Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Apr. 26, 2014 | Jun. 19, 2014 | Oct. 26, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 26-Apr-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PDCO | ' | ' |
Entity Registrant Name | 'PATTERSON COMPANIES, INC. | ' | ' |
Entity Central Index Key | '0000891024 | ' | ' |
Current Fiscal Year End Date | '--04-26 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 103,927,562 | ' |
Entity Public Float | ' | ' | $4,317,000,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $264,908 | $505,228 |
Short-term investments | 40,775 | ' |
Receivables, net of allowance for doubtful accounts of $9,873 and $5,808 at April 26, 2014 and April 27, 2013, respectively | 607,580 | 448,158 |
Inventory | 436,463 | 360,563 |
Prepaid expenses and other current assets | 65,991 | 47,387 |
Total current assets | 1,415,717 | 1,361,336 |
Property and equipment, net | 204,939 | 192,020 |
Long-term receivables, net | 90,535 | 85,427 |
Goodwill | 844,433 | 823,740 |
Identifiable intangibles, net | 223,150 | 196,656 |
Other | 85,903 | 22,599 |
Total assets | 2,864,677 | 2,681,778 |
Current liabilities: | ' | ' |
Accounts payable | 342,056 | 249,795 |
Accrued payroll expense | 66,567 | 70,687 |
Other accrued expense | 134,840 | 128,037 |
Total current liabilities | 543,463 | 448,519 |
Long-term debt | 725,000 | 725,000 |
Deferred income taxes | 94,004 | 93,329 |
Other | 30,546 | 20,475 |
Total liabilities | 1,393,013 | 1,287,323 |
Stockholders' equity: | ' | ' |
Common Stock, $.01 par value: Authorized shares - 600,000 Issued and outstanding shares - 103,965 and 105,570 at April 26, 2014, and April 27, 2013, respectively | 1,040 | 1,056 |
Additional paid-in capital | ' | ' |
Accumulated other comprehensive income | 25,370 | 25,165 |
Retained earnings | 1,531,198 | 1,463,358 |
Unearned ESOP shares | -85,944 | -95,124 |
Total stockholders' equity | 1,471,664 | 1,394,455 |
Total liabilities and stockholders' equity | $2,864,677 | $2,681,778 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $9,873 | $5,808 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 600,000 | 600,000 |
Common stock, issued shares | 103,965 | 105,570 |
Common stock, outstanding shares | 103,965 | 105,570 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $4,063,715 | $3,637,212 | $3,535,661 |
Cost of sales | 2,865,437 | 2,446,443 | 2,373,147 |
Gross profit | 1,198,278 | 1,190,769 | 1,162,514 |
Operating expenses | 852,522 | 836,314 | 804,505 |
Operating income | 345,756 | 354,455 | 358,009 |
Other income and expense: | ' | ' | ' |
Other income, net | 2,869 | 3,059 | 2,146 |
Interest expense | -35,713 | -36,397 | -30,343 |
Income before taxes | 312,912 | 321,117 | 329,812 |
Income taxes | 112,300 | 110,845 | 116,997 |
Net income | 200,612 | 210,272 | 212,815 |
Earnings per share: | ' | ' | ' |
Basic | $1.99 | $2.04 | $1.93 |
Diluted | $1.97 | $2.03 | $1.92 |
Shares: | ' | ' | ' |
Basic | 100,727 | 103,030 | 110,121 |
Diluted | 101,643 | 103,807 | 110,846 |
Dividends declared per common share | $0.68 | $0.58 | $0.50 |
Comprehensive income | ' | ' | ' |
Net income | 200,612 | 210,272 | 212,815 |
Foreign currency translation (loss) gain | 6,059 | -7,132 | -9,372 |
Cash flow hedge | -5,854 | -158 | -123 |
Comprehensive income | $200,817 | $202,982 | $203,320 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] |
In Thousands, except Share data | ||||||
Balance at Apr. 30, 2011 | $1,560,540 | $1,211 | ' | $41,950 | $1,632,497 | ($115,118) |
Balance, Shares at Apr. 30, 2011 | ' | 121,099,850 | ' | ' | ' | ' |
Foreign currency translation | -9,372 | ' | ' | -9,372 | ' | ' |
Cash flow hedge | -123 | ' | ' | -123 | ' | ' |
Net income | 212,815 | ' | ' | ' | 212,815 | ' |
Dividends declared | -55,319 | ' | ' | ' | -55,319 | ' |
Common stock issued and related tax benefits (in shares) | ' | 778,856 | ' | ' | ' | ' |
Common stock issued and related tax benefits | 14,560 | 8 | 14,552 | ' | ' | ' |
Repurchase of common stock (in shares) | ' | -11,954,257 | ' | ' | ' | ' |
Repurchase of common stock | -361,047 | -120 | -27,167 | ' | -333,760 | ' |
Stock-based compensation | 12,615 | ' | 12,615 | ' | ' | ' |
ESOP activity | 533 | ' | ' | ' | ' | 533 |
Balance at Apr. 28, 2012 | 1,375,202 | 1,099 | ' | 32,455 | 1,456,233 | -114,585 |
Balance, Share at Apr. 28, 2012 | ' | 109,924,449 | ' | ' | ' | ' |
Foreign currency translation | -7,132 | ' | ' | -7,132 | ' | ' |
Cash flow hedge | -158 | ' | ' | -158 | ' | ' |
Net income | 210,272 | ' | ' | ' | 210,272 | ' |
Dividends declared | -57,384 | ' | ' | ' | -57,384 | ' |
Common stock issued and related tax benefits (in shares) | ' | 869,580 | ' | ' | ' | ' |
Common stock issued and related tax benefits | 21,325 | 9 | 21,316 | ' | ' | ' |
Repurchase of common stock (in shares) | ' | -5,224,017 | ' | ' | ' | ' |
Repurchase of common stock | -181,756 | -52 | -35,941 | ' | -145,763 | ' |
Stock-based compensation | 14,625 | ' | 14,625 | ' | ' | ' |
ESOP activity | 19,461 | ' | ' | ' | ' | 19,461 |
Balance at Apr. 27, 2013 | 1,394,455 | 1,056 | ' | 25,165 | 1,463,358 | -95,124 |
Balance, Share at Apr. 27, 2013 | 105,570,000 | 105,570,012 | ' | ' | ' | ' |
Foreign currency translation | 6,059 | ' | ' | 6,059 | ' | ' |
Cash flow hedge | -5,854 | ' | ' | -5,854 | ' | ' |
Net income | 200,612 | ' | ' | ' | 200,612 | ' |
Dividends declared | -72,413 | ' | ' | ' | -72,413 | ' |
Common stock issued and related tax benefits (in shares) | ' | 748,874 | ' | ' | ' | ' |
Common stock issued and related tax benefits | 27,468 | 7 | 27,461 | ' | ' | ' |
Repurchase of common stock (in shares) | ' | -2,354,000 | ' | ' | ' | ' |
Repurchase of common stock | -96,486 | -23 | -36,104 | ' | -60,359 | ' |
Stock-based compensation | 8,643 | ' | 8,643 | ' | ' | ' |
ESOP activity | 9,180 | ' | ' | ' | ' | 9,180 |
Balance at Apr. 26, 2014 | $1,471,664 | $1,040 | ' | $25,370 | $1,531,198 | ($85,944) |
Balance, Share at Apr. 26, 2014 | 103,965,000 | 103,964,886 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Operating activities: | ' | ' | ' |
Net income | $200,612 | $210,272 | $212,815 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 27,113 | 25,720 | 25,254 |
Amortization | 22,873 | 20,282 | 16,955 |
Bad debt expense | 3,220 | 1,119 | 2,445 |
Non-cash employee compensation | 20,018 | 35,202 | 13,371 |
Excess tax benefits from stock-based compensation | -1,290 | -2,487 | -1,371 |
Non-cash charges related to medical divestitures | 13,842 | ' | ' |
Deferred income taxes | 7,765 | 7,049 | 89 |
Change in assets and liabilities net of acquired: | ' | ' | ' |
Decrease (increase) in receivables | -50,756 | 17,226 | 468 |
Decrease (increase) in inventory | -36,019 | -39,096 | 16,859 |
(Decrease) increase in accounts payable | 12,345 | 41,347 | -6,847 |
(Decrease) increase in accrued liabilities | 14,125 | -21,767 | 37,948 |
Decrease (increase) in long-term receivables | -5,108 | 27 | -1,766 |
Other changes from operating activities, net | -32,904 | 4,301 | 4,938 |
Net cash provided by operating activities | 195,836 | 299,195 | 321,158 |
Investing activities: | ' | ' | ' |
Additions to property and equipment, net of acquisitions | -40,387 | -21,983 | -29,650 |
Acquisitions and equity investments, net of cash | -145,815 | -14,650 | -22,620 |
Proceeds from sale | 6,546 | ' | ' |
Purchase of investment | -99,672 | ' | ' |
Other investing activities | -4,436 | 6,595 | ' |
Net cash used in investing activities | -283,764 | -30,038 | -52,270 |
Financing activities: | ' | ' | ' |
Dividends paid | -85,657 | -43,767 | -54,741 |
Repurchases of common stock | -96,486 | -179,525 | -362,379 |
ESOP activity | 435 | 1,576 | 931 |
Common stock issued, net | 20,217 | 13,131 | 13,621 |
Retirement of long term debt | ' | -125,000 | ' |
Debt issuance cost | ' | ' | -1,862 |
Payment to revolver | -135,000 | ' | -20,000 |
Draw on revolver | 135,000 | ' | 20,000 |
Proceeds from issuance of long-term debt | ' | ' | 325,000 |
Excess tax benefits from stock-based compensation | 1,290 | 2,487 | 1,371 |
Net cash used in financing activities | -160,201 | -331,098 | -78,059 |
Effect of exchange rate changes on cash | 7,809 | -6,612 | -5,713 |
Net (decrease) increase in cash and cash equivalents | -240,320 | -68,553 | 185,116 |
Cash and cash equivalents at beginning of period | 505,228 | 573,781 | 388,665 |
