Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 28, 2018 | Aug. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 28, 2018 | |
Document Fiscal Year Focus | 2,019 | |
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 | --04-27 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 94,852,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 28, 2018 | Apr. 28, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 91,476 | $ 62,984 |
Receivables, net of allowance for doubtful accounts | 520,578 | 826,877 |
Inventory | 845,507 | 779,834 |
Prepaid expenses and other current assets | 183,963 | 103,029 |
Total current assets | 1,641,524 | 1,772,724 |
Property and equipment, net | 289,658 | 290,590 |
Long-term receivables, net | 90,953 | 135,175 |
Goodwill | 814,800 | 815,977 |
Identifiable intangibles, net | 378,293 | 389,424 |
Other | 72,530 | 67,774 |
Total assets | 3,287,758 | 3,471,664 |
Current liabilities: | ||
Accounts payable | 588,041 | 610,368 |
Accrued payroll expense | 53,572 | 69,099 |
Other accrued liabilities | 165,275 | 136,316 |
Current maturities of long-term debt | 78,442 | 76,598 |
Borrowings on revolving credit | 32,000 | 16,000 |
Total current liabilities | 917,330 | 908,381 |
Long-term debt | 743,706 | 922,030 |
Other non-current liabilities | 179,626 | 179,463 |
Total liabilities | 1,840,662 | 2,009,874 |
Stockholders’ equity: | ||
Common stock, $.01 par value: 600,000 shares authorized; 94,846 and 94,756 shares issued and outstanding | 949 | 948 |
Additional paid-in capital | 108,684 | 103,776 |
Accumulated other comprehensive loss | (83,745) | (74,974) |
Retained earnings | 1,468,983 | 1,497,766 |
Unearned ESOP shares | (51,722) | (65,726) |
Total Patterson Companies, Inc. stockholders' equity | 1,443,149 | 1,461,790 |
Noncontrolling interests | 3,947 | 0 |
Total stockholders’ equity | 1,447,096 | 1,461,790 |
Total liabilities and stockholders’ equity | $ 3,287,758 | $ 3,471,664 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 28, 2018 | Apr. 28, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value, (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common Stock, shares, issued | 94,846,000 | 94,756,000 |
Common stock, shares outstanding | 94,846,000 | 94,756,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 1,336,320 | $ 1,304,115 |
Cost of sales | 1,052,657 | 1,005,067 |
Gross profit | 283,663 | 299,048 |
Operating expenses | 279,149 | 242,215 |
Operating income | 4,514 | 56,833 |
Other income (expense): | ||
Other income, net | 1,253 | 1,512 |
Interest expense | (11,221) | (11,203) |
Income (loss) before taxes | (5,454) | 47,142 |
Income tax expense (benefit) | (945) | 16,295 |
Net income (loss) | (4,509) | 30,847 |
Net loss attributable to noncontrolling interests | 53 | 0 |
Net income (loss) attributable to Patterson Companies, Inc. | $ (4,456) | $ 30,847 |
Earnings (loss) per share attributable to Patterson Companies, Inc.: | ||
Basic (in USD per share) | $ (0.05) | $ 0.33 |
Diluted (in USD per share) | $ (0.05) | $ 0.33 |
Weighted average shares: | ||
Basic (in shares) | 92,529 | 93,350 |
Diluted (in shares) | 92,529 | 94,019 |
Dividends declared per common share (in USD per share) | $ 0.26000 | $ 0.26000 |
Comprehensive income (loss) | ||
Foreign currency translation gain (loss) | $ (9,320) | $ 12,084 |
Cash flow hedges, net of tax | 549 | 437 |
Comprehensive income (loss) | $ (13,280) | $ 43,368 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Unearned ESOP Shares | Non-controlling Interests |
Beginning Balance at Apr. 29, 2017 | $ 1,394,433 | $ 966 | $ 72,973 | $ (92,669) | $ 1,481,234 | $ (68,071) | $ 0 |
Beginning Balance (in shares) at Apr. 29, 2017 | 96,534,000 | ||||||
Foreign currency translation | 15,824 | 15,824 | |||||
Cash flow hedges | 1,871 | 1,871 | |||||
Net income (loss) | 200,974 | 200,974 | |||||
Dividends declared | (96,964) | (96,964) | |||||
Common stock issued and related tax benefits | 12,407 | $ 4 | 12,403 | ||||
Common stock issued and related tax benefits (in shares) | 369,000 | ||||||
Repurchases of common stock | (87,500) | $ (22) | (87,478) | ||||
Repurchases of common stock (in shares) | (2,147,000) | ||||||
Stock based compensation | 18,400 | 18,400 | |||||
ESOP activity | 2,345 | 2,345 | |||||
Ending Balance at Apr. 28, 2018 | $ 1,461,790 | $ 948 | 103,776 | (74,974) | 1,497,766 | (65,726) | 0 |
Ending Balance (in shares) at Apr. 28, 2018 | 94,756,000 | 94,756,000 | |||||
Foreign currency translation | $ (9,320) | (9,320) | |||||
Cash flow hedges | 549 | 549 | |||||
Net income (loss) | (4,509) | (4,456) | (53) | ||||
Dividends declared | (24,327) | (24,327) | |||||
Common stock issued and related tax benefits | 1,677 | $ 1 | 1,676 | ||||
Common stock issued and related tax benefits (in shares) | 90,000 | ||||||
Stock based compensation | 3,232 | 3,232 | |||||
ESOP activity | 14,004 | 14,004 | |||||
Increase from business combination | 4,000 | 4,000 | |||||
Ending Balance at Jul. 28, 2018 | $ 1,447,096 | $ 949 | $ 108,684 | $ (83,745) | $ 1,468,983 | $ (51,722) | $ 3,947 |
Ending Balance (in shares) at Jul. 28, 2018 | 94,846,000 | 94,846,000 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ (4,509) | $ 30,847 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 10,840 | 11,433 |
Amortization | 10,017 | 9,671 |
Bad debt expense | 1,705 | 1,419 |
Non-cash employee compensation | 6,357 | 8,656 |
Deferred income taxes | 862 | 0 |
Change in assets and liabilities, net of acquired | 180,189 | (108,054) |
Net cash provided by (used in) operating activities | 205,461 | (46,028) |
Investing activities: | ||
Additions to property and equipment | (10,184) | (6,674) |
Collection of deferred purchase price receivables | 15,509 | 12,191 |
Other investing activities | 2,244 | 0 |
Net cash provided by investing activities | 7,569 | 5,517 |
Financing activities: | ||
Dividends paid | (25,289) | (25,210) |
Repurchases of common stock | 0 | (37,500) |
Retirement of long-term debt | (176,633) | 0 |
Draw on revolving credit | 16,000 | 104,000 |
Other financing activities | 2,117 | 1,916 |
Net cash provided by (used in) financing activities | (183,805) | 43,206 |
Effect of exchange rate changes on cash | (733) | 2,125 |
Net change in cash and cash equivalents | 28,492 | 4,820 |
Cash and cash equivalents at beginning of period | 62,984 | 94,959 |
Cash and cash equivalents at end of period | $ 91,476 | $ 99,779 |
