Patterson Companies (PDCO) 10-Q 6 Dec 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 28, 2017	Nov. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 28, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	PDCO
Entity Registrant Name	PATTERSON COMPANIES, INC.
Entity Central Index Key	891,024
Current Fiscal Year End Date	--04-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		94,824,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 28, 2017	Apr. 29, 2017
Current assets:
Cash and cash equivalents	$ 101,456	$ 94,959
Receivables, net of allowance for doubtful accounts	849,205	884,803
Inventory	796,369	711,903
Prepaid expenses and other current assets	96,578	111,928
Total current assets	1,843,608	1,803,593
Property and equipment, net	286,715	298,452
Long-term receivables, net	111,184	101,529
Goodwill	814,224	813,547
Identifiable intangibles, net	406,641	425,436
Other	66,107	65,356
Total assets	3,528,479	3,507,913
Current liabilities:
Accounts payable	634,594	616,859
Accrued payroll expense	57,151	56,881
Other accrued liabilities	152,132	156,437
Current maturities of long-term debt	14,754	14,754
Borrowings on revolving credit	92,000	59,000
Total current liabilities	950,631	903,931
Long-term debt	991,232	998,272
Other non-current liabilities	219,676	211,277
Total liabilities	2,161,539	2,113,480
Stockholders’ equity:
Common stock	949	966
Additional paid-in capital	88,069	72,973
Accumulated other comprehensive loss	(83,675)	(92,669)
Retained earnings	1,429,668	1,481,234
Unearned ESOP shares	(68,071)	(68,071)
Total stockholders’ equity	1,366,940	1,394,433
Total liabilities and stockholders’ equity	$ 3,528,479	$ 3,507,913

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Income Statement [Abstract]
Net sales	$ 1,385,737	$ 1,418,241	$ 2,689,852	$ 2,750,677
Cost of sales	1,069,994	1,099,281	2,075,061	2,114,539
Gross profit	315,743	318,960	614,791	636,138
Operating expenses	243,984	239,157	486,199	490,919
Operating income	71,759	79,803	128,592	145,219
Other income (expense):
Other income, net	1,160	1,622	2,672	3,986
Interest expense	(11,468)	(10,097)	(22,671)	(20,259)
Income before taxes	61,451	71,328	108,593	128,946
Income tax expense	21,207	25,572	37,502	44,284
Net income	$ 40,244	$ 45,756	$ 71,091	$ 84,662
Earnings per share:
Basic (in USD per share)	$ 0.43	$ 0.48	$ 0.76	$ 0.89
Diluted (in USD per share)	$ 0.43	$ 0.48	$ 0.76	$ 0.88
Weighted average shares:
Basic (in shares)	92,722	95,290	93,037	95,510
Diluted (in shares)	93,351	95,904	93,683	96,138
Dividends declared per common share (in USD per share)	$ 0.26000	$ 0.24	$ 0.52	$ 0.48
Comprehensive income
Net income	$ 40,244	$ 45,756	$ 71,091	$ 84,662
Foreign currency translation gain (loss)	(3,965)	(14,001)	8,119	(34,258)
Cash flow hedges, net of tax	438	437	875	870
Comprehensive income	$ 36,717	$ 32,192	$ 80,085	$ 51,274

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016
Operating activities:
Net income	$ 71,091	$ 84,662
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	22,458	18,010
Amortization	19,375	23,997
Bad debt expense	3,716	58
Non-cash employee compensation	16,635	14,693
Change in assets and liabilities, net of acquired	(56,167)	(196,726)
Net cash used in operating activities	77,108	(55,306)
Investing activities:
Additions to property and equipment	(16,431)	(29,377)
Collection of deferred purchase price receivables	24,581	26,210
Other investing activities	11,626	(3,095)
Net cash provided by (used in) investing activities	19,776	(6,262)
Financing activities:
Dividends paid	(49,969)	(47,655)
Repurchases of common stock	(71,254)	(50,000)
Retirement of long-term debt	(7,377)	(8,250)
Draw on revolver	33,000	143,000
Other financing activities	3,561	974
Net cash provided by financing activities	(92,039)	38,069
Effect of exchange rate changes on cash	1,652	(3,567)
Net change in cash and cash equivalents	6,497	(27,066)
Cash and cash equivalents at beginning of period	94,959	$ 137,453
Cash and cash equivalents at end of period	$ 101,456

