Guarantor and Non-Guarantor Financial Statements (Tables)

9 Months Ended

12 Months Ended

Feb. 28, 2013

May 31, 2012

Text Block [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

	February 28, 2013
(in millions)	Biomet, Inc.		Guarantors		Non-Guarantors		Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	39.1	$	178.3	$	—		$	217.4
Accounts receivable, net	—		270.0		275.9		—			545.9
Income tax receivable	—		1.3		3.1		—			4.4
Inventories, net	—		285.6		357.7		—			643.3
Deferred income taxes	—		47.3		14.8		—			62.1
Prepaid expenses and other	—		45.5		84.4		—			129.9
Total current assets	—		688.8		914.2		—			1,603.0
Property, plant and equipment, net	—		349.7		329.7		—			679.4
Investments	—		10.6		11.5		—			22.1
Investment in subsidiaries	8,285.6		—		—		(8,285.6		)	—
Intangible assets, net	—		2,947.7		714.7		—			3,662.4
Goodwill	—		3,104.5		823.0		—			3,927.5
Other assets	—		93.5		13.8		—			107.3
Total assets	$	8,285.6	$	7,194.8	$	2,806.9	$	(8,285.6	)	$	10,001.7
Liabilities & Shareholder’s Equity
Current liabilities:
Current portion of long-term debt	$	33.4	$	—	$	1.1	$	—		$	34.5
Accounts payable	—		44.1		43.1		—			87.2
Accrued interest	43.8		—		0.1		—			43.9
Accrued wages and commissions	—		70.6		59.8		—			130.4
Other accrued expenses	—		123.9		65.1		—			189.0
Total current liabilities	77.2		238.6		169.2		—			485.0
Long-term debt	5,942.4		—		1.5		—			5,943.9
Deferred income taxes	—		919.9		181.0		—			1,100.9
Other long-term liabilities	—		148.0		57.9		—			205.9
Total liabilities	6,019.6		1,306.5		409.6		—			7,735.7
Shareholder’s equity	2,266.0		5,888.3		2,397.3		(8,285.6		)	2,266.0
Total liabilities and shareholder’s equity	$	8,285.6	$	7,194.8	$	2,806.9	$	(8,285.6	)	$	10,001.7

	May 31, 2012
(in millions)	Biomet, Inc.		Guarantors		Non-Guarantors		Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	190.1	$	302.3	$	—		$	492.4
Accounts receivable, net	—		227.6		264.0		—			491.6
Investments	—		—		2.5		—			2.5
Income tax receivable	—		2.1		2.9		—			5.0
Inventories, net	—		288.7		254.5		—			543.2
Deferred income taxes	—		42.3		10.2		—			52.5
Prepaid expenses and other	—		48.8		75.3		—			124.1
Total current assets	—		799.6		911.7		—			1,711.3
Property, plant and equipment, net	—		320.1		273.5		—			593.6
Investments	—		10.1		3.8		—			13.9
Investment in subsidiaries	8,562.9		—		—		(8,562.9		)	—
Intangible assets, net	—		3,239.3		691.1		—			3,930.4
Goodwill	—		3,271.4		843.0		—			4,114.4
Other assets	—		45.6		11.2		—			56.8
Total assets	$	8,562.9	$	7,686.1	$	2,734.3	$	(8,562.9	)	$	10,420.4
Liabilities & Shareholder’s Equity
Current liabilities:
Current portion of long-term debt	$	34.3	$	—	$	1.3	$	—		$	35.6
Accounts payable	—		71.5		44.7		—			116.2
Accrued interest	56.5		—		—		—			56.5
Accrued wages and commissions	—		69.5		52.5		—			122.0
Other accrued expenses	—		106.1		74.1		—			180.2
Total current liabilities	90.8		247.1		172.6		—			510.5
Long-term debt	5,790.0		—		2.2		—			5,792.2
Deferred income taxes	—		1,065.7		192.1		—			1,257.8
Other long-term liabilities	—		131.6		46.2		—			177.8
Total liabilities	5,880.8		1,444.4		413.1		—			7,738.3
Shareholder’s equity	2,682.1		6,241.7		2,321.2		(8,562.9		)	2,682.1
Total liabilities and shareholder’s equity	$	8,562.9	$	7,686.1	$	2,734.3	$	(8,562.9	)	$	10,420.4

