Patterson Companies (PDCO) 10-Q 3 Sep 20 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jul. 25, 2020	Aug. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 25, 2020
Document Transition Report	false
Entity File Number	0-20572
Entity Registrant Name	PATTERSON COMPANIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0886515
Entity Address, Address Line One	1031 Mendota Heights Road
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55120
City Area Code	651
Local Phone Number	686-1600
Title of 12(b) Security	Common Stock, par value $.01
Trading Symbol	PDCO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		96,354,000
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000891024
Current Fiscal Year End Date	--04-24

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 25, 2020	Apr. 25, 2020
Current assets:
Cash and cash equivalents	$ 119,561	$ 77,944
Receivables, net of allowance for doubtful accounts of $5,900 and $5,123	372,317	416,523
Inventory	700,535	812,194
Prepaid expenses and other current assets	267,714	236,104
Total current assets	1,460,127	1,542,765
Property and equipment, net	300,041	303,725
Operating lease right-of-use assets, net	77,515	79,021
Long-term receivables, net	241,602	214,915
Goodwill, net	139,197	138,724
Identifiable intangibles, net	305,005	313,505
Other non-current assets	122,709	122,695
Total assets	2,646,196	2,715,350
Current liabilities:
Accounts payable	549,715	862,093
Accrued payroll expense	86,614	68,385
Other accrued liabilities	175,255	113,714
Operating lease liabilities	31,200	30,706
Borrowings on revolving credit	136,000	0
Total current liabilities	978,784	1,074,898
Long-term debt	588,011	587,766
Non-current operating lease liabilities	47,806	49,854
Other non-current liabilities	176,857	166,388
Total liabilities	1,791,458	1,878,906
Stockholders’ equity:
Common stock, $0.01 par value: 600,000 shares authorized; 96,256 and 95,947 shares issued and outstanding	963	959
Additional paid-in capital	152,317	146,606
Accumulated other comprehensive loss	(84,190)	(97,039)
Retained earnings	799,587	799,652
Unearned ESOP shares	(16,061)	(16,061)
Total Patterson Companies, Inc. stockholders' equity	852,616	834,117
Noncontrolling interests	2,122	2,327
Total stockholders’ equity	854,738	836,444
Total liabilities and stockholders’ equity	$ 2,646,196	$ 2,715,350

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 25, 2020	Apr. 25, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 5,900	$ 5,123
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	96,256,000	95,947,000
Common stock, shares outstanding	96,256,000	95,947,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Income Statement [Abstract]
Net sales	$ 1,245,837	$ 1,328,651
Cost of sales	992,021	1,038,597
Gross profit	253,816	290,054
Operating expenses	215,944	273,380
Operating income	37,872	16,674
Other income (expense):
Other income, net	2,034	31,917
Interest expense	(6,691)	(8,690)
Income before taxes	33,215	39,901
Income tax expense	9,013	10,094
Net income	24,202	29,807
Net loss attributable to noncontrolling interests	(205)	(235)
Net income attributable to Patterson Companies, Inc.	$ 24,407	$ 30,042
Earnings per share attributable to Patterson Companies, Inc.:
Basic (in USD per share)	$ 0.26	$ 0.32
Diluted (in USD per share)	$ 0.25	$ 0.32
Weighted average shares:
Basic (in shares)	95,189	93,795
Diluted (in shares)	95,843	94,623
Dividends declared per common share (in USD per share)	$ 0.26	$ 0.26
Comprehensive income:
Net income (loss)	$ 24,202	$ 29,807
Foreign currency translation gain (loss)	12,589	(3,799)
Cash flow hedges, net of tax	260	554
Comprehensive income	$ 37,051	$ 26,562

