Patterson Companies (PDCO) 10-Q 29 Nov 23 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 28, 2023	Nov. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 28, 2023
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		92,661,000
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000891024
Current Fiscal Year End Date	--04-27

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 113,886	$ 159,669
Receivables, net of allowance for doubtful accounts of $3,875 and $3,667	490,428	477,384
Inventory	858,028	795,072
Prepaid expenses and other current assets	328,334	351,011
Total current assets	1,790,676	1,783,136
Property and equipment, net	218,977	212,283
Operating lease right-of-use assets, net	101,532	92,956
Long-term receivables, net	121,030	121,717
Goodwill	156,172	156,420
Identifiable intangibles, net	212,179	231,873
Investments	162,531	160,022
Other non-current assets, net	126,593	120,739
Total assets	2,889,690	2,879,146
Current liabilities:
Accounts payable	688,687	724,993
Accrued payroll expense	54,718	82,253
Other accrued liabilities	169,005	168,696
Operating lease liabilities	30,132	28,390
Current maturities of long-term debt	36,000	36,000
Borrowings on revolving credit	170,000	45,000
Total current liabilities	1,148,542	1,085,332
Long-term debt	449,974	451,231
Non-current operating lease liabilities	74,393	67,376
Other non-current liabilities	161,692	156,672
Total liabilities	1,834,601	1,760,611
Stockholders’ equity:
Common stock, $0.01 par value: 600,000 shares authorized; 94,089 and 96,350 shares issued and outstanding	941	964
Additional paid-in capital	249,490	233,706
Accumulated other comprehensive loss	(98,962)	(89,262)
Retained earnings	902,827	972,127
Total Patterson Companies, Inc. stockholders' equity	1,054,296	1,117,535
Noncontrolling interests	793	1,000
Total stockholders’ equity	1,055,089	1,118,535
Total liabilities and stockholders’ equity	$ 2,889,690	$ 2,879,146

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 3,875	$ 3,667
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	94,089,000	96,350,000
Common stock, shares outstanding	94,089,000	96,350,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Net sales	$ 1,652,772	$ 1,626,204	$ 3,229,517	$ 3,149,469
Cost of sales	1,313,746	1,298,115	2,571,436	2,509,247
Gross profit	339,026	328,089	658,081	640,222
Operating expenses	282,123	267,994	562,956	545,283
Operating income	56,903	60,095	95,125	94,939
Other income (expense):
Other income, net	7,096	18,203	18,997	19,983
Interest expense	(10,642)	(7,544)	(20,154)	(13,107)
Income before taxes	53,357	70,754	93,968	101,815
Income tax expense	13,502	17,105	22,983	23,906
Net income	39,855	53,649	70,985	77,909
Net loss attributable to noncontrolling interests	(103)	(424)	(207)	(754)
Net income attributable to Patterson Companies, Inc.	$ 39,958	$ 54,073	$ 71,192	$ 78,663
Earnings per share attributable to Patterson Companies, Inc.:
Basic (in USD per share)	$ 0.42	$ 0.56	$ 0.75	$ 0.81
Diluted (in USD per share)	$ 0.42	$ 0.55	$ 0.74	$ 0.81
Weighted average shares:
Basic (in shares)	94,710	96,913	95,127	96,771
Diluted (in shares)	95,156	97,552	95,722	97,708
Dividends declared per common share (in USD per share)	$ 0.26	$ 0.26	$ 0.52	$ 0.52
Comprehensive income:
Net income (loss)	$ 39,855	$ 53,649	$ 70,985	$ 77,909
Foreign currency translation loss	(17,589)	(17,591)	(10,221)	(22,582)
Cash flow hedges, net of tax	260	260	521	521
Comprehensive income	$ 22,526	$ 36,318	$ 61,285	$ 55,848