General
General | 3 Months Ended |
Jul. 28, 2018 | |
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 28, 2018 , and our results of operations and cash flows for the periods ended July 28, 2018 and July 29, 2017 . Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 28, 2018 and July 29, 2017 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 2018 Annual Report on Form 10-K filed on June 27, 2018. The unaudited condensed consolidated financial statements include the assets and liabilities of PDC Funding Company, LLC ("PDC Funding"), PDC Funding Company II, LLC ("PDC Funding II") and PDC Funding Company III, LLC ("PDC Funding III"), 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. PDC Funding III is a fully consolidated special purpose entity established to sell certain receivables to unaffiliated financial institutions. The assets of PDC Funding, PDC Funding II and PDC Funding III would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding, PDC Funding II or PDC Funding III. The unaudited condensed consolidated financial statements also include the assets and liabilities of Technology Partner Innovations, LLC, which is further described in Note 7. 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 2019 and 2018 represents the 13 weeks ended July 28, 2018 and the 13 weeks ended July 29, 2017 , respectively. Fiscal 2019 will include 52 weeks and fiscal 2018 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 $184 and $265 for the three months ended July 28, 2018 and July 29, 2017 , respectively. Earnings (Loss) Per Share The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings (loss) per share ("EPS"): Three Months Ended July 28, July 29, Denominator for basic EPS – weighted average shares 92,529 93,350 Effect of dilutive securities – stock options, restricted stock and stock purchase plans — 669 Denominator for diluted EPS – weighted average shares 92,529 94,019 For the three months ended July 28, 2018 , 479 incremental shares related to dilutive securities were not included in the diluted EPS calculation because we reported a loss for this period. Shares related to dilutive securities have an anti-dilutive impact on EPS when a net loss is reported and therefore are not included in the calculation. Potentially dilutive securities representing 1,580 shares for the three months ended July 28, 2018 , and 1,165 shares for the three months ended July 29, 2017 , were excluded from the calculation of diluted EPS because their effects were anti-dilutive using the treasury stock method. Revenue Recognition Revenues are generated from the sale of consumable products, equipment and support, software and support, technical service parts and labor, and other sources. Revenues are recognized when or as performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the goods or services. Consumable, equipment, software and parts sales are recorded upon delivery, except in those circumstances where terms of the sale are FOB shipping point, in which case sales are recorded upon shipment. Technical service labor is recognized as it is provided. Revenue derived from equipment and software support is recognized ratably over the period in which the support is provided. In addition to revenues generated from the distribution of consumable products under arrangements (buy/sell agreements) where the full market value of the product is recorded as revenue, we earn commissions for services provided under agency agreements. The agency agreement contrasts to a buy/sell agreement in that we do not have control over the transaction, as we do not have the primary responsibility of fulfilling the promise of the good or service and we do not bill or collect from the customer in an agency relationship. Commissions under agency agreements are recorded when the services are provided. Estimates for returns, damaged goods, rebates, loyalty programs and other revenue allowances are made at the time the revenue is recognized based on the historical experience for such items. The receivables that result from the recognition of revenue are reported net of related allowances. We maintain a valuation allowance based upon the expected collectability of receivables held. Estimates are used to determine the valuation allowance and are based on several factors, including historical collection data, economic trends and credit worthiness of customers. Receivables are written off when we determine the amounts to be uncollectible, typically upon customer bankruptcy or non-response to continuous collection efforts. The portions of receivable amounts that are not expected to be collected during the next twelve months are classified as long-term. Net sales do not include sales tax as we are considered a pass-through conduit for collecting and remitting sales tax. 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. We adopted the new guidance as of April 29, 2018 using the modified retrospective method, and the adoption had no impact on our consolidated net earnings, financial position, or cash flows. 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 plan to adopt the new guidance in the first quarter of fiscal 2020 and are currently evaluating the impact of adopting this pronouncement. In February 2018, the FASB issued ASU No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects that are stranded in accumulated other comprehensive income as a result of tax reform. This standard also requires certain disclosures about stranded tax effects. We are required to adopt ASU No. 2018-02 in the first quarter of fiscal 2020, with early adoption permitted and apply it either in the period of adoption or retrospectively to each period in which the income tax effects of the tax reform related to items in accumulated other comprehensive income are recognized. We are currently evaluating the impact of adopting this pronouncement. |
Receivables Securitization Prog
Receivables Securitization Program | 3 Months Ended |
Jul. 28, 2018 | |
Transfers and Servicing [Abstract] | |