Cash and cash equivalents at end of period | 264,908 | 505,228 | 573,781 |
Supplemental disclosures: | ' | ' | ' |
Income taxes paid | 108,374 | 124,146 | 81,959 |
Interest paid | 34,933 | 35,965 | 24,868 |
Repurchases of common stock with liability due to broker | ' | $2,707 | $475 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||
Description of Business | |||||||||||||
Patterson Companies, Inc., (referred to herein as “Patterson” or in the first person notations “we,” “our,” and “us”) is a value-added distributor serving the North American dental supply, U.S. and U.K. veterinarian supply and the worldwide rehabilitation and assistive products supply market. Patterson Companies has three reportable segments: dental supply, veterinary supply and rehabilitation supply. | |||||||||||||
Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of our wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The respective assets of PDC Funding Company, LLC and PDC Funding Company II, LLC, would be available first and foremost to satisfy the claims of their respective creditors. There are no known creditors of PDC Funding Company, LLC or PDC Funding Company II, LLC. | |||||||||||||
Fiscal Year End | |||||||||||||
We utilize a fifty-two, fifty-three week fiscal year ending on the last Saturday in April. Accordingly, fiscal years 2014, 2013 and 2012 included fifty-two weeks. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash equivalents consist primarily of investments in money market funds and government securities. The maturity of these securities at the time of purchase is 90 days or less. All cash and cash equivalents are classified as available-for-sale and carried at fair value, which approximates cost. | |||||||||||||
Inventory | |||||||||||||
Inventory consists of merchandise held for sale and is stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for all inventories, except for foreign inventories and manufactured inventories, which are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO represent 75% and 83% of total inventories at April 26, 2014 and April 27, 2013, respectively. | |||||||||||||
The accumulated LIFO reserve was $74,607 at April 26, 2014 and $70,415 at April 27, 2013. We believe that inventory replacement cost exceeds the inventory balance by an amount approximating the LIFO reserve. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Depreciation is calculated on the straight-line method over estimated useful lives of up to 39 years for buildings or the expected remaining life of purchased buildings, the term of the lease for leasehold improvements, 3 years for laptops, 5 years for data processing equipment, and 5 to 10 years for office furniture and equipment. | |||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets | |||||||||||||
Goodwill represents the excess of cost over the fair value of identifiable net assets of businesses acquired. We have three reporting units as of April 26, 2014, which are the same as our reportable segments. Other indefinite-lived intangible assets include copyrights, trade names and trademarks. | |||||||||||||
We evaluate goodwill at least annually using a qualitative assessment to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If we determine that the fair value of the reporting unit may be less than its carrying amount, we evaluate goodwill using a two-step impairment test. Otherwise, we conclude that no impairment is indicated and we do not perform the two-step impairment test. | |||||||||||||
The first step of the goodwill impairment test compares the book value of a reporting unit, including goodwill, with its fair value, as determined primarily by its discounted cash flows. If the book value of a reporting unit exceeds its fair value, the second step of the impairment test is performed to determine the amount of goodwill impairment loss to be recorded. The determination of fair value involves uncertainties because it requires management to make assumptions and to apply judgment to estimate industry and economic factors and the profitability of future business strategies. Patterson conducts impairment testing based on current business strategy in light of present industry and economic conditions, as well as future expectations. Additionally, in assessing goodwill for impairment, the reasonableness of the implied control premium is considered based on market capitalizations and recent market transactions. | |||||||||||||
Other indefinite-lived intangible assets are assessed for impairment by comparing the carrying value of an asset with its fair value. If the carrying value exceeds fair value, an impairment loss is recognized in an amount equal to the excess. The determination of fair value involves assumptions, including projected revenues and gross profit levels, as well as consideration of any factors that may indicate potential impairment. | |||||||||||||
In the fourth quarter of fiscal 2014, management completed its annual goodwill and other indefinite-lived intangible asset impairment tests and determined there was no impairment. Although we believe estimates and assumptions used in estimating cash flows and determining fair value are reasonable, making material changes to such estimates and assumptions could materially affect such impairment analyses and financial results, including an impairment charge that could be material. | |||||||||||||
The medical reporting unit was evaluated using a quantitative assessment for impairment testing. This reporting unit has a higher level of sensitivity to impairment as management currently assesses the various estimates and assumptions used to conduct these tests. A significant reduction in these assumptions from further softening in medical utilizations in the U.S. or more severe austerity measures in the United Kingdom could cause us to recognize a material impairment charge on this reporting unit. At April 26, 2014, the estimated fair value of this reporting unit exceeded its book value by approximately 6%. | |||||||||||||
Long-Lived Assets | |||||||||||||
Long-lived assets, including definite-lived intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows derived from such assets. Our definite-lived intangible assets primarily consist of an exclusive distribution agreement and customer lists. When impairment exists, the related assets are written down to fair value. No impairment was recognized in the periods presented. | |||||||||||||
Financial Instruments | |||||||||||||
We account for derivative financial instruments under the provisions of Accounting Standard Codification Topic 815, “Derivatives and Hedging.” Our use of derivative financial instruments is generally limited to managing well-defined interest rate risks. Patterson does not use financial instruments or derivatives for any trading purposes. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenues are generated from the sale of consumable products, equipment, software products and services, technical service parts and labor, freight and delivery charges, and other sources. Revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and there is reasonable assurance of collection of the sale. Estimates for returns, damaged goods, rebates, loyalty programs and other revenue allowances are made at the time the revenue is recognized based on the historical experience for such items. In addition to revenues generated from the distribution of consumable products under conventional arrangements (buy/sell agreements) where the full market value of the product is recorded as revenue, the veterinary segment may earn a small amount of commission income for services provided under agency agreements with certain pharmaceutical manufacturers. The services generally consist of detailing the product and taking the customer’s order. The agency agreement contrasts to a buy/sell agreement in that the veterinary segment does not purchase and handle the product or bill and collect from the customer in an agency relationship with a vendor. | |||||||||||||
Consumable product sales are recorded upon delivery, except in those circumstances where terms of the sale are FOB shipping point. Commissions under agency agreements are recorded when the services are provided. | |||||||||||||
