Patterson Companies (PDCO) 10-Q 10 Sep 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Aug. 01, 2015	Sep. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 1, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	PDCO
Entity Registrant Name	PATTERSON COMPANIES, INC.
Entity Central Index Key	891,024
Current Fiscal Year End Date	--04-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		103,248,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 01, 2015	Apr. 25, 2015
Current assets:
Cash and cash equivalents	$ 186,440	$ 347,260
Short-term investments	49,651	53,372
Receivables, net of allowance for doubtful accounts	624,340	586,263
Inventory	716,707	408,422
Prepaid expenses and other current assets	94,358	59,561
Current assets held for sale	130,306	118,347
Total current assets	1,801,802	1,573,225
Property and equipment, net	258,964	204,133
Long-term receivables, net	84,269	71,686
Goodwill	817,481	299,924
Identifiable intangibles, net	551,337	125,025
Other	89,045	37,919
Long-term assets held for sale	636,756	635,794
Total assets	4,239,654	2,947,706
Current liabilities:
Accounts payable	456,259	323,294
Accrued payroll expense	33,077	72,464
Other accrued liabilities	165,276	142,611
Current liabilities held for sale	39,523	39,316
Total current liabilities	694,135	577,685
Long-term debt	1,725,000	725,000
Other non-current liabilities	257,277	81,484
Long-term liabilities held for sale	49,189	49,414
Total liabilities	2,725,601	1,433,583
Stockholders' equity:
Common stock	1,034	1,033
Additional paid-in capital	24,182	21,026
Accumulated other comprehensive loss	(71,004)	(60,346)
Retained earnings	1,637,579	1,630,148
Unearned ESOP shares	(77,738)	(77,738)
Total stockholders' equity	1,514,053	1,514,123
Total liabilities and stockholders' equity	$ 4,239,654	$ 2,947,706

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Income Statement [Abstract]
Net sales	$ 1,142,870	$ 938,956
Cost of sales	854,626	688,339
Gross profit	288,244	250,617
Operating expenses	226,067	184,621
Operating income from continuing operations	62,177	65,996
Other income and expense:
Other income, net	670	1,370
Interest expense	(12,143)	(8,768)
Income from continuing operations before taxes	50,704	58,598
Income taxes	30,393	20,273
Net income from continuing operations	20,311	38,325
Net income from discontinued operations	9,392	11,964
Net income	$ 29,703	$ 50,289
Basic earnings per share:
Continuing operations	$ 0.20	$ 0.39
Discontinued operations	0.10	0.12
Net basic earnings per share	0.30	0.51
Diluted earnings per share:
Continuing operations	0.20	0.38
Discontinued operations	0.10	0.12
Net diluted earnings per share	$ 0.30	$ 0.50
Weighted average shares:
Basic	99,436	99,329
Diluted	100,162	100,182
Dividends declared per common share	$ 0.22	$ 0.20
Comprehensive income
Net income	$ 29,703	$ 50,289
Foreign currency translation (loss)/gain	(11,275)	10,310
Cash flow hedges, net of tax	617	(2,309)
Comprehensive income	$ 19,045	$ 58,290

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Operating activities:
Net income	$ 29,703	$ 50,289
Net income from discontinued operations	9,392	11,964
Net income from continuing operations	20,311	38,325
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation	7,346	5,907
Amortization	7,901	3,749
Bad debt expense	4,719	353
Non-cash employee compensation	6,965	6,412
Excess tax benefits from stock-based compensation	(63)	(512)
Change in assets and liabilities, net of acquired	(39,485)	14,060
Net cash provided by operating activities-continuing operations	7,694	68,294
Net cash (used in) provided by operating activities-discontinued operations	(2,270)	476
Net cash provided by operating activities	5,424	68,770
Investing activities:
Additions to property and equipment	(17,064)	(16,173)
Acquisitions and equity investments, net of cash assumed	(1,104,730)
Purchase of investments		(359)
Net cash used in investing activities-continuing operations	(1,121,794)	(16,532)
Net cash (used in) provided by investing activities-discontinued operations	(54)	5,086
Net cash used in investing activities	(1,121,848)	(11,446)
Financing activities:
Dividends paid	(23,128)	(20,062)
Repurchases of common stock		(42,877)
Proceeds from issuance of long-term debt	1,000,000
Debt issuance costs	(11,600)
Other financing activities	(745)	(811)
Net cash provided by (used in) financing activities	964,527	(63,750)
Effect of exchange rate changes on cash	(8,923)	2,258
Net decrease in cash and cash equivalents	(160,820)	(4,168)
Cash and cash equivalents at beginning of period	347,260	264,908
Cash and cash equivalents at end of period	$ 186,440	$ 260,740

General

General	3 Months Ended
	Aug. 01, 2015
Accounting Policies [Abstract]
General	1. 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. (“Patterson” or “Company”) as of August 1, 2015, and our results of operations and cash flows for the periods ended August 1, 2015 and July 26, 2014. Such adjustments are of a normal recurring nature. The results of operations for the periods ended August 1, 2015 and July 26, 2014, are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements included in our 2015 Annual Report on Form 10-K filed on June 24, 2015. The condensed consolidated financial statements of our Company include the assets and liabilities of PDC Funding Company, LLC (“PDC Funding”) and PDC Funding Company II, LLC (“PDC Funding II”), wholly owned subsidiaries and separate legal entities under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities of our Company established to sell customer installment sale contracts to outside financial institutions in the normal course of business. The assets of PDC Funding and PDC Funding II would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding or PDC Funding II. Through fiscal year 2015, Patterson was comprised of three reportable segments: dental supply, veterinary supply, and rehabilitation supply. In the first quarter of fiscal 2016, we re-evaluated our reportable segments as a result of entering into a definitive agreement to sell our rehabilitation supply business and completing the acquisition of Animal Health International, Inc. We are now comprised of three different reportable segments: Dental, Animal Health and Corporate. Prior period segment results have been restated to conform to this revised current period presentation. 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 years 2016 and 2015 represents the 14 weeks ended August 1, 2015 and the 13 weeks ended July 26, 2014, respectively. Fiscal year 2016 will include 53 weeks and fiscal 2015 included 52 weeks of operations. Comprehensive Income Comprehensive income is computed as net income including certain other items that are recorded directly to stockholders’ equity. Significant items included in comprehensive income are foreign currency translation adjustments and the effective portion of cash flow hedges, net of tax. Foreign currency translation adjustments do not include a provision for income tax on earnings from foreign operations that are considered to be indefinitely reinvested outside the U.S. The income tax benefit/(loss) related to cash flow hedges was $(85) and $4,813 for the three months ended August 1, 2015 and July 26, 2014, respectively. Earnings Per Share The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share: Three Months Ended August 1, July 26, 2015 2014 Denominator for basic earnings per share – weighted average shares 99,436 99,329 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 726 853 Denominator for diluted earnings per share – weighted average shares 100,162 100,182 Potentially dilutive securities representing 939 and 2 shares for the three months ended August 1, 2015 and July 26, 2014, respectively, were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.