Receivables Securitization Program | Receivables Securitization Program On July 24, 2018, we entered into a Receivables Purchase Agreement (the “Receivables Purchase Agreement”) with MUFG Bank, Ltd. Under this agreement, MUFG Bank, Ltd. acts as an agent to facilitate the sale of certain Patterson receivables (the “Receivables”) to certain unaffiliated financial institutions (the “Purchasers”). The sale of these receivables is accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing. We utilize PDC Funding III to facilitate the sale to fulfill requirements within the agreement. Sales of Receivables occur daily and are settled with the Purchasers on a monthly basis. The proceeds from the sale of these Receivables comprise a combination of cash and a deferred purchase price (“DPP”) receivable. The DPP receivable is ultimately realized by Patterson following the collection of the underlying Receivables sold to the Purchasers. The amount available under the Receivables Purchase Agreement fluctuates over time based on the total amount of eligible Receivables generated during the normal course of business, with maximum availability of $200,000 . As of July 28, 2018, $171,000 of the amount available under the Receivables Purchase Agreement was utilized. We have no retained interests in the transferred Receivables, other than our right to the DPP receivable and collection and administrative services. We consider the fees received adequate compensation for services rendered, and accordingly have recorded no servicing asset or liability. The DPP receivable is recorded at fair value within the condensed consolidated balance sheets within prepaid expenses and other current assets. The DPP receivable was $63,786 as of July 28, 2018. The difference between the carrying amount of the Receivables and the sum of the cash and fair value of the DPP receivable received at time of transfer is recognized as a gain or loss on sale of the related Receivables. We recorded a loss on sale of Receivables during the three months ended July 28, 2018 of $679 . |
Customer Financing
Customer Financing | 3 Months Ended |
Jul. 28, 2018 | |
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 July 28, 2018 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 July 28, 2018 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 DPP 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 DPP receivable 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 July 28, 2018 and July 29, 2017 , we sold $47,310 and $56,123 of contracts under these arrangements, respectively. In net sales in the condensed consolidated statements of income and other comprehensive income, we recorded a gain of $2,491 and $4,260 during the three months ended July 28, 2018 and July 29, 2017 , respectively, related to these contracts sold. Included in cash and cash equivalents in the condensed consolidated balance sheets are $37,328 and $35,741 as of July 28, 2018 and April 28, 2018 , 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 $28,624 , net of unearned income of $0 , and $46,232 , net of unearned income of $8 , as of July 28, 2018 and April 28, 2018 , respectively, of finance contracts we have not yet sold. A total of $580,977 of finance contracts receivable sold under the arrangements was outstanding at July 28, 2018 . The DPP receivable under the arrangements was $106,412 and $150,404 as of July 28, 2018 and April 28, 2018 , 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 28, 2018 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Jul. 28, 2018 | |
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 July 28, 2018 , 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 July 28, 2018 , 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 July 28, 2018 April 28, 2018 Assets: Interest rate cap agreements Other noncurrent assets $ 1,470 $ 1,613 Liabilities: Interest rate cap agreements Other noncurrent liabilities 1,470 1,613 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 Derivatives in cash flow hedging relationships Income statement location July 28, 2018 July 29, 2017 Interest rate swap Interest expense $ (733 ) $ (702 ) There were no gains or losses recognized in OCI on cash flow hedging derivatives during the three months ended July 28, 2018 or July 29, 2017 . We recorded no ineffectiveness during the three month periods ended July 28, 2018 and July 29, 2017 . As of July 28, 2018 , the estimated pre-tax portion of accumulated other comprehensive loss that is expected to be reclassified into earnings over the next twelve months is $2,900 , which will be recorded as an increase to interest expense. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 28, 2018 | |
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 28, 2018 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,134 $ 2,134 $ — $ — DPP receivable - receivables securitization program 63,786 — — 63,786 DPP receivable - customer financing 106,412 — — 106,412 Derivative instruments 1,470 — 1,470 — Total assets $ 173,802 $ 2,134 $ 1,470 $ 170,198 Liabilities: Derivative instruments $ 1,470 $ — $ 1,470 $ — April 28, 2018 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 6,650 $ 6,650 $ — $ — DPP receivable - receivables securitization program — — — — DPP receivable - customer financing 150,404 — — 150,404 Derivative instruments 1,613 — 1,613 — Total assets $ 158,667 $ 6,650 $ 1,613 $ 150,404 Liabilities: Derivative instruments $ 1,613 $ — $ 1,613 $ — 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. DPP receivable - receivables securitization program – We value this DPP receivable based on a discounted cash flow analysis using unobservable inputs, which include 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. DPP receivable - customer financing – We value this DPP 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 28, 2018 or July 29, 2017 . Our debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of July 28, 2018 and April 28, 2018 was $810,051 and $989,124 , respectively, as compared to a carrying value of $822,149 and $998,628 at July 28, 2018 and April 28, 2018 , 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 28, 2018 and April 28, 2018 . |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for the three months ended July 28, 2018 reflected an income tax benefit at 17.3% compared to an income tax expense at 34.6% for the three months ended July 29, 2017 . The change in tax rate for the three months ended July 28, 2018 was primarily due to the impact of the Tax Cuts and Jobs Act ("Tax Act"), enacted on December 22, 2017 by the U.S. government and lower excess tax benefits on employee share-based compensation. The Tax Act significantly