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Unearned ESOP Shares	Non-controlling Interests
Beginning Balance at Apr. 27, 2019	$ 1,480,507	$ 953	$ 131,460	$ (88,269)	$ 1,483,496	$ (50,381)	$ 3,248
Beginning Balance (in shares) at Apr. 27, 2019		95,272,000
Foreign currency translation	(3,799)			(3,799)
Cash flow hedges	554			554
Net income (loss)	29,807				30,042		(235)
Dividends declared	(24,856)				(24,856)
Common stock issued and related tax benefits	(5,369)	$ 2	(5,371)
Common stock issued and related tax benefits (in shares)		198,000
Stock based compensation	6,634		6,634
ESOP activity	18,452					18,452
Ending Balance at Jul. 27, 2019	1,503,377	$ 955	132,723	(94,221)	1,492,836	(31,929)	3,013
Ending Balance (in shares) at Jul. 27, 2019		95,470,000
Foreign currency translation	6,614			6,614
Cash flow hedges	554			554
Net income (loss)	(33,349)				(33,129)		(220)
Dividends declared	(24,874)				(24,874)
Common stock issued and related tax benefits	733	$ 2	731
Common stock issued and related tax benefits (in shares)		245,000
Stock based compensation	5,569		5,569
Ending Balance at Oct. 26, 2019	1,458,624	$ 957	139,023	(87,053)	1,434,833	(31,929)	2,793
Ending Balance (in shares) at Oct. 26, 2019		95,715,000
Foreign currency translation	2,619			2,619
Cash flow hedges	6,627			6,627
Net income (loss)	22,972				23,227		(255)
Dividends declared	(24,897)				(24,897)
Common stock issued and related tax benefits	464	$ 1	463
Common stock issued and related tax benefits (in shares)		77,000
Stock based compensation	5,559		5,559
Ending Balance at Jan. 25, 2020	1,471,968	$ 958	145,045	(77,807)	1,433,163	(31,929)	2,538
Ending Balance (in shares) at Jan. 25, 2020		95,792,000
Foreign currency translation	(19,496)			(19,496)
Cash flow hedges	264			264
Net income (loss)	(608,797)				(608,586)		(211)
Dividends declared	(24,925)				(24,925)
Common stock issued and related tax benefits	(3,612)	$ 1	(3,613)
Common stock issued and related tax benefits (in shares)		155,000
Stock based compensation	5,174		5,174
ESOP activity	15,868					15,868
Ending Balance at Apr. 25, 2020	$ 836,444	$ 959	146,606	(97,039)	799,652	(16,061)	2,327
Ending Balance (in shares) at Apr. 25, 2020	95,947,000	95,947,000
Cumulative Effect of New Accounting Principle in Period of Adoption | ASU 2016-02	$ 1,447				1,447
Foreign currency translation	12,589			12,589
Cash flow hedges	260			260
Net income (loss)	24,202				24,407		(205)
Dividends declared	(24,472)				(24,472)
Common stock issued and related tax benefits	(895)	$ 4	(899)
Common stock issued and related tax benefits (in shares)		309,000
Stock based compensation	6,610		6,610
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | ASU 2018-02				(2,707)	2,707
Ending Balance at Jul. 25, 2020	$ 854,738	$ 963	$ 152,317	$ (84,190)	$ 799,587	$ (16,061)	$ 2,122
Ending Balance (in shares) at Jul. 25, 2020	96,256,000	96,256,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 25, 2020	Apr. 25, 2020	Oct. 26, 2019	Jul. 27, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ 24,202	$ (608,797)	$ (33,349)	$ 29,807
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	10,562			11,335
Amortization	9,305			9,297
Investment gain	0			(34,334)
Non-cash employee compensation	9,583			10,234
Deferred consideration in securitized receivables	(139,466)			(105,697)
Change in assets and liabilities	(143,994)			34,134
Net cash used in operating activities	(229,808)			(45,224)
Investing activities:
Additions to property and equipment	(6,439)			(8,901)
Collection of deferred purchase price receivables	139,466			105,697
Other investing activities	396			0
Net cash provided by investing activities	133,423			96,796
Financing activities:
Dividends paid	0			(25,538)
Payments on long-term debt	0			(5,533)
Draw on revolving credit	136,000			0
Other financing activities	(722)			(5,085)
Net cash provided by (used in) financing activities	135,278			(36,156)
Effect of exchange rate changes on cash	2,724			(1,281)
Net change in cash and cash equivalents	41,617			14,135
Cash and cash equivalents at beginning of period	77,944		$ 109,781	95,646
Cash and cash equivalents at end of period	119,561	$ 77,944		109,781
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Noncash investments acquired	$ 201,861			$ 87,710

