Goodwill and Other Intangible Assets

12 Months Ended

Apr. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying value of goodwill for each of our reportable segments for the fiscal year ended April 30, 2016 are as follows:



	Balance at April 25, 2015		Acquisition Activity and Divestitures		Other Activity			Balance at April 30, 2016
Dental	$	139,449	$	—	$	(320	)	$	139,129
Animal Health	160,475		517,965		(977		)	677,463
Corporate	—		—		—			—
Total	$	299,924	$	517,965	$	(1,297	)	$	816,592

The increase in the acquisition activity column reflects the purchase price allocation for the acquisition of Animal Health International, Inc. The other activity column is comprised primarily of the impact from foreign currency translation.

Balances of other intangible assets, excluding goodwill, are as follows:



	April 30, 2016			April 25, 2015
Unamortized – indefinite lived:
Copyrights, trade names and trademarks	$	29,900		$	17,600
Amortized:
Distribution agreement, customer lists and other	641,236			221,359
Less: Accumulated amortization	(161,839		)	(113,934		)
Net amortized intangible assets	479,397			107,425
Total identifiable intangible assets, net	$	509,297		$	125,025

In 2006, we extended our exclusive North American distribution agreement with Dentsply Sirona, Inc. (“Sirona”), for Sirona’s CEREC dental restorative system. We paid a $100,000 distribution fee to extend the agreement for a 10-year period that began in October 2007, which is included in identifiable intangibles, net in the consolidated balance sheet. The amortization of the distribution agreement fee is recorded over the expected life, with amortization based on estimates of the pattern in which the economic benefits of the fee are expected to be realized, consisting primarily of revenues generated from the sale of CEREC dental restorative systems. Amortization expense in any year may differ significantly from other years. In fiscal 2013, we expanded our exclusive distribution relationship with Sirona to add Sirona imaging products to our exclusive offerings, as well as add mechanisms to adjust the exclusivity term depending on performance. No additional monies were exchanged as part of this expanded relationship. This is not a “take-or-pay” contract.

With respect to the amortized intangible assets, future amortization expense is expected to approximate $52,911, $51,568, $49,597, $38,040 and $35,107 for fiscal years 2017, 2018, 2019, 2020 and 2021, respectively. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, actual revenues generated from the sale of CEREC dental restorative systems, changes in foreign currency exchange rates, impairment of intangible assets, accelerated amortization of intangible assets and other events.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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