General

General	6 Months Ended
	Oct. 28, 2017
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 October 28, 2017 , and our results of operations and cash flows for the periods ended October 28, 2017 and October 29, 2016 . Such adjustments are of a normal recurring nature. The results of operations for the periods ended October 28, 2017 and October 29, 2016 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 2017 Annual Report on Form 10-K filed on June 28, 2017. 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"), which are our wholly owned subsidiaries and separate legal entities formed 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 second quarter of fiscal 2018 and 2017 represents the 13 weeks ended October 28, 2017 and the 13 weeks ended October 29, 2016 , respectively. The six months ended October 28, 2017 and October 29, 2016 each included 26 weeks. Fiscal 2018 will include 52 weeks and fiscal 2017 included 52 weeks. 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 $265 and $265 for the three months ended October 28, 2017 and October 29, 2016 , respectively. The income tax expense related to cash flow hedges was $530 and $527 for the six months ended October 28, 2017 and October 29, 2016 , 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 Six Months Ended October 28, October 29, October 28, October 29, Denominator for basic earnings per share – weighted average shares 92,722 95,290 93,037 95,510 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 629 614 646 628 Denominator for diluted earnings per share – weighted average shares 93,351 95,904 93,683 96,138 Potentially dilutive securities representing 1,581 and 1,272 shares for the three and six months ended October 28, 2017 , respectively, and 1,453 and 1,218 shares for the three and six months ended October 29, 2016 , respectively, 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)". 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 annual reporting periods beginning after that date. Companies may use either a full retrospective or a modified retrospective approach to adopt the standard. We plan to adopt the new guidance in the first quarter of fiscal 2019 and are currently evaluating the standard, including the method we will use for adoption and the effect it will have on our financial statements. We do not expect the standard to materially affect our consolidated net earnings, financial position, or cash flows. We are currently evaluating the new standard as it relates to certain sales transactions in which products are shipped directly from the vendor to our customers. We currently report these sales on a gross basis, and are evaluating if we will be required to report these sales on a net basis. Such sales represent approximately 2% of our consolidated net sales. Any change to net presentation would not impact gross margin or earnings. 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. During the first quarter of fiscal 2018, we adopted ASU No. 2015-11 and it had no material impact to the condensed consolidated financial statements. 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.