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	Non-controlling Interests
Beginning Balance at Apr. 30, 2022	$ 1,042,635	$ 968	$ 200,520	$ (81,516)	$ 921,704	$ 959
Beginning Balance (in shares) at Apr. 30, 2022		96,762,000
Foreign currency translation	(4,991)			(4,991)
Cash flow hedges	261			261
Net income (loss)	24,260				24,590	(330)
Dividends declared	(25,667)				(25,667)
Common stock issued	(2,142)	$ 6	(2,148)
Common stock issued and related tax benefits (in shares)		653,000
Repurchases of common stock	(15,000)	$ (5)			(14,995)
Repurchases of common stock (in shares)		(516,000)
Stock-based compensation	7,159		7,159
Contribution from noncontrolling interest	500					500
Ending Balance at Jul. 30, 2022	1,027,015	$ 969	205,531	(86,246)	905,632	1,129
Ending Balance (in shares) at Jul. 30, 2022		96,899,000
Beginning Balance at Apr. 30, 2022	1,042,635	$ 968	200,520	(81,516)	921,704	959
Beginning Balance (in shares) at Apr. 30, 2022		96,762,000
Foreign currency translation	(22,582)
Cash flow hedges	521
Net income (loss)	77,909
Ending Balance at Oct. 29, 2022	1,042,108	$ 970	208,943	(103,577)	934,567	1,205
Ending Balance (in shares) at Oct. 29, 2022		97,049,000
Beginning Balance at Jul. 30, 2022	1,027,015	$ 969	205,531	(86,246)	905,632	1,129
Beginning Balance (in shares) at Jul. 30, 2022		96,899,000
Foreign currency translation	(17,591)			(17,591)
Cash flow hedges	260			260
Net income (loss)	53,649				54,073	(424)
Dividends declared	(25,138)				(25,138)
Common stock issued	2,179	$ 1	2,178
Common stock issued and related tax benefits (in shares)		150,000
Stock-based compensation	1,234		1,234
Contribution from noncontrolling interest	500					500
Ending Balance at Oct. 29, 2022	1,042,108	$ 970	208,943	(103,577)	934,567	1,205
Ending Balance (in shares) at Oct. 29, 2022		97,049,000
Foreign currency translation	14,197			14,197
Cash flow hedges	261			261
Net income (loss)	53,847				53,929	(82)
Dividends declared	(25,581)				(25,581)
Common stock issued	14,633	$ 7	14,626
Common stock issued and related tax benefits (in shares)		659,000
Stock-based compensation	2,956		2,956
Ending Balance at Jan. 28, 2023	1,102,421	$ 977	226,525	(89,119)	962,915	1,123
Ending Balance (in shares) at Jan. 28, 2023		97,708,000
Foreign currency translation	(403)			(403)
Cash flow hedges	260			260
Net income (loss)	74,842				74,965	(123)
Dividends declared	(25,276)				(25,276)
Common stock issued	2,989	$ 2	2,987
Common stock issued and related tax benefits (in shares)		146,000
Repurchases of common stock	(40,492)	$ (15)			(40,477)
Repurchases of common stock (in shares)		(1,504,000)
Stock-based compensation	4,194		4,194
Ending Balance at Apr. 29, 2023	$ 1,118,535	$ 964	233,706	(89,262)	972,127	1,000
Ending Balance (in shares) at Apr. 29, 2023	96,350,000	96,350,000
Foreign currency translation	$ 7,368			7,368
Cash flow hedges	261			261
Net income (loss)	31,130				31,234	(104)
Dividends declared	(25,134)				(25,134)
Common stock issued	1,574	$ 5	1,569
Common stock issued and related tax benefits (in shares)		565,000
Repurchases of common stock	(29,508)	$ (11)			(29,497)
Repurchases of common stock (in shares)		(1,109,000)
Stock-based compensation	7,015		7,015
Ending Balance at Jul. 29, 2023	1,111,241	$ 958	242,290	(81,633)	948,730	896
Ending Balance (in shares) at Jul. 29, 2023		95,806,000
Beginning Balance at Apr. 29, 2023	$ 1,118,535	$ 964	233,706	(89,262)	972,127	1,000
Beginning Balance (in shares) at Apr. 29, 2023	96,350,000	96,350,000
Foreign currency translation	$ (10,221)
Cash flow hedges	521
Net income (loss)	70,985
Ending Balance at Oct. 28, 2023	$ 1,055,089	$ 941	249,490	(98,962)	902,827	793
Ending Balance (in shares) at Oct. 28, 2023	94,089,000	94,089,000
Beginning Balance at Jul. 29, 2023	$ 1,111,241	$ 958	242,290	(81,633)	948,730	896
Beginning Balance (in shares) at Jul. 29, 2023		95,806,000
Foreign currency translation	(17,589)			(17,589)
Cash flow hedges	260			260
Net income (loss)	39,855				39,958	(103)
Dividends declared	(24,897)				(24,897)
Common stock issued	3,228	$ 2	3,226
Common stock issued and related tax benefits (in shares)		180,000
Repurchases of common stock	(61,644)	$ (19)	(661)		(60,964)
Repurchases of common stock (in shares)		(1,897,000)
Stock-based compensation	4,635		4,635
Ending Balance at Oct. 28, 2023	$ 1,055,089	$ 941	$ 249,490	$ (98,962)	$ 902,827	$ 793
Ending Balance (in shares) at Oct. 28, 2023	94,089,000	94,089,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		12 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Statement of Cash Flows [Abstract]
Net income (loss)	$ 39,855	$ 31,130	$ 74,842	$ 53,847	$ 53,649	$ 24,260	$ 70,985	$ 77,909
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation							23,583	22,412
Amortization							19,253	18,678
Non-cash employee compensation							11,650	8,393
Non-cash losses (gains) and other, net							3,166	5,085
Change in assets and liabilities:
Receivables							(487,186)	(508,811)
Inventory							(67,416)	(100,596)
Accounts payable							(30,911)	41,557
Accrued liabilities							(24,908)	(47,519)
Other changes from operating activities, net							(3,492)	(37,269)
Net cash used in operating activities							(485,276)	(520,161)
Investing activities:
Additions to property and equipment and software							(33,467)	(26,779)
Collection of DPP receivable							489,452	489,639
Payments related to acquisitions, net of cash acquired							(1,108)	0
Payments related to investments							0	(15,000)
Net cash provided by investing activities							454,877	447,860
Financing activities:
Dividends paid							(50,331)	(50,732)
Repurchases of common stock							(90,491)	(15,000)
Payments on long-term debt							(1,500)	0
Draw on revolving credit							125,000	145,000
Other financing activities							4,141	(1,766)
Net cash provided by (used in) financing activities							(13,181)	77,502
Effect of exchange rate changes on cash							(2,203)	(6,935)
Net change in cash and cash equivalents							(45,783)	(1,734)
Cash and cash equivalents at beginning of period		$ 159,669		$ 140,280		$ 142,014	159,669	142,014	$ 142,014
Cash and cash equivalents at end of period	$ 113,886		$ 159,669		$ 140,280		113,886	140,280	$ 159,669
Supplemental disclosure of non-cash investing activity:
Noncash investments acquired							$ 465,058	$ 479,797

General

General	6 Months Ended
	Oct. 28, 2023
Accounting Policies [Abstract]
General	General Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of Patterson Companies, Inc. (referred to herein as "Patterson" or in the first person notations "we," "our," and "us") as of October 28, 2023, and our results of operations and cash flows for the periods ended October 28, 2023 and October 29, 2022. Such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended October 28, 2023 are not necessarily indicative of the results to be expected for any other interim period or for the year ending April 27, 2024. These financial statements should be read in conjunction with the financial statements included in our 2023 Annual Report on Form 10-K filed on June 21, 2023. 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 entities 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 8. Fiscal Year End We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The second quarter of fiscal 2024 and 2023 represents the 13 weeks ended October 28, 2023 and October 29, 2022, respectively. Fiscal 2024 will include 52 weeks and fiscal 2023 included 52 weeks. Other Income, Net Other income, net consisted of the following: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Gain on interest rate swap agreements $ 2,786 $ 13,072 $ 9,561 $ 11,124 Investment income and other 4,310 5,131 9,436 8,859 Other income, net $ 7,096 $ 18,203 $ 18,997 $ 19,983 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 $81 and $81 for the three months ended October 28, 2023 and October 29, 2022, respectively. The income tax expense related to cash flow hedges was $161 and $161 for the six months ended October 28, 2023 and October 29, 2022, 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 Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Denominator for basic EPS – weighted average shares 94,710 96,913 95,127 96,771 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 446 639 595 937 Denominator for diluted EPS – weighted average shares 95,156 97,552 95,722 97,708 Potentially dilutive securities representing 1,427 shares and 1,299 shares for the three and six months ended October 28, 2023 and 1,572 shares and 1,166 shares for the three and six months ended October 29, 2022 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 October 28, 2023 and April 29, 2023 were $2,321 and $1,338, 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 October 28, 2023 and April 29, 2023, contract liabilities of $40,131 and $36,850 were reported in other accrued liabilities, respectively. During the six months ended October 28, 2023, we recognized $20,814 of the amount previously deferred at April 29, 2023. Recently Issued Accounting Pronouncements We do not expect any of the recently issued accounting pronouncements to materially affect our financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Oct. 28, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions During the first quarter of fiscal 2024, we used $1,108 to pay a holdback following our acquisition of substantially all of the assets of Miller Vet Holdings, LLC. The payment was due on the 24 month anniversary of the closing date. During the third quarter of fiscal 2023, we acquired substantially all of the assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), Texas-based companies that provide innovative solutions to veterinary practices through data extraction and conversion, staffing and video-based training services. Also during the third quarter of fiscal 2023, we acquired substantially all of the assets of Dairy Tech, Inc., a Colorado-based company that provides pasteurizing equipment and single-use bags that allow dairy producers to produce, store and feed colostrum for newborn calves, as well as product offerings for beef cattle producers. These acquisitions expand our Companion Animal and Production Animal value-added platforms and add solutions to their suite of offerings. The total purchase price for these acquisitions is $37,535, which includes holdbacks of $4,255 that will be paid on the 24 month anniversary of the closing dates and working capital adjustments of $23 which were paid in the fourth quarter of fiscal 2023. As of the acquisition date, we have recorded $17,300 of identifiable intangibles, $16,040 of goodwill and net tangible assets of $4,233 in our condensed consolidated balance sheets related to these acquisitions. Goodwill, which is deductible for income tax purposes, was increased by $272 subsequent to acquisition date as a result of working capital adjustments. Goodwill was recorded within the Animal Health segment and represents the expected benefit of integrating these value-added platforms with our existing operations. We have included their results of operations in our financial statements since the date of acquisition within the Animal Health segment. The accounting for the acquisitions was complete as of October 28, 2023. The acquisitions did not materially impact our financial statements, and, therefore, pro forma results are not provided.