revises the future ongoing U.S. federal corporate income tax by, among other things, lowering U.S. federal corporate tax rates and implementing a territorial tax system. Effective January 1, 2018, the Tax Act reduced the U.S. federal corporate tax rate from 35.0% to 21.0% . For the fiscal year ended April 28, 2018, we utilized a blended rate of approximately 30.5% . For the three months ended July 28, 2018 , we utilized a 21.0% U.S. federal statutory rate. The legislative changes included in the Tax Act are broad and complex. For the fiscal year ended April 28, 2018, we recognized provisional net tax benefit of $76,648 , which included provisional amounts of $81,871 of tax benefit on U.S. deferred tax assets and liabilities, $4,006 of tax expense for a one-time transition tax on unremitted foreign earnings and $1,217 in withholding taxes paid on current year distributions. During the three months ended July 28, 2018, there were no changes made to the provisional amounts recognized in fiscal year 2018. We continue to analyze the effects of the Tax Act and will record additional impacts as they are identified. Staff Accounting Bulletin No. 118 provides for a measurement period of up to one year from the enactment date. The final impact of the Tax Act may differ from the provisional amounts that have been recognized. For the fiscal year ended April 28, 2018, and directly connected to the transition tax legislation, Patterson approved a one-time repatriation of cash included in the transition tax computation. There was an approximate $1,217 one-time cost recorded during fiscal 2018 to reflect the added withholding tax cost associated with this repatriation. With the exception of this one-time repatriation, Patterson continues to apply ASC 740 based on the provisions of the tax law that were in effect immediately prior to the enactment of the new law. With regard to unremitted earnings of foreign subsidiaries generated after December 31, 2017, we do not currently provide for U.S. taxes since we intend to invest such undistributed earnings indefinitely outside of the U.S. We continue to review the impact of the global intangible low taxed income (“GILTI”) provisions under the Tax Act which are complex and subject to continued regulatory interpretation by the IRS. While we have included an estimate of GILTI in the effective tax rate for the three months ended July 28, 2018 , we have not yet completed our analysis. The final transition impacts of the Tax Act may differ from the above estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any federal and/or state legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates we have utilized to calculate the transition impacts. The Securities and Exchange Commission has issued rules, under SAB 118, that will allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. |
Technology Partner Innovations,
Technology Partner Innovations, LLC | 3 Months Ended |
Jul. 28, 2018 | |
Business Combinations [Abstract] | |
Technology Partner Innovations, LLC | Technology Partner Innovations, LLC In the first quarter of fiscal 2019, we entered into an agreement with Cure Partners to form Technology Partner Innovations, LLC (TPI), which is launching a new cloud-based practice management software, NaVetor. Patterson and Cure Partners each contributed net assets of $4,000 to form TPI. We have determined that TPI is a variable interest entity, and we consolidate the results of operations of TPI as we have concluded that we are the primary beneficiary of TPI. During the first quarter of fiscal 2019, net loss attributable to the noncontrolling interest was $53 , resulting in noncontrolling interests of $3,947 on the condensed consolidated balance sheet at July 28, 2018. |
Segment and Geographic Data
Segment and Geographic Data | 3 Months Ended |
Jul. 28, 2018 | |
Segment Reporting [Abstract] | |
Segment and Geographic Data | Segment and Geographic Data 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 tables present information about our reportable segments: Three Months Ended July 28, 2018 United States United Kingdom Canada Total Net sales Dental $ 453,573 $ — $ 52,491 $ 506,064 Animal Health 637,849 153,905 33,460 825,214 Corporate 5,042 — — 5,042 Consolidated net sales $ 1,096,464 $ 153,905 $ 85,951 $ 1,336,320 Three Months Ended July 29, 2017 United States United Kingdom Canada Total Net sales Dental $ 466,688 $ — $ 52,119 $ 518,807 Animal Health 604,467 140,854 30,815 776,136 Corporate 9,172 — — 9,172 Consolidated net sales $ 1,080,327 $ 140,854 $ 82,934 $ 1,304,115 Three Months Ended July 28, July 29, Consolidated net sales Consumable $ 1,109,397 $ 1,080,105 Equipment and software 146,898 136,949 Other 80,025 87,061 Total $ 1,336,320 $ 1,304,115 Dental net sales Consumable $ 304,239 $ 320,178 Equipment and software 134,957 127,863 Other 66,868 70,766 Total $ 506,064 $ 518,807 Animal Health net sales Consumable $ 805,158 $ 759,927 Equipment and software 11,941 9,086 Other 8,115 7,123 Total $ 825,214 $ 776,136 Corporate net sales Other $ 5,042 $ 9,172 Total $ 5,042 $ 9,172 Three Months Ended July 28, July 29, Operating income (loss) Dental $ 35,873 $ 59,519 Animal Health 19,032 16,676 Corporate (50,391 ) (19,362 ) Consolidated operating income $ 4,514 $ 56,833 July 28, April 28, Total assets Dental $ 693,540 $ 853,555 Animal Health 2,163,953 2,128,800 Corporate 430,265 489,309 Total assets $ 3,287,758 $ 3,471,664 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss ("AOCL") | 3 Months Ended |
Jul. 28, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss ("AOCL") The following table summarizes the changes in AOCL as of July 28, 2018 : Cash Flow Hedges Currency Translation Adjustment Total AOCL at April 28, 2018 $ (13,118 ) $ (61,856 ) $ (74,974 ) Other comprehensive loss before reclassifications — (9,320 ) (9,320 ) Amounts reclassified from AOCL 549 — 549 AOCL at July 28, 2018 $ (12,569 ) $ (71,176 ) $ (83,745 ) The amounts reclassified from AOCL during fiscal 2019 represent gains and losses on cash flow hedges, net of taxes of $184 . The impact to the condensed consolidated statements of income and other comprehensive income was an increase to interest expense of $733 . |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Jul. 28, 2018 | |
