Patterson Companies (PDCO) 10-Q 8 Sep 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 30, 2016	Sep. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PDCO
Entity Registrant Name	PATTERSON COMPANIES, INC.
Entity Central Index Key	891,024
Current Fiscal Year End Date	--04-29
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		99,073,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 30, 2016	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 89,978	$ 137,453
Receivables, net of allowance for doubtful accounts	719,218	796,693
Inventory	799,176	722,140
Prepaid expenses and other current assets	82,696	91,255
Total current assets	1,691,068	1,747,541
Property and equipment, net	298,104	293,315
Long-term receivables, net	135,736	88,248
Goodwill	814,207	816,592
Identifiable intangibles, net	494,981	509,297
Other	65,171	65,811
Total assets	3,499,267	3,520,804
Current liabilities:
Accounts payable	523,105	566,253
Accrued payroll expense	38,942	75,448
Other accrued liabilities	148,394	151,134
Current maturities of long-term debt	18,563	16,500
Borrowings on revolving credit	108,000	20,000
Total current liabilities	837,004	829,335
Long-term debt	1,016,184	1,022,155
Other non-current liabilities	228,042	227,568
Total liabilities	2,081,230	2,079,058
Stockholders’ equity:
Common stock	986	991
Additional paid-in capital	53,855	48,477
Accumulated other comprehensive loss	(87,788)	(67,964)
Retained earnings	1,519,900	1,529,158
Unearned ESOP shares	(68,916)	(68,916)
Total stockholders’ equity	1,418,037	1,441,746
Total liabilities and stockholders’ equity	$ 3,499,267	$ 3,520,804

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Income Statement [Abstract]
Net sales	$ 1,332,436	$ 1,142,870
Cost of sales	1,015,258	854,626
Gross profit	317,178	288,244
Operating expenses	251,762	226,067
Operating income from continuing operations	65,416	62,177
Other income (expense):
Other income, net	2,364	670
Interest expense	(10,162)	(12,143)
Income from continuing operations before taxes	57,618	50,704
Income tax expense	18,712	30,393
Net income from continuing operations	38,906	20,311
Net income from discontinued operations	0	9,392
Net income	$ 38,906	$ 29,703
Basic earnings per share:
Continuing operations (in USD per share)	$ 0.41	$ 0.20
Discontinued operations (in USD per share)	0	0.10
Net basic earnings per share (in USD per share)	0.41	0.30
Diluted earnings per share:
Continuing operations (in USD per share)	0.40	0.20
Discontinued operations (in USD per share)	0	0.10
Net diluted earnings per share (in USD per share)	$ 0.40	$ 0.30
Weighted average shares:
Basic (in shares)	95,461	99,436
Diluted (in shares)	96,090	100,162
Dividends declared per common share (in USD per share)	$ 0.24	$ 0.22
Comprehensive income
Net income	$ 38,906	$ 29,703
Foreign currency translation gain (loss)	(20,257)	(11,275)
Cash flow hedges, net of tax	433	617
Comprehensive income	$ 19,082	$ 19,045

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Operating activities:
Net income	$ 38,906	$ 29,703
Net income from discontinued operations	0	9,392
Net income from continuing operations	38,906	20,311
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation	9,064	7,346
Amortization	11,295	7,901
Bad debt expense	(457)	4,719
Non-cash employee compensation	9,184	6,965
Excess tax benefits from stock-based compensation	0	(63)
Change in assets and liabilities, net of acquired	(140,771)	(39,485)
Net cash provided by (used in) operating activities- continuing operations	(72,779)	7,694
Net cash used in operating activities- discontinued operations	0	(2,270)
Net cash provided by (used in) operating activities	(72,779)	5,424
Investing activities:
Additions to property and equipment	(15,042)	(17,064)
Acquisitions and equity investments, net of cash assumed	0	(1,104,730)
Other investing activities	9,337	0
Net cash used in investing activities- continuing operations	(5,705)	(1,121,794)
Net cash used in investing activities- discontinued operations	0	(54)
Net cash used in investing activities	(5,705)	(1,121,848)
Financing activities:
Dividends paid	(24,197)	(23,128)
Repurchases of common stock	(25,000)	0
Proceeds from issuance of long-term debt	0	1,000,000
Debt issuance costs	0	(11,600)
Retirement of long-term debt	(4,125)	0
Draw on revolver	88,000	0
Other financing activities	(506)	(745)
Net cash provided by financing activities	34,172	964,527
Effect of exchange rate changes on cash	(3,163)	(8,923)
Net change in cash and cash equivalents	(47,475)	(160,820)
Cash and cash equivalents at beginning of period	137,453	347,260
Cash and cash equivalents at end of period	$ 89,978	$ 186,440

