10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

OR

o    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission File Number 0-16211

DENTSPLY International Inc.

(Exact name of registrant as specified in its charter)

Delaware	39-1434669
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

221 West Philadelphia Street, York, PA	17405-2558
(Address of principal executive offices)	(Zip Code)

(717) 845-7511

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   x No   o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   x No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer” and “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x Accelerated filer  o Non-accelerated filer  o Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   

Yes   o No   x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  At

October 27, 2015, DENTSPLY International Inc. had 139,866,493 shares of Common Stock outstanding, with a par value of $.01 per share.

DENTSPLY International Inc.

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION	Page
Item 1	Financial Statements (unaudited)	3
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Statements of Changes in Equity	7
	Notes to Unaudited Interim Consolidated Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4	Controls and Procedures	53
PART II	OTHER INFORMATION
Item 1	Legal Proceedings	55
Item 1A	Risk Factors	55
Item 2	Unregistered Sales of Securities and Use of Proceeds	55
Item 6	Exhibits	57
	Signatures	57

2

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net sales	$	648.9		$	708.2		$	2,003.2		$	2,203.6
Cost of products sold	279.4			320.1			860.7			996.9
Gross profit	369.5			388.1			1,142.5			1,206.7
Selling, general and administrative expenses	264.3			276.0			809.5			859.9
Restructuring and other costs	6.6			2.5			50.9			4.5
Operating income	98.6			109.6			282.1			342.3
Other income and expenses:
Interest expense	9.6			12.7			30.1			35.4
Interest income	(0.4		)	(1.4		)	(1.8		)	(4.6		)
Other expense (income), net	(3.8		)	0.8			(3.6		)	1.8
Income before income taxes	93.2			97.5			257.4			309.7
Provision for income taxes	19.6			21.2			63.2			69.9
Equity in net income (loss) of unconsolidated affiliated company	10.8			(1.0		)	(1.7		)	(1.6		)
Net income	84.4			75.3			192.5			238.2
Less: Net (loss) income attributable to noncontrolling interests	(0.1		)	—			(0.1		)	0.1
Net income attributable to DENTSPLY International	$	84.5		$	75.3		$	192.6		$	238.1
Earnings per common share:
Basic	$	0.60		$	0.53		$	1.38		$	1.68
Diluted	$	0.59		$	0.52		$	1.35		$	1.65
Weighted average common shares outstanding:
Basic	139.8			141.8			140.0			141.9
Diluted	142.4			144.3			142.5			144.3

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

3

DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net income	$	84.4		$	75.3		$	192.5		$	238.2
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(37.7		)	(198.6		)	(150.6		)	(227.3		)
Net gain on derivative financial instruments	1.1			35.9			9.0			38.1
Net unrealized holding (loss) gain on available-for-sale securities	(78.8		)	3.6			(8.5		)	(0.2		)
Pension liability adjustments	2.9			3.8			4.3			5.0
Total other comprehensive income (loss), net of tax	(112.5		)	(155.3		)	(145.8		)	(184.4		)
Total comprehensive income	(28.1		)	(80.0		)	46.7			53.8
Less: Comprehensive (loss) income attributable
to noncontrolling interests	—			(0.3		)	0.5			(0.4		)
Comprehensive (loss) income attributable to
DENTSPLY International	$	(28.1	)	$	(79.7	)	$	46.2		$	54.2

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

4

DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts)

(unaudited)

	September 30, 2015			December 31, 2014
Assets
Current Assets:
Cash and cash equivalents	$	236.4		$	151.6
Accounts and notes receivables-trade, net	429.8			426.6
Inventories, net	361.3			387.1
Prepaid expenses and other current assets, net	180.6			241.7
Total Current Assets	1,208.1			1,207.0
Property, plant and equipment, net	555.2			588.9
Identifiable intangible assets, net	600.4			670.8
Goodwill, net	1,984.3			2,089.3
Other noncurrent assets, net	54.2			90.5
Total Assets	$	4,402.2		$	4,646.5
Liabilities and Equity
Current Liabilities:
Accounts payable	$	137.5		$	132.6
Accrued liabilities	309.1			379.2
Income taxes payable	33.6			29.0
Notes payable and current portion of long-term debt	453.2			111.8
Total Current Liabilities	933.4			652.6
Long-term debt	701.9			1,150.1
Deferred income taxes	152.9			165.6
Other noncurrent liabilities	332.5			356.0
Total Liabilities	2,120.7			2,324.3
Commitments and contingencies
Equity:
Preferred stock, $1.00 par value; .25 million shares authorized; no shares issued	—			—
Common stock, $.01 par value; 200.0 million shares authorized; 162.8 million shares issued at September 30, 2015 and December 31, 2014	1.6			1.6
Capital in excess of par value	232.0			221.7
Retained earnings	3,542.7			3,380.7
Accumulated other comprehensive loss	(587.5		)	(441.1		)
Treasury stock, at cost, 23.0 million and 21.9 million shares at September 30, 2015 and December 31, 2014, respectively	(908.7		)	(841.6		)
Total DENTSPLY International Equity	2,280.1			2,321.3
Noncontrolling interests	1.4			0.9
Total Equity	2,281.5			2,322.2
Total Liabilities and Equity	$	4,402.2		$	4,646.5

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

5

DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(unaudited)

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities:
Net income	$	192.5		$	238.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	61.6			63.1
Amortization	32.8			36.4
Amortization of deferred financing costs	3.3			3.5
Deferred income taxes	39.2			4.6
Share-based compensation expense	19.5			19.9
Restructuring and other costs - non-cash	37.8			—
Stock option income tax benefit	(10.0		)	(0.4		)
Equity in net loss from unconsolidated affiliates	1.7			1.6
Other non-cash income	(10.0		)	3.6
Loss on disposal of property, plant and equipment	0.6			—
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net	(27.9		)	(30.9		)
Inventories, net	10.1			(5.7		)
Prepaid expenses and other current assets, net	(7.0		)	(12.4		)
Other noncurrent assets, net	4.1			0.3
Accounts payable	11.2			1.9
Accrued liabilities	4.6			7.6
Income taxes	(7.2		)	27.9
Other noncurrent liabilities	14.1			8.5
Net cash provided by operating activities	371.0			367.7
Cash flows from investing activities:
Capital expenditures	(51.7		)	(73.0		)
Cash paid for acquisitions of businesses, net of cash acquired	(3.3		)	(2.0		)
Cash received from sale of business or product line	—			1.4
Cash received on derivatives contracts	22.4			4.9
Cash paid on derivatives contracts	(0.8		)	(4.9		)
Expenditures for identifiable intangible assets	—			(1.3		)
Purchase of short-term investments	—			(2.3		)
Liquidation of short-term investments	—			1.1
Proceeds from redemption of Corporate Bonds	47.7			—
Purchase of Company-owned life insurance policies	(1.4		)	(0.9		)
Proceeds from sale of property, plant and equipment, net	0.3			0.6
Net cash provided by (used in) investing activities	13.2			(76.4		)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings	0.9			(99.8		)
Cash paid for treasury stock	(112.7		)	(70.8		)
Cash dividends paid	(29.9		)	(27.9		)
Cash paid for acquisition of noncontrolling interests of consolidated subsidiary	(80.4		)	—
Proceeds from long-term borrowings	—			114.1
Repayments on long-term borrowings	(109.1		)	(199.0		)
Proceeds from exercised stock options	27.2			18.7
Excess tax benefits from share-based compensation	10.0			0.4
Net cash used in financing activities	(294.0		)	(264.3		)
Effect of exchange rate changes on cash and cash equivalents	(5.4		)	(4.3		)
Net increase in cash and cash equivalents	84.8			22.7
Cash and cash equivalents at beginning of period	151.6			75.0
Cash and cash equivalents at end of period	$	236.4		$	97.7

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

6

DENTSPLY INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In millions)

(unaudited)

	Common Stock		Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total DENTSPLY International Equity			Noncontrolling Interests			Total Equity
Balance at December 31, 2013	$	1.6	$	255.3		$	3,095.7		$	(69.1	)	$	(748.5	)	$	2,535.0		$	42.9		$	2,577.9
Net income	—		—			238.1			—			—			238.1			0.1			238.2
Other comprehensive loss	—		—			—			(178.5		)	—			(178.5		)	(0.4		)	(178.9		)
Acquisition of noncontrolling interest	—		(35.8		)	—			(5.5		)	—			(41.3		)	(41.4		)	(82.7		)
Exercise of stock options	—		(3.3		)	—			—			22.0			18.7			—			18.7
Tax benefit from stock options exercised	—		0.4			—			—			—			0.4			—			0.4
Share based compensation expense	—		19.9			—			—			—			19.9			—			19.9
Funding of Employee Stock Ownership Plan	—		1.5			—			—			4.4			5.9			—			5.9
Treasury shares purchased	—		—			—			—			(70.7		)	(70.7		)	—			(70.7		)
RSU distributions	—		(11.2		)	—			—			6.9			(4.3		)	—			(4.3		)
RSU dividends	—		0.2			(0.2		)	—			—			—			—			—
Cash dividends ($0.19875 per share)	—		—			(28.2		)	—			—			(28.2		)	—			(28.2		)
Balance at September 30, 2014	$	1.6	$	227.0		$	3,305.4		$	(253.1	)	$	(785.9	)	$	2,495.0		$	1.2		$	2,496.2

	Common Stock		Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total DENTSPLY International Equity			Noncontrolling Interests			Total Equity
Balance at December 31, 2014	$	1.6	$	221.7		$	3,380.7		$	(441.1	)	$	(841.6	)	$	2,321.3		$	0.9		$	2,322.2
Net income	—		—			192.6			—			—			192.6			(0.1		)	192.5
Other comprehensive (loss) gain	—		—			—			(146.4		)	—			(146.4		)	0.6			(145.8		)
Exercise of stock options	—		(6.2		)	—			—			33.2			27.0			—			27.0
Tax benefit from stock options exercised	—		10.0			—			—			—			10.0			—			10.0
Share based compensation expense	—		19.4			—			—			—			19.4			—			19.4
Funding of Employee Stock Ownership Plan	—		1.1			—			—			3.7			4.8			—			4.8
Treasury shares purchased	—		—			—			—			(112.7		)	(112.7		)	—			(112.7		)
RSU distributions	—		(14.3		)	—			—			8.7			(5.6		)	—			(5.6		)
RSU dividends	—		0.3			(0.3		)	—			—			—			—			—
Cash dividends ($0.21750 per share)	—		—			(30.3		)	—			—			(30.3		)	—			(30.3		)
Balance at September 30, 2015	$	1.6	$	232.0		$	3,542.7		$	(587.5	)	$	(908.7	)	$	2,280.1		$	1.4		$	2,281.5

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

7

DENTSPLY International Inc. and Subsidiaries

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the United States Securities and Exchange Commission (“SEC”).  The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These financial statements and related notes contain the accounts of DENTSPLY International Inc. and Subsidiaries (“DENTSPLY” or the “Company”) on a consolidated basis and should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent Form 10-K for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015.

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the Company, as applied in the interim consolidated financial statements presented herein are substantially the same as presented in the Company’s Form 10-K, as for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015, except as may be indicated below:

Accounts and Notes Receivable

The Company records a provision for doubtful accounts, which is included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

Accounts and notes receivables – trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $10.0 millionat September 30, 2015 and $8.8 million at December 31, 2014.

Marketable Securities

The Company’s marketable securities consisted of DIO Corporation (“DIO”) corporate convertible bonds that were classified as available-for-sale in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets as the instruments were to mature in December 2015. Changes in the fair value of the bonds were reported in accumulated other comprehensive income (“AOCI”).

During the three months endedSeptember 30, 2015, the Company sold the convertible bonds at face value for $47.7 million. As a result of the sale, the Company recorded an unrealized holding loss, net of tax, of $4.8 million for the nine months ended September 30, 2015, in the Consolidated Statements of Comprehensive Income. The fair value of the convertible bonds was $57.7 million at December 31, 2014 and included a cumulative unrealized holding gain of $8.5 million on available-for-sale securities, net of tax, which was recorded in AOCI.

As part of the disposition of the convertible bonds, the Company requested to relinquish its two board seats on the DIO Board of Directors. Subsequent to September 30, 2015, the Company no longer has representation on the DIO Board of Directors and as a result the Company no longer has significant influence on the operations of DIO. The Company will begin accounting for the remaining direct investment using the cost-basis method of accounting effective in the fourth quarter of 2015.

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify

8

as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2018. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal was approved on July 9, 2015. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance.

In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability. Retrospective application is required. The amendments in this standard are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted this standard during the second quarter of 2015, applying retrospective application to the periods presented below. The following is a summary of the adjustment to the financial statement line items impacted by this accounting update:

December 31, 2014
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	94.3	$	(3.8	)	$	90.5
Notes payable and current portion of long-term debt	112.8		(1.0		)	111.8
Long-term debt	1,152.9		(2.8		)	1,150.1

March 31, 2015
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	61.3	$	(3.6	)	$	57.7
Notes payable and current portion of long-term debt	247.6		(0.9		)	246.7
Long-term debt	1,078.8		(2.6		)	1,076.2

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” This newly issued accounting standard requires that an entity measure inventory at the lower of cost or net realizable value, as opposed to the lower of cost or market value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Excluded from this update are the Last In First Out (“LIFO”) and retail inventory methods of accounting for inventory. The amendments in this standard are effective for fiscal years beginning after December 15, 2016 and for interim periods within fiscal years beginning after December 15, 2017. Prospective application is required for presentation purposes. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

9

In September 2015, the FASB issued 2015-16, “Simplifying Accounting for Measurement Period Adjustments.” This newly issued accounting standard seeks to simplify the accounting related to Business Combinations. Current US GAAP requires retrospective adjustment for provisional amounts recognized during the measurement periods when facts and circumstances that existed at the measurement date, if known, would have affected the measurement of the accounts initially recognized. This standard eliminates the requirement for retrospective adjustments and requires adjustments to the Financial Statements as needed in current period earnings for the full effect of changes. The adoption of this standard is required for interim and fiscal periods ending after December 15, 2015 and is not permitted to be adopted retrospectively. As such, the Company will incorporate this standard into the accounting and reporting for all future business combinations that take place once the standard becomes effective.

NOTE 2 – STOCK COMPENSATION

The following table represents total stock based compensation expense for non-qualified stock options, restricted stock units (“RSU”) and the tax related benefit for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Stock option expense	$	2.3	$	2.2	$	6.0	$	6.6
RSU expense	5.1		4.0		12.5		12.1
Total stock based compensation expense	$	7.4	$	6.2	$	18.5	$	18.7
Total related tax benefit	$	2.1	$	1.6	$	5.5	$	5.1

For the three and nine months ended September 30, 2015, stock compensation expense of $7.4 million and $18.5 million, respectively, of which, $7.1 million and $18.0 million, respectively, was recorded in Selling, general and administrative expense and $0.3 million and $0.5 million, respectively, was recorded in Cost of products sold in the Consolidated Statement of Operations. For the three and nine months ended September 30, 2014, stock compensation expense of $6.2 million and $18.7 million, respectively, of which, $6.0 million and $18.2 million, respectively, was recorded in Selling, general and administrative expense and $0.2 million and $0.5 million, respectively, was recorded in Cost of products sold in the Consolidated Statement of Operations.

At September 30, 2015, the remaining unamortized compensation cost related to non-qualified stock options is $11.5 million, which will be expensed over the weighted average remaining vesting period of the options, or approximately 1.5 years. At September 30, 2015, the unamortized compensation cost related to RSU is $24.8 million, which will be expensed over the weighted average remaining restricted period of the RSU, or approximately 1.3 years.

NOTE 3 – COMPREHENSIVE INCOME

During the quarter ended September 30, 2015, foreign currency translation adjustments included currency translation gains of $2.3 million and gains on the Company’s loans designated as hedges of net investments of $0.5 million.  During the quarter ended September 30, 2014, foreign currency translation adjustments included currency translation gains of $201.8 million and gains of $9.0 million on the Company’s loans designated as hedges of net investments.  During the nine months ended September 30, 2015, foreign currency translation adjustments included currency translation losses of $150.4 million and losses on the Company’s loans designated as hedges of net investments of $0.8 million. During the nine months ended September 30, 2014, foreign currency translation adjustments included currency translation gains of $227.2 million and gains on the Company’s loans designated as hedges of net investments of $5.9 million. These amounts are recorded in AOCI, net of any related tax adjustments. At September 30, 2015 and December 31, 2014, these tax adjustments were $185.5 million and $195.4 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $267.5 million and $117.1 million at September 30, 2015 and December 31, 2014, respectively, and losses on loans designated as hedges of net investments of $96.2 million and $95.4 million, respectively.  These foreign currency translation adjustments were partially offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

10

Changes in AOCI, net of tax, by component for the nine months ended September 30, 2015 and 2014:

(in millions)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2014	$	(212.5	)	$	(10.8	)	$	(112.7	)	$	8.5		$	(113.6	)	$	(441.1	)
Other comprehensive income (loss) before reclassifications	(151.2		)	15.4			4.4			(4.8		)	—			(136.2		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(10.8		)	—			(3.7		)	4.3			(10.2		)
Net (decrease) increase in other comprehensive income	(151.2		)	4.6			4.4			(8.5		)	4.3			(146.4		)
Balance at September 30, 2015	$	(363.7	)	$	(6.2	)	$	(108.3	)	$	—		$	(109.3	)	$	(587.5	)

(in millions)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2013	$	141.0		$	(21.8	)	$	(151.1	)	$	12.7		$	(49.9	)	$	(69.1	)
Other comprehensive income (loss) before reclassifications	(221.3		)	4.5			27.5			(0.2		)	3.6			(185.9		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			6.0			—			—			1.4			7.4
Net (decrease) increase in other comprehensive income	(221.3		)	10.5			27.5			(0.2		)	5.0			(178.5		)
Foreign currency translation related to acquisition of noncontrolling interests	(5.5		)	—			—			—			—			(5.5		)
Balance at September 30, 2014	$	(85.8	)	$	(11.3	)	$	(123.6	)	$	12.5		$	(44.9	)	$	(253.1	)

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Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014:

(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Three Months Ended September 30,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(1.1	)	$	(1.0	)	Interest expense
Foreign exchange forward contracts	3.8			(2.2		)	Cost of products sold
Foreign exchange forward contracts	0.1			—			SG&A expenses
	2.8			(3.2		)	Net gain (loss) before tax
	(0.2		)	1.3			Tax (expense) benefit
	$	2.6		$	(1.9	)	Net of tax
Net unrealized holding gain (loss) on available-for-sale securities:
Available-for-sale securities	$	(5.1	)	$	—		Other expense (income), net
	1.4			—			Tax expense
	$	(3.7	)	$	—		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	—		$	—		(a)
Amortization of net actuarial losses	(2.0		)	(0.7		)	(a)
	(2.0		)	(0.7		)	Net loss before tax
	0.6			0.2			Tax benefit
	$	(1.4	)	$	(0.5	)	Net of tax
Total reclassifications for the period	$	1.2		$	(2.4	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended September 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).

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(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Nine Months Ended September 30,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(3.1	)	$	(2.8	)	Interest expense
Foreign exchange forward contracts	14.5			(5.5		)	Cost of products sold
Foreign exchange forward contracts	0.5			(0.2		)	SG&A expenses
Commodity contracts	(0.3		)	(0.5		)	Cost of products sold
	11.6			(9.0		)	Net gain (loss) before tax
	(0.8		)	3.0			Tax (expense) benefit
	$	10.8		$	(6.0	)	Net of tax
Net unrealized holding gain (loss) on available-for-sale securities:
Available-for-sale securities	$	(5.1	)	$	—		Other expense (income), net
	1.4			—			Tax expense
	$	(3.7	)	$	—		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	0.1		$	0.1		(a)
Amortization of net actuarial losses	(6.1		)	(2.1		)	(a)
	(6.0		)	(2.0		)	Net loss before tax
	1.7			0.6			Tax benefit
	$	(4.3	)	$	(1.4	)	Net of tax
Total reclassifications for the period	$	6.5		$	(7.4	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the nine months ended September 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).

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NOTE 4 – EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014:

Basic Earnings Per Common Share Computation	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	2015		2014		2015		2014
Net income attributable to DENTSPLY International	$	84.5	$	75.3	$	192.6	$	238.1
Weighted average common shares outstanding	139.8		141.8		140.0		141.9
Earnings per common share - basic	$	0.60	$	0.53	$	1.38	$	1.68
Diluted Earnings Per Common Share Computation
(in millions, except per share amounts)
Net income attributable to DENTSPLY International	$	84.5	$	75.3	$	192.6	$	238.1
Weighted average common shares outstanding	139.8		141.8		140.0		141.9
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards	2.6		2.5		2.5		2.4
Total weighted average diluted shares outstanding	142.4		144.3		142.5		144.3
Earnings per common share - diluted	$	0.59	$	0.52	$	1.35	$	1.65

The calculation of weighted average diluted common shares outstanding excludes stock options and RSU of 0.8 million and 1.0 million shares of common stock that were outstanding during the three and nine months ended September 30, 2015, respectively, because their effect would be antidilutive. There were 0.9 million and 1.2 million antidilutive shares of common stock outstanding during the three and nine months ended September 30, 2014, respectively.

NOTE 5 – BUSINESS COMBINATIONS

Effective January 1, 2014, the Company recorded a liability for the contractual purchase of the remaining shares of one variable interest entity. The Company paid this obligation during the first quarter of 2015.

On September 15, 2015, the Company and Sirona Dental Systems, Inc. (“Sirona”) announced that the Board of Directors of both companies had unanimously approved a definitive Agreement and Plan of Merger (the “Merger Agreement”) under which the companies will combine in an all-stock merger of equals. Sirona develops, manufactures and markets several lines of dental products including CAD/CAM restoration systems, digital intra-oral, panoramic and 3D imaging systems, dental treatment centers and instruments. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, a wholly-owned subsidiary of the Company will merge with and into Sirona, with Sirona surviving as a wholly-owned subsidiary of the Company. Upon completion of the merger, the Company's name will be changed to DENTSPLY SIRONA Inc. Subject to the terms and conditions of the Merger Agreement, if the merger is completed, each outstanding share of Sirona common stock will be converted into the right to receive 1.8142 shares of common stock of the Company, with cash paid in lieu of any fractional shares of common stock of the Company that a Sirona stockholder would otherwise have been entitled to receive.

The Merger Agreement contains certain termination rights for both the Company and Sirona, including if the merger is not consummated on or before March 15, 2016 (which is subject to extension under certain circumstances but generally not beyond December 15, 2016) and if the approval of the stockholders of either the Company or Sirona is not obtained.  The Merger Agreement further provides that, upon termination of the Merger Agreement under specified circumstances, including termination of the Merger Agreement by the Company or Sirona as a result of an adverse change in the recommendation of the other party’s board of directors, (i) the Company may be required to pay a termination fee of $280.0 million to Sirona and Sirona may be required to pay a termination fee of $205.0 million to the Company and (ii) either company may be required to reimburse the other company for merger-related expenses of up to $15.0 million.

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The transaction, which is expected to be completed in the first quarter of 2016, is subject to the receipt of regulatory approvals and other customary closing conditions, including the approval of shareholders of both DENTSPLY and Sirona. For additional information related to the merger refer to the Company's Registration Statement on Form S-4 which was filed with the SEC on October 29, 2015.

NOTE 6 – SEGMENT INFORMATION

The Company has numerous operating businesses covering a wide range of dental and certain healthcare products and geographic regions, primarily serving the professional dental market. Professional dental products represented approximately 88% of net sales for both the three and nine months ended September 30, 2015 and 2014.

The operating businesses are combined into operating groups, which generally have overlapping product offerings, geographical presence, customer bases, distribution channels, and regulatory oversight. These operating groups are considered the Company’s reportable segments as the Company’s chief operating decision-maker regularly reviews financial results at the operating group level and uses this information to manage the Company’s operations. The accounting policies of the segments are consistent with those described in the Company’s most recently filed Form 10-K, as revised on Form 8-K filed October 28, 2015, in the summary of significant accounting policies. The Company evaluates performance of the segments based on the groups’ net third party sales, excluding precious metal content, and segment income. The Company defines net third party sales excluding precious metal content as the Company’s net sales excluding the precious metal cost within the products sold, and this is considered a non-US GAAP measure. The Company’s exclusion of precious metal content in the measurement of net third party sales enhances comparability of performance between periods as it excludes the fluctuating market prices of the precious metal content. The Company defines segment income as net operating income after the assignment of certain direct corporate costs and before restructuring and other costs, interest expense, interest income, other expense (income), net and provision for income taxes. A description of the products and services provided within each of the Company’s three reportable segments is provided below.

Significant interdependencies exist among the Company’s operations in certain geographic areas. Inter-segment sales are at prices intended to provide a reasonable profit to the manufacturing unit after recovery of all manufacturing costs and to provide a reasonable profit for purchasing locations after coverage of marketing and general and administrative costs.

During the March 31, 2015 quarter, the Company realigned reporting responsibilities for multiple locations as a result of changes to the management structure. The segment information below reflects the revised structure for all periods shown.

Dental Consumables, Endodontic and Dental Laboratory Businesses

This segment includes responsibility for the design and manufacture of the Company’s chairside consumable products. It also has responsibilities for sales and distribution of certain small equipment and chairside consumable products in the United States, Germany and certain other European regions as well as responsibility for the sales and distribution of certain endodontic products in Germany and certain other European regions. In addition, this segment is responsible for the design, manufacture, sales and distribution of most of the Company’s dental laboratory products. This segment is also responsible for the design, manufacture, worldwide distribution and sales of certain non-dental products, excluding urological and surgery-related products.

Healthcare, Orthodontic and Implant Businesses

This segment is responsible for the worldwide design, manufacture, sales and distribution of the Company’s healthcare products, primarily urological and surgery-related products, throughout most of the world. This segment also includes responsibility for the design, manufacture, sales and distribution of orthodontic and implant products, in most regions of the world. Additionally, segment is also responsible for the sales and distribution of most of the Company’s other dental products, including most dental consumables within Canada.

Select Developed and Emerging Markets Businesses

This segment has responsibilities for sales and distribution of chairside consumable, endodontic and dental laboratory products within certain European regions, Japan and Australia. This segment also includes the responsibility for the sales and distribution of most of the Company’s dental products, including most dental consumables, sold in Eastern Europe, Middle East, South America, Latin America including Mexico, Asia and Africa.

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The following tables set forth information about the Company’s segments for the three and nine months ended September 30, 2015 and 2014:

Third Party Net Sales

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	306.4	$	323.7	$	934.0	$	1,009.2
Healthcare, Orthodontic and Implant Businesses	226.2		246.7		715.1		790.9
Select Developed and Emerging Markets Businesses	116.3		137.8		354.1		403.5
Total net sales	$	648.9	$	708.2	$	2,003.2	$	2,203.6

Third Party Net Sales, Excluding Precious Metal Content

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	292.7	$	304.3	$	886.1	$	929.4
Healthcare, Orthodontic and Implant Businesses	226.1		246.6		714.6		790.3
Select Developed and Emerging Markets Businesses	110.5		130.7		334.9		382.0
Total net sales, excluding precious metal content	629.3		681.6		1,935.6		2,101.7
Precious metal content of sales	19.6		26.6		67.6		101.9
Total net sales, including precious metal content	$	648.9	$	708.2	$	2,003.2	$	2,203.6

Inter-segment Net Sales

	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	82.8		$	83.6		$	256.0		$	266.7
Healthcare, Orthodontic and Implant Businesses	2.0			1.2			5.3			5.7
Select Developed and Emerging Markets Businesses	3.4			3.4			9.7			9.7
All Other (a)	51.8			58.8			161.5			182.0
Eliminations	(140.0		)	(147.0		)	(432.5		)	(464.1		)
Total	$	—		$	—		$	—		$	—

(a) Includes amounts recorded at one distribution warehouse not managed by named segments.

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Segment Operating Income (Loss)

	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	107.9		$	100.8		$	322.1		$	325.6
Healthcare, Orthodontic and Implant Businesses	28.0			26.9			82.5			83.5
Select Developed and Emerging Markets Businesses	(3.3		)	(1.7		)	(10.7		)	(4.2		)
Segment operating income	132.6			126.0			393.9			404.9
Reconciling Items (income) expense:
All Other (b)	27.4			13.9			60.9			58.1
Restructuring and other costs	6.6			2.5			50.9			4.5
Interest expense	9.6			12.7			30.1			35.4
Interest income	(0.4		)	(1.4		)	(1.8		)	(4.6		)
Other expense (income), net	(3.8		)	0.8			(3.6		)	1.8
Income before income taxes	$	93.2		$	97.5		$	257.4		$	309.7

(b) Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments.

Assets

(in millions)	September 30, 2015		December 31, 2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	1,333.9	$	1,358.0
Healthcare, Orthodontic and Implant Businesses	2,457.2		2,655.6
Select Developed and Emerging Markets Businesses	348.0		369.8
All Other (c)	263.1		263.1
Total	$	4,402.2	$	4,646.5

(c) Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments.

NOTE 7 – INVENTORIES

Inventories are stated at the lower of cost or market.  The cost of inventories determined by the last-in, first-out (“LIFO”) method at September 30, 2015 and December 31, 2014 were $8.7 million and $6.3 million, respectively. The cost of other inventories was determined by the first-in, first-out (“FIFO”) or average cost methods. If the FIFO method had been used to determine the cost of LIFO inventories, the amounts at which net inventories are stated would be higher than reported at September 30, 2015 and December 31, 2014 by $6.4 million and $6.1 million, respectively.

Inventories, net of inventory valuation reserves, consist of the following:

(in millions)	September 30, 2015		December 31, 2014
Finished goods	$	236.9	$	253.3
Work-in-process	52.9		58.4
Raw materials and supplies	71.5		75.4
Inventories, net	$	361.3	$	387.1

The inventory valuation reserves were $37.6 million and $34.1 million at September 30, 2015 and December 31, 2014, respectively.

