Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jan. 25, 2014 | Mar. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 25-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PDCO | ' |
Entity Registrant Name | 'PATTERSON COMPANIES, INC. | ' |
Entity Central Index Key | '0000891024 | ' |
Current Fiscal Year End Date | '--04-27 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 103,922,226 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $423,975 | $505,228 |
Short-term investments | 40,595 | ' |
Receivables, net | 557,576 | 448,158 |
Inventory | 451,110 | 360,563 |
Prepaid expenses and other current assets | 63,877 | 47,387 |
Total current assets | 1,537,133 | 1,361,336 |
Property and equipment, net | 204,586 | 192,020 |
Long-term receivables, net | 76,649 | 85,427 |
Goodwill | 844,158 | 823,740 |
Identifiable intangibles, net | 228,155 | 196,656 |
Other | 85,467 | 22,599 |
Total assets | 2,976,148 | 2,681,778 |
Current liabilities: | ' | ' |
Accounts payable | 330,801 | 249,795 |
Accrued payroll expense | 71,415 | 70,687 |
Other accrued expense | 140,966 | 128,037 |
Borrowings on revolving credit | 135,000 | ' |
Total current liabilities | 678,182 | 448,519 |
Long-term debt | 725,000 | 725,000 |
Other | 116,616 | 113,804 |
Total liabilities | 1,519,798 | 1,287,323 |
Stockholders' equity: | ' | ' |
Common Stock | 1,050 | 1,056 |
Additional paid-in capital | ' | ' |
Accumulated other comprehensive income | 38,020 | 25,165 |
Retained earnings | 1,512,404 | 1,463,358 |
Unearned ESOP shares | -95,124 | -95,124 |
Total stockholders' equity | 1,456,350 | 1,394,455 |
Total liabilities and stockholders' equity | $2,976,148 | $2,681,778 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,082,679 | $915,861 | $2,961,638 | $2,672,279 |
Cost of sales | 771,218 | 615,568 | 2,079,228 | 1,805,687 |
Gross profit | 311,461 | 300,293 | 882,410 | 866,592 |
Operating expenses | 214,810 | 210,755 | 629,255 | 616,593 |
Operating income | 96,651 | 89,538 | 253,155 | 249,999 |
Other income and expense: | ' | ' | ' | ' |
Other income, net | 527 | 1,375 | 1,215 | 2,727 |
Interest expense | -9,237 | -9,113 | -26,581 | -27,808 |
Income before taxes | 87,941 | 81,800 | 227,789 | 224,918 |
Income taxes | 30,920 | 28,170 | 82,848 | 78,208 |
Net income | 57,021 | 53,630 | 144,941 | 146,710 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.56 | $0.53 | $1.43 | $1.42 |
Diluted | $0.56 | $0.52 | $1.42 | $1.41 |
Weighted average common shares: | ' | ' | ' | ' |
Basic | 101,105 | 102,130 | 101,067 | 103,624 |
Diluted | 101,999 | 102,896 | 101,962 | 104,374 |
Dividends declared per common share | $0.16 | $0.14 | $0.48 | $0.42 |
Other Comprehensive Income | ' | ' | ' | ' |
Net income | 57,021 | 53,630 | 144,941 | 146,710 |
Foreign currency translation gain/ (loss) | 6,606 | -2,745 | 13,000 | -5,509 |
Cash flow hedge loss | -48 | -31 | -145 | -93 |
Comprehensive Income | $63,579 | $50,854 | $157,796 | $141,108 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 |
Operating activities: | ' | ' |
Net income | $144,941 | $146,710 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 20,320 | 19,137 |
Amortization | 16,363 | 14,170 |
ESOP compensation | 9,100 | 17,100 |
Stock-based compensation | 5,740 | 10,985 |
Bad debt expense | 2,202 | 492 |
Excess tax benefits from stock-based compensation | -1,096 | -849 |
Loss on sale of assets | 5,126 | ' |
Change in assets and liabilities, net of acquired | -52,946 | -28,409 |
Net cash provided by operating activities | 149,750 | 179,336 |
Investing activities: | ' | ' |
Additions to property and equipment, net | -30,263 | -14,259 |
Acquisitions and equity investments, net | -140,774 | -14,650 |
Proceeds from sale of assets | 6,546 | ' |
Purchase of investments | -99,232 | ' |
Other investing activities | -4,436 | ' |
Net cash used in investing activities | -268,159 | -28,909 |
Financing activities: | ' | ' |
Dividends paid | -65,333 | -43,745 |
Repurchases of common stock | -42,734 | -140,468 |
Draw on revolver | 135,000 | ' |
ESOP activity | -1,448 | -1,514 |
Common stock issued, net | 14,108 | 9,875 |
Retirement of long-term debt | ' | -75,000 |
Excess tax benefits from share-based compensation | 1,096 | 849 |
Net cash provided by (used in) financing activities | 40,689 | -250,003 |
Effect of exchange rate changes on cash | -3,533 | -1,756 |
Net decrease in cash and cash equivalents | -81,253 | -101,332 |
Cash and cash equivalents at beginning of period | 505,228 | 573,781 |
Cash and cash equivalents at end of period | $423,975 | $472,449 |
GENERAL
GENERAL | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
GENERAL | ' | ||||||||||||||||
NOTE 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 our Company as of January 25, 2014, and our results of operations and cash flows for the periods ended January 25, 2014 and January 26, 2013. Such adjustments are of a normal recurring nature. The results of operations for the periods ended January 25, 2014 and January 26, 2013, 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 the 2013 Annual Report on Form 10-K filed on June 26, 2013. | |||||||||||||||||
The condensed consolidated financial statements of Patterson Companies, Inc. (“Patterson” or “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. | |||||||||||||||||
Fiscal Year End | |||||||||||||||||
The fiscal year end of our Company is the last Saturday in April. The third quarter of fiscal years 2014 and 2013 represents the 13 weeks ended January 25, 2014 and January 26, 2013, respectively. Fiscal years 2014 and 2013 each include 52 weeks of operations. | |||||||||||||||||
Comprehensive Income | |||||||||||||||||