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 statements. Beginning in January 2016, purported antitrust 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. While we continue to believe such claims are without merit, we do not admit to any liability, and there has been no finding of any violation of law, we entered into settlement discussions with the named plaintiffs in August 2018, and anticipate entering into a definitive settlement agreement, based upon our desire to avoid the time, expense, distraction and inherent uncertainty of litigation. Based upon such discussions, although we have not yet entered into a definitive settlement agreement and any such settlement agreement would be subject to preliminary and final court approval, we currently estimate that the cost of resolving the claims in this litigation will be $28,263 , and have recorded a legal settlement reserve in such amount for the quarter ended July 28, 2018 in our Corporate segment. 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. On June 25, 2018, the United States Supreme Court granted certiorari to review an arbitration issue raised by the Danaher Defendants, thereby continuing the case stay implemented in March 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. On December 21, 2017, the District Court granted defendants motion to dismiss the complaint with prejudice. Plaintiff has appealed to the Fifth Circuit Court of Appeals. 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 February 12, 2018, the Federal Trade Commission (“FTC”) issued an administrative complaint entitled In the Matter of Benco Dental Supply Co., Henry Schein, Inc., and Patterson Companies, Inc. Docket No. 9379. The administrative complaint alleges “reason to believe” that Patterson and the other respondents violated Section 5 of the FTC Act, 15 U.S.C. § 45 by conspiring to refuse to offer discounted prices or otherwise negotiate with buying groups seeking to obtain supply agreements on behalf of groups of solo practitioners or small group dental practices. The administrative complaint seeks injunctive relief against Patterson, including an order to cease and desist from the conduct alleged in the complaint and a prohibition from conspiring or agreeing with any competitor or any person to refuse to provide discounts to or compete for the business of any customer. No money damages are sought. We are vigorously defending ourselves against the administrative complaint. The administrative complaint provides notice of an October 16, 2018 hearing in front of an Administrative Law Judge of the FTC in Washington, D.C. We do not anticipate this matter will have a material adverse effect on our financial statements. On March 28, 2018, Plymouth County Retirement System (“Plymouth”) filed a federal securities class action complaint against Patterson and its former CEO Scott P. Anderson and former CFO Ann B. Gugino (together, the “Individual Defendants”) in the U.S. District Court for the District of Minnesota in a case captioned Plymouth County Retirement System v. Patterson Companies, Inc., Scott P. Anderson and Ann B. Gugino , Case No. 0:18-cv-00871 MJD/SER. On behalf of all persons or entities that purchased or otherwise acquired Patterson’s common stock between June 26, 2015 and February 28, 2018, Plymouth alleges that Patterson violated federal securities laws by “fail[ing] to disclose that [Patterson’s] revenue and earnings were fraudulently inflated by an illegal and fraudulent price-fixing scheme aimed at prohibiting sales to and price negotiations by GPOs [group purchasing organizations] that represented small and independent dental practices.” We vehemently deny these allegations. In its class action complaint, Plymouth asserts one count against Patterson for violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and a second, related count against the Individual Defendants for violating Section 20(a) of the Exchange Act. Plymouth seeks compensatory damages, pre- and post-judgment interest and reasonable attorneys’ fees and experts’ witness fees and costs. On August 30, 2018, Gwinnett County Public Employees Retirement System and Plymouth County Retirement System, Pembroke Pines Pension Fund for Firefighters and Police Officers, Central Laborers Pension Fund were appointed lead plaintiffs. While the outcome of litigation is inherently uncertain, we believe that the class action complaint is without merit, and 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. During the first quarter of fiscal 2019, the U.S. Attorney’s Office for the Western District of Virginia informed us that our subsidiary, Animal Health International, Inc., has been designated a target of a criminal investigation. The main focus of the investigation to date and the alleged relationships at issue occurred prior to our acquisition of Animal Health International in June 2015 and relate to legacy Animal Health International sales of prescription animal health products to certain persons and/or locations not licensed to receive them in Virginia and Tennessee in violation of federal and state laws. In August 2018, we agreed to enter into a tolling agreement effective for three months to allow us to produce documents responsive to grand jury subpoenas and to allow for further evaluation of evidence. We also are conducting an internal investigation and are cooperating with the U.S. Attorney’s Office. At this time, we are unable to make an estimate of the amount of loss, if any, or range of possible loss that we could incur as a result of the foregoing matter. On August 28, 2018, Kirsten Johnsen filed a stockholder derivative complaint against Patterson, as a nominal defendant, and the following former and current officers and directors of Patterson: Scott Anderson, Ann Gugino, James Wiltz, John Buck, Jody Feragen, Ellen Rudnick, Les Vinney, Neil Schrimsher, Sarena Lin, Harold Slavkin, Alex Blanco and Mark Walchirk (the “Individual Defendants”) in Hennepin County District Court in a case captioned Kirsten Johnsen v. Scott P. Anderson et al. , Case No. 27-CV-18-14315. Derivatively on behalf of Patterson, plaintiff alleges that Patterson “suppressed price competition and maintained supracompetitive prices for dental supplies and equipment by entering into agreements with Henry Schein and Benco to: (i) fix margins for dental supplies and equipment; and (ii) block the entry and expansion of lower-margin, lower-priced, rival dental