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NOTE 8 – BENEFIT PLANS

The following sets forth the components of net periodic benefit cost of the Company’s defined benefit plans and for the Company’s other postemployment benefit plans for the three and nine months ended September 30, 2015 and 2014:

Defined Benefit Plans	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Service cost	$	4.3		$	3.4		$	13.0		$	10.5
Interest cost	1.8			2.7			5.5			8.5
Expected return on plan assets	(1.3		)	(1.3		)	(4.1		)	(4.1		)
Amortization of prior service credit	—			—			(0.1		)	(0.1		)
Amortization of net actuarial loss	1.9			0.6			5.9			2.0
Net periodic benefit cost	$	6.7		$	5.4		$	20.2		$	16.8

Other Postemployment Benefit Plans	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Service cost	$	0.1	$	0.1	$	0.3	$	0.2
Interest cost	0.1		0.1		0.5		0.4
Amortization of net actuarial loss	0.1		—		0.1		—
Net periodic benefit cost	$	0.3	$	0.2	$	0.9	$	0.6

The following sets forth the information related to the contributions to the Company’s benefit plans for 2015:

(in millions)	Pension Benefits		Other Postemployment Benefits
Actual contributions through September 30, 2015	$	8.0	$	0.3
Projected contributions for the remainder of the year	3.5		0.3
Total projected contributions	$	11.5	$	0.6

NOTE 9 – RESTRUCTURING AND OTHER COSTS

Restructuring Costs

During the three and nine months ended September 30, 2015, the Company recorded net restructuring costs and other costs of $6.6 million and $50.9 million, respectively. On May 22, 2015, the Company announced that it reorganized portions of its laboratory business and associated manufacturing capabilities within the Dental Consumables, Endodontics and Dental Laboratory Businesses segment. During the nine months ended September 2015 , the Company recorded $34.0 million of costs that consist primarily of employee severance benefits related to these and other similar actions. Also during the nine months ended September 30, 2015, the Company recorded restructuring costs of $10.2 million within the Healthcare, Orthodontic and Implant Businesses segment primarily related to the global efficiency initiative During the three and nine months ended September 30, 2014, the Company recorded net restructuring and other costs of $2.5 million and $4.5 million, respectively. These costs are recorded in “Restructuring and other costs” in the Consolidated Statements of Operations and the associated liabilities are recorded in “Accrued liabilities” in the Consolidated Balance Sheets.

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At September 30, 2015, the Company’s restructuring accruals were as follows:

	Severance
(in millions)	2013 and Prior Plans			2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	0.9		$	5.1		$	—		$	6.0
Provisions	0.1			0.5			44.8			45.4
Amounts applied	(0.6		)	(3.4		)	(11.3		)	(15.3		)
Change in estimates	(0.1		)	(0.2		)	(1.3		)	(1.6		)
Balance at September 30, 2015	$	0.3		$	2.0		$	32.2		$	34.5

	Lease/Contract Terminations
(in millions)	2013 and Prior Plans			2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	0.5		$	1.7		$	—		$	2.2
Provisions	—			—			1.1			1.1
Amounts applied	(0.2		)	(0.5		)	(0.4		)	(1.1		)
Change in estimates	—			—			—			—
Balance at September 30, 2015	$	0.3		$	1.2		$	0.7		$	2.2

	Other Restructuring Costs
(in millions)	2013 and Prior Plans		2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	—	$	1.1		$	—		$	1.1
Provisions	—		0.2			2.6			2.8
Amounts applied	—		(0.8		)	(1.9		)	(2.7		)
Change in estimate	—		(0.1		)	—			(0.1		)
Balance at September 30, 2015	$	—	$	0.4		$	0.7		$	1.1

The following table provides the year-to-date changes in the restructuring accruals by segment:

(in millions)	December 31, 2014		Provisions		Amounts Applied			Change in Estimates			September 30, 2015
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	5.3	$	34.7	$	(10.2	)	$	(1.0	)	$	28.8
Healthcare, Orthodontic and Implant Businesses	3.8		11.7		(8.1		)	(0.7		)	6.7
Select Developed and Emerging Markets Businesses	0.1		1.1		(0.4		)	—			0.8
All Other	0.1		1.8		(0.4		)	—			1.5
Total	$	9.3	$	49.3	$	(19.1	)	$	(1.7	)	$	37.8

NOTE 10 – FINANCIAL INSTRUMENTS AND DERIVATIVES

Derivative Instruments and Hedging Activities

The Company’s activities expose it to a variety of market risks, which primarily include the risks related to the effects of changes in foreign currency exchange rates, interest rates and commodity prices. These financial exposures are monitored and managed by the Company as part of its overall risk management program. The objective of this risk management program is to reduce the volatility that these market risks may have on the Company’s operating results and equity. The Company employs

19

derivative financial instruments to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. Additionally, the Company utilizes interest rate swaps to convert variable rate debt to fixed rate debt and to convert fixed rate debt to variable rate debt, cross currency basis swaps to convert debt denominated in one currency to another currency and commodity swaps to fix certain variable raw material costs.

Derivative Instruments Designated as Hedging

Cash Flow Hedges

The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	330.1	$	246.6
Interest rate swaps	171.3		66.7
Commodity contracts	1.2		1.0
Total derivative instruments designated as cash flow hedges	$	502.6	$	314.3

Foreign Exchange Risk Management

The Company uses a layered hedging program to hedge select anticipated foreign currency cash flows to reduce volatility in both cash flows and reported earnings of the consolidated Company. The Company accounts for the designated foreign exchange forward contracts as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the tested effectiveness of the foreign exchange forward contracts. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded in the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time value component of the fair value of the derivative is deemed ineffective and is reported currently in “Other expense (income), net” in the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in cash from operating activities in the Consolidated Statements of Cash Flows. The Company hedges various currencies, with the most significant activity occurring in euros, Swedish kronor, Canadian dollars, and Swiss francs.

These foreign exchange forward contracts generally have maturities up to 18 months and the counterparties to the transactions are typically large international financial institutions.

Interest Rate Risk Management

The Company uses interest rate swaps to convert a portion of its variable interest rate debt to fixed interest rate debt. At September 30, 2015, the Company has two significant exposures hedged with interest rate contracts. One exposure is hedged with derivative contracts having notional amounts totaling 12.6 billion Japanese yen, which effectively converts the underlying variable interest rate debt facility to a fixed interest rate of 0.2% for an initial term of five years ending September 2019. Another exposure hedged with derivative contracts has a notional amount of 65.0 million Swiss francs, and effectively converts the underlying variable interest rate of a Swiss franc denominated loan to a fixed interest rate of 0.7% for an initial term of five years, ending in September 2016.

The Company enters into interest rate swap contracts infrequently as they are only used to manage interest rate risk on long-term debt instruments and not for speculative purposes. Any cash flows associated with these instruments are included in cash from operating activities in the Consolidated Statements of Cash Flows.

20

Commodity Risk Management

The Company enters into precious metal commodity swap contracts to effectively fix certain variable raw material costs typically for up to 18 months. These swaps are used to stabilize the cost of components used in the production of certain products. The Company generally accounts for the commodity swaps as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the tested effectiveness of the commodity swaps. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded in the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time value component of the fair value of the derivative is deemed ineffective and is reported currently in “Interest expense” in the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in cash from operating activities in the Consolidated Statements of Cash Flows.

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the three months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(0.1	)	Interest expense	$	(1.1	)	$	—
Foreign exchange forward contracts	(2.9		)	Cost of products sold	3.8			—
Foreign exchange forward contracts	—			SG&A expenses	0.1			—
Commodity contracts	(0.2		)	Cost of products sold	—			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.5		)
Total in cash flow hedging	$	(3.2	)		$	2.8		$	(0.5	)

September 30, 2014
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	0.3		Interest expense	$	(1.0	)	$	—
Foreign exchange forward contracts	7.5			Cost of products sold	(2.2		)	—
Foreign exchange forward contracts	0.3			SG&A expenses	—			—
Commodity contracts	(0.3		)	Cost of products sold	—			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(1.0		)
Total for cash flow hedging	$	7.8			$	(3.2	)	$	(1.0	)

21

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the nine months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(1.4	)	Interest expense	$	(3.1	)	$	—
Foreign exchange forward contracts	19.1			Cost of products sold	14.5			—
Foreign exchange forward contracts	0.3			SG&A expenses	0.5			—
Commodity contracts	(0.2		)	Cost of products sold	(0.3		)	—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.3		)
Total in cash flow hedging	$	17.8			$	11.6		$	(0.3	)

September 30, 2014
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(0.2	)	Interest expense	$	(2.8	)	$	—
Foreign exchange forward contracts	3.9			Cost of products sold	(5.5		)	—
Foreign exchange forward contracts	0.3			SG&A expenses	(0.2		)	—
Commodity contracts	(0.1		)	Cost of products sold	(0.5		)	—
Total for cash flow hedging	$	3.9			$	(9.0	)	$	—

Overall, the derivatives designated as cash flow hedges are considered to be highly effective. At September 30, 2015, the Company expects to reclassify $3.3 million of deferred net gains on cash flow hedges recorded in AOCI to the Consolidated Statements of Operations during the next 12 months. This reclassification is primarily due to the sale of inventory that includes hedged purchases and recognized interest expense on interest rate swaps. The term over which the Company is hedging exposures to variability of cash flows (for all forecasted transactions, excluding interest payments on variable interest rate debt) is typically 18 months.

For the rollforward of derivative instruments designated as cash flow hedges in AOCI see Note 3, Comprehensive Income.

Hedges of Net Investments in Foreign Operations

The Company has significant investments in foreign subsidiaries the most significant of which are denominated in euros, Swiss francs, Japanese yen and Swedish kronor. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company employs both derivative and non-derivative financial instruments to hedge a portion of this exposure . The derivative instruments consist of foreign exchange forward contracts and cross currency basis swaps. The non-derivative instruments consist of foreign currency denominated debt held at the parent company level. Translation gains and losses related to the net assets of the foreign subsidiaries are offset by gains and losses in derivative and non-derivative financial instruments designated as hedges of net investments, which are included in AOCI. Any cash flows associated with these instruments are included in investing activities in the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, in which case all cash flows will be classified as financing activities in the Consolidated Statements of Cash Flows.

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The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	409.9	$	226.2

The fair value of the cross currency basis swaps and foreign exchange forward contracts is the estimated amount the Company would receive or pay at the reporting date, taking into account the effective interest rates, cross currency swap basis rates and foreign exchange rates. The effective portion of the change in the value of these derivatives is recorded in AOCI, net of tax effects.

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and other income (expense) in the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	9.5	Other expense (income), net	$	2.0
Total for net investment hedging	$	9.5		$	2.0

September 30, 2014
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	22.4	Interest income	$	0.5
			Interest expense	(1.7		)
Foreign exchange forward contracts	21.2		Other expense (income), net	0.5
Total for net investment hedging	$	43.6		$	(0.7	)

23

The following table summarizes the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and other income (expense) in the Company’s Consolidated Statement of Operations related to the hedges of net investments for the nine months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	6.1	Other expense (income), net	$	2.8
Total for net investment hedging	$	6.1		$	2.8

September 30, 2014
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	19.3	Interest income	$	1.9
			Interest expense	(1.6		)
Foreign exchange forward contracts	25.5		Other expense (income), net	0.7
Total for net investment hedging	$	44.8		$	1.0

Fair Value Hedges

The Company uses interest rate swaps to convert a portion of its fixed interest rate debt to variable interest rate debt. The Company has U.S. dollar denominated interest rate swaps with an initial total notional value of $150.0 million to effectively convert the underlying fixed interest rate of 4.1% on the Company’s $250.0 million Private Placement Notes (“PPN”) to variable rate for an initial term of five years, ending February 2016. The notional value of the swaps will decline proportionately as portions of the PPN mature. These interest rate swaps are designated as fair value hedges of the interest rate risk associated with the hedged portion of the fixed rate PPN. Accordingly, the Company will carry the portion of the hedged debt at fair value, with the change in debt and swaps offsetting each other in the Consolidated Statements of Operations. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

The following table summarizes the notional amounts of fair value hedges by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Interest rate swaps	$	45.0	$	45.0

The following tables summarize the amount of income (expense) recorded in the Company’s Consolidated Statements of Operations related to the hedges of fair value for the three and nine months ended September 30, 2015 and 2014:

	Consolidated Statements of Operations Location
		Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)		2015		2014			2015		2014
Interest rate swaps	Interest expense	$	0.1	$	(0.1	)	$	0.2	$	0.1

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Derivative Instruments Not Designated as Hedges

The Company enters into derivative instruments with the intent to partially mitigate the foreign exchange revaluation risk associated with recorded assets and liabilities that are denominated in a non-functional currency. The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances and are recorded in “Other expense (income), net” in the Consolidated Statements of Operations. The Company primarily uses foreign exchange forward contracts and cross currency basis swaps to hedge these risks. Any cash flows associated with the foreign exchange forward contracts and interest rate swaps not designated as hedges are included in cash from operating activities in the Consolidated Statements of Cash Flows. Any cash flows associated with the cross currency basis swaps not designated as hedges are included in investing activities in the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, in which case the cash flows will be classified as financing activities in the Consolidated Statements of Cash Flows.

The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	428.5	$	423.3
Interest rate swaps	2.0		0.8
Total for instruments not designated as hedges	$	430.5	$	424.1

The Company had a Swiss franc denominated cross currency basis swaps to offset an intercompany Swiss franc note receivable at a U.S. dollar functional entity. The hedge matured during the second quarter of 2015 to coincide with the repayment of the note.

The following table summarizes the amounts of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the three and nine months ended September 30, 2015 and 2014:

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Three Months Ended September 30,
(in millions)		2015			2014
Foreign exchange forward contracts (a)	Other expense (income), net	$	(4.1	)	$	36.8
Cross currency basis swaps (a)	Other expense (income), net	—			(40.6		)
Total for instruments not designated as hedges		$	(4.1	)	$	(3.8	)

(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” in the Consolidated Statements of Operations.

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Nine Months Ended September 30,
(in millions)		2015			2014
Foreign exchange forward contracts (a)	Other expense (income), net	$	3.7		$	31.6
DIO equity option contracts	Other expense (income), net	0.1			(0.2		)
Cross currency basis swaps (a)	Other expense (income), net	(1.8		)	(43.8		)
Total for instruments not designated as hedges		$	2.0		$	(12.4	)

(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” in the Consolidated Statements of Operations.

25

Consolidated Balance Sheets Location of Derivative Fair Values

The following tables summarize the fair value and consolidated balance sheet location of the Company’s derivatives at September 30, 2015 and December 31, 2014:

	September 30, 2015
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	25.4	$	4.7	$	1.1	$	1.1
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.2		—		1.4		0.1
Total	$	25.6	$	4.7	$	2.7	$	1.2
Not Designated as Hedges
Foreign exchange forward contracts	$	5.1	$	—	$	4.1	$	—
Total	$	5.1	$	—	$	4.1	$	—

	December 31, 2014
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	28.1	$	12.5	$	2.7	$	1.7
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.6		0.1		0.6		0.4
Total	$	28.7	$	12.6	$	3.5	$	2.1
Not Designated as Hedges
Foreign exchange forward contracts	$	4.8	$	—	$	4.8	$	—
DIO equity option contracts	—		—		—		0.1
Interest rate swaps	—		—		—		0.1
Cross currency basis swaps	2.7		—		—		—
Total	$	7.5	$	—	$	4.8	$	0.2

Balance Sheet Offsetting

Substantially all of the Company’s derivative contracts are subject to netting arrangements, whereby the right to offset occurs in the event of default or termination in accordance with the terms of the arrangements with the counterparty. While these contracts contain the enforceable right to offset through netting arrangements with the same counterparty, the Company elects to present them on a gross basis in the Consolidated Balance Sheets.

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Offsetting of financial assets and liabilities under netting arrangements at September 30, 2015:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	35.2	$	—	$	35.2	$	(7.6	)	$	—	$	27.6
Interest rate swaps	0.2		—		0.2		—			—		0.2
Total Assets	$	35.4	$	—	$	35.4	$	(7.6	)	$	—	$	27.8

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	6.2	$	—	$	6.2	$	(6.2	)	$	—	$	—
Commodity contracts	0.2		—		0.2		—			—		0.2
Interest rate swaps	1.6		—		1.6		(1.4		)	—		0.2
Total Liabilities	$	8.0	$	—	$	8.0	$	(7.6	)	$	—	$	0.4

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2014:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	45.4	$	—	$	45.4	$	(7.8	)	$	—	$	37.6
Interest rate swaps	0.7		—		0.7		(0.2		)	—		0.5
Cross currency basis swaps	2.7		—		2.7		(1.1		)	—		1.6
Total Assets	$	48.8	$	—	$	48.8	$	(9.1	)	$	—	$	39.7

27

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	9.2	$	—	$	9.2	$	(8.2	)	$	—	$	1.0
Commodity contracts	0.2		—		0.2		—			—		0.2
DIO equity option contracts	0.1		—		0.1		—			—		0.1
Interest rate swaps	1.2		—		1.2		(1.0		)	—		0.2
Total Liabilities	$	10.7	$	—	$	10.7	$	(9.2	)	$	—	$	1.5

NOTE 11 – FAIR VALUE MEASUREMENT

The Company records financial instruments at fair value with unrealized gains and losses related to certain financial instruments reflected in AOCI in the Consolidated Balance Sheets.  In addition, the Company recognizes certain liabilities at fair value.  The Company applies the market approach for recurring fair value measurements.  Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value of financial instruments is determined by reference to various market data and other valuation techniques as appropriate. The Company believes the carrying amounts of cash and cash equivalents, accounts receivable (net of allowance for doubtful accounts), prepaid expenses and other current assets, accounts payable, accrued liabilities, income taxes payable and notes payable approximate fair value due to the short-term nature of these instruments.  The Company estimated the fair value and carrying value of total long-term debt, including the current portion, was $1,178.1 million and $1,152.0 million, respectively at September 30, 2015.  At December 31, 2014, the Company estimated the fair value and carrying value, including the current portion, was $1,286.2 million and $1,258.9 million, respectively.  The interest rate on the $450.0 million Senior Notes, the $300.0 million Senior Notes, and the $250.0 million PPN are fixed rates of 4.1%, 2.8% and 4.1%, respectively, and their fair value is based on the interest rates as of September 30, 2015. The interest rates on variable rate term loan debt and commercial paper are consistent with current market conditions, therefore the fair value of these instruments approximates their carrying values.

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2015 and December 31, 2014, which are classified as “Cash and cash equivalents,” “Prepaid expenses and other current assets, net,” “Other noncurrent assets, net,” “Accrued liabilities,” and “Other noncurrent liabilities” in the Consolidated Balance Sheets.  Financial assets and liabilities that are recorded at fair value as of the balance sheet date are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

28

	September 30, 2015
(in millions)	Total		Level 1		Level 2		Level 3
Assets
Interest rate swaps	$	0.2	$	—	$	0.2	$	—
Foreign exchange forward contracts	35.2		—		35.2		—
Total assets	$	35.4	$	—	$	35.4	$	—
Liabilities
Interest rate swaps	$	1.6	$	—	$	1.6	$	—
Commodity contracts	0.2		—		0.2		—
Foreign exchange forward contracts	6.2		—		6.2		—
Long-term debt	45.2		—		45.2		—
Total liabilities	$	53.2	$	—	$	53.2	$	—

	December 31, 2014
(in millions)	Total		Level 1		Level 2		Level 3
Assets
Interest rate swaps	$	0.8	$	—	$	0.8	$	—
Cross currency basis swaps	2.7		—		2.7		—
Foreign exchange forward contracts	45.4		—		45.4		—
DIO Corporation convertible bonds	57.7		—		—		57.7
Total assets	$	106.6	$	—	$	48.9	$	57.7
Liabilities
Interest rate swaps	$	1.1	$	—	$	1.1	$	—
Commodity contracts	0.2		—		0.2		—
Foreign exchange forward contracts	9.2		—		9.2		—
Long-term debt	106.1		—		106.1		—
DIO equity option contracts	0.1		—		—		0.1
Total liabilities	$	116.7	$	—	$	116.6	$	0.1

Derivative valuations are based on observable inputs to the valuation model including interest rates, foreign currency exchange rates, future commodities prices and credit risks.  As discussed in Note 10, Financial Instruments and Derivatives, commodity contracts, certain interest rate swaps and foreign exchange forward contracts are considered cash flow hedges. In addition, certain cross currency basis swaps and foreign exchange forward contracts are considered hedges of net investments in foreign operations.

The Company used the income method valuation technique to estimate the fair value of the DIO Corporation convertible bonds.  The significant unobservable inputs for valuing the corporate bonds were both the DIO Corporation’s stock volatility factor of approximately 40% and corporate bond rating which implied approximately an 8.73% discount rate on the valuation model.  Significant observable inputs used to value the corporate bonds included foreign exchange rates and DIO Corporation’s period-ending market stock price. During the three months ended September 30, 2015, the Company sold the DIO convertible bonds.

29

The following table presents a rollforward of the Company’s Level 3 holdings measured at fair value on a recurring basis using unobservable inputs:

(in millions)	DIO Corporation Convertible Bonds			DIO Equity Options Contracts
Balance at December 31, 2014	$	57.7		$	(0.1	)
Sales, gross	(47.7		)
Unrealized loss:
Reported in AOCI, pretax	(10.0		)	—
Realized gain:
Reported in other expense (income), net	—			0.1
Balance at September 30, 2015	$	—		$	—

For the three and nine months ended September 30, 2015, the Company sold all Level 3 investments. There were no additional purchases, issuances or transfers of Level 3 financial instruments in 2015.

NOTE 12 – INCOME TAXES

Uncertainties in Income Taxes

The Company recognizes in the interim consolidated financial statements, the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position.

It is reasonably possible that certain amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date of the Company’s interim consolidated financial statements.  Final settlement and resolution of outstanding tax matters in various jurisdictions during the next twelve months could include unrecognized tax benefits of approximately $2.1 million. Of this total, approximately $0.7 million represents the amount of unrecognized tax benefits that, if recognized would affect the effective income tax rate. In addition, expiration of statutes of limitation in various jurisdictions during the next 12 months could include unrecognized tax benefits of approximately $0.4 million.

NOTE 13 – FINANCING ARRANGEMENTS

During the quarter ended March 31, 2015, the Company paid the second required payment of $100.0 million under the Private Placement Notes “PPN” by issuing commercial paper at that time. The final required payment of $75.0 million due in February 2016 has been classified as current in the Consolidated Balance Sheets.

During the quarter ended September 30, 2015, the Company paid the second required payment of $8.8 million under the PNC Term Loan. The third annual installment under the terms of the PNC Term Loan, in the amount of $8.8 million will be due in August 2016 has been classified as current in the Consolidated Balance Sheets.

At September 30, 2015, there were no outstanding borrowings, in the form of issued commercial paper, under the current $500.0 million multi-currency revolving credit facility.

Effective July 1, 2015, the Company amended the multi-currency revolving credit facility to extend the maturity date by one year until July 23, 2020. The Company is able to borrow up to $500.0 million through July 23, 2019 and up to $452.0 million through July 23, 2020. The Company’s revolving credit facility, term loans and PPN contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At September 30, 2015, the Company was in compliance with all debt covenants.

At September 30, 2015, the Company had $553.4 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit agreement.

On October 29, 2015, the Company announced the commencement of a tender offer to purchase for cash up to $150.0 million aggregate principle of its outstanding 4.125% Notes due August 2021.  Concurrent with this tender offer, the Company intends to arrange new unsecured debt financing in an amount sufficient to fund the total consideration payable pursuant to the tender offer. 

30

The total consideration payable is estimated at $160.3 million, which includes the cost of the early tender premium under the existing note agreement and fees.  Should the Company not be able to secure new debt financing sufficient to satisfy the tender offer, the Company intends to use available funds, borrowings available under lines of credit, including lines available under short term arrangements and revolving credit agreement.

NOTE 14 – GOODWILL AND INTANGIBLE ASSETS

The Company performed the required annual impairment tests of goodwill as of April 30, 2015 on 16 reporting units. As discussed in Note 6, Segment Information, effective in the first quarter of 2015, the Company realigned reporting responsibilities for multiple locations.  For any realignment that resulted in reporting unit changes, the Company applied the relative fair value method to determine the reallocation of goodwill of the associated reporting units.

To determine the fair value of the Company’s reporting units, the Company uses a discounted cash flow model with market-based support as its valuation technique to measure the fair value for its reporting units. The discounted cash flow model uses five-year forecasted cash flows plus a terminal value based on a multiple of earnings. In addition, the Company applies gross margin and operating expense assumptions consistent with historical trends. The total cash flows were discounted based on a range between 7.6% to 12.5%, which included assumptions regarding the Company’s weighted-average cost of capital. The Company considered the current market conditions both in the U.S. and globally, when determining its assumptions. Lastly, the Company reconciled the aggregated fair values of its reporting units to its market capitalization, which included a reasonable control premium based on market conditions. As a result of the annual impairment tests of goodwill, no impairment was identified.

In addition, the Company assessed the annual impairment of indefinite-lived intangible assets as of April 30, 2015, which largely consists of acquired tradenames, in conjunction with the annual impairment tests of goodwill. The performance of the Company’s annual impairment test did not result in any impairment of the Company’s indefinite-lived assets.

A reconciliation of changes in the Company’s goodwill is as follows:

(in millions)	Dental Consumables, Endodontic and Dental Laboratory Businesses			Healthcare, Orthodontic and Implant Businesses			Select Developed and Emerging Markets Businesses			Total
Balance at December 31, 2014	$	565.7		$	1,394.4		$	129.2		$	2,089.3
Effects of exchange rate changes	(6.5		)	(86.4		)	(12.1		)	(105.0		)
Balance at September 30, 2015	$	559.2		$	1,308.0		$	117.1		$	1,984.3

31

Identifiable definite-lived and indefinite-lived intangible assets consist of the following:

	September 30, 2015							December 31, 2014
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents	$	165.3	$	(93.2	)	$	72.1	$	175.2	$	(95.5	)	$	79.7
Trademarks	64.1		(35.1		)	29.0		75.6		(37.1		)	38.5
Licensing agreements	34.0		(24.4		)	9.6		34.6		(22.8		)	11.8
Customer relationships	429.7		(120.2		)	309.5		452.9		(104.7		)	348.2
Total definite-lived	$	693.1	$	(272.9	)	$	420.2	$	738.3	$	(260.1	)	$	478.2
Indefinite-lived Trademarks and In-process R&D	$	180.2	$	—		$	180.2	$	192.6	$	—		$	192.6
Total identifiable intangible assets	$	873.3	$	(272.9	)	$	600.4	$	930.9	$	(260.1	)	$	670.8

During the nine months ended September 30, 2015, the Company impaired a trademark for $3.7 million that was held in the Dental Consumable, Endodontics and Dental Laboratory Businesses segment which was recorded in “Restructuring and other costs” in the Consolidated Statements of Operations.

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Litigation

On June 18, 2004, Marvin Weinstat, DDS and Richard Nathan, DDS filed a class action suit in San Francisco County, California alleging that the Company misrepresented that its Cavitron® ultrasonic scalers are suitable for use in oral surgical procedures. The Complaint seeks a recall of the product and refund of its purchase price to dentists who have purchased it for use in oral surgery. The Court certified the case as a class action in June 2006 with respect to the breach of warranty and unfair business practices claims. The class that was certified is defined as California dental professionals who, at any time during the period beginning June 18, 2000 through September 14, 2012, purchased and used one or more Cavitron® ultrasonic scalers for the performance of oral surgical procedures on their patients, which Cavitrons® were accompanied by Directions for Use that “Indicated” Cavitron® use for “periodontal debridement for all types of periodontal disease.” The case went to trial in September 2013, and on January 22, 2014, the San Francisco Superior Court issued its decision in the Company’s favor, rejecting all of the plaintiffs’ claims. The plaintiffs have appealed the Superior Court’s decision, and the appeal is now pending. The Company is defending against this appeal.

On December 12, 2006, a Complaint was filed by Carole Hildebrand, DDS and Robert Jaffin, DDS in the Eastern District of Pennsylvania (the Plaintiffs subsequently added Dr. Mitchell Goldman as a named class representative).  The case was filed by the same law firm that filed the Weinstat case in California.  The Complaint asserts putative class action claims on behalf of dentists located in New Jersey and Pennsylvania. The Complaint seeks damages and asserts that the Company’s Cavitron® ultrasonic scaler was negligently designed and sold in breach of contract and warranty arising from misrepresentations about the potential uses of the product because it cannot assure the delivery of potable or sterile water. Following grant of a Company Motion and dismissal of the case for lack of jurisdiction, the plaintiffs filed a second complaint under the name of Dr. Hildebrand’s corporate practice, Center City Periodontists, asserting the same allegations (this case is now proceeding under the name “Center City Periodontists”). The plaintiffs moved to have the case certified as a class action, to which the Company has objected and filed its brief. The Court subsequently granted a Motion filed by the Company and dismissed plaintiffs’ New Jersey Consumer Fraud and negligent design claims, leaving only a breach of express warranty claim, in response to which the Company has filed a Motion for Summary Judgment. The Court has rescheduled a hearing to January 2016 on plaintiffs’ class certification motion.

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On January 20, 2014, the Company was served with a qui tam complaint filed by two former and one current employee of the Company under the Federal False Claims Act and equivalent state and city laws. The lawsuit was previously under seal in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges, among other things, that the Company engaged in various illegal marketing activities, and thereby caused dental and other healthcare professionals to file false claims for reimbursement with Federal and State governments. The relators seek injunctive relief, fines, treble damages, and attorneys’ fees and costs. On January 27, 2014, the United States filed with the Court a notice that it had elected not to intervene in the qui tam action at this time. The United States’ notice indicated that the named state and city co-plaintiffs had authorized the United States to communicate to the Court that they also had decided not to intervene at this time. These non-intervention decisions do not prevent the qui tam relators from litigating this action, and the United States and/or the named states and/or cities may seek to intervene in the action at a later time. On September 4, 2014, the Company’s motion to dismiss the complaint was granted in part and denied in part. The Company intends to vigorously defend itself in the litigation.

