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10-Q Filing

ZIMMER BIOMET HOLDINGS, INC. CIK: 1136869 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001564590-21-023347
Period End Date 20210331
Filing Date 20210504
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance zbh-10q_20210331_htm.xml
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 1.00B shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 1.00B shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $724.30M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 312.20M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $802.10M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 311.40M shares Point-in-time
Accounts receivable, less allowance for doubtful accounts AccountsReceivableNetCurrent $1.45B USD Point-in-time
Treasury stock, shares TreasuryStockShares 103.80M shares Point-in-time
Accounts receivable, less allowance for doubtful accounts AccountsReceivableNetCurrent $1.38B USD Point-in-time
Treasury stock, shares TreasuryStockShares 103.80M shares Point-in-time
Inventories InventoryNet $2.51B USD Point-in-time
Inventories InventoryNet $2.45B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $383.90M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $377.80M USD Point-in-time
Total Current Assets AssetsCurrent $5.08B USD Point-in-time
Total Current Assets AssetsCurrent $5.00B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.02B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.05B USD Point-in-time
Goodwill Goodwill $9.23B USD Point-in-time
Goodwill Goodwill $9.26B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $6.80B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $7.06B USD Point-in-time
Other assets OtherAssetsNoncurrent $970.20M USD Point-in-time
Other assets OtherAssetsNoncurrent $969.40M USD Point-in-time
Total Assets Assets $24.03B USD Point-in-time
Total Assets Assets $24.42B USD Point-in-time
Accounts payable AccountsPayableCurrent $330.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $329.80M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $35.80M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $59.50M USD Point-in-time
Salaries, wages and benefits EmployeeRelatedLiabilitiesCurrent $235.40M USD Point-in-time
Salaries, wages and benefits EmployeeRelatedLiabilitiesCurrent $319.50M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $1.19B USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $1.35B USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $300.00M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $500.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $2.56B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $2.09B USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $765.70M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $790.40M USD Point-in-time
Long-term income tax payable AccruedIncomeTaxesNoncurrent $588.10M USD Point-in-time
Long-term income tax payable AccruedIncomeTaxesNoncurrent $599.10M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $583.90M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $656.40M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $7.63B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $7.54B USD Point-in-time
Total Liabilities Liabilities $12.22B USD Point-in-time
Total Liabilities Liabilities $11.58B USD Point-in-time
Commitments and Contingencies (Note 17) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 17) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.01 par value, one billion shares authorized, 312.2 million shares in 2021 (311.4 million in 2020) issued CommonStockValue $3.10M USD Point-in-time
Common stock, $0.01 par value, one billion shares authorized, 312.2 million shares in 2021 (311.4 million in 2020) issued CommonStockValue $3.10M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $9.12B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $9.20B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $10.09B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $10.24B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-276.70M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-297.80M USD Point-in-time
Treasury stock, 103.8 million shares in 2021 (103.8 million shares in 2020) TreasuryStockValue $6.72B USD Point-in-time
Treasury stock, 103.8 million shares in 2021 (103.8 million shares in 2020) TreasuryStockValue $6.72B USD Point-in-time
Total Zimmer Biomet Holdings, Inc. stockholders' equity StockholdersEquity $12.19B USD Point-in-time
Total Zimmer Biomet Holdings, Inc. stockholders' equity StockholdersEquity $12.45B USD Point-in-time
Noncontrolling interest MinorityInterest $5.20M USD Point-in-time
Noncontrolling interest MinorityInterest $4.80M USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.20B USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $11.88B USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.45B USD Point-in-time
Total Stockholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.39B USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $24.03B USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $24.42B USD Point-in-time
Income Statement 43 line items
Line Item Tag Value Unit Period
Net Sales RevenueFromContractWithCustomerExcludingAssessedTax $1.85B USD 1 Quarter
Net Sales RevenueFromContractWithCustomerExcludingAssessedTax $1.78B USD 1 Quarter