Receivables Securitization Prog

Receivables Securitization Program	6 Months Ended
	Oct. 28, 2023
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 October 28, 2023, of which $200,000 was utilized. We have no retained interests in the transferred Receivables, other than our right to the DPP receivable and collection and administrative service fees. We consider the fees received adequate compensation for services rendered, and accordingly have recorded no servicing asset or liability. As of October 28, 2023 and April 29, 2023, the fair value of outstanding trade receivables transferred to the Purchasers under the facility and derecognized from the condensed consolidated balance sheets were $403,848 and $429,853, respectively. Sales of trade receivables under this facility were $1,824,520 and $1,826,156, and cash collections from customers on receivables sold were $1,850,208 and $1,804,576 during the six months ended October 28, 2023 and October 29, 2022, respectively. The DPP receivable is recorded at fair value within the condensed consolidated balance sheets within prepaid expenses and other current assets. 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 inclusive of bank fees and allowance for credit losses. In operating expenses in the condensed consolidated statements of operations and other comprehensive income, we recorded losses of $3,736 and $3,211 during the three months ended October 28, 2023 and October 29, 2022, respectively, and $7,160 and $4,646 during the six months ended October 28, 2023 and October 29, 2022, respectively, related to the Receivables. The following rollforward summarizes the activity related to the DPP receivable: Six Months Ended October 28, 2023 October 29, 2022 Beginning DPP receivable balance $ 227,946 $ 195,764 Non-cash additions to DPP receivable 445,567 467,761 Collection of DPP receivable (471,511) (447,241) Ending DPP receivable balance $ 202,002 $ 216,284