General

General	3 Months Ended
	Jul. 30, 2016
Accounting Policies [Abstract]
General	General Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of Patterson Companies, Inc. (referred to herein as “Patterson” or in the first person notations “we,” “our,” and “us”) as of July 30, 2016 , and our results of operations and cash flows for the periods ended July 30, 2016 and August 1, 2015 . Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 30, 2016 and August 1, 2015 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements included in our 2016 Annual Report on Form 10-K filed on June 29, 2016. The unaudited condensed consolidated financial statements include the assets and liabilities of PDC Funding Company, LLC (“PDC Funding”) and PDC Funding Company II, LLC (“PDC Funding II”), wholly owned subsidiaries and separate legal entities under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities established to sell customer installment sale contracts to outside financial institutions in the normal course of their business. The assets of PDC Funding and PDC Funding II would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding or PDC Funding II. Fiscal Year End We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The first quarter of fiscal 2017 and 2016 represents the 13 weeks ended July 30, 2016 and the 14 weeks ended August 1, 2015 , respectively. Fiscal 2017 will include 52 weeks and fiscal 2016 included 53 weeks of operations. Comprehensive Income Comprehensive income is computed as net income including certain other items that are recorded directly to stockholders’ equity. Significant items included in comprehensive income are foreign currency translation adjustments and the effective portion of cash flow hedges, net of tax. Foreign currency translation adjustments do not include a provision for income tax because earnings from foreign operations are considered to be indefinitely reinvested outside the U.S. The income tax expense related to cash flow hedges was $262 and $85 for the three months ended July 30, 2016 and August 1, 2015 , respectively. Earnings Per Share The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share (“EPS”): Three Months Ended July 30, August 1, Denominator for basic earnings per share – weighted average shares 95,461 99,436 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 629 726 Denominator for diluted earnings per share – adjusted weighted average shares 96,090 100,162 Potentially dilutive securities representing 1,079 shares for the three months ended July 30, 2016 and 939 shares for the three months ended August 1, 2015 , were excluded from the calculation of diluted earnings per share because their effects were anti-dilutive. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016 and May 2016 within ASU 2015-04, ASU 2016-08, ASU 2016-10 and ASU 2016-12, respectively. ASU No. 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of this pronouncement by one year to December 15, 2017 for interim and annual reporting periods beginning after that date. Early adoption is permitted, but not before the original effective date, which for annual periods was December 15, 2016. We are evaluating the impact of adopting this pronouncement. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330), Simplifying the Measurement of Inventory.” ASU 2015-11 requires inventory measured using any method other than LIFO or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. We are required to adopt the new pronouncement in the first quarter of fiscal 2018, and plan to do so at that time. Early adoption is permitted. We are evaluating the effect of adopting this pronouncement, but do not, at this time, anticipate a material impact to our financial statements once implemented. In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments- Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10)”, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. We are required to adopt the ASU No. 2016-01 in the first quarter of fiscal 2019, with early adoption permitted. We are evaluating the impact of adopting this pronouncement. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by most leases, as well as requires additional qualitative and quantitative disclosures. We are required to adopt ASU 2016-02 in the first quarter of fiscal 2020, with early adoption permitted. We are evaluating the impact of adopting this pronouncement. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 eliminates the additional paid-in capital pool concept and requires that excess tax benefits and tax deficiencies be recorded in the income statement when awards are settled. ASU No. 2016-09 also addresses simplifications related to statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. During the first quarter of fiscal 2017, we adopted ASU No. 2016-09. As a result of this adoption, we recognized $1,884 of excess tax benefits related to share-based payments in our provision for income taxes for the three months ended July 30, 2016. These items were historically recorded in additional paid-in capital. In addition, for the three months ended July 30, 2016, cash flows related to excess tax benefits are classified as an operating activity along with other income tax cash flows. Prior periods have not been adjusted. Cash paid on employees' behalf related to shares withheld for tax purposes continues to be classified as a financing activity. Our share-based compensation expense in each period continues to reflect estimated forfeitures. Reclassifications None.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Jul. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In August 2015, we sold all of the outstanding shares of common stock of Patterson Medical Holdings, Inc., our wholly owned subsidiary responsible for our rehabilitation supply business known as Patterson Medical (“Patterson Medical”), for $716,886 in cash to Madison Dearborn Partners. As additional consideration for the shares of Patterson Medical, we obtained a number of common units of the parent company of the buyer equal to 10% of the common units outstanding at closing. Unlike the other common units, these units will only become entitled to begin participating in distributions to the common unit holders at such time, if any, as the Madison Dearborn Partners’ investor cash inflows equal or exceed 2.5 times the Madison Dearborn Partners’ investor cash outflows. These units are non-transferable. In connection with the above described transaction, we also entered into a transition services agreement with our former subsidiary, pursuant to which Patterson Medical Holdings, Inc., as owned by Madison Dearborn Partners, is paying us to provide, among other things, certain information technology, distribution, facilities, finance, tax and treasury, and human resources services for up to 24 months after closing. We classified Patterson Medical’s results of operations as discontinued operations for all periods presented in the condensed consolidated statements of income. The operations and cash flows of Patterson Medical have been eliminated from our continuing operations, which were previously recorded as the rehabilitation supply reportable segment. Net sales from discontinued operations were $130,811 for the three months ending August 1, 2015.