General

General	3 Months Ended
	Jul. 25, 2020
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 25, 2020, and our results of operations and cash flows for the periods ended July 25, 2020 and July 27, 2019. Such adjustments are of a normal recurring nature. The results of operations for the three months ended July 25, 2020 are not necessarily indicative of the results to be expected for any other interim period or for the year ending April 24, 2021. These financial statements should be read in conjunction with the financial statements included in our 2020 Annual Report on Form 10-K filed on June 24, 2020. 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"), PDC Funding Company III, LLC ("PDC Funding III") and PDC Funding Company IV, LLC ("PDC Funding IV") , 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 and PDC Funding IV are fully consolidated special purpose entity established to sell certain receivables to unaffiliated financial institutions. The assets of PDC Funding, PDC Funding II, PDC Funding III and PDC Funding IV would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding, PDC Funding II, PDC Funding III or PDC Funding IV. 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 2021 and 2020 represents the 13 weeks ended July 25, 2020 and the 13 weeks ended July 27, 2019, respectively. Fiscal 2021 will include 52 weeks and fiscal 2020 included 52 weeks. Other Income, Net Other income, net consisted of the following: Three Months Ended July 25, 2020 July 27, 2019 Gain on investment $ — $ 34,334 Loss on interest rate swap agreements (1,195) (3,785) Other 3,229 1,368 Other income, net $ 2,034 $ 31,917 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 $80 and $171 for the three months ended July 25, 2020 and July 27, 2019, respectively. Earnings Per Share ("EPS") The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted EPS: Three Months Ended July 25, 2020 July 27, 2019 Denominator for basic EPS – weighted average shares 95,189 93,795 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 654 828 Denominator for diluted EPS – weighted average shares 95,843 94,623 Potentially dilutive securities representing 2,630 shares for the three months ended July 25, 2020 and 2,151 shares for the three months ended July 27, 2019 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, current and forecasted 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. Contract Balances Contract balances represent amounts presented in our condensed consolidated balance sheets when either we have transferred goods or services to the customer or the customer has paid consideration to us under the contract. These contract balances include accounts receivable, contract assets and contract liabilities. Contract asset balances as of July 25, 2020 and April 25, 2020 were $612 and $1,586, respectively. Our contract liabilities primarily relate to advance payments from customers, upfront payments for software and support provided over time, and options that provide a material right to customers, such as our customer loyalty programs. At July 25, 2020 and April 25, 2020, contract liabilities of $22,444 and $21,205 were reported in other accrued liabilities, respectively. During the three months ended July 25, 2020, we recognized $5,455 of the amount previously deferred at April 25, 2020. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326),” which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted the new guidance in the first quarter of fiscal 2021, and it did not have a material impact on our condensed consolidated financial statements.

Receivables Securitization Prog

Receivables Securitization Program	3 Months Ended
	Jul. 25, 2020
Transfers and Servicing [Abstract]
Receivables Securitization Program	Receivables Securitization Program We are party to certain receivables purchase agreements (the “Receivables Purchase Agreements”) with MUFG Bank, Ltd. ("MUFG") (f.k.a. The Bank of Tokyo-Mitsubishi UFJ, Ltd.), under which MUFG 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 and PDC Funding IV to facilitate the sale to fulfill requirements within the agreement. We use a daily unit of account for these Receivables. 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 Agreements 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 25, 2020, of which $200,000 was utilized.

