|
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
|
9 Months Ended |
|
Feb. 28, 2014
|
Feb. 28, 2013
|
| Cash flows provided by (used in) operating activities: |
|
|
|
| Net income (loss) |
$ (29.9) |
$ (402.2) |
[1] |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
378.4 |
364.8 |
|
| Amortization and write off of deferred financing costs |
18.6 |
27.3 |
|
| Stock-based compensation expense |
13.6 |
32.3 |
|
| Loss on extinguishment of debt |
0 |
155.2 |
|
| Recovery of doubtful accounts receivable |
0 |
(0.4) |
|
| Realized gain on investments |
0 |
0.2 |
|
| Goodwill and intangible assets impairment charge |
0 |
334.1 |
|
| Deferred income taxes |
(126.5) |
(165.4) |
|
| Other |
(6.2) |
5.9 |
|
| Changes in operating assets and liabilities, net of acquired assets: |
|
|
|
| Accounts receivable |
(30.9) |
(53.1) |
|
| Inventories |
(18.8) |
(33.6) |
|
| Prepaid expenses |
4.4 |
(7.9) |
|
| Accounts payable |
(18.2) |
(28.0) |
|
| Income taxes |
18.8 |
5.5 |
|
| Accrued interest |
(20.9) |
(12.6) |
|
| Accrued expenses and other |
143.2 |
52.1 |
|
| Net cash provided by operating activities |
325.6 |
273.8 |
|
| Cash flows provided by (used in) investing activities: |
|
|
|
| Proceeds from sales/maturities of investments |
19.0 |
5.5 |
|
| Purchases of investments |
(19.8) |
(6.4) |
|
| Net proceeds from sale of assets |
0.8 |
14.0 |
|
| Capital expenditures |
(158.8) |
(149.7) |
|
| Acquisitions, net of cash acquired |
0 |
(280.0) |
|
| Acquisitions, net of cash acquired - 2013 Spine Acquisition |
(148.8) |
0 |
|
| Net cash used in investing activities |
(308.9) |
(433.8) |
|
| Debt: |
|
|
|
| Payments under European facilities |
(2.3) |
(1.0) |
|
| Payments under senior secured credit facilities |
(22.6) |
(25.2) |
|
| Proceeds under revolvers |
159.3 |
80.0 |
|
| Payments under revolvers |
(63.0) |
(80.0) |
|
| Proceeds from senior notes due 2020 and term loans |
870.5 |
3,396.2 |
|
| Tender/retirement of senior notes due 2017 and term loans |
(1,091.6) |
(3,423.0) |
|
| Payment of fees related to refinancing activities |
(15.5) |
(77.8) |
|
| Equity: |
|
|
|
| Option exercises |
0.6 |
0 |
|
| Repurchase of LVB Acquisition, Inc. shares |
0 |
0.1 |
|
| Net cash used in financing activities |
(164.6) |
(130.9) |
|
| Effect of exchange rate changes on cash |
4.7 |
15.9 |
|
| Increase (decrease) in cash and cash equivalents |
(143.2) |
(275.0) |
|
| Cash and cash equivalents, beginning of period |
355.6 |
492.4 |
|
| Cash and cash equivalents, end of period |
212.4 |
217.4 |
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest |
287.0 |
315.5 |
|
| Income taxes |
69.7 |
49.0 |
|
|
Other Acquisitions [Member]
|
|
|
|
| Cash flows provided by (used in) investing activities: |
|
|
|
| Acquisitions, net of cash acquired |
(1.3) |
(17.2) |
|
|
Biomet, Inc. [Member]
|
|
|
|
| Cash flows provided by (used in) operating activities: |
|
|
|
| Net income (loss) |
(29.9) |
(402.2) |
[1] |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
378.4 |
364.8 |
|
| Amortization and write off of deferred financing costs |
18.6 |
27.3 |
|
| Stock-based compensation expense |
13.6 |
32.3 |
|
| Loss on extinguishment of debt |
0 |
155.2 |
|
| Recovery of doubtful accounts receivable |
0 |
(0.4) |
|
| Realized gain on investments |
0 |
0.2 |
|
| Goodwill and intangible assets impairment charge |
0 |
334.1 |
|
| Deferred income taxes |
(126.5) |
(165.4) |
|
| Other |
(6.2) |
5.9 |
|
| Changes in operating assets and liabilities, net of acquired assets: |
|
|
|
| Accounts receivable |
(30.9) |
(53.1) |
|
| Inventories |
(18.8) |
(33.6) |
|
| Prepaid expenses |
4.4 |
(7.9) |
|
| Accounts payable |
(18.2) |
(28.0) |
|
| Income taxes |
18.8 |
5.5 |
|
| Accrued interest |
(20.9) |
(12.6) |
|
| Accrued expenses and other |
143.2 |
52.1 |
|
| Net cash provided by operating activities |
325.6 |
273.8 |
|
| Cash flows provided by (used in) investing activities: |
|
|
|
| Proceeds from sales/maturities of investments |
19.0 |
5.5 |
|
| Purchases of investments |
(19.8) |
(6.4) |
|
| Net proceeds from sale of assets |
0.8 |
14.0 |
|
| Capital expenditures |
(158.8) |
(149.7) |
|
| Acquisitions, net of cash acquired |
0 |
(280.0) |
|
| Acquisitions, net of cash acquired - 2013 Spine Acquisition |
(148.8) |
0 |
|
| Net cash used in investing activities |
(308.9) |
(433.8) |
|
| Debt: |
|
|
|
| Payments under European facilities |
(2.3) |
(1.0) |
|
| Payments under senior secured credit facilities |
(22.6) |
(25.2) |
|
| Proceeds under revolvers |
159.3 |
80.0 |
|
| Payments under revolvers |
(63.0) |
(80.0) |
|
| Proceeds from senior notes due 2020 and term loans |
870.5 |
3,396.2 |
|
| Tender/retirement of senior notes due 2017 and term loans |
(1,091.6) |
(3,423.0) |
|
| Payment of fees related to refinancing activities |
(15.5) |
(77.8) |
|
| Equity: |
|
|
|
| Option exercises |
0.6 |
0 |
|
| Repurchase of LVB Acquisition, Inc. shares |
0 |
0.1 |
|
| Net cash used in financing activities |
(164.6) |
(130.9) |
|
| Effect of exchange rate changes on cash |
4.7 |
15.9 |
|
| Increase (decrease) in cash and cash equivalents |
(143.2) |
(275.0) |
|
| Cash and cash equivalents, beginning of period |
355.6 |
492.4 |
|
| Cash and cash equivalents, end of period |
212.4 |
217.4 |
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest |
287.0 |
315.5 |
|
| Income taxes |
69.7 |
49.0 |
|
|
Biomet, Inc. [Member] | Other Acquisitions [Member]
|
|
|
|
| Cash flows provided by (used in) investing activities: |
|
|
|
| Acquisitions, net of cash acquired |
$ (1.3) |
$ (17.2) |
|
|
|
|