Customer Financing

Customer Financing	6 Months Ended
	Oct. 28, 2017
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 the Patterson-sponsored program, equipment purchased by creditworthy customers 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. First, 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. ("BTMU") serving as the agent. We utilize PDC Funding to fulfill a requirement of participating in the commercial paper conduit. We receive the proceeds of the contracts upon sale to BTMU. At least 9.5% 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 with BTMU. The capacity under the agreement with BTMU at October 28, 2017 was $575,000 . Second, we maintain an agreement with Fifth Third Bank ("Fifth Third") whereby Fifth Third purchases customers’ financing contracts. PDC Funding II sells its financing contracts to Fifth Third. We receive the proceeds of the contracts upon sale to Fifth Third. At least 11.0% 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 with Fifth Third. The capacity under the agreement with Fifth Third at October 28, 2017 was $100,000 . We service 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 deemed a deferred purchase price receivable, which is paid to the applicable special purpose entity as payments on the customers’ financing contracts are collected by Patterson 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 condensed consolidated statements of income and other comprehensive income. Expenses incurred related to customer financing activities are recorded in operating expenses in our condensed consolidated statements of income and other comprehensive income. During the three months ended October 28, 2017 and October 29, 2016 , we sold $95,588 and $62,663 of contracts under these arrangements, respectively. During the six months ended October 28, 2017 and October 29, 2016 , we sold $151,711 and $172,257 of contracts under these arrangements, respectively. We recorded net sales in the condensed consolidated statements of income and other comprehensive income of $5,967 and $4,331 during the three months ended October 28, 2017 and October 29, 2016 , respectively, related to these contracts sold. We recorded net sales in the condensed consolidated statements of income and other comprehensive income of $10,227 and $14,516 during the six months ended October 28, 2017 and October 29, 2016 , respectively, related to these contracts sold. Included in cash and cash equivalents in the condensed consolidated balance sheets are $32,187 and $17,902 as of October 28, 2017 and April 29, 2017 , respectively, which represent cash collected from previously sold customer financing contracts that have not yet been settled. Included in current receivables in the condensed consolidated balance sheets are $70,193 , net of unearned income of $0 , and $124,098 , net of unearned income of $940 , as of October 28, 2017 and April 29, 2017 , respectively, of finance contracts we have not yet sold. A total of $612,216 of finance contracts receivable sold under the arrangements was outstanding at October 28, 2017 . The deferred purchase price receivable under the arrangements was $129,098 and $119,798 as of October 28, 2017 and April 29, 2017 , 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 October 28, 2017 .

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Oct. 28, 2017
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 contract sale agreements. The interest rate cap agreements also provide a credit enhancement feature for the financing contracts sold by PDC Funding and PDC Funding II to the commercial paper conduit. The interest rate cap agreements are canceled and new agreements are entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of October 28, 2017 , PDC Funding had purchased an interest rate cap from a bank with a notional amount of $575,000 and a maturity date of July 2025. We sold an identical interest rate cap to the same bank. As of October 28, 2017 , PDC Funding II had purchased an interest rate cap from a bank with a notional amount of $100,000 and a maturity date of July 2025. We sold an identical interest rate cap to the same bank. 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 . These notes were 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 October 28, 2017 April 29, 2017 Assets: Interest rate cap agreements Other noncurrent assets $ 967 $ 1,188 Liabilities: Interest rate cap agreements Other noncurrent liabilities 967 1,188 The following table presents the pre-tax effect of derivative instruments in cash flow hedging relationships on the condensed 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 Six Months Ended Derivatives in cash flow hedging relationships Income statement location October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Interest rate swap Interest expense $ (703 ) $ (702 ) $ (1,405 ) $ (1,397 ) 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 and six month periods ended October 28, 2017 and October 29, 2016 . As of October 28, 2017 , the estimated pre-tax portion of accumulated other comprehensive loss that is expected to be reclassified into earnings over the next twelve months is $2,862 , which will be recorded as an increase to interest expense.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 28, 2017
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: October 28, 2017 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,000 $ 3,000 $ — $ — Deferred purchase price receivable 129,098 — — 129,098 Derivative instruments 967 — 967 — Total assets $ 133,065 $ 3,000 $ 967 $ 129,098 Liabilities: Derivative instruments $ 967 $ — $ 967 $ — April 29, 2017 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 6,798 $ 6,798 $ — $ — Deferred purchase price receivable 119,798 — — 119,798 Derivative instruments 1,188 — 1,188 — Total assets $ 127,784 $ 6,798 $ 1,188 $ 119,798 Liabilities: Derivative instruments $ 1,188 $ — $ 1,188 $ — 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 six month periods ended October 28, 2017 or October 29, 2016 . Our debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of October 28, 2017 and April 29, 2017 was $1,022,779 and $1,025,761 , respectively, as compared to a carrying value of $1,005,986 and $1,013,026 at October 28, 2017 and April 29, 2017 , 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 October 28, 2017 and April 29, 2017 .