Acquisitions

Acquisitions	3 Months Ended
	Aug. 01, 2015
Business Combinations [Abstract]
Acquisitions	2. Acquisitions On June 16, 2015, we completed the previously announced acquisition of Animal Health International, Inc., a leading production animal health distribution company in the U.S. This acquisition more than doubled the size of Patterson’s animal health business. Our animal health business now offers a range of products and services to a broader base of customers in North America and the U.K. Under terms of the merger agreement, we acquired all of Animal Health International’s stock for $1,100,000 in cash, subject to customary working capital adjustments. In connection with the acquisition, we entered into a credit agreement consisting of a $1,000,000 unsecured term loan and a $500,000 unsecured cash flow revolving line of credit, described further in Note 11 to the Condensed Consolidated Financial Statements. The acquisition has been accounted for in accordance with ASC 805, Business Combinations The following table summarizes the total purchase price consideration and the preliminary fair value amounts recognized for the assets acquired and liabilities assumed related to the acquisition, as of the acquisition date: Cash $ 1,100,000 Net working capital adjustment 7,704 Fair value of total purchase price consideration $ 1,107,704 Receivables $ 161,427 Inventory 195,367 Prepaid expenses and other current assets 33,005 Property and equipment 44,178 Identifiable intangibles 434,300 Other long-term assets 40,869 Total assets acquired 909,146 Accounts payable 122,129 Accrued liabilities and other current liabilities 19,395 Deferred tax liability 177,789 Total liabilities assumed 319,313 Identifiable net assets acquired 589,833 Goodwill 517,871 Net assets acquired $ 1,107,704 As a result of recording the stepped up fair market basis for GAAP purposes, but receiving primarily carryover basis for tax purposes in the acquisition, we recorded a deferred tax asset and deferred tax liability of $2,569 and $177,789, respectively. The goodwill of $517,871 resulting from the acquisition reflects the excess of our purchase price over the fair value of the net assets acquired. The goodwill recorded as part of the acquisition primarily reflects the value of the assembled workforce, cost synergies, and the potential to integrate and expand existing product lines. We allocated all of the goodwill to our Animal Health reporting segment. None of the goodwill recognized is deductible for income tax purposes, and as such, no deferred taxes have been recorded related to goodwill. Revenues of $171,922 and operating income of $1,653 attributable to the acquisition are included in our condensed consolidated statement of income for the quarter ended August 1, 2015. Included in operating income is amortization expense related to the identifiable intangible assets acquired in the transaction, transaction-related costs and integration expenses. The following summarizes the intangible assets, excluding goodwill, acquired as of June 16, 2015. Intangible assets are amortized using methods that approximate the pattern of economic benefit provided by the utilization of the assets. Gross Carrying Value Weighted Average Life (years) Unamortized – indefinite lived: Trade names $ 12,300 indefinite Amortized: Customer relationships 291,900 15.0 Trade names 111,400 10.0 Developed technology and other 18,700 12.2 Total amortized intangible assets 422,000 13.6 Total identifiable intangible assets $ 434,300 The following unaudited pro forma financial results for the combined results of Patterson and Animal Health International for the quarters ended August 1, 2015 and July 26, 2014 assume the acquisition occurred on April 27, 2014. The unaudited pro forma financial results may not be indicative of the results that would have occurred had the acquisition been completed as of April 27, 2014, nor are they indicative of future results of operations. Three months ended August 1, July 26, 2015 2014 Net sales $ 1,335,906 $ 1,291,817 Net income from continuing operations 27,717 34,345 Net income from continuing operations includes $11,800 of income tax expense related to the repatriation of foreign earnings, described further in Note 12 to the Condensed Consolidated Financial Statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Aug. 01, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. Discontinued Operations On July 1, 2015, the Company entered into a definitive agreement to sell all of the outstanding shares of common stock of Patterson Medical Holdings, Inc., our wholly owned subsidiary responsible for the Patterson Medical line of business (“Patterson Medical”), for $715,000 in cash to Madison Dearborn Partners. The definitive agreement included a working capital adjustment provision that impacted the final sale price. On August 28, 2015, the Company completed the sale of Patterson Medical. The Company anticipates recognizing an after-tax gain during the second quarter of fiscal 2016 on this sale. In connection with the above described transaction, the Company also entered into a transition services agreement with our former subsidiary, pursuant to which it will pay the Company to provide, among other things, certain information technology, distribution, facilities, finance, tax and treasury, and human resources services for up to 24 months after closing. As of August 1, 2015, the Company classified the results of operations of Patterson Medical as discontinued operations for all periods presented in the condensed consolidated statements of income. The assets and liabilities of Patterson Medical were reflected as held for sale in the condensed consolidated balance sheets as of August 1, 2015 and April 25, 2015. The classification was based on the Company entering into the definitive agreement to sell Patterson Medical, the entity being available for sale in its present condition and the sale being probable as of August 1, 2015. The operations and cash flows of Patterson Medical will be eliminated from ongoing operations of the Company, which was previously recorded as the rehabilitation supply reportable segment. The following summarizes the assets and liabilities of Patterson Medical: August 1, April 25, 2015 2015 Assets held for sale Receivables, net of allowance for doubtful accounts $ 66,876 $ 57,876 Inventory 52,022 48,265 Prepaid expenses and other current assets 11,408 12,206 Property and equipment, net 22,489 22,672 Goodwill 537,985 537,175 Identifiable intangibles, net 74,484 74,804 Other long-term assets 1,798 1,143 Total assets held for sale $ 767,062 $ 754,141 Liabilities held for sale Accounts payable $ 30,108 $ 26,341 Accrued liabilities and other current liabilities 9,415 12,975 Long-term liabilities 49,189 49,414 Total liabilities held for sale $ 88,712 $ 88,730 The following summarizes the results of operations of our discontinued Patterson Medical operations for the periods presented: Three months ended August 1, July 26, 2015 2014 Net sales $ 130,811 $ 120,573 Cost of sales 82,873 74,965 Gross profit 47,938 45,608 Operating expenses 32,039 26,850 Operating income 15,899 18,758 Other income and expense (90 ) 132 Income before taxes 15,809 18,890 Income taxes 6,417 6,926 Net income from discontinued operations $ 9,392 $ 11,964 Income taxes have been allocated to Patterson Medical based on the accounting requirements for presenting discontinued operations. Depreciation and amortization were ceased during the three months ended August 1, 2015 in accordance with accounting for discontinued operations.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Aug. 01, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	4. Goodwill and Other Intangible Assets Goodwill balances and related activity by business segment are as follows: Balance at April 25, 2015 Acquisition Activity and Divestitures Other Balance at August 1, 2015 Dental $ 139,449 $ — $ (747 ) $ 138,702 Animal Health 160,475 517,871 433 678,779 Total $ 299,924 $ 517,871 $ (314 ) $ 817,481 Balances of other intangible assets, excluding goodwill, are as follows: August 1, April 25, 2015 2015 Unamortized – indefinite lived: Copyrights, trade names and trademarks $ 29,900 $ 17,600 Amortized: Distribution agreement, customer lists and other 643,314 221,359 Less: Accumulated amortization (121,877 ) (113,934 ) Net amortized intangible assets 521,437 107,425 Total identifiable intangible assets, net $ 551,337 $ 125,025