distributors through threatened and actual group boycotts.” Plaintiff further alleges that the Individual Defendants failed to disclose Patterson’s alleged “price-fixing scheme” to the public and purportedly “caused Patterson to repurchase over $412,800 worth of its own stock at artificially inflated prices.” We vehemently deny these allegations. In the derivative complaint, plaintiff asserts three counts against the Individual Defendants for: (i) breach of fiduciary duty; (ii) waste of corporate assets; and (iii) unjust enrichment. Plaintiff seeks compensatory damages, equitable and injunctive relief as permitted by law, costs, disbursements and reasonable attorneys’ fees, accountants’ fees and experts’ fees, costs and expenses, and an order awarding restitution from the Individual Defendants and directing Patterson “to take all necessary actions to reform and improve its corporate governance and internal procedures.” While the outcome of litigation is inherently uncertain, we believe that the derivative complaint is without merit, and we intend to vigorously defend 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) | 3 Months Ended |
Jul. 28, 2018 | |
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 28, 2018 , and our results of operations and cash flows for the periods ended July 28, 2018 and July 29, 2017 . Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 28, 2018 and July 29, 2017 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 2018 Annual Report on Form 10-K filed on June 27, 2018. The unaudited condensed consolidated financial statements include the assets and liabilities of PDC Funding Company, LLC ("PDC Funding"), PDC Funding Company II, LLC ("PDC Funding II") and PDC Funding Company III, LLC ("PDC Funding III"), 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. PDC Funding III is a fully consolidated special purpose entity established to sell certain receivables to unaffiliated financial institutions. The assets of PDC Funding, PDC Funding II and PDC Funding III would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding, PDC Funding II or PDC Funding III. |
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 2019 and 2018 represents the 13 weeks ended July 28, 2018 and the 13 weeks ended July 29, 2017 , respectively. Fiscal 2019 will include 52 weeks and fiscal 2018 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. We adopted the new guidance as of April 29, 2018 using the modified retrospective method, and the adoption had no impact on our consolidated net earnings, financial position, or cash flows. 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 plan to adopt the new guidance in the first quarter of fiscal 2020 and are currently evaluating the impact of adopting this pronouncement. In February 2018, the FASB issued ASU No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects that are stranded in accumulated other comprehensive income as a result of tax reform. This standard also requires certain disclosures about stranded tax effects. We are required to adopt ASU No. 2018-02 in the first quarter of fiscal 2020, with early adoption permitted and apply it either in the period of adoption or retrospectively to each period in which the income tax effects of the tax reform related to items in accumulated other comprehensive income are recognized. We are currently evaluating the impact of adopting this pronouncement. |
General (Tables)
General (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
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 (loss) per share ("EPS"): Three Months Ended July 28, July 29, Denominator for basic EPS – weighted average shares 92,529 93,350 Effect of dilutive securities – stock options, restricted stock and stock purchase plans — 669 Denominator for diluted EPS – weighted average shares 92,529 94,019 |
Derivative Financial Instrume19
Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments 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 28, 2018 April 28, 2018 Assets: Interest rate cap agreements Other noncurrent assets $ 1,470 $ 1,613 Liabilities: Interest rate cap agreements Other noncurrent liabilities 1,470 1,613 |
Effect of Derivative instruments in Cash Flow Hedging Relationship 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 Derivatives in cash flow hedging relationships Income statement location July 28, 2018 July 29, 2017 Interest rate swap Interest expense $ (733 ) $ (702 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
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 28, 2018 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,134 $ 2,134 $ — $ — DPP receivable - receivables securitization program 63,786 — — 63,786 DPP receivable - customer financing 106,412 — — 106,412 Derivative instruments 1,470 — 1,470 — Total assets $ 173,802 $ 2,134 $ 1,470 $ 170,198 Liabilities: Derivative instruments $ 1,470 $ — $ 1,470 $ — April 28, 2018 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 6,650 $ 6,650 $ — $ — DPP receivable - receivables securitization program — — — — DPP receivable - customer financing 150,404 — — 150,404 Derivative instruments 1,613 — 1,613 — Total assets $ 158,667 $ 6,650 $ 1,613 $ 150,404 Liabilities: Derivative instruments $ 1,613 $ — $ 1,613 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
Segment Reporting [Abstract] | |
Information about Reportable Segments | The following tables present information about our reportable segments: Three Months Ended July 28, 2018 United States United Kingdom Canada Total Net sales Dental $ 453,573 $ — $ 52,491 $ 506,064 Animal Health 637,849 153,905 33,460 825,214 Corporate 5,042 — — 5,042 Consolidated net sales $ 1,096,464 $ 153,905 $ 85,951 $ 1,336,320 Three Months Ended July 29, 2017 United States United Kingdom Canada Total Net sales Dental $ 466,688 $ — $ 52,119 $ 518,807 Animal Health 604,467 140,854 30,815 776,136 Corporate 9,172 — — 9,172 Consolidated net sales $ 1,080,327 $ 140,854 $ 82,934 $ 1,304,115 Three Months Ended July 28, July 29, Consolidated net sales Consumable $ 1,109,397 $ 1,080,105 Equipment and software 146,898 136,949 Other 80,025 87,061 Total $ 1,336,320 $ 1,304,115 Dental net sales Consumable $ 304,239 $ 320,178 Equipment and software 134,957 127,863 Other 66,868 70,766 Total $ 506,064 $ 518,807 Animal Health net sales Consumable $ 805,158 $ 759,927 Equipment and software 11,941 9,086 Other 8,115 7,123 Total $ 825,214 $ 776,136 Corporate net sales Other $ 5,042 $ 9,172 Total $ 5,042 $ 9,172 Three Months Ended July 28, July 29, Operating income (loss) Dental $ 35,873 $ 59,519 Animal Health 19,032 16,676 Corporate (50,391 ) (19,362 ) Consolidated operating income $ 4,514 $ 56,833 July 28, April 28, Total assets Dental $ 693,540 $ 853,555 Animal Health 2,163,953 2,128,800 Corporate 430,265 489,309 Total assets $ 3,287,758 $ 3,471,664 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 3 Months Ended |
