, with the goal of having the number and mix of claims in the final settlement pool (before opt-outs) (Final Settlement Pool) equal, as nearly as possible, the number and mix of claims in the Initial Settlement Pool. Additionally, if any DYNASTY ® or LINEAGE ® claims in the Final Settlement Pool are determined to have been misidentified as CONSERVE ® claims, or vice versa, the total settlement amount will be adjusted based on the value for each product type (not to exceed $240 million). The MSA contains specific eligibility requirements and establishes procedures for proof and administration of claims, negotiation and execution of individual settlement agreements, determination of the final total settlement amount, and funding of individual settlement amounts by WMT. Eligibility requirements include, without limitation, that the claimant has a claim pending or tolled in the MDL or JCCP, that the claimant has undergone a revision surgery within eight years of the original implantation surgery, and that the claim has not been identified by WMT as having possible statute of limitation issues. Claimants who have had bilateral revision surgeries will be counted as two claims but only to the extent both claims separately satisfy all eligibility criteria. The MSA includes a 95% opt-in requirement, meaning the MSA could have been terminated by WMT prior to any settlement disbursement if claimants holding greater than 5% of eligible claims in the Final Settlement Pool elected to “opt-out” of the settlement. WMT has confirmed that of the 1,292 eligible claims, 1,279 opted to participate in the settlement and 13 opted out, resulting in a final opt-in percentage of approximately 99%, well in excess of the required 95% threshold. On March 2, 2017, WMT agreed to replace the 13 opt-out claims with 13 additional claims that would have been eligible to participate in the MSA but for the 1,292 claim limit, bringing the total MSA settlement to the maximum limit of $240 million to settle 1,292 claims. Due to apparent demand from additional claimants excluded from settlement because of the 1,292 claims ceiling, but otherwise eligible for participation, on May 15, 2017 WMT agreed to settle an additional 53 such claims, on terms substantially identical to the MSA settlement terms, for a maximum additional settlement amount of $9.4 million . WMT escrowed $150 million , of which $38.9 million was remaining as of September 24, 2017, to secure its obligations under the MSA. As additional security, Wright Medical Group N.V., the indirect parent company of WMT, agreed to guarantee WMT’s obligations under the MSA. On October 3, 2017, WMT entered into two additional settlement agreements (collectively, the Second Settlement Agreements) with the Court-appointed attorneys representing plaintiffs in the MDL and JCCP. Under the terms of the Second Settlement Agreements, the parties agreed to settle 629 specifically identified CONSERVE ® , DYNASTY ® and LINEAGE ® claims that meet the eligibility requirements of the Second Settlement Agreements and are either pending in the MDL or JCCP, or subject to court-approved tolling agreements in the MDL or JCCP, for a maximum settlement amount of $89.75 million. The comprehensive settlement amount is contingent on WMT’s recovery of new insurance payments totaling at least $35 million from applicable insurance carriers by December 31, 2017. The $89.75 million settlement amount is a maximum settlement based on the pool of 629 specific, existing claims comprised of an identified mix of CONSERVE ® , DYNASTY ® and LINEAGE ® products (Second Settlement Initial Settlement Pool), with a value assigned to each product type. The actual settlement may be less, but not more, depending on several factors including the mix of products and claimants in the final settlement pool (Second Settlement Final Settlement Pool) and the number of claimants electing to “opt-out” of the settlement. The total maximum settlement amount of $89.75 million is allocated among the following three tranches: (1) Tranche 1: $7.9 million to settle 49 additional claims that would have been eligible to participate in the MSA but for the claim limit contained therein, which amount will be funded as such claims are settled; (2) Tranche 2: $5.1 million to settle 39 eligible claims of the oldest claimants (by age), which amount will be funded as such claims are settled; and (3) Tranche 3: $76.75 million to settle 511 eligible claims pending or tolled in the MDL and JCCP existing as of June 30, 2017, and 30 new eligible claims which were presented between July 1, 2017 and October 1, 2017, which amount will be funded as follows: $45 million by June 30, 2018 and $31.75 million by September 30, 2019. The Tranche 3 settlement is contingent upon WMT receiving at least $35 million of new insurance payments from applicable carriers by December 31, 2017. There is no contingency with respect to Tranches 1 and 2. Actual settlements paid to individual claimants will be determined under the claims administration procedures contained in the Second Settlement Agreements and may be more or less than the amounts used to calculate the $89.75 million settlement for the 629 claims in the Second Settlement Initial Settlement Pool. However in no event will variations in actual settlement amounts payable to individual claimants affect WMT’s maximum settlement obligation of $89.75 million or the manner in which it may be reduced due to opt outs, final product mix, or elimination of ineligible claims. If it is determined that a claim in the Second Settlement Initial Settlement Pool is ineligible due to failure to meet the eligibility criteria of the Second Settlement Agreements, such claim will be removed and, where possible, replaced with a new eligible claim involving the same products as the removed claim. The Second Settlement Agreements contain specific eligibility requirements and establish procedures for proof and administration of claims, negotiation and execution of individual settlement agreements, determination of the final total settlement amount, and funding of individual settlement amounts by WMT. Eligibility requirements include, without limitation, that the claimant has a claim pending or tolled in the MDL or JCCP and that, with limited exceptions, the claimant has undergone a revision surgery. Claimants who have had bilateral revision surgeries will be counted as two claims but only to the extent both claims separately satisfy all eligibility criteria. Each of the Second Settlement Agreements includes a 95% opt-in requirement, meaning WMT may terminate either Settlement Agreement prior to any settlement disbursement if claimants holding greater than 5% of eligible claims in Tranches 1 and 2, collectively, or claimants holding greater than 5% of eligible claims in Tranche 3 in the Second Settlement Final Settlement Pool, elect to “opt-out” of the settlement. While the Second Settlement Agreements did not require WMT to escrow any amount to secure its obligations thereunder, as additional security, Wright Medical Group N.V., the indirect parent company of WMT, agreed to guarantee WMT’s obligations under the Second Settlement Agreements. The MSA (which reference includes the supplemental settlements described above) and the Second Settlement Agreements were entered into solely as a compromise of the disputed claims being settled and are not evidence that any claim has merit nor are they an admission of wrongdoing or liability by WMT. WMT will continue to vigorously defend metal-on-metal hip claims not settled pursuant to the above agreements. The Second Settlement Agreements are contingent upon the dismissal without prejudice of pending and tolled claims in the MDL and JCCP that do not meet the inclusion criteria of the MDL or JCCP. Additionally, the Second Settlement Agreements are contingent upon the dismissal without prejudice of all remaining non-revision claims in the MDL and JCCP, pursuant to a tolling agreement that tolls applicable statutes of limitation and repose for three months from a revision of the products or determination that a revision of the products is necessary. The parties are in the process of jointly coordinating the closures of the MDL and JCCP to new claims. As of September 24, 2017, we estimate there were approximately 15 outstanding metal-on-metal hip revision claims that were not included in the MSA or Second Settlement Agreements, approximately 50 claims pending in U.S courts other than the MDL and JCCP, and approximately 50 claims pending in non-U.S. courts. We also estimate that there were approximately 650 outstanding metal-on-metal hip non-revision claims as of September 24, 2017. These non-revision cases were excluded from the MSA and Second Settlement Agreements. As a result of entering into the Second Settlement Agreements during the third quarter of 2017, we recorded an additional accrual of $82.7 million for the 629 matters included within the settlement and for matters that have the same eligibility criteria. As of September 24, 2017, our accrual for metal-on-metal claims totaled $244.2 million , of which $199.3 million is included in our condensed consolidated balance sheet within “Accrued expenses and other current liabilities” and $44.9 million is included within “Other liabilities.” Our accrual is based on (i) case by case accruals for specific cases where facts and circumstances warrant, and (ii) the implied settlement values for eligible claims under the MSA or Second Settlement Agreements. We are unable to reasonably estimate the high-end of a possible range of loss for claims which elected or will elect to opt-out of the MSA or Second Settlement Agreements. Claims we can confirm would meet MSA or Second Settlement Agreements eligibility criteria but are excluded from the settlements due to the maximum settlement cap, or because they are state cases not part of the MDL or JCCP, have been accrued as of the respective settlement rates. Due to the general uncertainties surrounding all metal-on metal claims as noted above, as well as insufficient information about individual claims, we are presently unable to reasonably estimate a range of loss for future claims; hence we have not accrued for these claims at the present time. We are unable to predict whether we will be successful in recovering the necessary insurance proceeds required to complete the comprehensive settlement pursuant to the Second Settlement Agreements within the requisite timeframe. We continue to believe the high-end of a possible range of loss for existing revision claims that do not meet eligibility criteria of the MSA or Second Settlement Agreements will not, on an average per case basis, exceed the average per case accrual we take for revision claims we can confirm do meet eligibility criteria of the MSA or Second Settlement Agreements, as applicable. Future claims will be evaluated for accrual on a case by case basis using the accrual methodologies described above (which could change if future facts and circumstances warrant). We have maintained product liability insurance coverage on a claims-made basis. During the quarter ended September 30, 2012, we received a customary reservation of rights from our primary product liability insurance carrier asserting that certain present and future claims which allege certain types of injury related to our CONSERVE ® metal-on-metal hip products (CONSERVE ® Claims) would be covered as a single occurrence under the policy year the first such claim was asserted. The effect of this coverage position would be to place CONSERVE ® Claims into a single prior policy year in which applicable claims-made coverage was available, subject to the overall policy limits then in effect. Management agrees that there is insurance coverage for the CONSERVE ® Claims, but has notified the carrier that it disputes the carrier's characterization of the CONSERVE ® Claims as a single occurrence. In June 2014, St. Paul Surplus Lines Insurance Company (Travelers), which was an excess carrier in our coverage towers across multiple policy years, filed a declaratory judgment action in Tennessee state court naming us and certain of our other insurance carriers as defendants and asking the court to rule on the rights and responsibilities of the parties with regard to the CONSERVE ® Claims. Among other things, Travelers appeared to dispute our contention that the CONSERVE ® Claims arise out of more than a single occurrence thereby triggering multiple policy periods of coverage. Travelers further sought a determination as to the applicable policy period triggered by the alleged single occurrence. We filed a separate lawsuit in state court in California for declaratory judgment against certain carriers and breach of contract against the primary carrier, and moved to dismiss or stay the Tennessee action on a number of grounds, including that California is the most appropriate jurisdiction. During the third quarter of 2014, the California Court granted Travelers' motion to stay our California action. On April 29, 2016, we filed a dispositive motion seeking partial judgment in our