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Aug. 01, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	5. Derivative Financial Instruments Patterson is a party to certain offsetting and identical interest rate cap agreements. These cap agreements are not designated for hedge accounting treatment and were entered into to fulfill certain covenants of a sale agreement between a commercial paper conduit managed by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and PDC Funding. On November 25, 2014, this sale agreement was amended on terms consistent with the expiring agreement. The cap agreements provide a credit enhancement feature for the financing contracts sold by PDC Funding to the commercial paper conduit. The cap agreements are cancelled and new agreements entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of August 1, 2015, PDC Funding had purchased an interest rate cap from a bank with a notional amount of $500,000 and a maturity date of February 2022. Patterson sold an identical interest rate cap to the same bank. Similar to the above agreements, PDC Funding II and Patterson entered into offsetting and identical interest rate cap agreements with a notional amount of $100,000 in fiscal 2014. In August 2014, these agreements were terminated and replaced with offsetting and identical interest rate cap agreements. The notional amount remained at $100,000 and the new maturity date is October 2022. In addition to the purchased and sold identical interest rate cap agreements described above, in May 2012 we entered into an interest rate swap agreement with a bank to economically hedge the interest rate risk associated with a portion of the finance contracts we had sold through the special purpose entities. These interest rate contracts 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 as cash flow hedge, to hedge interest rate fluctuations in anticipation of refinancing the 5.17% senior notes due March 25, 2015 with a loan for $250,000 and a term of ten years. This note was repaid on March 25, 2015 and replaced with new $250,000 3.48% senior notes due March 24, 2025. A cash payment of $29,003 was made in March 2015 to settle the interest rate swap. This amount will be recognized as interest expense over the ten-year life of the new notes. The following presents the fair value of interest rate contracts included in the condensed consolidated balance sheets: August 1, April 25, Derivative type Classification 2015 2015 Interest rate contracts Other noncurrent assets $ 1,124 $ 1,255 Interest rate contracts Other noncurrent liabilities 1,124 1,255 The following table presents the effect of interest rate contracts on the condensed consolidated statements of income and other comprehensive income: Three Months Ended Derivative type Location of gain/(loss) recognized on derivative August 1, 2015 July 26, 2014 Interest rate swap Other comprehensive income $ 617 $ (2,309 ) We recorded $702 of interest expense during the three month ended August 1, 2015, and $48 as a reduction to interest expense in the three months ended July 26, 2014 related to the interest rate swap. We recorded no ineffectiveness during the three months ended August 1, 2015 and July 26, 2014.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Aug. 01, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. 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: August 1, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 10,701 $ 10,701 $ — $ — Derivative instruments 1,124 — 1,124 — Total assets $ 11,825 $ 10,701 $ 1,124 $ — Liabilities: Derivative instruments $ 1,124 $ — $ 1,124 $ — April 25, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 90,569 $ 90,569 $ — $ — Derivative instruments 1,255 — 1,255 — Total assets $ 91,824 $ 90,569 $ 1,255 $ — Liabilities: Derivative instruments $ 1,255 $ — $ 1,255 $ — Cash equivalents Derivative instruments Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments under certain circumstances, such as when there is evidence of impairment. There were no fair value adjustments to such assets during the periods ended August 1, 2015 or July 26, 2014. Patterson’s debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of August 1, 2015 and April 25, 2015 was $1,735,888 and $746,685, respectively. The fair value of debt was measured using a discounted cash flow analysis based on expected market based yields. These are Level 2 inputs under the fair value measurements and disclosure guidance. The carrying amounts of receivables, net of allowances, accounts payable, and certain accrued and other current liabilities approximated fair value at August 1, 2015 and April 25, 2015.

Securities

Securities	3 Months Ended
	Aug. 01, 2015
Investments, Debt and Equity Securities [Abstract]
Securities	7. Securities On October 25, 2013, we invested in three time deposits with total principal of $110,000 Canadian. On October 24, 2014, time deposits with a principal value of $45,000 Canadian matured with a value of $45,436 Canadian. The remaining time deposits with a principal value of $65,000 Canadian were classified as short-term investments at August 1, 2015 with a U.S. dollar equivalent value of $49,651. Our time deposit securities are classified as held-to-maturity securities as we have both the intent and ability to hold until maturity. They are carried at cost, adjusted for accrued interest and amortization. The carrying value is not materially different than fair value. The fair value was determined based on a discounted cash flow analysis using unobservable inputs (i.e. level 3 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 lower fair value estimate. The interrelationship between these inputs is insignificant.