Cost of products sold, excluding intangible asset amortization CostOfGoodsAndServicesSold $516.40M USD 1 Quarter
Cost of products sold, excluding intangible asset amortization CostOfGoodsAndServicesSold $487.10M USD 1 Quarter
Intangible asset amortization AmortizationOfIntangibleAssets $147.60M USD 1 Quarter
Intangible asset amortization AmortizationOfIntangibleAssets $155.50M USD 1 Quarter
Research and development ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost $98.40M USD 1 Quarter
Research and development ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost $94.40M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $828.90M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $770.10M USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss $612.00M USD 1 Quarter
Restructuring and other cost reduction initiatives RestructuringAndOtherCostReductionInitiatives $21.80M USD 1 Quarter
Restructuring and other cost reduction initiatives RestructuringAndOtherCostReductionInitiatives $45.00M USD 1 Quarter
Quality remediation QualityRemediationCosts $16.40M USD 1 Quarter
Quality remediation QualityRemediationCosts $10.20M USD 1 Quarter
Acquisition, integration, divestiture and related AcquisitionIntegrationDivestitureAndRelatedExpenses $13.40M USD 1 Quarter
Acquisition, integration, divestiture and related AcquisitionIntegrationDivestitureAndRelatedExpenses $4.40M USD 1 Quarter
Operating expenses CostsAndExpenses $1.58B USD 1 Quarter
Operating expenses CostsAndExpenses $2.24B USD 1 Quarter
Operating Profit (Loss) OperatingIncomeLoss $265.60M USD 1 Quarter
Operating Profit (Loss) OperatingIncomeLoss $-456.00M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $7.30M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $3.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-52.30M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-50.90M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $220.60M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-503.90M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $22.90M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $5.20M USD 1 Quarter
Net Earnings (Loss) ProfitLoss $-509.10M USD 1 Quarter
Net Earnings (Loss) ProfitLoss $197.70M USD 1 Quarter
Less: Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-400.00K USD 1 Quarter
Less: Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-600.00K USD 1 Quarter
Net Earnings (Loss) of Zimmer Biomet Holdings, Inc. NetIncomeLoss $-508.50M USD 1 Quarter
Net Earnings (Loss) of Zimmer Biomet Holdings, Inc. NetIncomeLoss $198.10M USD 1 Quarter
Basic EarningsPerShareBasic $-2.46 USD 1 Quarter
Basic EarningsPerShareBasic $0.95 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.94 USD 1 Quarter
Diluted EarningsPerShareDiluted $-2.46 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 208.00M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 206.50M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 210.20M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 206.50M shares 1 Quarter
Cash Flow Statement 55 line items
Line Item Tag Value Unit Period
Net (loss) earnings ProfitLoss $-509.10M USD 1 Quarter
Net (loss) earnings ProfitLoss $197.70M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $253.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $268.70M USD 1 Quarter
Share-based compensation ShareBasedCompensation $16.50M USD 1 Quarter
Share-based compensation ShareBasedCompensation $21.60M USD 1 Quarter
Goodwill impairment GoodwillAndIntangibleAssetImpairment $612.00M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $-45.40M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $-9.50M USD 1 Quarter
Receivables IncreaseDecreaseInReceivables $-289.70M USD 1 Quarter
Receivables IncreaseDecreaseInReceivables $-43.60M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $96.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $86.10M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-161.20M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-95.80M USD 1 Quarter
Other assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $28.30M USD 1 Quarter
Other assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-26.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $450.90M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $246.50M USD 1 Quarter
Additions to instruments AdditionsToInstruments $85.70M USD 1 Quarter
Additions to instruments AdditionsToInstruments $82.60M USD 1 Quarter
Additions to other property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $40.20M USD 1 Quarter
Additions to other property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $27.40M USD 1 Quarter
Net investment hedge settlements ProceedsFromHedgeInvestingActivities $3.10M USD 1 Quarter
Net investment hedge settlements ProceedsFromHedgeInvestingActivities $16.30M USD 1 Quarter
Investments in other assets PaymentsForProceedsFromOtherInvestingActivities $15.40M USD 1 Quarter
Investments in other assets PaymentsForProceedsFromOtherInvestingActivities $11.60M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-121.20M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-122.30M USD 1 Quarter
Proceeds from senior notes ProceedsFromIssuanceOfSeniorLongTermDebt $1.50B USD 1 Quarter
Redemption of senior notes MaturitiesOfSeniorDebt $200.00M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividendsCommonStock $49.80M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividendsCommonStock $49.50M USD 1 Quarter