favor in the Tennessee action, which motion is pending and has been referred to a Special Master to consider the parties’ arguments and report to the Court by December 8, 2017. Oral argument on the motion is scheduled for February 23, 2018. On June 10, 2016, Travelers withdrew its motion for summary judgment in the Tennessee action. One of the other insurance companies in the Tennessee action has stated that it will re-file a similar motion in the future. In March 2017, Lexington Insurance Company (“Lexington”), which had been dismissed from the Tennessee action, requested arbitration under five Lexington insurance policies in connection with the CONSERVE ® Claims. We subsequently engaged in discussions and correspondence with Lexington about the scope of the requested arbitration(s). On or about October 27, 2017, Lexington filed an Application for Order to Compel Arbitration in the Commonwealth of Massachusetts, Suffolk County Superior Court, naming WMT, Wright Medical Group, Inc., and Wright Medical Group N.V. We are presently considering our response to the Application. On October 28, 2016, WMT and Wright Medical Group, Inc. (Wright Entities), entered into a Settlement Agreement, Indemnity and Hold Harmless Agreement and Policy Buyback Agreement (Insurance Settlement Agreement) with a subgroup of three insurance carriers, namely Columbia Casualty Company, Travelers and AXIS Surplus Lines Insurance Company (collectively, the Three Settling Insurers), pursuant to which the Three Settling Insurers paid WMT an aggregate of $60 million (in addition to $10 million previously paid by Columbia) in a lump sum. This amount is in full satisfaction of all potential liability of the Three Settling Insurers relating to metal-on-metal hip and similar metal ion release claims, including but not limited to all claims in the MDL and the JCCP, and all claims asserted by WMT against the Three Settling Insurers in the Tennessee action described above. On December 13, 2016, we filed a motion in the Tennessee action described above to include allegations of bad faith against the primary insurance carrier. The motion was subsequently amended on February 8, 2017 to add similar bad faith claims against the remaining excess carriers. On April 13, 2017, the Court denied our motion, without prejudice to our right to re-assert the motion at a later time. On August 29, 2017, we refiled the motion to add a bad faith claim against the primary and excess insurance carriers. The Court granted our motion on October 19, 2017 and, on October 23, 2017, we filed amended cross-claims alleging bad faith against all of the insurance carriers. As part of the settlement, the Three Settling Insurers bought back from WMT their policies in the five policy years beginning with the August 15, 2007- August 15, 2008 policy year (Repurchased Policy Years). Consequently, the Wright Entities have no further coverage from the Three Settling Insurers for any present or future claims falling in the Repurchased Policy Years, or any other period in which a released claim is asserted. Additionally, the Insurance Settlement Agreement contains a so-called most favored nation provision which could require us to refund a pro rata portion of the settlement amount if we voluntarily enter into a settlement with the remaining carriers in the Repurchased Policy Years on certain terms more favorable than analogous terms in the Insurance Settlement Agreement. The Tennessee action will continue as to the remaining defendant insurers other than the Three Settling Insurers. The amount due to the Wright Entities under the Insurance Settlement Agreement was paid in the fourth quarter of 2016 and the Three Settling Insurers have been dismissed from the Tennessee action. Management has recorded an insurance receivable of $5.0 million for the probable recovery of spending from the remaining carriers (other than the Three Settling Carriers) in excess of our retention for a single occurrence. As of September 24, 2017, we have received $73.3 million of insurance proceeds, including the above amount from the Three Settling Insurers, and our insurance carriers have paid a total of $6.7 million directly to claimants in connection with various settlements, which represents amounts undisputed by the carriers. Our acceptance of these proceeds was not a waiver of any other claim we may have against the insurance carriers. However, the amount we ultimately receive will depend on the outcome of our dispute with the remaining carriers (other than the Three Settling Carriers) concerning the number of policy years available. We believe our contracts with the insurance carriers are enforceable for these claims; and, therefore, we believe it is probable we will receive additional recoveries from the remaining carriers. Settlement discussions with the remaining insurance carriers continue. Given the substantial or indeterminate amounts sought in these matters, and the inherent unpredictability of such matters, an adverse outcome in these matters in excess of the amounts included in our accrual for contingencies could have a material adverse effect on our financial condition, results of operations and cash flow. Future revisions to our estimates of these provisions could materially impact our results of operations and financial position. We use the best information available to determine the level of accrued product liabilities, and believe our accruals are adequate. In June 2015, a jury returned a $4.4 million verdict against us in a case involving a fractured hip implant stem sold prior to the MicroPort closing. This was a one-of-a-kind case unrelated to the modular neck fracture cases we have been reporting. There are no other cases pending related to this component, nor are we aware of other instances where this component has fractured. In September 2015, the trial judge reduced the jury verdict to $1.025 million and indicated that if the plaintiff did not accept the reduced award he would schedule a new trial solely on the issue of damages. The plaintiff elected not to accept the reduced damage award, and both parties have appealed. The Court has not set a date for a new trial on the issue of damages and we do not expect it will do so until the appeals are adjudicated. We will maintain our current $4.4 million accrual as a probable liability until the matter is resolved. The $4.4 million probable liability associated with this matter is reflected within “Accrued expenses and other current liabilities,” and a $4 million receivable associated with the probable recovery from product liability insurance is reflected within “Other current assets.” Other In addition to those noted above, we are subject to various other legal proceedings, product liability claims, corporate governance, and other matters which arise in the ordinary course of business. |
Restricted Cash (Notes)
Restricted Cash (Notes) | 9 Months Ended |
Sep. 24, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Restricted Cash During the fourth quarter of 2016, WMT deposited $150.0 million into a restricted escrow account to secure its obligations under the MSA that WMT entered into in connection with the metal-on-metal hip litigation, as described in Note 12 to the condensed consolidated financial statements. All individual settlements under the MSA will be funded first from the escrow account and then, once all funds held in the escrow account have been exhausted, directly by WMT. Within 30 days of each funding request, unless WMT in good faith objects to the accuracy of any payment request, WMT will instruct the escrow agent to transfer funds from the restricted escrow account to a master account designated by plaintiffs’ counsel, who will then arrange for disbursements of individual settlement amounts. During the quarter ended September 24, 2017 , WMT made $111.1 million in settlement payments from the escrow account. As of September 24, 2017 , $38.9 million remained in the restricted escrow account, and therefore, considered restricted cash under US GAAP. WMT expects to utilize the remaining funds held in the escrow account during the fourth quarter of 2017. See Note 12 to the condensed consolidated financial statements for further discussion regarding the MSA and the metal-on-metal hip litigation. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our condensed consolidated balance sheets that sum to the totals of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands): September 24, 2017 December 25, 2016 Cash and cash equivalents $ 238,867 $ 262,265 Restricted cash 38,922 150,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 277,789 $ 412,265 |
Segment Data
Segment Data | 9 Months Ended |
Sep. 24, 2017 | |
Segment Data [Abstract] | |
Segment Data | Segment Information Our management, including our Chief Executive Officer, who is our chief operating decision maker, manages our operations as three operating business segments: U.S. Lower Extremities & Biologics, U.S. Upper Extremities, and International Extremities & Biologics. We determined that each of these operating segments represented a reportable segment. Our Chief Executive Officer reviews financial information at the operating segment level to allocate resources and to assess the operating results and performance of each segment. Our U.S. Lower Extremities & Biologics segment consists of our operations focused on the sale in the United States of our lower extremities products, such as joint implants and bone fixation devices for the foot and ankle, and our biologics products used to support treatment of damaged or diseased bone, tendons, and soft tissues or to stimulate bone growth. Our U.S. Upper Extremities segment consists of our operations focused on the sale in the United States of our upper extremities products, such as joint implants and bone fixation devices for the shoulder, elbow, wrist, and hand, and products used across several anatomic sites to mechanically repair tissue-to-tissue or tissue-to-bone injuries and other ancillary products. Our International Extremities and Biologics segment consists of our operations focused on the sale outside the United States of all lower and upper extremities products, including associated biologics products. Management measures segment profitability using an internal operating performance measure that excludes the impact of inventory step-up amortization and transaction and transition costs associated with acquisitions, as such items are not considered representative of segment results. We have determined that each reportable segment represents a reporting unit and, in accordance with ASC 350, requires an allocation of goodwill to each reporting unit. Selected financial information related to our segments is presented below for the three months ended September 24, 2017 and September 25, 2016 (in thousands): Three months ended September 24, 2017 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 70,946 $ 55,918 $ 43,639 $ — $ 170,503 Depreciation expense 3,871 2,372 3,298 5,459 15,000 Amortization expense — — — 7,178 7,178 Segment operating income (loss) $ 13,506 $ 16,575 $ (1,563 ) $ (43,716 ) $ (15,198 ) Other: Transaction and transition expenses 3,311 Operating loss (18,509 ) Interest expense, net 18,978 Other expense, net 5,457 Loss before income taxes $ (42,944 ) Three months ended September 25, 2016 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 70,654 $ 47,411 $ 39,267 $ — $ 157,332 Depreciation expense 3,494 3,181 3,086 5,124 14,885 Amortization expense — — — 7,466 7,466 Segment operating income (loss) $ 17,980 $ 12,594 $ (2,945 ) $ (47,822 ) $ (20,193 ) Other: Inventory step-up amortization 10,306 Transaction and transition expenses 8,105 Operating loss (38,604 ) Interest expense, net 16,795 Other income, net (365 ) Loss before income taxes $ (55,034 ) Selected financial information related to our segments is presented below for the nine months ended September 24, 2017 and September 25, 2016 (in thousands): Nine months ended September 24, 2017 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 220,259 $ 171,695 $ 135,433 $ — $ 527,387 Depreciation expense 10,080 7,321 8,539 16,184 42,124 Amortization expense — — — 21,574 21,574 Segment operating income (loss) $ 51,988 $ 52,942 $ 1,641 $ (133,987 ) $ (27,416 ) Other: Transaction and transition expenses 9,484 Operating loss (36,900 ) Interest expense, net 55,512 Other expense, net 6,875 Loss before income taxes $ (99,287 ) Nine months ended September 25, 2016 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 214,559 $ 149,923 $ 132,857 $ — $ 497,339 Depreciation expense 9,183 8,400 8,541 14,881 41,005 Amortization expense — — — 21,407 21,407 Segment operating income (loss) $ 57,813 $ 46,729 $ 840 $ (146,792 ) $ (41,410 ) Other: Inventory step-up amortization 30,922 Transaction and transition expenses 27,952 Legal settlement 1,800 Management changes 1,348 Costs associated with new convertible debt 234 Operating loss (103,666 ) Interest expense, net 41,673 Other income, net (3,494 ) Loss before income taxes $ (141,845 ) 1 The Corporate category primarily reflects general and administrative