Other than net income, the only significant items included in comprehensive income are foreign currency translation adjustments. 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. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Denominator: | |||||||||||||||||
Denominator for diluted earnings per share—average shares | 101,105 | 102,130 | 101,067 | 103,624 | |||||||||||||
Effect of dilutive securities—stock options, restricted stock, ESOP and stock purchase plans | 894 | 766 | 895 | 750 | |||||||||||||
Denominator for diluted earnings per share—adjusted weighted average shares | 101,999 | 102,896 | 101,962 | 104,374 | |||||||||||||
Options to purchase 2 shares and 51 shares of common stock during both the three and nine months ended January 25, 2014, and 420 and 421 shares during both the three and nine months ended January 26, 2013, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. There were no unvested restricted stock award excluded from the calculation of diluted earnings per share during the three and nine months ended January 25, 2014, or the three and nine months ended January 26, 2013, respectively, because the effect would have been anti-dilutive. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. Under this standard, entities testing long-lived intangible assets for impairment now have an option of performing a qualitative assessment to determine whether further impairment testing is necessary. If an entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more-likely-than-not less than the carrying amount, the existing quantitative impairment test is required. Otherwise, no further impairment testing is required. For Patterson, this ASU was effective beginning April 28, 2013. The adoption of this standard did not have a material impact on Patterson’s consolidated results of operations or financial condition. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | ||||
Jan. 25, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
ACQUISITIONS | ' | ||||
NOTE 2 ACQUISITIONS | |||||
On August 16, 2013, Patterson Companies, Inc. completed the acquisition of all the outstanding stock of National Veterinary Services Limited (“NVS”) from Dechra Pharmaceuticals, PLC. NVS is the largest veterinary products distributor in the United Kingdom. | |||||
The acquisition will be accounted for as a business combination using the acquisition method. The Company has estimated the acquisition date fair values of the assets acquired and liabilities assumed, using independent appraisals and other analyses. The purchase price allocations are preliminary and are subject to adjustment for changes in the preliminary assumptions pending additional information, including final asset valuations from a third party firm. Therefore, a preliminary allocation of the purchase price to the acquired assets, liabilities, and goodwill is presented in the table below. | |||||
At August 16, 2013 (in thousands) | |||||
Receivables | $ | 113,112 | |||
Inventory | 45,773 | ||||
Prepaid expenses and other current assets | 1,187 | ||||
Property, plant and equipment | 2,622 | ||||
Goodwill | 21,945 | ||||
Identifiable intangibles | 45,326 | ||||
Accounts payable | (83,811 | ) | |||
Others accrued liabilities | (7,464 | ) | |||
Purchase price | $ | 138,690 | |||
Goodwill is calculated as the excess of the purchase price over the fair value of the net assets recognized. 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. The goodwill and intangible assets have been allocated to the Veterinary reporting segment. | |||||
The Company recognized $675 of transaction costs related to the NVS acquisition through the third quarter, and the charges were reported in operating expense in the Condensed Consolidated Statement of Income. | |||||
Operating results for this acquisition have been included in the Company’s Condensed Consolidated Statements of Income and Other Comprehensive Income from the date of acquisition (i.e. beginning in the second quarter) and are reflected in the Veterinary reporting segment. The acquisition contributed net sales of $145,544 and $263,292 to the segment for the third quarter and the nine months ended January 25, 2 014, respectively. Pro forma results are not presented, as the acquisition is not considered material to our Company. | |||||
On July 31, 2013, Patterson Companies, Inc. completed the acquisition of Mercer Mastery, a subsidiary of Mercer Advisors Inc. Operating results for this acquisition have been included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition and are reflected in the Dental reporting segment. Pro forma results are not presented, as the acquisition is not considered material to our Company. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
NOTE 3 GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||
The goodwill balances and related activity by business segment as of April 27, 2013 and January 25, 2014 are as follows: | |||||||||||||||||
Acquisition | Translation | ||||||||||||||||
Balance at | Activity & | And Other | Balance at | ||||||||||||||
April 27, 2013 | Divestitures | Activity | January 25, 2014 | ||||||||||||||
Dental Supply | $ | 137,867 | $ | 649 | $ | (1,105 | ) | $ | 137,411 | ||||||||
Rehabilitation Supply | 549,020 | (4,079 | ) | 1,818 | 546,759 | ||||||||||||
Veterinary Supply | 136,853 | 21,945 | 1,190 | 159,988 | |||||||||||||
Total | $ | 823,740 | $ | 18,515 | $ | 1,903 | $ | 844,158 | |||||||||
On August 22, 2013 Patterson Companies, Inc. announced a plan to divest certain non-core product lines in its medical segment (“Medical Restructuring”). The results for fiscal 2014 include charges of $8,902, including non-cash losses on the sale of assets of $8,527, of which approximately half was goodwill. | |||||||||||||||||