Customer Financing

Customer Financing	3 Months Ended
	Jul. 25, 2020
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. We use a monthly unit of account for these financing contracts. First, we operate under an agreement to sell a portion of our equipment finance contracts to commercial paper conduits with MUFG 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 MUFG. 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 MUFG. The capacity under the agreement with MUFG at July 25, 2020 was $525,000. 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 20.0% 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 25, 2020 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 operations and other comprehensive income. Expenses incurred related to customer financing activities are recorded in operating expenses in our condensed consolidated statements of operations and other comprehensive income. During the three months ended July 25, 2020 and July 27, 2019, we sold $50,070 and $66,303 of contracts under these arrangements, respectively. In net sales in the condensed consolidated statements of operations and other comprehensive income, we recorded a loss of $342 and a gain of $7,346 during the three months ended July 25, 2020 and July 27, 2019, respectively, related to these contracts sold. Included in cash and cash equivalents in the condensed consolidated balance sheets are $28,615 and $21,830 as of July 25, 2020 and April 25, 2020, 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 $20,675 and $21,391 as of July 25, 2020 and April 25, 2020, respectively, of finance contracts we have not yet sold. A total of $617,503 of finance contracts receivable sold under the arrangements was outstanding at July 25, 2020. The DPP receivable under the arrangements was $252,178 and $228,019 as of July 25, 2020 and April 25, 2020, respectively. Our retained interest in securitization transactions during the three months ended July 25, 2020 and July 27, 2019 totaled $16,511 and $1,475, 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 25, 2020.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jul. 25, 2020
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 25, 2020, PDC Funding had purchased an interest rate cap from a bank with a notional amount of $525,000 and a maturity date of July 2027. We sold an identical interest rate cap to the same bank. As of July 25, 2020, PDC Funding II had purchased an interest rate cap from a bank with a notional amount of $100,000 and a maturity date of November 2027. 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 January 2014, we entered into a forward interest rate swap agreement with a notional amount of $250,000 and accounted for it as a cash flow hedge, in order 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. We utilize forward interest rate swap agreements to hedge against interest rate fluctuations that impact the amount of net sales we record related to our customer financing contracts. These interest rate swap 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. As of April 25, 2020, the remaining notional amount for interest rate swap agreements was $634,029, with the latest maturity date in fiscal 2027. During the three months ended July 25, 2020, we entered into forward interest rate swap agreements with a notional amount of $62,072. As of July 25, 2020, the remaining notional amount for interest rate swap agreements was $627,388, with the latest maturity date in fiscal 2028. Net cash payments of $2,828 and $122 were made during the three months ended July 25, 2020 and July 27, 2019, respectively, to settle a portion of our liabilities related to interest rate swap agreements. These payments are reflected as cash outflows in the condensed consolidated statements of cash flows within net cash used in operating activities. The following presents the fair value of derivative instruments included in the condensed consolidated balance sheets: Derivative type Classification July 25, 2020 April 25, 2020 Assets: Interest rate contracts Other non-current assets $ 160 $ 204 Liabilities: Interest rate contracts Other accrued liabilities 5,977 6,789 Interest rate contracts Other non-current liabilities 12,196 13,060 Total liability derivatives $ 18,173 $ 19,849 The following tables present the pre-tax effect of derivative instruments on the condensed consolidated statements of operations and other comprehensive income: Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Derivatives in cash flow hedging relationships Statements of operations location July 25, 2020 July 27, 2019 Interest rate contracts Interest expense $ (340) $ (725) Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Derivatives not designated as hedging instruments Statements of operations location July 25, 2020 July 27, 2019 Interest rate contracts Other income, net $ (1,195) $ (3,785) There were no gains or losses recognized in other comprehensive income (loss) on cash flow hedging derivatives during the three months ended July 25, 2020 or July 27, 2019.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 25, 2020
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 25, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,609 $ 2,609 $ — $ — DPP receivable - receivables securitization program 155,563 — — 155,563 DPP receivable - customer financing 252,178 — — 252,178 Derivative instruments 160 — 160 — Total assets $ 410,510 $ 2,609 $ 160 $ 407,741 Liabilities: Derivative instruments $ 18,173 $ — $ 18,173 $ — April 25, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,391 $ 3,391 $ — $ — DPP receivable - receivables securitization program 117,327 — — 117,327 DPP receivable - customer financing 228,019 — — 228,019 Derivative instruments 204 — 204 — Total assets $ 348,941 $ 3,391 $ 204 $ 345,346 Liabilities: Derivative instruments $ 19,849 $ — $ 19,849 $ — 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. We adjust the carrying value of our non-marketable equity securities to fair value when observable transactions of identical or similar securities occur, or due to an impairment. During the three months ended July 27, 2019, we recorded a pre-tax gain of $34,334 related to one of our investments in other income, net in our condensed consolidated statements of operations and other comprehensive income. This gain was based on the selling price of preferred stock in this investment that is similar to the preferred stock we own, and was adjusted for differences in liquidation preferences. As of both July 25, 2020 and April 25, 2020, this investment had a carrying value of $51,628. There were no fair value adjustments to such assets during the three months ended July 25, 2020. Our debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of July 25, 2020 and April 25, 2020 was $613,809 and $601,856, respectively, as compared to a carrying value of $588,011 and $587,766 at July 25, 2020 and April 25, 2020, 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 25, 2020 and April 25, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 25, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective income tax rate for the three months ended July 25, 2020 was 27.1% compared to 25.3% for the three months ended July 27, 2019. The increase in the rate was primarily due to the impacts of certain one-time adjustments reflected in the prior year quarter.

Technology Partner Innovations,

Technology Partner Innovations, LLC	3 Months Ended
	Jul. 25, 2020
Business Combinations [Abstract]
Technology Partner Innovations, LLC	Technology Partner Innovations, LLC ("TPI")In fiscal 2019, we entered into an agreement with Cure Partners to form TPI, which offers a cloud-based practice management software, NaVetor, to its customers. Patterson and Cure Partners each contributed net assets of $4,000 to form TPI. We 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 three months ended July 25, 2020 and July 27, 2019, net loss attributable to the noncontrolling interest was $205 and $235, respectively, resulting in noncontrolling interests of $2,122 on the condensed consolidated balance sheets at July 25, 2020.