Income Taxes

Income Taxes	6 Months Ended
	Oct. 28, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for the three months ended October 28, 2017 was 34.5% compared to 35.9% for the three months ended October 29, 2016 , and for the six months ended October 28, 2017 was 34.5% compared to 34.3% for the six months ended October 29, 2016 . The decrease in the rate for the three months ended October 28, 2017 compared to the prior year was primarily due to a geographical shift in earnings.

Segment Reporting

Segment Reporting	6 Months Ended
	Oct. 28, 2017
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, dental laboratories, institutions, and other healthcare professionals 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 Six Months Ended October 28, October 29, October 28, October 29, Net sales Dental $ 553,630 $ 601,553 $ 1,072,437 $ 1,156,568 Animal Health 823,583 807,146 1,599,719 1,569,777 Corporate 8,524 9,542 17,696 24,332 Consolidated net sales $ 1,385,737 $ 1,418,241 $ 2,689,852 $ 2,750,677 Operating income (loss) Dental $ 65,207 $ 77,043 $ 124,726 $ 137,338 Animal Health 23,217 21,854 39,893 36,683 Corporate (16,665 ) (19,094 ) (36,027 ) (28,802 ) Consolidated operating income $ 71,759 $ 79,803 $ 128,592 $ 145,219 October 28, April 29, Total assets Dental $ 903,155 $ 863,970 Animal Health 2,171,844 2,119,512 Corporate 453,480 524,431 Total assets $ 3,528,479 $ 3,507,913 The following table presents sales information by product for all of our reportable segments: Three Months Ended Six Months Ended October 28, October 29, October 28, October 29, Net sales Consumable $ 1,116,091 $ 1,112,232 $ 2,196,196 $ 2,188,453 Equipment and software 181,337 217,194 318,286 378,140 Other 88,309 88,815 175,370 184,084 Consolidated net sales $ 1,385,737 $ 1,418,241 $ 2,689,852 $ 2,750,677

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss ("AOCL")	6 Months Ended
	Oct. 28, 2017
Equity [Abstract]
Accumulated Other Comprehensive Loss (AOCL)	Accumulated Other Comprehensive Loss ("AOCL") The following table summarizes the changes in AOCL as of October 28, 2017 : Cash Flow Hedges Currency Translation Adjustment Total AOCL at April 29, 2017 $ (14,989 ) $ (77,680 ) $ (92,669 ) Other comprehensive loss before reclassifications — 8,119 8,119 Amounts reclassified from AOCL 875 — 875 AOCL at October 28, 2017 $ (14,114 ) $ (69,561 ) $ (83,675 ) The amounts reclassified from AOCL during fiscal 2018 represent gains and losses on cash flow hedges, net of taxes of $530 . The impact to the condensed consolidated statements of income and other comprehensive income was an increase to interest expense of $1,405 .