CONDENSED CONSOLIDATING BALANCE SHEETS

	May 31, 2012
(in millions)	Biomet, Inc.		Guarantors		Non-Guarantors		Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	190.1	$	302.3	$	—		$	492.4
Accounts receivable, net	—		227.6		264.0		—			491.6
Investments	—		—		2.5		—			2.5
Income tax receivable	—		2.1		2.9		—			5.0
Inventories, net	—		288.7		254.5		—			543.2
Deferred income taxes	—		42.3		10.2		—			52.5
Prepaid expenses and other	—		48.8		75.3		—			124.1
Total current assets	—		799.6		911.7		—			1,711.3
Property, plant and equipment, net	—		320.1		273.5		—			593.6
Investments	—		10.1		3.8		—			13.9
Investment in subsidiaries	8,562.9		—		—		(8,562.9		)	—
Intangible assets, net	—		3,239.3		691.1		—			3,930.4
Goodwill	—		3,271.4		843.0		—			4,114.4
Other assets	—		45.6		11.2		—			56.8
Total assets	$	8,562.9	$	7,686.1	$	2,734.3	$	(8,562.9	)	$	10,420.4
Liabilities & Shareholder’s Equity
Current liabilities:
Current portion of long-term debt	$	34.3	$	—	$	1.3	$	—		$	35.6
Accounts payable	—		71.5		44.7		—			116.2
Accrued interest	56.5		—		—		—			56.5
Accrued wages and commissions	—		69.5		52.5		—			122.0
Other accrued expenses	—		106.1		74.1		—			180.2
Total current liabilities	90.8		247.1		172.6		—			510.5
Long-term debt	5,790.0		—		2.2		—			5,792.2
Deferred income taxes	—		1,065.7		192.1		—			1,257.8
Other long-term liabilities	—		131.6		46.2		—			177.8
Total liabilities	5,880.8		1,444.4		413.1		—			7,738.3
Shareholder’s equity	2,682.1		6,241.7		2,321.2		(8,562.9		)	2,682.1
Total liabilities and shareholder’s equity	$	8,562.9	$	7,686.1	$	2,734.3	$	(8,562.9	)	$	10,420.4

	May 31, 2011
(in millions)	Biomet, Inc.		Guarantors		Non-Guarantors		Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	176.4	$	151.4	$	—		$	327.8
Accounts receivable, net	—		221.6		258.5		—			480.1
Investments	—		33.4		8.0		—			41.4
Income tax receivable	—		4.1		1.3		—			5.4
Inventories, net	—		292.1		290.4		—			582.5
Deferred income taxes	—		60.3		11.2		—			71.5
Prepaid expenses and other	—		57.1		52.6		—			109.7
Total current assets	—		845.0		773.4		—			1,618.4
Property, plant and equipment, net	—		332.2		306.2		—			638.4
Investments	—		10.0		23.1		—			33.1
Investment in subsidiaries	9,253.9		—		—		(9,253.9		)	—
Intangible assets, net	—		3,416.6		1,117.8		—			4,534.4
Goodwill	—		3,460.8		1,009.3		—			4,470.1
Other assets	—		56.3		6.3		—			62.6
Total assets	$	9,253.9	$	8,120.9	$	3,236.1	$	(9,253.9	)	$	11,357.0
Liabilities & Shareholder’s Equity
Current liabilities:
Current portion of long-term debt	$	35.9	$	—	$	1.5	$	—		$	37.4
Accounts payable	—		48.1		43.0		—			91.1
Accrued interest	64.1		—		—		—			64.1
Accrued wages and commissions	—		56.7		48.3		—			105.0
Other accrued expenses	—		153.5		88.3		—			241.8
Total current liabilities	100.0		258.3		181.1		—			539.4
Long-term debt	5,978.8		—		4.1		—			5,982.9
Deferred income taxes	—		1,126.1		361.5		—			1,487.6
Other long-term liabilities	—		130.8		41.2		—			172.0
Total liabilities	6,078.8		1,515.2		587.9		—			8,181.9
Shareholder’s equity	3,175.1		6,605.7		2,648.2		(9,253.9		)	3,175.1
Total liabilities and shareholder’s equity	$	9,253.9	$	8,120.9	$	3,236.1	$	(9,253.9	)	$	11,357.0

Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	Nine Months Ended February 28, 2013
(in millions)	Biomet, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	—		$	1,438.6		$	830.4		$	—		$	2,269.0
Cost of sales	—			551.1			184.9			—			736.0
Gross profit	—			887.5			645.5			—			1,533.0
Goodwill and intangible asset impairment charge	—			269.0			65.1			—			334.1
Operating expenses	—			908.3			315.8			—			1,224.1
Operating income (loss)	—			(289.8		)	264.6			—			(25.2		)
Other (income) expense, net	479.0			5.1			(0.9		)	—			483.2
Income (loss) before income taxes	(479.0		)	(294.9		)	265.5			—			(508.4		)
Tax expense (benefit)	(182.0		)	(112.1		)	187.9			—			(106.2		)
Equity in earnings of subsidiaries	(105.2		)	—			—			105.2			—
Net income (loss)	$	(402.2	)	$	(182.8	)	$	77.6		$	105.2		$	(402.2	)
Other comprehensive income (loss)	$	5.9		$	—		$	(52.6	)	$	—		$	(46.7	)
Total comprehensive income (loss)	$	(396.3	)	$	(182.8	)	$	25.0		$	105.2		$	(448.9	)
	Nine Months Ended February 29, 2012
(in millions)	Biomet, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	—		$	1,316.1		$	782.5		$	—		$	2,098.6
Cost of sales	—			368.7			301.2			—			669.9
Gross profit	—			947.4			481.3			—			1,428.7
Operating expenses	—			763.4			380.7			—			1,144.1
Operating income (loss)	—			184.0			100.6			—			284.6
Other (income) expense, net	360.6			1.5			10.6			—			372.7
Income (loss) before income taxes	(360.6		)	182.5			90.0			—			(88.1		)
Tax expense (benefit)	(115.1		)	69.3			27.4			—			(18.4		)
Equity in earnings of subsidiaries	175.8			—			—			(175.8		)	—
Net income (loss)	$	(69.7	)	$	113.2		$	62.6		$	(175.8	)	$	(69.7	)
Other comprehensive income (loss)	$	17.4		$	—		$	(22.7	)	$	—		$	(5.3	)
Total comprehensive income (loss)	$	(52.3	)	$	113.2		$	39.9		$	(175.8	)	$	(75.0	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	Year Ended May 31, 2012
(in millions)	Biomet, Inc.			Guarantors			Non-Guarantors			Eliminations		Total
Net sales	$	—		$	1,769.8		$	1,068.3		$	—	$	2,838.1
Cost of sales	—			491.9			402.5			—		894.4
Gross profit	—			1,277.9			665.8			—		1,943.7
Goodwill and intangible asset impairment charge	—			264.3			265.5			—		529.8
Operating expenses	—			1,023.7			483.6			—		1,507.3
Operating income (loss)	—			(10.1		)	(83.3		)	—		(93.4		)
Other (income) expense, net	477.1			3.1			17.2			—		497.4
Income (loss) before income taxes	(477.1		)	(13.2		)	(100.5		)	—		(590.8		)
Tax expense (benefit)	(181.3		)	86.8			(37.5		)	—		(132.0		)
Equity in earnings of subsidiaries	(163.0		)	—			—			163.0		—
Net income (loss)	$	(458.8	)	$	(100.0	)	$	(63.0	)	$	163.0	$	(458.8	)
Other comprehensive income (loss)	$	13.1		$	—		$	(62.0	)	$	—	$	(48.9	)
Total comprehensive income (loss)	$	(445.7	)	$	(100.0	)	$	(125.0	)	$	163.0	$	(507.7	)