Customer Financing

Customer Financing	6 Months Ended
	Oct. 28, 2023
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 $2,000. We generally sell our customers’ financing contracts to an outside financial institution 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 use a monthly unit of account for these financing contracts. 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, PDC Funding or PDC Funding II, 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 or loss 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. Historically, we maintained two arrangements under which we sell these contracts. We operate under an agreement to sell 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 15.0% 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 MUFG. The capacity under the agreement with MUFG at October 28, 2023 was $575,000. We formerly maintained an agreement with Fifth Third Bank ("Fifth Third") whereby Fifth Third purchased customers’ financing contracts. PDC Funding II sold its financing contracts to Fifth Third. We received the proceeds of the contracts upon sale to Fifth Third. At least 15.0% of the proceeds were held by the conduit as security against eventual performance of the portfolio. During the first quarter of fiscal 2024, Fifth Third sold and assigned the remaining purchased customer financing contracts to the facility in which MUFG is the agent. We transferred and assigned the related DPP receivable of $15,400 from PDC Funding II to PDC Funding, and the DPP counterparty changed from Fifth Third to MUFG. We amended our agreement with MUFG as agent and expanded capacity under that agreement from $525,000 to $575,000. We thereby ended our agreement with Fifth Third. We service the financing contracts 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. During the six months ended October 28, 2023 and October 29, 2022, we sold $115,266 and $111,612 of contracts under these arrangements, respectively. In net sales in the condensed consolidated statements of operations and other comprehensive income, we recorded losses of $3,953 and $8,456 during the three months ended October 28, 2023 and October 29, 2022, respectively, related to these contracts sold. In net sales in the condensed consolidated statements of operations and other comprehensive income, we recorded losses of $12,880 and $7,468 during the six months ended October 28, 2023 and October 29, 2022, respectively, related to these contracts sold. Cash collections on financed receivables sold were $141,353 and $163,088 during the six months ended October 28, 2023 and October 29, 2022, respectively. Included in cash and cash equivalents in the condensed consolidated balance sheets are $30,621 and $33,072 as of October 28, 2023 and April 29, 2023, 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 $44,757 and $77,646 as of October 28, 2023 and April 29, 2023, respectively, of finance contracts we have not yet sold. A total of $546,042 of finance contracts receivable sold under the arrangements was outstanding at October 28, 2023. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than 1% of the loans originated. The following rollforward summarizes the activity related to the DPP receivable: Six Months Ended October 28, 2023 October 29, 2022 Beginning DPP receivable balance $ 102,979 $ 125,332 Non-cash additions to DPP receivable 19,491 12,036 Collection of DPP receivable (17,941) (42,398) Ending DPP receivable balance $ 104,529 $ 94,970 The arrangements require us to maintain a minimum current ratio and maximum leverage ratio. We were in compliance with those covenants at October 28, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Oct. 28, 2023
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 entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of October 28, 2023, PDC Funding had purchased an interest rate cap from a bank with a notional amount of $575,000 and a maturity date of July 2031. 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 in fair value 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 in fair value as income or expense during the period in which the change occurs. As of April 29, 2023, the remaining notional amount for interest rate swap agreements was $551,504, with the latest maturity date in fiscal 2030. During the six months ended October 28, 2023, we entered into forward interest rate swap agreements with a notional amount of $97,387. As of October 28, 2023, the remaining notional amount for interest rate swap agreements was $533,943, with the latest maturity date in fiscal 2031. Net cash receipts of $7,244 and $782 were received during the six months ended October 28, 2023 and October 29, 2022, respectively, to settle a portion of our assets and liabilities related to interest rate swap agreements. These payments and receipts are reflected as cash flows 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 October 28, 2023 April 29, 2023 Assets: Interest rate contracts Prepaid expenses and other current assets $ 6,789 $ 5,875 Interest rate contracts Other non-current assets, net 28,018 23,210 Total asset derivatives $ 34,807 $ 29,085 Liabilities: Interest rate contracts Other accrued liabilities $ 221 $ 267 Interest rate contracts Other non-current liabilities 16,787 12,993 Total liability derivatives $ 17,008 $ 13,260 The following tables present the pre-tax effect of derivative instruments on the condensed consolidated statements of operations and other comprehensive income: Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Six Months Ended Derivatives in cash flow hedging relationships Statements of operations location October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Interest rate contracts Interest expense $ (341) $ (341) $ (682) $ (682) Amount of Gain Recognized in Income on Derivatives Three Months Ended Six Months Ended Derivatives not designated as hedging instruments Statements of operations location October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Interest rate contracts Other income, net $ 2,786 $ 13,072 $ 9,561 $ 11,124 There were no gains or losses recognized in other comprehensive income (loss) on cash flow hedging derivatives during the three and six months ended October 28, 2023 or October 29, 2022.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 28, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The fair value hierarchy of measurements is categorized into one of three levels based on the lowest level of significant input used: Level 1 - Quoted prices in active markets for identical assets and liabilities at the measurement date. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs for which there is little or no market data available. These inputs reflect management’s assumptions of what market participants would use in pricing the asset or liability. Our hierarchy for assets and liabilities measured at fair value on a recurring basis is as follows: October 28, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,060 $ 2,060 $ — $ — DPP receivable - receivables securitization program 202,002 — — 202,002 DPP receivable - customer financing 104,529 — — 104,529 Derivative instruments 34,807 — 34,807 — Total assets $ 343,398 $ 2,060 $ 34,807 $ 306,531 Liabilities: Derivative instruments $ 17,008 $ — $ 17,008 $ — April 29, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 47,777 $ 47,777 $ — $ — DPP receivable - receivables securitization program 227,946 — — 227,946 DPP receivable - customer financing 102,979 — — 102,979 Derivative instruments 29,085 — 29,085 — Total assets $ 407,787 $ 47,777 $ 29,085 $ 330,925 Liabilities: Derivative instruments $ 13,260 $ — $ 13,260 $ — 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. We have an investment in Vetsource, a commercial partner and leading home delivery provider for veterinarians. The investment was valued based on the selling price of the portion of the investment we sold in the first quarter of fiscal 2022. The carrying value of the investment we owned following this sale was $56,849 and $56,849 as of October 28, 2023 and April 29, 2023, respectively. Concurrent with the sale completed in the first quarter of fiscal 2022, we obtained rights that will allow us, under certain circumstances, to require another shareholder of Vetsource to purchase our remaining shares. The carrying value of this put option, which is subject to a floor, as of October 28, 2023 is $25,757, and is reported within investments in our condensed consolidated balance sheets. Concurrent with obtaining this put option, we also granted rights to the same Vetsource shareholder that would allow such shareholder, under certain circumstances, to require us to sell our remaining shares at fair value. There were no fair value adjustments to such assets during the six months ended October 28, 2023. Our debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of October 28, 2023 and April 29, 2023 was $479,877 and $483,139, respectively, as compared to a carrying value of $485,974 and $487,231 at October 28, 2023 and April 29, 2023, respectively. The fair value of debt was measured using a discounted cash flow analysis based on expected market based yields (i.e., Level 2 inputs). The carrying amounts of receivables, net of allowances, accounts payable, and certain accrued and other current liabilities approximated fair value at October 28, 2023 and April 29, 2023.

Income Taxes

Income Taxes	6 Months Ended
	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective income tax rate for the three months ended October 28, 2023 was 25.3% compared to 24.2% for the three months ended October 29, 2022. The increase in the rate was primarily due to an income tax reserve adjustment in the prior year quarter which was partially offset by excess tax benefits associated with stock-based compensation. The effective income tax rate for the six months ended October 28, 2023 was 24.5% compared to 23.5% for the three months ended October 29, 2022.

Technology Partner Innovations,

Technology Partner Innovations, LLC ("TPI")	6 Months Ended
	Oct. 28, 2023
Equity Method Investments and Joint Ventures [Abstract]
Technology Partner Innovations, LLC ("TPI")	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. Patterson and Cure Partners each contributed additional net assets of $1,000 during the fiscal year ended April 29, 2023, and no additional net assets were contributed during the six months ended October 28, 2023. 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. Since TPI was formed, there have been no changes in ownership interests. As of October 28, 2023, we had noncontrolling interests of $793 on our condensed consolidated balance sheets.

Segment and Geographic Data

Segment and Geographic Data	6 Months Ended
	Oct. 28, 2023
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, software, turnkey digital solutions and value-added services to dentists, dental laboratories, institutions, and other healthcare professionals throughout North America. Animal Health is a leading, full-line distributor in North America and the U.K. of animal health products, services and technologies to both the production-animal and companion-pet markets. Our Corporate segment is comprised of general and administrative expenses, including home office support costs in areas such as information technology, finance, legal, human resources and facilities. In addition, customer financing and other miscellaneous sales are reported within Corporate results. Corporate assets consist primarily of cash and cash equivalents, accounts receivable, property and equipment and long-term receivables. We evaluate segment performance based on operating income. The costs to operate the fulfillment centers are allocated to the operating units based on the through-put of the unit. The following table provides a breakdown of sales by geographic region: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Consolidated net sales United States $ 1,383,152 $ 1,375,622 $ 2,674,523 $ 2,636,020 United Kingdom 180,460 157,125 372,071 319,346 Canada 89,160 93,457 182,923 194,103 Total $ 1,652,772 $ 1,626,204 $ 3,229,517 $ 3,149,469 Dental net sales United States $ 573,794 $ 575,520 $ 1,084,044 $ 1,075,355 Canada 52,587 53,403 109,637 111,485 Total $ 626,381 $ 628,923 $ 1,193,681 $ 1,186,840 Animal Health net sales United States $ 807,589 $ 805,817 $ 1,590,255 $ 1,561,402 United Kingdom 180,460 157,125 372,071 319,346 Canada 36,573 40,054 73,286 82,618 Total $ 1,024,622 $ 1,002,996 $ 2,035,612 $ 1,963,366 Corporate net sales United States $ 1,769 $ (5,715) $ 224 $ (737) Total $ 1,769 $ (5,715) $ 224 $ (737) The following table provides a breakdown of sales by categories of products and services: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Consolidated net sales Consumable $ 1,319,363 $ 1,301,256 $ 2,635,088 $ 2,563,025 Equipment 230,293 243,896 394,264 417,831 Value-added services and other 103,116 81,052 200,165 168,613 Total $ 1,652,772 $ 1,626,204 $ 3,229,517 $ 3,149,469 Dental net sales Consumable $ 346,492 $ 337,489 $ 698,539 $ 675,329 Equipment 200,127 214,006 337,676 360,516 Value-added services and other 79,762 77,428 157,466 150,995 Total $ 626,381 $ 628,923 $ 1,193,681 $ 1,186,840 Animal Health net sales Consumable $ 972,871 $ 963,767 $ 1,936,549 $ 1,887,696 Equipment 30,166 29,890 56,588 57,315 Value-added services and other 21,585 9,339 42,475 18,355 Total $ 1,024,622 $ 1,002,996 $ 2,035,612 $ 1,963,366 Corporate net sales Value-added services and other $ 1,769 $ (5,715) $ 224 $ (737) Total $ 1,769 $ (5,715) $ 224 $ (737) The following table provides a breakdown of operating income (loss) by reportable segment: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating income (loss) Dental $ 55,277 $ 60,950 $ 93,947 $ 97,845 Animal Health 26,346 28,316 56,039 50,175 Corporate (24,720) (29,171) (54,861) (53,081) Total $ 56,903 $ 60,095 $ 95,125 $ 94,939 The following table provides a breakdown of total assets by reportable segment: October 28, 2023 April 29, 2023 Total assets Dental $ 924,784 $ 853,369 Animal Health 1,578,789 1,570,760 Corporate 386,117 455,017 Total $ 2,889,690 $ 2,879,146