Legal Proceedings

Legal Proceedings	6 Months Ended
	Oct. 28, 2017
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. In June 2017, Henry Schein settled with SourceOne and was dismissed from this litigation with prejudice. 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 Company 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, “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, since August 31, 2008. In the consolidated class action complaint, putative class representatives allege a nationwide agreement among Henry Schein, Benco, Patterson and non-party Burkhart Dental Supply Company, Inc. 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. On August 31, 2012, Archer and White Sales, Inc. (“Archer”) filed a complaint against Henry Schein, Inc. as well as Danaher Corporation and its subsidiaries Instrumentarium Dental, Inc., Dental Equipment, LLC, Kavo Dental Technologies, LLC and Dental Imaging Technologies Corporation (collectively, the “Danaher Defendants”) in the United States District Court for the Eastern District of Texas, Civil Action No. 2:12-CV-00572-JRG, styled as an antitrust action under Section 1 of the Sherman Act, and the Texas Free Enterprise Antitrust Act. Archer alleges a conspiracy between Henry Schein, an unnamed company and the Danaher Defendants to terminate or limit Archer’s distribution rights. On August 1, 2017, Archer filed an amended complaint, adding Patterson Companies, Inc. and Benco Dental Supply Company as defendants, and alleging that Henry Schein, Patterson, Benco and non-defendant Burkhart Dental Supply Company, Inc. conspired to pressure and agreed to enlist their common suppliers, including the Danaher Defendants, to join a price-fixing conspiracy and boycott by reducing the distribution territory of, and eventually terminating, Archer. Archer seeks injunctive relief, and damages in an amount to be proved at trial, to be trebled with interest and costs, including attorneys’ fees, jointly and severally. Trial is currently scheduled for February 2018. We are vigorously defending ourselves in this litigation. We do not anticipate that this matter will have a material adverse effect on our financial statements. On August 17, 2017, IQ Dental Supply, Inc. (“IQ Dental”) filed a complaint in the United States District Court for the Eastern District of New York, entitled IQ Dental Supply, Inc. v. Henry Schein, Inc., Patterson Companies, Inc. and Benco Dental Supply Company, Case No. 2:17-cv-4834. Plaintiff alleges that it is a distributor of dental supplies and equipment, and sells dental products through an online dental distribution platform operated by SourceOne Dental, Inc. IQ Dental alleges, among other things, that defendants conspired to suppress competition from IQ Dental and SourceOne for the marketing, distribution and sale of dental supplies and equipment in the United States, and that defendants unlawfully agreed with one another to boycott dentists, manufacturers and state dental associations that deal with, or considered dealing with, plaintiff and SourceOne. Plaintiff claims that this alleged conduct constitutes unreasonable restraint of trade in violation of Section 1 of the Sherman Act, New York’s Donnelly Act and the New Jersey Antitrust Act, and also makes pendant state law claims for tortious interference with prospective business relations, civil conspiracy and aiding and abetting. Plaintiff seeks injunctive relief, compensatory, treble and punitive damages, jointly and severally, and reasonable costs and expenses, including attorneys’ fees and expert fees. We are vigorously defending ourselves in this litigation. We do not anticipate that this matter will have a material adverse effect on our financial statements. From time to time, we may become a party to other legal proceedings, including, without limitation, product liability claims, intellectual property claims, employment matters, commercial disputes, governmental inquiries and investigations (which may in some cases involve our entering into settlement arrangements or consent decrees), and other matters arising out of the ordinary course of our business. While the results of any legal proceeding cannot be predicted with certainty, in our opinion none of these other pending matters is anticipated to have a material adverse effect on our financial statements.

General (Policies)

General (Policies)	6 Months Ended
	Oct. 28, 2017
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 October 28, 2017 , and our results of operations and cash flows for the periods ended October 28, 2017 and October 29, 2016 . Such adjustments are of a normal recurring nature. The results of operations for the periods ended October 28, 2017 and October 29, 2016 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 2017 Annual Report on Form 10-K filed on June 28, 2017. 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"), which are our wholly owned subsidiaries and separate legal entities formed 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 second quarter of fiscal 2018 and 2017 represents the 13 weeks ended October 28, 2017 and the 13 weeks ended October 29, 2016 , respectively. The six months ended October 28, 2017 and October 29, 2016 each included 26 weeks. Fiscal 2018 will include 52 weeks and fiscal 2017 included 52 weeks.
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.
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)". 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 annual reporting periods beginning after that date. Companies may use either a full retrospective or a modified retrospective approach to adopt the standard. We plan to adopt the new guidance in the first quarter of fiscal 2019 and are currently evaluating the standard, including the method we will use for adoption and the effect it will have on our financial statements. We do not expect the standard to materially affect our consolidated net earnings, financial position, or cash flows. We are currently evaluating the new standard as it relates to certain sales transactions in which products are shipped directly from the vendor to our customers. We currently report these sales on a gross basis, and are evaluating if we will be required to report these sales on a net basis. Such sales represent approximately 2% of our consolidated net sales. Any change to net presentation would not impact gross margin or earnings. 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. During the first quarter of fiscal 2018, we adopted ASU No. 2015-11 and it had no material impact to the condensed consolidated financial statements. 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.