Balances of other intangible assets excluding goodwill are as follows: | |||||||||||||||||
January 25, | April 27, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unamortized—indefinite lived: | |||||||||||||||||
Copyrights, trade names and trademarks | $ | 76,870 | $ | 76,464 | |||||||||||||
Amortized: | |||||||||||||||||
Distribution agreement, customer lists and other | 284,182 | 235,781 | |||||||||||||||
Less: Accumulated amortization | (132,897 | ) | (115,589 | ) | |||||||||||||
Net amortized other intangible assets | 151,285 | 120,192 | |||||||||||||||
Total identifiable intangible assets, net | $ | 228,155 | $ | 196,656 | |||||||||||||
Intangible assets, consisting of customer lists and other, of $45,763 were acquired during the second quarter of 2014. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||
NOTE 4 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 December 5, 2013, this 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 January 25, 2014, 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 Companies, Inc. sold an identical interest rate cap to the same bank. | |||||||||||||||||||
Similar to the above agreements, PDC Funding II, and Patterson Companies, Inc. entered into offsetting and identical interest rate cap agreements with a notional amount of $75,000 in fiscal 2013. In August 2013, these agreements were terminated and replaced with offsetting and identical interest rate cap agreements. The notional amount increased to $100,000 and the new maturity date is January 2021. | |||||||||||||||||||
In addition to the identical purchased and sold 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. | |||||||||||||||||||
Our 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. | |||||||||||||||||||
The following table presents the fair value of our interest rate contracts on the consolidated balance sheets: | |||||||||||||||||||
January 25, | April 27, | January 26, | |||||||||||||||||
Derivative type | Classification | 2014 | 2013 | 2013 | |||||||||||||||
Assets: | |||||||||||||||||||
Interest rate contracts | Other noncurrent assets | $ | 2,165 | $ | 486 | $ | 138 | ||||||||||||
Liabilities: | |||||||||||||||||||
Interest rate contracts | Other noncurrent liabilities | $ | 2,172 | $ | 509 | $ | 165 | ||||||||||||
The following table presents the effect of interest rate contracts on the consolidated statements of income: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Derivative type | Location of gain (loss) | January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
recognized on derivative | |||||||||||||||||||
Interest rate contracts | Other income (expense), net | $ | 1 | $ | (4 | ) | $ | 3 | $ | 72 |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
NOTE 5 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 as of January 25, 2014 is as follows: | |||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 211,424 | $ | 211,424 | $ | — | $ | — | |||||||||
Derivative instruments | 2,165 | — | 2,165 | — | |||||||||||||
Total assets | $ | 213,589 | $ | 211,424 | $ | 2,165 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 2,172 | $ | — | $ | 2,172 | $ | — | |||||||||
Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of April 27, 2013 is as follows: | |||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 282,619 | $ | 282,619 | $ | — | $ | — | |||||||||
Derivative instruments | 486 | — | 486 | — | |||||||||||||
Total assets | $ | 283,105 | $ | 282,619 | $ | 486 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 509 | $ | — | $ | 509 | $ | — | |||||||||
Cash equivalents – We value cash equivalents at their current market rates. The carrying value of cash equivalents, including government securities and money market funds, is recorded at fair value and maturities are less than three months. | |||||||||||||||||
Derivative instruments – Patterson’s derivative instruments consist of interest rate contracts. These instruments are valued using observable inputs such as interest rates and credit spreads. | |||||||||||||||||
Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments under certain circumstances, such as when there is evidence of impairment. There were no fair value adjustments to such assets during the periods ended January 25, 2014 or January 26, 2013. | |||||||||||||||||
The carrying amounts of receivables, net of allowances, accounts payable, and certain accrued and other current liabilities approximated fair value at January 25, 2014 and January 26, 2013. |
SECURITIES
SECURITIES | 9 Months Ended |
Jan. 25, 2014 | |
Investments Debt And Equity Securities [Abstract] | ' |
SECURITIES | ' |
NOTE 6 SECURITIES | |
On October 25th, 2013 we invested in three time deposits with total principal of $110,000 Canadian dollars. Our time deposit securities are classified as “held-to-maturity” securities and are carried at cost, adjusted for accrued interest and amortization of premium or discount. The current 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) the estimated timing of payments and the credit quality of the underlying creditor. Significant increases 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. The U.S. dollar equivalents at January 25, 2014, include $40,595, which is classified as a current asset and will mature within one year, and $58,864, which is classified as a noncurrent asset and will mature within two years. |
CUSTOMER_FINANCING
CUSTOMER FINANCING | 9 Months Ended |
Jan. 25, 2014 | |
Text Block [Abstract] | ' |
CUSTOMER FINANCING | ' |