On October 2, 2015 and October 5, 2015, the Company and its wholly-owned subsidiary Dawkins Merger Sub Inc. (“Merger Sub”) were served with two separate putative class action complaints filed in the Court of Chancery of the State of Delaware by purported stockholders of Sirona Dental Systems, Inc. (“Sirona”) against the members of Sirona’s Board of Directors, the Company, and Merger Sub. The complaints allege that the Company and Merger Sub aided and abetted and/or assisted Sirona’s Board members in breaching their fiduciary duties to Sirona’s stockholders in connection with the Agreement and Plan of Merger entered into between the Company and Sirona on September 15, 2015. The Company intends to vigorously defend itself in this litigation.

The Company does not believe a loss is probable related to the above litigation. Further a reasonable estimate of a possible range of loss cannot be made. In the event that one or more of these matters is unfavorably resolved, it is possible the Company’s results from operations could be materially impacted.

In 2012, the Company received subpoenas from the United States Attorney’s Office for the Southern District of Indiana (the “USAO”) and from the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) requesting documents and information related to compliance with export controls and economic sanctions regulations by certain of its subsidiaries. The Company has voluntarily contacted OFAC and the Bureau of Industry and Security of the United States Department of Commerce (“BIS”), in connection with these matters as well as regarding compliance with export controls and economic sanctions regulations by certain other business units of the Company identified in connection with an internal review by the Company. On August 24, 2015, the Company entered into an extension of the tolling agreement originally entered into in August 2014, such that the statute of limitations is now tolled until September 1, 2016. The Company is cooperating with the USAO, OFAC and BIS with respect to these matters.

At this stage of the inquiries, the Company is unable to predict the ultimate outcome of these matters or what impact, if any, the outcome of these matters might have on the Company’s consolidated financial position, results of operations or cash flows. Violations of export control or economic sanctions laws or regulations could result in a range of governmental enforcement actions, including fines or penalties, injunctions and/or criminal or other civil proceedings, which actions could have a material adverse effect on the Company’s reputation, business, financial condition and results of operations. At this time, no claims have been made against the Company.

In addition to the matters disclosed above, the Company is, from time to time, subject to a variety of litigation and similar proceedings incidental to its business.  These legal matters primarily involve claims for damages arising out of the use of the Company’s products and services and claims relating to intellectual property matters including patent infringement, employment matters, tax matters, commercial disputes, competition and sales and trading practices, personal injury and insurance coverage. The Company may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, representations, warranties or indemnities provided in connection with, divested businesses.  Some of these lawsuits may include claims for punitive and consequential, as well as compensatory damages. Based upon the Company’s experience, current information and applicable law, it does not believe that these proceedings and claims will have a material adverse effect on its consolidated results of operations, financial position or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial condition, results of operations or liquidity.

While the Company maintains general, products, property, workers’ compensation, automobile, cargo, aviation, crime, fiduciary and directors’ and officers’ liability insurance up to certain limits that cover certain of these claims, this insurance may be insufficient or unavailable to cover such losses.  In addition, while the Company believes it is entitled to indemnification from third parties for some of these claims, these rights may also be insufficient or unavailable to cover such losses.

Purchase Commitments

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From time to time, the Company enters into long-term inventory purchase commitments with minimum purchase requirements for raw materials and finished goods to ensure the availability of products for production and distribution.  These commitments may have a significant impact on levels of inventory maintained by the Company.

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DENTSPLY International Inc. and Subsidiaries

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

This report contains information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, the use of terms such as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “assumes,” and similar expressions identify forward-looking statements. All statements that address operating performance, events or developments that DENTSPLY International Inc. (“DENTSPLY” or the “Company”) expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are based on management's current expectations and beliefs, and are inherently susceptible to uncertainty, risks, and changes in circumstances that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A (“Risk Factors”) of the Company's Form 10-K for the year ended December 31, 2014 , as revised on Form 8-K filed October 28, 2015, and those described from time to time in our future reports filed with the Securities and Exchange Commission. The Company undertakes no duty and has no obligation to update forward-looking statements as a result of future events or developments.

OVERVIEW

Highlights

• For the three months ended September 30, 2015, the Company reported internal sales growth of 1.7% for the period, including 1.6% in the United States, 0.3% in Europe and 4.8% in the Rest of World region. Sales, excluding precious metal content, declined by 7.7%, including 9.1% of negative currency translation compared to the three months ended September 30, 2014. Internal growth was negatively impacted by approximately 0.5% in the quarter as a result of product line discontinuations associated with the Company’s global efficiency program.

• Gross profit rate for the three months ended September 30, 2015 increased 180 basis points to 58.7% from 56.9% for the three months ended September 30, 2014. Operating margin for the three months ended September 30, 2015 was 15.7% compared to 16.1% in the prior year quarter, reflecting operating improvements that were offset by charges associated with restructuring initiatives in the current period. Adjusted operating margin (a non-US GAAP measure) for the three months ended September 30, 2015 was 20.9%, a 220 basis point improvement from the prior year period.

• Operating cash flow for the three months ended September 30, 2015 was $159.7 million compared to $147.5 million for the three months ended September 30, 2015.

• On September 15, 2015, the Company announced a “merger of equals” with Sirona Dental Systems, Inc. Sirona develops, manufactures and markets several lines of dental products including CAD/CAM restoration systems, digital intra-oral. panoramic and 3D imaging systems, dental treatment centers and instruments. The transaction is expected to be finalized during the first quarter of 2016. Please see Note 5, Business Combinations, for additional information.

Company Profile

DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world’s largest manufacturer of consumable dental products for the professional dental market.  For over 115 years, DENTSPLY’s commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment.  Headquartered in the United States, the Company has global operations with sales in more than 120 countries. The Company also has strategically located distribution centers to enable it to better serve its customers and increase its operating efficiency. While the United States and Europe are the Company’s largest markets, the Company serves all major markets worldwide.

Principal Products

The Company has four principal product categories: 1) Dental Consumable Products; 2) Dental Laboratory Products; 3) Dental Specialty Products; and 4) Consumable Medical Device Products.

Dental consumable products consist of dental supplies and devices and small equipment used in dental offices for the treatment of patients. The Company manufactures thousands of different dental consumable products marketed under more than one hundred brand names. DENTSPLY’s dental supplies and devices in the dental consumable products category include dental anesthetics, prophylaxis paste, dental sealants, impression materials, restorative materials, tooth whiteners and topical fluoride.   Small

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equipment products in the dental consumable category consist of various durable goods used in dental offices for treatment of patients. DENTSPLY’s small equipment products include dental handpieces, intraoral curing light systems, dental diagnostic systems and ultrasonic scalers and polishers.

Dental laboratory products are used in the preparation of dental appliances by dental laboratories. DENTSPLY’s products in the dental laboratory products category include dental prosthetics, including artificial teeth, precious metal dental alloys, dental ceramics and crown and bridge materials. Equipment in this category includes computer aided design and machining (CAD/CAM) ceramic systems and porcelain furnaces.

Dental specialty products are specialized treatment products used within the dental office and laboratory settings. DENTSPLY’s products in this category include endodontic (root canal) instruments and materials, implants and related products, bone grafting materials, 3D digital scanning and treatment planning software, dental and orthodontic appliances and accessories.

Consumable medical device products consist mainly of urology catheters, certain surgical products, medical drills and other products.

Principal Measurements

The principal measurements used by the Company in evaluating its business are: (1) internal sales growth by geographic region; (2) constant currency sales growth by geographic region; (3) adjusted operating margins of each reportable segment including product pricing and cost controls; (4) the development, introduction and contribution of innovative new products; and (5) sales growth through acquisition.

The Company defines “internal sales growth” as the increase or decrease in net sales from period to period, excluding (1) precious metal content; (2) the impact of changes in currency exchange rates; and (3) net acquisition sales growth. The Company also tracks internal sales growth of continuing product lines as this is more reflective of the ongoing strength of the Company’s performance. The Company defines “net acquisition sales growth” as the net sales, excluding precious metal content, for a period of twelve months following the transaction date of businesses that have been acquired, less the net sales, excluding precious metal content, for a period of twelve months prior to the transaction date of businesses that have been divested. The Company defines “constant currency sales growth” as internal sales growth plus net acquisition sales growth.

The primary drivers of internal growth includes global dental market growth, innovation and new products launched by the Company, and continued investments in sales and marketing resources, including clinical education. Management believes that over time, the Company’s ability to execute its strategies allows it to grow at a modest premium to the growth rate of the underlying dental market. Management further believes that the global dental market has generally in the past and should over time in the future grow at a premium to underlying economic growth rates. Considering all of these factors, the Company assumes that the long-term growth rate for the dental market will range from 3% to 6% on average and that the Company targets a slight premium to market growth. Over the past several years, growth in the global dental and other healthcare markets have been restrained by lower economic growth in Western Europe and certain other markets compared to historical averages and, accordingly, market growth rates, and the Company’s internal growth rate remains uncertain in the near term.

The Company’s business is subject to quarterly fluctuations of consolidated net sales and net income. The Company typically implements most of its price changes at the beginning of the first or fourth quarters. Price changes, other marketing and promotional programs as well as the management of inventory levels by distributors and the implementation of strategic initiatives, may impact sales levels in a given period.

The Company also has a focus on maximizing operational efficiencies. Management continues to evaluate the consolidation of operations or functions to reduce costs. In addition, the Company remains focused on enhancing efficiency through expanded use of technology and process improvement initiatives. The Company believes that the benefits from these global efficiency initiatives will improve the cost structure and help offset areas of rising costs such as energy, employee benefits and regulatory oversight and compliance. In connection with these efforts, the Company targets adjusted operating income margins to expand to 20%, net of reinvestments, as the benefits of these initiatives are realized over time. In addition, the Company expects that it will record restructuring charges, from time to time, associated with such initiatives. These restructuring charges could be material to the Company’s consolidated financial statements and there can be no assurance that the target adjusted operating income margins will be achieved. Consistent with these efforts, the Company announced on May 22, 2015 that it reorganized portions of its laboratory business and associated manufacturing capabilities within the Dental Consumables, Endodontics and Dental Laboratory Businesses segment. The realignment of the laboratory business is designed to increase emphasis on innovative prosthetics materials while exiting portions of the laboratory equipment and fabrication businesses.

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Product innovation is a key component of the Company’s overall growth strategy. New advances in technology are anticipated to have a significant influence on future products in dentistry and consumable medical device markets in which the Company operates. As a result, the Company continues to pursue research and development initiatives to support technological development, including collaborations with various research institutions and dental schools. In addition, the Company licenses and purchases technologies developed by third parties. Although the Company believes these activities will lead to new innovative dental and consumable medical device products, they involve new technologies and there can be no assurance that commercialized products will be developed.

The Company will continue to pursue opportunities to expand the Company’s product offerings through acquisitions. Although the professional dental and the consumable medical device markets in which the Company operates have experienced consolidation, they remain fragmented. Management believes that there will continue to be adequate opportunities to participate as a consolidator in the industry for the foreseeable future.

Impact of Foreign Currencies and Interest Rates

Due to the international nature of DENTSPLY’s business, movements in foreign exchange and interest rates may impact the Consolidated Statements of Operations. With more than 60% of the Company’s net sales located in regions outside the U.S., the Company’s consolidated net sales are impacted negatively by the strengthening or positively impacted by the weakening of the U.S. dollar. This impact is anticipated to be significant in 2015 compared to 2014 due to a dramatic weakening of the euro in the latter half of 2014 and early 2015 and the strengthening of the Swiss franc in early 2015. Additionally, movements in certain foreign exchange and interest rates may unfavorably or favorably impact the Company’s results of operations, financial condition and liquidity.

Reclassification of Prior Year Amounts

Certain reclassifications have been made to prior year’s data in order to conform to current year presentation. Specifically, during the March 31, 2015 quarter, the Company realigned reporting responsibilities for multiple locations as a result of changes to the management reporting structure. The segment information reflects the revised structure for all periods shown.

RESULTS OF OPERATIONS, QUARTER ENDED SEPTEMBER 30, 2015 COMPARED TO QUARTER ENDED SEPTEMBER 30, 2014

Net Sales

The discussion below summarizes the Company’s sales growth, excluding precious metal content, into the following components: (1) constant currency sales growth, which includes internal sales growth and net acquisition sales growth, and (2) foreign currency translation.  These disclosures of net sales growth provide the reader with sales results on a comparable basis between periods.

Management believes that the presentation of net sales, excluding precious metal content, provides useful information to investors because a significant portion of DENTSPLY’s net sales is comprised of sales of precious metals generated through sales of the Company’s precious metal dental alloy products, which are used by third parties to construct crown and bridge materials.  Due to the fluctuations of precious metal prices and because the cost of the precious metal content of the Company’s sales is largely passed through to customers and has minimal effect on earnings, DENTSPLY reports net sales both with and without precious metal content to show the Company’s performance independent of precious metal price volatility and to enhance comparability of performance between periods.  The Company uses its cost of precious metal purchased as a proxy for the precious metal content of sales, as the precious metal content of sales is not separately tracked and invoiced to customers.  The Company believes that it is reasonable to use the cost of precious metal content purchased in this manner since precious metal dental alloy sale prices are typically adjusted when the prices of underlying precious metals change.

The presentation of net sales, excluding precious metal content, is considered a measure not calculated in accordance with the generally accepted accounting principles in the United States (“US GAAP”), and is therefore considered a non-US GAAP measure.  The Company provides the following reconciliation of net sales to net sales, excluding precious metal content.  The Company’s definitions and calculations of net sales, excluding precious metal content, and other operating measures derived using net sales, excluding precious metal content, may not necessarily be the same as those used by other companies.

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	Three Months Ended
	September 30,
(in millions)	2015		2014		$ Change			% Change
Net sales	$	648.9	$	708.2	$	(59.3	)	(8.4	%)
Less: precious metal content of sales	19.6		26.6		(7.0		)	(26.3	%)
Net sales, excluding precious metal content	$	629.3	$	681.6	$	(52.3	)	(7.7	%)

Net sales, excluding precious metal content, for the three months ended September 30, 2015 were $629.3 million, a decrease of $52.3 million from the third quarter of 2014.  The change in net sales, excluding precious metal content, was primarily a result of 9.1% of unfavorable foreign currency translation. Excluding the impact of foreign currency translation, net sales, excluding precious metal content, grew 1.4% despite being negatively impacted due to business interruption from damage suffered as a result of an explosion near the Company’s facility in Tianjin, China on August 12, 2015. Sales related to precious metal content declined 27.0% in the quarter, reflecting both the negative impact of foreign currency translation and the decline in the use of precious metal alloys, which negatively impacts both the precious metal alloy and also the refinery product lines.

Constant Currency and Internal Sales Growth

The following table includes growth rates for net sales, excluding precious metal content, for the three months ended September 30, 2015 compared with the three months ended September 30, 2014.

	Three Months Ended September 30, 2015
	United States		Europe		Rest of World		Worldwide
Internal sales growth	1.6	%	0.3	%	4.8	%	1.7	%
Net acquisition (divestiture) sales growth	(0.2	%)	(0.3	%)	(0.6	%)	(0.3	%)
Constant currency sales growth	1.4	%	—	%	4.2	%	1.4	%

United States

Net sales, excluding precious metal content, increased by 1.4% on a constant currency basis in the third quarter of 2015 as compared to the third quarter of 2014. Internal sales growth was 1.6% in the period, led by sales growth in the dental consumable product category. Internal growth in the quarter was negatively impacted by approximately 1.0% as a result of product line discontinuation associated with the Company’s global efficiency program.

Europe

Net sales, excluding precious metal content, were unchanged on a constant currency sales growth basis in the third quarter of 2015 as compared to the third quarter of 2014. Internal sales growth was 0.3% in the period, primarily the result of sales growth in the dental consumable product category partially offset by weaker sales of the dental laboratory product category. Internal growth in the quarter was negatively impacted by approximately 0.3% as a result of product line discontinuation associated with the Company’s global efficiency program.

Rest of World

Net sales, excluding precious metal content, increased by 4.2% on a constant currency sales growth basis in the third quarter of 2015 as compared to the third quarter of 2014. Internal sales growth was 4.8% in the period, led by the dental consumable and dental specialty product categories, partially offset by lower sales in China due to a temporary loss in service of our manufacturing and warehouse facilities in Tianjin, China. 

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Gross Profit

	Three Months Ended
	September 30,
(in millions)	2015			2014			$ Change			% Change
Gross profit	$	369.5		$	388.1		$	(18.6	)	(4.8	%)
Gross profit as a percentage of net sales, including precious metal content	56.9		%	54.8		%
Gross profit as a percentage of net sales, excluding precious metal content	58.7		%	56.9		%

Gross profit as a percentage of net sales, excluding precious metal content, increased by 180 basis points for the quarter ended September 30, 2015 as compared to the same three month period ended September 30, 2014. The increase in the gross profit rate was primarily due to the favorable impact of foreign currency as well as benefits from the Company’s global efficiency program and favorable product mix when compared to the three months ended September 30, 2014.

Operating Expenses

	Three Months Ended
	September 30,
(in millions)	2015			2014			$ Change			% Change
Selling, general and administrative expenses (“SG&A”)	$	264.3		$	276.0		$	(11.7	)	(4.2	%)
Restructuring and other costs	6.6			2.5			4.1			NM
SG&A as a percentage of net sales, including precious metal content	40.7		%	39.0		%
SG&A as a percentage of net sales, excluding precious metal content	42.0		%	40.5		%

NM - Not meaningful

SG&A Expenses

SG&A expenses as a percentage of net sales, excluding precious metal content, for the quarter ended September 30, 2015 increased 150 basis points compared to the quarter ended September 30, 2014. The increase in the current period was primarily related to higher professional fees including $4.9 million of expense related to the Sirona merger and higher compensation expense due to investments in personnel within certain businesses.

Restructuring and Other Costs

The Company recorded net restructuring and other costs of $6.6 million for the three months ended September 30, 2015 compared to $2.5 million for the three months ended September 30, 2014. The increase of $4.1 million is related to restructuring plans associated with the Company’s global efficiency program and discussed more fully in the summary of results for the nine months ended September 30, 2015.

Other Income and Expense

	Three Months Ended September 30,
(in millions)	2015			2014		Change
Net interest expense	$	9.2		$	11.3	$	(2.1	)
Other expense (income), net	(3.8		)	0.8		(4.6		)
Net interest and other expense	$	5.4		$	12.1	$	(6.7	)

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Net Interest Expense

Net interest expense for the three months ended September 30, 2015 was $2.1 million lower compared to the three months ended September 30, 2014. The net decrease is a result of lower average debt levels in 2015 compared to the prior year period, partially offset by lower interest income during the period.

Other Expense (Income), Net

Other expense (income), net for the three months ended September 30, 2015 was $4.6 million favorable compared to the three months ended September 30, 2014. Other expense (income), net in the third quarter of 2015 was income of $3.8 million, comprised primarily of $2.0 million of income on net investment hedges and $2.7 million of currency transaction gains, partially offset by $0.8 million of other expense. Other expense (income), net in the three months ended September 30, 2014 was expense of $0.8 million, comprised primarily of income of $0.7 million related to interest and non-cash fair value adjustments on cross currency basis swaps not designated as hedges that offset currency risk on intercompany loans, offset by $0.8 million of currency transaction losses and $0.7 million of other expense.

Income Taxes and Net Income

	Three Months Ended September 30,
(in millions, except per share data)	2015			2014			$ Change
Effective income tax rate	21.0		%	21.8		%
Equity in net income (loss) of unconsolidated affiliated company	$	10.8		$	(1.0	)	$	11.8
Net income attributable to DENTSPLY International	$	84.5		$	75.3		$	9.2
Earnings per common share - diluted	$	0.59		$	0.52

Provision for Income Taxes

The Company’s effective tax rate for the third quarter of 2015 and 2014 was 21.0% and 21.8%, respectively.

The Company’s effective income tax rate for the third quarter of 2015 included the net impact of restructuring, restructuring program related costs and other costs, amortization of purchased intangible assets, income tax related adjustments and credit risk and fair value adjustments which impacted income before income taxes and the provision for income taxes by $27.2 million and $7.6 million, respectively.

In the third quarter of 2014, the Company’s effective income tax rate included the net impact of amortization of purchased intangible assets, restructuring, restructuring program related costs and other costs, business combination related costs, credit risk and fair value adjustments and income tax related adjustments which impacted income before income taxes and the provision for income taxes by $19.0 million and $5.3 million, respectively.

Equity in net income (loss) of unconsolidated affiliated company

The Company’s 17% ownership investment of DIO Corporation (“DIO”) resulted in a net income of $10.8 million and a net loss of $1.0 million on an after-tax basis for the thirdquarter of2015 and 2014, respectively.  The equity earnings of DIO include the result of mark-to-market changes related to the derivative accounting for the convertible bonds issued by DIO to DENTSPLY.  The Company’s portion of the mark-to-market loss recorded through DIO’s net income for thethirdquarter of2015 was approximately $10.8 million. For the third quarter of 2014, the mark-to-market loss recorded through DIO’s net income was approximately $0.2 million. During the three months ended September 30, 2015, the Company sold the DIO convertible bonds. As part of the disposition of the convertible bonds, the Company requested to relinquish its two board seats on the DIO Board of Directors. Subsequent to September 30, 2015, the Company no longer has representation on the DIO Board of Directors and as a result the Company no longer has significant influence on the operations of DIO. The Company will begin accounting for the remaining direct investment using the cost-basis method of accounting effective in the fourth quarter of 2015.

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Net Income attributable to DENTSPLY International

In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share (“adjusted EPS”). The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period and may not be indicative of past or future performance of the normal operations of the Company and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation.

Adjusted net income and adjusted EPS are important internal measures for the Company. Senior management receives a monthly analysis of operating results that includes adjusted net income and adjusted EPS and the performance of the Company is measured on this basis along with other performance metrics.

The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the net of tax impact of the following:

(1) Business combination related costs. These adjustments include costs related to integrating and consummating recently acquired businesses and costs, gains and losses related to the disposal of businesses or product lines. These items are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.

(2) Restructuring, restructuring program related costs and other costs. These adjustments include costs related to the implementation of restructuring initiatives as well as certain other costs. These costs can include, but are not limited to, severance costs, facility closure costs, lease and contract terminations costs, related professional service costs, duplicate facility and labor costs associated with specific restructuring initiatives, as well as, legal settlements and impairments of assets. These items are irregular in timing, amount and impact to the Company’s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.

(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Beginning in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. As such, amortization expense has been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.

(4) Credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities including the Company’s pension obligations, that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company’s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.

(5) Certain fair value adjustments related to an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company’s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate’s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.

(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits, and discrete tax items resulting from the implementation of restructuring initiatives. These adjustments are irregular in timing and amount and may significantly impact the Company’s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.

Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.

41

	Three Months Ended September 30, 2015
(in millions, except per share amounts)	Net Income			Per Diluted Common Share
Net income attributable to DENTSPLY International	$	84.5		$	0.59
Restructuring, restructuring program related costs and other costs, net of tax	12.6			0.09
Amortization of purchased intangible assets, net of tax	7.6			0.05
Business combination related costs, net of tax	4.9			0.03
Credit risk and fair value adjustments, net of tax	0.8			0.01
Income tax related adjustments	(2.3		)	(0.02		)
Certain fair value adjustments related to an unconsolidated affiliated company, net of tax	(14.6		)	(0.10		)
Rounding	—			0.01
Adjusted non-US GAAP earnings	$	93.5		$	0.66

	Three Months Ended September 30, 2014
(in millions, except per share amounts)	Net Income		Per Diluted Common Share
Net income attributable to DENTSPLY International	$	75.3	$	0.52
Amortization of purchased intangible assets, net of tax	8.4		0.06
Restructuring, restructuring program related costs and other costs, net of tax	2.5		0.02
Business combination related costs, net of tax	1.4		0.01
Credit risk and fair value adjustments, net of tax	0.8		0.01
Income tax related adjustments	0.6		—
Certain fair value adjustments related to an unconsolidated affiliated company, net of tax	0.3		—
Adjusted non-US GAAP earnings	$	89.3	$	0.62

Adjusted Operating Income and Margin

Adjusted operating income and margin is another important internal measure for the Company. Operating income in accordance with US GAAP is adjusted for the items noted above which are excluded on a pre-tax basis to arrive at adjusted operating income, a non-US GAAP measure. The adjusted operating margin is calculated by dividing adjusted operating income by net sales, excluding precious metal content.

Senior management receives a monthly analysis of operating results that includes adjusted operating income. The performance of the Company is measured on this basis along with the adjusted non-US GAAP earnings noted above as well as other performance metrics. Adjusted operating income is considered a measure not calculated in accordance with accounting principles generally accepted in the United States; therefore, it is a non-US GAAP measure. This non-US GAAP measure may differ from other companies and should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.

42

	Three Months Ended
	September 30, 2015
(in millions)	Operating Income		Percentage of Net Sales, Excluding Precious Metal Content
Operating income attributable to DENTSPLY International	$	98.6	15.7	%
Restructuring, restructuring program related costs and other costs	15.5		2.5	%
Amortization of purchased intangible assets	10.9		1.7	%
Business combination related costs	4.9		0.8	%
Credit risk and fair value adjustments	2.0		0.3	%
Adjusted non-US GAAP Operating Income	$	131.9	21.0	%

	Three Months Ended
	September 30, 2014
(in millions)	Operating Income		Percentage of Net Sales, Excluding Precious Metal Content
Operating income attributable to DENTSPLY International	$	109.6	16.1	%
Amortization of purchased intangible assets	11.9		1.8	%
Restructuring, restructuring program related costs and other costs	3.7		0.5	%
Business combination related costs	2.0		0.3	%
Adjusted non-US GAAP Operating Income	$	127.2	18.7	%

Operating Segment Results

Third Party Net Sales, Excluding Precious Metal Content

	Three Months Ended
	September 30,
(in millions)	2015		2014		$ Change			% Change
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	292.7	$	304.3	$	(11.6	)	(3.8	%)
Healthcare, Orthodontic and Implant Businesses	226.1		246.6		(20.5		)	(8.3	%)
Select Developed and Emerging Markets Businesses	110.5		130.7		(20.2		)	(15.5	%)

Segment Operating Income (Loss)

	Three Months Ended
	September 30,
(in millions)	2015			2014			$ Change			% Change
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	107.9		$	100.8		$	7.1		7.0	%
Healthcare, Orthodontic and Implant Businesses	28.0			26.9			1.1			4.1	%
Select Developed and Emerging Markets Businesses	(3.3		)	(1.7		)	(1.6		)	NM

NM - Not meaningful

43

Dental Consumables, Endodontic and Dental Laboratory Businesses

Net sales, excluding precious metal content, decreased $11.6 million, or 3.8% for the three months ended September 30, 2015 as compared to the same period in 2014.  On a constant currency basis, net sales, excluding precious metal content, increased 1.3% as compared to 2014, led primarily by the Dental Consumables businesses and partially offset by the Dental Laboratory businesses.

Operating income increased $7.1 million, for the three months ended September 30, 2015 as compared to 2014. The increase in operating income was primarily the result of improved gross profit in the Dental Consumables and Endodontic businesses, excluding the impact of foreign currency translation.

Healthcare, Orthodontic and Implant Businesses

Net sales, excluding precious metal content, decreased $20.5 million, or 8.3% for the three months ended September 30, 2015 compared to 2014. On a constant currency basis, net sales, excluding precious metal content, increased 2.0% as compared to 2014 primarily led by the Implant and Healthcare businesses.

Operating income increased $1.1 million or 4.1%, compared to 2014, primarily the result of gross profit improvements in the Implant businesses, excluding the impact of foreign currency translation.

Select Developed and Emerging Markets Businesses

Net sales, excluding precious metal content, decreased $20.2 million, or 15.5% for the three months ended September 30, 2015 as compared to 2014.  On a constant currency basis, net sales, excluding precious metal content, increased 0.4% as compared to 2014. The increase is the result of positive growth in the Emerging Markets businesses, partially offset by the Select Developed Markets businesses.

Operating income declined by $1.6 million during the three months ended September 30, 2015 as compared to 2014 primarily as a result of increased operating expenses in the Emerging Markets businesses, excluding the impact of foreign currency translation.

RESULTS OF OPERATIONS, NINE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2014

Net Sales

	Nine Months Ended
	September 30,
(in millions)	2015		2014		$ Change			% Change
Net sales	$	2,003.2	$	2,203.6	$	(200.4	)	(9.1	%)
Less: precious metal content of sales	67.6		101.9		(34.3		)	(33.7	%)
Net sales, excluding precious metal content	$	1,935.6	$	2,101.7	$	(166.1	)	(7.9	%)

Net sales, excluding precious metal content, for the nine months ended September 30, 2015 was $1,935.6 million, a decrease of $166.1 million or 7.9% compared to the nine months ended September 30, 2014.  The change in net sales, excluding precious metal content, reflects 9.9% unfavorable foreign currency translation.  Excluding the impact of foreign currency translation, net sales, excluding precious metal content grew 2.0% compared to the nine months ended September 30, 2014. Sales related to precious metal content declined 33.7% for the nine month period, reflecting the decline in the use of precious metal alloys, which negatively impacts both the precious metal alloy and also the refinery product lines.

Constant Currency and Internal Sales Growth

The following table includes growth rates for net sales, excluding precious metal content, for the nine months ended September 30, 2015 compared with the nine months ended September 30, 2014.

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	Nine Months Ended September 30, 2015
	United States		Europe		Rest of World		Worldwide
Internal sales growth	3.1	%	0.4	%	5.0	%	2.3	%
Net acquisition (divestiture) sales growth	(0.5	%)	(0.1	%)	(0.5	%)	(0.3	%)
Constant currency sales growth	2.6	%	0.3	%	4.5	%	2.0	%

United States

Net sales, excluding precious metal content, increased by 2.6% on a constant currency sales growth basis for the nine months ended September 30, 2015 as compared to the same nine month period of 2014. Internal sales growth was 3.1% for the nine month period led by increased sales in the dental consumable product category. Internal growth for the nine months ended was negatively impacted by approximately 0.6% as a result of product line discontinuation associated with the Company’s global efficiency program.

Europe

Net sales, excluding precious metal content, increased by 0.3% on a constant currency sales growth basis for the nine months ended September 30, 2015 as compared to the nine months ended September 30, 2014. Internal sales growth was 0.4% for the nine month period led by increased sales in the dental specialty and dental consumable product categories, partially offset bycontinued contraction in the CIS region and weaker dental laboratory product sales. Internal growth for the nine months ended was negatively impacted by approximately 0.4% as a result of product line discontinuation associated with the Company’s global efficiency program.