Equipment and software product revenues are recognized upon delivery and, if necessary, installation. In those circumstances where terms of the sale are FOB shipping point, revenues are recognized when products are transferred to the shipping carrier. Revenue derived from post contract customer support for software is deferred and recognized ratably over the period in which the support is provided. Patterson provides financing for select equipment and software sales. Revenue is recorded at the present value of the finance contract, with discount, if any, and interest income recognized over the life of the finance contract as “other income”. See Note 6 to the Consolidated Financial Statements, for more information regarding customer financing. | |||||||||||||
Other revenue, including freight and delivery charges and technical service parts and labor, is recognized when the related product revenue is recognized or when the product or services are provided to the customer. | |||||||||||||
The receivables that result from the recognition of revenue are reported net of the related allowances discussed above. Patterson maintains a valuation allowance based upon the expected collectability of receivables held. Estimates are used to determine the valuation allowance and are based on several factors, including historical collection data, economic trends and credit worthiness of customers. Receivables are written off when we determine the amounts to be uncollectible, typically upon customer bankruptcy or non-response to continuous collection efforts. The portions of receivable amounts that are not expected to be collected during the next twelve months are classified as long-term. | |||||||||||||
Patterson has a relatively large, dispersed customer base and no single customer accounts for more than 2% of consolidated net sales. In addition, the equipment sold to customers under finance contracts generally serves as collateral for the contract and the customer provides a personal guarantee as well. | |||||||||||||
Patterson Advantage Loyalty Program | |||||||||||||
The Dental segment provides a point-based awards program to qualifying customers involving the issuance of “Patterson Advantage dollars” which can be used toward equipment and technology purchases. The program was initiated on January 1, 2009 and runs on a calendar year schedule. Patterson Advantage dollars earned during a program year expire one year after the end of the program year. The cost and corresponding liability associated with the program are recognized as contra-revenue in accordance with ASC Topic 605-50, “Revenue Recognition-Customer Payments and Incentives.” As of April 26, 2014, we believe we have sufficient experience with the program to reasonably estimate the amount of Patterson Advantage dollars that will not be redeemed and thus have recorded a liability for 87% of the maximum potential amount that could be redeemed. We use the redemption recognition method and we recognize the estimated value of unused Advantage dollars as a percentage of Patterson Advantage dollars earned. Breakage recognized was immaterial to all periods presented. | |||||||||||||
Freight and Delivery Charges | |||||||||||||
Freight and delivery charges are included in “cost of sales”. | |||||||||||||
Advertising | |||||||||||||
We expense all advertising and promotional costs as incurred, except for direct marketing expenses, which are expensed over the shorter of the life of the asset or one year. Total advertising and promotional expenses were $18,263, $19,721 and $18,811 for fiscal years 2014, 2013, and 2012, respectively. Deferred direct-marketing expenses included in prepaid and other current assets on the consolidated balance sheet as of April 26, 2014, and April 27, 2013 were $2,031 and $1,845, respectively. | |||||||||||||
Income Taxes | |||||||||||||
The liability method is used to account for income tax expense. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. | |||||||||||||
Valuation allowances are established for deferred tax assets if, after assessment of available positive and negative evidence, it is more likely than not that the deferred tax asset will not be fully realized. | |||||||||||||
Employee Stock Ownership Plan (ESOP) | |||||||||||||
Compensation expense related to our defined contribution ESOP is computed based on the shares allocated method. | |||||||||||||
Self-insurance | |||||||||||||
Patterson is self-insured for certain losses related to general liability, product liability, automobile, workers’ compensation and medical claims. We estimate our liabilities based upon an analysis of historical data and actuarial estimates. While current estimates are believed reasonable based on information currently available, actual results could differ and affect financial results due to changes in the amount or frequency of claims, medical cost inflation or other factors. Historically, actual results related to these types of claims have not varied significantly from estimated amounts. | |||||||||||||
Stock-based Compensation | |||||||||||||
We recognize stock-based compensation expense based on the grant-date fair value of awards estimated in accordance with ASC Topic 718, “Stock Compensation”. | |||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income is computed as net income plus 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. 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 amount of basic earnings per share is computed by dividing net income by the weighted average number of outstanding common shares during the period. The amount of diluted earnings per share is computed by dividing net income by the weighted average number of outstanding common shares and common share equivalents, when dilutive, during the period. | |||||||||||||
The following table sets forth the denominator for the computation of basic and diluted earnings per share. There were no material adjustments to the numerator. | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 100,727 | 103,030 | 110,121 | ||||||||||
Effect of dilutive securities – stock options, restricted stock and stock purchase plans | 916 | 777 | 725 | ||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares | 101,643 | 103,807 | 110,846 | ||||||||||
Options to purchase 39, 362 and 520 shares of common stock during fiscal years 2014, 2013 and 2012, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. Unvested restricted stock awards outstanding which were excluded from the calculation of diluted earnings per share during fiscal years 2014, 2013 and 2012 were 0, 0 and 140, respectively, because the effect would have been anti-dilutive. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. We are evaluating the new standard, but do not, at this time, anticipate a material impact to the financial statements once implemented. | |||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under this standard, entities will be required to disclose additional information with respect to changes in accumulated other comprehensive income (AOCI) balances by component and significant items reclassified out of AOCI. Expanded disclosures for presentation of changes in AOCI involve disaggregating the total change of each component of other comprehensive income as well as presenting separately for each such component the portion of the change in AOCI related to (1) amounts reclassified into income and (2) current-period other comprehensive income. Additionally, for amounts reclassified into income, disclosure in one location would be required, based upon each specific AOCI component, of the amounts impacting individual income statement line items. Disclosure of the income statement line item impacts will be required only for components of AOCI reclassified into income in their entirety. The disclosures required with respect to income statement line item impacts would be made in either the notes to the consolidated financial statements or parenthetically on the face of the financial statements. For Patterson, this ASU was effective beginning January 27, 2013. Because this standard only impacts presentation and disclosure requirements, its adoption did not have a material impact on our consolidated results of operations or financial condition. | |||||||||||||
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. |
Cash_and_cash_equivalents