Customer Financing

Customer Financing	3 Months Ended
	Jul. 30, 2016
Receivables [Abstract]
Customer Financing	Customer Financing As a convenience to our customers, we offer several different financing alternatives, including a third party program and a Patterson-sponsored program. For the third party program, we act as a facilitator between the customer and the third party financing entity with no on-going involvement in the financing transaction. Under our sponsored program, equipment purchased by customers with strong credit may be financed up to a maximum of $1,000 . We generally sell our customers’ financing contracts to outside financial institutions in the normal course of our business. These financing arrangements are accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing . We currently have two arrangements under which we sell these contracts. We operate under an agreement to sell a portion of our equipment finance contracts to commercial paper conduits with The Bank of Tokyo-Mitsubishi UFJ, Ltd. serving as the agent. We utilize a special purpose entity (“SPE”), PDC Funding, a consolidated, wholly owned subsidiary, to fulfill a requirement of participating in the commercial paper conduit. We receive the proceeds of the contracts upon sale. At least 9% of the proceeds are held by the conduit as security against eventual performance of the portfolio. This percentage can be greater and is based upon certain ratios defined in the agreement. The capacity under the agreement at July 30, 2016 was $575,000 . We also maintain an agreement with Fifth Third Bank whereby the bank purchases customers’ financing contracts. We established a second SPE, PDC Funding II, a consolidated, wholly owned subsidiary, which sells financing contracts to Fifth Third Bank. We receive the proceeds of the contracts upon sale to the bank. At least 10% of the proceeds are held by the conduit as security against eventual performance of the portfolio. This percentage can be greater and is based upon certain ratios defined in the agreement. The capacity under the agreement at July 30, 2016 was $100,000 . We retain servicing responsibilities for the financing contracts under both arrangements, for which we are paid a servicing fee. The servicing fees we receive are considered adequate compensation for services rendered. Accordingly, no servicing asset or liability has been recorded. The portion of the purchase price for the receivables held by the conduits is a deferred purchase price receivable, which is paid to the applicable SPE as payments on the customers’ financing contracts are collected from customers. The difference between the carrying amount of the receivables sold under these programs and the sum of the cash and fair value of the deferred purchase price receivables received at time of transfer is recognized as a gain on sale of the related receivables and recorded in net sales in the consolidated statements of income. Expenses incurred related to customer financing activities were recorded in operating expenses in our condensed consolidated statements of income. During the three months ended July 30, 2016 and August 1, 2015 we sold $109,594 and $94,767 , respectively, of contracts under these arrangements. We recorded net sales in the condensed consolidated statements of income of $10,185 and $5,887 during the three months ended July 30, 2016 and August 1, 2015 , respectively, related to these contracts sold. Included in cash and cash equivalents in the condensed consolidated balance sheets are $26,183 and $27,186 as of July 30, 2016 and April 30, 2016 , respectively, which represent cash collected from previously sold customer financing contracts that have not yet been settled with the third party. Included in current receivables in the condensed consolidated balance sheets are $68,280 , net of unearned income of $1,303 , and $87,406 , net of unearned income of $1,768 , as of July 30, 2016 and April 30, 2016 , respectively, of finance contracts we have not yet sold. A total of $629,326 of finance contracts receivable sold under the arrangments was outstanding at July 30, 2016 . The deferred purchase price under the arrangements was $158,284 and $108,837 as of July 30, 2016 and April 30, 2016 , respectively. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than 1% of the loans originated. The arrangements require us to maintain a minimum current ratio and maximum leverage ratio. We were in compliance with those covenants at July 30, 2016 .