Rest of World

Net sales, excluding precious metal content, increased by 4.5% on a constant currency sales growth basis for the nine months ended September 30, 2015 as compared to the nine months ended September 30, 2014. Internal sales growth of 5.0% was led by the dental specialty products category.

Gross Profit

	Nine Months Ended
	September 30,
(in millions)	2015			2014			$ Change			% Change
Gross profit	$	1,142.5		$	1,206.7		$	(64.2	)	(5.3	%)
Gross profit as a percentage of net sales, including precious metal content	57.0		%	54.8		%
Gross profit as a percentage of net sales, excluding precious metal content	59.0		%	57.4		%

Gross profit as a percentage of net sales, excluding precious metal content, increased 160 basis points for the nine month period ended September 30, 2015 compared to the nine months ended September 30, 2014. The increase in the gross profit rate was primarily due to the favorable impact of foreign currency as well as benefits from the Company’s global efficiency program and favorable pricing effects when compared to the nine months ended September 30, 2014.

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Operating Expenses

	Nine Months Ended
	September 30,
(in millions)	2015			2014			$ Change			% Change
Selling, general and administrative expenses (“SG&A”)	$	809.5		$	859.9		$	(50.4	)	(5.9	%)
Restructuring and other costs	50.9			4.5			46.4			NM
SG&A as a percentage of net sales, including precious metal content	40.4		%	39.0		%
SG&A as a percentage of net sales, excluding precious metal content	41.8		%	40.9		%

NM - Not meaningful

SG&A Expenses

SG&A expenses as a percentage of net sales, excluding precious metal content, increased 90 basis points in the nine months ended September 30, 2015 when compared to the same period ended September 30, 2014. The increase was primarily due to higher professional fees mostly related to the operating margin improvement initiative, merger expenses, as well as biennial trade shows, partially offset by the savings from the margin improvement initiative program and legal settlements.

Restructuring and Other Costs

The Company recorded net restructuring and other costs of $50.9 million for the nine months ended September 30, 2015 compared to $4.5 million for the nine months ended September 30, 2014. On May 22, 2015, the Company announced that it reorganized portions of its laboratory business and associated manufacturing capabilities within the Dental Consumables, Endodontics and Dental Laboratory Businesses segment. During the nine months ended September 30, 2015, the Company recorded $34.0 million of costs that consist primarily of employee severance benefits related to these and other similar actions. Also during the nine months ended September 30, 2015, the Company recorded restructuring costs of $10.2 million within the Healthcare, Orthodontic and Implant Businesses segment primarily related to the global efficiency initiative. The Company expects additional restructuring plans during the remainder of 2015 primarily related to this initiative. Additional future costs expected to be incurred during the remainder of 2015 associated with enacted plans are estimated to range from $8 million to $12 million, primarily related to employee severance benefits. The Company estimates the future annual savings related to these plans will be in the range of $25 million and $32 million to be realized over the next three to five years. There is no assurance that future savings will be fully achieved.

Other Income and Expense

	Nine Months Ended September 30,
(in millions)	2015			2014		Change
Net interest expense	$	28.3		$	30.8	$	(2.5	)
Other expense (income), net	(3.6		)	1.8		(5.4		)
Net interest and other expense	$	24.7		$	32.6	$	(7.9	)

Net Interest Expense

Net interest expense for the nine months ended September 30, 2015 was $2.5 million lower compared to the nine months ended September 30, 2014. The net decrease is a result of lower average debt levels in 2015 compared to the prior year period, partially offset by lower interest income during the period.

Other Expense (Income), Net

Other expense (income), net for the nine months ended September 30, 2015 was $5.4 million lower compared to the nine months ended September 30, 2014. Other expense (income), net for the nine months ended September 30, 2015 was income of $3.6 million, comprised of income of $3.5 million from interest and non-cash fair value adjustments on cross currency basis swaps not designated as hedges that offset currency risk on intercompany loans and $1.5 million of currency transaction gains, partially

46

offset by $1.3 million of other expense. Other expense (income), net for the nine months ended September 30, 2014 was expense of $1.8 million, comprised income of $0.8 million from interest and non-cash fair value adjustments on cross currency basis swaps not designated as hedges that offset currency risk on intercompany loans, offset by $1.4 million of currency transaction losses and $1.2 million of other expense.

Income Taxes and Net Income

	Nine Months Ended September 30,
(in millions, except per share data)	2015			2014			$ Change
Effective income tax rate	24.6		%	22.6		%
Equity in net loss of unconsolidated affiliated company	$	(1.7	)	$	(1.6	)	$	(0.1	)
Net income attributable to DENTSPLY International	$	192.6		$	238.1		$	(45.5	)
Earnings per common share - diluted	$	1.35		$	1.65

Provision for Income Taxes

The Company’s effective tax rate for the nine month period of 2015 and 2014 was 24.6% and 22.6%, respectively. The Company’s effective tax rate was unfavorably impacted by the Company’s change in the mix of consolidated earnings.

The Company’s effective income tax rate for the first nine months of 2015 includes the net impact of restructuring, restructuring program related costs and other costs, amortization of purchased intangible assets, credit risk and fair value adjustments, business combination related costs and income tax related adjustments which impacted income before income taxes and the provision for income taxes by $104.7 million and $19.3 million, respectively.

In the first nine months of 2014, the Company’s effective income tax rate included the net impact of amortization of purchased intangible assets, restructuring, restructuring program related costs and other costs, business combination related costs, credit risk and fair value adjustments, and income tax related adjustments which impacted income before income taxes and the provision for income taxes by $48.1 million and $11.0 million, respectively.

Equity in net loss of unconsolidated affiliated company

The Company’s 17% ownership investment of DIO Corporation (“DIO”) resulted in a net loss of $1.7 million and $1.6 million on an after-tax basis for the nine months ended September 30, 2015 and 2014, respectively.  The equity earnings of DIO include the result of mark-to-market changes related to the derivative accounting for the convertible bonds issued by DIO to DENTSPLY.  The Company’s portion of the mark-to-market loss recorded through DIO’s net income for the first nine months of 2015 was approximately $2.4 million. For the nine months ended September 30, 2014, the mark-to-market net income recorded through DIO’s net income was approximately $0.9 million. During the three months ended September 30, 2015, the Company sold the DIO convertible bonds. As part of the disposition of the convertible bonds, the Company requested to relinquish its two board seats on the DIO Board of Directors. Subsequent to September 30, 2015, the Company no longer has representation on the DIO Board of Directors and as a result the Company no longer has significant influence on the operations of DIO. The Company will begin accounting for the remaining direct investment using the cost-basis method of accounting effective in the fourth quarter of 2015.

Net Income attributable to DENTSPLY International

In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share (“adjusted EPS”). The Company discloses adjusted net income attributable to DENTSPLY International to allow investors to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period and may not be indicative of past or future performance of the normal operations of the Company and certain large non-cash charges related to purchased intangible assets. The Company believes that this information is helpful in understanding underlying operating trends and cash flow generation.

47

Adjusted net income and adjusted EPS are important internal measures for the Company. Senior management receives a monthly analysis of operating results that includes adjusted net income and adjusted EPS and the performance of the Company is measured on this basis along with other performance metrics.

The adjusted net income attributable to DENTSPLY International consists of net income attributable to DENTSPLY International adjusted to exclude the net of tax impact of the following:

(1) Business combination related costs. These adjustments include costs related to integrating and consummating recently acquired businesses and costs, gains and losses related to the disposal of businesses or product lines. These items are irregular in timing and as such may not be indicative of past and future performance of the Company and are therefore excluded to allow investors to better understand underlying operating trends.

(2) Restructuring, restructuring program related costs and other costs. These adjustments include costs related to the implementation of restructuring initiatives as well as certain other costs. These costs can include, but are not limited to, severance costs, facility closure costs, lease and contract terminations costs, related professional service costs, duplicate facility and labor costs associated with specific restructuring initiatives, as well as, legal settlements and impairments of assets. These items are irregular in timing, amount and impact to the Company’s financial performance. As such, these items may not be indicative of past and future performance of the Company and are therefore excluded for the purpose of understanding underlying operating trends.

(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets. Beginning in 2011, the Company began recording large non-cash charges related to the values attributed to purchased intangible assets. As such, amortization expense has been excluded from adjusted net income attributed to DENTSPLY International to allow investors to evaluate and understand operating trends excluding these large non-cash charges.

(4) Credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities including the Company’s pension obligations, that are recorded through net income which are due solely to the changes in fair value and credit risk. These items can be variable and driven more by market conditions than the Company’s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.

(5) Certain fair value adjustments related to an unconsolidated affiliated company. This adjustment represents the fair value adjustment of the unconsolidated affiliated company’s convertible debt instrument held by the Company. The affiliate is accounted for under the equity method of accounting. The fair value adjustment is driven by open market pricing of the affiliate’s equity instruments, which has a high degree of variability and may not be indicative of the operating performance of the affiliate or the Company.

(6) Income tax related adjustments. These adjustments include both income tax expenses and income tax benefits that are representative of income tax adjustments mostly related to prior periods, as well as the final settlement of income tax audits, and discrete tax items resulting from the implementation of restructuring initiatives. These adjustments are irregular in timing and amount and may significantly impact the Company’s operating performance. As such, these items may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.

Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.

48

	Nine Months Ended September 30, 2015
(in millions, except per share amounts)	Net Income			Per Diluted Common Share
Net income attributable to DENTSPLY International	$	192.6		$	1.35
Restructuring, restructuring program related costs and other costs, net of tax	53.9			0.38
Amortization of purchased intangible assets, net of tax	22.9			0.16
Business combination related costs, net of tax	5.5			0.04
Credit risk and fair value adjustments, net of tax	4.1			0.03
Income tax related adjustments	3.1			0.02
Certain fair value adjustments related to an unconsolidated affiliated company, net of tax	(1.7		)	(0.01		)
Adjusted non-US GAAP earnings	$	280.4		$	1.97

	Nine Months Ended September 30, 2014
(in millions, except per share amounts)	Net Income			Per Diluted Common Share
Net income attributable to DENTSPLY International	$	238.1		$	1.65
Amortization of purchased intangible assets, net of tax	25.7			0.18
Restructuring, restructuring program related costs and other costs, net of tax	4.1			0.03
Business combination related costs, net of tax	3.8			0.02
Income tax related adjustments	3.5			0.02
Credit risk and fair value adjustments, net of tax	—			—
Certain fair value adjustments related to an unconsolidated affiliated company, net of tax	(0.8		)	—
Adjusted non-US GAAP earnings	$	274.4		$	1.90

Adjusted Operating Income and Margin

Adjusted operating income and margin is another important internal measure for the Company. Operating income in accordance with US GAAP is adjusted for the items noted above which are excluded on a pre-tax basis to arrive at adjusted operating income, a non-US GAAP measure. The adjusted operating margin is calculated by dividing adjusted operating income by net sales, excluding precious metal content.

Senior management receives a monthly analysis of operating results that includes adjusted operating income. The performance of the Company is measured on this basis along with the adjusted non-US GAAP earnings noted above as well as other performance metrics. Adjusted operating income is considered a measure not calculated in accordance with accounting principles generally accepted in the United States; therefore, it is a non-US GAAP measure. This non-US GAAP measure may differ from other companies and should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.

49

	Nine Months Ended
	September 30, 2015
(in millions)	Operating Income		Percentage of Net Sales, Excluding Precious Metal Content
Operating income attributable to DENTSPLY International	$	282.1	14.6	%
Restructuring, restructuring program related costs and other costs	65.7		3.4	%
Amortization of purchased intangible assets	32.8		1.7	%
Credit risk and fair value adjustments	6.0		0.3	%
Business combination related costs	5.7		0.3	%
Adjusted non-US GAAP Operating Income	$	392.3	20.3	%

	Nine Months Ended
	September 30, 2014
(in millions)	Operating Income		Percentage of Net Sales, Excluding Precious Metal Content
Operating income attributable to DENTSPLY International	$	342.3	16.3	%
Amortization of purchased intangible assets	36.4		1.7	%
Restructuring, restructuring program related costs and other costs	5.9		0.3	%
Business combination related costs	5.6		0.3	%
Adjusted non-US GAAP Operating Income	$	390.2	18.6	%

Operating Segment Results

Third Party Net Sales, Excluding Precious Metal Content

	Nine Months Ended
	September 30,
(in millions)	2015		2014		$ Change			% Change
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	886.1	$	929.4	$	(43.3	)	(4.7	%)
Healthcare, Orthodontic and Implant Businesses	714.6		790.3		(75.7		)	(9.6	%)
Select Developed and Emerging Markets Businesses	334.9		382.0		(47.1		)	(12.3	%)

Segment Operating Income (Loss)

	Nine Months Ended
	September 30,
(in millions)	2015			2014			$ Change			% Change
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	322.1		$	325.6		$	(3.5	)	(1.1	%)
Healthcare, Orthodontic and Implant Businesses	82.5			83.5			(1.0		)	(1.2	%)
Select Developed and Emerging Markets Businesses	(10.7		)	(4.2		)	(6.5		)	NM

NM - Not meaningful

50

Dental Consumables, Endodontic and Dental Laboratory Businesses

Net sales, excluding precious metal content, decreased $43.3 million, or 4.7% for the nine months ended September 30, 2015 compared to the same period in 2014.  On a constant currency basis, net sales, excluding precious metal content, increased 1.7% as compared to the same period in 2014 as a result of sales growth in the Dental Consumable businesses partially offset by Dental Laboratory businesses.

Operating income decreased $3.5 million, or 1.1%, for the nine months ended September 30, 2015 compared to 2014. The decrease in operating income was primarily the result of negative foreign currency translation and expenses related to the announced reorganization of the Dental Laboratory businesses.

Healthcare, Orthodontic and Implant Businesses

Net sales, excluding precious metal content, decreased $75.7 million, or 9.6% for the nine months ended September 30, 2015 compared to 2014. On a constant currency basis, net sales, excluding precious metal content, increased 1.9% as compared to the same period in 2014 due to increased sales growth in the Implants and Healthcare businesses.

Operating income decreased $1.0 million, or 1.2%, compared to the same period in 2014. The decrease was primarily the result of negative foreign currency translation.

Select Developed and Emerging Markets Businesses

Net sales, excluding precious metal content, decreased $47.1 million, or 12.3% for the nine months ended September 30, 2015 compared to 2014.  On a constant currency basis, net sales, excluding precious metal content, increased 2.7% when compared to the same period of 2014.  The increase was led by growth in the Emerging Markets businesses.

Operating income decreased $6.5 million during the nine months ended September 30, 2015 compared to 2014 primarily as a result of increased operating expenses in the Emerging Markets businesses, excluding the impact of foreign currency translation.

CRITICAL ACCOUNTING POLICIES

Except as noted below, there have been no other significant material changes to the critical accounting policies as disclosed in the Company’s Form 10-K for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015.

Annual Goodwill Impairment Testing

Goodwill

Goodwill is not amortized; instead, it is tested for impairment annually or more frequently if indicators of impairment exist or if a decision is made to sell a business. The valuation date for annual impairment testing is April 30.

The performance of the Company's 2015 annual impairment test did not result in any impairment of the Company's goodwill. The weighted average cost of capital (“ WACC”) rates utilized in the 2015 analysis ranged from 7.6% to 12.5%. Had the WACC rate of each of the Company's reporting units been hypothetically increased by 100 basis points at April 30, 2015, the fair value of those reporting units would still exceed net book value.  If the fair value of each of the Company's reporting units had been hypothetically reduced by 5% at April 30, 2015, the fair value of those reporting units would still exceed net book value. If the fair value of each of the Company's reporting units had been hypothetically reduced by 10% at April 30, 2015, three reporting units, one reporting unit within each of the Company’s three segments, would have a fair value that would approximate net book value. Goodwill for the reporting unit within the Healthcare, Orthodontic and Implant Businesses segment totals $65.3 million at September 30, 2015. Goodwill for the reporting unit within the Dental Consumables, Endodontic and Dental Laboratory Businesses segment totals $119.8 million. Goodwill for the reporting unit within the Select Developed and Emerging Markets Businesses segment totals $12.1 million. To the extent that future operating results of the reporting units do not meet the forecasted cash flows the Company can provide no assurance that a future goodwill impairment charge would not be incurred.

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Indefinite-Lived Assets

Indefinite-lived intangible assets consist of tradenames and are not subject to amortization; instead, they are tested for impairment annually or more frequently if indicators of impairment exist or if a decision is made to sell a business. The valuation date for annual impairment testing is April 30.

The performance of the Company’s 2015 annual impairment test did not result in any impairment of the Company’s indefinite-lived assets. If the fair value of each of the Company’s indefinite-lived intangibles assets had been hypothetically reduced by 10% or the discount rate had been hypothetically increased by 50 basis points at April 30, 2015, the fair value of these assets would still exceed their book value.

LIQUIDITY AND CAPITAL RESOURCES

Nine months ended September 30, 2015

Cash flow from operating activities during the nine months ended September 30, 2015 was $371.0 million compared to $367.8 million during the nine months ended September 30, 2014. The year over year increase in the first nine months’ cash from operations of $3.2 million was primarily related to changes in working capital offset partially by lower net income, after adjusting for non-cash items. The Company’s cash and cash equivalents increased by $84.8 million to $236.4 million during the nine months ended September 30, 2015.

For the nine months ended September 30, 2015, the number of days of sales outstanding in accounts receivable increased by five days to 60 days as compared to 55 days at December 31, 2014. On a constant currency basis, the number of days of sales in inventory increased by two days to 115 days at September 30, 2015 as compared to 113 days at December 31, 2014.

The cash provided by investing activities during the first nine months of 2015 included proceeds from the redemption of corporate bonds of $47.7 million and settlements of derivative contracts of $22.4 million, partially offset by capital expenditures of $51.7 million. The Company expects capital expenditures to be in the range of approximately $65.0 million to $80.0 million for the full year 2015. Financing cash flows includes a payment of $80.4 million for the purchase of the remaining minority shares in a business.

At September 30, 2015, the Company had authorization to maintain up to 34.0 million shares of treasury stock under the stock repurchase program as approved by the Board of Directors. Under this program, the Company repurchased 2.1 million shares during the first nine months of 2015 for $112.7 million. As of September 30, 2015, the Company held 23.0 million shares of treasury stock. The Company received proceeds of $27.2 million as a result of the exercise of 0.8 million of stock options during the nine months ended September 30, 2015.

The Company's total borrowings decreased by a net $106.9 million during the nine months ended September 30, 2015, which includes an increase of $1.2 million due to exchange rate fluctuations on debt denominated in foreign currencies. At September 30, 2015, the Company's ratio of total net debt to total capitalization was 28.7% compared to 32.3% at December 31, 2014. The Company defines net debt as total debt, including current and long-term portions, less cash and cash equivalents and total capitalization as the sum of net debt plus equity.

On February 19, 2015 the Company paid the second required payment of $100.0 million under the Private Placement Notes due February 2016 by issuing commercial paper at that time. The final required payment of $75.0 million under the Private Placement Notes is due in February 2016 and has been classified as current in the Consolidated Balance Sheet.

The Company is obligated to pay annual principal amortization of $8.8 million representing a 5% mandatory principal amortization due in each of the first six years under the terms of the PNC Term Loan with a final maturity of August 25, 2020. On August 26, 2015, the Company paid the second required payment of $8.8 million under the PNC Term Loan. The third annual installment in the amount of $8.8 million will be due in August 2016 and has been classified as current in the Consolidated Balance Sheet.

Under its five-year multi-currency revolving credit agreement, the Company is able to borrow up to $500.0 million through July 23, 2019, and up to $452.0 million through July 23, 2020. The facility is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company. The most restrictive of these covenants pertain to asset dispositions and prescribed ratios of indebtedness to total capital and operating income plus depreciation and amortization to interest expense. At September 30, 2015, the Company was in compliance with these covenants. The Company also has available an aggregate $500.0 million under a U.S. dollar commercial paper facility. The five-year revolver serves as a

52

back-up to the commercial paper facility, thus the total available credit under the commercial paper facility and the multi-currency revolving credit facilities in the aggregate is $500.0 million. At September 30, 2015, there were no outstanding borrowings under the multi-currency revolving facility.

The Company also has access to $56.4 million in uncommitted short-term financing under lines of credit from various financial institutions. The lines of credit have no major restrictions and are provided under demand notes between the Company and the lending institutions. At September 30, 2015, the Company had $3.0 million outstanding under these short-term lines of credit. At September 30, 2015, the Company had total unused lines of credit related to the revolving credit agreement and the uncommitted short-term lines of credit of $553.4 million.

At September 30, 2015, the Company held $47.8 million of precious metals on consignment from several financial institutions. The consignment agreements allow the Company to acquire the precious metal at market rates at a point in time which is approximately the same time and for the same price as alloys are sold to the Company's customers. In the event that the financial institutions would discontinue offering these consignment arrangements, and if the Company could not obtain other comparable arrangements, the Company may be required to obtain third party financing to fund an ownership position in the required precious metal inventory levels.

At September 30, 2015, the majority of the Company's cash and cash equivalents were held outside of the United States. Most of these balances could be repatriated to the United States, however, under current law, would potentially be subject to U.S. federal income tax, less applicable foreign tax credits. Historically, the Company has generated more than sufficient operating cash flows in the United States to fund domestic operations. Further, the Company expects on an ongoing basis, to be able to finance domestic and international cash requirements, including capital expenditures, stock repurchases, debt service, operating leases and potential future acquisitions, from the funds generated from operations and amounts available under its existing credit facilities. The Company intends to finance the current portion of long-term debt due in 2015 utilizing the available commercial paper and the revolving credit facilities as well as other sources of credit.

There have been no material changes to the Company's scheduled contractual cash obligations disclosed in its Form 10-K for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015.

On October 29, 2015, the Company announced the commencement of a tender offer to purchase for cash up to $150.0 million aggregate principle of its outstanding 4.125% Notes due August 2021.  Concurrent with this tender offer, the Company intends to arrange new unsecured debt financing in an amount sufficient to fund the total consideration payable pursuant to the tender offer.  The total consideration payable is estimated at $160.3 million, which includes the cost of the early tender premium under the existing note agreement and fees.  Should the Company not be able to secure new debt financing sufficient to satisfy the tender offer, the Company intends to use available funds, borrowings available under lines of credit, including lines available under short term arrangements and revolving credit agreement.

The Company continues to review its debt portfolio and may refinance additional debt in the near-term as interest rates remain at historically low levels.

NEW ACCOUNTING PRONOUNCEMENTS

Refer to Part 1, Item 1, Note 1, Significant Accounting Policies, to the Unaudited Interim Consolidated Financial Statements for a discussion of recent accounting standards and pronouncements.

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

There have been no significant material changes to the market risks as disclosed in the Company’s Form 10-K for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015.

Item 4 – Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report were effective to provide reasonable assurance that the information required to

53

be disclosed by the Company in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that it is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting that occurred during quarter ended September 30, 2015 that have materially affected, or are likely to materially affect, its internal control over financial reporting.

54

PART II – OTHER INFORMATION

Item 1 – Legal Proceedings

Reference to Part I, Item 1, Note 15, Commitments and Contingencies, to the Unaudited Interim Consolidated Financial Statements.

Item 1A – Risk Factors

Except as noted below, there have been no significant material changes to the risk factors as disclosed in the Company’s Form 10-K for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015.

The proposed business combination transaction between the Company and Sirona Dental Systems, Inc. may present certain risks to the Company's business and operations.

On September 15, 2015 the Company and Sirona Dental Systems, Inc. (“Sirona”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) providing for a “merger of equals” business combination transaction. Pursuant to the terms of the Merger Agreement, which was approved by the boards of directors of the Company and Sirona, each outstanding share of Sirona common stock will be converted into the right to receive 1.8142 shares of Company common stock.  The Company expects the transaction, which is subject to the adoption of the Merger Agreement by Sirona's stockholders, the approval of the issuance of the Company common stock and the adoption of the Company’s amended and restated certificate of incorporation by the Company’s stockholders, as well as obtaining certain regulatory clearances and the satisfaction or waiver of the closing conditions contained in the Merger Agreement, to close in the first quarter of 2016.

The merger may present certain risks to the Company’s business and operations prior to the closing of the merger, including, among other things, risks that:

• uncertainties associated with the merger may cause a loss of management personnel and other key employees which could adversely affect the future business and operations of the Company or the combined company after the merger;

• failure to complete the merger could negatively impact the stock prices and the future business and financial results of the Company; and

• the merger agreement contains provisions that could discourage a potential competing acquiror of the Company.

In addition, certain risks may continue to exist after the closing of the merger, including, among other things, risks that:

• any delay in completing the merger may reduce or eliminate the benefits expected to be achieved thereunder;

• the merger is subject to the receipt of consents and clearances from domestic and foreign regulatory authorities that may impose conditions that could have an adverse effect on the Company or the combined company after the merger or, if not obtained, could prevent completion of the merger;

• the combined company may be unable to integrate successfully the businesses of the Company and Sirona and realize the anticipated benefits of the merger;

• the merger may not be accretive and may cause dilution to the combined company’s adjusted earnings per share, which may negatively affect the market price of the combined company’s common stock;

• the future results of the combined company will suffer if the combined company does not effectively manage its expanded operations following the merger; and

• the combined company is expected to incur substantial expenses related to the merger and the integration of the Company and Sirona.

These risks, as they relate to the Company as part of the combined company and additional risks associated with the merger, are described in more detail under the heading “Risk Factors” in the preliminary joint proxy statement/prospectus contained in the Company’s Registration Statement on Form S-4, which was filed with the Securities and Exchange Commission on October 29, 2015.

55

Item 2 – Unregistered Sales of Securities and Use of Proceeds

Issuer Purchases of Equity Securities

At September 30, 2015, the Company had authorization to maintain up to 34.0 million shares of treasury stock under the stock repurchase program as approved by the Board of Directors.  During the quarter ended September 30, 2015, the Company had the following activity with respect to this repurchase program:

(in millions, except per share amounts)
Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cost of Shares Purchased		Number of Shares that May be Purchased Under the Share Repurchase Program
July 1, 2015 to July 31, 2015	0.2	$	56.72	$	8.7	11.1
August 1, 2015 to August 31, 2015	0.1	56.37		2.8		11.0
September 1, 2015 to September 30, 2015	—	53.55		2.2		11.0
	0.3	$	56.12	$	13.7

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Item 6 – Exhibits

Exhibit Number	Description
31	Section 302 Certification Statements
32	Section 906 Certification Statements
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Extension Labels Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DENTSPLY International Inc.

/s/	Bret W. Wise	October 30, 2015
	Bret W. Wise	Date
	Chairman of the Board and
	Chief Executive Officer

/s/	Christopher T. Clark	October 30, 2015
	Christopher T. Clark	Date
	President and
	Chief Financial Officer

57

EX-31

Exhibit 31.1

Section 302 Certifications Statement

I, Bret W. Wise, certify that:

1. I have reviewed this Form 10-Q of DENTSPLY International Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2015

/s/	Bret W. Wise
	Bret W. Wise
	Chairman of the Board and
	Chief Executive Officer

Exhibit 31.2

Section 302 Certifications Statement

I, Christopher T. Clark, certify that:

1. I have reviewed this Form 10-Q of DENTSPLY International Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2015

/s/	Christopher T. Clark
	Christopher T. Clark
	President and
	Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of DENTSPLY International Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), We, Bret W. Wise, Chairman of the Board of Directors and Chief Executive Officer of the Company and Christopher T. Clark, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge and belief:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company as of the date of the Report.

/s/	Bret W. Wise
	Bret W. Wise
	Chairman of the Board and
	Chief Executive Officer

/s/	Christopher T. Clark
	Christopher T. Clark
	President and
	Chief Financial Officer

October 30, 2015

XML

COMPREHENSIVE INCOME Comprehensive Income - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	$ 37.7	$ 198.6	$ 150.6	$ 227.3
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Gains Net Of Tax	(267.5)		(267.5)		$ (117.1)
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Losses Net Of Tax	(96.2)		(96.2)		(95.4)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	(2.3)	(201.8)	(150.4)	(227.2)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax			185.5		$ 195.4
Net Investment Hedging | Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ 0.5	$ 9.0	$ (0.8)	$ 5.9

XML

BENEFIT PLANS Information Related to the Contributions to the Company's Benefit Plans (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Pension Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actual contributions through September 30, 2015	$ 8.0
Projected for the remainder of the year	3.5
Defined Benefit Plan, Expected Contributions in Current Fiscal Year	11.5
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actual contributions through September 30, 2015	0.3
Projected for the remainder of the year	0.3
Defined Benefit Plan, Expected Contributions in Current Fiscal Year	$ 0.6

XML

SEGMENT INFORMATION Intersegment Net Sales (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Total		$ 0.0	$ 0.0	$ 0.0	$ 0.0
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Intersegment Eliminations		(140.0)	(147.0)	(432.5)	(464.1)
Intersegment Eliminations | Dental Consumables, Endodontic and Dental Laboratory Businesses
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		82.8	83.6	256.0	266.7
Intersegment Eliminations | Healthcare, Orthodontic and Implant Businesses
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		2.0	1.2	5.3	5.7
Intersegment Eliminations | Select Developed and Emerging Markets Businesses
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		3.4	3.4	9.7	9.7
Intersegment Eliminations | All Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	$ 51.8	$ 58.8	$ 161.5	$ 182.0

[1] Includes amounts recorded at one distribution warehouse not managed by named segments.