Segment and Geographic Data

Segment and Geographic Data	3 Months Ended
	Jul. 25, 2020
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 25, 2020 July 27, 2019 Consolidated net sales United States $ 1,034,872 $ 1,090,715 United Kingdom 149,392 149,414 Canada 61,573 88,522 Total $ 1,245,837 $ 1,328,651 Dental net sales United States $ 397,460 $ 444,642 Canada 32,835 56,494 Total $ 430,295 $ 501,136 Animal Health net sales United States $ 634,023 $ 636,097 United Kingdom 149,392 149,414 Canada 28,738 32,028 Total $ 812,153 $ 817,539 Corporate net sales United States $ 3,389 $ 9,976 Total $ 3,389 $ 9,976 Three Months Ended July 25, 2020 July 27, 2019 1 Consolidated net sales Consumable $ 1,044,981 $ 1,095,184 Equipment and software 129,377 142,533 Value-added services and other 71,479 90,934 Total $ 1,245,837 $ 1,328,651 Dental net sales Consumable $ 256,603 $ 303,474 Equipment and software 112,963 125,684 Value-added services and other 60,729 71,978 Total $ 430,295 $ 501,136 Animal Health net sales Consumable $ 788,378 $ 791,710 Equipment and software 16,414 16,849 Value-added services and other 7,361 8,980 Total $ 812,153 $ 817,539 Corporate net sales Value-added services and other $ 3,389 $ 9,976 Total $ 3,389 $ 9,976 1 Certain sales were reclassified between categories to conform to the current period presentation. Three Months Ended July 25, 2020 July 27, 2019 Operating income (loss) Dental $ 37,769 $ 34,004 Animal Health 17,399 19,624 Corporate (17,296) (36,954) Consolidated operating income $ 37,872 $ 16,674 July 25, 2020 April 25, 2020 Total assets Dental $ 748,001 $ 704,216 Animal Health 1,345,259 1,485,284 Corporate 552,936 525,850 Total assets $ 2,646,196 $ 2,715,350

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss ("AOCL")	3 Months Ended
	Jul. 25, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss (AOCL)	Accumulated Other Comprehensive Loss ("AOCL")The following table summarizes the changes in AOCL as of July 25, 2020: Cash Flow Hedges Currency Total AOCL at April 25, 2020 $ (5,538) $ (91,501) $ (97,039) Other comprehensive loss before reclassifications — 12,589 12,589 Amounts reclassified from AOCL 260 — 260 AOCL at July 25, 2020 $ (5,278) $ (78,912) $ (84,190)

Legal Proceedings

Legal Proceedings	3 Months Ended
	Jul. 25, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings

General (Policies)

General (Policies)	3 Months Ended
	Jul. 25, 2020
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 25, 2020, and our results of operations and cash flows for the periods ended July 25, 2020 and July 27, 2019. Such adjustments are of a normal recurring nature. The results of operations for the three months ended July 25, 2020 are not necessarily indicative of the results to be expected for any other interim period or for the year ending April 24, 2021. These financial statements should be read in conjunction with the financial statements included in our 2020 Annual Report on Form 10-K filed on June 24, 2020. 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"), PDC Funding Company III, LLC ("PDC Funding III") and PDC Funding Company IV, LLC ("PDC Funding IV") , 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 and PDC Funding IV
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 2021 and 2020 represents the 13 weeks ended July 25, 2020 and the 13 weeks ended July 27, 2019, respectively. Fiscal 2021 will include 52 weeks and fiscal 2020 included 52 weeks.
Comprehensive Income	Comprehensive IncomeComprehensive 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 June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326),” which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted the new guidance in the first quarter of fiscal 2021, and it did not have a material impact on our condensed consolidated financial statements.

General (Tables)

General (Tables)	3 Months Ended
	Jul. 25, 2020
Accounting Policies [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Other income, net consisted of the following: Three Months Ended July 25, 2020 July 27, 2019 Gain on investment $ — $ 34,334 Loss on interest rate swap agreements (1,195) (3,785) Other 3,229 1,368 Other income, net $ 2,034 $ 31,917
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 EPS: Three Months Ended July 25, 2020 July 27, 2019 Denominator for basic EPS – weighted average shares 95,189 93,795 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 654 828 Denominator for diluted EPS – weighted average shares 95,843 94,623