Cash and cash equivalents | 12 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||
Cash and cash equivalents | ' | ||||||||
2. Cash and cash equivalents | |||||||||
At April 26, 2014 and April 27, 2013, cash and cash equivalents consisted of the following: | |||||||||
April 26, | April 27, | ||||||||
2014 | 2013 | ||||||||
Cash on hand | $ | 213,397 | $ | 222,609 | |||||
Money market funds | 51,511 | 282,619 | |||||||
Total | $ | 264,908 | $ | 505,228 | |||||
Cash on hand is generally in interest earning accounts. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
3. Goodwill and Other Intangible Assets | |||||||||||||||||
The changes in the carrying value of goodwill for each of our reportable segments for the fiscal year ended April 26, 2014 are as follows: | |||||||||||||||||
Balance at | Acquisition | Other | Balance at | ||||||||||||||
April 27, 2013 | Activity | Activity | April 26, 2014 | ||||||||||||||
Dental supply | $ | 137,867 | $ | 649 | $ | (1,053 | ) | $ | 137,463 | ||||||||
Rehabilitation supply | 549,020 | — | (4,013 | ) | 545,007 | ||||||||||||
Veterinary supply | 136,853 | 23,374 | 1,736 | 161,963 | |||||||||||||
Total | $ | 823,740 | $ | 24,023 | $ | (3,330 | ) | $ | 844,433 | ||||||||
The increase in the acquisition activity column during the twelve-month period ended April 26, 2014 primarily reflects the purchase price allocation for the Dental segment acquisition of Mercer Mastery and the Veterinary segment acquisition of National Veterinary Supply, which were acquired in fiscal 2014. The other activity column is comprised primarily of earn-out payments made related to acquisitions completed prior to the adoption of the guidance in ASC 805, foreign currency translation, and allocations of amounts of goodwill to assets that were sold. | |||||||||||||||||
Other intangible assets acquired in the acquisitions in fiscal 2014 had a fair value of approximately $45.8 and a weighted average useful life of 10 years. | |||||||||||||||||
Balances of other intangible assets excluding goodwill are as follows: | |||||||||||||||||
April 26, | April 27, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unamortized – indefinite lived: | |||||||||||||||||
Copyrights, trade names and trademarks | $ | 76,464 | $ | 76,464 | |||||||||||||
Amortized: | |||||||||||||||||
Distribution agreement, customer lists and other | 286,365 | 235,781 | |||||||||||||||
Less: Accumulated amortization | (139,67 | ) | (115,589 | ) | |||||||||||||
Net amortized intangible assets | 146,686 | 120,192 | |||||||||||||||
Total identifiable intangible assets, net | $ | 223,150 | $ | 196,656 | |||||||||||||
In 2006, we extended our exclusive North American distribution agreement with Sirona Dental Systems GmbH (“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 10-year period 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 early 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 $25,315, $26,275 $28,231, $13,391 and $4,128 for fiscal years 2015, 2016, 2017, 2018 and 2019, respectively. The preceding expected amortization expense is an estimate. 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. |
Acquisitions_and_Equity_Invest
Acquisitions and Equity Investments | 12 Months Ended | ||||
Apr. 26, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions and Equity Investments | ' | ||||
4. Acquisitions and Equity Investments | |||||
We completed acquisitions during fiscal years 2014, 2013 and 2012. The operating results of each of these acquisitions are included in our consolidated statements of income from the date of each acquisition. Pro forma results of operations and details of the purchase price allocations have not been presented for these acquisitions, with the exception of NVS presented below, as the effects of these business acquisitions were not material either individually or in the aggregate. A listing of acquisitions completed during the periods covered by these financial statements is presented below. We acquired 100% of all companies listed below: | |||||
Entity | Segment | ||||
Fiscal 2014: | |||||
Mercer Mastery | Dental supply | ||||
National Veterinary Supply | Veterinary supply | ||||
Fiscal 2013: | |||||
Iowa Dental Supply | Dental supply | ||||
Universal Vaporizer Support | Veterinary supply | ||||
Fiscal 2012: | |||||
American Veterinarian Supply Corp. | Veterinary supply | ||||
Surgical Synergies Pty Ltd. | Rehabilitation supply | ||||
Orthoplast | Rehabilitation supply | ||||
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 was accounted for as a business combination using the acquisition method. We have estimated the acquisition date fair values of the assets acquired and liabilities assumed, using independent appraisals, other analyses and have determined final working capital adjustments. Therefore, an 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 | $ | 113,037 | |||
Inventory | 45,785 | ||||
Prepaid expenses and other current assets | 1,187 | ||||
Property, plant and equipment | 2,622 | ||||
Goodwill | 23,374 | ||||
Identifiable intangibles | 45,337 | ||||
Accounts payable | (79,916 | ) | |||
Others accrued liabilities | (8,733 | ) | |||
Purchase price | $ | 142,693 | |||
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. | |||||
We recognized $675 of transaction costs related to the NVS acquisition through fiscal year 2014, and the charges were reported in operating expense in the Condensed Consolidated Statement of Income. | |||||
Operating results for this acquisition have been included in our 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 $419,340 to the segment during fiscal year 2014. Pro forma results are not presented, as the acquisition is not considered material to our Company. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
5. Property and Equipment | |||||||||
Property and equipment consisted of the following items: | |||||||||
April 26, | April 27, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 14,925 | $ | 14,811 | |||||
Buildings | 129,360 | 127,364 | |||||||
Leasehold improvements | 18,295 | 16,751 | |||||||
Furniture and equipment | 152,899 | 139,261 | |||||||
Data processing equipment | 109,580 | 98,117 | |||||||
Construction-in-progress | 18,110 | 5,594 | |||||||
443,169 | 401,898 | ||||||||
Accumulated depreciation | (238,230 | ) | (209,878 | ) | |||||
Property and equipment, net | $ | 204,939 | $ | 192,020 | |||||
Customer_Financing
Customer Financing | 12 Months Ended |
Apr. 26, 2014 | |
Text Block [Abstract] | ' |
Customer Financing | ' |
6. 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 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 9% of the proceeds are held by the conduit as security against eventual performance of the portfolio. The amount held by the conduit can be greater than 9% and is based upon certain ratios defined in the agreement. The capacity under the agreement at April 26, 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 the proceeds of the contracts upon sale. At least 10% of the proceeds are held by the conduit as security against eventual performance of the portfolio. The amount held by the conduit can be greater than 10% and is based upon certain ratios defined in the agreement. The capacity under the agreement at April 26, 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 fiscal 2014, 2013 and 2012, we sold approximately $282,698, $283,175 and $287,627, 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 April 26, 2014. | |
Included in cash and cash equivalents in the consolidated balance sheets are approximately $28,152 and $34,260 as of April 26, 2014 and April 27, 2013, 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 consolidated balance sheets are approximately $63,236, net of unearned income of $5,894, and $64,272, net of unearned income of $1,586, as of April 26, 2014 and April 27, 2013, respectively, of finance contracts not yet sold by Patterson. A total of $496,906 of finance contracts receivable sold under the agreements was outstanding at April 26, 2014. The deferred purchase price under the arrangements was approximately $84,750 and $72,328 as of April 26, 2014 and April 27, 2013, respectively. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than one-percent of the loans originated. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