Customer Financing

Customer Financing	3 Months Ended
	Aug. 01, 2015
Text Block [Abstract]
Customer Financing	8. Customer Financing As a convenience to our customers, we offer several different financing alternatives, including a third party program and a Company-sponsored program. For the third party program, we act as a facilitator between the customer and the third party financing entity with no on-going involvement in the financing transaction. Under our sponsored program, equipment purchased by customers with strong credit may be financed up to a maximum of $500 for any one customer. We generally sell our customers’ financing contracts to outside financial institutions in the normal course of our business. Patterson currently has two arrangements under which we sell these contracts. First, Patterson operates under an agreement to sell a portion of our equipment finance contracts to commercial paper conduits with The Bank of Tokyo-Mitsubishi UFJ, Ltd. serving as the agent. We utilize a special purpose entity (“SPE”), PDC Funding, a consolidated, wholly owned subsidiary, to fulfill a requirement of participating in the commercial paper conduit. We receive the proceeds of the contracts upon sale. At least 13% of the proceeds are held by the conduit as security against eventual performance of the portfolio. The capacity under the agreement at August 1, 2015 was $500,000. Second, Patterson also maintains an agreement with Fifth Third Bank whereby the bank purchases customers’ financing contracts. Patterson established another SPE, PDC Funding II, a consolidated, wholly owned subsidiary, which sells financing contracts to the bank. We receive the proceeds of the contracts upon sale. At least 23% of the proceeds are held by the conduit as security against eventual performance of the portfolio. The capacity under the agreement at August 1, 2015 was $100,000. The portion of the purchase price for the receivables held by the conduits is a deferred purchase price receivable, which is paid to the SPE as payments on the receivables are collected from customers. The deferred purchase price receivable represents a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The Company values the deferred purchase price receivable based on a discounted cash flow analysis using unobservable inputs (i.e. level 3 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. These financing arrangements are accounted for as a sale of assets under the provisions of ASC Topic No. 860, Transfers and Servicing Included in cash and cash equivalents in the condensed consolidated balance sheets are $26,202 and $29,863 as of August 1, 2015 and April 25, 2015, respectively, which represents cash collected from previously sold customer financing arrangements that have not yet been settled with the third party. Included in current receivables in the condensed consolidated balance sheets are $66,886, net of unearned income of $4,506, and $88,470, net of unearned income of $4,197, as of August 1, 2015 and April 25, 2015, respectively, of finance contracts not yet sold by Patterson. A total of $554,072 of finance contracts receivable sold under the agreements was outstanding at August 1, 2015. The deferred purchase price under the arrangements was $79,392 and $66,715 as of August 1, 2015 and April 25, 2015, respectively. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than one-percent of the loans originated.

Segment Reporting

Segment Reporting	3 Months Ended
	Aug. 01, 2015
Segment Reporting [Abstract]
Segment Reporting	9. Segment Reporting Through fiscal year 2015, Patterson was comprised of three reportable segments: dental supply, veterinary supply, and rehabilitation supply. In the first quarter of fiscal 2016, we re-evaluated our reportable segments as a result of entering into a definitive agreement to sell Patterson Medical and completing the acquisition of Animal Health International, Inc. We are now comprised of three different reportable segments: Dental, Animal Health and Corporate. Prior period segment results have been restated to conform to this revised current period presentation. Our Dental and Animal Health reportable business segments are strategic business units that offer similar products and services to different customer bases. Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America. Animal Health, formerly our Patterson Veterinary reportable segment, 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, which was previously included in our dental supply reporting segment through the end of fiscal 2015, 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 distribution centers are allocated to the operating units based on the through-put of the unit. The following table presents information about Patterson’s reportable segments: Three Months Ended August 1, July 26, 2014 Net sales Corporate $ 10,456 $ 9,782 Dental 575,117 542,874 Animal Health 557,297 386,300 Consolidated net sales $ 1,142,870 $ 938,956 Operating income (loss) from continuing operations Corporate $ (18,047 ) $ (10,540 ) Dental 67,252 62,549 Animal Health 12,972 13,987 Consolidated operating income from continuing operations $ 62,177 $ 65,996 August 1, April 25, Total assets Corporate $ 494,647 $ 539,863 Dental 920,035 1,022,257 Animal Health 2,057,910 631,445 Total assets, excluding assets held for sale 3,472,592 2,193,565 Assets held for sale 767,062 754,141 Total assets $ 4,239,654 $ 2,947,706 The following table presents sales information by product for all of Patterson’s reportable segments: Three Months Ended August 1, July 26, Net sales Consumables $ 895,307 $ 695,639 Equipment and software 153,483 156,394 Other 94,080 86,923 Consolidated net sales $ 1,142,870 $ 938,956

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Aug. 01, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	10. Accumulated Other Comprehensive Loss The following table summarizes accumulated other comprehensive loss (AOCL) at August 1, 2015 and April 25, 2015 and the activity for fiscal 2016: Cash Flow Currency Total AOCL at April 25, 2015 $ (18,668 ) $ (41,678 ) $ (60,346 ) Other comprehensive loss before reclassifications — (11,275 ) (11,275 ) Amounts reclassified from AOCL 617 — 617 AOCL at August 1, 2015 $ (18,051 ) $ (52,953 ) $ (71,004 ) The amounts reclassified from AOCL during fiscal 2016 represent gains and losses on cash flow hedges, net of taxes of $85. The net impact to the condensed consolidated statements of income was an increase to interest expense of $702.

Debt Issuance

Debt Issuance	3 Months Ended
	Aug. 01, 2015
Debt Disclosure [Abstract]
Debt Issuance	11. Debt Issuance On June 16, 2015, the Company entered into a credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, and Bank of America, N.A., as syndication agent, (the “Credit Agreement”). Pursuant to the Credit Agreement, the lenders provided Patterson with senior unsecured lending facilities of up to $1,500,000, consisting of a $1,000,000 unsecured term loan and a $500,000 unsecured revolving line of credit. Interest on borrowings under the Credit Agreement is based on LIBOR plus a spread which can range from 1.125% to 2.000%. This spread, as well as a commitment fee on the unused portion of the facility, are based on our leverage ratio, as defined in the Credit Agreement. The initial interest rate under the Credit Agreement is LIBOR plus 2.000%. Initial borrowings under the Credit Agreement were $1,000,000 under the unsecured term loan and $200,000 under the unsecured revolving line of credit. The term loan and revolving credit facilities will mature no later than June 16, 2020. Upon certain significant asset dispositions, we agreed to use proceeds from such dispositions to effect prepayment of outstanding loan balances under the Credit Agreement. Subsequent to the end of our first quarter of fiscal 2016, on August 28, 2015, we completed the sale of Patterson Medical, as described further in Note 3 to the Condensed Consolidated Financial Statements. As a result of this sale, $670,000 was repaid on the original outstanding $1,000,000 unsecured term loan. The Company is subject to various financial covenants under the Credit Agreement including the maintenance of leverage and interest coverage ratios. In the event of a default by the Company, any outstanding obligations may become due and payable immediately. We met the covenants under the Credit Agreement as of August 1, 2015. On June 16, 2015, our previous $300,000 credit facility, which was due to expire in December 2016, was terminated and replaced by the revolving line of credit under the Credit Agreement. There were no outstanding borrowings under our current or previous revolving lines of credit at August 1, 2015 or April 25, 2015.