NOTE 7 CUSTOMER FINANCING | |
As a convenience to our customers, we offer several different financing alternatives including both our Company-sponsored program and a third party 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 the 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. | |
Patterson operated 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 approximately 86% of the principal amounts of the contracts upon sale. The remaining 14% of the proceeds are held by the conduit as security against the eventual performance of the portfolio. The capacity under the agreement at January 25, 2014 was $500,000. | |
Patterson also maintains an agreement with Fifth Third Bank whereby the bank purchases customers’ financing contracts. Patterson has established another SPE, PDC Funding II, as a consolidated, wholly owned subsidiary, which sells financing contracts to the bank. We receive approximately 83% of the principal amounts of the contracts upon sale. The remaining 17% of the proceeds is held by the conduit as security against the eventual performance of the portfolio. The capacity under the agreement at January 25, 2014 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 increases 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. | |
These financing arrangements are accounted for as a sale of assets under the provisions of ASC Topic No. 860, Transfers and Servicing. During the three and nine months ended January 25, 2014, we sold approximately $92,022, and $207,576, respectively, and during the three and nine months ended January 26, 2013, we sold approximately $62,700 and $205,777, respectively, of contracts under these arrangements. Patterson retains servicing responsibilities under both agreements, for which we are paid a servicing fee. The servicing fees received by Patterson are considered adequate compensation for services rendered. Accordingly, no servicing asset or liability has been recorded. The agreements require us to maintain a minimum current ratio and maximum leverage ratio. Patterson was in compliance with the covenants at January 25, 2014. | |
Included in current receivables in the consolidated balance sheets are approximately $74,446, net of unearned income of $2,972, and $64,272, net of unearned income of $1,586, as of January 25, 2014 and April 27, 2013, respectively, of finance contracts not yet sold by Patterson. A total of $489,451 of finance contracts receivable sold under the agreements was outstanding at January 25, 2014. The deferred purchase price under the arrangements was approximately $70,103 and $72,328 as of January 25, 2014 and April 27, 2013, respectively. Since the internal financing program began in 1994, bad debt write-offs have amounted to approximately one-percent of the loans originated. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
NOTE 8 SEGMENT REPORTING | |||||||||||||||||
Patterson Companies, Inc. is comprised of three reportable segments: dental, veterinary, and rehabilitation supply. Our reportable business segments are strategic business units that offer similar products and services to different customer bases. The dental supply segment provides a virtually complete range of consumable dental products, clinical and laboratory equipment and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers throughout North America. The veterinary supply segment provides consumable supplies, equipment, diagnostic products, biologicals (vaccines) and pharmaceuticals to companion-pet veterinary clinics. The rehabilitation supply segment provides a comprehensive range of distributed and self-manufactured rehabilitation medical supplies and assistive products to acute care hospitals, long-term care facilities, rehabilitation clinics, dealers and schools. | |||||||||||||||||
We evaluate segment performance based on operating income. The corporate office general and administrative expenses are included in the dental supply segment and consist of home office support costs in areas such as informational technology, finance, human resources and facilities. If these corporate expenses were allocated to the segments, the results would not be materially different as the dental segment would absorb a significant portion of these expenses. The costs to operate the distribution centers are allocated to the operating units based on the through-put of each unit. | |||||||||||||||||
The following table presents information about Patterson’s reportable segments: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Dental supply | $ | 641,965 | $ | 626,494 | $ | 1,759,248 | $ | 1,743,035 | |||||||||
Veterinary supply | 333,402 | 175,408 | 841,206 | 550,873 | |||||||||||||
Rehabilitation supply | 107,312 | 113,959 | 361,184 | 378,371 | |||||||||||||
Consolidated net sales | $ | 1,082,679 | $ | 915,861 | $ | 2,961,638 | $ | 2,672,279 | |||||||||
Operating income | |||||||||||||||||
Dental supply | $ | 73,513 | $ | 66,049 | $ | 181,846 | $ | 172,670 | |||||||||
Veterinary supply | 12,003 | 9,942 | 33,175 | 29,380 | |||||||||||||
Rehabilitation supply | 11,135 | 13,547 | 38,134 | 47,949 | |||||||||||||
Consolidated operating income | $ | 96,651 | $ | 89,538 | $ | 253,155 | $ | 249,999 | |||||||||
The following table presents sales information by product for all of Patterson’s reportable segments: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Consumable and printed products | $ | 700,895 | $ | 551,150 | $ | 2,010,683 | $ | 1,725,465 | |||||||||
Equipment and software | 304,727 | 292,725 | 721,243 | 726,687 | |||||||||||||
Other | 77,057 | 71,986 | 229,712 | 220,127 | |||||||||||||