General (Tables)

General (Tables)	6 Months Ended
	Oct. 28, 2017
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 Six Months Ended October 28, October 29, October 28, October 29, Denominator for basic earnings per share – weighted average shares 92,722 95,290 93,037 95,510 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 629 614 646 628 Denominator for diluted earnings per share – weighted average shares 93,351 95,904 93,683 96,138

Derivative Financial Instrume15

Derivative Financial Instruments (Tables)	6 Months Ended
	Oct. 28, 2017
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 October 28, 2017 April 29, 2017 Assets: Interest rate cap agreements Other noncurrent assets $ 967 $ 1,188 Liabilities: Interest rate cap agreements Other noncurrent liabilities 967 1,188
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 condensed 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 Six Months Ended Derivatives in cash flow hedging relationships Income statement location October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Interest rate swap Interest expense $ (703 ) $ (702 ) $ (1,405 ) $ (1,397 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 28, 2017
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: October 28, 2017 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,000 $ 3,000 $ — $ — Deferred purchase price receivable 129,098 — — 129,098 Derivative instruments 967 — 967 — Total assets $ 133,065 $ 3,000 $ 967 $ 129,098 Liabilities: Derivative instruments $ 967 $ — $ 967 $ — April 29, 2017 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 6,798 $ 6,798 $ — $ — Deferred purchase price receivable 119,798 — — 119,798 Derivative instruments 1,188 — 1,188 — Total assets $ 127,784 $ 6,798 $ 1,188 $ 119,798 Liabilities: Derivative instruments $ 1,188 $ — $ 1,188 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Oct. 28, 2017
Segment Reporting [Abstract]
Information about Reportable Segments	The following table presents information about our reportable segments: Three Months Ended Six Months Ended October 28, October 29, October 28, October 29, Net sales Dental $ 553,630 $ 601,553 $ 1,072,437 $ 1,156,568 Animal Health 823,583 807,146 1,599,719 1,569,777 Corporate 8,524 9,542 17,696 24,332 Consolidated net sales $ 1,385,737 $ 1,418,241 $ 2,689,852 $ 2,750,677 Operating income (loss) Dental $ 65,207 $ 77,043 $ 124,726 $ 137,338 Animal Health 23,217 21,854 39,893 36,683 Corporate (16,665 ) (19,094 ) (36,027 ) (28,802 ) Consolidated operating income $ 71,759 $ 79,803 $ 128,592 $ 145,219 October 28, April 29, Total assets Dental $ 903,155 $ 863,970 Animal Health 2,171,844 2,119,512 Corporate 453,480 524,431 Total assets $ 3,528,479 $ 3,507,913
Sales Information by Product	The following table presents sales information by product for all of our reportable segments: Three Months Ended Six Months Ended October 28, October 29, October 28, October 29, Net sales Consumable $ 1,116,091 $ 1,112,232 $ 2,196,196 $ 2,188,453 Equipment and software 181,337 217,194 318,286 378,140 Other 88,309 88,815 175,370 184,084 Consolidated net sales $ 1,385,737 $ 1,418,241 $ 2,689,852 $ 2,750,677

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Loss ("AOCL") (Tables)	6 Months Ended
	Oct. 28, 2017
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	The following table summarizes the changes in AOCL as of October 28, 2017 : Cash Flow Hedges Currency Translation Adjustment Total AOCL at April 29, 2017 $ (14,989 ) $ (77,680 ) $ (92,669 ) Other comprehensive loss before reclassifications — 8,119 8,119 Amounts reclassified from AOCL 875 — 875 AOCL at October 28, 2017 $ (14,114 ) $ (69,561 ) $ (83,675 )

General - Additional Informatio

General - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Accounting Policies [Abstract]
Income tax expense related to cash flow hedges	$ 265	$ 265	$ 530	$ 527
Securities excluded from calculation of diluted earnings per share (in shares)	1,581	1,453	1,272	1,218