XML

FAIR VALUE MEASUREMENT Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Corporate Bond Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Approximate stock volatility	40.00%
Discount rate	8.73%
Fixed rate senior notes $450 million due August 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fixed rate	4.10%
Tranche C | Unsecured Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	$ 450,000,000
Tranche B | Unsecured Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	300,000,000
Tranche A | Unsecured Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	$ 250,000,000
Private Placement Notes Member | U.S. Dollar Denominated Expiring March 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fixed rate	4.10%
Fixed Rate Senior Notes | U.S. Dollar Denominated Due August 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fixed rate	2.80%
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 1,178,100,000	$ 1,286,200,000
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 1,152,000,000	$ 1,258,900,000

XML

RESTRUCTURING AND OTHER COSTS Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 6.6	$ 2.5	$ 50.9	$ 4.5
Dental Consumables, Endodontic and Dental Laboratory Businesses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 34.0
Healthcare, Orthodontic and Implant Businesses
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			$ 10.2

XML

SEGMENT INFORMATION Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net sales	$ 648.9	$ 708.2	$ 2,003.2	$ 2,203.6
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses
Net sales	306.4	323.7	934.0	1,009.2
Operating Segments | Healthcare, Orthodontic and Implant Businesses
Net sales	226.2	246.7	715.1	790.9
Operating Segments | Select Developed and Emerging Markets Businesses
Net sales	$ 116.3	$ 137.8	$ 354.1	$ 403.5

XML

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2015

Derivative [Line Items]

Schedule of Derivative Instruments

The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	409.9	$	226.2

The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	330.1	$	246.6
Interest rate swaps	171.3		66.7
Commodity contracts	1.2		1.0
Total derivative instruments designated as cash flow hedges	$	502.6	$	314.3

Derivative Instruments, Gain (Loss)

The following table summarizes the amounts of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the three and nine months ended September 30, 2015 and 2014:

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Three Months Ended September 30,
(in millions)		2015			2014
Foreign exchange forward contracts (a)	Other expense (income), net	$	(4.1	)	$	36.8
Cross currency basis swaps (a)	Other expense (income), net	—			(40.6		)
Total for instruments not designated as hedges		$	(4.1	)	$	(3.8	)

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	428.5	$	423.3
Interest rate swaps	2.0		0.8
Total for instruments not designated as hedges	$	430.5	$	424.1

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables summarize the fair value and consolidated balance sheet location of the Company’s derivatives at September 30, 2015 and December 31, 2014:

	September 30, 2015
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	25.4	$	4.7	$	1.1	$	1.1
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.2		—		1.4		0.1
Total	$	25.6	$	4.7	$	2.7	$	1.2
Not Designated as Hedges
Foreign exchange forward contracts	$	5.1	$	—	$	4.1	$	—
Total	$	5.1	$	—	$	4.1	$	—

	December 31, 2014
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	28.1	$	12.5	$	2.7	$	1.7
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.6		0.1		0.6		0.4
Total	$	28.7	$	12.6	$	3.5	$	2.1
Not Designated as Hedges
Foreign exchange forward contracts	$	4.8	$	—	$	4.8	$	—
DIO equity option contracts	—		—		—		0.1
Interest rate swaps	—		—		—		0.1
Cross currency basis swaps	2.7		—		—		—
Total	$	7.5	$	—	$	4.8	$	0.2

Offsetting Derivative Assets and Liabilities

Offsetting of financial assets and liabilities under netting arrangements at September 30, 2015:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	35.2	$	—	$	35.2	$	(7.6	)	$	—	$	27.6
Interest rate swaps	0.2		—		0.2		—			—		0.2
Total Assets	$	35.4	$	—	$	35.4	$	(7.6	)	$	—	$	27.8

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	6.2	$	—	$	6.2	$	(6.2	)	$	—	$	—
Commodity contracts	0.2		—		0.2		—			—		0.2
Interest rate swaps	1.6		—		1.6		(1.4		)	—		0.2
Total Liabilities	$	8.0	$	—	$	8.0	$	(7.6	)	$	—	$	0.4

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2014:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	45.4	$	—	$	45.4	$	(7.8	)	$	—	$	37.6
Interest rate swaps	0.7		—		0.7		(0.2		)	—		0.5
Cross currency basis swaps	2.7		—		2.7		(1.1		)	—		1.6
Total Assets	$	48.8	$	—	$	48.8	$	(9.1	)	$	—	$	39.7

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	9.2	$	—	$	9.2	$	(8.2	)	$	—	$	1.0
Commodity contracts	0.2		—		0.2		—			—		0.2
DIO equity option contracts	0.1		—		0.1		—			—		0.1
Interest rate swaps	1.2		—		1.2		(1.0		)	—		0.2
Total Liabilities	$	10.7	$	—	$	10.7	$	(9.2	)	$	—	$	1.5

Cash Flow Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the three months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(0.1	)	Interest expense	$	(1.1	)	$	—
Foreign exchange forward contracts	(2.9		)	Cost of products sold	3.8			—
Foreign exchange forward contracts	—			SG&A expenses	0.1			—
Commodity contracts	(0.2		)	Cost of products sold	—			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.5		)
Total in cash flow hedging	$	(3.2	)		$	2.8		$	(0.5	)

September 30, 2014
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	0.3		Interest expense	$	(1.0	)	$	—
Foreign exchange forward contracts	7.5			Cost of products sold	(2.2		)	—
Foreign exchange forward contracts	0.3			SG&A expenses	—			—
Commodity contracts	(0.3		)	Cost of products sold	—			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(1.0		)
Total for cash flow hedging	$	7.8			$	(3.2	)	$	(1.0	)

Net Investment Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and other income (expense) in the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	9.5	Other expense (income), net	$	2.0
Total for net investment hedging	$	9.5		$	2.0

September 30, 2014
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	22.4	Interest income	$	0.5
			Interest expense	(1.7		)
Foreign exchange forward contracts	21.2		Other expense (income), net	0.5
Total for net investment hedging	$	43.6		$	(0.7	)

Fair Value Hedging

Derivative [Line Items]

Schedule of Derivative Instruments

The following table summarizes the notional amounts of fair value hedges by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Interest rate swaps	$	45.0	$	45.0

Derivative Instruments, Gain (Loss)

The following tables summarize the amount of income (expense) recorded in the Company’s Consolidated Statements of Operations related to the hedges of fair value for the three and nine months ended September 30, 2015 and 2014:

	Consolidated Statements of Operations Location
		Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)		2015		2014			2015		2014
Interest rate swaps	Interest expense	$	0.1	$	(0.1	)	$	0.2	$	0.1

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GOODWILL AND INTANGIBLE ASSETS Reconciliation of Changes in Goodwill (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Goodwill [Roll Forward]
Balance, beginning of the year	$ 2,089.3
Goodwill, Translation Adjustments	(105.0)
Balance, end of the year	1,984.3
Dental Consumables, Endodontic and Dental Laboratory Businesses
Goodwill [Roll Forward]
Balance, beginning of the year	565.7
Goodwill, Translation Adjustments	(6.5)
Balance, end of the year	559.2
Healthcare, Orthodontic and Implant Businesses
Goodwill [Roll Forward]
Balance, beginning of the year	1,394.4
Goodwill, Translation Adjustments	(86.4)
Balance, end of the year	1,308.0
Select Developed and Emerging Markets Businesses
Goodwill [Roll Forward]
Balance, beginning of the year	129.2
Goodwill, Translation Adjustments	(12.1)
Balance, end of the year	$ 117.1

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RESTRUCTURING AND OTHER COSTS Provisions and Adjustments and Amounts Applied for All Plans by Segment (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 9.3
Restructuring Charges	49.3
Amounts applied	(19.1)
Change in estimates	(1.7)
Ending Balance	37.8
Dental Consumables, Endodontic and Dental Laboratory Businesses
Restructuring Reserve [Roll Forward]
Beginning Balance	5.3
Restructuring Charges	34.7
Amounts applied	(10.2)
Change in estimates	(1.0)
Ending Balance	28.8
Healthcare, Orthodontic and Implant Businesses
Restructuring Reserve [Roll Forward]
Beginning Balance	3.8
Restructuring Charges	11.7
Amounts applied	(8.1)
Change in estimates	(0.7)
Ending Balance	6.7
Select Developed and Emerging Markets Businesses
Restructuring Reserve [Roll Forward]
Beginning Balance	0.1
Restructuring Charges	1.1
Amounts applied	(0.4)
Change in estimates	0.0
Ending Balance	0.8
All Other
Restructuring Reserve [Roll Forward]
Beginning Balance	0.1
Restructuring Charges	1.8
Amounts applied	(0.4)
Change in estimates	0.0
Ending Balance	$ 1.5

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Commitments and Contingencies - Additional Information (Detail)	1 Months Ended			3 Months Ended
	Jan. 31, 2014	Dec. 31, 2006	Jun. 30, 2004	Sep. 30, 2015
San Francisco County California
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Trial or Alternative Dispute Resolution			On June 18, 2004, Marvin Weinstat, DDS and Richard Nathan, DDS filed a class action suit in San Francisco County, California alleging that the Company misrepresented that its Cavitron® ultrasonic scalers are suitable for use in oral surgical procedures.
Loss Contingency, Lawsuit Filing Date			June 18, 2004
Loss Contingency, Name of Plaintiff			Marvin Weinstat, DDS and Richard Nathan, DDS
Eastern District Of Pennsylvania
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Trial or Alternative Dispute Resolution	On January 20, 2014, the Company was served with a qui tam complaint filed by two former and one current employee of the Company under the Federal False Claims Act and equivalent state and city laws. The lawsuit was previously under seal in the U.S. District Court for the Eastern District of Pennsylvania	On December 12, 2006, a Complaint was filed by Carole Hildebrand, DDS and Robert Jaffin, DDS in the Eastern District of Pennsylvania (the Plaintiffs subsequently added Dr. Mitchell Goldman as a named class representative).  The case was filed by the same law firm that filed the Weinstat case in California.  The Complaint asserts putative class action claims on behalf of dentists located in New Jersey and Pennsylvania.
Loss Contingency, Lawsuit Filing Date	Jan. 20, 2014	December 12, 2006
Loss Contingency, Name of Plaintiff	Former and Current Employees	Carole Hildebrand, DDS and Robert Jaffin, DDS and Dr. Mitchell Goldman
Sirona Dental Shareholders Case
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Trial or Alternative Dispute Resolution				On October 2, 2015 and October 5, 2015, the Company and its wholly-owned subsidiary Dawkins Merger Sub Inc. (“Merger Sub”) were served with two separate putative class action complaints filed in the Court of Chancery of the State of Delaware by purported stockholders of Sirona Dental Systems, Inc. (“Sirona”) against the members of Sirona’s Board of Directors, the Company, and Merger Sub.

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INCOME TAXES Additional Information (Detail) - Future Period Member $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Income Taxes [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 2.1
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0.7
Unrecognized tax benefits, expiration of statues of limitation	$ 0.4

XML

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

New Accounting Pronouncement, Early Adoption

The following is a summary of the adjustment to the financial statement line items impacted by this accounting update:

December 31, 2014
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	94.3	$	(3.8	)	$	90.5
Notes payable and current portion of long-term debt	112.8		(1.0		)	111.8
Long-term debt	1,152.9		(2.8		)	1,150.1

March 31, 2015
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	61.3	$	(3.6	)	$	57.7
Notes payable and current portion of long-term debt	247.6		(0.9		)	246.7
Long-term debt	1,078.8		(2.6		)	1,076.2

XML

SEGMENT INFORMATION Assets (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets		$ 4,402.2	$ 4,646.5
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses
Segment Reporting, Asset Reconciling Item [Line Items]
Assets		1,333.9	1,358.0
Operating Segments | Healthcare, Orthodontic and Implant Businesses
Segment Reporting, Asset Reconciling Item [Line Items]
Assets		2,457.2	2,655.6
Operating Segments | Select Developed and Emerging Markets Businesses
Segment Reporting, Asset Reconciling Item [Line Items]
Assets		348.0	369.8
Operating Segments | All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	[1]	$ 263.1	$ 263.1

[1] Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments.

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EARNINGS PER COMMON SHARE Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Antidilutive common stock options not included in the computation of diluted earnings per common share (in shares)	0.8	0.9	1.0	1.2

XML

GOODWILL AND INTANGIBLE ASSETS Intangible Assets Impairment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Intangible Assets (Excluding Goodwill)	$ 3.7

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STOCK COMPENSATION Stock Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 7.4	$ 6.2	$ 18.5	$ 18.7
Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation cost	11.5		$ 11.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			1 year 6 months
Performance Based Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation cost	24.8		$ 24.8
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	5.1	4.0	$ 12.5	12.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			1 year 4 months
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	7.1	6.0	$ 18.0	18.2
Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 0.3	$ 0.2	$ 0.5	$ 0.5

XML

INVENTORIES Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Finished goods	$ 236.9	$ 253.3
Work-in-process	52.9	58.4
Raw materials and supplies	71.5	75.4
Inventory, net	$ 361.3	$ 387.1

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FINANCIAL INSTRUMENTS AND DERIVATIVES - Narrative (Details) SFr in Millions, ¥ in Billions	6 Months Ended	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2015 USD ($)	Sep. 30, 2015 CHF (SFr)	Sep. 30, 2015 JPY (¥)	Apr. 04, 2011 USD ($)	Feb. 28, 2010 USD ($)
Term Loan Agreement
Derivative [Line Items]
Derivative, Notional Amount | ¥				¥ 12.6
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount		$ 430,500,000
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount		2,000,000
Cross Currency Basis Swaps Member | Designated as Hedging Instrument
Derivative [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		3,300,000
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount		$ 502,600,000
Cash Flow Hedging | Interest Rate Swap | Term Loan Agreement
Derivative [Line Items]
Derivative, Fixed Interest Rate		0.20%	0.20%	0.20%
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Fixed Interest Rate		0.70%	0.70%	0.70%
Derivative, Notional Amount		$ 171,300,000	SFr 65.0
Fair Value Hedging | Interest Rate Swap | Private Placement Notes Member
Derivative [Line Items]
Derivative, Fixed Interest Rate					4.10%
Derivative, Notional Amount					$ 150,000,000.0
Debt Instrument, Face Amount						$ 250,000,000.0
Derivative, Term of Contract	5 years
Fair Value Hedging | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount		$ 45,000,000

XML

FINANCIAL INSTRUMENTS AND DERIVATIVES Gain (Loss) on AOCI - Net Investment Hedges (Details) - Designated as Hedging Instrument - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 9.5	$ 43.6	$ 6.1	$ 44.8
Derivative, Gain (Loss) on Derivative, Net	2.0	(0.7)	2.8	1.0
Cross Currency Basis Swaps Member
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		22.4		19.3
Cross Currency Basis Swaps Member | Interest Income
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net		0.5		1.9
Cross Currency Basis Swaps Member | Interest Expense
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net		(1.7)		(1.6)
Cross Currency Basis Swaps Member | Other Expense
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2.0	0.5	2.8	0.7
Foreign Exchange Contract
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 9.5	$ 21.2	$ 6.1	$ 25.5

XML

SEGMENT INFORMATION Net Sales, Excluding Precious Metal Content (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue, Major Customer [Line Items]
Net Sales, excluding precious metal content	$ 629.3	$ 681.6	$ 1,935.6	$ 2,101.7
Precious metal content of sales	19.6	26.6	67.6	101.9
Net Sales, including precious metal content	648.9	708.2	2,003.2	2,203.6
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses
Revenue, Major Customer [Line Items]
Net Sales, excluding precious metal content	292.7	304.3	886.1	929.4
Net Sales, including precious metal content	306.4	323.7	934.0	1,009.2
Operating Segments | Healthcare, Orthodontic and Implant Businesses
Revenue, Major Customer [Line Items]
Net Sales, excluding precious metal content	226.1	246.6	714.6	790.3
Net Sales, including precious metal content	226.2	246.7	715.1	790.9
Operating Segments | Select Developed and Emerging Markets Businesses
Revenue, Major Customer [Line Items]
Net Sales, excluding precious metal content	110.5	130.7	334.9	382.0
Net Sales, including precious metal content	$ 116.3	$ 137.8	$ 354.1	$ 403.5

XML

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the Company, as applied in the interim consolidated financial statements presented herein are substantially the same as presented in the Company’s Form 10-K, as for the year ended December 31, 2014, as revised on Form 8-K filed October 28, 2015, except as may be indicated below:

Accounts and Notes Receivable

The Company records a provision for doubtful accounts, which is included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

Accounts and notes receivables – trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $10.0 millionat September 30, 2015 and $8.8 million at December 31, 2014.

Marketable Securities

The Company’s marketable securities consisted of DIO Corporation (“DIO”) corporate convertible bonds that were classified as available-for-sale in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets as the instruments were to mature in December 2015. Changes in the fair value of the bonds were reported in accumulated other comprehensive income (“AOCI”).

During the three months endedSeptember 30, 2015, the Company sold the convertible bonds at face value for $47.7 million. As a result of the sale, the Company recorded an unrealized holding loss, net of tax, of $4.8 million for the nine months ended September 30, 2015, in the Consolidated Statements of Comprehensive Income. The fair value of the convertible bonds was $57.7 million at December 31, 2014 and included a cumulative unrealized holding gain of $8.5 million on available-for-sale securities, net of tax, which was recorded in AOCI.

As part of the disposition of the convertible bonds, the Company requested to relinquish its two board seats on the DIO Board of Directors. Subsequent to September 30, 2015, the Company no longer has representation on the DIO Board of Directors and as a result the Company no longer has significant influence on the operations of DIO. The Company will begin accounting for the remaining direct investment using the cost-basis method of accounting effective in the fourth quarter of 2015.

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2018. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal was approved on July 9, 2015. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance.

In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability. Retrospective application is required. The amendments in this standard are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted this standard during the second quarter of 2015, applying retrospective application to the periods presented below. The following is a summary of the adjustment to the financial statement line items impacted by this accounting update:

December 31, 2014
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	94.3	$	(3.8	)	$	90.5
Notes payable and current portion of long-term debt	112.8		(1.0		)	111.8
Long-term debt	1,152.9		(2.8		)	1,150.1

March 31, 2015
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	61.3	$	(3.6	)	$	57.7
Notes payable and current portion of long-term debt	247.6		(0.9		)	246.7
Long-term debt	1,078.8		(2.6		)	1,076.2

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” This newly issued accounting standard requires that an entity measure inventory at the lower of cost or net realizable value, as opposed to the lower of cost or market value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Excluded from this update are the Last In First Out (“LIFO”) and retail inventory methods of accounting for inventory. The amendments in this standard are effective for fiscal years beginning after December 15, 2016 and for interim periods within fiscal years beginning after December 15, 2017. Prospective application is required for presentation purposes. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In September 2015, the FASB issued 2015-16, “Simplifying Accounting for Measurement Period Adjustments.” This newly issued accounting standard seeks to simplify the accounting related to Business Combinations. Current US GAAP requires retrospective adjustment for provisional amounts recognized during the measurement periods when facts and circumstances that existed at the measurement date, if known, would have affected the measurement of the accounts initially recognized. This standard eliminates the requirement for retrospective adjustments and requires adjustments to the Financial Statements as needed in current period earnings for the full effect of changes. The adoption of this standard is required for interim and fiscal periods ending after December 15, 2015 and is not permitted to be adopted retrospectively. As such, the Company will incorporate this standard into the accounting and reporting for all future business combinations that take place once the standard becomes effective.

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FINANCIAL INSTRUMENTS AND DERIVATIVES Fair Value Hedges (Details) - Interest Rate Swap - Designated as Hedging Instrument - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Derivative, Notional Amount	$ 45.0		$ 45.0
Derivative, Notional amount maturing within 12 months	45.0		45.0
Interest Expense
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0.1	$ (0.1)	$ 0.2	$ 0.1

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EARNINGS PER COMMON SHARE Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to DENTSPLY International	$ 84.5	$ 75.3	$ 192.6	$ 238.1
Shares
Basic (in shares)	139.8	141.8	140.0	141.9
Incremental shares from assumed exercise of dilutive options from stock-based compensation awards (in shares)	2.6	2.5	2.5	2.4
Diluted (in shares)	142.4	144.3	142.5	144.3
Earnings per common share
Basic (in dollars per share)	$ 0.60	$ 0.53	$ 1.38	$ 1.68
Diluted (in dollars per share)	$ 0.59	$ 0.52	$ 1.35	$ 1.65

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SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Net Sales

The following tables set forth information about the Company’s segments for the three and nine months ended September 30, 2015 and 2014:

Third Party Net Sales

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	306.4	$	323.7	$	934.0	$	1,009.2
Healthcare, Orthodontic and Implant Businesses	226.2		246.7		715.1		790.9
Select Developed and Emerging Markets Businesses	116.3		137.8		354.1		403.5
Total net sales	$	648.9	$	708.2	$	2,003.2	$	2,203.6

Net Sales, Excluding Precious Metal Content

Third Party Net Sales, Excluding Precious Metal Content

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	292.7	$	304.3	$	886.1	$	929.4
Healthcare, Orthodontic and Implant Businesses	226.1		246.6		714.6		790.3
Select Developed and Emerging Markets Businesses	110.5		130.7		334.9		382.0
Total net sales, excluding precious metal content	629.3		681.6		1,935.6		2,101.7
Precious metal content of sales	19.6		26.6		67.6		101.9
Total net sales, including precious metal content	$	648.9	$	708.2	$	2,003.2	$	2,203.6

Intersegment Net Sales

Inter-segment Net Sales

	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	82.8		$	83.6		$	256.0		$	266.7
Healthcare, Orthodontic and Implant Businesses	2.0			1.2			5.3			5.7
Select Developed and Emerging Markets Businesses	3.4			3.4			9.7			9.7
All Other (a)	51.8			58.8			161.5			182.0
Eliminations	(140.0		)	(147.0		)	(432.5		)	(464.1		)
Total	$	—		$	—		$	—		$	—

(a) Includes amounts recorded at one distribution warehouse not managed by named segments.

Segment Operating Income

Segment Operating Income (Loss)

	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	107.9		$	100.8		$	322.1		$	325.6
Healthcare, Orthodontic and Implant Businesses	28.0			26.9			82.5			83.5
Select Developed and Emerging Markets Businesses	(3.3		)	(1.7		)	(10.7		)	(4.2		)
Segment operating income	132.6			126.0			393.9			404.9
Reconciling Items (income) expense:
All Other (b)	27.4			13.9			60.9			58.1
Restructuring and other costs	6.6			2.5			50.9			4.5
Interest expense	9.6			12.7			30.1			35.4
Interest income	(0.4		)	(1.4		)	(1.8		)	(4.6		)
Other expense (income), net	(3.8		)	0.8			(3.6		)	1.8
Income before income taxes	$	93.2		$	97.5		$	257.4		$	309.7

(b) Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments.

Assets

Assets

(in millions)	September 30, 2015		December 31, 2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	1,333.9	$	1,358.0
Healthcare, Orthodontic and Implant Businesses	2,457.2		2,655.6
Select Developed and Emerging Markets Businesses	348.0		369.8
All Other (c)	263.1		263.1
Total	$	4,402.2	$	4,646.5

(c) Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments.

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EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014:

Basic Earnings Per Common Share Computation	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	2015		2014		2015		2014
Net income attributable to DENTSPLY International	$	84.5	$	75.3	$	192.6	$	238.1
Weighted average common shares outstanding	139.8		141.8		140.0		141.9
Earnings per common share - basic	$	0.60	$	0.53	$	1.38	$	1.68
Diluted Earnings Per Common Share Computation
(in millions, except per share amounts)
Net income attributable to DENTSPLY International	$	84.5	$	75.3	$	192.6	$	238.1
Weighted average common shares outstanding	139.8		141.8		140.0		141.9
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards	2.6		2.5		2.5		2.4
Total weighted average diluted shares outstanding	142.4		144.3		142.5		144.3
Earnings per common share - diluted	$	0.59	$	0.52	$	1.35	$	1.65

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RESTRUCTURING AND OTHER COSTS Restructuring Accruals (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Sep. 30, 2015
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 9.3	$ 9.3
Restructuring Charges		49.3
Amounts applied		(19.1)
Change in estimates		(1.7)
Ending Balance		37.8
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning Balance	6.0	6.0
Restructuring Charges		45.4
Amounts applied		(15.3)
Change in estimates		(1.6)
Ending Balance		34.5
Employee Severance | Restructuring Fiscal 2013 And Prior Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	0.9	0.9
Restructuring Charges		0.1
Amounts applied		(0.6)
Change in estimates		(0.1)
Ending Balance		0.3
Employee Severance | Restructuring Fiscal 2014 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	5.1	5.1
Restructuring Charges		0.5
Amounts applied		(3.4)
Change in estimates		(0.2)
Ending Balance		2.0
Employee Severance | Restructuring Fiscal 2015 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0	0.0
Restructuring Charges		44.8
Amounts applied		(11.3)
Change in estimates		(1.3)
Ending Balance		32.2
Contract Termination
Restructuring Reserve [Roll Forward]
Beginning Balance	2.2	2.2
Restructuring Charges		1.1
Amounts applied		(1.1)
Change in estimates		0.0
Ending Balance		2.2
Contract Termination | Restructuring Fiscal 2013 And Prior Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	0.5	0.5
Restructuring Charges		0.0
Amounts applied		(0.2)
Change in estimates		0.0
Ending Balance		0.3
Contract Termination | Restructuring Fiscal 2014 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	1.7	1.7
Restructuring Charges		0.0
Amounts applied		(0.5)
Change in estimates		0.0
Ending Balance		1.2
Contract Termination | Restructuring Fiscal 2015 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0	0.0
Restructuring Charges		1.1
Amounts applied		(0.4)
Change in estimates		0.0
Ending Balance		0.7
Other Restructuring
Restructuring Reserve [Roll Forward]
Beginning Balance	1.1	1.1
Restructuring Charges		2.8
Amounts applied		(2.7)
Change in estimates		0.1
Ending Balance		1.1
Other Restructuring | Restructuring Fiscal 2013 And Prior Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0	0.0
Restructuring Charges		0.0
Amounts applied		0.0
Change in estimates		0.0
Ending Balance		0.0
Other Restructuring | Restructuring Fiscal 2014 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	1.1	1.1
Restructuring Charges		0.2
Amounts applied		(0.8)
Change in estimates	0.1
Ending Balance		0.4
Other Restructuring | Restructuring Fiscal 2015 Plans
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 0.0	0.0
Restructuring Charges		2.6
Amounts applied		(1.9)
Change in estimates		0.0
Ending Balance		$ 0.7

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BUSINESS COMBINATIONS - Other Disclosures (Details) $ in Millions	Sep. 15, 2015	Jan. 01, 2014 Entity	Mar. 15, 2016 USD ($)
Business Acquisition [Line Items]
Number of entities | Entity		1
Termination Fees | Scenario, Forecast | Sirona Dental Systems Inc
Business Acquisition [Line Items]
Contingent fee			$ 205.0
Acquisition-related Costs | Scenario, Forecast | Sirona Dental Systems Inc
Business Acquisition [Line Items]
Contingent fee			15.0
Sirona Dental Systems Inc | Common Stock
Business Acquisition [Line Items]
Sirona common stock conversion ratio	1.8142
Sirona Dental Systems Inc | Termination Fees | Scenario, Forecast
Business Acquisition [Line Items]
Contingent fee			280.0
Sirona Dental Systems Inc | Acquisition-related Costs | Scenario, Forecast
Business Acquisition [Line Items]
Contingent fee			$ 15.0

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INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net of inventory valuation reserves, consist of the following:

(in millions)	September 30, 2015		December 31, 2014
Finished goods	$	236.9	$	253.3
Work-in-process	52.9		58.4
Raw materials and supplies	71.5		75.4
Inventories, net	$	361.3	$	387.1

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BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Components of Net Periodic Benefit Cost

The following sets forth the components of net periodic benefit cost of the Company’s defined benefit plans and for the Company’s other postemployment benefit plans for the three and nine months ended September 30, 2015 and 2014:

Defined Benefit Plans	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Service cost	$	4.3		$	3.4		$	13.0		$	10.5
Interest cost	1.8			2.7			5.5			8.5
Expected return on plan assets	(1.3		)	(1.3		)	(4.1		)	(4.1		)
Amortization of prior service credit	—			—			(0.1		)	(0.1		)
Amortization of net actuarial loss	1.9			0.6			5.9			2.0
Net periodic benefit cost	$	6.7		$	5.4		$	20.2		$	16.8

Other Postemployment Benefit Plans	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Service cost	$	0.1	$	0.1	$	0.3	$	0.2
Interest cost	0.1		0.1		0.5		0.4
Amortization of net actuarial loss	0.1		—		0.1		—
Net periodic benefit cost	$	0.3	$	0.2	$	0.9	$	0.6

Information Related to the Contributions to the Compnay's Benefit Plans

The following sets forth the information related to the contributions to the Company’s benefit plans for 2015:

(in millions)	Pension Benefits		Other Postemployment Benefits
Actual contributions through September 30, 2015	$	8.0	$	0.3
Projected contributions for the remainder of the year	3.5		0.3
Total projected contributions	$	11.5	$	0.6

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share	$ 0.21750	$ 0.19875

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RESTRUCTURING AND OTHER COSTS (Tables)

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring Accruals

At September 30, 2015, the Company’s restructuring accruals were as follows:

	Severance
(in millions)	2013 and Prior Plans			2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	0.9		$	5.1		$	—		$	6.0
Provisions	0.1			0.5			44.8			45.4
Amounts applied	(0.6		)	(3.4		)	(11.3		)	(15.3		)
Change in estimates	(0.1		)	(0.2		)	(1.3		)	(1.6		)
Balance at September 30, 2015	$	0.3		$	2.0		$	32.2		$	34.5

	Lease/Contract Terminations
(in millions)	2013 and Prior Plans			2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	0.5		$	1.7		$	—		$	2.2
Provisions	—			—			1.1			1.1
Amounts applied	(0.2		)	(0.5		)	(0.4		)	(1.1		)
Change in estimates	—			—			—			—
Balance at September 30, 2015	$	0.3		$	1.2		$	0.7		$	2.2

	Other Restructuring Costs
(in millions)	2013 and Prior Plans		2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	—	$	1.1		$	—		$	1.1
Provisions	—		0.2			2.6			2.8
Amounts applied	—		(0.8		)	(1.9		)	(2.7		)
Change in estimate	—		(0.1		)	—			(0.1		)
Balance at September 30, 2015	$	—	$	0.4		$	0.7		$	1.1

Cumulative Amounts for the Provisions and Adjustments and Amounts Applied for All the Plans by Segment

The following table provides the year-to-date changes in the restructuring accruals by segment:

(in millions)	December 31, 2014		Provisions		Amounts Applied			Change in Estimates			September 30, 2015
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	5.3	$	34.7	$	(10.2	)	$	(1.0	)	$	28.8
Healthcare, Orthodontic and Implant Businesses	3.8		11.7		(8.1		)	(0.7		)	6.7
Select Developed and Emerging Markets Businesses	0.1		1.1		(0.4		)	—			0.8
All Other	0.1		1.8		(0.4		)	—			1.5
Total	$	9.3	$	49.3	$	(19.1	)	$	(1.7	)	$	37.8

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COMPREHENSIVE INCOME Balances included in AOCI, Net of Tax, in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ (441.1)
Net (decrease) increase in other comprehensive income	$ (28.1)	$ (79.7)	46.2	$ 54.2
Ending balance	(587.5)		(587.5)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(212.5)	141.0
Other comprehensive income (loss) before reclassifications			(151.2)	(221.3)
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	0.0
Net (decrease) increase in other comprehensive income			(151.2)	(221.3)
Foreign currency translation related to acquisition of noncontrolling interests				(5.5)
Ending balance	(363.7)	(85.8)	(363.7)	(85.8)
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(10.8)	(21.8)
Other comprehensive income (loss) before reclassifications			15.4	4.5
Amounts reclassified from accumulated other comprehensive income (loss)			(10.8)	6.0
Net (decrease) increase in other comprehensive income			4.6	10.5
Foreign currency translation related to acquisition of noncontrolling interests				0.0
Ending balance	(6.2)	(11.3)	(6.2)	(11.3)
Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(112.7)	(151.1)
Other comprehensive income (loss) before reclassifications			4.4	27.5
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	0.0
Net (decrease) increase in other comprehensive income			4.4	27.5
Foreign currency translation related to acquisition of noncontrolling interests				0.0
Ending balance	(108.3)	(123.6)	(108.3)	(123.6)
Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			8.5	12.7
Other comprehensive income (loss) before reclassifications			(4.8)	(0.2)
Amounts reclassified from accumulated other comprehensive income (loss)			(3.7)	0.0
Net (decrease) increase in other comprehensive income			(8.5)	(0.2)
Foreign currency translation related to acquisition of noncontrolling interests				0.0
Ending balance	0.0	12.5	0.0	12.5
Pension Liability Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(113.6)	(49.9)
Other comprehensive income (loss) before reclassifications			0.0	3.6
Amounts reclassified from accumulated other comprehensive income (loss)			4.3	1.4
Net (decrease) increase in other comprehensive income			4.3	5.0
Foreign currency translation related to acquisition of noncontrolling interests				0.0
Ending balance	(109.3)	(44.9)	(109.3)	(44.9)
Total DENTSPLY International Equity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(441.1)	(69.1)
Other comprehensive income (loss) before reclassifications			(136.2)	(185.9)
Amounts reclassified from accumulated other comprehensive income (loss)			(10.2)	7.4
Net (decrease) increase in other comprehensive income			(146.4)	(178.5)
Foreign currency translation related to acquisition of noncontrolling interests				(5.5)
Ending balance	$ (587.5)	$ (253.1)	$ (587.5)	$ (253.1)

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BENEFIT PLANS Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4.3	$ 3.4	$ 13.0	$ 10.5
Interest cost	1.8	2.7	5.5	8.5
Expected return on plan assets	(1.3)	(1.3)	(4.1)	(4.1)
Amortization of prior service cost	0.0	0.0	(0.1)	(0.1)
Amortization of net loss	1.9	0.6	5.9	2.0
Defined Benefit Plan, Net Periodic Benefit Cost	6.7	5.4	20.2	16.8
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.1	0.3	0.2
Interest cost	0.1	0.1	0.5	0.4
Amortization of net loss	0.1	0.0	0.1	0.0
Defined Benefit Plan, Net Periodic Benefit Cost	$ 0.3	$ 0.2	$ 0.9	$ 0.6

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FINANCING ARRANGEMENTS Long-Term Borrowings (Detail) - USD ($)		3 Months Ended	9 Months Ended
	Oct. 29, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Jul. 01, 2015	Jul. 24, 2014
Debt Instrument [Line Items]
Long-term Debt			$ 109,100,000	$ 199,000,000
Line of Credit Facility, Remaining Borrowing Capacity			553,400,000
Commercial Paper
Debt Instrument [Line Items]
Long-term Debt		$ 100,000,000
Private Placement
Debt Instrument [Line Items]
Short-term Debt			75,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 500,000,000
Revolving Credit Agreement | Credit Facility Agreement Through 2019
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 500,000,000
Revolving Credit Agreement | Credit Facility Agreement Through 2020
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 452,000,000
Term Loan Agreement
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			$ 8,800,000
Unsecured Debt | Senior Notes 4.125%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.125%
Unsecured Debt | Senior Notes 4.125% | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Cash Tender Offer, Maximum Principal Authorized	$ 150,000,000.0
Debt Instrument, Cash Tender Offer, Consideration Payable	$ 160,300,000

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 648.9	$ 708.2	$ 2,003.2	$ 2,203.6
Cost of products sold	279.4	320.1	860.7	996.9
Gross profit	369.5	388.1	1,142.5	1,206.7
Selling, general and administrative expenses	264.3	276.0	809.5	859.9
Restructuring and other costs	6.6	2.5	50.9	4.5
Operating income	98.6	109.6	282.1	342.3
Other income and expenses:
Interest expense	9.6	12.7	30.1	35.4
Interest income	(0.4)	(1.4)	(1.8)	(4.6)
Other expense (income), net	(3.8)	0.8	(3.6)	1.8
Income before income taxes	93.2	97.5	257.4	309.7
Provision for income taxes	19.6	21.2	63.2	69.9
Equity in net income (loss) of unconsolidated affiliated company	10.8	(1.0)	(1.7)	(1.6)
Net income	84.4	75.3	192.5	238.2
Less: Net (loss) income attributable to noncontrolling interests	(0.1)	0.0	(0.1)	0.1
Net income attributable to DENTSPLY International	$ 84.5	$ 75.3	$ 192.6	$ 238.1
Earnings per common share:
Basic (in dollars per share)	$ 0.60	$ 0.53	$ 1.38	$ 1.68
Diluted (in dollars per share)	$ 0.59	$ 0.52	$ 1.35	$ 1.65
Weighted average common shares outstanding:
Basic (in shares)	139.8	141.8	140.0	141.9
Diluted (in shares)	142.4	144.3	142.5	144.3

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SEGMENT INFORMATION Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Dental Products
Segment Reporting Information [Line Items]
Percentage of sales, professional dental products	88.00%	88.00%

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 192.5	$ 238.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	61.6	63.1
Amortization	32.8	36.4
Amortization of deferred financing costs	3.3	3.5
Deferred income taxes	39.2	4.6
Share-based compensation expense	19.5	19.9
Restructuring and other costs - non-cash	37.8	0.0
Stock option income tax benefit	(10.0)	(0.4)
Equity in net loss from unconsolidated affiliates	1.7	1.6
Other non-cash income	(10.0)	3.6
Loss on disposal of property, plant and equipment	0.6	0.0
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net	(27.9)	(30.9)
Inventories, net	10.1	(5.7)
Prepaid expenses and other current assets, net	(7.0)	(12.4)
Other noncurrent assets, net	4.1	0.3
Accounts payable	11.2	1.9
Accrued liabilities	4.6	7.6
Income taxes	(7.2)	27.9
Other noncurrent liabilities	14.1	8.5
Net cash provided by operating activities	371.0	367.7
Cash flows from investing activities:
Capital expenditures	(51.7)	(73.0)
Cash paid for acquisitions of businesses, net of cash acquired	(3.3)	(2.0)
Cash received from sale of business or product line	0.0	1.4
Cash received on derivatives contracts	22.4	4.9
Cash paid on derivatives contracts	(0.8)	(4.9)
Expenditures for identifiable intangible assets	0.0	(1.3)
Purchase of short-term investments	0.0	(2.3)
Liquidation of short-term investments	0.0	1.1
Proceeds from redemption of Corporate Bonds	47.7	0.0
Purchase of Company-owned life insurance policies	(1.4)	(0.9)
Proceeds from sale of property, plant and equipment, net	0.3	0.6
Net cash provided by (used in) investing activities	13.2	(76.4)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings	0.9	(99.8)
Cash paid for treasury stock	(112.7)	(70.8)
Cash dividends paid	(29.9)	(27.9)
Cash paid for acquisition of noncontrolling interests of consolidated subsidiary	(80.4)	0.0
Proceeds from long-term borrowings	0.0	114.1
Repayments on long-term borrowings	(109.1)	(199.0)
Proceeds from exercised stock options	27.2	18.7
Excess tax benefits from share-based compensation	10.0	0.4
Net cash used in financing activities	(294.0)	(264.3)
Effect of exchange rate changes on cash and cash equivalents	(5.4)	(4.3)
Net increase in cash and cash equivalents	84.8	22.7
Cash and cash equivalents at beginning of period	151.6	75.0
Cash and cash equivalents at end of period	$ 236.4	$ 97.7

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FINANCIAL INSTRUMENTS AND DERIVATIVES Gain (Loss) on AOCI - Cash Flow Hedges (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (3.2)	$ 7.8	$ 17.8	$ 3.9
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	2.8	(3.2)	11.6	(9.0)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	(0.5)	(1.0)	(0.3)	0.0
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(0.1)	0.3	(1.4)	(0.2)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(1.1)	(1.0)	(3.1)	(2.8)
Cost of Sales | Foreign Exchange Contract
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(2.9)	7.5	19.1	3.9
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	3.8	(2.2)	14.5	(5.5)
Cost of Sales | Commodity Contract
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(0.2)	(0.3)	(0.2)	(0.1)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.0	0.0	(0.3)	(0.5)
Selling, General and Administrative Expenses | Foreign Exchange Contract
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	0.0	0.3	0.3	0.3
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.1	0.0	0.5	$ (0.2)
Other Expense | Foreign Exchange Contract
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ (0.5)	$ (1.0)	$ (0.3)

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GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Changes In Goodwill Table Text Block

A reconciliation of changes in the Company’s goodwill is as follows:

(in millions)	Dental Consumables, Endodontic and Dental Laboratory Businesses			Healthcare, Orthodontic and Implant Businesses			Select Developed and Emerging Markets Businesses			Total
Balance at December 31, 2014	$	565.7		$	1,394.4		$	129.2		$	2,089.3
Effects of exchange rate changes	(6.5		)	(86.4		)	(12.1		)	(105.0		)
Balance at September 30, 2015	$	559.2		$	1,308.0		$	117.1		$	1,984.3

Reconciliation of Changes in the Company's Goodwill

Identifiable definite-lived and indefinite-lived intangible assets consist of the following:

	September 30, 2015							December 31, 2014
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents	$	165.3	$	(93.2	)	$	72.1	$	175.2	$	(95.5	)	$	79.7
Trademarks	64.1		(35.1		)	29.0		75.6		(37.1		)	38.5
Licensing agreements	34.0		(24.4		)	9.6		34.6		(22.8		)	11.8
Customer relationships	429.7		(120.2		)	309.5		452.9		(104.7		)	348.2
Total definite-lived	$	693.1	$	(272.9	)	$	420.2	$	738.3	$	(260.1	)	$	478.2
Indefinite-lived Trademarks and In-process R&D	$	180.2	$	—		$	180.2	$	192.6	$	—		$	192.6
Total identifiable intangible assets	$	873.3	$	(272.9	)	$	600.4	$	930.9	$	(260.1	)	$	670.8

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FINANCIAL INSTRUMENTS AND DERIVATIVES Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivative Asset [Abstract]
Derivative Asset, Not Subject to Master Netting Arrangement	$ 35.4	$ 48.8
Derivative Asset	35.4	48.8
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities	7.6	9.1
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Asset, Fair Value, Amount Offset Against Collateral	27.8	39.7
Derivative Liability [Abstract]
Derivative Liability, Not Subject to Master Netting Arrangement	8.0	10.7
Derivative Liability	8.0	10.7
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities	(7.6)	(9.2)
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Liability, Fair Value, Amount Offset Against Collateral	0.4	1.5
Foreign Exchange Contract
Derivative Asset [Abstract]
Derivative Asset, Not Subject to Master Netting Arrangement	35.2	45.4
Derivative Asset	35.2	45.4
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities	7.6	7.8
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Asset, Fair Value, Amount Offset Against Collateral	27.6	37.6
Derivative Liability [Abstract]
Derivative Liability, Not Subject to Master Netting Arrangement	6.2	9.2
Derivative Liability	6.2	9.2
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities	(6.2)	(8.2)
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Liability, Fair Value, Amount Offset Against Collateral	0.0	1.0
Commodity Contract
Derivative Asset [Abstract]
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Liability [Abstract]
Derivative Liability, Not Subject to Master Netting Arrangement	0.2	0.2
Derivative Liability	0.2	0.2
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities	0.0	0.0
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Liability, Fair Value, Amount Offset Against Collateral	0.2	0.2
Interest Rate Swap
Derivative Asset [Abstract]
Derivative Asset, Not Subject to Master Netting Arrangement	0.2	0.7
Derivative Asset	0.2	0.7
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities	0.0	0.2
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Asset, Fair Value, Amount Offset Against Collateral	0.2	0.5
Derivative Liability [Abstract]
Derivative Liability, Not Subject to Master Netting Arrangement	1.6	1.2
Derivative Liability	1.6	1.2
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities	(1.4)	(1.0)
Derivative, Collateral, Obligation to Return Cash	0.0	0.0
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 0.2	0.2
Cross Currency Basis Swaps Member
Derivative Asset [Abstract]
Derivative Asset, Not Subject to Master Netting Arrangement		2.7
Derivative Asset		2.7
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities		1.1
Derivative, Collateral, Obligation to Return Cash		0.0
Derivative Asset, Fair Value, Amount Offset Against Collateral		1.6
Derivative Liability [Abstract]
Derivative, Collateral, Obligation to Return Cash		$ 0.0

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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The Company performed the required annual impairment tests of goodwill as of April 30, 2015 on 16 reporting units. As discussed in Note 6, Segment Information, effective in the first quarter of 2015, the Company realigned reporting responsibilities for multiple locations.  For any realignment that resulted in reporting unit changes, the Company applied the relative fair value method to determine the reallocation of goodwill of the associated reporting units.

To determine the fair value of the Company’s reporting units, the Company uses a discounted cash flow model with market-based support as its valuation technique to measure the fair value for its reporting units. The discounted cash flow model uses five-year forecasted cash flows plus a terminal value based on a multiple of earnings. In addition, the Company applies gross margin and operating expense assumptions consistent with historical trends. The total cash flows were discounted based on a range between 7.6% to 12.5%, which included assumptions regarding the Company’s weighted-average cost of capital. The Company considered the current market conditions both in the U.S. and globally, when determining its assumptions. Lastly, the Company reconciled the aggregated fair values of its reporting units to its market capitalization, which included a reasonable control premium based on market conditions. As a result of the annual impairment tests of goodwill, no impairment was identified.

In addition, the Company assessed the annual impairment of indefinite-lived intangible assets as of April 30, 2015, which largely consists of acquired tradenames, in conjunction with the annual impairment tests of goodwill. The performance of the Company’s annual impairment test did not result in any impairment of the Company’s indefinite-lived assets.

A reconciliation of changes in the Company’s goodwill is as follows:

(in millions)	Dental Consumables, Endodontic and Dental Laboratory Businesses			Healthcare, Orthodontic and Implant Businesses			Select Developed and Emerging Markets Businesses			Total
Balance at December 31, 2014	$	565.7		$	1,394.4		$	129.2		$	2,089.3
Effects of exchange rate changes	(6.5		)	(86.4		)	(12.1		)	(105.0		)
Balance at September 30, 2015	$	559.2		$	1,308.0		$	117.1		$	1,984.3

Identifiable definite-lived and indefinite-lived intangible assets consist of the following:

	September 30, 2015							December 31, 2014
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patents	$	165.3	$	(93.2	)	$	72.1	$	175.2	$	(95.5	)	$	79.7
Trademarks	64.1		(35.1		)	29.0		75.6		(37.1		)	38.5
Licensing agreements	34.0		(24.4		)	9.6		34.6		(22.8		)	11.8
Customer relationships	429.7		(120.2		)	309.5		452.9		(104.7		)	348.2
Total definite-lived	$	693.1	$	(272.9	)	$	420.2	$	738.3	$	(260.1	)	$	478.2
Indefinite-lived Trademarks and In-process R&D	$	180.2	$	—		$	180.2	$	192.6	$	—		$	192.6
Total identifiable intangible assets	$	873.3	$	(272.9	)	$	600.4	$	930.9	$	(260.1	)	$	670.8

During the nine months ended September 30, 2015, the Company impaired a trademark for $3.7 million that was held in the Dental Consumable, Endodontics and Dental Laboratory Businesses segment which was recorded in “Restructuring and other costs” in the Consolidated Statements of Operations.

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SIGNIFICANT ACCOUNTING POLICIES Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	$ 4.8		$ 8.5
Other noncurrent assets, net	54.2		90.5
Notes payable and current portion of long-term debt	453.2		111.8
Long-term debt	701.9		1,150.1
Corporate Bond Securities
Significant Accounting Policies [Line Items]
Sales, gross	47.7
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	0.0		57.7
Trade Accounts Receivable
Significant Accounting Policies [Line Items]
Allowance for Doubtful Accounts Receivable, Current	$ 10.0		8.8
Adjustments for New Accounting Principle, Early Adoption [Member]
Significant Accounting Policies [Line Items]
Other noncurrent assets, net		$ 57.7	90.5
Notes payable and current portion of long-term debt		246.7	111.8
Long-term debt		1,076.2	1,150.1
Scenario, Previously Reported | Adjustments for New Accounting Principle, Early Adoption [Member]
Significant Accounting Policies [Line Items]
Other noncurrent assets, net		61.3	94.3
Notes payable and current portion of long-term debt		247.6	112.8
Long-term debt		1,078.8	1,152.9
Restatement Adjustment | Adjustments for New Accounting Principle, Early Adoption [Member]
Significant Accounting Policies [Line Items]
Other noncurrent assets, net		(3.6)	(3.8)
Notes payable and current portion of long-term debt		(0.9)	(1.0)
Long-term debt		$ (2.6)	$ (2.8)

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Accounts and Notes Receivable-Trade

The Company records a provision for doubtful accounts, which is included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

Accounts and notes receivables – trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $10.0 millionat September 30, 2015 and $8.8 million at December 31, 2014.

New Accounting Pronouncements, Policy

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2018. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal was approved on July 9, 2015. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance.

In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability. Retrospective application is required. The amendments in this standard are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted this standard during the second quarter of 2015, applying retrospective application to the periods presented below. The following is a summary of the adjustment to the financial statement line items impacted by this accounting update:

December 31, 2014
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	94.3	$	(3.8	)	$	90.5
Notes payable and current portion of long-term debt	112.8		(1.0		)	111.8
Long-term debt	1,152.9		(2.8		)	1,150.1

March 31, 2015
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	61.3	$	(3.6	)	$	57.7
Notes payable and current portion of long-term debt	247.6		(0.9		)	246.7
Long-term debt	1,078.8		(2.6		)	1,076.2

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” This newly issued accounting standard requires that an entity measure inventory at the lower of cost or net realizable value, as opposed to the lower of cost or market value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Excluded from this update are the Last In First Out (“LIFO”) and retail inventory methods of accounting for inventory. The amendments in this standard are effective for fiscal years beginning after December 15, 2016 and for interim periods within fiscal years beginning after December 15, 2017. Prospective application is required for presentation purposes. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In September 2015, the FASB issued 2015-16, “Simplifying Accounting for Measurement Period Adjustments.” This newly issued accounting standard seeks to simplify the accounting related to Business Combinations. Current US GAAP requires retrospective adjustment for provisional amounts recognized during the measurement periods when facts and circumstances that existed at the measurement date, if known, would have affected the measurement of the accounts initially recognized. This standard eliminates the requirement for retrospective adjustments and requires adjustments to the Financial Statements as needed in current period earnings for the full effect of changes. The adoption of this standard is required for interim and fiscal periods ending after December 15, 2015 and is not permitted to be adopted retrospectively. As such, the Company will incorporate this standard into the accounting and reporting for all future business combinations that take place once the standard becomes effective.

Description of New Accounting Pronouncements Not yet Adopted

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2018. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal was approved on July 9, 2015. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance.

In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability. Retrospective application is required. The amendments in this standard are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted this standard during the second quarter of 2015, applying retrospective application to the periods presented below. The following is a summary of the adjustment to the financial statement line items impacted by this accounting update:

December 31, 2014
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	94.3	$	(3.8	)	$	90.5
Notes payable and current portion of long-term debt	112.8		(1.0		)	111.8
Long-term debt	1,152.9		(2.8		)	1,150.1

March 31, 2015
(in millions)	As Reported
Consolidated Balance Sheet Line Item	Balance		Adjustment			Adjusted Balance
Other noncurrent assets, net	$	61.3	$	(3.6	)	$	57.7
Notes payable and current portion of long-term debt	247.6		(0.9		)	246.7
Long-term debt	1,078.8		(2.6		)	1,076.2

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” This newly issued accounting standard requires that an entity measure inventory at the lower of cost or net realizable value, as opposed to the lower of cost or market value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Excluded from this update are the Last In First Out (“LIFO”) and retail inventory methods of accounting for inventory. The amendments in this standard are effective for fiscal years beginning after December 15, 2016 and for interim periods within fiscal years beginning after December 15, 2017. Prospective application is required for presentation purposes. The adoption of this standard is not expected to impact the Company’s financial position or results of operations.

In September 2015, the FASB issued 2015-16, “Simplifying Accounting for Measurement Period Adjustments.” This newly issued accounting standard seeks to simplify the accounting related to Business Combinations. Current US GAAP requires retrospective adjustment for provisional amounts recognized during the measurement periods when facts and circumstances that existed at the measurement date, if known, would have affected the measurement of the accounts initially recognized. This standard eliminates the requirement for retrospective adjustments and requires adjustments to the Financial Statements as needed in current period earnings for the full effect of changes. The adoption of this standard is required for interim and fiscal periods ending after December 15, 2015 and is not permitted to be adopted retrospectively. As such, the Company will incorporate this standard into the accounting and reporting for all future business combinations that take place once the standard becomes effective.

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FAIR VALUE MEASUREMENT Financial Assets and Liabilities that are Recorded at Fair Value and Classified Based on the Lowest Level of Input (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 35.4	$ 106.6
Liabilities	53.2	116.7
Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.2	0.8
Liabilities	1.6	1.1
Commodity Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0.2	0.2
Cross Currency Interest Rate Swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		2.7
Foreign Exchange Forward
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	35.2	45.4
Liabilities	6.2	9.2
Corporate Bond Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		57.7
Long-term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	45.2	106.1
Dio Equity Option Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		0.1
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Liabilities	0.0	0.0
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	35.4	48.9
Liabilities	53.2	116.6
Fair Value, Inputs, Level 2 | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.2	0.8
Liabilities	1.6	1.1
Fair Value, Inputs, Level 2 | Commodity Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0.2	0.2
Fair Value, Inputs, Level 2 | Cross Currency Interest Rate Swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		2.7
Fair Value, Inputs, Level 2 | Foreign Exchange Forward
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	35.2	45.4
Liabilities	6.2	9.2
Fair Value, Inputs, Level 2 | Long-term Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	45.2	106.1
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	57.7
Liabilities	$ 0.0	0.1
Fair Value, Inputs, Level 3 | Corporate Bond Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		57.7
Fair Value, Inputs, Level 3 | Dio Equity Option Contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		$ 0.1

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total DENTSPLY International Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2013	$ 2,577.9	$ 1.6	$ 255.3	$ 3,095.7	$ (69.1)	$ (748.5)	$ 2,535.0	$ 42.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	238.2			238.1			238.1	0.1
Other comprehensive (loss) gain	(178.9)				(178.5)		(178.5)	(0.4)
Other comprehensive (loss) gain	(184.4)
Acquisition of noncontrolling interest	(82.7)		(35.8)		(5.5)		(41.3)	(41.4)
Exercise of stock options	18.7		(3.3)			22.0	18.7
Tax benefit from stock options exercised	0.4		0.4				0.4
Share based compensation expense	19.9		19.9				19.9
Funding of Employee Stock Ownership Plan	5.9		1.5			4.4	5.9
Treasury shares purchased	(70.7)					(70.7)	(70.7)
RSU distributions	(4.3)					6.9	(4.3)
RSU dividends				(0.2)
Cash dividends ($0.21750 per share)	(28.2)			(28.2)			(28.2)
Ending Balance at Sep. 30, 2014	2,496.2	1.6	227.0	3,305.4	(253.1)	(785.9)	2,495.0	1.2
Beginning Balance at Dec. 31, 2014	2,322.2	1.6	221.7	3,380.7	(441.1)	(841.6)	2,321.3	0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	192.5			192.6			192.6	(0.1)
Other comprehensive (loss) gain	(145.8)				(146.4)		(146.4)	0.6
Exercise of stock options	27.0		(6.2)				27.0
Tax benefit from stock options exercised	10.0		10.0				10.0
Share based compensation expense	19.4		19.4				19.4
Funding of Employee Stock Ownership Plan	4.8		1.1			3.7	4.8
Treasury shares purchased	(112.7)					(112.7)	(112.7)
RSU distributions	(5.6)		(14.3)			8.7	(5.6)
RSU dividends			0.3	(0.3)
Cash dividends ($0.21750 per share)	(30.3)			(30.3)
Ending Balance at Sep. 30, 2015	$ 2,281.5	$ 1.6	$ 232.0	$ 3,542.7	$ (587.5)	$ (908.7)	$ 2,280.1	$ 1.4

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 84.4	$ 75.3	$ 192.5	$ 238.2
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(37.7)	(198.6)	(150.6)	(227.3)
Net gain on derivative financial instruments	1.1	35.9	9.0	38.1
Net unrealized holding (loss) gain on available-for-sale securities	(78.8)	3.6	(8.5)	(0.2)
Pension liability adjustments	2.9	3.8	4.3	5.0
Total other comprehensive income (loss), net of tax	(112.5)	(155.3)	(145.8)	(184.4)
Total comprehensive income	(28.1)	(80.0)	46.7	53.8
Less: Comprehensive income attributable to noncontrolling interests	0.0	(0.3)	0.5	(0.4)
Net (decrease) increase in other comprehensive income	$ (28.1)	$ (79.7)	$ 46.2	$ 54.2

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RESTRUCTURING AND OTHER COSTS

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER COSTS

RESTRUCTURING AND OTHER COSTS

Restructuring Costs

During the three and nine months ended September 30, 2015, the Company recorded net restructuring costs and other costs of $6.6 million and $50.9 million, respectively. On May 22, 2015, the Company announced that it reorganized portions of its laboratory business and associated manufacturing capabilities within the Dental Consumables, Endodontics and Dental Laboratory Businesses segment. During the nine months ended September 2015 , the Company recorded $34.0 million of costs that consist primarily of employee severance benefits related to these and other similar actions. Also during the nine months ended September 30, 2015, the Company recorded restructuring costs of $10.2 million within the Healthcare, Orthodontic and Implant Businesses segment primarily related to the global efficiency initiative During the three and nine months ended September 30, 2014, the Company recorded net restructuring and other costs of $2.5 million and $4.5 million, respectively. These costs are recorded in “Restructuring and other costs” in the Consolidated Statements of Operations and the associated liabilities are recorded in “Accrued liabilities” in the Consolidated Balance Sheets.

At September 30, 2015, the Company’s restructuring accruals were as follows:

	Severance
(in millions)	2013 and Prior Plans			2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	0.9		$	5.1		$	—		$	6.0
Provisions	0.1			0.5			44.8			45.4
Amounts applied	(0.6		)	(3.4		)	(11.3		)	(15.3		)
Change in estimates	(0.1		)	(0.2		)	(1.3		)	(1.6		)
Balance at September 30, 2015	$	0.3		$	2.0		$	32.2		$	34.5

	Lease/Contract Terminations
(in millions)	2013 and Prior Plans			2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	0.5		$	1.7		$	—		$	2.2
Provisions	—			—			1.1			1.1
Amounts applied	(0.2		)	(0.5		)	(0.4		)	(1.1		)
Change in estimates	—			—			—			—
Balance at September 30, 2015	$	0.3		$	1.2		$	0.7		$	2.2

	Other Restructuring Costs
(in millions)	2013 and Prior Plans		2014 Plans			2015 Plans			Total
Balance at December 31, 2014	$	—	$	1.1		$	—		$	1.1
Provisions	—		0.2			2.6			2.8
Amounts applied	—		(0.8		)	(1.9		)	(2.7		)
Change in estimate	—		(0.1		)	—			(0.1		)
Balance at September 30, 2015	$	—	$	0.4		$	0.7		$	1.1

The following table provides the year-to-date changes in the restructuring accruals by segment:

(in millions)	December 31, 2014		Provisions		Amounts Applied			Change in Estimates			September 30, 2015
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	5.3	$	34.7	$	(10.2	)	$	(1.0	)	$	28.8
Healthcare, Orthodontic and Implant Businesses	3.8		11.7		(8.1		)	(0.7		)	6.7
Select Developed and Emerging Markets Businesses	0.1		1.1		(0.4		)	—			0.8
All Other	0.1		1.8		(0.4		)	—			1.5
Total	$	9.3	$	49.3	$	(19.1	)	$	(1.7	)	$	37.8

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 27, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	DENTSPLY INTERNATIONAL INC /DE/
Entity Central Index Key	0000818479
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Trading Symbol	XRAY
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		139,866,493

XML

FINANCIAL INSTRUMENTS AND DERIVATIVES

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instrument and Derivatives

FINANCIAL INSTRUMENTS AND DERIVATIVES

Derivative Instruments and Hedging Activities

The Company’s activities expose it to a variety of market risks, which primarily include the risks related to the effects of changes in foreign currency exchange rates, interest rates and commodity prices. These financial exposures are monitored and managed by the Company as part of its overall risk management program. The objective of this risk management program is to reduce the volatility that these market risks may have on the Company’s operating results and equity. The Company employs derivative financial instruments to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. Additionally, the Company utilizes interest rate swaps to convert variable rate debt to fixed rate debt and to convert fixed rate debt to variable rate debt, cross currency basis swaps to convert debt denominated in one currency to another currency and commodity swaps to fix certain variable raw material costs.