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss ("AOCL")	6 Months Ended
	Oct. 28, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss ("AOCL")	Accumulated Other Comprehensive Loss ("AOCL") The following table summarizes the changes in AOCL during the six months ended October 28, 2023: Cash Flow Hedges Currency Total AOCL at April 29, 2023 $ (2,412) $ (86,850) $ (89,262) Other comprehensive loss before reclassifications — (10,221) (10,221) Amounts reclassified from AOCL 521 — 521 AOCL at October 28, 2023 $ (1,891) $ (97,071) $ (98,962)

Legal Proceedings

Legal Proceedings	6 Months Ended
	Oct. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings From time to time, we become involved in lawsuits, administrative proceedings, government subpoenas, and government investigations (which may, in some cases, involve our entering into settlement agreements or consent decrees), relating to antitrust, commercial, environmental, product liability, intellectual property, regulatory, employment discrimination, securities, and other matters, including matters arising out of the ordinary course of business. The results of any such proceedings cannot be predicted with certainty because such matters are inherently uncertain. Significant damages or penalties may be sought in some matters, and some matters may require years to resolve. We also may be subject to fines or penalties, and equitable remedies (including but not limited to the suspension, revocation or non-renewal of licenses). We accrue for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Adverse outcomes may result in significant monetary damages or injunctive relief against us that could adversely affect our ability to conduct our business. There also exists the possibility of a material adverse effect on our financial statements for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 39,958	$ 54,073	$ 71,192	$ 78,663

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended
	Oct. 28, 2023	Sep. 22, 2023	Sep. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kevin M. Barry [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Kevin M. Barry, our Chief Financial Officer, adopted a new written trading plan on September 1, 2023. The plan’s maximum duration is until August 30, 2024. The first trade will not occur until December 1, 2023, at the earliest. The trading plan is intended to permit Mr. Barry to sell (i) 1,627 shares of our common stock pursuant to performance units that vested on July 14, 2023, (ii) 25% of the net vested shares of our common stock pursuant to restricted stock units that will vest on December 15, 2023, (iii) 25% of the net vested shares of our common stock pursuant to performance units that will vest on July 1, 2024, and (iv) 25% of the net vested shares of our common stock pursuant to restricted stock units that will vest on July 1, 2024.
Name	Kevin M. Barry
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	364 days
Aggregate Available			1,627
Les B. Korsh [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Les B. Korsh, our Chief Legal Officer and Corporate Secretary, adopted a new written trading plan on September 22, 2023. The plan’s maximum duration is until August 1, 2024. The first trade will not occur until March 1, 2024, at the earliest. The trading plan is intended to permit Mr. Korsh to sell (i) 4,000 shares of our common stock pursuant to restricted stock units that vested on June 11, 2021, (ii) 30% of the net vested shares of our common stock pursuant to performance units that will vest on July 1, 2024, and (iii) 30% of the net vested shares of our common stock pursuant to restricted stock units that will vest on July 1, 2024.
Name	Les B. Korsh
Title	Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	314 days
Aggregate Available		4,000
Donald J. Zurbay [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Donald J. Zurbay, our President and Chief Executive Officer, adopted a new written trading plan on September 25, 2023. The plan’s maximum duration is until December 31, 2024. The first trade will not occur until July 2, 2024, at the earliest. The trading plan is intended to permit Mr. Zurbay to sell (i) 25% of the net vested shares of our common stock pursuant to performance units that will vest on July 1, 2024, (ii) 25% of the net vested shares of our common stock pursuant to restricted stock units that will vest on July 1, 2024, and (iii) 25% of the net vested shares of our common stock pursuant to restricted stock units that will vest on December 5, 2024.
Name	Donald J. Zurbay
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	463 days
Samantha L. Bergeson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Samantha L. Bergeson, our Chief Human Resources Officer, adopted a new written trading plan on October 6, 2023. The plan’s maximum duration is until July 31, 2024. The first trade will not occur until July 2, 2024, at the earliest. The trading plan is intended to permit Ms. Bergeson to sell 15% of the net vested shares of our common stock pursuant to restricted stock units that will vest on July 1, 2024.
Name	Samantha L. Bergeson
Title	Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	269 days

General (Policies)

General (Policies)	6 Months Ended
	Oct. 28, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of Patterson Companies, Inc. (referred to herein as "Patterson" or in the first person notations "we," "our," and "us") as of October 28, 2023, and our results of operations and cash flows for the periods ended October 28, 2023 and October 29, 2022. Such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended October 28, 2023 are not necessarily indicative of the results to be expected for any other interim period or for the year ending April 27, 2024. These financial statements should be read in conjunction with the financial statements included in our 2023 Annual Report on Form 10-K filed on June 21, 2023. 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 entities 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 8.
Fiscal Year End	Fiscal Year End We operate with a 52-53 week accounting convention with our fiscal year ending on the last Saturday in April. The second quarter of fiscal 2024 and 2023 represents the 13 weeks ended October 28, 2023 and October 29, 2022, respectively. Fiscal 2024 will include 52 weeks and fiscal 2023 included 52 weeks.
Comprehensive Income	Comprehensive Income
Revenue Recognition	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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements We do not expect any of the recently issued accounting pronouncements to materially affect our financial statements.