7. Long-Term Debt | |||||||||
Expected future minimum principal payments under our debt obligations are as follows: $250,000 in fiscal 2015 (which we have both the intent and ability to refinance at that time, therefore we have classified this balance as long term debt on the balance sheet as of April 26, 2014), $150,000 in fiscal 2018, $60,000 in fiscal 2019 and $265,000 in years thereafter. | |||||||||
In March 2008, Patterson issued fixed-rate senior notes with an aggregate principal amount of $450,000, consisting of (i) $50,000 4.63% senior notes, paid in fiscal 2013; (ii) $250,000 5.17% senior notes, due fiscal 2015; and (iii) $150,000 5.75% senior notes, due fiscal 2018. | |||||||||
Also in March 2008, we entered into a term loan agreement with a group of banks in the principal amount of $75,000, which was paid in fiscal 2013. The term loan required interest at a floating rate based on LIBOR plus a spread that ranged from 0.50% to 1.25% based on our leverage ratio, as defined in the agreement. | |||||||||
In December 2011, we issued fixed-rate senior notes with an aggregate principal amount of $325,000, consisting of (i) $60,000 2.95% senior notes, due fiscal 2019; (ii) $165,000 3.59% senior notes, due fiscal 2022; and (iii) $100,000 3.74% senior notes, due fiscal 2024. | |||||||||
A portion of the proceeds from the issuance of debt in December 2011 was used to repurchase shares of our common stock and to repay borrowings under our revolving line of credit. The remaining proceeds are intended to be used for general corporate purposes. Debt issuance costs associated with the issuance of debt in March 2008 of $1,800 and in December 2011 of $1,800 are being amortized to interest expense over the life of the related debt. | |||||||||
In addition, in March 2008 we entered into two forward starting interest rate swap agreements, each with notional amounts of $100,000 and accounted for as cash flow hedges, to hedge interest rate fluctuations in anticipation of the issuance of the 5.17% senior notes due fiscal 2015 and the 5.75% senior notes due fiscal 2018, respectively. Upon issuance of the hedged debt, Patterson settled the forward starting interest rate swap agreements and recorded a $1,000 increase, net of income taxes, to other comprehensive income, which is being amortized against interest expense over the life of the related debt. The pre-tax amount reclassified into earnings during fiscal years 2014, 2013 and 2012 was $200. The amount expected to be reclassified into earnings during fiscal 2015 is also expected to be $200. | |||||||||
Patterson has available a $300,000 revolving credit facility through December 2016. Interest on borrowings is based on LIBOR plus a spread which can range from 1.125% to 1.875%. 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 agreement. There were no outstanding borrowings under the facility at April 26, 2014 or April 27, 2013. | |||||||||
The debt agreements contain various financial covenants including certain leverage and interest coverage ratios as defined in the agreements. Patterson met the financial and nonfinancial covenants under the debt agreements as of April 26, 2014. | |||||||||
Patterson’s debt consists of the following: | |||||||||
April 26, 2014 | April 27, 2013 | ||||||||
5.17% senior notes due fiscal 2015 | $ | 250,000 | $ | 250,000 | |||||
5.75% senior notes due fiscal 2018 | 150,000 | 150,000 | |||||||
2.95% senior notes due fiscal 2019 | 60,000 | 60,000 | |||||||
3.59% senior notes due fiscal 2022 | 165,000 | 165,000 | |||||||
3.74% senior notes due fiscal 2024 | 100,000 | 100,000 | |||||||
Total debt | 725,000 | 725,000 | |||||||
Less: current debt obligations | — | — | |||||||
Long-term debt | $ | 725,000 | $ | 725,000 | |||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
8. 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 April 26, 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. | |||||||||||||||||||||
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 the Company 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 long term loan for $250,000 and a term of ten years. | |||||||||||||||||||||
The following presents the fair value of interest rate contracts included in the consolidated balance sheets: | |||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||
Classification | Fair Value | Classification | Fair Value | ||||||||||||||||||
Derivative type | April 26, | April 27, | April 26, | April 27, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate contracts | Other noncurrent | $ | 1,716 | $ | 486 | Other noncurrent | $ | 1,720 | $ | 509 | |||||||||||
assets | liabilities | ||||||||||||||||||||
Interest rate swap | Other noncurrent | $ | — | $ | — | Other noncurrent | $ | 5,660 | $ | — | |||||||||||
assets | liabilities | ||||||||||||||||||||
The following presents the effect of interest rate contracts on the consolidated statements of income and other comprehensive income: | |||||||||||||||||||||
Derivative type | Classification of gain (loss) | Gain (loss) | |||||||||||||||||||
recognized on derivative | recognized on derivative | ||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Interest rate contracts | Other income (expense), net | $ | 4 | $ | 78 | $ | 2 | ||||||||||||||
Interest rate swap | Other comprehensive Income | ($ | 5,660 | ) | $ | — | $ | — |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9. 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 April 26, 2014 is as follows: | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 51,511 | $ | 51,511 | $ | — | $ | — | |||||||||
Derivative instruments | 1,716 | — | 1,716 | — | |||||||||||||
Total assets | $ | 53,227 | $ | 51,511 | $ | 1,716 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 7,380 | $ | — | $ | 7,380 | $ | — | |||||||||
Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of April 27, 2013 is as follows: | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
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 approximates 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 inputs such as interest rates and credit spreads. | |||||||||||||||||
Certain assets are measured at fair value on a nonrecurring 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 in fiscal years 2014, 2013 and 2012. | |||||||||||||||||
Patterson’s debt is not measured at fair value in the consolidated balance sheets. The estimated fair value of our debt as of April 26, 2014 and April 27, 2013 was $742,619 and $774,606, respectively. The fair value of debt was measured using a discounted cash flow analysis based on expected market based yields. These are considered to be 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 April 26, 2014 and April 27, 2013. |
Securities
Securities | 12 Months Ended |
Apr. 26, 2014 | |
Investments Debt And Equity Securities [Abstract] | ' |
Securities | ' |
10. 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 as we have both the intent and ability to hold until maturity. They are carried at cost, adjusted for accrued interest and amortization. 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), 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. The U.S. dollar equivalents at April 26, 2014, include $40,775, which is classified as a current asset and will mature within one year, and $58,897, which is classified as a noncurrent asset and will mature within two years. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Apr. 26, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Lease Commitments | ' | ||||
11. Lease Commitments | |||||
Patterson leases facilities for its branch office locations, a few small distribution facilities, and certain equipment. These leases are accounted for as operating leases. Future minimum rental payments under non-cancelable operating leases are as follows at April 26, 2014: | |||||
2015 | $ | 18,981 | |||
2016 | 15,875 | ||||
2017 | 13,429 | ||||
2018 | 10,557 | ||||
2019 | 7,728 | ||||
Thereafter | 10,961 | ||||
Total minimum payments required | $ | 77,531 | |||
Rent expense was $21,290, $22,016 and $20,819 for the years ended April 26, 2014, April 27, 2013 and April 28, 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
12. Income Taxes | |||||||||||||
Significant components of the provision for income taxes are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 84,353 | $ | 80,290 | $ | 89,612 | |||||||