Proceeds from employee stock compensation plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $54.50M USD 1 Quarter
Proceeds from employee stock compensation plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $65.30M USD 1 Quarter
Net cash flows from unremitted collections from factoring programs NetCashFlowsBetweenTransfereeAndTransferorUnremittedCollectionsFromFactoringPrograms $-12.40M USD 1 Quarter
Business combination contingent consideration payments PaymentForContingentConsiderationLiabilityFinancingActivities $5.80M USD 1 Quarter
Business combination contingent consideration payments PaymentForContingentConsiderationLiabilityFinancingActivities $3.50M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $12.20M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-5.50M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-6.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.49B USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-195.80M USD 1 Quarter
Effect of exchange rates on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-6.80M USD 1 Quarter
Effect of exchange rates on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-6.20M USD 1 Quarter
(Decrease) increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.82B USD 1 Quarter
(Decrease) increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-77.80M USD 1 Quarter
Cash and cash equivalents, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.43B USD Point-in-time
Cash and cash equivalents, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $802.10M USD Point-in-time
Cash and cash equivalents, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $617.90M USD Point-in-time
Cash and cash equivalents, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $724.30M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.43B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $802.10M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $617.90M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $724.30M USD Point-in-time
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Cash dividend declared per share CommonStockDividendsPerShareDeclared $0.24 USD 1 Quarter
Cash dividend declared per share CommonStockDividendsPerShareDeclared $0.24 USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.20B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $11.88B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.45B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.39B USD Point-in-time
Net (loss) earnings ProfitLoss $-509.10M USD 1 Quarter
Net (loss) earnings ProfitLoss $197.70M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-13.20M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $21.10M USD 1 Quarter
Cash dividends declared DividendsCommonStockCash $49.60M USD 1 Quarter
Cash dividends declared DividendsCommonStockCash $50.00M USD 1 Quarter
Stock compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $81.60M USD 1 Quarter
Stock compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $64.90M USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.20B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $11.88B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.45B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.39B USD Point-in-time
Comprehensive Income 18 line items
Line Item Tag Value Unit Period
Net Earnings (Loss) ProfitLoss $-509.10M USD 1 Quarter
Net Earnings (Loss) ProfitLoss $197.70M USD 1 Quarter
Foreign currency cumulative translation adjustments, net of tax OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-54.20M USD 1 Quarter
Foreign currency cumulative translation adjustments, net of tax OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-19.10M USD 1 Quarter
Unrealized cash flow hedge gains, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $54.80M USD 1 Quarter
Unrealized cash flow hedge gains, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $39.90M USD 1 Quarter
Reclassification adjustments on hedges, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $13.50M USD 1 Quarter
Reclassification adjustments on hedges, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $500.00K USD 1 Quarter
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-800.00K USD 1 Quarter
Adjustments to prior service cost and unrecognized actuarial assumptions, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $300.00K USD 1 Quarter
Total Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $21.10M USD 1 Quarter
Total Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $-13.20M USD 1 Quarter
Comprehensive Income (Loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-522.30M USD 1 Quarter
Comprehensive Income (Loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $218.80M USD 1 Quarter
Comprehensive loss attributable to the noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-600.00K USD 1 Quarter
Comprehensive loss attributable to the noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-400.00K USD 1 Quarter
Comprehensive Income (Loss) Attributable to Zimmer Biomet Holdings, Inc. ComprehensiveIncomeNetOfTax $219.20M USD 1 Quarter
Comprehensive Income (Loss) Attributable to Zimmer Biomet Holdings, Inc. ComprehensiveIncomeNetOfTax $-521.70M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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