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jul. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We are a party to certain offsetting and identical interest rate cap agreements entered into to fulfill certain covenants of the equipment finance contracts sale agreement between a commercial paper conduit managed by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and PDC Funding. On November 24, 2015, the equipment finance contracts sale agreement was amended on terms generally consistent with the expiring agreement. The interest rate cap agreements also provide a credit enhancement feature for the financing contracts sold by PDC Funding to the commercial paper conduit. The interest rate cap agreements are canceled and new agreements entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of July 30, 2016 , PDC Funding had purchased an interest rate cap from a bank with a notional amount of $575,000 and a maturity date of November 2023. We sold an identical interest rate cap to the same bank. Similar to the above agreements, PDC Funding II and Patterson entered into offsetting and identical interest rate cap agreements with a notional amount of $100,000 in fiscal 2014. In August 2015, these agreements were terminated and replaced with offsetting and identical interest rate cap agreements. The notional amount remained at $100,000 and the new maturity date is July 2023. These interest rate cap agreements do not qualify for hedge accounting treatment and, accordingly, we record the fair value of the agreements as an asset or liability and the change as income or expense during the period in which the change occurs. In March 2008, we entered into two forward starting interest rate swap agreements, each with notional amounts of $100,000 and accounted for as cash flow hedges, to hedge interest rate fluctuations in anticipation of the issuance of the senior notes due fiscal 2015 and fiscal 2018 . Upon issuance of the hedged debt, we settled the forward starting interest rate swap agreements and recorded a $1,000 increase, net of income taxes, to other comprehensive income (loss), which is being amortized as a reduction to interest expense over the life of the related debt. In January 2014, we entered into a forward interest rate swap agreement with a notional amount of $250,000 and accounted for as cash flow hedge, to hedge interest rate fluctuations in anticipation of refinancing the 5.17% senior notes due March 25, 2015 with a loan for $250,000 and a term of ten years . This note was repaid on March 25, 2015 and replaced with new $250,000 3.48% senior notes due March 24, 2025 . A cash payment of $29,003 was made in March 2015 to settle the interest rate swap. This amount is recorded in other comprehensive income (loss), net of tax, and is recognized as interest expense over the life of the related debt. The following presents the fair value of derivative instruments included in the condensed consolidated balance sheets: Derivative type Classification July 30, 2016 April 30, 2016 Assets: Interest rate cap agreements Other noncurrent assets $ 362 $ 816 Liabilities: Interest rate cap agreements Other noncurrent liabilities 362 816 The following table presents the pre-tax effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income and other comprehensive income ("OCI"): Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Derivative type Location of gain/(loss) recognized on derivative July 30, 2016 August 1, 2015 Interest rate swap OCI $ (695 ) $ (702 ) We recorded no effective portion of gains or losses on derivative instruments in cash flow hedging relationships in OCI during the current period. We recorded no ineffectiveness during the three month periods ended July 30, 2016 and August 1, 2015 . As of July 30, 2016 , the estimated pre-tax portion of accumulated other comprehensive loss that is expected to be reclassified into earnings over the next twelve months is $2,809 , which will be recorded as an increase to interest expense.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The fair value hierarchy of measurements is categorized into one of three levels based on the lowest level of significant input used: Level 1 - Quoted prices in active markets for identical assets and liabilities at the measurement date. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs for which there is little or no market data available. These inputs reflect management’s assumptions of what market participants would use in pricing the asset or liability. Our hierarchy for assets and liabilities measured at fair value on a recurring basis is as follows: July 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 6,077 $ 6,077 $ — $ — Deferred purchase price receivable 158,284 — — 158,284 Derivative instruments 362 — 362 — Total assets $ 164,723 $ 6,077 $ 362 $ 158,284 Liabilities: Derivative instruments $ 362 $ — $ 362 $ — April 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 14,609 $ 14,609 $ — $ — Deferred purchase price receivable 108,837 — — 108,837 Derivative instruments 816 — 816 — Total assets $ 124,262 $ 14,609 $ 816 $ 108,837 Liabilities: Derivative instruments $ 816 $ — $ 816 $ — Cash equivalents – We value cash equivalents at their current market rates. The carrying value of cash equivalents approximates fair value and maturities are less than three months. Deferred purchase price receivable – We value the deferred purchase price receivable based on a discounted cash flow analysis using unobservable inputs, which include a forward yield curve, the estimated timing of payments and the credit quality of the underlying creditor. Significant changes in any of the significant unobservable inputs in isolation would not result in a materially different fair value estimate. The interrelationship between these inputs is insignificant. Derivative instruments – Our derivative instruments consist of interest rate cap agreements and interest rate swaps. These instruments are valued using inputs such as interest rates and credit spreads. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments under certain circumstances, such as when there is evidence of impairment. There were no fair value adjustments to such assets during the three month periods ended July 30, 2016 or August 1, 2015 . Our debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of July 30, 2016 and April 30, 2016 was $1,072,186 and $1,064,752 , respectively, as compared to a carrying value of $1,034,746 and $1,038,655 at July 30, 2016 and April 30, 2016 , respectively. The fair value of debt was measured using a discounted cash flow analysis based on expected market based yields (i.e., level 2 inputs). The carrying amounts of receivables, net of allowances, accounts payable, and certain accrued and other current liabilities approximated fair value at July 30, 2016 and April 30, 2016 .

Income Taxes

Income Taxes	3 Months Ended
	Jul. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate from continuing operations for the three months ended July 30, 2016 was 32.5% compared to 59.9% for the three months ended August 1, 2015 . The decrease in the rate for the three months ended July 30, 2016 is primarily due to the prior year impact of cash repatriation and transaction-related costs incurred related to the acquisition of Animal Health International, Inc. In addition, the current period rate includes excess tax benefits from the adoption of ASU No. 2016-09 of $1,884 . In the first quarter of fiscal 2016, we approved a one-time repatriation of approximately $200,000 of foreign earnings. This one-time repatriation reduced the overall cost of funding the acquisition of Animal Health International, Inc. In addition, certain foreign cash at Patterson Medical was required to be repatriated as part of the sale transaction. The continuing operations tax impact of $11,800 from the repatriation was recorded during the first three months of fiscal 2016.

Segment Reporting

Segment Reporting	3 Months Ended
	Jul. 30, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We present three reportable segments: Dental, Animal Health and Corporate. Dental and Animal Health are strategic business units that offer similar products and services to different customer bases. Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America. Animal Health is a leading, full-line distributor in North America and the U.K. of animal health products, services and technologies to both the production-animal and companion-pet markets. Our Corporate segment is comprised of general and administrative expenses, including home office support costs in areas such as information technology, finance, legal, human resources and facilities. In addition, customer financing and other miscellaneous sales are reported within Corporate results. Corporate assets consist primarily of cash and cash equivalents, accounts receivable, property and equipment and long-term receivables. We evaluate segment performance based on operating income. The costs to operate the fulfillment centers are allocated to the operating units based on the through-put of the unit. The following table presents information about our reportable segments: Three Months Ended July 30, August 1, Net sales Dental $ 555,015 $ 575,117 Animal Health 762,631 557,297 Corporate 14,790 10,456 Consolidated net sales $ 1,332,436 $ 1,142,870 Operating income (loss) from continuing operations Dental $ 60,295 $ 67,252 Animal Health 14,829 12,972 Corporate (9,708 ) (18,047 ) Consolidated operating income from continuing operations $ 65,416 $ 62,177 July 30, April 30, Total assets Dental $ 917,235 $ 994,113 Animal Health 2,082,686 2,064,302 Corporate 499,346 462,389 Total assets $ 3,499,267 $ 3,520,804 The following table presents sales information by product for all of our reportable segments: Three Months Ended July 30, August 1, Net sales Consumable $ 1,076,221 $ 895,307 Equipment and software 160,946 153,483 Other 95,269 94,080 Consolidated net sales $ 1,332,436 $ 1,142,870