General - Computation of Basic

General - Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Earnings Per Share [Abstract]
Denominator for basic earnings per share – weighted average shares (in shares)	92,722	95,290	93,037	95,510
Effect of dilutive securities - stock options, restricted stock and stock purchase plans (in shares)	629	614	646	628
Denominator for diluted earnings per share – weighted average shares (in shares)	93,351	95,904	93,683	96,138

Customer Financing (Detail)

Customer Financing (Detail)	3 Months Ended		6 Months Ended
	Oct. 28, 2017USD ($)	Oct. 29, 2016USD ($)	Oct. 28, 2017USD ($)finance_agreement	Oct. 29, 2016USD ($)	Apr. 29, 2017USD ($)	Jul. 30, 2016USD ($)	Apr. 30, 2016USD ($)
Customer Financing [Line Items]
Maximum credit financed for equipment purchases for any one customer	$ 1,000,000		$ 1,000,000
Number of customer financing contracts | finance_agreement			2
Financing contracts sold under ASC 860	95,588,000	$ 62,663,000	$ 151,711,000	$ 172,257,000
Revenues from Sale of Financing Contracts	5,967,000	$ 4,331,000	10,227,000	$ 14,516,000
Cash and cash equivalents	101,456,000		101,456,000		$ 94,959,000	$ 110,387,000	$ 137,453,000
Current receivables of finance contracts not yet sold	70,193,000		70,193,000		124,098,000
Unearned income	0		0		940,000
Finance contracts receivable sold and outstanding	612,216,000		612,216,000
Deferred purchase price	129,098,000		$ 129,098,000		119,798,000
Bad debt write-offs, percentage (less than)			1.00%
Unsettled Financing Arrangements
Customer Financing [Line Items]
Cash and cash equivalents	32,187,000		$ 32,187,000		$ 17,902,000
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)			9.50%
Capacity under agreement	575,000,000		$ 575,000,000
Fifth Third Bank
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)			11.00%
Capacity under agreement	$ 100,000,000		$ 100,000,000

Derivative Financial Instrume22

Derivative Financial Instruments - Additional Information (Detail)	Mar. 25, 2015USD ($)	Mar. 31, 2015USD ($)	Jan. 31, 2014USD ($)	Mar. 31, 2008USD ($)agreement	Oct. 28, 2017USD ($)	Oct. 29, 2016USD ($)	Oct. 28, 2017USD ($)	Oct. 29, 2016USD ($)
Derivative [Line Items]
Effective portion of gains or losses recognized in OCI							$ 0
Ineffectiveness recorded during period					$ 0	$ 0	0	$ 0
Increase (decrease) in interest expense							(2,862,000)
Interest Rate Cap
Derivative [Line Items]
Notional amount of derivatives					575,000,000		575,000,000
New Interest Rate Cap
Derivative [Line Items]
Notional amount of derivatives					100,000,000		100,000,000
Interest Rate Swap
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					$ (703,000)	$ (702,000)	$ (1,405,000)	$ (1,397,000)
Interest Rate Swap Two
Derivative [Line Items]
Notional amount of derivative asset				$ 100,000,000
Interest Rate Swap Agreement
Derivative [Line Items]
Settlement of swap		$ 29,003,000
Interest Rate Swap Agreement | 5.17% Senior Notes
Derivative [Line Items]
Notional amount of derivatives			$ 250,000,000
Percentage of senior notes			5.17%
Maturity date of long-term loan			Mar. 25, 2015
Interest Rate Swap Agreement | Senior Notes 3.48%
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 Instrume23

Derivative Financial Instruments - Fair Value of Interest Rate Contracts Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Apr. 29, 2017
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	$ 967	$ 1,188
Interest rate contracts, liabilities, fair value	967	1,188
Other Noncurrent Assets | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	967	1,188
Other Noncurrent Liabilities | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	$ 967	$ 1,188