General (Tables)

General (Tables)	6 Months Ended
	Oct. 28, 2023
Accounting Policies [Abstract]
Schedule of Other Income	Other income, net consisted of the following: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Gain on interest rate swap agreements $ 2,786 $ 13,072 $ 9,561 $ 11,124 Investment income and other 4,310 5,131 9,436 8,859 Other income, net $ 7,096 $ 18,203 $ 18,997 $ 19,983
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 Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Denominator for basic EPS – weighted average shares 94,710 96,913 95,127 96,771 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 446 639 595 937 Denominator for diluted EPS – weighted average shares 95,156 97,552 95,722 97,708

Transfers and Servicing (Tables

Transfers and Servicing (Tables)	6 Months Ended
	Oct. 28, 2023
Transfers and Servicing [Abstract]
Schedule of Deferred Purchase Price Receivable	The following rollforward summarizes the activity related to the DPP receivable: Six Months Ended October 28, 2023 October 29, 2022 Beginning DPP receivable balance $ 227,946 $ 195,764 Non-cash additions to DPP receivable 445,567 467,761 Collection of DPP receivable (471,511) (447,241) Ending DPP receivable balance $ 202,002 $ 216,284

Customer Financing (Tables)

Customer Financing (Tables)	6 Months Ended
	Oct. 28, 2023
Receivables [Abstract]
Summary of Activity Related to DPP Receivable	The following rollforward summarizes the activity related to the DPP receivable: Six Months Ended October 28, 2023 October 29, 2022 Beginning DPP receivable balance $ 102,979 $ 125,332 Non-cash additions to DPP receivable 19,491 12,036 Collection of DPP receivable (17,941) (42,398) Ending DPP receivable balance $ 104,529 $ 94,970

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Oct. 28, 2023
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 October 28, 2023 April 29, 2023 Assets: Interest rate contracts Prepaid expenses and other current assets $ 6,789 $ 5,875 Interest rate contracts Other non-current assets, net 28,018 23,210 Total asset derivatives $ 34,807 $ 29,085 Liabilities: Interest rate contracts Other accrued liabilities $ 221 $ 267 Interest rate contracts Other non-current liabilities 16,787 12,993 Total liability derivatives $ 17,008 $ 13,260
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 Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Three Months Ended Six Months Ended Derivatives in cash flow hedging relationships Statements of operations location October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Interest rate contracts Interest expense $ (341) $ (341) $ (682) $ (682) Amount of Gain Recognized in Income on Derivatives Three Months Ended Six Months Ended Derivatives not designated as hedging instruments Statements of operations location October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Interest rate contracts Other income, net $ 2,786 $ 13,072 $ 9,561 $ 11,124

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 28, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Our hierarchy for assets and liabilities measured at fair value on a recurring basis is as follows: October 28, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 2,060 $ 2,060 $ — $ — DPP receivable - receivables securitization program 202,002 — — 202,002 DPP receivable - customer financing 104,529 — — 104,529 Derivative instruments 34,807 — 34,807 — Total assets $ 343,398 $ 2,060 $ 34,807 $ 306,531 Liabilities: Derivative instruments $ 17,008 $ — $ 17,008 $ — April 29, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 47,777 $ 47,777 $ — $ — DPP receivable - receivables securitization program 227,946 — — 227,946 DPP receivable - customer financing 102,979 — — 102,979 Derivative instruments 29,085 — 29,085 — Total assets $ 407,787 $ 47,777 $ 29,085 $ 330,925 Liabilities: Derivative instruments $ 13,260 $ — $ 13,260 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Oct. 28, 2023
Segment Reporting [Abstract]
Information about Reportable Segments	The following table provides a breakdown of sales by geographic region: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Consolidated net sales United States $ 1,383,152 $ 1,375,622 $ 2,674,523 $ 2,636,020 United Kingdom 180,460 157,125 372,071 319,346 Canada 89,160 93,457 182,923 194,103 Total $ 1,652,772 $ 1,626,204 $ 3,229,517 $ 3,149,469 Dental net sales United States $ 573,794 $ 575,520 $ 1,084,044 $ 1,075,355 Canada 52,587 53,403 109,637 111,485 Total $ 626,381 $ 628,923 $ 1,193,681 $ 1,186,840 Animal Health net sales United States $ 807,589 $ 805,817 $ 1,590,255 $ 1,561,402 United Kingdom 180,460 157,125 372,071 319,346 Canada 36,573 40,054 73,286 82,618 Total $ 1,024,622 $ 1,002,996 $ 2,035,612 $ 1,963,366 Corporate net sales United States $ 1,769 $ (5,715) $ 224 $ (737) Total $ 1,769 $ (5,715) $ 224 $ (737) The following table provides a breakdown of sales by categories of products and services: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Consolidated net sales Consumable $ 1,319,363 $ 1,301,256 $ 2,635,088 $ 2,563,025 Equipment 230,293 243,896 394,264 417,831 Value-added services and other 103,116 81,052 200,165 168,613 Total $ 1,652,772 $ 1,626,204 $ 3,229,517 $ 3,149,469 Dental net sales Consumable $ 346,492 $ 337,489 $ 698,539 $ 675,329 Equipment 200,127 214,006 337,676 360,516 Value-added services and other 79,762 77,428 157,466 150,995 Total $ 626,381 $ 628,923 $ 1,193,681 $ 1,186,840 Animal Health net sales Consumable $ 972,871 $ 963,767 $ 1,936,549 $ 1,887,696 Equipment 30,166 29,890 56,588 57,315 Value-added services and other 21,585 9,339 42,475 18,355 Total $ 1,024,622 $ 1,002,996 $ 2,035,612 $ 1,963,366 Corporate net sales Value-added services and other $ 1,769 $ (5,715) $ 224 $ (737) Total $ 1,769 $ (5,715) $ 224 $ (737) The following table provides a breakdown of operating income (loss) by reportable segment: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating income (loss) Dental $ 55,277 $ 60,950 $ 93,947 $ 97,845 Animal Health 26,346 28,316 56,039 50,175 Corporate (24,720) (29,171) (54,861) (53,081) Total $ 56,903 $ 60,095 $ 95,125 $ 94,939 The following table provides a breakdown of total assets by reportable segment: October 28, 2023 April 29, 2023 Total assets Dental $ 924,784 $ 853,369 Animal Health 1,578,789 1,570,760 Corporate 386,117 455,017 Total $ 2,889,690 $ 2,879,146