expenses not specifically associated with the U.S. Lower Extremities & Biologics, U.S. Upper Extremities, and International Extremities & Biologics segments. These non-allocated corporate expenses relate to global administrative expenses that support all segments, including salaries and benefits of certain executive officers and expenses such as: information technology administration and support; corporate headquarters; legal, compliance, and corporate finance functions; insurance; and all share-based compensation. Our principal geographic regions consist of the United States, EMEA (which includes Europe, the Middle East and Africa), and Other (which principally represents Asia, Australia, Canada, and Latin America). Net sales attributed to each geographic region are based on the location in which the products were sold. Net sales by geographic region are as follows (in thousands): Three months ended Net sales by geographic region: September 24, 2017 September 25, 2016 United States $ 126,864 $ 118,065 EMEA 25,371 23,693 Other 18,268 15,574 Total $ 170,503 $ 157,332 Nine months ended Net sales by geographic region: September 24, 2017 September 25, 2016 United States $ 391,954 $ 364,482 EMEA 85,181 87,040 Other 50,252 45,817 Total $ 527,387 $ 497,339 Assets in the U.S. Upper Extremities, U.S. Lower Extremities & Biologics, and International Extremities & Biologics segments are those assets used exclusively in the operations of each business segment or allocated when used jointly. Assets in the Corporate category are principally cash and cash equivalents, derivative assets, property, plant and equipment associated with our corporate headquarters, assets associated with discontinued operations, product liability insurance receivables, and assets associated with income taxes. Total assets by business segment as of September 24, 2017 and December 25, 2016 are as follows (in thousands): September 24, 2017 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate Total Total assets $ 472,925 $ 842,029 $ 306,258 $ 579,471 $ 2,200,683 December 25, 2016 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate Total Total assets $ 491,531 $ 845,102 $ 264,680 $ 689,273 $ 2,290,586 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 24, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. The unaudited condensed consolidated interim financial statements of Wright Medical Group N.V. have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP) for interim financial statements and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to these rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 25, 2016 , as filed with the U.S. Securities and Exchange Commission (SEC) on February 23, 2017. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments necessary for a fair presentation of our interim financial results. All such adjustments are of a normal and recurring nature. The results of operations for any interim period are not indicative of results for the full fiscal year. The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our domestic and international subsidiaries, all of which are wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation. The unaudited condensed consolidated interim financial statements of Wright Medical Group N.V. have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP) for interim financial statements and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to these rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 25, 2016 , as filed with the U.S. Securities and Exchange Commission (SEC) on February 23, 2017. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments necessary for a fair presentation of our interim financial results. All such adjustments are of a normal and recurring nature. The results of operations for any interim period are not indicative of results for the full fiscal year. The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our domestic and international subsidiaries, all of which are wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Discontinued Operations. On October 21, 2016, pursuant to a binding offer letter dated as of July 8, 2016, Tornier France SAS (Tornier France) and certain other entities related to us and Corin Orthopaedics Holdings Limited (Corin) entered into a business sale agreement and simultaneously completed and closed the sale of our business operations operating under the large joints operating segment. Pursuant to the terms of the agreement, Tornier France sold substantially all of the assets related to our hip and knee, or large joints, business (the Large Joints business) to Corin for approximately €29.7 million in cash, less approximately €11.1 million for net working capital adjustments and subject to certain other closing adjustments. Upon closing, the parties also executed a transitional services agreement and supply agreement, among other ancillary agreements required to implement the transaction. On January 9, 2014, legacy Wright completed the divestiture and sale of its hip and knee (OrthoRecon) business to MicroPort Scientific Corporation (MicroPort). Certain liabilities associated with the OrthoRecon business, including product liability claims associated with hip and knee products sold prior to the closing, were not assumed by MicroPort. Charges associated with these product liability claims, including legal defense, settlements and judgments, income associated with product liability insurance recoveries, and changes to any contingent liabilities associated with the OrthoRecon business have been reflected within results of discontinued operations. All current and historical operating results for the Large Joints and OrthoRecon businesses are reflected within discontinued operations in the condensed consolidated financial statements. Other than the discontinued operations discussed in Note 3 , unless otherwise stated, all discussion of assets and liabilities in these notes to the condensed consolidated financial statements reflects the assets and liabilities held and used in our continuing operations, and all discussion of revenues and expenses reflects those associated with our continuing operations. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, and has subsequently issued several supplemental and/or clarifying ASUs (collectively ASC 606). Accounting Standards Codification (ASC) 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 outlines a five-step model, under which we will recognize revenue as performance obligations within a customer contract are satisfied. ASC 606 is intended to provide more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual reporting periods beginning after December 15, 2017 (fiscal year 2018 for Wright), including interim periods within the reporting period. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or using the cumulative effect transition method with the cumulative effect of initial adoption recognized at the date of initial application. We are currently assessing the impact that the future adoption of ASC 606 may have on our consolidated financial statements by analyzing our current portfolio of customer contracts, including a review of historical accounting policies and practices to identify potential differences in applying the guidance of ASC 606. Based on our review of our customer contracts, we expect that revenue on the majority of our customer contracts will continue to be recognized at a point in time, generally upon surgical implantation or shipment of products to distributors, consistent with our current revenue recognition model. We expect to adopt ASC 606 using the modified retrospective method, which recognizes the cumulative effect at the date of initial application. On February 25, 2016, the FASB issued ASU 2016-02, Leases, which introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in FASB ASC 606, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, the ASU addresses other concerns related to the current leases model. The ASU will be effective for us beginning in fiscal year 2019. We are in the initial phases of our adoption plans; and accordingly, we are unable to estimate any effect this may have on our consolidated financial statements. On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is to simplify accounting for income taxes, forfeitures, and withholding taxes associated with share-based payment arrangements, and reduce ambiguity in cash flow reporting. We adopted this ASU during the quarter ended March 26, 2017 and noted no impact on our condensed consolidated financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, and proceeds from the settlement of insurance claims. We elected to early adopt this guidance for the year ended December 25, 2016. The application of this guidance did not impact the historical presentation of our consolidated statement of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We elected to early adopt the methodology for presenting restricted cash resulting from the Escrow Agreement described in Note 13 for the year ended December 25, 2016. On January 26, 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The guidance in the ASU is effective for our interim and annual goodwill impairment tests beginning in 2020 with early adoption permitted for annual and interim goodwill impairment testing dates after January 1, 2017. We are in the initial phases of our adoption plans; and, accordingly, we are unable to estimate any effect this may have on our consolidated financial statements. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations. On October 21, 2016, pursuant to a binding offer letter dated as of July 8, 2016, Tornier France SAS (Tornier France) and certain other entities related to us and Corin Orthopaedics Holdings Limited (Corin) entered into a business sale agreement and simultaneously completed and closed the sale of our business operations operating under the large joints operating segment. Pursuant to the terms of the agreement, Tornier France sold substantially all of the assets related to our hip and knee, or large joints, business (the Large Joints business) to Corin for approximately €29.7 million in cash, less approximately €11.1 million for net working capital adjustments and subject to certain other closing adjustments. Upon closing, the parties also executed a transitional services agreement and supply agreement, among other ancillary agreements required to implement the transaction. On January 9, 2014, legacy Wright completed the divestiture and sale of its hip and knee (OrthoRecon) business to MicroPort Scientific Corporation (MicroPort). Certain liabilities associated with the OrthoRecon business, including product liability claims associated with hip and knee products sold prior to the closing, were not assumed by MicroPort. Charges associated with these product liability claims, including legal defense, settlements and judgments, income associated with product liability insurance recoveries, and changes to any contingent liabilities associated with the OrthoRecon business have been reflected within results of discontinued operations. All current and historical operating results for the Large Joints and OrthoRecon businesses are reflected within discontinued operations in the condensed consolidated financial statements. Other than the discontinued operations discussed in Note 3 , unless otherwise stated, all discussion of assets and liabilities in these notes to the condensed consolidated financial statements reflects the assets and liabilities held and used in our continuing operations, and all discussion of revenues and expenses reflects those associated with our continuing operations. |
Derivatives and Fair Value of23
Derivatives and Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Sep. 24, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement, Policy [Policy Text Block] | We account for derivatives in accordance with FASB ASC 815, which establishes accounting and reporting standards requiring that derivative instruments be recorded on the balance sheet as either an asset or liability measured at fair value. Additionally, changes in the derivatives' fair value shall be recognized currently in earnings unless specific hedge accounting criteria are met. FASB ASC Section 820, Fair Value Measurements and Disclosures requires fair value measurements be classified and disclosed in one of the following three categories: Level 1: Financial instruments with unadjusted, quoted prices listed on active market exchanges. Level 2: Financial instruments determined using prices for recently traded financial instruments with similar underlying terms as well as directly or indirectly observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3: Financial instruments that are not actively traded on a market exchange. This category includes situations where there is little, if any, market activity for the financial instrument. The prices are determined using significant unobservable inputs or valuation techniques. |
Earnings per share (Policies)
Earnings per share (Policies) | 9 Months Ended |