Foreign | 9,667 | 13,471 | 16,726 | ||||||||||
State | 10,515 | 10,035 | 10,570 | ||||||||||
Total current | 104,535 | 103,796 | 116,908 | ||||||||||
Deferred: | |||||||||||||
Federal | 7,501 | 6,667 | 872 | ||||||||||
Foreign | (240 | ) | (963 | ) | (895 | ) | |||||||
State | 504 | 1,345 | 112 | ||||||||||
Total deferred | 7,765 | 7,049 | 89 | ||||||||||
Provision for income taxes | $ | 112,300 | $ | 110,845 | $ | 116,997 | |||||||
Deferred tax assets and liabilities are included in “prepaid expenses” and “other current assets” and in “non-current liabilities” on the balance sheet. Significant components of Patterson’s deferred tax assets (liabilities) as of April 26, 2014 and April 27, 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred current income tax asset (liability): | |||||||||||||
Capital accumulation plan | $ | 5,893 | $ | 5,540 | |||||||||
Inventory related items | 5,512 | 8,170 | |||||||||||
Bad debt allowance | 1,518 | 2,092 | |||||||||||
LIFO reserve | (16,279 | ) | (15,901 | ) | |||||||||
Other | 13,447 | 17,075 | |||||||||||
Deferred net current income tax asset | 10,091 | 16,976 | |||||||||||
Deferred long-term income tax (liability) asset: | |||||||||||||
Amortizable intangibles | (26,590 | ) | (27,934 | ) | |||||||||
Goodwill | (69,613 | ) | (62,911 | ) | |||||||||
Property, plant, equipment | (4,744 | ) | (5,390 | ) | |||||||||
Stock based compensation expense | 8,130 | 9,603 | |||||||||||
Net operating loss carryforwards | 6,848 | 8,070 | |||||||||||
Other | (4,276 | ) | (10,290 | ) | |||||||||
(90,245 | ) | (88,852 | ) | ||||||||||
Valuation allowance | (3,759 | ) | (4,477 | ) | |||||||||
Deferred net long-term income tax liability | (94,004 | ) | (93,329 | ) | |||||||||
Net deferred income tax liability | $ | (83,913 | ) | $ | (76,353 | ) | |||||||
At April 26, 2014, we had foreign net operating loss carryforwards (“NOLs”) of $29,776, the majority of which are attributable to companies outside the U.S. that were acquired in prior years. A valuation allowance has been recorded for a portion of the $6,848 of deferred tax asset resulting from these NOLs because we believe that it is more likely than not that the losses will not be fully utilized due to uncertainties relating to future taxable income from the acquired companies. | |||||||||||||
No provision has been made for U.S. federal income taxes on certain undistributed earnings of foreign subsidiaries that we intend to permanently invest or that may be remitted substantially tax-free. The total undistributed earnings that would be subject to federal income tax if remitted under existing law are approximately $254,540 as of April 26, 2014. Determination of the unrecognized deferred tax liability related to these earnings is not practicable because of the complexities with its hypothetical calculation. If a future distribution of these earnings is made, we will be subject to U.S. taxes and withholding taxes payable to various foreign governments. A credit for foreign taxes already paid would be available to reduce the U.S. tax liability. | |||||||||||||
Income tax expense varies from the amount computed using the U.S. statutory rate. The reasons for this difference and the related tax effects are shown below: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at U.S. statutory rate | $ | 109,519 | $ | 112,391 | $ | 115,434 | |||||||
State tax provision, net of federal benefit | 7,768 | 8,322 | 7,277 | ||||||||||
Effect of foreign taxes | 461 | (4,603 | ) | (3,944 | ) | ||||||||
Permanent differences | (4,843 | ) | (3,439 | ) | (702 | ) | |||||||
Other | (605 | ) | (1,826 | ) | (1,068 | ) | |||||||
$ | 112,300 | $ | 110,845 | $ | 116,997 | ||||||||
We have accounted for the uncertainty in income taxes recognized in the financial statements in accordance with ASC Topic 740, “Income Taxes”. This standard clarifies the separate identification and reporting of estimated amounts that could be assessed upon audit. The potential assessments are considered unrecognized tax benefits, because, if it is ultimately determined they are unnecessary, the reversal of these previously recorded amounts will result in a beneficial impact to our financial statements. | |||||||||||||
As of April 26, 2014 and April 27, 2013, Patterson’s gross unrecognized tax benefits were $19,687 and $19,155, respectively. If determined to be unnecessary, these amounts (net of deferred tax assets of $5,003 and $4,735, respectively, related to the tax deductibility of the gross liabilities) would decrease our effective tax rate. The gross unrecognized tax benefits are included in other long-term liabilities on the consolidated balance sheet. | |||||||||||||
A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended April 26, 2014 and April 27, 2013 are shown below: | |||||||||||||
2014 | 2013 | ||||||||||||
Balances beginning of period | $ | 19,155 | $ | 18,099 | |||||||||
Additions for tax positions related to the current year | 2,801 | 2,568 | |||||||||||
Additions for tax positions of prior years | 1,372 | 1,638 | |||||||||||
Reductions for tax positions of prior years | (893 | ) | (1,135 | ) | |||||||||
Statute expirations | (2,655 | ) | (1,907 | ) | |||||||||
Settlements | (93 | ) | (108 | ) | |||||||||
Balance, end of period | $ | 19,687 | $ | 19,155 | |||||||||
We also recognize both interest and penalties with respect to unrecognized tax benefits as a component of income tax expense. As of April 26, 2014 and April 27, 2013, we had recorded $2,124 and $2,358, respectively, for interest and penalties. These amounts are also included in other long-term liabilities on the consolidated balance sheet. These amounts, net of related deferred tax assets, if determined to be unnecessary, would decrease our effective tax rate. During the year ended April 26, 2014, we recorded as part of tax expense $542 related to our estimated liability for interest and penalties. | |||||||||||||
Patterson files income tax returns, including returns for our subsidiaries, with federal, state, local and foreign jurisdictions. The Internal Revenue Service (“IRS”) has either examined or waived examination for all periods up to and including our fiscal year ended April 24, 2010. Periodically, state, local and foreign income tax returns are examined by various taxing authorities. We do not believe that the outcome of these various examinations would have a material adverse impact on our financial statements. |
Segment_and_Geographic_Data
Segment and Geographic Data | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment and Geographic Data | ' | ||||||||||||
13. Segment and Geographic Data | |||||||||||||
Patterson Companies, Inc. is comprised of three reportable segments: dental supply, veterinary supply, 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 is a leading distributor of veterinary supplies, primarily to companion-pet(dogs, cats and other common household pets) and equine veterinary clinics. They also provide products and services used for the diagnosis, treatment and/or prevention of diseases in companion animals and equine throughout the United States and United Kingdom. The worldwide 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 information 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 cost 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: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
Dental supply | $ | 2,382,096 | $ | 2,379,970 | $ | 2,287,875 | |||||||
Rehabilitation supply | 478,574 | 501,997 | 513,340 | ||||||||||
Veterinary supply | 1,203,045 | 755,245 | 734,446 | ||||||||||
Consolidated net sales | $ | 4,063,715 | $ | 3,637,212 | $ | 3,535,661 | |||||||
Operating income | |||||||||||||
Dental supply | $ | 249,138 | $ | 247,747 | $ | 246,755 | |||||||
Rehabilitation supply | 46,763 | 65,027 | 72,442 | ||||||||||
Veterinary supply | 49,855 | 41,681 | 38,812 | ||||||||||
Consolidated operating income | $ | 345,756 | $ | 354,455 | $ | 358,009 | |||||||
Depreciation and amortization | |||||||||||||
Dental supply | $ | 35,209 | $ | 34,953 | $ | 31,375 | |||||||
Rehabilitation supply | 7,540 | 7,683 | 7,472 | ||||||||||
Veterinary supply | 7,237 | 3,366 | 3,362 | ||||||||||
Consolidated depreciation and amortization | $ | 49,986 | $ | 46,002 | $ | 42,209 | |||||||