Jul. 28, 2018 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Loss | The following table summarizes the changes in AOCL as of July 28, 2018 : Cash Flow Hedges Currency Translation Adjustment Total AOCL at April 28, 2018 $ (13,118 ) $ (61,856 ) $ (74,974 ) Other comprehensive loss before reclassifications — (9,320 ) (9,320 ) Amounts reclassified from AOCL 549 — 549 AOCL at July 28, 2018 $ (12,569 ) $ (71,176 ) $ (83,745 ) |
General - Additional Informatio
General - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Accounting Policies [Abstract] | ||
Income tax expense related to cash flow hedges | $ 184 | $ 265 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from calculation of diluted earnings per share (in shares) | 1,580 | 1,165 |
Incremental Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from calculation of diluted earnings per share (in shares) | 479 |
General - Computation of Basic
General - Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Earnings Per Share [Abstract] | ||
Denominator for basic earnings per share – weighted average shares (in shares) | 92,529 | 93,350 |
Effect of dilutive securities - stock options, restricted stock and stock purchase plans (in shares) | 0 | 669 |
Denominator for diluted earnings per share – weighted average shares (in shares) | 92,529 | 94,019 |
Receivables Securitization Pr25
Receivables Securitization Program (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 24, 2018 | |
Transfers and Servicing [Abstract] | ||
Eligible receivables, maximum available under Purchase Agreement | $ 200,000 | |
Eligible Receivables, amount utilized under Purchase Agreement | $ 171,000 | |
DPP receivable | 63,786 | |
Loss on sale of receivables | $ 679 |
Customer Financing (Detail)
Customer Financing (Detail) | 3 Months Ended | |||
Jul. 28, 2018USD ($)finance_agreement | Jul. 29, 2017USD ($) | Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | |
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 | $ 47,310,000 | $ 56,123,000 | ||
Revenues from Sale of Financing Contracts | 2,491,000 | 4,260,000 | ||
Cash and cash equivalents | 91,476,000 | $ 99,779,000 | $ 62,984,000 | $ 94,959,000 |
Current receivables of finance contracts not yet sold | 28,624,000 | 46,232,000 | ||
Unearned income | 0 | 8,000 | ||
Finance contracts receivable sold and outstanding | 580,977,000 | |||
Deferred purchase price | $ 106,412,000 | 150,404,000 | ||
Bad debt write-offs, percentage (less than) | 1.00% | |||
Unsettled Financing Arrangements | ||||
Customer Financing [Line Items] | ||||
Cash and cash equivalents | $ 37,328,000 | $ 35,741,000 | ||
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 | |||
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 |
Derivative Financial Instrume27
Derivative Financial Instruments - Additional Information (Detail) | Mar. 25, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 31, 2014USD ($) | Mar. 31, 2008USD ($)agreement | Jul. 28, 2018USD ($) | Jul. 29, 2017USD ($) |
Derivative [Line Items] | ||||||
Effective portion of gains or losses recognized in OCI | $ 0 | |||||
Ineffectiveness recorded during period | 0 | $ 0 | ||||
Increase (decrease) in interest expense | (2,900,000) | |||||
Interest Rate Cap | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivatives | 575,000,000 | |||||
New Interest Rate Cap | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivatives | 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 | $ (733,000) | $ (702,000) | ||||
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 Instrume28
Derivative Financial Instruments - Fair Value of Derivative Instruments Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jul. 28, 2018 | Apr. 28, 2018 |
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts, assets, fair value | $ 1,470 | $ 1,613 |
Interest rate contracts, liabilities, fair value | 1,470 | 1,613 |
Other Noncurrent Assets | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts, assets, fair value | 1,470 | 1,613 |
Other Noncurrent Liabilities | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate contracts, liabilities, fair value | $ 1,470 | $ 1,613 |
Derivative Financial Instrume29
Derivative Financial Instruments - Effect of Derivative Instruments in Cash Flow Hedging Relationships on Condensed Consolidated Statements of Income and Other Comprehensive Income (OCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Accumulated other comprehensive loss expected to be reclassified into earnings | $ (2,900) | |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Accumulated other comprehensive loss expected to be reclassified into earnings | $ (733) | $ (702) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 28, 2018 | Apr. 28, 2018 |
Assets: | ||
Cash equivalents | $ 2,134 | $ 6,650 |
DPP receivable - receivables securitization program | 63,786 | 0 |
DPP receivable - customer financing | 106,412 | 150,404 |
Derivative instruments | 1,470 | 1,613 |
Total assets | 173,802 | 158,667 |
Liabilities: | ||
Derivative instruments | 1,470 | 1,613 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash equivalents | 2,134 | 6,650 |
DPP receivable - receivables securitization program | 0 | 0 |
DPP receivable - customer financing | 0 | 0 |
Derivative instruments | 0 | 0 |
Total assets | 2,134 | 6,650 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
DPP receivable - receivables securitization program | 0 | 0 |
DPP receivable - customer financing | 0 | 0 |
Derivative instruments | 1,470 | 1,613 |
Total assets | 1,470 | 1,613 |
Liabilities: | ||
Derivative instruments | 1,470 | 1,613 |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
DPP receivable - receivables securitization program | 63,786 | 0 |
DPP receivable - customer financing | 106,412 | 150,404 |
Derivative instruments | 0 | 0 |
Total assets | 170,198 | 150,404 |