	Year Ended May 31, 2011
(in millions)	Biomet, Inc.			Guarantors			Non-Guarantors			Eliminations		Total
Net sales	$	—		$	1,716.5		$	1,015.7		$	—	$	2,732.2
Cost of sales	—			399.7			439.0			—		838.7
Gross profit	—			1,316.8			576.7			—		1,893.5
Goodwill and intangible asset impairment charge	—			—			941.4			—		941.4
Operating expenses	—			1,002.3			526.7			—		1,529.0
Operating income (loss)	—			314.5			(891.4		)	—		(576.9		)
Other (income) expense, net	493.9			(9.8		)	3.6			—		487.7
Income (loss) before income taxes	(493.9		)	324.3			(895.0		)	—		(1,064.6		)
Tax expense (benefit)	(187.2		)	101.0			(128.6		)	—		(214.8		)
Equity in earnings of subsidiaries	(543.1		)	—			—			543.1		—
Net income (loss)	$	(849.8	)	$	223.3		$	(766.4	)	$	543.1	$	(849.8	)
Other comprehensive income (loss)	$	19.5		$	(4.0	)	$	266.9		$	—	$	282.4
Total comprehensive income (loss)	$	(830.3	)	$	219.3		$	(499.5	)	$	543.1	$	(567.4	)

	Year Ended May 31, 2010
(in millions)	Biomet, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net sales	$	—		$	1,710.4		$	987.6		$	—		$	2,698.0
Cost of sales	—			405.2			414.7			—			819.9
Gross profit	—			1,305.2			572.9			—			1,878.1
Operating expenses	—			996.4			525.1			—			1,521.5
Operating income (loss)	—			308.8			47.8			—			356.6
Other (income) expense, net	514.1			(4.0		)	(11.8		)	—			498.3
Income (loss) before income taxes	(514.1		)	312.8			59.6			—			(141.7		)
Tax expense (benefit)	(200.5		)	98.5			7.9			—			(94.1		)
Equity in earnings of subsidiaries	266.0			—			—			(266.0		)	—
Net income (loss)	$	(47.6	)	$	214.3		$	51.7		$	(266.0	)	$	(47.6	)
Other comprehensive income (loss)	$	11.3		$	1.8		$	(93.0	)	$	—		$	(79.9	)
Total comprehensive income (loss)	$	(36.3	)	$	216.1		$	(41.3	)	$	(266.0	)	$	(127.5	)

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended February 28, 2013
(in millions)	Biomet, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Cash flows provided by (used in) operating activities	$	(232.3	)	$	246.9		$	154.0		$	105.2		$	273.8
Capital expenditures	—			(69.4		)	(80.3		)	—			(149.7		)
Acquisitions, net of cash acquired - Trauma Acquisition	—			(277.5		)	(2.5		)	—			(280.0		)
Other	354.1			(50.9		)	(202.1		)	(105.2		)	(4.1		)
Cash flows provided by (used in) investing activities	354.1			(397.8		)	(284.9		)	(105.2		)	(433.8		)
Proceeds under asset based revolver	80.0			—			—			—			80.0
Payments under asset based revolver	(80.0		)	—			—			—			(80.0		)
Proceeds from senior notes due 2020 and term loans	3,396.2			—			—			—			3,396.2
Tender/retirement of senior notes due 2017 and term loans	(3,423.0		)	—			—			—			(3,423.0		)
Payment of fees related to refinancing activities	(77.8		)	—			—			—			(77.8		)
Other	(17.2		)	(0.1		)	(9.0		)	—			(26.3		)
Cash flows used in financing activities	(121.8		)	(0.1		)	(9.0		)	—			(130.9		)
Effect of exchange rate changes on cash	—			—			15.9			—			15.9
Decrease in cash and cash equivalents	—			(151.0		)	(124.0		)	—			(275.0		)
Cash and cash equivalents, beginning of period	—			190.1			302.3			—			492.4
Cash and cash equivalents, end of period	$	—		$	39.1		$	178.3		$	—		$	217.4
	Nine Months Ended February 29, 2012
(in millions)	Biomet, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Cash flows provided by (used in) operating activities	$	0.2		$	333.1		$	133.8		$	(175.8	)	$	291.3
Proceeds from sales/maturities of investments	—			33.7			8.3			—			42.0
Capital expenditures	—			(60.3		)	(62.4		)	—			(122.7		)
Other	27.6			(265.1		)	60.7			175.8			(1.0		)
Cash flows provided by (used in) investing activities	27.6			(291.7		)	6.6			175.8			(81.7		)
Cash flows used in financing activities	(27.8		)	—			(1.1		)	—			(28.9		)
Effect of exchange rate changes on cash	—			—			(12.5		)	—			(12.5		)
Increase in cash and cash equivalents	—			41.4			126.8			—			168.2
Cash and cash equivalents, beginning of period	—			176.4			151.4			—			327.8
Cash and cash equivalents, end of period	$	—		$	217.8		$	278.2		$	—		$	496.0