Derivative Instruments Designated as Hedging

Cash Flow Hedges

The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	330.1	$	246.6
Interest rate swaps	171.3		66.7
Commodity contracts	1.2		1.0
Total derivative instruments designated as cash flow hedges	$	502.6	$	314.3

Foreign Exchange Risk Management

The Company uses a layered hedging program to hedge select anticipated foreign currency cash flows to reduce volatility in both cash flows and reported earnings of the consolidated Company. The Company accounts for the designated foreign exchange forward contracts as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the tested effectiveness of the foreign exchange forward contracts. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded in the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time value component of the fair value of the derivative is deemed ineffective and is reported currently in “Other expense (income), net” in the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in cash from operating activities in the Consolidated Statements of Cash Flows. The Company hedges various currencies, with the most significant activity occurring in euros, Swedish kronor, Canadian dollars, and Swiss francs.

These foreign exchange forward contracts generally have maturities up to 18 months and the counterparties to the transactions are typically large international financial institutions.

Interest Rate Risk Management

The Company uses interest rate swaps to convert a portion of its variable interest rate debt to fixed interest rate debt. At September 30, 2015, the Company has two significant exposures hedged with interest rate contracts. One exposure is hedged with derivative contracts having notional amounts totaling 12.6 billion Japanese yen, which effectively converts the underlying variable interest rate debt facility to a fixed interest rate of 0.2% for an initial term of five years ending September 2019. Another exposure hedged with derivative contracts has a notional amount of 65.0 million Swiss francs, and effectively converts the underlying variable interest rate of a Swiss franc denominated loan to a fixed interest rate of 0.7% for an initial term of five years, ending in September 2016.

The Company enters into interest rate swap contracts infrequently as they are only used to manage interest rate risk on long-term debt instruments and not for speculative purposes. Any cash flows associated with these instruments are included in cash from operating activities in the Consolidated Statements of Cash Flows.

Commodity Risk Management

The Company enters into precious metal commodity swap contracts to effectively fix certain variable raw material costs typically for up to 18 months. These swaps are used to stabilize the cost of components used in the production of certain products. The Company generally accounts for the commodity swaps as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the tested effectiveness of the commodity swaps. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded in the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time value component of the fair value of the derivative is deemed ineffective and is reported currently in “Interest expense” in the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in cash from operating activities in the Consolidated Statements of Cash Flows.

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the three months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(0.1	)	Interest expense	$	(1.1	)	$	—
Foreign exchange forward contracts	(2.9		)	Cost of products sold	3.8			—
Foreign exchange forward contracts	—			SG&A expenses	0.1			—
Commodity contracts	(0.2		)	Cost of products sold	—			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.5		)
Total in cash flow hedging	$	(3.2	)		$	2.8		$	(0.5	)

September 30, 2014
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	0.3		Interest expense	$	(1.0	)	$	—
Foreign exchange forward contracts	7.5			Cost of products sold	(2.2		)	—
Foreign exchange forward contracts	0.3			SG&A expenses	—			—
Commodity contracts	(0.3		)	Cost of products sold	—			—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(1.0		)
Total for cash flow hedging	$	7.8			$	(3.2	)	$	(1.0	)

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the nine months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(1.4	)	Interest expense	$	(3.1	)	$	—
Foreign exchange forward contracts	19.1			Cost of products sold	14.5			—
Foreign exchange forward contracts	0.3			SG&A expenses	0.5			—
Commodity contracts	(0.2		)	Cost of products sold	(0.3		)	—
Ineffective Portion:
Foreign exchange forward contracts	—			Other expense (income), net	—			(0.3		)
Total in cash flow hedging	$	17.8			$	11.6		$	(0.3	)

September 30, 2014
	Gain (Loss) in AOCI			Consolidated Statements of Operations Location	Effective Portion Reclassified from AOCI into Income (Expense)			Ineffective Portion Recognized in Income (Expense)
(in millions)
Effective Portion:
Interest rate swaps	$	(0.2	)	Interest expense	$	(2.8	)	$	—
Foreign exchange forward contracts	3.9			Cost of products sold	(5.5		)	—
Foreign exchange forward contracts	0.3			SG&A expenses	(0.2		)	—
Commodity contracts	(0.1		)	Cost of products sold	(0.5		)	—
Total for cash flow hedging	$	3.9			$	(9.0	)	$	—

Overall, the derivatives designated as cash flow hedges are considered to be highly effective. At September 30, 2015, the Company expects to reclassify $3.3 million of deferred net gains on cash flow hedges recorded in AOCI to the Consolidated Statements of Operations during the next 12 months. This reclassification is primarily due to the sale of inventory that includes hedged purchases and recognized interest expense on interest rate swaps. The term over which the Company is hedging exposures to variability of cash flows (for all forecasted transactions, excluding interest payments on variable interest rate debt) is typically 18 months.

For the rollforward of derivative instruments designated as cash flow hedges in AOCI see Note 3, Comprehensive Income.

Hedges of Net Investments in Foreign Operations

The Company has significant investments in foreign subsidiaries the most significant of which are denominated in euros, Swiss francs, Japanese yen and Swedish kronor. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company employs both derivative and non-derivative financial instruments to hedge a portion of this exposure . The derivative instruments consist of foreign exchange forward contracts and cross currency basis swaps. The non-derivative instruments consist of foreign currency denominated debt held at the parent company level. Translation gains and losses related to the net assets of the foreign subsidiaries are offset by gains and losses in derivative and non-derivative financial instruments designated as hedges of net investments, which are included in AOCI. Any cash flows associated with these instruments are included in investing activities in the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, in which case all cash flows will be classified as financing activities in the Consolidated Statements of Cash Flows.

The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	409.9	$	226.2

The fair value of the cross currency basis swaps and foreign exchange forward contracts is the estimated amount the Company would receive or pay at the reporting date, taking into account the effective interest rates, cross currency swap basis rates and foreign exchange rates. The effective portion of the change in the value of these derivatives is recorded in AOCI, net of tax effects.

The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and other income (expense) in the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	9.5	Other expense (income), net	$	2.0
Total for net investment hedging	$	9.5		$	2.0

September 30, 2014
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	22.4	Interest income	$	0.5
			Interest expense	(1.7		)
Foreign exchange forward contracts	21.2		Other expense (income), net	0.5
Total for net investment hedging	$	43.6		$	(0.7	)

The following table summarizes the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and other income (expense) in the Company’s Consolidated Statement of Operations related to the hedges of net investments for the nine months ended September 30, 2015 and 2014:

September 30, 2015
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Foreign exchange forward contracts	$	6.1	Other expense (income), net	$	2.8
Total for net investment hedging	$	6.1		$	2.8

September 30, 2014
	Gain (Loss) in AOCI		Consolidated Statements of Operations Location	Recognized in Income (Expense)
(in millions)
Effective Portion:
Cross currency basis swaps	$	19.3	Interest income	$	1.9
			Interest expense	(1.6		)
Foreign exchange forward contracts	25.5		Other expense (income), net	0.7
Total for net investment hedging	$	44.8		$	1.0

Fair Value Hedges

The Company uses interest rate swaps to convert a portion of its fixed interest rate debt to variable interest rate debt. The Company has U.S. dollar denominated interest rate swaps with an initial total notional value of $150.0 million to effectively convert the underlying fixed interest rate of 4.1% on the Company’s $250.0 million Private Placement Notes (“PPN”) to variable rate for an initial term of five years, ending February 2016. The notional value of the swaps will decline proportionately as portions of the PPN mature. These interest rate swaps are designated as fair value hedges of the interest rate risk associated with the hedged portion of the fixed rate PPN. Accordingly, the Company will carry the portion of the hedged debt at fair value, with the change in debt and swaps offsetting each other in the Consolidated Statements of Operations. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

The following table summarizes the notional amounts of fair value hedges by derivative instrument type at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Interest rate swaps	$	45.0	$	45.0

The following tables summarize the amount of income (expense) recorded in the Company’s Consolidated Statements of Operations related to the hedges of fair value for the three and nine months ended September 30, 2015 and 2014:

	Consolidated Statements of Operations Location
		Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)		2015		2014			2015		2014
Interest rate swaps	Interest expense	$	0.1	$	(0.1	)	$	0.2	$	0.1

Derivative Instruments Not Designated as Hedges

The Company enters into derivative instruments with the intent to partially mitigate the foreign exchange revaluation risk associated with recorded assets and liabilities that are denominated in a non-functional currency. The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances and are recorded in “Other expense (income), net” in the Consolidated Statements of Operations. The Company primarily uses foreign exchange forward contracts and cross currency basis swaps to hedge these risks. Any cash flows associated with the foreign exchange forward contracts and interest rate swaps not designated as hedges are included in cash from operating activities in the Consolidated Statements of Cash Flows. Any cash flows associated with the cross currency basis swaps not designated as hedges are included in investing activities in the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, in which case the cash flows will be classified as financing activities in the Consolidated Statements of Cash Flows.

The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at September 30, 2015 and the notional amounts expected to mature during the next 12 months:

	Aggregate  Notional  Amount		Aggregate Notional Amount Maturing within 12 Months
(in millions)
Foreign exchange forward contracts	$	428.5	$	423.3
Interest rate swaps	2.0		0.8
Total for instruments not designated as hedges	$	430.5	$	424.1

The Company had a Swiss franc denominated cross currency basis swaps to offset an intercompany Swiss franc note receivable at a U.S. dollar functional entity. The hedge matured during the second quarter of 2015 to coincide with the repayment of the note.

The following table summarizes the amounts of gains (losses) recorded in the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the three and nine months ended September 30, 2015 and 2014:

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Three Months Ended September 30,
(in millions)		2015			2014
Foreign exchange forward contracts (a)	Other expense (income), net	$	(4.1	)	$	36.8
Cross currency basis swaps (a)	Other expense (income), net	—			(40.6		)
Total for instruments not designated as hedges		$	(4.1	)	$	(3.8	)

(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” in the Consolidated Statements of Operations.

	Consolidated Statements of Operations Location	Gain (Loss) Recognized
		Nine Months Ended September 30,
(in millions)		2015			2014
Foreign exchange forward contracts (a)	Other expense (income), net	$	3.7		$	31.6
DIO equity option contracts	Other expense (income), net	0.1			(0.2		)
Cross currency basis swaps (a)	Other expense (income), net	(1.8		)	(43.8		)
Total for instruments not designated as hedges		$	2.0		$	(12.4	)

(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” in the Consolidated Statements of Operations.

Consolidated Balance Sheets Location of Derivative Fair Values

The following tables summarize the fair value and consolidated balance sheet location of the Company’s derivatives at September 30, 2015 and December 31, 2014:

	September 30, 2015
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	25.4	$	4.7	$	1.1	$	1.1
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.2		—		1.4		0.1
Total	$	25.6	$	4.7	$	2.7	$	1.2
Not Designated as Hedges
Foreign exchange forward contracts	$	5.1	$	—	$	4.1	$	—
Total	$	5.1	$	—	$	4.1	$	—

	December 31, 2014
(in millions)	Prepaid Expenses and Other Current Assets, Net		Other Noncurrent Assets, Net		Accrued Liabilities		Other Noncurrent Liabilities
Designated as Hedges
Foreign exchange forward contracts	$	28.1	$	12.5	$	2.7	$	1.7
Commodity contracts	—		—		0.2		—
Interest rate swaps	0.6		0.1		0.6		0.4
Total	$	28.7	$	12.6	$	3.5	$	2.1
Not Designated as Hedges
Foreign exchange forward contracts	$	4.8	$	—	$	4.8	$	—
DIO equity option contracts	—		—		—		0.1
Interest rate swaps	—		—		—		0.1
Cross currency basis swaps	2.7		—		—		—
Total	$	7.5	$	—	$	4.8	$	0.2

Balance Sheet Offsetting

Substantially all of the Company’s derivative contracts are subject to netting arrangements, whereby the right to offset occurs in the event of default or termination in accordance with the terms of the arrangements with the counterparty. While these contracts contain the enforceable right to offset through netting arrangements with the same counterparty, the Company elects to present them on a gross basis in the Consolidated Balance Sheets.

Offsetting of financial assets and liabilities under netting arrangements at September 30, 2015:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	35.2	$	—	$	35.2	$	(7.6	)	$	—	$	27.6
Interest rate swaps	0.2		—		0.2		—			—		0.2
Total Assets	$	35.4	$	—	$	35.4	$	(7.6	)	$	—	$	27.8

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	6.2	$	—	$	6.2	$	(6.2	)	$	—	$	—
Commodity contracts	0.2		—		0.2		—			—		0.2
Interest rate swaps	1.6		—		1.6		(1.4		)	—		0.2
Total Liabilities	$	8.0	$	—	$	8.0	$	(7.6	)	$	—	$	0.4

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2014:

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Assets
Foreign exchange forward contracts	$	45.4	$	—	$	45.4	$	(7.8	)	$	—	$	37.6
Interest rate swaps	0.7		—		0.7		(0.2		)	—		0.5
Cross currency basis swaps	2.7		—		2.7		(1.1		)	—		1.6
Total Assets	$	48.8	$	—	$	48.8	$	(9.1	)	$	—	$	39.7

							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received/Pledged		Net Amount
Liabilities
Foreign exchange forward contracts	$	9.2	$	—	$	9.2	$	(8.2	)	$	—	$	1.0
Commodity contracts	0.2		—		0.2		—			—		0.2
DIO equity option contracts	0.1		—		0.1		—			—		0.1
Interest rate swaps	1.2		—		1.2		(1.0		)	—		0.2
Total Liabilities	$	10.7	$	—	$	10.7	$	(9.2	)	$	—	$	1.5

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 236.4	$ 151.6
Accounts and notes receivables-trade, net	429.8	426.6
Inventories, net	361.3	387.1
Prepaid expenses and other current assets, net	180.6	241.7
Total Current Assets	1,208.1	1,207.0
Property, plant and equipment, net	555.2	588.9
Identifiable intangible assets, net	600.4	670.8
Goodwill, net	1,984.3	2,089.3
Other noncurrent assets, net	54.2	90.5
Total Assets	4,402.2	4,646.5
Current Liabilities:
Accounts payable	137.5	132.6
Accrued liabilities	309.1	379.2
Income taxes payable	33.6	29.0
Notes payable and current portion of long-term debt	453.2	111.8
Total Current Liabilities	933.4	652.6
Long-term debt	701.9	1,150.1
Deferred income taxes	152.9	165.6
Other noncurrent liabilities	332.5	356.0
Total Liabilities	$ 2,120.7	$ 2,324.3
Commitments and contingencies
Equity:
Preferred stock, $1.00 par value; .25 million shares authorized; no shares issued	$ 0.0	$ 0.0
Common stock, $.01 par value; 200.0 million shares authorized; 162.8 million shares issued at September 30, 2015 and December 31, 2014	1.6	1.6
Capital in excess of par value	232.0	221.7
Retained earnings	3,542.7	3,380.7
Accumulated other comprehensive loss	(587.5)	(441.1)
Treasury stock, at cost, 23.0 million and 21.9 million shares at September 30, 2015 and December 31, 2014, respectively	(908.7)	(841.6)
Total DENTSPLY International Equity	2,280.1	2,321.3
Noncontrolling interests	1.4	0.9
Total Equity	2,281.5	2,322.2
Total Liabilities and Equity	$ 4,402.2	$ 4,646.5

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EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014:

Basic Earnings Per Common Share Computation	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	2015		2014		2015		2014
Net income attributable to DENTSPLY International	$	84.5	$	75.3	$	192.6	$	238.1
Weighted average common shares outstanding	139.8		141.8		140.0		141.9
Earnings per common share - basic	$	0.60	$	0.53	$	1.38	$	1.68
Diluted Earnings Per Common Share Computation
(in millions, except per share amounts)
Net income attributable to DENTSPLY International	$	84.5	$	75.3	$	192.6	$	238.1
Weighted average common shares outstanding	139.8		141.8		140.0		141.9
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards	2.6		2.5		2.5		2.4
Total weighted average diluted shares outstanding	142.4		144.3		142.5		144.3
Earnings per common share - diluted	$	0.59	$	0.52	$	1.35	$	1.65

The calculation of weighted average diluted common shares outstanding excludes stock options and RSU of 0.8 million and 1.0 million shares of common stock that were outstanding during the three and nine months ended September 30, 2015, respectively, because their effect would be antidilutive. There were 0.9 million and 1.2 million antidilutive shares of common stock outstanding during the three and nine months ended September 30, 2014, respectively.

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COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2015

COMPREHENSIVE INCOME [Abstract]

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME

During the quarter ended September 30, 2015, foreign currency translation adjustments included currency translation gains of $2.3 million and gains on the Company’s loans designated as hedges of net investments of $0.5 million.  During the quarter ended September 30, 2014, foreign currency translation adjustments included currency translation gains of $201.8 million and gains of $9.0 million on the Company’s loans designated as hedges of net investments.  During the nine months ended September 30, 2015, foreign currency translation adjustments included currency translation losses of $150.4 million and losses on the Company’s loans designated as hedges of net investments of $0.8 million. During the nine months ended September 30, 2014, foreign currency translation adjustments included currency translation gains of $227.2 million and gains on the Company’s loans designated as hedges of net investments of $5.9 million. These amounts are recorded in AOCI, net of any related tax adjustments. At September 30, 2015 and December 31, 2014, these tax adjustments were $185.5 million and $195.4 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $267.5 million and $117.1 million at September 30, 2015 and December 31, 2014, respectively, and losses on loans designated as hedges of net investments of $96.2 million and $95.4 million, respectively.  These foreign currency translation adjustments were partially offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

Changes in AOCI, net of tax, by component for the nine months ended September 30, 2015 and 2014:

(in millions)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2014	$	(212.5	)	$	(10.8	)	$	(112.7	)	$	8.5		$	(113.6	)	$	(441.1	)
Other comprehensive income (loss) before reclassifications	(151.2		)	15.4			4.4			(4.8		)	—			(136.2		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(10.8		)	—			(3.7		)	4.3			(10.2		)
Net (decrease) increase in other comprehensive income	(151.2		)	4.6			4.4			(8.5		)	4.3			(146.4		)
Balance at September 30, 2015	$	(363.7	)	$	(6.2	)	$	(108.3	)	$	—		$	(109.3	)	$	(587.5	)

(in millions)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2013	$	141.0		$	(21.8	)	$	(151.1	)	$	12.7		$	(49.9	)	$	(69.1	)
Other comprehensive income (loss) before reclassifications	(221.3		)	4.5			27.5			(0.2		)	3.6			(185.9		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			6.0			—			—			1.4			7.4
Net (decrease) increase in other comprehensive income	(221.3		)	10.5			27.5			(0.2		)	5.0			(178.5		)
Foreign currency translation related to acquisition of noncontrolling interests	(5.5		)	—			—			—			—			(5.5		)
Balance at September 30, 2014	$	(85.8	)	$	(11.3	)	$	(123.6	)	$	12.5		$	(44.9	)	$	(253.1	)

Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014:

(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Three Months Ended September 30,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(1.1	)	$	(1.0	)	Interest expense
Foreign exchange forward contracts	3.8			(2.2		)	Cost of products sold
Foreign exchange forward contracts	0.1			—			SG&A expenses
	2.8			(3.2		)	Net gain (loss) before tax
	(0.2		)	1.3			Tax (expense) benefit
	$	2.6		$	(1.9	)	Net of tax
Net unrealized holding gain (loss) on available-for-sale securities:
Available-for-sale securities	$	(5.1	)	$	—		Other expense (income), net
	1.4			—			Tax expense
	$	(3.7	)	$	—		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	—		$	—		(a)
Amortization of net actuarial losses	(2.0		)	(0.7		)	(a)
	(2.0		)	(0.7		)	Net loss before tax
	0.6			0.2			Tax benefit
	$	(1.4	)	$	(0.5	)	Net of tax
Total reclassifications for the period	$	1.2		$	(2.4	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended September 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).

(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Nine Months Ended September 30,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(3.1	)	$	(2.8	)	Interest expense
Foreign exchange forward contracts	14.5			(5.5		)	Cost of products sold
Foreign exchange forward contracts	0.5			(0.2		)	SG&A expenses
Commodity contracts	(0.3		)	(0.5		)	Cost of products sold
	11.6			(9.0		)	Net gain (loss) before tax
	(0.8		)	3.0			Tax (expense) benefit
	$	10.8		$	(6.0	)	Net of tax
Net unrealized holding gain (loss) on available-for-sale securities:
Available-for-sale securities	$	(5.1	)	$	—		Other expense (income), net
	1.4			—			Tax expense
	$	(3.7	)	$	—		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	0.1		$	0.1		(a)
Amortization of net actuarial losses	(6.1		)	(2.1		)	(a)
	(6.0		)	(2.0		)	Net loss before tax
	1.7			0.6			Tax benefit
	$	(4.3	)	$	(1.4	)	Net of tax
Total reclassifications for the period	$	6.5		$	(7.4	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the nine months ended September 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Litigation

On June 18, 2004, Marvin Weinstat, DDS and Richard Nathan, DDS filed a class action suit in San Francisco County, California alleging that the Company misrepresented that its Cavitron® ultrasonic scalers are suitable for use in oral surgical procedures. The Complaint seeks a recall of the product and refund of its purchase price to dentists who have purchased it for use in oral surgery. The Court certified the case as a class action in June 2006 with respect to the breach of warranty and unfair business practices claims. The class that was certified is defined as California dental professionals who, at any time during the period beginning June 18, 2000 through September 14, 2012, purchased and used one or more Cavitron® ultrasonic scalers for the performance of oral surgical procedures on their patients, which Cavitrons® were accompanied by Directions for Use that “Indicated” Cavitron® use for “periodontal debridement for all types of periodontal disease.” The case went to trial in September 2013, and on January 22, 2014, the San Francisco Superior Court issued its decision in the Company’s favor, rejecting all of the plaintiffs’ claims. The plaintiffs have appealed the Superior Court’s decision, and the appeal is now pending. The Company is defending against this appeal.

On December 12, 2006, a Complaint was filed by Carole Hildebrand, DDS and Robert Jaffin, DDS in the Eastern District of Pennsylvania (the Plaintiffs subsequently added Dr. Mitchell Goldman as a named class representative).  The case was filed by the same law firm that filed the Weinstat case in California.  The Complaint asserts putative class action claims on behalf of dentists located in New Jersey and Pennsylvania. The Complaint seeks damages and asserts that the Company’s Cavitron® ultrasonic scaler was negligently designed and sold in breach of contract and warranty arising from misrepresentations about the potential uses of the product because it cannot assure the delivery of potable or sterile water. Following grant of a Company Motion and dismissal of the case for lack of jurisdiction, the plaintiffs filed a second complaint under the name of Dr. Hildebrand’s corporate practice, Center City Periodontists, asserting the same allegations (this case is now proceeding under the name “Center City Periodontists”). The plaintiffs moved to have the case certified as a class action, to which the Company has objected and filed its brief. The Court subsequently granted a Motion filed by the Company and dismissed plaintiffs’ New Jersey Consumer Fraud and negligent design claims, leaving only a breach of express warranty claim, in response to which the Company has filed a Motion for Summary Judgment. The Court has rescheduled a hearing to January 2016 on plaintiffs’ class certification motion.

On January 20, 2014, the Company was served with a qui tam complaint filed by two former and one current employee of the Company under the Federal False Claims Act and equivalent state and city laws. The lawsuit was previously under seal in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges, among other things, that the Company engaged in various illegal marketing activities, and thereby caused dental and other healthcare professionals to file false claims for reimbursement with Federal and State governments. The relators seek injunctive relief, fines, treble damages, and attorneys’ fees and costs. On January 27, 2014, the United States filed with the Court a notice that it had elected not to intervene in the qui tam action at this time. The United States’ notice indicated that the named state and city co-plaintiffs had authorized the United States to communicate to the Court that they also had decided not to intervene at this time. These non-intervention decisions do not prevent the qui tam relators from litigating this action, and the United States and/or the named states and/or cities may seek to intervene in the action at a later time. On September 4, 2014, the Company’s motion to dismiss the complaint was granted in part and denied in part. The Company intends to vigorously defend itself in the litigation.

On October 2, 2015 and October 5, 2015, the Company and its wholly-owned subsidiary Dawkins Merger Sub Inc. (“Merger Sub”) were served with two separate putative class action complaints filed in the Court of Chancery of the State of Delaware by purported stockholders of Sirona Dental Systems, Inc. (“Sirona”) against the members of Sirona’s Board of Directors, the Company, and Merger Sub. The complaints allege that the Company and Merger Sub aided and abetted and/or assisted Sirona’s Board members in breaching their fiduciary duties to Sirona’s stockholders in connection with the Agreement and Plan of Merger entered into between the Company and Sirona on September 15, 2015. The Company intends to vigorously defend itself in this litigation.

The Company does not believe a loss is probable related to the above litigation. Further a reasonable estimate of a possible range of loss cannot be made. In the event that one or more of these matters is unfavorably resolved, it is possible the Company’s results from operations could be materially impacted.

In 2012, the Company received subpoenas from the United States Attorney’s Office for the Southern District of Indiana (the “USAO”) and from the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) requesting documents and information related to compliance with export controls and economic sanctions regulations by certain of its subsidiaries. The Company has voluntarily contacted OFAC and the Bureau of Industry and Security of the United States Department of Commerce (“BIS”), in connection with these matters as well as regarding compliance with export controls and economic sanctions regulations by certain other business units of the Company identified in connection with an internal review by the Company. On August 24, 2015, the Company entered into an extension of the tolling agreement originally entered into in August 2014, such that the statute of limitations is now tolled until September 1, 2016. The Company is cooperating with the USAO, OFAC and BIS with respect to these matters.

At this stage of the inquiries, the Company is unable to predict the ultimate outcome of these matters or what impact, if any, the outcome of these matters might have on the Company’s consolidated financial position, results of operations or cash flows. Violations of export control or economic sanctions laws or regulations could result in a range of governmental enforcement actions, including fines or penalties, injunctions and/or criminal or other civil proceedings, which actions could have a material adverse effect on the Company’s reputation, business, financial condition and results of operations. At this time, no claims have been made against the Company.

In addition to the matters disclosed above, the Company is, from time to time, subject to a variety of litigation and similar proceedings incidental to its business.  These legal matters primarily involve claims for damages arising out of the use of the Company’s products and services and claims relating to intellectual property matters including patent infringement, employment matters, tax matters, commercial disputes, competition and sales and trading practices, personal injury and insurance coverage. The Company may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, representations, warranties or indemnities provided in connection with, divested businesses.  Some of these lawsuits may include claims for punitive and consequential, as well as compensatory damages. Based upon the Company’s experience, current information and applicable law, it does not believe that these proceedings and claims will have a material adverse effect on its consolidated results of operations, financial position or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial condition, results of operations or liquidity.

While the Company maintains general, products, property, workers’ compensation, automobile, cargo, aviation, crime, fiduciary and directors’ and officers’ liability insurance up to certain limits that cover certain of these claims, this insurance may be insufficient or unavailable to cover such losses.  In addition, while the Company believes it is entitled to indemnification from third parties for some of these claims, these rights may also be insufficient or unavailable to cover such losses.

Purchase Commitments

From time to time, the Company enters into long-term inventory purchase commitments with minimum purchase requirements for raw materials and finished goods to ensure the availability of products for production and distribution.  These commitments may have a significant impact on levels of inventory maintained by the Company.

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FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

The Company records financial instruments at fair value with unrealized gains and losses related to certain financial instruments reflected in AOCI in the Consolidated Balance Sheets.  In addition, the Company recognizes certain liabilities at fair value.  The Company applies the market approach for recurring fair value measurements.  Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value of financial instruments is determined by reference to various market data and other valuation techniques as appropriate. The Company believes the carrying amounts of cash and cash equivalents, accounts receivable (net of allowance for doubtful accounts), prepaid expenses and other current assets, accounts payable, accrued liabilities, income taxes payable and notes payable approximate fair value due to the short-term nature of these instruments.  The Company estimated the fair value and carrying value of total long-term debt, including the current portion, was $1,178.1 million and $1,152.0 million, respectively at September 30, 2015.  At December 31, 2014, the Company estimated the fair value and carrying value, including the current portion, was $1,286.2 million and $1,258.9 million, respectively.  The interest rate on the $450.0 million Senior Notes, the $300.0 million Senior Notes, and the $250.0 million PPN are fixed rates of 4.1%, 2.8% and 4.1%, respectively, and their fair value is based on the interest rates as of September 30, 2015. The interest rates on variable rate term loan debt and commercial paper are consistent with current market conditions, therefore the fair value of these instruments approximates their carrying values.

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2015 and December 31, 2014, which are classified as “Cash and cash equivalents,” “Prepaid expenses and other current assets, net,” “Other noncurrent assets, net,” “Accrued liabilities,” and “Other noncurrent liabilities” in the Consolidated Balance Sheets.  Financial assets and liabilities that are recorded at fair value as of the balance sheet date are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	September 30, 2015
(in millions)	Total		Level 1		Level 2		Level 3
Assets
Interest rate swaps	$	0.2	$	—	$	0.2	$	—
Foreign exchange forward contracts	35.2		—		35.2		—
Total assets	$	35.4	$	—	$	35.4	$	—
Liabilities
Interest rate swaps	$	1.6	$	—	$	1.6	$	—
Commodity contracts	0.2		—		0.2		—
Foreign exchange forward contracts	6.2		—		6.2		—
Long-term debt	45.2		—		45.2		—
Total liabilities	$	53.2	$	—	$	53.2	$	—

	December 31, 2014
(in millions)	Total		Level 1		Level 2		Level 3
Assets
Interest rate swaps	$	0.8	$	—	$	0.8	$	—
Cross currency basis swaps	2.7		—		2.7		—
Foreign exchange forward contracts	45.4		—		45.4		—
DIO Corporation convertible bonds	57.7		—		—		57.7
Total assets	$	106.6	$	—	$	48.9	$	57.7
Liabilities
Interest rate swaps	$	1.1	$	—	$	1.1	$	—
Commodity contracts	0.2		—		0.2		—
Foreign exchange forward contracts	9.2		—		9.2		—
Long-term debt	106.1		—		106.1		—
DIO equity option contracts	0.1		—		—		0.1
Total liabilities	$	116.7	$	—	$	116.6	$	0.1

Derivative valuations are based on observable inputs to the valuation model including interest rates, foreign currency exchange rates, future commodities prices and credit risks.  As discussed in Note 10, Financial Instruments and Derivatives, commodity contracts, certain interest rate swaps and foreign exchange forward contracts are considered cash flow hedges. In addition, certain cross currency basis swaps and foreign exchange forward contracts are considered hedges of net investments in foreign operations.