Sep. 24, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Abstract] | FASB ASC Topic 260, Earnings Per Share, requires the presentation of basic and diluted earnings per share. Basic earnings per share is calculated based on the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated to include any dilutive effect of our ordinary share equivalents. For the three and nine months ended September 24, 2017 and September 25, 2016 , our ordinary share equivalents consisted of stock options, restricted stock units, and warrants. The dilutive effect of the stock options, restricted stock units, and warrants is calculated using the treasury-stock method. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Large Joints Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the results of discontinued operations for the Large Joints business for the three and nine months ended September 25, 2016 (in thousands, except per share data): Three months ended Nine months ended September 25, 2016 September 25, 2016 Net sales $ 7,320 $ 29,220 Cost of sales 4,348 15,708 Selling, general and administrative 4,897 15,069 Other 396 1,630 Loss from discontinued operations before income taxes (2,321 ) (3,187 ) Impairment loss on assets held for sale, before income taxes — (21,876 ) Total loss from discontinued operations before income taxes (2,321 ) (25,063 ) Income tax benefit 759 5,529 Total loss from discontinued operations, net of tax $ (1,562 ) $ (19,534 ) Net loss from discontinued operations per share-basic and diluted ( Note 11 ) $ (0.02 ) $ (0.19 ) Weighted-average number of ordinary shares outstanding-basic and diluted ( Note 11 ) 103,072 102,854 |
OrthoRecon Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the results of discontinued operations for the OrthoRecon business (in thousands, except per share data): Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Net sales $ — $ — $ — $ — Selling, general and administrative 96,917 55,874 137,578 233,037 Loss from discontinued operations before income taxes (96,917 ) (55,874 ) (137,578 ) (233,037 ) Benefit for income taxes — — — — Total loss from discontinued operations, net of tax $ (96,917 ) $ (55,874 ) $ (137,578 ) $ (233,037 ) Net loss from discontinued operations per share-basic and diluted ( Note 11 ) $ (0.92 ) $ (0.54 ) $ (1.32 ) $ (2.27 ) Weighted-average number of ordinary shares outstanding-basic and diluted ( Note 11 ) 104,836 103,072 104,292 102,854 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): September 24, 2017 December 25, 2016 Raw materials $ 10,695 $ 15,319 Work-in-process 29,714 22,422 Finished goods 131,902 113,108 $ 172,311 $ 150,849 |
Derivatives and Fair Value of27
Derivatives and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Derivatives, Fair Value [Line Items] | |
Fair Value Financial Instruments [Table Text Block] | The following tables summarize the valuation of our financial instruments (in thousands): Total Quoted prices in active markets (Level 1) Prices with other observable inputs (Level 2) Prices with unobservable inputs (Level 3) At September 24, 2017 Assets Cash and cash equivalents $ 238,867 $ 238,867 $ — $ — Restricted cash 38,922 38,922 — — 2020 Notes Hedges 73,694 — — 73,694 2021 Notes Hedges 177,818 — — 177,818 Total $ 529,301 $ 277,789 $ — $ 251,512 Liabilities 2020 Notes Conversion Derivative $ 72,460 $ — $ — $ 72,460 2021 Notes Conversion Derivative 177,870 — — 177,870 Contingent consideration 1,306 — — 1,306 Contingent consideration (CVRs) 43,726 43,726 — — Total $ 295,362 $ 43,726 $ — $ 251,636 Total Quoted prices Prices with Prices with At December 25, 2016 Assets Cash and cash equivalents $ 262,265 $ 262,265 $ — $ — Restricted cash 150,000 150,000 — — 2020 Notes Hedges 77,232 — — 77,232 2021 Notes Hedges 159,095 — — 159,095 Total $ 648,592 $ 412,265 $ — $ 236,327 Liabilities 2017 Notes Conversion Derivative $ 164 $ — $ — $ 164 2020 Notes Conversion Derivative 77,758 — — 77,758 2021 Notes Conversion Derivative 161,601 — — 161,601 Contingent consideration 2,249 — — 2,249 Contingent consideration (CVRs) 36,999 36,999 — — Total $ 278,771 $ 36,999 $ — $ 241,772 The following is a roll forward of our assets and liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) (in thousands): Balance at December 25, 2016 Additions Transfers into Level 3 Gain/(loss) included in earnings Settlements Currency Balance at September 24, 2017 2017 Notes Conversion Derivative $ (164 ) $ — $ — $ (51 ) $ 215 $ — $ — 2020 Notes Hedges 77,232 — — (3,538 ) — — 73,694 2020 Notes Conversion Derivative (77,758 ) — — 5,298 — — (72,460 ) 2021 Notes Hedges 159,095 — — 18,723 — — 177,818 2021 Notes Conversion Derivative (161,601 ) — — (16,269 ) — — (177,870 ) Contingent consideration (2,249 ) — — (305 ) 1,429 (181 ) (1,306 ) |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following assumptions were used in the fair market valuations of the 2020 Notes Conversion Derivative, 2020 Notes Hedge, 2021 Notes Conversion Derivative, and 2021 Notes Hedge as of September 24, 2017 : 2020 Notes Conversion Derivative 2020 Notes 2021 Notes Conversion Derivative 2021 Notes Hedge Stock Price Volatility (1) 31.07% 31.07% 35.58% 35.58% Credit Spread for Wright (2) 2.31% N/A 3.42% N/A Credit Spread for Deutsche Bank AG (3) N/A 0.43% N/A N/A Credit Spread for Wells Fargo Securities, LLC (3) N/A 0.19% N/A N/A Credit Spread for JPMorgan Chase Bank (3) N/A 0.24% N/A 0.41% Credit Spread for Bank of America (3) N/A N/A N/A 0.42% (1) Volatility selected based on historical and implied volatility of ordinary shares of Wright Medical Group N.V. (2) Credit spread implied from traded price. (3) Credit spread of each bank is estimated using CDS curves. Source: Bloomberg. |
2021 Derivatives [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table summarizes the fair value and the presentation in our condensed consolidated balance sheets (in thousands) of the 2021 Notes Hedges and 2021 Notes Conversion Derivative: Location on condensed consolidated balance sheet September 24, 2017 December 25, 2016 2021 Notes Hedges Other assets $ 177,818 $ 159,095 2021 Notes Conversion Derivative Other liabilities $ 177,870 $ 161,601 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the net gain (loss) on changes in fair value (in thousands) related to the 2021 Notes Hedges and 2021 Notes Conversion Derivative: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 2021 Notes Hedges $ (9,074 ) $ 85,182 $ 18,723 $ 69,671 2021 Notes Conversion Derivative 9,321 (86,275 ) (16,269 ) (55,478 ) Net gain (loss) on changes in fair value $ 247 $ (1,093 ) $ 2,454 $ 14,193 |
2017 Derivatives [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table summarizes the fair value and the presentation in our condensed consolidated balance sheets (in thousands) of the 2017 Notes Conversion Derivative: Location on condensed consolidated balance sheet September 24, 2017 December 25, 2016 2017 Notes Conversion Derivative Accrued expenses and other current liabilities $ — $ 164 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the net (loss) gain on changes in fair value (in thousands) related to the 2017 Notes Conversion Derivative: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 2017 Notes Conversion Derivative $ 15 $ (186 ) $ (51 ) $ 8,124 Net (loss) gain on changes in fair value $ 15 $ (186 ) $ (51 ) $ 8,124 |
2020 Derivatives [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following table summarizes the fair value and the presentation in our condensed consolidated balance sheets (in thousands) of the 2020 Notes Hedges and 2020 Notes Conversion Derivative: Location on condensed consolidated balance sheet September 24, 2017 December 25, 2016 2020 Notes Hedges Other assets $ 73,694 $ 77,232 2020 Notes Conversion Derivative Other liabilities $ 72,460 $ 77,758 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the net (loss) gain on changes in fair value (in thousands) related to the 2020 Notes Hedges and 2020 Notes Conversion Derivative: Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 2020 Notes Hedges $ (10,340 ) $ 49,887 $ (3,538 ) $ (40,558 ) 2020 Notes Conversion Derivative 10,292 (45,421 ) 5,298 44,701 Net (loss) gain on changes in fair value $ (48 ) $ 4,466 $ 1,760 $ 4,143 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consists of the following (in thousands): September 24, 2017 December 25, 2016 Property, plant and equipment, at cost $ 428,419 $ 368,278 Less: Accumulated depreciation (216,634 ) (166,546 ) $ 211,785 $ 201,732 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill Table | Changes in the carrying amount of goodwill occurring during the nine months ended September 24, 2017 are as follows (in thousands): U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Total Goodwill at December 25, 2016 $ 218,525 $ 558,669 $ 73,848 $ 851,042 Foreign currency translation — — 9,818 9,818 Goodwill at September 24, 2017 $ 218,525 $ 558,669 $ 83,666 $ 860,860 |
Components of Identifiable Assets Table | The components of our identifiable intangible assets, net, are as follows (in thousands): September 24, 2017 December 25, 2016 Cost Accumulated amortization Cost Accumulated amortization Indefinite life intangibles: In-process research and development (IPRD) technology $ 1,071 $ 938 Finite life intangibles: Distribution channels 900 $ 575 900 $ 374 Completed technology 145,223 38,531 133,966 26,550 Licenses 4,868 1,427 4,868 1,115 Customer relationships 129,819 21,434 122,974 15,133 Trademarks 14,505 9,767 13,950 6,881 Non-compete agreements 11,020 9,192 11,810 7,833 Other 580 443 524 247 Total finite life intangibles 306,915 $ 81,369 288,992 $ 58,133 Total intangibles 307,986 289,930 Less: Accumulated amortization (81,369 ) (58,133 ) Intangible assets, net $ 226,617 $ 231,797 |
Long-Term Debt and Capital Le30
Long-Term Debt and Capital Lease Obligations (Tables) | 6 Months Ended | 9 Months Ended |
Jun. 25, 2017 | Sep. 24, 2017 | |
Long-term Debt and Capital Lease Obligations [Abstract] | ||
Components of 2021 Convertible Debt [Table Text Block] | The components of the 2021 Notes were as follows (in thousands): September 24, 2017 December 25, 2016 Principal amount of 2021 Notes $ 395,000 $ 395,000 Unamortized debt discount (94,025 ) (107,441 ) Unamortized debt issuance costs (5,910 ) (6,748 ) Net carrying amount of 2021 Notes $ 295,065 $ 280,811 | |
Components of 2017 Convertible Debt [Table Text Block] | The components of the 2017 Notes were as follows (in thousands): September 24, 2017 December 25, 2016 Principal amount of 2017 Notes $ — $ 2,026 Unamortized debt discount — (47 ) Unamortized debt issuance costs — (8 ) Net carrying amount of 2017 Notes $ — $ 1,971 | |
Components of 2020 Convertible Debt [Table Text Block] | The components of the 2020 Notes were as follows (in thousands): September 24, 2017 December 25, 2016 Principal amount of 2020 Notes $ 587,500 $ 587,500 Unamortized debt discount (73,470 ) (93,749 ) Unamortized debt issuance costs (8,924 ) (11,387 ) Net carrying amount of 2020 Notes $ 505,106 $ 482,364 | |
Schedule of Long-term Debt Instruments | ebt and capital lease obligations consist of the following (in thousands): September 24, 2017 December 25, 2016 Capital lease obligations $ 17,268 $ 14,892 2021 Notes 295,065 280,811 2020 Notes 505,106 482,364 2017 Notes 1 — 1,971 Asset-based line of credit 53,908 30,000 Mortgages 2,626 2,544 Shareholder debt 1,683 1,773 875,656 814,355 Less: Current portion (56,783 ) (33,948 ) $ 818,873 $ 780,407 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI for the nine months ended September 24, 2017 and September 25, 2016 were as follows (in thousands): Nine months ended September 24, 2017 Currency translation adjustment Balance at December 25, 2016 $ (19,461 ) Other comprehensive income 44,362 Balance at September 24, 2017 $ 24,901 Nine months ended September 25, 2016 Currency translation adjustment Balance at December 27, 2015 $ (10,484 ) Other comprehensive income 11,763 Balance at September 25, 2016 $ 1,279 |
Changes in Stockholders' Equi32
Changes in Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Changes in Stockholders' Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The below table provides an analysis of changes in each balance sheet caption of shareholders’ equity for the nine months ended September 24, 2017 and September 25, 2016 (in thousands, except share data): Nine Months Ended September 24, 2017 Ordinary shares Additional paid-in capital Accumulated deficit Accumulated other comprehensive income (loss) Total shareholders' equity Number of shares Amount Balance at December 25, 2016 103,400,995 $ 3,815 $ 1,908,749 $ (1,206,239 ) $ (19,461 ) $ 686,864 2017 Activity: Net loss — — — (231,731 ) — (231,731 ) Foreign currency translation — — — — 44,362 44,362 Issuances of ordinary shares 1,217,088 40 24,788 — — 24,828 Vesting of restricted stock units 393,595 13 (13 ) — — — Share-based compensation — — 14,193 — — 14,193 Balance at September 24, 2017 105,011,678 $ 3,868 $ 1,947,717 $ (1,437,970 ) $ 24,901 $ 538,516 Nine Months Ended September 25, 2016 Ordinary shares Additional paid-in capital Accumulated deficit Accumulated other comprehensive income (loss) Total shareholders' equity Number of shares Amount Balance at December 27, 2015 102,672,678 $ 3,790 $ 1,835,586 $ (773,866 ) $ (10,484 ) $ 1,055,026 2016 Activity: Net loss — — — (387,503 ) — (387,503 ) Foreign currency translation — — — — 11,763 11,763 Issuances of ordinary shares 287,328 10 5,654 — — 5,664 Vesting of restricted stock units 265,378 9 (9 ) — — — Share-based compensation — — 9,843 — — 9,843 Issuance of stock warrants, net of repurchases and equity issuance costs — — 50,312 — — 50,312 Balance at September 25, 2016 103,225,384 $ 3,809 $ 1,901,386 $ (1,161,369 ) $ 1,279 $ 745,105 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Earnings Per Share [Abstract] | |