Total assets | |||||||||||||
Dental supply | $ | 1,342,333 | $ | 1,442,667 | $ | 1,502,672 | |||||||
Rehabilitation supply | 876,211 | 881,323 | 883,287 | ||||||||||
Veterinary supply | 646,133 | 357,788 | 353,409 | ||||||||||
Consolidated total assets | $ | 2,864,677 | $ | 2,681,778 | $ | 2,739,368 | |||||||
The following table presents sales information by product for Patterson and its reportable segments: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Consolidated | |||||||||||||
Consumable and printed products | $ | 2,776,765 | $ | 2,343,407 | $ | 2,312,309 | |||||||
Equipment and software | 973,814 | 993,767 | 930,601 | ||||||||||
Other | 313,136 | 300,038 | 292,751 | ||||||||||
Total | $ | 4,063,715 | $ | 3,637,212 | $ | 3,535,661 | |||||||
Dental supply | |||||||||||||
Consumable and printed products | $ | 1,289,652 | $ | 1,273,222 | $ | 1,263,515 | |||||||
Equipment and software | 828,858 | 843,880 | 768,633 | ||||||||||
Other | 263,586 | 262,868 | 255,727 | ||||||||||
Total | $ | 2,382,096 | $ | 2,379,970 | $ | 2,287,875 | |||||||
Rehabilitation supply | |||||||||||||
Consumable and printed products | $ | 352,181 | $ | 361,164 | $ | 363,004 | |||||||
Equipment and software | 100,936 | 114,818 | 123,649 | ||||||||||
Other | 25,457 | 26,015 | 26,687 | ||||||||||
Total | $ | 478,574 | $ | 501,997 | $ | 513,340 | |||||||
Veterinary supply | |||||||||||||
Consumable and printed products | $ | 1,134,932 | $ | 709,021 | $ | 685,790 | |||||||
Equipment and software | 44,020 | 35,069 | 38,319 | ||||||||||
Other | 24,093 | 11,155 | 10,337 | ||||||||||
Total | $ | 1,203,045 | $ | 755,245 | $ | 734,446 | |||||||
The following table presents information about Patterson by geographic area. No individual country, except for the United States, generated sales greater than 10% of consolidated net sales. There were no material sales between geographic areas. | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
United States | $ | 3,265,939 | $ | 3,211,979 | $ | 3,104,047 | |||||||
International | 797,776 | 425,233 | 431,614 | ||||||||||
Total | $ | 4,063,715 | $ | 3,637,212 | $ | 3,535,661 | |||||||
Income before tax | |||||||||||||
United States | $ | 289,037 | $ | 273,037 | $ | 273,314 | |||||||
International | 23,875 | 48,080 | 56,498 | ||||||||||
Total | $ | 312,912 | $ | 321,117 | $ | 329,812 | |||||||
Long-lived assets | |||||||||||||
United States | $ | 1,235,830 | $ | 1,176,815 | $ | 1,192,437 | |||||||
International | 213,130 | 143,627 | 143,418 | ||||||||||
Total | $ | 1,448,960 | $ | 1,320,442 | $ | 1,335,855 | |||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
14. Stockholders’ Equity | |||||||||||||||||
Dividends | |||||||||||||||||
The following table presents our declared and paid cash dividends per share on our common stock for the past three years. The dividend declared in the fourth quarter of fiscal 2013 was paid early in the subsequent quarter; all other dividends were declared and paid in the same period. Patterson expects to continue paying a quarterly cash dividend into the foreseeable future. | |||||||||||||||||
Period | |||||||||||||||||
Fiscal year | 1 | 2 | 3 | 4 | |||||||||||||
2014 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.2 | |||||||||
2013 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.16 | |||||||||
2012 | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.14 | |||||||||
Share Repurchases | |||||||||||||||||
During fiscal 2014, we repurchased and retired 2,354,000 shares of our common stock for $96,486, or an average of $40.99 per share. During fiscal 2013, we repurchased and retired 5,224,017 shares of our common stock for $181,756, or an average of $34.79 per share. During fiscal 2012, Patterson repurchased and retired 11,954,257 shares of our common stock for $361,047, or an average of $30.20 per share. | |||||||||||||||||
In December 2007, Patterson’s Board of Directors expanded a share repurchase program to allow for the purchase of up to 25 million shares of common stock in open market transactions. As of March 2011, approximately 20.5 million shares had been repurchased under this authorization. At that time, the Board of Directors cancelled and replaced the existing share repurchase program with a new authorization to repurchase an additional 25 million share of common stock. This program was due to expire on March 15, 2016. On March 19, 2013, Patterson’s Board of Directors approved a new share repurchase plan that replaced the existing plan. Under the current plan, up to 25 million shares may be repurchased in open market transactions through March 19, 2018. As of April 26, 2014, 22.0 million shares remain available under the current repurchase authorization. | |||||||||||||||||
Employee Stock Ownership Plan (ESOP) | |||||||||||||||||
During 1990, Patterson’s Board of Directors adopted a leveraged ESOP. In fiscal 1991, under the provisions of the plan and related financing arrangements, Patterson loaned the ESOP $22,000 (the “1990 note”) for the purpose of acquiring its then outstanding preferred stock which was subsequently converted to common stock. The Board of Directors determines the contribution from the Company to the ESOP annually. The contribution is used to retire a portion of the debt, which triggers a release of shares that are then allocated to the employee participants. Shares of stock acquired by the plan are allocated to each participant who has completed 1,000 hours of service during the plan year. The shares under the 1990 note were grandfathered from the accounting provisions of ASC Topic 718-40, “Employer Stock Ownership Plans” (“ASC 718-40”) and therefore the provisions of the former Accounting Practices for Certain Employee Stock Ownership Plans (“SOP 76-3”) apply. Accordingly, the expense recognized when these shares were released and allocated to participants was based on the original cost to acquire the shares. In fiscal 2011, the final payment on the 1990 note was made and all remaining shares were released for allocation to participants. During fiscal 2011 shares secured by the 1990 note with an aggregate cost of $1,635 were committed for release and allocated to ESOP participants. | |||||||||||||||||
In fiscal 2002, Patterson’s ESOP and an ESOP sponsored by the Thompson Dental Company (“Thompson”) were used to facilitate the acquisition and merger of Thompson into Patterson. The net result of this transaction was an additional loan of $12,612 being made to the ESOP and the ESOP acquiring 665,978 shares of common stock. These shares are accounted for under ASC 718-40 and accordingly these shares are not considered outstanding for the computation of earnings per share until the shares are committed for release to the participants. When the shares are committed for release and allocated to the participants, the expense to Patterson is determined based on current fair value. The loan bears interest at current rates but principal did not begin to amortize until fiscal 2012. Beginning in fiscal 2012 and through fiscal 2020, an annual payment of $200 plus interest is due and in fiscal 2020, a final payment of any outstanding principal and interest balance is due. Prepayments of principal can be made at any time without penalty. Of the 665,978 shares issued in the transaction, 97,810 were previously allocated to Thompson employees. The remaining 568,168 shares began to be allocated in fiscal 2004 as interest was paid on the loan. During fiscal 2014, 2013 and 2012, shares secured by the Thompson note with an aggregate fair value of $373, $363 and $298, respectively, were committed for release and allocated to ESOP participants. | |||||||||||||||||