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended May 31, 2012
(in millions)	Biomet, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Cash flows provided by (used in) operating activities	$	(455.6	)	$	384.7		$	285.2		$	163.0		$	377.3
Proceeds from sales/maturities of investments	—			42.1			—			—			42.1
Capital expenditures	—			(89.9		)	(89.4		)	—			(179.3		)
Other	492.3			(323.2		)	(12.9		)	(163.0		)	(6.8		)
Cash flows provided by (used in) investing activities	492.3			(371.0		)	(102.3		)	(163.0		)	(144.0		)
Payments under senior secured credit facilities	(35.4		)	—			—			—			(35.4		)
Other	(1.3		)	—			(1.4		)	—			(2.7		)
Cash flows used in financing activities	(36.7		)	—			(1.4		)	—			(38.1		)
Effect of exchange rate changes on cash	—			—			(30.6		)	—			(30.6		)
Increase in cash and cash equivalents	—			13.7			150.9			—			164.6
Cash and cash equivalents, beginning of period	—			176.4			151.4			—			327.8
Cash and cash equivalents, end of period	$	—		$	190.1		$	302.3		$	—		$	492.4

	Year Ended May 31, 2011
(in millions)	Biomet, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Cash flows provided by (used in) operating activities	$	(844.6	)	$	432.7		$	244.9		$	543.1		$	380.1
Proceeds from sales/maturities of investments	—			59.3			—			—			59.3
Purchases of investments	—			(78.7		)	—			—			(78.7		)
Capital expenditures	—			(81.4		)	(92.6		)	—			(174.0		)
Other	894.3			(263.0		)	(99.8		)	(543.1		)	(11.6		)
Cash flows provided by (used in) investing activities	894.3			(363.8		)	(192.4		)	(543.1		)	(205.0		)
Payments under senior secured credit facilities	(34.8		)	—			—			—			(34.8		)
Other	(14.9		)	—			(1.7		)	—			(16.6		)
Cash flows used in financing activities	(49.7		)	—			(1.7		)	—			(51.4		)
Effect of exchange rate changes on cash	—			—			15.0			—			15.0
Increase in cash and cash equivalents	—			72.9			65.8			—			138.7
Cash and cash equivalents, beginning of period	—			103.5			85.6			—			189.1
Cash and cash equivalents, end of period	$	—		$	176.4		$	151.4		$	—		$	327.8

	Year Ended May 31, 2010
(in millions)	Biomet, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Cash flows provided by (used in) operating activities	$	(40.0	)	$	457.2		$	170.3		$	(266.0	)	$	321.5
Capital expenditures	—			(94.7		)	(91.7		)	—			(186.4		)
Other	151.4			(437.9		)	24.9			266.0			4.4
Cash flows provided by (used in) investing activities	151.4			(532.6		)	(66.8		)	266.0			(182.0		)
Payments under revolving credit agreements	(65.2		)	—			(68.9		)	—			(134.1		)
Payments under senior secured credit facilities	(35.8		)	—			—			—			(35.8		)
Other	(10.4		)	—			20.4			—			10.0
Cash flows used in financing activities	(111.4		)	—			(48.5		)	—			(159.9		)
Effect of exchange rate changes on cash	—			—			(6.1		)	—			(6.1		)
Increase (decrease) in cash and cash equivalents	—			(75.4		)	48.9			—			(26.5		)
Cash and cash equivalents, beginning of period	—			178.9			36.7			—			215.6
Cash and cash equivalents, end of period	$	—		$	103.5		$	85.6		$	—		$	189.1