Income Taxes

Income Taxes	3 Months Ended
	Aug. 01, 2015
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective income tax rate for the three months ended August 1, 2015 was 59.9% compared to 34.6% in the three months ended July 26, 2014. The increase in the rate is primarily due to the current quarter impact of cash repatriation and the impact of transaction-related costs incurred related to the acquisition of Animal Health International. In the first quarter of fiscal year 2016, we approved a one-time repatriation of approximately $200,000 of foreign earnings. This one-time repatriation reduced the overall cost of funding the acquisition of Animal Health International, Inc. In addition, certain foreign cash at Patterson Medical was required to be repatriated as part of the sale transaction. The full tax impact of the repatriation has been recorded in the first quarter of fiscal 2016, with $11,800 allocated to continuing operations. The Company has previously asserted that its foreign earnings are permanently reinvested and, outside of this one-time repatriation, does not change its on-going assertion.

Subsequent Events

Subsequent Events	3 Months Ended
	Aug. 01, 2015
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Subsequent to the end of our first quarter of fiscal 2016, on August 28, 2015, we completed the sale of Patterson Medical, described further in Note 3 to the Condensed Consolidated Financial Statements. The Company anticipates recognizing an after-tax gain during the second quarter of fiscal 2016 on this sale. As a result of this sale, $670,000 was repaid on the original outstanding $1,000,000 unsecured term loan under the Credit Agreement described further in Note 11 to the Condensed Consolidated Financial Statements.

General (Policies)

General (Policies)	3 Months Ended
	Aug. 01, 2015
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. (“Patterson” or “Company”) as of August 1, 2015, and our results of operations and cash flows for the periods ended August 1, 2015 and July 26, 2014. Such adjustments are of a normal recurring nature. The results of operations for the periods ended August 1, 2015 and July 26, 2014, are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements included in our 2015 Annual Report on Form 10-K filed on June 24, 2015. The condensed consolidated financial statements of our Company include the assets and liabilities of PDC Funding Company, LLC (“PDC Funding”) and PDC Funding Company II, LLC (“PDC Funding II”), wholly owned subsidiaries and separate legal entities under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities of our Company established to sell customer installment sale contracts to outside financial institutions in the normal course of business. The assets of PDC Funding and PDC Funding II would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding or PDC Funding II. Through fiscal year 2015, Patterson was comprised of three reportable segments: dental supply, veterinary supply, and rehabilitation supply. In the first quarter of fiscal 2016, we re-evaluated our reportable segments as a result of entering into a definitive agreement to sell our rehabilitation supply business and completing the acquisition of Animal Health International, Inc. We are now comprised of three different reportable segments: Dental, Animal Health and Corporate. Prior period segment results have been restated to conform to this revised current period presentation.
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 years 2016 and 2015 represents the 14 weeks ended August 1, 2015 and the 13 weeks ended July 26, 2014, respectively. Fiscal year 2016 will include 53 weeks and fiscal 2015 included 52 weeks of operations.
Comprehensive Income	Comprehensive Income Comprehensive income is computed as net income including certain other items that are recorded directly to stockholders’ equity. Significant items included in comprehensive income are foreign currency translation adjustments and the effective portion of cash flow hedges, net of tax. Foreign currency translation adjustments do not include a provision for income tax on earnings from foreign operations that are considered to be indefinitely reinvested outside the U.S. The income tax benefit/(loss) related to cash flow hedges was $(85) and $4,813 for the three months ended August 1, 2015 and July 26, 2014, respectively.
Earnings Per Share	Earnings Per Share The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share: Three Months Ended August 1, July 26, 2015 2014 Denominator for basic earnings per share – weighted average shares 99,436 99,329 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 726 853 Denominator for diluted earnings per share – weighted average shares 100,162 100,182 Potentially dilutive securities representing 939 and 2 shares for the three months ended August 1, 2015 and July 26, 2014, respectively, were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.

General (Tables)

General (Tables)	3 Months Ended
	Aug. 01, 2015
Accounting Policies [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share: Three Months Ended August 1, July 26, 2015 2014 Denominator for basic earnings per share – weighted average shares 99,436 99,329 Effect of dilutive securities – stock options, restricted stock and stock purchase plans 726 853 Denominator for diluted earnings per share – weighted average shares 100,162 100,182

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Aug. 01, 2015
Business Combinations [Abstract]
Summary of Total Purchase Price Consideration and Preliminary Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the total purchase price consideration and the preliminary fair value amounts recognized for the assets acquired and liabilities assumed related to the acquisition, as of the acquisition date: Cash $ 1,100,000 Net working capital adjustment 7,704 Fair value of total purchase price consideration $ 1,107,704 Receivables $ 161,427 Inventory 195,367 Prepaid expenses and other current assets 33,005 Property and equipment 44,178 Identifiable intangibles 434,300 Other long-term assets 40,869 Total assets acquired 909,146 Accounts payable 122,129 Accrued liabilities and other current liabilities 19,395 Deferred tax liability 177,789 Total liabilities assumed 319,313 Identifiable net assets acquired 589,833 Goodwill 517,871 Net assets acquired $ 1,107,704
Summary of Acquired Intangible Assets Excluding Goodwill	The following summarizes the intangible assets, excluding goodwill, acquired as of June 16, 2015. Intangible assets are amortized using methods that approximate the pattern of economic benefit provided by the utilization of the assets. Gross Carrying Value Weighted Average Life (years) Unamortized – indefinite lived: Trade names $ 12,300 indefinite Amortized: Customer relationships 291,900 15.0 Trade names 111,400 10.0 Developed technology and other 18,700 12.2 Total amortized intangible assets 422,000 13.6 Total identifiable intangible assets $ 434,300
Summary of Unaudited Pro Forma Financial Result	The unaudited pro forma financial results may not be indicative of the results that would have occurred had the acquisition been completed as of April 27, 2014, nor are they indicative of future results of operations. Three months ended August 1, July 26, 2015 2014 Net sales $ 1,335,906 $ 1,291,817 Net income from continuing operations 27,717 34,345

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Aug. 01, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Held For Sale and Results of Operations Under Discontinued Operation Activities	The following summarizes the assets and liabilities of Patterson Medical: August 1, April 25, 2015 2015 Assets held for sale Receivables, net of allowance for doubtful accounts $ 66,876 $ 57,876 Inventory 52,022 48,265 Prepaid expenses and other current assets 11,408 12,206 Property and equipment, net 22,489 22,672 Goodwill 537,985 537,175 Identifiable intangibles, net 74,484 74,804 Other long-term assets 1,798 1,143 Total assets held for sale $ 767,062 $ 754,141 Liabilities held for sale Accounts payable $ 30,108 $ 26,341 Accrued liabilities and other current liabilities 9,415 12,975 Long-term liabilities 49,189 49,414 Total liabilities held for sale $ 88,712 $ 88,730 The following summarizes the results of operations of our discontinued Patterson Medical operations for the periods presented: Three months ended August 1, July 26, 2015 2014 Net sales $ 130,811 $ 120,573 Cost of sales 82,873 74,965 Gross profit 47,938 45,608 Operating expenses 32,039 26,850 Operating income 15,899 18,758 Other income and expense (90 ) 132 Income before taxes 15,809 18,890 Income taxes 6,417 6,926 Net income from discontinued operations $ 9,392 $ 11,964