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss ("AOCL")	3 Months Ended
	Jul. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Loss (AOCL)	Accumulated Other Comprehensive Loss ("AOCL") The following table summarizes the changes in AOCL as of July 30, 2016 : Cash Flow Hedges Currency Translation Adjustment Total AOCL at April 30, 2016 $ (16,734 ) $ (51,230 ) $ (67,964 ) Other comprehensive loss before reclassifications — (20,257 ) (20,257 ) Amounts reclassified from AOCL 433 — 433 AOCL at July 30, 2016 $ (16,301 ) $ (71,487 ) $ (87,788 ) The amounts reclassified from AOCL during fiscal 2017 represent gains and losses on cash flow hedges, net of taxes of $262 . The impact to the condensed consolidated statements of income was an increase to interest expense of $695 .

Legal Proceedings

Legal Proceedings	3 Months Ended
	Jul. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings In September 2015, we were served with a summons and complaint in an action commenced in the U.S. District Court for the Eastern District of New York, entitled SourceOne Dental, Inc. v. Patterson Companies, Inc., Henry Schein, Inc. and Benco Dental Supply Company, Civil Action No. 15-cv-05440-JMA-GRB. SourceOne, as plaintiff, alleges that, through its website, it markets and sells dental supplies and equipment to dentists. SourceOne alleges in the complaint, among other things, that we, along with the defendants Henry Schein and Benco, conspired to eliminate plaintiff as a competitor and to exclude them from the market for the marketing, distribution and sale of dental supplies and equipment in the U.S. and that defendants unlawfully agreed with one another to boycott dentists, manufacturers, and state dental associations that deal with, or considered dealing with, plaintiff. Plaintiff asserts the following claims: (i) unreasonable restraint of trade in violation of state and federal antitrust laws; (ii) tortious interference with prospective business relations; (iii) civil conspiracy; and (iv) aiding and abetting the other defendants’ ongoing tortious and anticompetitive conduct. Plaintiff seeks equitable relief, compensatory and treble damages, jointly and severally, punitive damages, interest, and reasonable costs and expenses, including attorneys’ fees and expert fees. Plaintiff has not specified a damage amount in its complaint. We are vigorously defending ourselves in this litigation. We do not anticipate that this matter will have a material adverse effect on our financial condition. Beginning in January 2016, purported class action complaints were filed against defendants Henry Schein, Inc., Benco Dental Supply Co. and Patterson Companies, Inc. Although there were factual and legal variations among these complaints, each alleged that defendants conspired to foreclose and exclude competitors by boycotting manufacturers, state dental associations, and others that deal with defendants’ competitors. On February 9, 2016, the U.S. District Court for the Eastern District of New York ordered all of these actions, and all other actions filed thereafter asserting substantially similar claims against defendants, consolidated for pre-trial purposes. On February 26, 2016, a consolidated class action complaint was filed by Arnell Prato, D.D.S., P.L.L.C., d/b/a Down to Earth Dental, Evolution Dental Sciences, LLC, Howard M. May, DDS, P.C., Casey Nelson, D.D.S., Jim Peck, D.D.S., Bernard W. Kurek, D.M.D., Larchmont Dental Associates, P.C., and Keith Schwartz, D.M.D., P.A. (collectively, the “putative class representatives”) in the U.S. District Court for the Eastern District of New York, entitled In re Dental Supplies Antitrust Litigation, Civil Action No. 1:16-CV-00696-BMC-GRB. Subject to certain exclusions, the putative class representatives seek to represent all persons who purchased dental supplies or equipment in the U.S. directly from any of the defendants, or non-defendant Burkhart Dental Supply Company, Inc., since August 31, 2008. In the consolidated class action complaint, putative class representatives allege a nationwide agreement among Henry Schein, Benco, Patterson and Burkhart not to compete on price. The consolidated class action complaint asserts a single count under Section 1 of the Sherman Act, and seeks equitable relief, compensatory and treble damages, jointly and severally, interest, and reasonable costs and expenses, including attorneys’ fees and expert fees. Putative class representatives have not specified a damage amount in their complaint. While the outcome of litigation is inherently uncertain, we believe the consolidated class action complaint is without merit, and we are vigorously defending ourselves in this litigation.