Total | $ | 1,082,679 | $ | 915,861 | $ | 2,961,638 | $ | 2,672,279 | |||||||||
EMPLOYEE_STOCK_OWNERSHIP_PLAN_
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) | 9 Months Ended |
Jan. 25, 2014 | |
Text Block [Abstract] | ' |
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) | ' |
NOTE 9 EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) | |
During 1990, our Board of Directors adopted a leveraged ESOP. In fiscal 2002 and 2006, under the provisions of the plan and related financing arrangements, Patterson loaned the ESOP $12,612 (the “2002 note”) and $105,000 (the “2006 note”), respectively. The contribution to the ESOP, and the resulting allocation to employees, is determined annually by the Board of Directors following the close of the fiscal year. Shares of stock acquired by the plan are allocated to each participant who has completed 1,000 hours of service during the plan year. These shares are accounted for under ASC 718-40, Share-based Payments – Employee Stock Ownership Plans, and are not considered outstanding for computation of earnings per share until the shares are committed for release to the participants. We recognize expense based on the current fair value of the shares released to participants. As of January 25, 2014, a total of 3,018,992 of unallocated shares were held by the ESOP. The estimated ESOP expense recognized during the nine months ended January 25, 2014 was $9,100 and January 26, 2013 was $17,100, respectively. |
DEBT_ISSUANCE_AND_REPAYMENTS
DEBT ISSUANCE AND REPAYMENTS | 9 Months Ended |
Jan. 25, 2014 | |
Debt Disclosure [Abstract] | ' |
DEBT ISSUANCE AND REPAYMENTS | ' |
NOTE 10 DEBT ISSUANCE AND REPAYMENTS | |
On September 25, 2012, we repaid our $75,000 term loan. This loan was originally scheduled to mature on March 20, 2013. On March 25, 2013, we repaid $50,000 under the 2008 Note Purchase Agreement. | |
On July 26, 2013, $135,000 was drawn on the revolving line of credit. The proceeds were used to fund the acquisition of National Veterinary Supply (“NVS”), which we closed on August 16, 2013. |
GENERAL_Policies
GENERAL (Policies) | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
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 our Company as of January 25, 2014, and our results of operations and cash flows for the periods ended January 25, 2014 and January 26, 2013. Such adjustments are of a normal recurring nature. The results of operations for the periods ended January 25, 2014 and January 26, 2013, 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 the 2013 Annual Report on Form 10-K filed on June 26, 2013. | |||||||||||||||||
The condensed consolidated financial statements of Patterson Companies, Inc. (“Patterson” or “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. | |||||||||||||||||
Fiscal Year End | ' | ||||||||||||||||
Fiscal Year End | |||||||||||||||||
The fiscal year end of our Company is the last Saturday in April. The third quarter of fiscal years 2014 and 2013 represents the 13 weeks ended January 25, 2014 and January 26, 2013, respectively. Fiscal years 2014 and 2013 each include 52 weeks of operations. | |||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
Comprehensive Income | |||||||||||||||||
Other than net income, the only significant items included in comprehensive income are foreign currency translation adjustments. 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. | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Denominator: | |||||||||||||||||
Denominator for diluted earnings per share—average shares | 101,105 | 102,130 | 101,067 | 103,624 | |||||||||||||
Effect of dilutive securities—stock options, restricted stock, ESOP and stock purchase plans | 894 | 766 | 895 | 750 | |||||||||||||
Denominator for diluted earnings per share—adjusted weighted average shares | 101,999 | 102,896 | 101,962 | 104,374 | |||||||||||||
Options to purchase 2 shares and 51 shares of common stock during both the three and nine months ended January 25, 2014, and 420 and 421 shares during both the three and nine months ended January 26, 2013, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. There were no unvested restricted stock award excluded from the calculation of diluted earnings per share during the three and nine months ended January 25, 2014, or the three and nine months ended January 26, 2013, respectively, because the effect would have been anti-dilutive. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. Under this standard, entities testing long-lived intangible assets for impairment now have an option of performing a qualitative assessment to determine whether further impairment testing is necessary. If an entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more-likely-than-not less than the carrying amount, the existing quantitative impairment test is required. Otherwise, no further impairment testing is required. For Patterson, this ASU was effective beginning April 28, 2013. The adoption of this standard did not have a material impact on Patterson’s consolidated results of operations or financial condition. |
GENERAL_Tables
GENERAL (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Denominator: | |||||||||||||||||
Denominator for diluted earnings per share—average shares | 101,105 | 102,130 | 101,067 | 103,624 | |||||||||||||
Effect of dilutive securities—stock options, restricted stock, ESOP and stock purchase plans | 894 | 766 | 895 | 750 | |||||||||||||
Denominator for diluted earnings per share—adjusted weighted average shares | 101,999 | 102,896 | 101,962 | 104,374 | |||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 9 Months Ended | ||||
