3. Biomet Merger

On the Closing Date, we completed our merger with LVB, the parent company of Biomet. We paid $12,030.3 million in cash and stock and assumed Biomet’s senior notes. The total amount of merger consideration utilized for the acquisition method of accounting, as reduced by the merger consideration paid to holders of unvested LVB stock options and LVB stock-based awards of $90.4 million, was $11,939.9 million.

The purchase price allocation as of March 31, 2016 is preliminary. The primary tasks to be completed related to our purchase price accounting are finalizing tax accounts, including, but not limited to, the allocation of acquired intangible assets and goodwill on a jurisdictional basis, and finalizing the estimated fair values of contingent assets and liabilities. There may be differences between these preliminary estimates of fair value and the final acquisition accounting, which differences could be material. The final estimates of fair value are expected to be completed in the three month period ended June 30, 2016.

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


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

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

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

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

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

Adjustments to the preliminary fair values of the assets acquired and liabilities assumed during the three month period ended March 31, 2016 primarily related to refinements to intangible assets for certain less significant brands. All other adjustments were not significant. The adjustments resulted in a decrease to intangible asset amortization of $6.7 million for the three month period ended March 31, 2016, which related to the year ended December 31, 2015. There may be additional adjustments to these preliminary estimates of fair value which could be material.

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


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

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

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

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