Weighted Average Number of Shares Outstanding for Basic and Diluted Earnings Per Share | The weighted-average number of ordinary shares outstanding for basic and diluted earnings per share purposes is as follows (in thousands): Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Weighted-average number of ordinary shares outstanding-basic and diluted 104,836 103,072 104,292 102,854 |
Antidilutive Potential Common Shares Resulting from Reasons Other Than Net Loss Incurred Excluded from the Diluted Earnings Per Share Computation | We had outstanding options to purchase 10.4 million ordinary shares, 1.4 million restricted stock units, and 0.1 million performance stock units at September 24, 2017 and outstanding options to purchase 10.7 million ordinary shares and 1.4 million restricted stock units at September 25, 2016 . We had outstanding net-share settled warrants on the 2020 Notes of 19.6 million ordinary shares at September 24, 2017 and September 25, 2016 . We also had net-share settled warrants on the 2021 Notes of 18.5 million ordinary shares at September 24, 2017 and September 25, 2016 . None of the options, restricted stock units, or warrants were included in diluted earnings per share for the three and nine months ended September 24, 2017 or September 25, 2016 because we recorded a net loss for all periods; and therefore, including these instruments would be anti-dilutive. The weighted-average number of ordinary shares outstanding for basic and diluted earnings per share purposes is as follows (in thousands): Three months ended Nine months ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Weighted-average number of ordinary shares outstanding-basic and diluted 104,836 103,072 104,292 102,854 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our condensed consolidated balance sheets that sum to the totals of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands): September 24, 2017 December 25, 2016 Cash and cash equivalents $ 238,867 $ 262,265 Restricted cash 38,922 150,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 277,789 $ 412,265 |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Segment Data [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Selected financial information related to our segments is presented below for the three months ended September 24, 2017 and September 25, 2016 (in thousands): Three months ended September 24, 2017 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 70,946 $ 55,918 $ 43,639 $ — $ 170,503 Depreciation expense 3,871 2,372 3,298 5,459 15,000 Amortization expense — — — 7,178 7,178 Segment operating income (loss) $ 13,506 $ 16,575 $ (1,563 ) $ (43,716 ) $ (15,198 ) Other: Transaction and transition expenses 3,311 Operating loss (18,509 ) Interest expense, net 18,978 Other expense, net 5,457 Loss before income taxes $ (42,944 ) Three months ended September 25, 2016 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 70,654 $ 47,411 $ 39,267 $ — $ 157,332 Depreciation expense 3,494 3,181 3,086 5,124 14,885 Amortization expense — — — 7,466 7,466 Segment operating income (loss) $ 17,980 $ 12,594 $ (2,945 ) $ (47,822 ) $ (20,193 ) Other: Inventory step-up amortization 10,306 Transaction and transition expenses 8,105 Operating loss (38,604 ) Interest expense, net 16,795 Other income, net (365 ) Loss before income taxes $ (55,034 ) Selected financial information related to our segments is presented below for the nine months ended September 24, 2017 and September 25, 2016 (in thousands): Nine months ended September 24, 2017 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 220,259 $ 171,695 $ 135,433 $ — $ 527,387 Depreciation expense 10,080 7,321 8,539 16,184 42,124 Amortization expense — — — 21,574 21,574 Segment operating income (loss) $ 51,988 $ 52,942 $ 1,641 $ (133,987 ) $ (27,416 ) Other: Transaction and transition expenses 9,484 Operating loss (36,900 ) Interest expense, net 55,512 Other expense, net 6,875 Loss before income taxes $ (99,287 ) Nine months ended September 25, 2016 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate 1 Total Net sales from external customers $ 214,559 $ 149,923 $ 132,857 $ — $ 497,339 Depreciation expense 9,183 8,400 8,541 14,881 41,005 Amortization expense — — — 21,407 21,407 Segment operating income (loss) $ 57,813 $ 46,729 $ 840 $ (146,792 ) $ (41,410 ) Other: Inventory step-up amortization 30,922 Transaction and transition expenses 27,952 Legal settlement 1,800 Management changes 1,348 Costs associated with new convertible debt 234 Operating loss (103,666 ) Interest expense, net 41,673 Other income, net (3,494 ) Loss before income taxes $ (141,845 ) |
Net Sales and Operating Income by Product Line and Information by Geographic Region | Net sales by geographic region are as follows (in thousands): Three months ended Net sales by geographic region: September 24, 2017 September 25, 2016 United States $ 126,864 $ 118,065 EMEA 25,371 23,693 Other 18,268 15,574 Total $ 170,503 $ 157,332 Nine months ended Net sales by geographic region: September 24, 2017 September 25, 2016 United States $ 391,954 $ 364,482 EMEA 85,181 87,040 Other 50,252 45,817 Total $ 527,387 $ 497,339 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by business segment as of September 24, 2017 and December 25, 2016 are as follows (in thousands): September 24, 2017 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate Total Total assets $ 472,925 $ 842,029 $ 306,258 $ 579,471 $ 2,200,683 December 25, 2016 U.S. Lower Extremities & Biologics U.S. Upper Extremities International Extremities & Biologics Corporate Total Total assets $ 491,531 $ 845,102 $ 264,680 $ 689,273 $ 2,290,586 |
Organization and Description 36
Organization and Description of Business (Details) | 6 Months Ended |
Jun. 25, 2017segment | |
Business Acquisition [Line Items] | |
Number of Operating Segments | 3 |
Number of countries in which entity operates | 50 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 21, 2016 | Jan. 09, 2014 | Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (97,748) | $ (57,436) | $ (139,942) | $ (252,571) | ||
Net loss from discontinued operations per share-basic and diluted (Note 11): | $ (0.93) | $ (0.56) | $ (1.34) | $ (2.46) | ||
Weighted-average number of ordinary shares outstanding-basic and diluted: | 104,836 | 104,292 | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 21,876 | ||||
Large Joints Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (1,562) | (19,534) | ||||
Purchase Price Discontinued Operations | $ 29,700 | |||||
Net Working Capital Not Transferred in Disposal | $ 11,100 | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 3,500 | 3,000 | ||||
Disposal Group, Including Discontinued Operation, Revenue | 7,320 | 29,220 | ||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 4,348 | 15,708 | ||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 4,897 | 15,069 | ||||
Disposal Group, Including Discontinued Operation, Other Expense | 396 | 1,630 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (2,321) | (25,063) | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 759 | $ 5,529 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | $ 900,000 | $ 2,400,000 | ||||
Net loss from discontinued operations per share-basic and diluted (Note 11): | $ 0.01 | $ (0.02) | $ 0.02 | $ (0.19) | ||
Weighted-average number of ordinary shares outstanding-basic and diluted: | 103,072 | 102,854 | ||||
Discontinued Operation, Income (Loss) from Discontiuned Operation Before Impairment Loss and Income Taxes | $ (2,321) | $ (3,187) | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | (21,876) | ||||
OrthoRecon Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (96,917) | (55,874) | $ (137,578) | (233,037) | ||
Purchase Price Discontinued Operations | $ 283,000 | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 142,700 | 29,700 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 24,300 | |||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 96,917 | 55,874 | 137,578 | 233,037 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (96,917) | (55,874) | (137,578) | (233,037) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | $ 0 | $ 0 | ||
Net loss from discontinued operations per share-basic and diluted (Note 11): | $ (0.92) | $ (0.54) | $ (1.32) | $ (2.27) | ||
Metal-On-Metal Product [Member] | OrthoRecon Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | $ 87,000 | $ 39,000 | $ 103,000 | $ 189,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 25, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 10,695 | $ 15,319 |
Work-in-process | 29,714 | 22,422 |
Finished goods | 131,902 | 113,108 |
Total Inventory | $ 172,311 | $ 150,849 |
Derivatives and Fair Value of39
Derivatives and Fair Value of Financial Instruments (Details) | Mar. 26, 2017 | May 20, 2016USD ($) | May 12, 2016 | Sep. 01, 2015USD ($)$ / shares | Feb. 13, 2015USD ($) | Aug. 31, 2008 | Mar. 01, 2013$ / shares | Sep. 24, 2017USD ($)counterparty | Mar. 26, 2017 | Sep. 25, 2016USD ($) | Jun. 25, 2017 | Sep. 24, 2017USD ($)counterparty$ / shares | Sep. 25, 2016USD ($) | Dec. 25, 2016USD ($) |
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Cash Payment, Contingent Consideration | $ 42,000,000 | |||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | $ 238,867,000 | 238,867,000 | $ 262,265,000 | |||||||||||
Restricted Cash and Cash Equivalents, Current | 38,922,000 | 38,922,000 | 150,000,000 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,300,000 | 6,721,000 | $ 8,968,000 | |||||||||||
Non Cash Adjustment Derivative Fair Value | (4,163,000) | (26,460,000) | ||||||||||||
2021 Conversion Derivative [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 9,321,000 | (86,275,000) | (16,269,000) | (55,478,000) | ||||||||||
2021 Notes Hedges [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (9,074,000) | 85,182,000 | $ 18,723,000 | 69,671,000 | ||||||||||
2017 Notes Conversion Derivative [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Number of Counterparties | counterparty | 3 | 3 | ||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 15,000 | (186,000) | $ (51,000) | 8,124,000 | ||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 164,000 | |||||||||||
2020 Conversion Derivative [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 10,292,000 | (45,421,000) | 5,298,000 | 44,701,000 | ||||||||||
2020 Notes Hedges [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (10,340,000) | 49,887,000 | (3,538,000) | (40,558,000) | ||||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Total Assets | 529,301,000 | 529,301,000 | 648,592,000 | |||||||||||
Total Liabilities | 295,362,000 | 295,362,000 | 278,771,000 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Total Assets | 277,789,000 | 277,789,000 | 412,265,000 | |||||||||||
Total Liabilities | 43,726,000 | 43,726,000 | 36,999,000 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | |||||||||||
Total Assets | 0 | 0 | 0 | |||||||||||
Total Liabilities | 0 | 0 | 0 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | |||||||||||
Total Assets | 251,512,000 | 251,512,000 | 236,327,000 | |||||||||||
Total Liabilities | 251,636,000 | 251,636,000 | 241,772,000 | |||||||||||
BMTI Payment of Conditional Value Rights [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Price per share of contingent consideration | $ / shares | $ 3.50 | $ 6.50 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 98,100,000 | |||||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 1,306,000 | 1,306,000 | 2,249,000 | |||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 0 | 0 | 0 | |||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 0 | 0 | 0 | |||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 1,306,000 | 1,306,000 | 2,249,000 | |||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 43,726,000 | 43,726,000 | 36,999,000 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 4,485,000 | 6,727,000 | ||||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 43,726,000 | 43,726,000 | 36,999,000 | |||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 0 | 0 | 0 | |||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 0 | $ 0 | 0 | |||||||||||
AUGMENT Bone Graft Payment of Conditional Value Rights, Condition One [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Price per share of contingent consideration | $ / shares | $ 1.50 | |||||||||||||
AUGMENT Bone Graft Payment of Conditional Value Rights, Condition One [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 40,000,000 | $ 40,000,000 | ||||||||||||