General (Policies)

General (Policies)	3 Months Ended
	Jul. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of Patterson Companies, Inc. (referred to herein as “Patterson” or in the first person notations “we,” “our,” and “us”) as of July 30, 2016 , and our results of operations and cash flows for the periods ended July 30, 2016 and August 1, 2015 . Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 30, 2016 and August 1, 2015 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements included in our 2016 Annual Report on Form 10-K filed on June 29, 2016. The unaudited condensed consolidated financial statements include the assets and liabilities of PDC Funding Company, LLC (“PDC Funding”) and PDC Funding Company II, LLC (“PDC Funding II”), wholly owned subsidiaries and separate legal entities under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities established to sell customer installment sale contracts to outside financial institutions in the normal course of their business. The assets of PDC Funding and PDC Funding II would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding or PDC Funding II.
Fiscal Year End	Fiscal Year End We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The first quarter of fiscal 2017 and 2016 represents the 13 weeks ended July 30, 2016 and the 14 weeks ended August 1, 2015 , respectively. Fiscal 2017 will include 52 weeks and fiscal 2016 included 53 weeks of operations.
Comprehensive Income	Comprehensive Income Comprehensive income is computed as net income including certain other items that are recorded directly to stockholders’ equity. Significant items included in comprehensive income are foreign currency translation adjustments and the effective portion of cash flow hedges, net of tax. Foreign currency translation adjustments do not include a provision for income tax because earnings from foreign operations are considered to be indefinitely reinvested outside the U.S.
Earnings Per Share	Earnings Per Share The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share (“EPS”): Three Months Ended July 30, August 1, Denominator for basic earnings per share – weighted average shares 95,461 99,436 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 629 726 Denominator for diluted earnings per share – adjusted weighted average shares 96,090 100,162 Potentially dilutive securities representing 1,079 shares for the three months ended July 30, 2016 and 939 shares for the three months ended August 1, 2015 , were excluded from the calculation of diluted earnings per share because their effects were anti-dilutive.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016 and May 2016 within ASU 2015-04, ASU 2016-08, ASU 2016-10 and ASU 2016-12, respectively. ASU No. 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of this pronouncement by one year to December 15, 2017 for interim and annual reporting periods beginning after that date. Early adoption is permitted, but not before the original effective date, which for annual periods was December 15, 2016. We are evaluating the impact of adopting this pronouncement. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330), Simplifying the Measurement of Inventory.” ASU 2015-11 requires inventory measured using any method other than LIFO or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. We are required to adopt the new pronouncement in the first quarter of fiscal 2018, and plan to do so at that time. Early adoption is permitted. We are evaluating the effect of adopting this pronouncement, but do not, at this time, anticipate a material impact to our financial statements once implemented. In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments- Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10)”, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. We are required to adopt the ASU No. 2016-01 in the first quarter of fiscal 2019, with early adoption permitted. We are evaluating the impact of adopting this pronouncement. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by most leases, as well as requires additional qualitative and quantitative disclosures. We are required to adopt ASU 2016-02 in the first quarter of fiscal 2020, with early adoption permitted. We are evaluating the impact of adopting this pronouncement. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 eliminates the additional paid-in capital pool concept and requires that excess tax benefits and tax deficiencies be recorded in the income statement when awards are settled. ASU No. 2016-09 also addresses simplifications related to statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. During the first quarter of fiscal 2017, we adopted ASU No. 2016-09. As a result of this adoption, we recognized $1,884 of excess tax benefits related to share-based payments in our provision for income taxes for the three months ended July 30, 2016. These items were historically recorded in additional paid-in capital. In addition, for the three months ended July 30, 2016, cash flows related to excess tax benefits are classified as an operating activity along with other income tax cash flows. Prior periods have not been adjusted. Cash paid on employees' behalf related to shares withheld for tax purposes continues to be classified as a financing activity. Our share-based compensation expense in each period continues to reflect estimated forfeitures.

General (Tables)

General (Tables)	3 Months Ended
	Jul. 30, 2016
Accounting Policies [Abstract]
Computation of Basic and Diluted Earnings Per Share (EPS)	The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share (“EPS”): Three Months Ended July 30, August 1, Denominator for basic earnings per share – weighted average shares 95,461 99,436 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 629 726 Denominator for diluted earnings per share – adjusted weighted average shares 96,090 100,162