The Company used the income method valuation technique to estimate the fair value of the DIO Corporation convertible bonds.  The significant unobservable inputs for valuing the corporate bonds were both the DIO Corporation’s stock volatility factor of approximately 40% and corporate bond rating which implied approximately an 8.73% discount rate on the valuation model.  Significant observable inputs used to value the corporate bonds included foreign exchange rates and DIO Corporation’s period-ending market stock price. During the three months ended September 30, 2015, the Company sold the DIO convertible bonds.

The following table presents a rollforward of the Company’s Level 3 holdings measured at fair value on a recurring basis using unobservable inputs:

(in millions)	DIO Corporation Convertible Bonds			DIO Equity Options Contracts
Balance at December 31, 2014	$	57.7		$	(0.1	)
Sales, gross	(47.7		)
Unrealized loss:
Reported in AOCI, pretax	(10.0		)	—
Realized gain:
Reported in other expense (income), net	—			0.1
Balance at September 30, 2015	$	—		$	—

For the three and nine months ended September 30, 2015, the Company sold all Level 3 investments. There were no additional purchases, issuances or transfers of Level 3 financial instruments in 2015.

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INVENTORIES

9 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories are stated at the lower of cost or market.  The cost of inventories determined by the last-in, first-out (“LIFO”) method at September 30, 2015 and December 31, 2014 were $8.7 million and $6.3 million, respectively. The cost of other inventories was determined by the first-in, first-out (“FIFO”) or average cost methods. If the FIFO method had been used to determine the cost of LIFO inventories, the amounts at which net inventories are stated would be higher than reported at September 30, 2015 and December 31, 2014 by $6.4 million and $6.1 million, respectively.

Inventories, net of inventory valuation reserves, consist of the following:

(in millions)	September 30, 2015		December 31, 2014
Finished goods	$	236.9	$	253.3
Work-in-process	52.9		58.4
Raw materials and supplies	71.5		75.4
Inventories, net	$	361.3	$	387.1

The inventory valuation reserves were $37.6 million and $34.1 million at September 30, 2015 and December 31, 2014, respectively.

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FINANCIAL INSTRUMENTS AND DERIVATIVES Net Investment Hedges (Details) - Net Investment Hedging - Designated as Hedging Instrument - Foreign Exchange Contract $ in Millions	Sep. 30, 2015 USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 409.9
Derivative, Notional amount maturing within 12 months	$ 226.2

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BUSINESS COMBINATIONS

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

Effective January 1, 2014, the Company recorded a liability for the contractual purchase of the remaining shares of one variable interest entity. The Company paid this obligation during the first quarter of 2015.

On September 15, 2015, the Company and Sirona Dental Systems, Inc. (“Sirona”) announced that the Board of Directors of both companies had unanimously approved a definitive Agreement and Plan of Merger (the “Merger Agreement”) under which the companies will combine in an all-stock merger of equals. Sirona develops, manufactures and markets several lines of dental products including CAD/CAM restoration systems, digital intra-oral, panoramic and 3D imaging systems, dental treatment centers and instruments. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, a wholly-owned subsidiary of the Company will merge with and into Sirona, with Sirona surviving as a wholly-owned subsidiary of the Company. Upon completion of the merger, the Company's name will be changed to DENTSPLY SIRONA Inc. Subject to the terms and conditions of the Merger Agreement, if the merger is completed, each outstanding share of Sirona common stock will be converted into the right to receive 1.8142 shares of common stock of the Company, with cash paid in lieu of any fractional shares of common stock of the Company that a Sirona stockholder would otherwise have been entitled to receive.

The Merger Agreement contains certain termination rights for both the Company and Sirona, including if the merger is not consummated on or before March 15, 2016 (which is subject to extension under certain circumstances but generally not beyond December 15, 2016) and if the approval of the stockholders of either the Company or Sirona is not obtained.  The Merger Agreement further provides that, upon termination of the Merger Agreement under specified circumstances, including termination of the Merger Agreement by the Company or Sirona as a result of an adverse change in the recommendation of the other party’s board of directors, (i) the Company may be required to pay a termination fee of $280.0 million to Sirona and Sirona may be required to pay a termination fee of $205.0 million to the Company and (ii) either company may be required to reimburse the other company for merger-related expenses of up to $15.0 million.

The transaction, which is expected to be completed in the first quarter of 2016, is subject to the receipt of regulatory approvals and other customary closing conditions, including the approval of shareholders of both DENTSPLY and Sirona. For additional information related to the merger refer to the Company's Registration Statement on Form S-4 which was filed with the SEC on October 29, 2015.

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SEGMENT AND GEOGRAPHIC INFORMATION

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company has numerous operating businesses covering a wide range of dental and certain healthcare products and geographic regions, primarily serving the professional dental market. Professional dental products represented approximately 88% of net sales for both the three and nine months ended September 30, 2015 and 2014.

The operating businesses are combined into operating groups, which generally have overlapping product offerings, geographical presence, customer bases, distribution channels, and regulatory oversight. These operating groups are considered the Company’s reportable segments as the Company’s chief operating decision-maker regularly reviews financial results at the operating group level and uses this information to manage the Company’s operations. The accounting policies of the segments are consistent with those described in the Company’s most recently filed Form 10-K, as revised on Form 8-K filed October 28, 2015, in the summary of significant accounting policies. The Company evaluates performance of the segments based on the groups’ net third party sales, excluding precious metal content, and segment income. The Company defines net third party sales excluding precious metal content as the Company’s net sales excluding the precious metal cost within the products sold, and this is considered a non-US GAAP measure. The Company’s exclusion of precious metal content in the measurement of net third party sales enhances comparability of performance between periods as it excludes the fluctuating market prices of the precious metal content. The Company defines segment income as net operating income after the assignment of certain direct corporate costs and before restructuring and other costs, interest expense, interest income, other expense (income), net and provision for income taxes. A description of the products and services provided within each of the Company’s three reportable segments is provided below.

Significant interdependencies exist among the Company’s operations in certain geographic areas. Inter-segment sales are at prices intended to provide a reasonable profit to the manufacturing unit after recovery of all manufacturing costs and to provide a reasonable profit for purchasing locations after coverage of marketing and general and administrative costs.

During the March 31, 2015 quarter, the Company realigned reporting responsibilities for multiple locations as a result of changes to the management structure. The segment information below reflects the revised structure for all periods shown.

Dental Consumables, Endodontic and Dental Laboratory Businesses

This segment includes responsibility for the design and manufacture of the Company’s chairside consumable products. It also has responsibilities for sales and distribution of certain small equipment and chairside consumable products in the United States, Germany and certain other European regions as well as responsibility for the sales and distribution of certain endodontic products in Germany and certain other European regions. In addition, this segment is responsible for the design, manufacture, sales and distribution of most of the Company’s dental laboratory products. This segment is also responsible for the design, manufacture, worldwide distribution and sales of certain non-dental products, excluding urological and surgery-related products.

Healthcare, Orthodontic and Implant Businesses

This segment is responsible for the worldwide design, manufacture, sales and distribution of the Company’s healthcare products, primarily urological and surgery-related products, throughout most of the world. This segment also includes responsibility for the design, manufacture, sales and distribution of orthodontic and implant products, in most regions of the world. Additionally, segment is also responsible for the sales and distribution of most of the Company’s other dental products, including most dental consumables within Canada.

Select Developed and Emerging Markets Businesses

This segment has responsibilities for sales and distribution of chairside consumable, endodontic and dental laboratory products within certain European regions, Japan and Australia. This segment also includes the responsibility for the sales and distribution of most of the Company’s dental products, including most dental consumables, sold in Eastern Europe, Middle East, South America, Latin America including Mexico, Asia and Africa.

The following tables set forth information about the Company’s segments for the three and nine months ended September 30, 2015 and 2014:

Third Party Net Sales

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	306.4	$	323.7	$	934.0	$	1,009.2
Healthcare, Orthodontic and Implant Businesses	226.2		246.7		715.1		790.9
Select Developed and Emerging Markets Businesses	116.3		137.8		354.1		403.5
Total net sales	$	648.9	$	708.2	$	2,003.2	$	2,203.6

Third Party Net Sales, Excluding Precious Metal Content

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	292.7	$	304.3	$	886.1	$	929.4
Healthcare, Orthodontic and Implant Businesses	226.1		246.6		714.6		790.3
Select Developed and Emerging Markets Businesses	110.5		130.7		334.9		382.0
Total net sales, excluding precious metal content	629.3		681.6		1,935.6		2,101.7
Precious metal content of sales	19.6		26.6		67.6		101.9
Total net sales, including precious metal content	$	648.9	$	708.2	$	2,003.2	$	2,203.6

Inter-segment Net Sales

	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	82.8		$	83.6		$	256.0		$	266.7
Healthcare, Orthodontic and Implant Businesses	2.0			1.2			5.3			5.7
Select Developed and Emerging Markets Businesses	3.4			3.4			9.7			9.7
All Other (a)	51.8			58.8			161.5			182.0
Eliminations	(140.0		)	(147.0		)	(432.5		)	(464.1		)
Total	$	—		$	—		$	—		$	—

(a) Includes amounts recorded at one distribution warehouse not managed by named segments.

Segment Operating Income (Loss)

	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	107.9		$	100.8		$	322.1		$	325.6
Healthcare, Orthodontic and Implant Businesses	28.0			26.9			82.5			83.5
Select Developed and Emerging Markets Businesses	(3.3		)	(1.7		)	(10.7		)	(4.2		)
Segment operating income	132.6			126.0			393.9			404.9
Reconciling Items (income) expense:
All Other (b)	27.4			13.9			60.9			58.1
Restructuring and other costs	6.6			2.5			50.9			4.5
Interest expense	9.6			12.7			30.1			35.4
Interest income	(0.4		)	(1.4		)	(1.8		)	(4.6		)
Other expense (income), net	(3.8		)	0.8			(3.6		)	1.8
Income before income taxes	$	93.2		$	97.5		$	257.4		$	309.7

(b) Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments.

Assets

(in millions)	September 30, 2015		December 31, 2014
Dental Consumables, Endodontic and Dental Laboratory Businesses	$	1,333.9	$	1,358.0
Healthcare, Orthodontic and Implant Businesses	2,457.2		2,655.6
Select Developed and Emerging Markets Businesses	348.0		369.8
All Other (c)	263.1		263.1
Total	$	4,402.2	$	4,646.5

(c) Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments.

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BENEFIT PLANS

9 Months Ended

Sep. 30, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

BENEFIT PLANS

BENEFIT PLANS

The following sets forth the components of net periodic benefit cost of the Company’s defined benefit plans and for the Company’s other postemployment benefit plans for the three and nine months ended September 30, 2015 and 2014:

Defined Benefit Plans	Three Months Ended						Nine Months Ended
(in millions)	2015			2014			2015			2014
Service cost	$	4.3		$	3.4		$	13.0		$	10.5
Interest cost	1.8			2.7			5.5			8.5
Expected return on plan assets	(1.3		)	(1.3		)	(4.1		)	(4.1		)
Amortization of prior service credit	—			—			(0.1		)	(0.1		)
Amortization of net actuarial loss	1.9			0.6			5.9			2.0
Net periodic benefit cost	$	6.7		$	5.4		$	20.2		$	16.8

Other Postemployment Benefit Plans	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Service cost	$	0.1	$	0.1	$	0.3	$	0.2
Interest cost	0.1		0.1		0.5		0.4
Amortization of net actuarial loss	0.1		—		0.1		—
Net periodic benefit cost	$	0.3	$	0.2	$	0.9	$	0.6

The following sets forth the information related to the contributions to the Company’s benefit plans for 2015:

(in millions)	Pension Benefits		Other Postemployment Benefits
Actual contributions through September 30, 2015	$	8.0	$	0.3
Projected contributions for the remainder of the year	3.5		0.3
Total projected contributions	$	11.5	$	0.6

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FINANCIAL INSTRUMENTS AND DERIVATIVES Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 25.6	$ 28.7
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	5.1	7.5
Other Noncurrent Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	4.7	12.6
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	0.0	0.0
Accrued Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	2.7	3.5
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	4.1	4.8
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	1.2	2.1
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	0.0	0.2
Foreign Exchange Forward | Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	25.4	28.1
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	5.1	4.8
Foreign Exchange Forward | Other Noncurrent Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	4.7	12.5
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	0.0	0.0
Foreign Exchange Forward | Accrued Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	1.1	2.7
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	4.1	4.8
Foreign Exchange Forward | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	1.1	1.7
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	0.0	0.0
Commodity Contract | Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.0
Commodity Contract | Other Noncurrent Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.0
Commodity Contract | Accrued Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	0.2	0.2
Commodity Contract | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	0.0	0.0
Interest Rate Swap | Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.2	0.6
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		0.0
Interest Rate Swap | Other Noncurrent Assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.1
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		0.0
Interest Rate Swap | Accrued Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	1.4	0.6
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		0.0
Interest Rate Swap | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0.1	0.4
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		0.1
Dio Equity Option Contracts | Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		0.0
Dio Equity Option Contracts | Other Noncurrent Assets
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		0.0
Dio Equity Option Contracts | Accrued Liabilities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		0.0
Dio Equity Option Contracts | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		0.1
Cross Currency Basis Swaps Member | Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		2.7
Cross Currency Basis Swaps Member | Other Noncurrent Assets
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		0.0
Cross Currency Basis Swaps Member | Accrued Liabilities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		0.0
Cross Currency Basis Swaps Member | Other Noncurrent Liabilities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		$ 0.0

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FINANCIAL INSTRUMENTS AND DERIVATIVES Additional Information (Details) - group	6 Months Ended	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2015
Derivative [Line Items]
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge		18 months
Number of groups of significant interest rate swaps		2
Fair Value Hedging | Private Placement Notes Member
Derivative [Line Items]
Debt Instrument Maturity Period		5 years
Interest Rate Swap | Fair Value Hedging | Private Placement Notes Member
Derivative [Line Items]
Derivative, Term of Contract	5 years
Currency Japanese Yen Member | Interest Rate Swap
Derivative [Line Items]
Derivative, Term of Contract		5 years
Currency Swiss Franc Member | Interest Rate Swap
Derivative [Line Items]
Derivative, Term of Contract		5 years

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FINANCIAL INSTRUMENTS AND DERIVATIVES Hedges not Designated (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Derivative, Notional Amount		$ 430.5		$ 430.5
Derivative, Notional amount maturing within 12 months		424.1		424.1
Derivative, Gain (Loss) on Derivative, Net		(4.1)	$ (3.8)	2.0	$ (12.4)
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Notional Amount		428.5		428.5
Derivative, Notional amount maturing within 12 months		423.3		423.3
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount		2.0		2.0
Derivative, Notional amount maturing within 12 months		0.8		0.8
Other Expense | Foreign Exchange Contract
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	[1]	(4.1)	36.8	3.7	31.6
Other Expense | Equity Option
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net				0.1	(0.2)
Other Expense | Cross Currency Basis Swaps Member
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	[1]	$ 0.0	$ (40.6)	$ (1.8)	$ (43.8)

[1] The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” in the Consolidated Statements of Operations.

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FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities that are Recorded at Fair Value and Classified Based on the Lowest Level of Input

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2015 and December 31, 2014, which are classified as “Cash and cash equivalents,” “Prepaid expenses and other current assets, net,” “Other noncurrent assets, net,” “Accrued liabilities,” and “Other noncurrent liabilities” in the Consolidated Balance Sheets.  Financial assets and liabilities that are recorded at fair value as of the balance sheet date are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	September 30, 2015
(in millions)	Total		Level 1		Level 2		Level 3
Assets
Interest rate swaps	$	0.2	$	—	$	0.2	$	—
Foreign exchange forward contracts	35.2		—		35.2		—
Total assets	$	35.4	$	—	$	35.4	$	—
Liabilities
Interest rate swaps	$	1.6	$	—	$	1.6	$	—
Commodity contracts	0.2		—		0.2		—
Foreign exchange forward contracts	6.2		—		6.2		—
Long-term debt	45.2		—		45.2		—
Total liabilities	$	53.2	$	—	$	53.2	$	—

	December 31, 2014
(in millions)	Total		Level 1		Level 2		Level 3
Assets
Interest rate swaps	$	0.8	$	—	$	0.8	$	—
Cross currency basis swaps	2.7		—		2.7		—
Foreign exchange forward contracts	45.4		—		45.4		—
DIO Corporation convertible bonds	57.7		—		—		57.7
Total assets	$	106.6	$	—	$	48.9	$	57.7
Liabilities
Interest rate swaps	$	1.1	$	—	$	1.1	$	—
Commodity contracts	0.2		—		0.2		—
Foreign exchange forward contracts	9.2		—		9.2		—
Long-term debt	106.1		—		106.1		—
DIO equity option contracts	0.1		—		—		0.1
Total liabilities	$	116.7	$	—	$	116.6	$	0.1

Reconciliation of the Company's Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Level 3)

The following table presents a rollforward of the Company’s Level 3 holdings measured at fair value on a recurring basis using unobservable inputs:

(in millions)	DIO Corporation Convertible Bonds			DIO Equity Options Contracts
Balance at December 31, 2014	$	57.7		$	(0.1	)
Sales, gross	(47.7		)
Unrealized loss:
Reported in AOCI, pretax	(10.0		)	—
Realized gain:
Reported in other expense (income), net	—			0.1
Balance at September 30, 2015	$	—		$	—

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INVENTORIES Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 8.7	$ 6.3
Inventory, LIFO reserve	6.4	6.1
Inventory valuation reserve	$ 37.6	$ 34.1

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FINANCING ARRANGEMENTS

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS

During the quarter ended March 31, 2015, the Company paid the second required payment of $100.0 million under the Private Placement Notes “PPN” by issuing commercial paper at that time. The final required payment of $75.0 million due in February 2016 has been classified as current in the Consolidated Balance Sheets.

During the quarter ended September 30, 2015, the Company paid the second required payment of $8.8 million under the PNC Term Loan. The third annual installment under the terms of the PNC Term Loan, in the amount of $8.8 million will be due in August 2016 has been classified as current in the Consolidated Balance Sheets.

At September 30, 2015, there were no outstanding borrowings, in the form of issued commercial paper, under the current $500.0 million multi-currency revolving credit facility.

Effective July 1, 2015, the Company amended the multi-currency revolving credit facility to extend the maturity date by one year until July 23, 2020. The Company is able to borrow up to $500.0 million through July 23, 2019 and up to $452.0 million through July 23, 2020. The Company’s revolving credit facility, term loans and PPN contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At September 30, 2015, the Company was in compliance with all debt covenants.

At September 30, 2015, the Company had $553.4 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit agreement.

On October 29, 2015, the Company announced the commencement of a tender offer to purchase for cash up to $150.0 million aggregate principle of its outstanding 4.125% Notes due August 2021.  Concurrent with this tender offer, the Company intends to arrange new unsecured debt financing in an amount sufficient to fund the total consideration payable pursuant to the tender offer.  The total consideration payable is estimated at $160.3 million, which includes the cost of the early tender premium under the existing note agreement and fees.  Should the Company not be able to secure new debt financing sufficient to satisfy the tender offer, the Company intends to use available funds, borrowings available under lines of credit, including lines available under short term arrangements and revolving credit agreement.

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Stock Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Based Compensation

The following table represents total stock based compensation expense for non-qualified stock options, restricted stock units (“RSU”) and the tax related benefit for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Stock option expense	$	2.3	$	2.2	$	6.0	$	6.6
RSU expense	5.1		4.0		12.5		12.1
Total stock based compensation expense	$	7.4	$	6.2	$	18.5	$	18.7
Total related tax benefit	$	2.1	$	1.6	$	5.5	$	5.1

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SEGMENT INFORMATION Segment Operating Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income		$ 98.6	$ 109.6	$ 282.1	$ 342.3
Restructuring and other costs		6.6	2.5	50.9	4.5
Interest expense		9.6	12.7	30.1	35.4
Interest income		(0.4)	(1.4)	(1.8)	(4.6)
Other expense (income), net		(3.8)	0.8	(3.6)	1.8
Income before income taxes		93.2	97.5	257.4	309.7
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income		132.6	126.0	393.9	404.9
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income		107.9	100.8	322.1	325.6
Operating Segments | Healthcare, Orthodontic and Implant Businesses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income		28.0	26.9	82.5	83.5
Operating Segments | Select Developed and Emerging Markets Businesses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income		(3.3)	(1.7)	(10.7)	(4.2)
Operating Segments | All Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income	[1]	$ 27.4	$ 13.9	$ 60.9	$ 58.1

[1] Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments.

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COMPREHENSIVE INCOME Reclassification out of Accumulated Other Comprehensive Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (19.6)		$ (21.2)		$ (63.2)	$ (69.9)
Net Income (Loss) Available to Common Stockholders, Basic	1.2		(2.4)		6.5	(7.4)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	(5.1)		0.0		(5.1)	0.0
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax	1.4		0.0		1.4	0.0
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	(3.7)		0.0		(3.7)	0.0
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	2.8		(3.2)		11.6	(9.0)
Provision for income taxes	(0.2)		1.3		0.8	(3.0)
Net Income (Loss) Available to Common Stockholders, Basic	2.6		(1.9)		10.8	(6.0)
Pension Liability Adjustments
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax	0.0	[1]	0.0	[1]	0.1	0.1	[1]
Other Comprehensive Income (Loss) adjustment from AOCI,Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	(2.0)	[1]	(0.7)	[1]	(6.1)	(2.1)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(2.0)		(0.7)		(6.0)	(2.0)
Provision for income taxes	0.6		0.2		1.7	0.6
Net Income (Loss) Available to Common Stockholders, Basic	(1.4)		(0.5)		(4.3)	(1.4)
Cash Flow Hedging | Designated as Hedging Instrument
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	2.8		(3.2)		11.6	(9.0)
Interest Expense | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(1.1)		(1.0)		(3.1)	(2.8)
Cost of Sales | Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	3.8		(2.2)		14.5	(5.5)
Cost of Sales | Cash Flow Hedging | Designated as Hedging Instrument | Commodity Contract
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.0		0.0		(0.3)	(0.5)
Selling, General and Administrative Expenses | Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract
Reclassification of Acuumulated Other Comprehensive Income [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0.1		$ 0.0		$ 0.5	$ (0.2)

[1] These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended September 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	250,000.00	250,000.00
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000.0
Common stock, shares issued	162,800,000	162,800,000
Treasury stock, shares	23,000,000	21,900,000

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STOCK COMPENSATION

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK COMPENSATION

STOCK COMPENSATION

The following table represents total stock based compensation expense for non-qualified stock options, restricted stock units (“RSU”) and the tax related benefit for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended				Nine Months Ended
(in millions)	2015		2014		2015		2014
Stock option expense	$	2.3	$	2.2	$	6.0	$	6.6
RSU expense	5.1		4.0		12.5		12.1
Total stock based compensation expense	$	7.4	$	6.2	$	18.5	$	18.7
Total related tax benefit	$	2.1	$	1.6	$	5.5	$	5.1

For the three and nine months ended September 30, 2015, stock compensation expense of $7.4 million and $18.5 million, respectively, of which, $7.1 million and $18.0 million, respectively, was recorded in Selling, general and administrative expense and $0.3 million and $0.5 million, respectively, was recorded in Cost of products sold in the Consolidated Statement of Operations. For the three and nine months ended September 30, 2014, stock compensation expense of $6.2 million and $18.7 million, respectively, of which, $6.0 million and $18.2 million, respectively, was recorded in Selling, general and administrative expense and $0.2 million and $0.5 million, respectively, was recorded in Cost of products sold in the Consolidated Statement of Operations.

At September 30, 2015, the remaining unamortized compensation cost related to non-qualified stock options is $11.5 million, which will be expensed over the weighted average remaining vesting period of the options, or approximately 1.5 years. At September 30, 2015, the unamortized compensation cost related to RSU is $24.8 million, which will be expensed over the weighted average remaining restricted period of the RSU, or approximately 1.3 years.

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FINANCIAL INSTRUMENTS AND DERIVATIVES Cash Flow Hedges (Details) - Sep. 30, 2015 - Cash Flow Hedging - Designated as Hedging Instrument SFr in Millions, $ in Millions	USD ($)	CHF (SFr)
Derivative [Line Items]
Derivative, Notional Amount	$ 502.6
Derivative, Notional amount maturing within 12 months	314.3
Foreign Exchange Contract
Derivative [Line Items]
Derivative, Notional Amount	330.1
Derivative, Notional amount maturing within 12 months	246.6
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	171.3	SFr 65.0
Derivative, Notional amount maturing within 12 months	66.7
Commodity Contract
Derivative [Line Items]
Derivative, Notional Amount	1.2
Derivative, Notional amount maturing within 12 months	$ 1.0

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FAIR VALUE MEASUREMENT Reconciliation Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Corporate Bond Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 57.7
Sales, gross	(47.7)
Unrealized Loss Reported in AOCI	(10.0)
Reported in other expense (income), net	0.0
Ending Balance	0.0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Unrealized Loss Reported in AOCI	(10.0)
Reported in other expense (income), net	0.0
Dio Equity Option Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized Loss Reported in AOCI	0.0
Reported in other expense (income), net	0.1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	0.1
Unrealized Loss Reported in AOCI	0.0
Reported in other expense (income), net	0.1
Ending Balance	$ 0.0

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Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2015

COMPREHENSIVE INCOME [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCI, net of tax, by component for the nine months ended September 30, 2015 and 2014:

(in millions)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2014	$	(212.5	)	$	(10.8	)	$	(112.7	)	$	8.5		$	(113.6	)	$	(441.1	)
Other comprehensive income (loss) before reclassifications	(151.2		)	15.4			4.4			(4.8		)	—			(136.2		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(10.8		)	—			(3.7		)	4.3			(10.2		)
Net (decrease) increase in other comprehensive income	(151.2		)	4.6			4.4			(8.5		)	4.3			(146.4		)
Balance at September 30, 2015	$	(363.7	)	$	(6.2	)	$	(108.3	)	$	—		$	(109.3	)	$	(587.5	)

(in millions)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2013	$	141.0		$	(21.8	)	$	(151.1	)	$	12.7		$	(49.9	)	$	(69.1	)
Other comprehensive income (loss) before reclassifications	(221.3		)	4.5			27.5			(0.2		)	3.6			(185.9		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			6.0			—			—			1.4			7.4
Net (decrease) increase in other comprehensive income	(221.3		)	10.5			27.5			(0.2		)	5.0			(178.5		)
Foreign currency translation related to acquisition of noncontrolling interests	(5.5		)	—			—			—			—			(5.5		)
Balance at September 30, 2014	$	(85.8	)	$	(11.3	)	$	(123.6	)	$	12.5		$	(44.9	)	$	(253.1	)

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014:

(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Three Months Ended September 30,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(1.1	)	$	(1.0	)	Interest expense
Foreign exchange forward contracts	3.8			(2.2		)	Cost of products sold
Foreign exchange forward contracts	0.1			—			SG&A expenses
	2.8			(3.2		)	Net gain (loss) before tax
	(0.2		)	1.3			Tax (expense) benefit
	$	2.6		$	(1.9	)	Net of tax
Net unrealized holding gain (loss) on available-for-sale securities:
Available-for-sale securities	$	(5.1	)	$	—		Other expense (income), net
	1.4			—			Tax expense
	$	(3.7	)	$	—		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	—		$	—		(a)
Amortization of net actuarial losses	(2.0		)	(0.7		)	(a)
	(2.0		)	(0.7		)	Net loss before tax
	0.6			0.2			Tax benefit
	$	(1.4	)	$	(0.5	)	Net of tax
Total reclassifications for the period	$	1.2		$	(2.4	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended September 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).

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GOODWILL AND INTANGIBLE ASSETS Identifiable Definite-Lived Intangible Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 693.1	$ 738.3
Accumulated Amortization	(272.9)	(260.1)
Net Carrying Amount	420.2	478.2
Identifiable Intangible Assets Gross	873.3	930.9
Intangible Assets, Net (Excluding Goodwill)	600.4	670.8
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	180.2	192.6
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	165.3	175.2
Accumulated Amortization	(93.2)	(95.5)
Net Carrying Amount	72.1	79.7
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64.1	75.6
Accumulated Amortization	(35.1)	(37.1)
Net Carrying Amount	29.0	38.5
Licensing Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	34.0	34.6
Accumulated Amortization	(24.4)	(22.8)
Net Carrying Amount	9.6	11.8
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	429.7	452.9
Accumulated Amortization	(120.2)	(104.7)
Net Carrying Amount	$ 309.5	$ 348.2

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Label	Element	Value
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ (11.2)
Dividends, Share-based Compensation, Cash	us-gaap_DividendsShareBasedCompensationCash	(0.2)
Parent [Member]
Dividends, Cash	us-gaap_DividendsCash	30.3
Treasury Stock [Member]
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 33.2

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STOCK COMPENSATION Total Stock Based Compensation Expense and the Tax Related Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 7.4	$ 6.2	$ 18.5	$ 18.7
Total related tax benefit	2.1	1.6	5.5	5.1
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	2.3	2.2	6.0	6.6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 5.1	$ 4.0	$ 12.5	$ 12.1

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INCOME TAXES

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Uncertainties in Income Taxes

The Company recognizes in the interim consolidated financial statements, the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position.

It is reasonably possible that certain amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date of the Company’s interim consolidated financial statements.  Final settlement and resolution of outstanding tax matters in various jurisdictions during the next twelve months could include unrecognized tax benefits of approximately $2.1 million. Of this total, approximately $0.7 million represents the amount of unrecognized tax benefits that, if recognized would affect the effective income tax rate. In addition, expiration of statutes of limitation in various jurisdictions during the next 12 months could include unrecognized tax benefits of approximately $0.4 million.