Goodwill and Other Intangible22

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Aug. 01, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Balances and Related Activity by Business Segment	Goodwill balances and related activity by business segment are as follows: Balance at April 25, 2015 Acquisition Activity and Divestitures Other Balance at August 1, 2015 Dental $ 139,449 $ — $ (747 ) $ 138,702 Animal Health 160,475 517,871 433 678,779 Total $ 299,924 $ 517,871 $ (314 ) $ 817,481
Balances of Other Intangible Assets Excluding Goodwill	Balances of other intangible assets, excluding goodwill, are as follows: August 1, April 25, 2015 2015 Unamortized – indefinite lived: Copyrights, trade names and trademarks $ 29,900 $ 17,600 Amortized: Distribution agreement, customer lists and other 643,314 221,359 Less: Accumulated amortization (121,877 ) (113,934 ) Net amortized intangible assets 521,437 107,425 Total identifiable intangible assets, net $ 551,337 $ 125,025

Derivative Financial Instrume23

Derivative Financial Instruments (Tables)	3 Months Ended
	Aug. 01, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Interest Rate Contracts Included in Condensed Consolidated Balance Sheets	The following presents the fair value of interest rate contracts included in the condensed consolidated balance sheets: August 1, April 25, Derivative type Classification 2015 2015 Interest rate contracts Other noncurrent assets $ 1,124 $ 1,255 Interest rate contracts Other noncurrent liabilities 1,124 1,255
Effect of Interest Rate Contracts on Condensed Consolidated Statements of Income and Other Comprehensive Income	The following table presents the effect of interest rate contracts on the condensed consolidated statements of income and other comprehensive income: Three Months Ended Derivative type Location of gain/(loss) recognized on derivative August 1, 2015 July 26, 2014 Interest rate swap Other comprehensive income $ 617 $ (2,309 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Aug. 01, 2015
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: August 1, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 10,701 $ 10,701 $ — $ — Derivative instruments 1,124 — 1,124 — Total assets $ 11,825 $ 10,701 $ 1,124 $ — Liabilities: Derivative instruments $ 1,124 $ — $ 1,124 $ — April 25, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 90,569 $ 90,569 $ — $ — Derivative instruments 1,255 — 1,255 — Total assets $ 91,824 $ 90,569 $ 1,255 $ — Liabilities: Derivative instruments $ 1,255 $ — $ 1,255 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Aug. 01, 2015
Segment Reporting [Abstract]
Information about Reportable Segments	The following table presents information about Patterson’s reportable segments: Three Months Ended August 1, July 26, 2014 Net sales Corporate $ 10,456 $ 9,782 Dental 575,117 542,874 Animal Health 557,297 386,300 Consolidated net sales $ 1,142,870 $ 938,956 Operating income (loss) from continuing operations Corporate $ (18,047 ) $ (10,540 ) Dental 67,252 62,549 Animal Health 12,972 13,987 Consolidated operating income from continuing operations $ 62,177 $ 65,996 August 1, April 25, Total assets Corporate $ 494,647 $ 539,863 Dental 920,035 1,022,257 Animal Health 2,057,910 631,445 Total assets, excluding assets held for sale 3,472,592 2,193,565 Assets held for sale 767,062 754,141 Total assets $ 4,239,654 $ 2,947,706
Sales Information by Product	The following table presents sales information by product for all of Patterson’s reportable segments: Three Months Ended August 1, July 26, Net sales Consumables $ 895,307 $ 695,639 Equipment and software 153,483 156,394 Other 94,080 86,923 Consolidated net sales $ 1,142,870 $ 938,956

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Aug. 01, 2015
Equity [Abstract]
Summary of Accumulated Other Comprehensive Loss	The following table summarizes accumulated other comprehensive loss (AOCL) at August 1, 2015 and April 25, 2015 and the activity for fiscal 2016: Cash Flow Currency Total AOCL at April 25, 2015 $ (18,668 ) $ (41,678 ) $ (60,346 ) Other comprehensive loss before reclassifications — (11,275 ) (11,275 ) Amounts reclassified from AOCL 617 — 617 AOCL at August 1, 2015 $ (18,051 ) $ (52,953 ) $ (71,004 )

General - Additional Informatio

General - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 01, 2015USD ($)Segmentshares	Jul. 26, 2014USD ($)shares	Apr. 25, 2015Segment
Accounting Policies [Abstract]
Number of reportable segments	3		3
Income tax benefit/(loss) related to cash flow hedges | $	$ (85)	$ 4,813
Securities excluded from calculation of diluted earnings per share | shares	939	2

General - Computation of Basic

General - Computation of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Earnings Per Share [Abstract]
Denominator for basic earnings per share - weighted average shares	99,436	99,329
Effect of dilutive securities - stock options, restricted stock and stock purchase plans	726	853
Denominator for diluted earnings per share - weighted average shares	100,162	100,182

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	Jun. 16, 2015	Aug. 01, 2015	Jul. 26, 2014	Apr. 25, 2015
Business Acquisition [Line Items]
Goodwill		$ 817,481,000		$ 299,924,000
Revenues		1,142,870,000	$ 938,956,000
Operating income		62,177,000	$ 65,996,000
Tax impact of repatriation of foreign earnings		11,800,000
Animal Health International [Member]
Business Acquisition [Line Items]
Business acquisition cash paid	$ 1,100,000,000
Identifiable net assets acquired	$ 589,833,000
Revision period after valuation completion for provisional amounts	1 year
Deferred tax asset	$ 2,569,000
Deferred tax liability	177,789,000
Goodwill	517,871,000
Goodwill recognized, deductible for income tax purpose	0
Deferred taxes recorded related to goodwill	0
Revenues		171,922,000
Operating income		$ 1,653,000
Animal Health International [Member] | Term Loan [Member]
Business Acquisition [Line Items]
Unsecured term loan	1,000,000,000
Animal Health International [Member] | Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Unsecured revolving line of credit	$ 500,000,000