AUGMENT Bone Graft Payment of Conditional Value Rights, Condition Two [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Price per share of contingent consideration | $ / shares | $ 1.50 | |||||||||||||
AUGMENT Bone Graft Payment of Conditional Value Rights, Condition Two [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 70,000,000 | $ 70,000,000 | ||||||||||||
2021 Notes Hedges [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 177,818,000 | 177,818,000 | 159,095,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 18,723,000 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Currency | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||||||||||||
2021 Notes Hedges [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 177,818,000 | 177,818,000 | 159,095,000 | |||||||||||
2020 Notes Hedges [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 73,694,000 | 73,694,000 | 77,232,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (3,538,000) | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Currency | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |||||||||||||
2020 Notes Hedges [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 73,694,000 | 73,694,000 | 77,232,000 | |||||||||||
2020 Notes Hedges [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 77,232,000 | |||||||||||||
2020 Notes Hedges [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |||||||||||
2020 Notes Hedges [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |||||||||||
2021 Conversion Derivative [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Currency | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 177,870,000 | 177,870,000 | 161,601,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (16,269,000) | |||||||||||||
2021 Conversion Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 177,870,000 | 177,870,000 | 161,601,000 | |||||||||||
2020 Conversion Derivative [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Currency | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 400,000 | 0 | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 72,460,000 | 72,460,000 | 77,758,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 5,298,000 | |||||||||||||
2020 Conversion Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 72,460,000 | 72,460,000 | 77,758,000 | |||||||||||
2020 Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 77,758,000 | |||||||||||||
Contingent Consideration [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Currency | (181,000) | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 1,429,000 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 1,306,000 | 1,306,000 | 2,249,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (305,000) | |||||||||||||
2017 Notes Conversion Derivative [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Currency | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 49,000,000 | 215,000 | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 164,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (51,000) | |||||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 164,000 | |||||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 164,000 | |||||||||||||
WG Healthcare [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 400,000 | |||||||||||||
SSP - Distribution Business [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Contingent Consideration Fair Value | 1,100,000 | 1,100,000 | 1,700,000 | |||||||||||
SSP - Distribution Business [Member] | Contingent Consideration [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | |||||||||||||
2021 Convertible Debt [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
ThresholdForConversionAsPercentOfConversionPrice | 130.00% | 130.00% | ||||||||||||
Long-term Debt, Fair Value | 528,400,000 | $ 528,400,000 | ||||||||||||
Debt instrument, convertible, minimum consecutive period | 20 days | 20 days | 20 days | 5 days | ||||||||||
Debt instrument, convertible, trading period | 30 days | 30 days | 100 days | 30 days | ||||||||||
2017 Convertible Debt [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
ThresholdForConversionAsPercentOfConversionPrice | 130.00% | |||||||||||||
Long-term Debt, Gross | 0 | $ 0 | $ 2,026,000 | |||||||||||
Debt instrument, convertible, minimum consecutive period | 20 days | 5 days | ||||||||||||
Debt instrument, convertible, trading period | 30 days | |||||||||||||
2020 convertibledebt [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
ThresholdForConversionAsPercentOfConversionPrice | 130.00% | |||||||||||||
Debt instrument, convertible, minimum consecutive period | 20 days | 5 days | ||||||||||||
Debt instrument, convertible, trading period | 30 days | |||||||||||||
2021 Change in Derivative fair Value [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Non Cash Adjustment Derivative Fair Value | $ 247,000 | $ (1,093,000) | $ 2,454,000 | $ 14,193,000 | ||||||||||
Accrued Expenses and Other Current Liabilities [Member] | Contingent Value Rights [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 42,000,000 | |||||||||||||
2020 Notes Hedges [Member] | ||||||||||||||
Schedule of Marketable Securities [Line Items] | ||||||||||||||
Number of Counterparties | counterparty | 3 | 3 |
Derivatives and Fair Value of40
Derivatives and Fair Value of Financial Instruments Derivatives (Details) | May 20, 2016USD ($)counterparty | Sep. 01, 2015USD ($)$ / shares | Feb. 13, 2015USD ($) | Mar. 01, 2013$ / shares | Sep. 24, 2017USD ($)counterparty | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2012USD ($) | Sep. 24, 2017USD ($)counterparty | Sep. 25, 2016USD ($) | Dec. 25, 2016USD ($) | Aug. 31, 2012USD ($) |
Derivatives, Fair Value [Line Items] | |||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 238,867,000 | $ 238,867,000 | $ 262,265,000 | ||||||||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 1,000,000 | 1,000,000 | 400,000 | ||||||||||
Non Cash Adjustment Derivative Fair Value | 4,163,000 | $ 26,460,000 | |||||||||||
Payments for Repurchase of Warrants | 0 | 3,319,000 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,300,000 | 6,721,000 | 8,968,000 | ||||||||||
Payment of notes hedge option | 0 | 3,892,000 | |||||||||||
2020 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (10,340,000) | 49,887,000 | $ (3,538,000) | (40,558,000) | |||||||||
2020 Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 31.07% | ||||||||||||
Debt Instrument, Unamortized Discount | $ 149,800,000 | ||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 10,292,000 | (45,421,000) | $ 5,298,000 | 44,701,000 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 4,000,000 | ||||||||||||
2021 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (9,074,000) | 85,182,000 | $ 18,723,000 | 69,671,000 | |||||||||
2017 Notes Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | $ 48,100,000 | ||||||||||||
Number of Counterparties | counterparty | 3 | 3 | |||||||||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 56,200,000 | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 | 164,000 | ||||||||||
Derivative, Gain (Loss) on Derivative, Net | 15,000 | (186,000) | $ (51,000) | 8,124,000 | |||||||||
Repayments of Debt | $ 4,000,000 | $ 240,000,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 70,000,000 | ||||||||||||
2021 Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 35.58% | ||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 9,321,000 | (86,275,000) | $ (16,269,000) | (55,478,000) | |||||||||
2020 convertibledebt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||||
Debt Instrument, Unamortized Discount | 73,470,000 | 73,470,000 | 93,749,000 | ||||||||||
Extinguishment of Debt, Amount | 45,000,000 | ||||||||||||
Repayments of Debt | 45,000,000 | ||||||||||||
Payments for Repurchase of Warrants | 3,300,000 | ||||||||||||
Payment of notes hedge option | $ 600,000 | ||||||||||||
2017 Convertible Debt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Long-term Debt, Gross | 0 | 0 | 2,026,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | 47,000 | ||||||||||
Extinguishment of Debt, Amount | 54,400,000 | ||||||||||||
Repayments of Debt | $ 292,000,000 | $ 56,000,000 | 2,000,000 | ||||||||||
Debt Instrument, Periodic Payment, Interest | 2,400,000 | ||||||||||||
Payments for Repurchase of Warrants | $ 60,000,000 | ||||||||||||
Payment of notes hedge option | 10,000,000 | ||||||||||||
2021 Convertible Debt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||||||||||||
Debt Instrument, Unamortized Discount | $ 117,200,000 | 94,025,000 | 94,025,000 | 107,441,000 | |||||||||
2017 Change in Derivative Fair Value [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Non Cash Adjustment Derivative Fair Value | (15,000) | 186,000 | 51,000 | (8,124,000) | |||||||||
2020 Change in Derivative Fair Value [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Non Cash Adjustment Derivative Fair Value | 48,000 | (4,466,000) | (1,760,000) | (4,143,000) | |||||||||
2021 Change in Derivative fair Value [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Non Cash Adjustment Derivative Fair Value | (247,000) | $ 1,093,000 | $ (2,454,000) | $ (14,193,000) | |||||||||
Wright Medical Group, Inc. [Member] | 2020 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 31.07% | ||||||||||||
Wright Medical Group, Inc. [Member] | 2020 Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 2.31% | ||||||||||||
Wright Medical Group, Inc. [Member] | 2021 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 35.58% | ||||||||||||
Wright Medical Group, Inc. [Member] | 2021 Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 3.42% | ||||||||||||
DEUTSCHE BANK SUPER X [Member] | 2020 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 0.43% | ||||||||||||
WELLS FARGO LIQUIDITY CROSS ATS [Member] | 2020 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 0.19% | ||||||||||||
JP Morgan Chase Bank [Member] | 2020 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 0.24% | ||||||||||||
JP Morgan Chase Bank [Member] | 2021 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 0.41% | ||||||||||||
Bank of America [Member] | 2021 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value Inputs, Entity Credit Risk | 0.42% | ||||||||||||
Reported Value Measurement [Member] | 2020 convertibledebt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Long-term Debt, Gross | 632,500,000 | 587,500,000 | $ 587,500,000 | 587,500,000 | |||||||||
Reported Value Measurement [Member] | 2017 Convertible Debt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 300,000,000 | ||||||||||||
Reported Value Measurement [Member] | 2021 Convertible Debt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Long-term Debt, Gross | 395,000,000 | 395,000,000 | 395,000,000 | 395,000,000 | |||||||||
BMTI Payment of Conditional Value Rights [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Price per share of contingent consideration | $ / shares | $ 3.50 | $ 6.50 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 98,100,000 | ||||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 1,306,000 | 1,306,000 | 2,249,000 | ||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 0 | 0 | 0 | ||||||||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 1,306,000 | 1,306,000 | 2,249,000 | ||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 43,726,000 | 43,726,000 | 36,999,000 | ||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 43,726,000 | 43,726,000 | 36,999,000 | ||||||||||
Contingent Value Rights [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 0 | 0 | 0 | ||||||||||
WG Healthcare [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 400,000 | ||||||||||||
SSP - Distribution Business [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Contingent Consideration Fair Value | 1,100,000 | 1,100,000 | 1,700,000 | ||||||||||
2021 Conversion Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 177,870,000 | 177,870,000 | 161,601,000 | ||||||||||
2020 Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 400,000 | 0 | |||||||||||
2020 Conversion Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 72,460,000 | 72,460,000 | 77,758,000 | ||||||||||
2020 Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 77,758,000 | ||||||||||||
2017 Notes Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 49,000,000 | 215,000 | |||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 164,000 | ||||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||||||
2017 Notes Conversion Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Liability, Fair Value, Gross Liability | 164,000 | ||||||||||||
2021 Notes Hedges [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 177,818,000 | 177,818,000 | 159,095,000 | ||||||||||
2020 Notes Hedges [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | ||||||||||||
2020 Notes Hedges [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 73,694,000 | 73,694,000 | 77,232,000 | ||||||||||
2020 Notes Hedges [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 77,232,000 | ||||||||||||
2020 Notes Hedges [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 0 | $ 0 | ||||||||||