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Jul. 25, 2020
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 25, 2020 April 25, 2020 Assets: Interest rate contracts Other non-current assets $ 160 $ 204 Liabilities: Interest rate contracts Other accrued liabilities 5,977 6,789 Interest rate contracts Other non-current liabilities 12,196 13,060 Total liability derivatives $ 18,173 $ 19,849
Effect of Derivative instruments in Cash Flow Hedging Relationship on Condensed Consolidated Statements of Income and Other Comprehensive Income (OCI)	The following tables present the pre-tax effect of derivative instruments on the condensed consolidated statements of operations and other comprehensive income: Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Derivatives in cash flow hedging relationships Statements of operations location July 25, 2020 July 27, 2019 Interest rate contracts Interest expense $ (340) $ (725)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 25, 2020
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 25, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,609 $ 2,609 $ — $ — DPP receivable - receivables securitization program 155,563 — — 155,563 DPP receivable - customer financing 252,178 — — 252,178 Derivative instruments 160 — 160 — Total assets $ 410,510 $ 2,609 $ 160 $ 407,741 Liabilities: Derivative instruments $ 18,173 $ — $ 18,173 $ — April 25, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 3,391 $ 3,391 $ — $ — DPP receivable - receivables securitization program 117,327 — — 117,327 DPP receivable - customer financing 228,019 — — 228,019 Derivative instruments 204 — 204 — Total assets $ 348,941 $ 3,391 $ 204 $ 345,346 Liabilities: Derivative instruments $ 19,849 $ — $ 19,849 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Jul. 25, 2020
Segment Reporting [Abstract]
Information about Reportable Segments	The following tables present information about our reportable segments: Three Months Ended July 25, 2020 July 27, 2019 Consolidated net sales United States $ 1,034,872 $ 1,090,715 United Kingdom 149,392 149,414 Canada 61,573 88,522 Total $ 1,245,837 $ 1,328,651 Dental net sales United States $ 397,460 $ 444,642 Canada 32,835 56,494 Total $ 430,295 $ 501,136 Animal Health net sales United States $ 634,023 $ 636,097 United Kingdom 149,392 149,414 Canada 28,738 32,028 Total $ 812,153 $ 817,539 Corporate net sales United States $ 3,389 $ 9,976 Total $ 3,389 $ 9,976 Three Months Ended July 25, 2020 July 27, 2019 1 Consolidated net sales Consumable $ 1,044,981 $ 1,095,184 Equipment and software 129,377 142,533 Value-added services and other 71,479 90,934 Total $ 1,245,837 $ 1,328,651 Dental net sales Consumable $ 256,603 $ 303,474 Equipment and software 112,963 125,684 Value-added services and other 60,729 71,978 Total $ 430,295 $ 501,136 Animal Health net sales Consumable $ 788,378 $ 791,710 Equipment and software 16,414 16,849 Value-added services and other 7,361 8,980 Total $ 812,153 $ 817,539 Corporate net sales Value-added services and other $ 3,389 $ 9,976 Total $ 3,389 $ 9,976 1 Certain sales were reclassified between categories to conform to the current period presentation. Three Months Ended July 25, 2020 July 27, 2019 Operating income (loss) Dental $ 37,769 $ 34,004 Animal Health 17,399 19,624 Corporate (17,296) (36,954) Consolidated operating income $ 37,872 $ 16,674 July 25, 2020 April 25, 2020 Total assets Dental $ 748,001 $ 704,216 Animal Health 1,345,259 1,485,284 Corporate 552,936 525,850 Total assets $ 2,646,196 $ 2,715,350

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss ("AOCL") (Tables)	3 Months Ended
	Jul. 25, 2020
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	The following table summarizes the changes in AOCL as of July 25, 2020: Cash Flow Hedges Currency Total AOCL at April 25, 2020 $ (5,538) $ (91,501) $ (97,039) Other comprehensive loss before reclassifications — 12,589 12,589 Amounts reclassified from AOCL 260 — 260 AOCL at July 25, 2020 $ (5,278) $ (78,912) $ (84,190)

General - Additional Informatio

General - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Accounting Policies [Abstract]
Income tax expense related to cash flow hedges	$ 80	$ 171
Securities excluded from calculation of diluted earnings per share (in shares)	2,630	2,151

General - Schedule of Other Inc

General - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Accounting Policies [Abstract]
Gain on investment	$ 0	$ 34,334
Loss on interest rate swap agreements	(1,195)	(3,785)
Other	3,229	1,368
Other income, net	$ 2,034	$ 31,917

General - Computation of Basic

General - Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Earnings Per Share [Abstract]
Denominator for basic earnings per share – weighted average shares (in shares)	95,189	93,795
Effect of dilutive securities - stock options, restricted stock and stock purchase plans (in shares)	654	828
Denominator for diluted earnings per share – weighted average shares (in shares)	95,843	94,623

General - Contract Balances (De

General - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 25, 2020	Apr. 25, 2020
Accounting Policies [Abstract]
Contract assets	$ 612	$ 1,586
Contract liability	22,444	$ 21,205
Contract liability, revenue recognized	$ 5,455