Liabilities: | ||
Derivative instruments | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Jul. 29, 2017 | Jul. 28, 2018 | Apr. 28, 2018 | |
Fair Value Disclosures [Abstract] | |||
Impairment charge | $ 0 | ||
Estimated fair value of debt | $ 810,051,000 | $ 989,124,000 | |
Carrying value of debt | $ 822,149,000 | $ 998,628,000 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | Apr. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 17.30% | 34.60% | |
Blended income tax rate, percent | 30.50% | ||
Tax Cuts And Jobs Act Of 2017,incomplete accounting, provisional income tax benefit | $ (76,648) | ||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, change in tax rate, deferred taxes, provisional income tax expense | 81,871 | ||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, transition tax for unremitted foreign earnings | (4,006) | ||
Tax Cuts And Jobs Act of 2017, incomplete Accounting, transition tax withholding associated with repatriation of foreign earnings | $ 1,217 |
Technology Partner Innovation33
Technology Partner Innovations, LLC (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 28, 2018 | Jul. 29, 2017 | Apr. 28, 2018 | |
Business Acquisition [Line Items] | |||
Net loss attributable to noncontrolling interest | $ (53) | $ 0 | |
Noncontrolling interest | 3,947 | $ 0 | |
Technology Partner Innovations, LLC | |||
Business Acquisition [Line Items] | |||
Net assets contributed | 4,000 | ||
Net loss attributable to noncontrolling interest | 53 | ||
Noncontrolling interest | $ 3,947 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Detail) | 3 Months Ended |
Jul. 28, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Information
Segment Reporting - Information about Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 28, 2018 | Jul. 29, 2017 | Apr. 28, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,336,320 | $ 1,304,115 | |
Operating income (loss) | 4,514 | 56,833 | |
Total assets | 3,287,758 | $ 3,471,664 | |
Consumable | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,109,397 | 1,080,105 | |
Equipment and software | |||
Segment Reporting Information [Line Items] | |||
Net sales | 146,898 | 136,949 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 80,025 | 87,061 | |
Dental | |||
Segment Reporting Information [Line Items] | |||
Net sales | 506,064 | 518,807 | |
Dental | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 35,873 | 59,519 | |
Total assets | 693,540 | 853,555 | |
Dental | Consumable | |||
Segment Reporting Information [Line Items] | |||
Net sales | 304,239 | 320,178 | |
Dental | Equipment and software | |||
Segment Reporting Information [Line Items] | |||
Net sales | 134,957 | 127,863 | |
Dental | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 66,868 | 70,766 | |
Animal Health | |||
Segment Reporting Information [Line Items] | |||
Net sales | 825,214 | 776,136 | |
Animal Health | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 19,032 | 16,676 | |
Total assets | 2,163,953 | 2,128,800 | |
Animal Health | Consumable | |||
Segment Reporting Information [Line Items] | |||
Net sales | 805,158 | 759,927 | |
Animal Health | Equipment and software | |||
Segment Reporting Information [Line Items] | |||
Net sales | 11,941 | 9,086 | |
Animal Health | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 8,115 | 7,123 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,042 | 9,172 | |
Corporate | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (50,391) | (19,362) | |
Total assets | 430,265 | $ 489,309 | |
Corporate | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,042 | 9,172 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,096,464 | 1,080,327 | |
United States | Dental | |||
Segment Reporting Information [Line Items] | |||
Net sales | 453,573 | 466,688 | |
United States | Animal Health | |||
Segment Reporting Information [Line Items] | |||
Net sales | 637,849 | 604,467 | |
United States | Corporate | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,042 | 9,172 | |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Net sales | 153,905 | 140,854 | |
United Kingdom | Dental | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | |
United Kingdom | Animal Health | |||
Segment Reporting Information [Line Items] | |||
Net sales | 153,905 | 140,854 | |
United Kingdom | Corporate | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 85,951 | 82,934 | |
Canada | Dental | |||
Segment Reporting Information [Line Items] | |||
Net sales | 52,491 | 52,119 | |
Canada | Animal Health | |||
Segment Reporting Information [Line Items] | |||
Net sales | 33,460 | 30,815 | |
Canada | Corporate | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 0 | $ 0 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss ("AOCL") - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Jul. 28, 2018USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | $ 1,461,790 |
Ending Balance | 1,443,149 |
Cash Flow Hedges | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (13,118) |
Other comprehensive loss before reclassifications | 0 |
Amounts reclassified from AOCL | 549 |
Ending Balance | (12,569) |
Currency Translation Adjustment | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (61,856) |
Other comprehensive loss before reclassifications | (9,320) |
Amounts reclassified from AOCL | 0 |
Ending Balance | (71,176) |
Total | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (74,974) |
Other comprehensive loss before reclassifications | (9,320) |
Amounts reclassified from AOCL | 549 |
Ending Balance | $ (83,745) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss ("AOCL") - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 28, 2018 | Jul. 29, 2017 | |
Equity [Abstract] | ||
Income tax expense related to cash flow hedges | $ 184 | $ 265 |
Increase in interest expense | $ 733 |
Legal Proceedings Legal (Detail
Legal Proceedings Legal (Details) - USD ($) $ in Thousands | Aug. 28, 2018 | Apr. 28, 2018 | Jul. 28, 2018 |
Loss Contingencies [Line Items] | |||
Stock repurchased | $ 87,500 | ||
Class Action Complaints Against Henry Schein Inc., Benco Dental Supply Company And Patterson Companies, Inc. | |||
Loss Contingencies [Line Items] | |||
Litigation settlement reserve | $ 28,263 | ||
Kirsten Johnsen V. Scott P Anderson Et Al | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Stock repurchased | $ 412,800 |