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss ("AOCL") (Tables)	6 Months Ended
	Oct. 28, 2023
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	The following table summarizes the changes in AOCL during the six months ended October 28, 2023: Cash Flow Hedges Currency Total AOCL at April 29, 2023 $ (2,412) $ (86,850) $ (89,262) Other comprehensive loss before reclassifications — (10,221) (10,221) Amounts reclassified from AOCL 521 — 521 AOCL at October 28, 2023 $ (1,891) $ (97,071) $ (98,962)

General - Additional Informatio

General - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Accounting Policies [Abstract]
Income tax expense related to cash flow hedges	$ 81	$ 81	$ 161
Securities excluded from calculation of diluted earnings per share (in shares)	1,427	1,572	1,299	1,166

General - Schedule of Other Inc

General - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Accounting Policies [Abstract]
Gain on interest rate swap agreements	$ 2,786	$ 13,072	$ 9,561	$ 11,124
Investment income and other	4,310	5,131	9,436	8,859
Other income, net	$ 7,096	$ 18,203	$ 18,997	$ 19,983

General - Computation of Basic

General - Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Earnings Per Share [Abstract]
Denominator for basic earnings per share – weighted average shares (in shares)	94,710	96,913	95,127	96,771
Effect of dilutive securities - stock options, restricted stock and stock purchase plans (in shares)	446	639	595	937
Denominator for diluted earnings per share – weighted average shares (in shares)	95,156	97,552	95,722	97,708

General - Contract Balances (De

General - Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 28, 2023	Apr. 29, 2023
Accounting Policies [Abstract]
Contract assets	$ 2,321	$ 1,338
Contract liability	40,131	$ 36,850
Contract liability, revenue recognized	$ 20,814

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 29, 2023	Jan. 28, 2023	Oct. 28, 2023	Apr. 29, 2023
Asset Acquisition [Line Items]
Goodwill			$ 156,172	$ 156,420
Miller Vet Holdings, LLC
Asset Acquisition [Line Items]
Holdback payment	$ 1,108
Series of Individually Immaterial Business Acquisitions
Asset Acquisition [Line Items]
Anniversary of closing dates, period	24 months	24 months
Business acquisition cash paid		$ 37,535
Holdbacks		4,255
Working capital adjustments		23
Identifiable intangibles		17,300
Goodwill		16,040
Tangible assets		4,233
Goodwill, adjustments		$ (272)

Receivables Securitization Pr_2

Receivables Securitization Program - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Proceeds from Receivables sold			$ 141,353	$ 163,088
Loss on sale of receivables	$ 3,736	$ 3,211	7,160	4,646
Receivables Purchase Agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Eligible receivables, maximum available under Purchase Agreement	200,000		200,000
Eligible receivables, amount utilized under Purchase Agreement	200,000		200,000
Receivables sold, fair value	$ 403,848		403,848		$ 429,853
Trade receivables sold			1,824,520	1,826,156
Proceeds from Receivables sold			$ 1,850,208	$ 1,804,576

Receivables Securitization Pr_3

Receivables Securitization Program - Activity in DPP Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Collection of DPP receivable	$ (489,452)	$ (489,639)
Receivables Purchase Agreements
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Beginning DPP receivable balance	227,946	195,764
Non-cash additions to DPP receivable	445,567	467,761
Collection of DPP receivable	(471,511)	(447,241)
Ending DPP receivable balance	$ 202,002	$ 216,284

Customer Financing (Detail)

Customer Financing (Detail)	3 Months Ended			6 Months Ended
	Oct. 28, 2023 USD ($)	Jul. 29, 2023 USD ($)	Oct. 29, 2022 USD ($)	Oct. 28, 2023 USD ($) financingAgreement	Oct. 29, 2022 USD ($)	Apr. 29, 2023 USD ($)
Customer Financing [Line Items]
Maximum credit financed for equipment purchases for any one customer	$ 2,000,000			$ 2,000,000
Number of customer financing contracts | financingAgreement				2
Deferred Purchase Price Receivable Transferred		$ 15,400,000
Financing contracts sold				$ 115,266,000	$ 111,612,000
(Loss) gain on sale of financing contracts	(3,736,000)		$ (3,211,000)	(7,160,000)	(4,646,000)
Proceeds from Receivables sold				141,353,000	163,088,000
Cash and cash equivalents	113,886,000			113,886,000		$ 159,669,000
Current receivables of finance contracts not yet sold	44,757,000			44,757,000		77,646,000
Finance contracts receivable sold and outstanding	546,042,000			$ 546,042,000
Bad debt write-offs, percentage (less than)				1%
Unsettled Financing Arrangements
Customer Financing [Line Items]
Cash and cash equivalents	30,621,000			$ 30,621,000		33,072,000
Customer Finance Contracts
Customer Financing [Line Items]
(Loss) gain on sale of financing contracts	(3,953,000)		$ (8,456,000)	$ (12,880,000)	$ (7,468,000)
MUFG
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)				15%
Capacity under agreement	$ 575,000,000	$ 575,000		$ 575,000,000
Fifth Third Bank
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral (at least)				15%
Capacity under agreement						$ 525,000,000

Customer Financing - Activity i

Customer Financing - Activity in DPP Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collection of DPP receivable	$ (489,452)	$ (489,639)
Customer Finance Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning DPP receivable balance	102,979	125,332
Non-cash additions to DPP receivable	19,491	12,036
Collection of DPP receivable	(17,941)	(42,398)
Ending DPP receivable balance	$ 104,529	$ 94,970

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023	Mar. 25, 2015	Jan. 31, 2014
Derivative [Line Items]
Gains or losses recognized in OCI on cash flow hedging derivative		$ 0	$ 0	$ 0	$ 0
Ineffectiveness recorded during period		0	$ 0	0	0
Accumulated other comprehensive loss expected to be reclassified into earnings				(1,363,000)
5.17% Senior Notes
Derivative [Line Items]
Interest rate								5.17%
3.48% Senior Notes due 2025
Derivative [Line Items]
Interest rate							3.48%
Aggregate principal amount							$ 250,000,000
Interest Rate Cap
Derivative [Line Items]
Derivative, notional amount		575,000,000		575,000,000
Interest Rate Swap Agreement
Derivative [Line Items]
Derivative, notional amount								$ 250,000,000
Payments for (proceeds from) to settle interest rate swaps	$ (29,003,000)			(7,244,000)	$ (782,000)
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount		533,943,000		533,943,000		$ 551,504,000
Interest Rate Swap Two
Derivative [Line Items]
Derivative, notional amount		$ 97,387,000		$ 97,387,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivative Instruments Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	$ 34,807	$ 29,085
Interest rate contracts, liabilities, fair value	17,008	13,260
Interest rate contracts | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	6,789	5,875
Interest rate contracts | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	28,018	23,210
Interest rate contracts | Other Accrued Liabilities
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	221	267
Interest rate contracts | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Interest rate contracts, liabilities, fair value	$ 16,787	$ 12,993