Jan. 25, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Purchase Price Allocation to Acquired Assets, Liabilities, and Goodwill | ' | ||||
Therefore, a preliminary allocation of the purchase price to the acquired assets, liabilities, and goodwill is presented in the table below. | |||||
At August 16, 2013 (in thousands) | |||||
Receivables | $ | 113,112 | |||
Inventory | 45,773 | ||||
Prepaid expenses and other current assets | 1,187 | ||||
Property, plant and equipment | 2,622 | ||||
Goodwill | 21,945 | ||||
Identifiable intangibles | 45,326 | ||||
Accounts payable | (83,811 | ) | |||
Others accrued liabilities | (7,464 | ) | |||
Purchase price | $ | 138,690 | |||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill Balances and Related Activity by Business Segment | ' | ||||||||||||||||
The goodwill balances and related activity by business segment as of April 27, 2013 and January 25, 2014 are as follows: | |||||||||||||||||
Acquisition | Translation | ||||||||||||||||
Balance at | Activity & | And Other | Balance at | ||||||||||||||
April 27, 2013 | Divestitures | Activity | January 25, 2014 | ||||||||||||||
Dental Supply | $ | 137,867 | $ | 649 | $ | (1,105 | ) | $ | 137,411 | ||||||||
Rehabilitation Supply | 549,020 | (4,079 | ) | 1,818 | 546,759 | ||||||||||||
Veterinary Supply | 136,853 | 21,945 | 1,190 | 159,988 | |||||||||||||
Total | $ | 823,740 | $ | 18,515 | $ | 1,903 | $ | 844,158 | |||||||||
Balances of Other Intangible Assets Excluding Goodwill | ' | ||||||||||||||||
Balances of other intangible assets excluding goodwill are as follows: | |||||||||||||||||
January 25, | April 27, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unamortized—indefinite lived: | |||||||||||||||||
Copyrights, trade names and trademarks | $ | 76,870 | $ | 76,464 | |||||||||||||
Amortized: | |||||||||||||||||
Distribution agreement, customer lists and other | 284,182 | 235,781 | |||||||||||||||
Less: Accumulated amortization | (132,897 | ) | (115,589 | ) | |||||||||||||
Net amortized other intangible assets | 151,285 | 120,192 | |||||||||||||||
Total identifiable intangible assets, net | $ | 228,155 | $ | 196,656 | |||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Fair Value of Interest Rate Contracts on Consolidated Balance Sheets | ' | ||||||||||||||||||
The following table presents the fair value of our interest rate contracts on the consolidated balance sheets: | |||||||||||||||||||
January 25, | April 27, | January 26, | |||||||||||||||||
Derivative type | Classification | 2014 | 2013 | 2013 | |||||||||||||||
Assets: | |||||||||||||||||||
Interest rate contracts | Other noncurrent assets | $ | 2,165 | $ | 486 | $ | 138 | ||||||||||||
Liabilities: | |||||||||||||||||||
Interest rate contracts | Other noncurrent liabilities | $ | 2,172 | $ | 509 | $ | 165 | ||||||||||||
Effect of Interest Rate Contracts on Consolidated Statements of Income | ' | ||||||||||||||||||
The following table presents the effect of interest rate contracts on the consolidated statements of income: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Derivative type | Location of gain (loss) | January 25, | January 26, | January 25, | January 26, | ||||||||||||||
recognized on derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest rate contracts | Other income (expense), net | $ | 1 | $ | (4 | ) | $ | 3 | $ | 72 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
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 as of January 25, 2014 is as follows: | |||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 211,424 | $ | 211,424 | $ | — | $ | — | |||||||||
Derivative instruments | 2,165 | — | 2,165 | — | |||||||||||||
Total assets | $ | 213,589 | $ | 211,424 | $ | 2,165 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 2,172 | $ | — | $ | 2,172 | $ | — | |||||||||
Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of April 27, 2013 is as follows: | |||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 282,619 | $ | 282,619 | $ | — | $ | — | |||||||||
Derivative instruments | 486 | — | 486 | — | |||||||||||||
Total assets | $ | 283,105 | $ | 282,619 | $ | 486 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 509 | $ | — | $ | 509 | $ | — | |||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 25, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Information about Reportable Segments | ' | ||||||||||||||||
The following table presents information about Patterson’s reportable segments: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Dental supply | $ | 641,965 | $ | 626,494 | $ | 1,759,248 | $ | 1,743,035 | |||||||||
Veterinary supply | 333,402 | 175,408 | 841,206 | 550,873 | |||||||||||||
Rehabilitation supply | 107,312 | 113,959 | 361,184 | 378,371 | |||||||||||||
Consolidated net sales | $ | 1,082,679 | $ | 915,861 | $ | 2,961,638 | $ | 2,672,279 | |||||||||
Operating income | |||||||||||||||||
Dental supply | $ | 73,513 | $ | 66,049 | $ | 181,846 | $ | 172,670 | |||||||||
Veterinary supply | 12,003 | 9,942 | 33,175 | 29,380 | |||||||||||||
Rehabilitation supply | 11,135 | 13,547 | 38,134 | 47,949 | |||||||||||||
Consolidated operating income | $ | 96,651 | $ | 89,538 | $ | 253,155 | $ | 249,999 | |||||||||
Sales Information by Product | ' | ||||||||||||||||
The following table presents sales information by product for all of Patterson’s reportable segments: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 25, | January 26, | January 25, | January 26, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Consumable and printed products | $ | 700,895 | $ | 551,150 | $ | 2,010,683 | $ | 1,725,465 | |||||||||
Equipment and software | 304,727 | 292,725 | 721,243 | 726,687 | |||||||||||||