2021 Convertible Debt [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Number of Counterparties | counterparty | 2 | 2 | 2 | ||||||||||
Derivative, Cost of Hedge | $ 99,800,000 | ||||||||||||
Debt Exchange [Member] | 2017 Notes Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 1,900,000 | ||||||||||||
Debt Repayment [Member] | 2017 Notes Conversion Derivative [Member] | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 100,000 |
Property, Plant and Equipment41
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 25, 2016 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, at cost | $ 428,419 | $ 368,278 |
Less: Accumulated depreciation | (216,634) | (166,546) |
Property, plant and equipment, net | $ 211,785 | $ 201,732 |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2017 | Dec. 25, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill at December 25, 2016 | $ 851,042 | |
Foreign currency translation | 9,818 | |
Goodwill at September 24, 2017 | 860,860 | |
Total intangibles | 307,986 | $ 289,930 |
Less: Accumulated amortization | 81,369 | 58,133 |
Intangible assets, net | 226,617 | 231,797 |
Future amortization [Abstract] | ||
2,017 | 29,300 | |
2,018 | 24,100 | |
2,019 | 22,000 | |
2,020 | 21,300 | |
2,021 | 21,100 | |
Indefinite-Lived Intangible Assets [Member] | Completed technology [Member] | ||
Goodwill [Roll Forward] | ||
Indefinite life intangibles | 1,071 | 938 |
Finite-Lived Intangible Assets [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 306,915 | 288,992 |
Less: Accumulated amortization | 81,369 | 58,133 |
Finite-Lived Intangible Assets [Member] | Distribution channels [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 900 | 900 |
Less: Accumulated amortization | 575 | 374 |
Finite-Lived Intangible Assets [Member] | Completed technology [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 145,223 | 133,966 |
Less: Accumulated amortization | 38,531 | 26,550 |
Finite-Lived Intangible Assets [Member] | Licenses [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 4,868 | 4,868 |
Less: Accumulated amortization | 1,427 | 1,115 |
Finite-Lived Intangible Assets [Member] | Customer Relationships [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 129,819 | 122,974 |
Less: Accumulated amortization | 21,434 | 15,133 |
Finite-Lived Intangible Assets [Member] | Trademarks [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 14,505 | 13,950 |
Less: Accumulated amortization | 9,767 | 6,881 |
Finite-Lived Intangible Assets [Member] | Noncompete Agreements [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 11,020 | 11,810 |
Less: Accumulated amortization | 9,192 | 7,833 |
Finite-Lived Intangible Assets [Member] | Other [Member] | ||
Goodwill [Roll Forward] | ||
Definite life intangibles, Cost | 580 | 524 |
Less: Accumulated amortization | 443 | $ 247 |
UNITED STATES | Lower Extremities & Biologics [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at December 25, 2016 | 218,525 | |
Foreign currency translation | 0 | |
Goodwill at September 24, 2017 | 218,525 | |
UNITED STATES | Upper Extremities [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at December 25, 2016 | 558,669 | |
Foreign currency translation | 0 | |
Goodwill at September 24, 2017 | 558,669 | |
International [Member] | Extremities & Biologics [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at December 25, 2016 | 73,848 | |
Foreign currency translation | 9,818 | |
Goodwill at September 24, 2017 | $ 83,666 |
Long-Term Debt and Capital Le43
Long-Term Debt and Capital Lease Obligations (Details) $ / shares in Units, shares in Millions | Sep. 24, 2017USD ($)counterpartyshares | Mar. 26, 2017 | Dec. 23, 2016 | May 20, 2016USD ($)counterparty$ / shares | May 12, 2016 | Nov. 24, 2015$ / shares | Feb. 13, 2015USD ($)$ / sharesshares | Aug. 31, 2008 | Sep. 24, 2017USD ($)counterparty | Mar. 26, 2017 | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2012USD ($) | Jun. 25, 2017 | Sep. 24, 2017USD ($)counterparty | Sep. 25, 2016USD ($) | Dec. 25, 2016USD ($) | Oct. 01, 2015$ / shares | Feb. 09, 2015 | Sep. 30, 2012USD ($) | Aug. 31, 2012USD ($)$ / shares | Dec. 31, 2008USD ($) | Jul. 29, 2008 |
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations | $ 875,656,000 | $ 875,656,000 | $ 875,656,000 | $ 814,355,000 | ||||||||||||||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,626,000 | 2,626,000 | 2,626,000 | 2,544,000 | ||||||||||||||||||||
Less: current portion | (56,783,000) | (56,783,000) | (56,783,000) | (33,948,000) | ||||||||||||||||||||
Long-term debt and capital lease obligations | 818,873,000 | 818,873,000 | 818,873,000 | 780,407,000 | ||||||||||||||||||||
Write off of pro-rata unamortized deferred financing fees and for bank and legal fees | 0 | $ 12,343,000 | ||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | 4,600,000 | $ 4,200,000 | 13,400,000 | 5,600,000 | ||||||||||||||||||||
Payments for Repurchase of Warrants | 0 | 3,319,000 | ||||||||||||||||||||||
Payment of notes hedge option | 0 | 3,892,000 | ||||||||||||||||||||||
Proceeds from Issuance of Warrants | 54,629,000 | |||||||||||||||||||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 2,400,000 | 2,400,000 | 2,400,000 | 2,500,000 | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 0.0075 | |||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% | |||||||||||||||||||||||
Line of Credit Facility, Minimum Borrowing Capacity as Percentage of Available Borrowing Capacity | 20.00% | |||||||||||||||||||||||
2020 convertibledebt [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations | $ 505,106,000 | 505,106,000 | $ 505,106,000 | 482,364,000 | ||||||||||||||||||||
Stated percentage rate | 2.00% | |||||||||||||||||||||||
Maturity date | Feb. 15, 2020 | |||||||||||||||||||||||
Write off of pro-rata unamortized deferred financing fees and for bank and legal fees | $ 9,300,000 | |||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 33.3949 | 32.3939 | ||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 29.94 | $ 30.87 | ||||||||||||||||||||||
ThresholdForConversionAsPercentOfConversionPrice | 130.00% | |||||||||||||||||||||||
wmgi_ThresholdForConversion | 98.00% | |||||||||||||||||||||||
Debt instrument, convertible, minimum consecutive period | 20 days | 5 days | ||||||||||||||||||||||
Debt instrument, convertible, trading period | 30 days | |||||||||||||||||||||||
Debt instrument, convertible, purchase price as a percent of principal amount if fundamental change event occurs | 100.00% | |||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 6,900,000 | 6,300,000 | $ 20,300,000 | 19,400,000 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.54% | 8.54% | 8.54% | |||||||||||||||||||||
Extinguishment of Debt, Amount | 45,000,000 | |||||||||||||||||||||||
Repayments of Debt | 45,000,000 | |||||||||||||||||||||||
Payments for Repurchase of Warrants | $ 3,300,000 | |||||||||||||||||||||||
Payment of notes hedge option | $ 600,000 | |||||||||||||||||||||||
Debt Instrument, Unamortized Discount | $ (73,470,000) | $ (73,470,000) | $ (73,470,000) | (93,749,000) | ||||||||||||||||||||
Unamortized Debt Issuance Expense | $ (8,924,000) | $ 18,000,000 | (8,924,000) | (8,924,000) | (11,387,000) | |||||||||||||||||||
Incremental Common Shares Attributable to Call Options and Warrants | shares | 19.6 | 20.5 | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 40 | $ 38.80 | ||||||||||||||||||||||
Warrant Strike Price in Excess of Common Stock Price, Percent | 59.00% | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 21.1 | |||||||||||||||||||||||
Capital Lease Obligations [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations | $ 17,268,000 | 17,268,000 | 17,268,000 | 14,892,000 | ||||||||||||||||||||
2021 Convertible Debt [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations | $ 295,065,000 | $ 295,065,000 | $ 295,065,000 | 280,811,000 | ||||||||||||||||||||
Stated percentage rate | 2.25% | |||||||||||||||||||||||
Maturity date | Nov. 15, 2021 | |||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 46.8165 | |||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 21.36 | |||||||||||||||||||||||
ThresholdForConversionAsPercentOfConversionPrice | 130.00% | 130.00% | ||||||||||||||||||||||
wmgi_ThresholdForConversion | 98.00% | |||||||||||||||||||||||
Debt instrument, convertible, minimum consecutive period | 20 days | 20 days | 20 days | 5 days | ||||||||||||||||||||
Debt instrument, convertible, trading period | 30 days | 30 days | 100 days | 30 days | ||||||||||||||||||||
Debt instrument, convertible, purchase price as a percent of principal amount if fundamental change event occurs | 100.00% | |||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.72% | 9.72% | 9.72% | |||||||||||||||||||||
Long-term Debt, Fair Value | $ 528,400,000 | $ 528,400,000 | $ 528,400,000 | |||||||||||||||||||||
Debt Instrument, Unamortized Discount | (94,025,000) | $ (117,200,000) | (94,025,000) | (94,025,000) | (107,441,000) | |||||||||||||||||||
Unamortized Debt Issuance Expense | $ (5,900,000) | 7,300,000 | (5,900,000) | (5,900,000) | (6,700,000) | |||||||||||||||||||
Incremental Common Shares Attributable to Call Options and Warrants | shares | 18.5 | |||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 54,600,000 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 30 | |||||||||||||||||||||||
Strike Price, In Excess of Stock Price | 69.00% | |||||||||||||||||||||||
2017 Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | $ 0 | 0 | 0 | 2,026,000 | ||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations | 0 | 0 | $ 0 | 1,971,000 | ||||||||||||||||||||
Stated percentage rate | 2.00% | |||||||||||||||||||||||
Maturity date | Aug. 15, 2017 | |||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 39.3140 | |||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 25.44 | |||||||||||||||||||||||
ThresholdForConversionAsPercentOfConversionPrice | 130.00% | |||||||||||||||||||||||
wmgi_ThresholdForConversion | 98.00% | |||||||||||||||||||||||
Debt instrument, convertible, minimum consecutive period | 20 days | 5 days | ||||||||||||||||||||||
Debt instrument, convertible, trading period | 30 days | |||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Extinguishment of Debt, Amount | 54,400,000 | |||||||||||||||||||||||
Repayments of Debt | $ 292,000,000 | 56,000,000 | $ 2,000,000 | |||||||||||||||||||||
Payments for Repurchase of Warrants | $ 60,000,000 | |||||||||||||||||||||||
Payment of notes hedge option | 10,000,000 | |||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | 0 | (47,000) | ||||||||||||||||||||
Unamortized Debt Issuance Expense | 0 | 0 | 0 | (8,000) | $ 8,800,000 | |||||||||||||||||||
Line of Credit [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations | 53,908,000 | 53,908,000 | 53,908,000 | 30,000,000 | ||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||||||||||||||||||||||
Shareholder Debt- TRNX [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Notes Payable, Noncurrent | $ 1,683,000 | $ 1,683,000 | $ 1,683,000 | 1,773,000 | ||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.55% | 2.55% | 2.55% | |||||||||||||||||||||
Line of Credit, Prepayment Penalty | 0.75% | |||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.90% | 4.90% | 4.90% | |||||||||||||||||||||
Line of Credit, Prepayment Penalty | 3.00% | |||||||||||||||||||||||
Maximum [Member] | Line of Credit [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||||||||||||||||||||
Midpoint [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Line of Credit, Prepayment Penalty | 2.00% | |||||||||||||||||||||||
2020 Conversion Derivative [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Derivative, Cash Received on Hedge | $ 4,000,000 | |||||||||||||||||||||||
Debt Instrument, Unamortized Discount | (149,800,000) | |||||||||||||||||||||||
2017 Notes Conversion Derivative [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Write off of pro-rata unamortized deferred financing fees and for bank and legal fees | 3,000,000 | 25,100,000 | ||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 0 | $ 900,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.47% | 6.47% | ||||||||||||||||||||||
Number of Counterparties | counterparty | 3 | 3 | 3 | |||||||||||||||||||||
Repayments of Debt | $ 4,000,000 | 240,000,000 | ||||||||||||||||||||||
Derivative, Cash Received on Hedge | $ 70,000,000 | |||||||||||||||||||||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 56,200,000 | |||||||||||||||||||||||
Debt Instrument, Unamortized Discount | $ (48,100,000) | |||||||||||||||||||||||
Reported Value Measurement [Member] | 2020 convertibledebt [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | $ 587,500,000 | 632,500,000 | $ 587,500,000 | $ 587,500,000 | 587,500,000 | |||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Long-term Debt, Fair Value | 632,400,000 | 632,400,000 | 632,400,000 | |||||||||||||||||||||
Reported Value Measurement [Member] | 2021 Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | $ 395,000,000 | $ 395,000,000 | $ 395,000,000 | $ 395,000,000 | 395,000,000 | |||||||||||||||||||