Derivative Financial Instrume24

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		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings			$ (2,862)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	$ (703)	$ (702)	$ (1,405)	$ (1,397)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Apr. 29, 2017
Assets:
Cash equivalents	$ 3,000	$ 6,798
Deferred purchase price receivable	129,098	119,798
Derivative instruments	967	1,188
Total assets	133,065	127,784
Liabilities:
Derivative instruments	967	1,188
Fair Value, Inputs, Level 1
Assets:
Cash equivalents	3,000	6,798
Deferred purchase price receivable	0	0
Derivative instruments	0	0
Total assets	3,000	6,798
Liabilities:
Derivative instruments	0	0
Fair Value, Inputs, Level 2
Assets:
Cash equivalents	0	0
Deferred purchase price receivable	0	0
Derivative instruments	967	1,188
Total assets	967	1,188
Liabilities:
Derivative instruments	967	1,188
Fair Value, Inputs, Level 3
Assets:
Cash equivalents	0	0
Deferred purchase price receivable	129,098	119,798
Derivative instruments	0	0
Total assets	129,098	119,798
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 28, 2017	Apr. 29, 2017
Fair Value Disclosures [Abstract]
Estimated fair value of debt	$ 1,022,779	$ 1,025,761
Carrying value of debt	$ 1,005,986	$ 1,013,026

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	34.50%	35.90%	34.50%	34.30%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail)	6 Months Ended
	Oct. 28, 2017Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting - Information

Segment Reporting - Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016	Apr. 29, 2017
Segment Reporting Information [Line Items]
Net sales	$ 1,385,737	$ 1,418,241	$ 2,689,852	$ 2,750,677
Operating income (loss)	71,759	79,803	128,592	145,219
Total assets	3,528,479		3,528,479		$ 3,507,913
Operating Segments | Dental
Segment Reporting Information [Line Items]
Net sales	553,630	601,553	1,072,437	1,156,568
Operating income (loss)	65,207	77,043	124,726	137,338
Total assets	903,155		903,155		863,970
Operating Segments | Animal Health
Segment Reporting Information [Line Items]
Net sales	823,583	807,146	1,599,719	1,569,777
Operating income (loss)	23,217	21,854	39,893	36,683
Total assets	2,171,844		2,171,844		2,119,512
Operating Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	8,524	9,542	17,696	24,332
Operating income (loss)	(16,665)	$ (19,094)	(36,027)	$ (28,802)
Total assets	$ 453,480		$ 453,480		$ 524,431

Segment Reporting - Sales Infor

Segment Reporting - Sales Information by Product (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Segment Reporting Information [Line Items]
Net sales	$ 1,385,737	$ 1,418,241	$ 2,689,852	$ 2,750,677
Consumable
Segment Reporting Information [Line Items]
Net sales	1,116,091	1,112,232	2,196,196	2,188,453
Equipment and software
Segment Reporting Information [Line Items]
Net sales	181,337	217,194	318,286	378,140
Other
Segment Reporting Information [Line Items]
Net sales	$ 88,309	$ 88,815	$ 175,370	$ 184,084

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss ("AOCL") - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	6 Months Ended
	Oct. 28, 2017USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	$ 1,394,433
AOCL Ending Balance	1,366,940
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	(14,989)
Other comprehensive loss before reclassifications	0
Amounts reclassified from AOCL	875
AOCL Ending Balance	(14,114)
Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	(77,680)
Other comprehensive loss before reclassifications	8,119
Amounts reclassified from AOCL	0
AOCL Ending Balance	(69,561)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCL Beginning Balance	(92,669)
Other comprehensive loss before reclassifications	8,119
Amounts reclassified from AOCL	875
AOCL Ending Balance	$ (83,675)

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss ("AOCL") - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Equity [Abstract]
Income tax expense related to cash flow hedges	$ 265	$ 265	$ 530	$ 527
Increase in interest expense			$ 1,405