Acquisitions - Summary of Total

Acquisitions - Summary of Total Purchase Price Consideration and Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 16, 2015	Aug. 01, 2015	Apr. 25, 2015
Business Acquisition [Line Items]
Goodwill		$ 817,481	$ 299,924
Animal Health International [Member]
Business Acquisition [Line Items]
Cash	$ 1,100,000
Net working capital adjustment	7,704
Fair value of total purchase price consideration	1,107,704
Receivables	161,427
Inventory	195,367
Prepaid expenses and other current assets	33,005
Property and equipment	44,178
Identifiable intangibles	434,300
Other long-term assets	40,869
Total assets acquired	909,146
Accounts payable	122,129
Accrued liabilities and other current liabilities	19,395
Deferred tax liability	177,789
Total liabilities assumed	319,313
Identifiable net assets acquired	589,833
Goodwill	517,871
Net assets acquired	$ 1,107,704

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquired Intangible Assets Excluding Goodwill (Detail) - Jun. 16, 2015 - Animal Health International [Member] - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Total amortized intangible assets	$ 422,000
Total identifiable intangible assets	$ 434,300
Finite lived intangible assets, Weighted average life (years)	13 years 7 months 6 days
Trade Names [Member]
Business Acquisition [Line Items]
Unamortized - indefinite lived	$ 12,300
Indefinite lived intangible assets, Weighted average life (years)	indefinite
Customer Relationships [Member]
Business Acquisition [Line Items]
Total amortized intangible assets	$ 291,900
Finite lived intangible assets, Weighted average life (years)	15 years
Trade Names [Member]
Business Acquisition [Line Items]
Total amortized intangible assets	$ 111,400
Finite lived intangible assets, Weighted average life (years)	10 years
Developed Technology and Other [Member]
Business Acquisition [Line Items]
Total amortized intangible assets	$ 18,700
Finite lived intangible assets, Weighted average life (years)	12 years 2 months 12 days

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Financial Result (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Business Acquisition, Pro Forma Information [Abstract]
Net sales	$ 1,335,906	$ 1,291,817
Net income from continuing operations	$ 27,717	$ 34,345

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 01, 2015
Discontinued Operations and Disposal Groups [Abstract]
Consideration receivable as per definitive agreement		$ 715,000
Transition services agreement, period of involvement	24 months

Discontinued Operations - Summa

Discontinued Operations - Summary of Assets and Liabilities Held For Sale (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Apr. 25, 2015
Assets held for sale
Receivables, net of allowance for doubtful accounts	$ 66,876	$ 57,876
Inventory	52,022	48,265
Prepaid expenses and other current assets	11,408	12,206
Property and equipment, net	22,489	22,672
Goodwill	537,985	537,175
Identifiable intangibles, net	74,484	74,804
Other long-term assets	1,798	1,143
Total assets held for sale	767,062	754,141
Liabilities held for sale
Accounts payable	30,108	26,341
Accrued liabilities and other current liabilities	9,415	12,975
Long-term liabilities	49,189	49,414
Total liabilities held for sale	$ 88,712	$ 88,730

Discontinued Operations - Sum35

Discontinued Operations - Summary of Results of Operations Under Discontinued Operation Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Discontinued Operations and Disposal Groups [Abstract]
Net sales	$ 130,811	$ 120,573
Cost of sales	82,873	74,965
Gross profit	47,938	45,608
Operating expenses	32,039	26,850
Operating income	15,899	18,758
Other income and expense	(90)	132
Income before taxes	15,809	18,890
Income taxes	6,417	6,926
Net income from discontinued operations	$ 9,392	$ 11,964

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets - Goodwill Balances and Related Activity by Business Segment (Detail) $ in Thousands	3 Months Ended
	Aug. 01, 2015USD ($)
Goodwill [Line Items]
Beginning Balance	$ 299,924
Acquisition Activity and Divestitures	517,871
Other Activity	(314)
Ending Balance	817,481
Dental [Member]
Goodwill [Line Items]
Beginning Balance	139,449
Other Activity	(747)
Ending Balance	138,702
Animal Health [Member]
Goodwill [Line Items]
Beginning Balance	160,475
Acquisition Activity and Divestitures	517,871
Other Activity	433
Ending Balance	$ 678,779

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets - Balances of Other Intangible Assets Excluding Goodwill (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Apr. 25, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Copyrights, trade names and trademarks	$ 29,900	$ 17,600
Distribution agreement, customer lists and other	643,314	221,359
Less: Accumulated amortization	(121,877)	(113,934)
Net amortized intangible assets	521,437	107,425
Total identifiable intangible assets, net	$ 551,337	$ 125,025

Derivative Financial Instrume38

Derivative Financial Instruments - Additional Information (Detail)	1 Months Ended		3 Months Ended
	Aug. 31, 2014USD ($)	Jan. 31, 2014USD ($)	Aug. 01, 2015USD ($)Derivative	Jul. 26, 2014USD ($)	Apr. 26, 2014USD ($)
Derivative [Line Items]
Interest expense			$ 12,143,000	$ 8,768,000
Long-term Debt [Member]
Derivative [Line Items]
Period of long-term loan			10 years
Long-term loan			$ 250,000,000
Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount of derivatives			$ 500,000,000		$ 100,000,000
Maturity date			2022-02
Number of interest rate caps purchased by PDC Funding | Derivative			1
Number of interest rate caps sold | Derivative			1
Interest Rate Cap [Member] | Replacement Agreement [Member]
Derivative [Line Items]
Notional amount of derivatives	$ 100,000,000
Maturity date	2022-10
Interest Rate Swap [Member]
Derivative [Line Items]
Interest expense			$ 702,000	$ (48,000)
Interest Rate Swap Agreement [Member]
Derivative [Line Items]
Notional amount of derivatives		$ 250,000,000
Percentage of senior notes		5.17%
Senior notes amount due		$ 250,000,000
Settlement of swap			$ 29,003,000
Interest Rate Swap Agreement [Member] | Senior Notes 3.48% [Member]
Derivative [Line Items]
Percentage of senior notes			3.48%
Period of long-term loan			10 years
Maturity date of long-term loan			Mar. 24, 2025
Aggregate principal amount			$ 250,000,000
Interest Rate Swap Agreement [Member] | 5.17% Senior Notes [Member]
Derivative [Line Items]
Maturity date of long-term loan		Mar. 25, 2015

Derivative Financial Instrume39

Derivative Financial Instruments - Fair Value of Interest Rate Contracts Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Apr. 25, 2015
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	$ 1,124	$ 1,255
Interest rate, liabilities, fair value	1,124	1,255
Other Noncurrent Assets [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Interest rate contracts, assets, fair value	1,124	1,255
Other Noncurrent Liabilities [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Interest rate, liabilities, fair value	$ 1,124	$ 1,255