Derivative Financial Instrume16

Derivative Financial Instruments (Tables)	3 Months Ended
	Jul. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Interest Rate Contracts Included in Condensed Consolidated Balance Sheets	The following presents the fair value of derivative instruments included in the condensed consolidated balance sheets: Derivative type Classification July 30, 2016 April 30, 2016 Assets: Interest rate cap agreements Other noncurrent assets $ 362 $ 816 Liabilities: Interest rate cap agreements Other noncurrent liabilities 362 816
Effect of Interest Rate Contracts on Condensed Consolidated Statements of Income and Other Comprehensive Income (OCI)	The following table presents the pre-tax effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income and other comprehensive income ("OCI"): Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Derivative type Location of gain/(loss) recognized on derivative July 30, 2016 August 1, 2015 Interest rate swap OCI $ (695 ) $ (702 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 30, 2016
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Our hierarchy for assets and liabilities measured at fair value on a recurring basis is as follows: July 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 6,077 $ 6,077 $ — $ — Deferred purchase price receivable 158,284 — — 158,284 Derivative instruments 362 — 362 — Total assets $ 164,723 $ 6,077 $ 362 $ 158,284 Liabilities: Derivative instruments $ 362 $ — $ 362 $ — April 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 14,609 $ 14,609 $ — $ — Deferred purchase price receivable 108,837 — — 108,837 Derivative instruments 816 — 816 — Total assets $ 124,262 $ 14,609 $ 816 $ 108,837 Liabilities: Derivative instruments $ 816 $ — $ 816 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Jul. 30, 2016
Segment Reporting [Abstract]
Information about Reportable Segments	The following table presents information about our reportable segments: Three Months Ended July 30, August 1, Net sales Dental $ 555,015 $ 575,117 Animal Health 762,631 557,297 Corporate 14,790 10,456 Consolidated net sales $ 1,332,436 $ 1,142,870 Operating income (loss) from continuing operations Dental $ 60,295 $ 67,252 Animal Health 14,829 12,972 Corporate (9,708 ) (18,047 ) Consolidated operating income from continuing operations $ 65,416 $ 62,177 July 30, April 30, Total assets Dental $ 917,235 $ 994,113 Animal Health 2,082,686 2,064,302 Corporate 499,346 462,389 Total assets $ 3,499,267 $ 3,520,804
Sales Information by Product	The following table presents sales information by product for all of our reportable segments: Three Months Ended July 30, August 1, Net sales Consumable $ 1,076,221 $ 895,307 Equipment and software 160,946 153,483 Other 95,269 94,080 Consolidated net sales $ 1,332,436 $ 1,142,870

Accumulated Other Comprehensi19

Accumulated Other Comprehensive Loss ("AOCL") (Tables)	3 Months Ended
	Jul. 30, 2016
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	The following table summarizes the changes in AOCL as of July 30, 2016 : Cash Flow Hedges Currency Translation Adjustment Total AOCL at April 30, 2016 $ (16,734 ) $ (51,230 ) $ (67,964 ) Other comprehensive loss before reclassifications — (20,257 ) (20,257 ) Amounts reclassified from AOCL 433 — 433 AOCL at July 30, 2016 $ (16,301 ) $ (71,487 ) $ (87,788 )

General - Additional Informatio

General - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Accounting Policies [Abstract]
Income tax expense related to cash flow hedges	$ 262	$ 85
Securities excluded from calculation of diluted earnings per share (in shares)	1,079	939
Excess tax benefit from share-based payments recognized	$ 1,884

General - Computation of Basic

General - Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Earnings Per Share [Abstract]
Denominator for basic earnings per share – weighted average shares (in shares)	95,461	99,436
Effect of dilutive securities - stock options, restricted stock and stock purchase plans (shares)	629	726
Denominator for diluted earnings per share – adjusted weighted average shares (in shares)	96,090	100,162

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2015	Aug. 01, 2015
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from the sale including working capital adjustment	$ 716,886
Percentage of common units obtained	10.00%
Ratio of acquirer cash inflows to cash outflows at which common units obtained begin participating in distributions	2.5
Transition services agreement, period of involvement	24 months
Net sales from discontinued operations		$ 130,811

Customer Financing (Details)

Customer Financing (Details)	3 Months Ended
	Jul. 30, 2016USD ($)finance_agreement	Aug. 01, 2015USD ($)	Apr. 30, 2016USD ($)	Apr. 25, 2015USD ($)
Customer Financing [Line Items]
Maximum credit financed for equipment purchases for any one customer	$ 1,000,000
Number of customer financing contracts | finance_agreement	2
Financing contracts sold under ASC 860	$ 109,594,000	$ 94,767,000
Revenues from Sale of Financing Contracts	10,185,000	5,887,000
Cash and cash equivalents	89,978,000	$ 186,440,000	$ 137,453,000	$ 347,260,000
Current receivables of finance contracts not yet sold	68,280,000		87,406,000
Unearned income	1,303,000		1,768,000
Finance contracts receivable sold and outstanding	629,326,000
Deferred purchase price	$ 158,284,000		108,837,000
Bad debt write-offs, percentage (less than)	1.00%
Unsettled Financing Arrangements [Member]
Customer Financing [Line Items]
Cash and cash equivalents	$ 26,183,000		$ 27,186,000
The Bank of Tokyo-Mitsubishi UFJ, Ltd. [Member]
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)	9.00%
Capacity under agreement	$ 575,000,000
Fifth Third Bank [Member]
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)	10.00%
Capacity under agreement	$ 100,000,000