Receivables Securitization Pr_2

Receivables Securitization Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019	Apr. 25, 2020	Jul. 24, 2018
Transfers and Servicing [Abstract]
Eligible receivables, maximum available under Purchase Agreement				$ 200,000
Eligible Receivables, amount utilized under Purchase Agreement	$ 200,000
DPP receivable	155,563		$ 117,327
Loss on sale of receivables	2,386	$ 1,478
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Noncash investments acquired	201,861	87,710
Receivables Securitization Program
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Noncash investments acquired	$ 185,350	$ 86,235

Customer Financing (Detail)

Customer Financing (Detail)	3 Months Ended
	Jul. 25, 2020USD ($)finance_agreement	Jul. 27, 2019USD ($)	Apr. 25, 2020USD ($)
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	$ 50,070,000	$ 66,303,000
(Loss) gain on sale of financing contracts	(2,386,000)	(1,478,000)
Cash and cash equivalents	119,561,000		$ 77,944,000
Current receivables of finance contracts not yet sold	20,675,000		21,391,000
Finance contracts receivable sold and outstanding	617,503,000
Deferred purchase price	252,178,000		228,019,000
Noncash investments acquired	$ 201,861,000	87,710,000
Bad debt write-offs, percentage (less than)	1.00%
Customer Finance Contracts
Customer Financing [Line Items]
(Loss) gain on sale of financing contracts	$ (342,000)	7,346,000
Noncash investments acquired	16,511,000	$ 1,475,000
Unsettled Financing Arrangements
Customer Financing [Line Items]
Cash and cash equivalents	$ 28,615,000		$ 21,830,000
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	$ 525,000,000
Fifth Third Bank
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)	20.00%
Capacity under agreement	$ 100,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Jul. 25, 2020	Jul. 27, 2019	Apr. 25, 2020	Mar. 25, 2015	Jan. 31, 2014
Derivative [Line Items]
Gains or losses recognized in OCI on cash flow hedging derivative		$ 0
Ineffectiveness recorded during period		0	$ 0
Increase (decrease) in interest expense		(1,363,000)
Interest Rate Cap
Derivative [Line Items]
Derivative, Notional Amount		525,000,000
New Interest Rate Cap
Derivative [Line Items]
Derivative, Notional Amount		100,000,000
Interest Rate Swap Agreement
Derivative [Line Items]
Settlement of swap	$ 29,003,000	2,828,000	122,000
Interest Rate Swap Agreement | 5.17% Senior Notes
Derivative [Line Items]
Percentage of senior notes						5.17%
Derivative, Notional Amount						$ 250,000,000
Interest Rate Swap Agreement | Senior Notes 3.48%
Derivative [Line Items]
Percentage of senior notes					3.48%
Aggregate principal amount					$ 250,000,000
Interest Rate Swap
Derivative [Line Items]
Increase (decrease) in interest expense		(340,000)	$ (725,000)
Derivative, Notional Amount		627,388,000		$ 634,029,000
Interest Rate Swap Two
Derivative [Line Items]
Derivative, Notional Amount		$ 62,072,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivative Instruments Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jul. 25, 2020	Apr. 25, 2020
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	$ 160	$ 204
Interest rate contracts, liabilities, fair value	18,173	19,849
Other Noncurrent Assets | Interest rate contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	160	204
Other Accrued Liabilities | Interest rate contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	5,977	6,789
Other Noncurrent Liabilities | Interest rate contracts
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	$ 12,196	$ 13,060

Derivative Financial Instrume_5

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. 25, 2020	Jul. 27, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	$ (1,363)
Gain (loss) recognized in income on derivative	(1,195)	$ (3,785)
Interest rate contract
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	(340)	(725)
Interest rate contract | Other income, net | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivative	$ (1,195)	$ (3,785)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jul. 25, 2020	Apr. 25, 2020
Assets:
Cash equivalents	$ 2,609	$ 3,391
DPP receivable - receivables securitization program	155,563	117,327
DPP receivable - customer financing	252,178	228,019
Derivative instruments	160	204
Total assets	410,510	348,941
Liabilities:
Derivative instruments	18,173	19,849
Fair Value, Inputs, Level 1
Assets:
Cash equivalents	2,609	3,391
DPP receivable - receivables securitization program	0	0
DPP receivable - customer financing	0	0
Derivative instruments	0	0
Total assets	2,609	3,391
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	160	204
Total assets	160	204
Liabilities:
Derivative instruments	18,173	19,849
Fair Value, Inputs, Level 3
Assets:
Cash equivalents	0	0
DPP receivable - receivables securitization program	155,563	117,327
DPP receivable - customer financing	252,178	228,019
Derivative instruments	0	0
Total assets	407,741	345,346
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019	Apr. 25, 2020
Fair Value Disclosures [Abstract]
Gain on investment	$ 0	$ 34,334,000
carrying value of investments	51,628,000
Impairment charge	0
Estimated fair value of debt	613,809,000		$ 601,856,000
Carrying value of debt	$ 588,011,000		$ 587,766,000