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 (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
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	$ 2,786	$ 13,072	9,561	$ 11,124
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings	(341)	(341)	(682)	(682)
Interest rate contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivative	$ 2,786	$ 13,072	$ 9,561	$ 11,124
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net	Other income, net

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Assets:
Cash equivalents	$ 2,060	$ 47,777
DPP receivable - receivables securitization program	202,002	227,946
DPP receivable - customer financing	104,529	102,979
Derivative instruments	34,807	29,085
Total assets	343,398	407,787
Liabilities:
Derivative instruments	17,008	13,260
Fair Value, Inputs, Level 1
Assets:
Cash equivalents	2,060	47,777
DPP receivable - receivables securitization program	0	0
DPP receivable - customer financing	0	0
Derivative instruments	0	0
Total assets	2,060	47,777
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	34,807	29,085
Total assets	34,807	29,085
Liabilities:
Derivative instruments	17,008	13,260
Fair Value, Inputs, Level 3
Assets:
Cash equivalents	0	0
DPP receivable - receivables securitization program	202,002	227,946
DPP receivable - customer financing	104,529	102,979
Derivative instruments	0	0
Total assets	306,531	330,925
Liabilities:
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Schedule of Investments [Line Items]
Estimated fair value of debt	$ 479,877	$ 483,139
Carrying value of debt	485,974	487,231
Vetsource
Schedule of Investments [Line Items]
Carrying value of investment	56,849	$ 56,849
Carrying value, put option	$ 25,757

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	25.30%	24.20%	24.50%	23.50%

Technology Partner Innovation_2

Technology Partner Innovations, LLC ("TPI") (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Jul. 27, 2019	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Schedule of Equity Method Investments [Line Items]
Net assets contributed				$ 0	$ 15,000,000
Noncontrolling interest	$ 793,000			793,000		$ 1,000,000
Net loss attributable to noncontrolling interest	103,000	$ 424,000		207,000	754,000
Technology Partner Innovations, LLC
Schedule of Equity Method Investments [Line Items]
Net assets contributed			$ 4,000,000	0		$ 1,000,000
Net loss attributable to noncontrolling interest	$ 103,000	$ 424,000		$ 207,000	$ 754,000

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail)	6 Months Ended
	Oct. 28, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting - Information

Segment Reporting - Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,652,772	$ 1,626,204	$ 3,229,517	$ 3,149,469
Operating income (loss)	56,903	60,095	95,125	94,939
Total assets	2,889,690		2,889,690		$ 2,879,146
Consumable
Segment Reporting Information [Line Items]
Net sales	1,319,363	1,301,256	2,635,088	2,563,025
Equipment
Segment Reporting Information [Line Items]
Net sales	230,293	243,896	394,264	417,831
Value-added services and other
Segment Reporting Information [Line Items]
Net sales	103,116	81,052	200,165	168,613
Dental
Segment Reporting Information [Line Items]
Net sales	626,381	628,923	1,193,681	1,186,840
Dental | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	55,277	60,950	93,947	97,845
Total assets	924,784		924,784		853,369
Dental | Consumable
Segment Reporting Information [Line Items]
Net sales	346,492	337,489	698,539	675,329
Dental | Equipment
Segment Reporting Information [Line Items]
Net sales	200,127	214,006	337,676	360,516
Dental | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	79,762	77,428	157,466	150,995
Animal Health
Segment Reporting Information [Line Items]
Net sales	1,024,622	1,002,996	2,035,612	1,963,366
Animal Health | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	26,346	28,316	56,039	50,175
Total assets	1,578,789		1,578,789		1,570,760
Animal Health | Consumable
Segment Reporting Information [Line Items]
Net sales	972,871	963,767	1,936,549	1,887,696
Animal Health | Equipment
Segment Reporting Information [Line Items]
Net sales	30,166	29,890	56,588	57,315
Animal Health | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	21,585	9,339	42,475	18,355
Corporate
Segment Reporting Information [Line Items]
Net sales	1,769	(5,715)	224	(737)
Corporate | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(24,720)	(29,171)	(54,861)	(53,081)
Total assets	386,117		386,117		$ 455,017
Corporate | Value-added services and other
Segment Reporting Information [Line Items]
Net sales	1,769	(5,715)	224	(737)
United States
Segment Reporting Information [Line Items]
Net sales	1,383,152	1,375,622	2,674,523	2,636,020
United States | Dental
Segment Reporting Information [Line Items]
Net sales	573,794	575,520	1,084,044	1,075,355
United States | Animal Health
Segment Reporting Information [Line Items]
Net sales	807,589	805,817	1,590,255	1,561,402
United States | Corporate
Segment Reporting Information [Line Items]
Net sales	1,769	(5,715)	224	(737)
United Kingdom
Segment Reporting Information [Line Items]
Net sales	180,460	157,125	372,071	319,346
United Kingdom | Animal Health
Segment Reporting Information [Line Items]
Net sales	180,460	157,125	372,071	319,346
Canada
Segment Reporting Information [Line Items]
Net sales	89,160	93,457	182,923	194,103
Canada | Dental
Segment Reporting Information [Line Items]
Net sales	52,587	53,403	109,637	111,485
Canada | Animal Health
Segment Reporting Information [Line Items]
Net sales	$ 36,573	$ 40,054	$ 73,286	$ 82,618

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss ("AOCL") - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	6 Months Ended
	Oct. 28, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,117,535
Ending Balance	1,054,296
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(2,412)
Other comprehensive loss before reclassifications	0
Amounts reclassified from AOCL	521
Ending Balance	(1,891)
Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(86,850)
Other comprehensive loss before reclassifications	(10,221)
Amounts reclassified from AOCL	0
Ending Balance	(97,071)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(89,262)
Other comprehensive loss before reclassifications	(10,221)
Amounts reclassified from AOCL	521
Ending Balance	$ (98,962)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss ("AOCL") - Additional Information (Detail) $ in Thousands	6 Months Ended
	Oct. 28, 2023 USD ($)
Equity [Abstract]
Income tax expense related t cash flow hedges	$ 161
Increase in interest expense	$ 682