Other | 77,057 | 71,986 | 229,712 | 220,127 | |||||||||||||
Total | $ | 1,082,679 | $ | 915,861 | $ | 2,961,638 | $ | 2,672,279 | |||||||||
General_Computation_of_Basic_a
General - Computation of Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Denominator for diluted earnings per share-average shares | 101,105 | 102,130 | 101,067 | 103,624 |
Effect of dilutive securities-stock options, restricted stock, ESOP and stock purchase plans | 894 | 766 | 895 | 750 |
Denominator for diluted earnings per share-adjusted weighted average shares | 101,999 | 102,896 | 101,962 | 104,374 |
General_Additional_Information
General - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Unvested restricted stock award | 0 | 0 | 0 | 0 |
Stock Options [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Securities excluded from calculation of diluted earnings per share | 2 | 420 | 51 | 421 |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation of Acquired Assets, Liabilities, and Goodwill (Detail) (USD $) | Jan. 25, 2014 | Aug. 16, 2013 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | ' | ' | ' |
Receivables | ' | $113,112 | ' |
Inventory | ' | 45,773 | ' |
Prepaid expenses and other current assets | ' | 1,187 | ' |
Property, plant and equipment | ' | 2,622 | ' |
Goodwill | 844,158 | 21,945 | 823,740 |
Identifiable intangibles | ' | 45,326 | ' |
Accounts payable | ' | -83,811 | ' |
Others accrued liabilities | ' | -7,464 | ' |
Purchase price | ' | $138,690 | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (National Veterinary Services Limited (NVS) [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 25, 2014 |
National Veterinary Services Limited (NVS) [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Transaction costs related to the acquisition | $675 | $675 |
Acquisition contributed of net sales | $145,544 | $263,292 |
Recovered_Sheet1
Goodwill and other Intangible Assets - Goodwill Balances and Related Activity by Business Segment (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 25, 2014 | Aug. 16, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $823,740 | $21,945 |
Acquisition Activity & Divestitures | 18,515 | ' |
Translation And Other Activity | 1,903 | ' |
Ending Balance | 844,158 | 21,945 |
Dental Supply [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 137,867 | ' |
Acquisition Activity & Divestitures | 649 | ' |
Translation And Other Activity | -1,105 | ' |
Ending Balance | 137,411 | ' |
Rehabilitation Supply [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 549,020 | ' |
Acquisition Activity & Divestitures | -4,079 | ' |
Translation And Other Activity | 1,818 | ' |
Ending Balance | 546,759 | ' |
Veterinary Supply [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 136,853 | ' |
Acquisition Activity & Divestitures | 21,945 | ' |
Translation And Other Activity | 1,190 | ' |
Ending Balance | $159,988 | ' |
Recovered_Sheet2
Goodwill and other Intangible Assets - Goodwill Balances and Related Activity by Business Segment - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Apr. 27, 2013 | Aug. 22, 2013 | Jan. 25, 2014 |
Medical Restructuring [Member] | Customer lists and other [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' |
Medical restructuring charges | ' | ' | $8,902 | ' |
Non-cash losses on the sale of assets | -5,126 | ' | 8,527 | ' |
Other intangible assets excluding goodwill | $76,870 | $76,464 | ' | $45,763 |
Goodwill_and_other_Intangible_2
Goodwill and other Intangible Assets - Balances of Other Intangible Assets Excluding Goodwill (Detail) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Copyrights, trade names and trademarks | $76,870 | $76,464 |
Distribution agreement, customer lists and other | 284,182 | 235,781 |
Less: Accumulated amortization | -132,897 | -115,589 |
Net amortized other intangible assets | 151,285 | 120,192 |
Total identifiable intangible assets, net | $228,155 | $196,656 |
Recovered_Sheet3
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Oct. 26, 2013 | Jan. 25, 2014 | Jan. 25, 2014 | Aug. 31, 2013 | Jan. 25, 2014 |
In Thousands, unless otherwise specified | Interest Rate Swap Agreement [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] |
Derivative | Replacement Agreement [Member] | Replacement Agreement [Member] | Derivative | ||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional amount of derivatives | $75,000 | $500,000 | ' | $100,000 | ' |
Maturity date | ' | '2022-02 | '2021-01 | ' | ' |
Number of interest rate caps purchased by PDC Funding | ' | 1 | ' | ' | ' |
Number of interest rate caps sold | ' | 1 | ' | ' | ' |
Number of interest rate caps | ' | ' | ' | ' | 1 |
Recovered_Sheet4
Derivative Financial Instruments - Fair Value of Interest Rate Contracts on Consolidated Balance Sheets (Detail) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 | Jan. 26, 2013 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest rate contracts, assets, fair value | $2,165 | $486 | ' |
Interest rate contracts, liabilities, fair value | 2,172 | 509 | ' |
Other noncurrent assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest rate contracts, assets, fair value | 2,165 | 486 | 138 |
Other noncurrent liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest rate contracts, liabilities, fair value | $2,172 | $509 | $165 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Effect of Interest Rate Contracts on Consolidated Statements of Income (Detail) (Interest rate contracts [Member], Other income (expense), net [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Interest rate contracts [Member] | Other income (expense), net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest rate contracts Other income (expense), net | $1 | ($4) | $3 | $72 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 25, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $211,424 | $282,619 |