Derivative Financial Instrume40

Derivative Financial Instruments - Effect of Interest Rate Contracts on Condensed Consolidated Statements of Income and Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Interest Rate Swap [Member] | Other Comprehensive Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effect of interest rate contracts	$ 617	$ (2,309)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Apr. 25, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 10,701	$ 90,569
Derivative instruments, assets	1,124	1,255
Total assets	11,825	91,824
Derivative instruments, liabilities	1,124	1,255
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	10,701	90,569
Total assets	10,701	90,569
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments, assets	1,124	1,255
Total assets	1,124	1,255
Derivative instruments, liabilities	$ 1,124	$ 1,255

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Apr. 25, 2015
Fair Value Disclosures [Abstract]
Estimated fair value of debt	$ 1,735,888	$ 746,685

Securities - Additional Informa

Securities - Additional Information (Detail) CAD in Thousands, $ in Thousands	Aug. 01, 2015USD ($)	Aug. 01, 2015CAD	Apr. 25, 2015USD ($)	Oct. 24, 2014CAD	Oct. 25, 2013CAD
Investments, Debt and Equity Securities [Abstract]
Total principal amount		CAD 65,000		CAD 45,000	CAD 110,000
Maturity value of time deposits				CAD 45,436
Short-term investments | $	$ 49,651		$ 53,372

Customer Financing - Additional

Customer Financing - Additional Information (Detail)	3 Months Ended
	Aug. 01, 2015USD ($)Customer	Jul. 26, 2014USD ($)	Apr. 25, 2015USD ($)	Apr. 26, 2014USD ($)
Customer Financing [Line Items]
Maximum credit financed for equipment purchases for any one customer	$ 500,000
Number of customer financing contracts | Customer	2
Financing contracts sold under ASC 860	$ 94,767,000	$ 85,100,000
Cash and cash equivalents	186,440,000	$ 260,740,000	$ 347,260,000	$ 264,908,000
Current receivables of finance contracts not yet sold	66,886,000		88,470,000
Unearned income	4,506,000		4,197,000
Finance contracts receivable sold and outstanding	554,072,000
Deferred purchase price	$ 79,392,000		66,715,000
Bad debt write-offs, percentage, maximum	1.00%
Unsettled Financing Arrangements [Member]
Customer Financing [Line Items]
Cash and cash equivalents	$ 26,202,000		$ 29,863,000
The Bank of Tokyo-Mitsubishi UFJ, Ltd. [Member]
Customer Financing [Line Items]
Capacity under agreement	500,000,000
Fifth Third Bank [Member]
Customer Financing [Line Items]
Capacity under agreement	$ 100,000,000
Minimum [Member] | The Bank of Tokyo-Mitsubishi UFJ, Ltd. [Member]
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral	13.00%
Minimum [Member] | Fifth Third Bank [Member]
Customer Financing [Line Items]
Percentage of principal amount of financing contracts held as collateral	23.00%

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	3 Months Ended	12 Months Ended
	Aug. 01, 2015	Apr. 25, 2015
Segment Reporting [Abstract]
Number of reportable segments	3	3

Segment Reporting - Information

Segment Reporting - Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014	Apr. 25, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,142,870	$ 938,956
Operating income (loss) from continuing operations	62,177	65,996
Total assets, excluding assets held for sale	3,472,592		$ 2,193,565
Assets held for sale	767,062		754,141
Total assets	4,239,654		2,947,706
Corporate [Member]
Segment Reporting Information [Line Items]
Net sales	10,456	9,782
Operating income (loss) from continuing operations	(18,047)	(10,540)
Total assets, excluding assets held for sale	494,647		539,863
Dental [Member]
Segment Reporting Information [Line Items]
Net sales	575,117	542,874
Operating income (loss) from continuing operations	67,252	62,549
Total assets, excluding assets held for sale	920,035		1,022,257
Animal Health [Member]
Segment Reporting Information [Line Items]
Net sales	557,297	386,300
Operating income (loss) from continuing operations	12,972	$ 13,987
Total assets, excluding assets held for sale	$ 2,057,910		$ 631,445

Segment Reporting - Sales Infor

Segment Reporting - Sales Information by Product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Segment Reporting Information [Line Items]
Net sales	$ 1,142,870	$ 938,956
Consumables [Member]
Segment Reporting Information [Line Items]
Net sales	895,307	695,639
Equipment and Software [Member]
Segment Reporting Information [Line Items]
Net sales	153,483	156,394
Other Products and Services [Member]
Segment Reporting Information [Line Items]
Net sales	$ 94,080	$ 86,923

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	3 Months Ended
	Aug. 01, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCL at April 25, 2015	$ (60,346)
Other comprehensive loss before reclassifications	(11,275)
Amounts reclassified from AOCL	617
AOCL at August 1, 2015	(71,004)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCL at April 25, 2015	(18,668)
Amounts reclassified from AOCL	617
AOCL at August 1, 2015	(18,051)
Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCL at April 25, 2015	(41,678)
Other comprehensive loss before reclassifications	(11,275)
AOCL at August 1, 2015	$ (52,953)

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Uncategorized [Abstract]
Gains and losses on cash flow hedges, tax	$ 85	$ (4,813)
Increase in interest expense	$ 702

Debt Issuance - Additional Info

Debt Issuance - Additional Information (Detail) - USD ($)	Aug. 28, 2015	Jun. 16, 2015	Aug. 01, 2015	Apr. 25, 2015
Line of Credit Facility [Line Items]
Credit facility, borrowed amount			$ 0	$ 0
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 1,500,000,000
Credit facility, expiration date		Jun. 16, 2020
LIBOR [Member] | Minimum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread rate		1.125%
LIBOR [Member] | Maximum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread rate		2.00%
Unsecured Term Loan [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 1,000,000,000
Credit facility, borrowed amount		1,000,000,000
Unsecured Term Loan [Member] | Subsequent Event [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit facility, borrowed amount	$ 1,000,000,000
Credit facility, amount repaid	$ 670,000,000
Unsecured Revolving Line of Credit [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		500,000,000
Credit facility, borrowed amount		200,000,000
Credit Facility Expiring on December 2016 [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 300,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	59.90%	34.60%
Repatriation of foreign earnings	$ 200,000
Tax impact of repatriation of foreign earnings	$ 11,800

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Aug. 28, 2015	Aug. 01, 2015	Jun. 16, 2015	Apr. 25, 2015
Subsequent Event [Line Items]
Credit facility, borrowed amount		$ 0		$ 0
Unsecured Term Loan [Member] | Credit Agreement [Member]
Subsequent Event [Line Items]
Credit facility, borrowed amount			$ 1,000,000,000
Unsecured Term Loan [Member] | Subsequent Event [Member] | Credit Agreement [Member]
Subsequent Event [Line Items]
Credit facility, amount repaid	$ 670,000,000
Credit facility, borrowed amount	$ 1,000,000,000