Derivative Financial Instrume24

Derivative Financial Instruments - Additional Information (Detail)	Mar. 25, 2015USD ($)	Mar. 31, 2015USD ($)	Jan. 31, 2014USD ($)	Mar. 31, 2008USD ($)agreement	Jul. 30, 2016USD ($)	Aug. 01, 2015USD ($)	Aug. 31, 2015USD ($)	Apr. 26, 2014USD ($)
Derivative [Line Items]
Effective portion of gains or losses recognized in OCI					$ 0
Ineffectiveness recorded during period					0	$ 0
Increase (decrease) in interest expense					(2,809,000)
Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount of derivatives					575,000,000
New Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount of derivatives							$ 100,000,000	$ 100,000,000
Interest Rate Swap [Member]
Derivative [Line Items]
Number of interest rate swap agreements | agreement				2
Notional amount of derivative asset				$ 100,000,000
Increase to other comprehensive income				1,000,000
Increase (decrease) in interest expense					$ (695,000)	$ (702,000)
Interest Rate Swap Two [Member]
Derivative [Line Items]
Notional amount of derivative asset				$ 100,000,000
Interest Rate Swap Agreement [Member]
Derivative [Line Items]
Notional amount of derivatives			$ 250,000,000
Percentage of senior notes			5.17%
Settlement of swap		$ 29,003,000
Interest Rate Swap Agreement [Member] | 5.17% Senior Notes [Member]
Derivative [Line Items]
Maturity date of long-term loan			Mar. 25, 2015
Senior notes amount due			$ 250,000,000
Interest Rate Swap Agreement [Member] | 5.17% Senior Notes [Member] | Long-term Debt [Member]
Derivative [Line Items]
Period of long-term loan			10 years
Interest Rate Swap Agreement [Member] | Senior Notes 3.48% [Member]
Derivative [Line Items]
Percentage of senior notes	3.48%
Maturity date of long-term loan	Mar. 24, 2025
Aggregate principal amount	$ 250,000,000

Derivative Financial Instrume25

Derivative Financial Instruments - Fair Value of Interest Rate Contracts Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jul. 30, 2016	Apr. 30, 2016
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	$ 362	$ 816
Interest rate contracts, liabilities, fair value	362	816
Other Noncurrent Assets [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	362	816
Other Noncurrent Liabilities [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	$ 362	$ 816

Derivative Financial Instrume26

Derivative Financial Instruments - Effect of Interest Rate Contracts on Condensed Consolidated Statements of Income and Other Comprehensive Income (OCI) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	$ (2,809)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	$ (695)	$ (702)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jul. 30, 2016	Apr. 30, 2016
Assets:
Cash equivalents	$ 6,077	$ 14,609
Deferred purchase price receivable	158,284	108,837
Derivative instruments	362	816
Total assets	164,723	124,262
Liabilities:
Derivative instruments	362	816
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	6,077	14,609
Deferred purchase price receivable	0	0
Derivative instruments	0	0
Total assets	6,077	14,609
Liabilities:
Derivative instruments	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	0	0
Deferred purchase price receivable	0	0
Derivative instruments	362	816
Total assets	362	816
Liabilities:
Derivative instruments	362	816
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	0	0
Deferred purchase price receivable	158,284	108,837
Derivative instruments	0	0
Total assets	158,284	108,837
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 30, 2016	Apr. 30, 2016
Fair Value Disclosures [Abstract]
Estimated fair value of debt	$ 1,072,186	$ 1,064,752
Carrying value of debt	$ 1,034,746	$ 1,038,655

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	32.50%	59.90%
Excess tax benefit from share-based payments recognized	$ 1,884
Repatriation of foreign earnings		$ 200,000
Tax impact of repatriation of foreign earnings		$ 11,800

Segment Reporting - Information

Segment Reporting - Information about Reportable Segments (Detail) $ in Thousands	3 Months Ended
	Jul. 30, 2016USD ($)Segment	Aug. 01, 2015USD ($)	Apr. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment	3
Segment Reporting Information [Line Items]
Net sales	$ 1,332,436	$ 1,142,870
Operating income (loss) from continuing operations	65,416	62,177
Total assets	3,499,267		$ 3,520,804
Operating Segments [Member] | Dental [Member]
Segment Reporting Information [Line Items]
Net sales	555,015	575,117
Operating income (loss) from continuing operations	60,295	67,252
Total assets	917,235		994,113
Operating Segments [Member] | Animal Health [Member]
Segment Reporting Information [Line Items]
Net sales	762,631	557,297
Operating income (loss) from continuing operations	14,829	12,972
Total assets	2,082,686		2,064,302
Operating Segments [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Net sales	14,790	10,456
Operating income (loss) from continuing operations	(9,708)	$ (18,047)
Total assets	$ 499,346		$ 462,389

Segment Reporting - Sales Infor

Segment Reporting - Sales Information by Product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,332,436	$ 1,142,870
Consumable [Member]
Segment Reporting Information [Line Items]
Net sales	1,076,221	895,307
Equipment and Software [Member]
Segment Reporting Information [Line Items]
Net sales	160,946	153,483
Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 95,269	$ 94,080

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss ("AOCL") - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	3 Months Ended
	Jul. 30, 2016USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	$ 1,441,746
AOCL Ending Balance	1,418,037
Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	(16,734)
Other comprehensive loss before reclassifications	0
Amounts reclassified from AOCL	433
AOCL Ending Balance	(16,301)
Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	(51,230)
Other comprehensive loss before reclassifications	(20,257)
Amounts reclassified from AOCL	0
AOCL Ending Balance	(71,487)
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	(67,964)
Other comprehensive loss before reclassifications	(20,257)
Amounts reclassified from AOCL	433
AOCL Ending Balance	$ (87,788)

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss ("AOCL") - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Equity [Abstract]
Income tax expense related to cash flow hedges	$ 262	$ 85
Increase in interest expense	$ 695