Derivative instruments, assets | 2,165 | 486 |
Total assets | 213,589 | 283,105 |
Derivative instruments, liabilities | 2,172 | 509 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 211,424 | 282,619 |
Total assets | 211,424 | 282,619 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative instruments, assets | 2,165 | 486 |
Total assets | 2,165 | 486 |
Derivative instruments, liabilities | 2,172 | 509 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total assets | ' | ' |
Derivative instruments, liabilities | ' | ' |
Securities_Additional_Informat
Securities - Additional Information (Detail) | Jan. 25, 2014 | Jan. 25, 2014 | Apr. 27, 2013 | Jan. 25, 2014 | Jan. 25, 2014 | Jan. 25, 2014 |
In Thousands, unless otherwise specified | USD ($) | CAD | USD ($) | Significant Unobservable Inputs (Level 3) [Member] | Current Assets [Member] | Noncurrent Assets [Member] |
USD ($) | Maximum [Member] | Maximum [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Total principal amount | ' | 110,000 | ' | ' | ' | ' |
Securities Maturity Period | ' | ' | ' | ' | '1 year | '2 years |
Current asset | 1,537,133 | ' | 1,361,336 | 40,595 | ' | ' |
Noncurrent asset | ' | ' | ' | $58,864 | ' | ' |
Customer_Financing_Additional_
Customer Financing - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 | Apr. 27, 2013 |
Customer Financing [Line Items] | ' | ' | ' | ' | ' |
Maximum credit financed for equipment purchases for any one customer | $500 | ' | $500 | ' | ' |
Number of customer financing contracts | ' | ' | 2 | ' | ' |
Financing contracts sold under ASC 860 | 92,022 | 62,700 | 207,576 | 205,777 | ' |
Current receivables of finance contracts not yet sold | 74,446 | ' | 74,446 | ' | 64,272 |
Unearned income | 2,972 | ' | 2,972 | ' | 1,586 |
Finance contracts receivable sold and outstanding | 489,451 | ' | 489,451 | ' | ' |
Deferred purchase price | 70,103 | ' | 70,103 | ' | 72,328 |
Bad debt write-offs, percentage, maximum | ' | ' | 1.00% | ' | ' |
The Bank Of Tokyo-Mitsubishi UFJ, Ltd. [Member] | ' | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' | ' |
Percentage of principal amount of financing contracts received | ' | ' | 86.00% | ' | ' |
Percentage of principal amount of financing contracts held as collateral | ' | ' | 14.00% | ' | ' |
Maximum holdback receivable | 500,000 | ' | 500,000 | ' | ' |
Fifth Third Bank [Member] | ' | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' | ' |
Percentage of principal amount of financing contracts received | ' | ' | 83.00% | ' | ' |
Percentage of principal amount of financing contracts held as collateral | ' | ' | 17.00% | ' | ' |
Maximum holdback receivable | $100,000 | ' | $100,000 | ' | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Jan. 25, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Segment_Reporting_Information_
Segment Reporting - Information about Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,082,679 | $915,861 | $2,961,638 | $2,672,279 |
Operating income | 96,651 | 89,538 | 253,155 | 249,999 |
Dental Supply [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 641,965 | 626,494 | 1,759,248 | 1,743,035 |
Operating income | 73,513 | 66,049 | 181,846 | 172,670 |
Veterinary Supply [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 333,402 | 175,408 | 841,206 | 550,873 |
Operating income | 12,003 | 9,942 | 33,175 | 29,380 |
Rehabilitation Supply [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 107,312 | 113,959 | 361,184 | 378,371 |
Operating income | $11,135 | $13,547 | $38,134 | $47,949 |
Segment_Reporting_Sales_Inform
Segment Reporting - Sales Information by Product (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 25, 2014 | Jan. 26, 2013 | Jan. 25, 2014 | Jan. 26, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,082,679 | $915,861 | $2,961,638 | $2,672,279 |
Consumable and printed products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 700,895 | 551,150 | 2,010,683 | 1,725,465 |
Equipment and software [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 304,727 | 292,725 | 721,243 | 726,687 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $77,057 | $71,986 | $229,712 | $220,127 |
Recovered_Sheet5
Employee Stock Ownership Plan (ESOP) - Additional Information (Detail) (USD $) | 9 Months Ended | |
Jan. 25, 2014 | Jan. 26, 2013 | |
Shareholders Equity [Line Items] | ' | ' |
Hours of service completed in order to be allocated shares of stock acquired by plan | '1000 hours | ' |
Number of unallocated shares held by ESOP | 3,018,992 | ' |
ESOP compensation | $9,100 | $17,100 |
2002 note [Member] | ' | ' |
Shareholders Equity [Line Items] | ' | ' |
ESOP company loan | 12,612,000 | ' |
2006 note [Member] | ' | ' |
Shareholders Equity [Line Items] | ' | ' |
ESOP company loan | $105,000,000 | ' |
Debt_Issuance_and_Repayments_A
Debt Issuance and Repayments - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 25, 2013 | Sep. 25, 2012 | Jan. 25, 2014 | Jan. 26, 2013 | Jul. 26, 2013 | Jan. 25, 2014 |
National Veterinary Supply acquisition [Member] | National Veterinary Supply acquisition [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Repayment of term loan | $50,000 | $75,000 | ' | $75,000 | ' | ' |
Debt instrument, maturity date | ' | ' | 20-Mar-13 | ' | ' | ' |
Proceeds from revolving line of credit | ' | ' | $135,000 | ' | $135,000 | ' |
Date of acquisition | ' | ' | ' | ' | ' | 16-Aug-13 |