Biomet Merger (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes our estimate of the preliminary fair values of the assets acquired and liabilities assumed at the Closing Date (in millions):


	Closing Date (as adjusted as of December 31, 2015)		Adjustments			Closing Date (as adjusted as of March 31, 2016)
Cash	$	494.8	$	—		$	494.8
Accounts receivable, net		529.0		(0.9	)		528.1
Inventory		1,245.7		(8.2	)		1,237.5
Other current assets		26.4		—			26.4
Property, plant and equipment		791.4		(8.1	)		783.3
Intangible assets not subject to amortization:
Trademarks and trade names		479.0		—			479.0
In-process research and development (IPR&D)		246.0		—			246.0
Intangible assets subject to amortization:
Technology		2,492.1		(160.0	)		2,332.1
Customer relationships		4,956.0		(10.0	)		4,946.0
Trademarks and trade names		389.0		(29.0	)		360.0
Other assets		241.1		6.5			247.6
Goodwill		7,573.9		143.3			7,717.2

Total assets acquired		19,464.4		(66.4	)		19,398.0

Current liabilities		628.1		(13.1	)		615.0
Long-term debt		2,740.0		—			2,740.0
Deferred taxes		4,097.5		(50.9	)		4,046.6
Other long-term liabilities		58.9		(2.4	)		56.5

Total liabilities assumed		7,524.5		(66.4	)		7,458.1

Net assets acquired	$	11,939.9	$	—		$	11,939.9

Changes in Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of our goodwill (in millions):


	Americas		EMEA		Asia Pacific		Product Category Operating Segments			Total
Balance at December 31, 2015
Goodwill	$	7,328.0	$	1,291.0	$	548.9	$	1,139.3		$	10,307.2
Accumulated impairment loss		—		—		—		(373.0	)		(373.0	)

		7,328.0		1,291.0		548.9		766.3			9,934.2
Biomet purchase accounting adjustments		100.7		11.1		8.4		23.1			143.3
Currency translation		35.6		18.4		8.3		3.1			65.4

Balance at March 31, 2016
Goodwill		7,464.3		1,320.5		565.6		1,165.5			10,515.9
Accumulated impairment loss		—		—		—		(373.0	)		(373.0	)

	$	7,464.3	$	1,320.5	$	565.6	$	792.5		$	10,142.9