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Basis of Presentation
3 Months Ended
Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Basis of Presentation

1.  Basis of Presentation

The financial data presented herein is unaudited and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2018.

In our opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented.  The December 31, 2018 condensed 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 (“GAAP”).  Results for interim periods should not be considered indicative of results for the full year.

We have reclassified expenses that were previously recognized in a financial statement line item labeled “Acquisition, quality remediation and other” in the three month period ended March 31, 2018 to the financial statement line items of “Selling, general and administrative,” “Acquisition, integration and related,” and “Quality remediation”.  The prior period has been reclassified to conform to the current year presentation.   We made this change to provide additional transparency and better reflect the nature of these expenses.  The impacts of this change on our condensed consolidated statements of earnings are included in the table below.

 

 

As

 

 

 

 

 

 

 

 

 

 

Previously

 

 

 

 

 

 

As

 

(in millions)

Reported

 

 

Reclassifications

 

 

Restated

 

Statement of Earnings

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

$

785.1

 

 

$

16.6

 

 

$

801.7

 

Acquisition, integration and related

 

-

 

 

 

46.0

 

 

 

46.0

 

Quality remediation

 

-

 

 

 

42.6

 

 

 

42.6

 

Acquisition, quality remediation and other

 

105.2

 

 

 

(105.2

)

 

 

-

 

 

The words “we,” “us,” “our” and similar words and “Zimmer Biomet” refer to Zimmer Biomet Holdings, Inc. and its subsidiaries.  “Zimmer Biomet Holdings” refers to the parent company only.