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	27.10%	25.30%

Technology Partner Innovation_2

Technology Partner Innovations, LLC (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019	Apr. 25, 2020
Business Acquisition [Line Items]
Net loss attributable to noncontrolling interest	$ 205	$ 235
Noncontrolling interest	2,122		$ 2,327
Technology Partner Innovations, LLC
Business Acquisition [Line Items]
Net assets contributed	4,000
Net loss attributable to noncontrolling interest	205	$ 235
Noncontrolling interest	$ 2,122

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail)	3 Months Ended
	Jul. 25, 2020Segment
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. 25, 2020	Jul. 27, 2019	Apr. 25, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,245,837	$ 1,328,651
Operating income (loss)	37,872	16,674
Total assets	2,646,196		$ 2,715,350
Consumable
Segment Reporting Information [Line Items]
Net sales	1,044,981	1,095,184
Equipment and software
Segment Reporting Information [Line Items]
Net sales	129,377	142,533
Value-added services and other
Segment Reporting Information [Line Items]
Net sales	71,479	90,934
Dental
Segment Reporting Information [Line Items]
Net sales	430,295	501,136
Dental | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	37,769	34,004
Total assets	748,001		704,216
Dental | Consumable
Segment Reporting Information [Line Items]
Net sales	256,603	303,474
Dental | Equipment and software
Segment Reporting Information [Line Items]
Net sales	112,963	125,684
Dental | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	60,729	71,978
Animal Health
Segment Reporting Information [Line Items]
Net sales	812,153	817,539
Animal Health | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	17,399	19,624
Total assets	1,345,259		1,485,284
Animal Health | Consumable
Segment Reporting Information [Line Items]
Net sales	788,378	791,710
Animal Health | Equipment and software
Segment Reporting Information [Line Items]
Net sales	16,414	16,849
Animal Health | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	7,361	8,980
Corporate
Segment Reporting Information [Line Items]
Net sales	3,389	9,976
Corporate | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(17,296)	(36,954)
Total assets	552,936		$ 525,850
Corporate | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	3,389	9,976
United States
Segment Reporting Information [Line Items]
Net sales	1,034,872	1,090,715
United States | Dental
Segment Reporting Information [Line Items]
Net sales	397,460	444,642
United States | Animal Health
Segment Reporting Information [Line Items]
Net sales	634,023	636,097
United States | Corporate
Segment Reporting Information [Line Items]
Net sales	3,389	9,976
United Kingdom
Segment Reporting Information [Line Items]
Net sales	149,392	149,414
United Kingdom | Animal Health
Segment Reporting Information [Line Items]
Net sales	149,392	149,414
Canada
Segment Reporting Information [Line Items]
Net sales	61,573	88,522
Canada | Dental
Segment Reporting Information [Line Items]
Net sales	32,835	56,494
Canada | Animal Health
Segment Reporting Information [Line Items]
Net sales	$ 28,738	$ 32,028

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss ("AOCL") - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	3 Months Ended
	Jul. 25, 2020USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 834,117
Ending Balance	852,616
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(5,538)
Other comprehensive loss before reclassifications	0
Amounts reclassified from AOCL	260
Ending Balance	(5,278)
Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(91,501)
Other comprehensive loss before reclassifications	12,589
Amounts reclassified from AOCL	0
Ending Balance	(78,912)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(97,039)
Other comprehensive loss before reclassifications	12,589
Amounts reclassified from AOCL	260
Ending Balance	$ (84,190)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss ("AOCL") - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Equity [Abstract]
Income tax expense related to cash flow hedges	$ 80	$ 171
Increase in interest expense	$ 340

Legal Proceedings Legal (Detail

Legal Proceedings Legal (Details) $ in Thousands	Oct. 01, 2018USD ($)	Aug. 28, 2018USD ($)	Jul. 25, 2020USD ($)	Apr. 25, 2020states	Oct. 26, 2019USD ($)
Loss Contingencies [Line Items]
Number of states | states				50
U.S. Attorney’s Office, Western District Of Virginia
Loss Contingencies [Line Items]
Amount of criminal fine and forfeiture under terms of agreement			$ 52,800
Litigation settlement reserve					$ 58,300
Kirsten Johnsen V. Scott P Anderson Et Al
Loss Contingencies [Line Items]
Stock repurchased	$ 412,800	$ 412,800