Reported Value Measurement [Member] | 2017 Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | $ 300,000,000 | |||||||||||||||||||||||
2021 Convertible Debt [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Number of Counterparties | counterparty | 2 | 2 | 2 | 2 | ||||||||||||||||||||
Indebtedness in Excess, Default | $ 25,000,000 | |||||||||||||||||||||||
Derivative, Cost of Hedge | $ 99,800,000 | |||||||||||||||||||||||
2020 Notes Hedges [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Number of Counterparties | counterparty | 3 | 3 | 3 | |||||||||||||||||||||
Indebtedness in Excess, Default | $ 25,000,000 | |||||||||||||||||||||||
Derivative, Cost of Hedge | $ 144,800,000 | |||||||||||||||||||||||
Mr. Tornier [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | |||||||||||||||||||||||
Other Borrowings | $ 2,200,000 | |||||||||||||||||||||||
Tornier SAS [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||||||||||||||||||||
Base Rate [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.00% | |||||||||||||||||||||||
Variable Income Interest Rate [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.00% | |||||||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||
Long-term Line of Credit | $ 53,908,000 | $ 53,908,000 | $ 53,908,000 | $ 30,000,000 | ||||||||||||||||||||
Euro London Interbank Offered Rate (Euro LIBROR) [Member] | ||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | 0.50% | 0.50% |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | Dec. 25, 2016 | Dec. 27, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Stockholders' Equity Attributable to Parent | $ 538,516 | $ 745,105 | $ 538,516 | $ 745,105 | $ 686,864 | $ 1,055,026 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 44,362 | 11,763 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 24,901 | 24,901 | (19,461) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Stockholders' Equity Attributable to Parent | 24,901 | 1,279 | 24,901 | 1,279 | $ (19,461) | $ (10,484) |
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 25,132 | 4,480 | 44,362 | 11,763 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 24,901 | $ 1,279 | $ 24,901 | $ 1,279 |
Changes in Stockholders' Equi45
Changes in Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Stockholders' Equity Attributable to Parent, Beginning Balance | $ 686,864 | $ 1,055,026 | ||
Net (loss) income | $ (131,870) | $ (110,145) | (231,731) | (387,503) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 44,362 | 11,763 | ||
Stock Issued During Period, Value, New Issues | 24,828 | 5,664 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 14,193 | 9,843 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | 50,312 | |||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 538,516 | $ 745,105 | $ 538,516 | $ 745,105 |
Common Stock [Member] | ||||
Common Stock, Shares, Outstanding, Beginning Balance | 103,400,995 | 102,672,678 | ||
Stockholders' Equity Attributable to Parent, Beginning Balance | $ 3,815 | $ 3,790 | ||
Stock Issued During Period, Shares, New Issues | 1,217,088 | 287,328 | ||
Stock Issued During Period, Value, New Issues | $ 40 | $ 10 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 393,595 | 265,378 | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 13 | $ 9 | ||
Common Stock, Shares, Outstanding, Ending Balance | 105,011,678 | 103,225,384 | 105,011,678 | 103,225,384 |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 3,868 | $ 3,809 | $ 3,868 | $ 3,809 |
Additional Paid-in Capital [Member] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | 1,908,749 | 1,835,586 | ||
Stock Issued During Period, Value, New Issues | 24,788 | 5,654 | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (13) | (9) | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 14,193 | 9,843 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | 50,312 | |||
Stockholders' Equity Attributable to Parent, Ending Balance | 1,947,717 | 1,901,386 | 1,947,717 | 1,901,386 |
Retained Earnings [Member] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | (1,206,239) | (773,866) | ||
Stockholders' Equity Attributable to Parent, Ending Balance | (1,437,970) | (1,161,369) | (1,437,970) | (1,161,369) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Stockholders' Equity Attributable to Parent, Beginning Balance | (19,461) | (10,484) | ||
Stockholders' Equity Attributable to Parent, Ending Balance | 24,901 | 1,279 | 24,901 | 1,279 |
Accumulated Translation Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 25,132 | $ 4,480 | $ 44,362 | $ 11,763 |
Capital Stock and Earnings per
Capital Stock and Earnings per share Capital Stock (Details) - € / shares | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Dec. 25, 2016 | |
Earnings Per Share [Abstract] | |||
Common stock, shares authorized (in shares) | 320,000,000 | 320,000,000 | |
Common Stock, Par or Stated Value Per Share | € 0.03 | € 0.03 | |
Common Stock, Shares, Issued | 105,011,678 | 103,400,995 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,382,849 | 10,735,763 | |
Antidilutive Securities Stock Options | 1,371,043 | 1,406,429 |
Earnings per share (Details)
Earnings per share (Details) - shares shares in Thousands | Sep. 24, 2017 | Feb. 13, 2015 | Sep. 24, 2017 | Sep. 24, 2017 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities, non-vested shares, performance shares | 100 | 100 | 100 | |
Weighted-average number of ordinary shares outstanding-basic and diluted (in shares) | 104,836 | 104,292 | ||
2020convertibledebt [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 19,600 | 20,500 | ||
2021 Convertible Debt [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 18,500 |
Commitments and Contingencies -
Commitments and Contingencies - Product Liability Contingency (Details) - USD ($) $ in Thousands | Oct. 03, 2017 | Dec. 25, 2016 | Jun. 26, 2016 | Dec. 27, 2015 | Sep. 30, 2015 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 24, 2017 | Sep. 25, 2016 | Dec. 27, 2015 | Jun. 25, 2017 |
Product Liability Contingency [Line Items] | ||||||||||||
Insurance Recoveries | $ 73,000 | |||||||||||
Loss Contingency, Damages Awarded, Value | $ 1,025 | |||||||||||
Restricted Cash and Cash Equivalents, Current | $ 150,000 | 38,922 | ||||||||||
Product Liability Accrual, Component Amount | 4,400 | |||||||||||
Third Party Recovery | $ 10,000 | $ 5,000 | 6,700 | |||||||||
PROFEMUR Titanium Modular Neck Product [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Insurance Settlements Receivable, Current | $ 0 | |||||||||||
Allowance for Doubtful Accounts Receivable, Write-offs | $ 25,000 | |||||||||||
Product liability, current | 14,500 | |||||||||||
Product liability, non-current | 7,900 | |||||||||||
Increase Decrease in Estimated Recovery from Third Party | $ 19,400 | |||||||||||
Loss Contingency, Receivable, Period Increase (Decrease) | $ 25,000 | |||||||||||
CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency Accrual | 244,200 | |||||||||||
Insurance Settlements Receivable | 5,000 | |||||||||||
Punitive Damages [Member] | CONSERVE (R) Metal-on-metal [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency, Damages Awarded, Value | $ 1,000 | $ 1,000 | ||||||||||
Compensatory damages [Member] | CONSERVE (R) Metal-on-metal [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency, Damages Awarded, Value | $ 10,000 | |||||||||||
Master Settlement Agreement - MDL & JCCP [Member] | CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency Accrual | 240,000 | |||||||||||
Accrual for eligible claims in excess of 1292 excluded from MSA [Member] | CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency Accrual | $ 9,400 | |||||||||||
Second Settlement Agreement [Member] | CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency Accrual | 82,700 | |||||||||||
Litigation Settlement, Amount | $ 89,750 | |||||||||||
Warner Case [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Insurance Settlements Receivable | 4,000 | |||||||||||
Minimum [Member] | PROFEMUR Titanium Modular Neck Product [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Estimated product liability range | 22,400 | |||||||||||
Maximum [Member] | PROFEMUR Titanium Modular Neck Product [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Estimated product liability range | 25,500 | |||||||||||
Accrued Liabilities, Current [Member] | CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency Accrual | 199,300 | |||||||||||
Other Noncurrent Liabilities [Member] | CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Loss Contingency Accrual | $ 44,900 | |||||||||||
Columbia [Member] | CONSERVE (R) DYNASTY (R) AND LINEAGE (R) [Member] | ||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||
Insurance Recoveries | $ 60,000 | $ 10,000 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 24, 2017 | Dec. 25, 2016 | |
Cash and Cash Equivalents [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 238,867 | $ 262,265 |
Restricted Cash and Cash Equivalents, Current | 38,922 | 150,000 |
Increase (Decrease) in Restricted Cash for Operating Activities | 111,100 | |
Cash, Cash Equivalents, and Restricted Cash | $ 277,789 | $ 412,265 |
Segment Data (Details)
Segment Data (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 24, 2017USD ($) | Sep. 25, 2016USD ($) | Sep. 24, 2017USD ($) | Sep. 25, 2016USD ($) | Dec. 25, 2016USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Interest Income (Expense), Nonoperating, Net | $ (18,978) | $ (16,795) | $ (55,512) | $ (41,673) | ||
Payments to Acquire Property, Plant, and Equipment | 49,476 | 37,800 | ||||
Net sales | 170,503 | 157,332 | 527,387 | 497,339 | ||
Operating Income (Loss) | (18,509) | (38,604) | (36,900) | (103,666) | ||
Inventory step-up, amortization | 10,306 | 30,922 | ||||
Transaction and Transition Expense | 3,311 | 8,105 | 9,484 | 27,952 | ||
Legal settlement | 1,800 | |||||
Management Changes | 1,348 | |||||
Convertible Debt, Costs | 234 | |||||
Other Nonoperating Income (Expense) | 5,457 | (365) | 6,875 | (3,494) | ||
Assets | 2,200,683 | 2,200,683 | $ 2,290,586 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (42,944) | (55,034) | (99,287) | (141,845) | ||
Goodwill | 860,860 | 860,860 | 851,042 | |||
Goodwill, Translation Adjustments | 9,818 | |||||
EMEA [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 25,371 | 23,693 | 85,181 | 87,040 | ||
UNITED STATES | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 126,864 | 118,065 | 391,954 | 364,482 | ||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 18,268 | 15,574 | 50,252 | 45,817 | ||
Extremities & Biologics [Member] | International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 43,639 | 39,267 | 135,433 | 132,857 | ||
Depreciation | 3,298 | 3,086 | 8,539 | 8,541 | ||
AmortizationExpenseWithoutDistributorConversion | 0 | 0 | 0 | 0 | ||
Segment Operating Loss | (1,563) | (2,945) | 1,641 | 840 | ||
Assets | 306,258 | 306,258 | 264,680 | |||
Goodwill | 83,666 | 83,666 | 73,848 | |||
Goodwill, Translation Adjustments | 9,818 | |||||
UNITED STATES | Lower Extremities & Biologics [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 70,946 | 70,654 | 220,259 | 214,559 | ||
Depreciation | 3,871 | 3,494 | 10,080 | 9,183 | ||
AmortizationExpenseWithoutDistributorConversion | 0 | 0 | 0 | 0 | ||
Segment Operating Loss | 13,506 | 17,980 | 51,988 | 57,813 | ||
Assets | 472,925 | 472,925 | 491,531 | |||
Goodwill | 218,525 | 218,525 | 218,525 | |||
Goodwill, Translation Adjustments | 0 | |||||
UNITED STATES | Upper Extremities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 55,918 | 47,411 | 171,695 | 149,923 | ||
Depreciation | 2,372 | 3,181 | 7,321 | 8,400 | ||
AmortizationExpenseWithoutDistributorConversion | 0 | 0 | 0 | 0 | ||
Segment Operating Loss | 16,575 | 12,594 | 52,942 | 46,729 | ||
Assets | 842,029 | 842,029 | 845,102 | |||
Goodwill | 558,669 | 558,669 | 558,669 | |||
Goodwill, Translation Adjustments | 0 | |||||
Corporate Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | [1] | 0 | 0 | 0 | 0 | |
Depreciation | [1] | 5,459 | 5,124 | 16,184 | 14,881 | |
AmortizationExpenseWithoutDistributorConversion | [1] | 7,178 | 7,466 | 21,574 | 21,407 | |
Segment Operating Loss | [1] | (43,716) | (47,822) | (133,987) | (146,792) | |
Assets | 579,471 | $ 579,471 | $ 689,273 | |||
segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Reportable Segments | 3 | |||||
Depreciation | 15,000 | 14,885 | $ 42,124 | 41,005 | ||
AmortizationExpenseWithoutDistributorConversion | 7,178 | 7,466 | 21,574 | 21,407 | ||
Segment Operating Loss | $ (15,198) | $ (20,193) | $ (27,416) | $ (41,410) | ||
[1] | 1 The Corporate category primarily reflects general and administrative expenses not specifically associated with the U.S. Lower Extremities & Biologics, U.S. Upper Extremities, and International Extremities & Biologics segments. These non-allocated corporate expenses relate to global administrative expenses that support all segments, including salaries and benefits of certain executive officers and expenses such as: information technology administration and support; corporate headquarters; legal, compliance, and corporate finance functions; insurance; and all share-based compensation |