On September 11, 2006, we entered into a third loan agreement with the ESOP and loaned $105,000 (the “2006 note”) for the sole purpose of enabling the ESOP to purchase shares of our common stock. The ESOP purchased 3,159,645 shares with the proceeds from the 2006 note. These shares are also accounted for under ASC 718-40. Interest on the unpaid principal balance accrues at a rate equal to six-month LIBOR, with the rate resetting semi-annually. Interest payments were not required during the period from and including September 11, 2006 through April 30, 2010. On April 30, 2010, accrued and unpaid interest was added to the outstanding principal balance under the note, with interest thereafter accruing on the increased principal amount. Unpaid interest accruing after April 30, 2010 is due and payable on each successive April 30 occurring through September 10, 2026. No principal payments are due until September 10, 2026; however, prepayments can be made without penalty. During fiscal 2014 and 2013, shares secured by the 2006 note with aggregate fair values of $10,959 and $20,214, respectively, were committed for release and allocated to ESOP participants. In fiscal 2012, Patterson contributed $23,639 to the ESOP, which then purchased 844,325 shares for allocation to the participants. No shares secured by the 2006 note were released prior to fiscal 2011. | |||||||||||||||||
At April 26, 2014, a total of 13,851,147 shares of common stock that have been allocated to participants remained in the ESOP and had a fair market value of $566,650. Related to the shares from the Thompson transaction, committed-to-be-released shares were 9,197 and suspense shares were 454,092. Finally, with respect to the 2006 note, committed-to-be-released shares were 270,117 and suspense shares were 2,282,877. | |||||||||||||||||
We anticipate the allocation of the remaining suspense, or unearned, shares to occur over a period of approximately 5 to 10 years. As of April 26, 2014, the fair value of all unearned shares held by the ESOP was approximately $111,969. We will recognize an income tax deduction as the unearned ESOP shares are released. Such deductions will be limited to the ESOP’s original cost to acquire the shares. | |||||||||||||||||
Dividends on allocated shares are passed through to the ESOP participants. Dividends on unallocated shares are used by the ESOP to make debt service payments on the notes due to Patterson. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Stock-based Compensation | ' | ||||||||||||
15. Stock-based Compensation | |||||||||||||
The consolidated statements of income for fiscal years 2014, 2013 and 2012 include pre-tax stock-based compensation expense of $8,686 ($5,896 after-tax), $14,625 ($9,452 after-tax), and $12,615 ($8,441 after-tax), respectively, recorded in accordance with the provisions of ASC Topic 718, “Stock Compensation”. All pre-tax expense is included in operating expenses within the consolidated statements of income. The consolidated statement of cash flows presents the pre-tax stock-based compensation expense as an adjustment to reconcile net income to net cash provided by operating activities. In addition, benefits associated with tax deductions in excess of recognized compensation expense are presented as a cash inflow from financing activities. For fiscal years 2014, 2013 and 2012, these excess benefits totaled $1,290, $2,487, and $1,371, respectively. | |||||||||||||
As of April 26, 2014, the total compensation cost, before income taxes, related to non-vested awards yet to be recognized was $29,400, and it is expected to be recognized over a weighted average period of approximately 5.1 years. | |||||||||||||
Description of General Methods and Assumptions Used to Estimate Fair Value | |||||||||||||
The following describes certain methods and assumptions used to estimate the fair value of stock-based compensation awards. Further information is presented below within this Note that may be unique to a particular award or group of awards. | |||||||||||||
Expected dividend yield – Patterson’s initial quarterly dividend occurred in the fourth quarter of fiscal 2010. Accordingly, the expected dividend yield used had been 0% for awards issued prior to that time. For awards issued since, Patterson has included an expected dividend yield based on estimates as of the grant date of awards. | |||||||||||||
Expected stock price volatility – We have considered historical volatility trends, implied future volatility based on certain traded options and other factors. | |||||||||||||
Risk-free interest rate –We base the risk-free interest rate on the U.S. Treasury yield curve in effect at the grant date with similar terms to the expected term of the award. | |||||||||||||
Expected term of stock options and restricted stock – We estimate the expected term, or life, of awards based on several factors, including grantee types, vesting schedules, contractual terms and various factors surrounding exercise behavior of different groups. | |||||||||||||
Director and Employee Stock Option Plans | |||||||||||||
In June 1992, we adopted a Director Stock Option Plan. Options were granted at the fair market value of the underlying stock on the date of grant, vested over one year, and were exercisable for a period of four years commencing one year after the date of grant. | |||||||||||||
In September 2001, we adopted a new Director Stock Option Plan. A total of 800,000 shares of common stock have been reserved for issuance under this plan. Options are granted at fair market value of the underlying stock on the option grant date, vest over one year, and are exercisable for a period of nine years commencing one year after the grant date. | |||||||||||||
In June 1992, we adopted the Patterson Dental Company 1992 Stock Option Plan, a plan for employees. Due to the expiration of this plan in fiscal 2003, no options remain available for future issuance under this plan. In September 2002, we adopted a new employee equity award plan. A total of 6,000,000 shares of common stock were reserved for issuance under the plan. In September 2004, our shareholders voted to approve the Amended and Restated 2002 Stock Option Plan, a restatement of the 2002 plan. Upon approval, the Plan was renamed the “Patterson Companies, Inc. Equity Incentive Plan” (“Equity Incentive Plan”). | |||||||||||||
The Equity Incentive Plan amendments did not change the number of shares reserved for awards under the plan. The Equity Incentive Plan authorizes various award types to be issued under the plan, including stock options, restricted stock and restricted stock units, stock bonuses, cash bonuses, stock appreciation rights, performance awards and dividend equivalents. Awards may have a term no longer than ten years and vesting terms are determined by the compensation committee of the Board of Directors. The minimum restriction period for restricted stock and restricted stock units is three years, or one year in the case of performance-based awards. Additionally, a plan amendment in September 2010 increased the maximum number of shares that may be issued pursuant to awards of restricted stock, restricted stock awards and stock bonuses from 2,000,000 shares to 6,000,000 shares. Prior to fiscal 2006, only stock option awards had been granted under the Equity Incentive Plan. During fiscal years 2014, 2013 and 2012, expense recognized related to stock options was $768, $1,175, and $1,553, respectively. | |||||||||||||
The fair value of stock options granted was estimated as of the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions during fiscal years 2014, 2013 and 2012: | |||||||||||||
April 26, | April 27, | April 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.8 | % | 1.6 | % | 1.5 | % | |||||||
Expected stock price volatility | 30 | % | 30.6 | % | 33 | % | |||||||
Risk-free interest rate | 1.5 | % | 1.4 | % | 2.5 | % | |||||||
Expected life of options (years) | 7.1 | 7.5 | 7.4 | ||||||||||
Following is a summary of stock option activity for all plans during fiscal years 2014, 2013 and 2012 (share amounts in thousands): | |||||||||||||
Total Outstanding | |||||||||||||
Number | Exercise | Intrinsic | |||||||||||
of | Price (a) | Value | |||||||||||
Options | |||||||||||||
Balance as of April 30, 2011 | 1,273 | $ | 29.82 | ||||||||||
Granted | 64 | 33.9 | |||||||||||
Exercised | (232 | ) | 24.11 | ||||||||||
Canceled | (119 | ) | 29.64 | ||||||||||
Balance as of April 28, 2012 | 986 | $ | 31.45 | ||||||||||
Granted | 56 | 34.1 | |||||||||||
Exercised | (290 | ) | 22.49 | ||||||||||
Canceled | (31 | ) | 33.79 | ||||||||||
Balance as of April 27, 2013 | 721 | $ | 35.03 | ||||||||||
Granted | 57 | 39.33 | |||||||||||
Exercised | (345 | ) | 35.73 | ||||||||||
Canceled | (44 | ) | 33.11 | ||||||||||
Balance as of April 26, 2014 | 389 | $ | 35.29 | $ | 2,168 | ||||||||
Vested or expected to vest as of April 26, 2014 | 306 | $ | 35.89 | $ | 1,667 | ||||||||
Exercisable as of April 26, 2014 | 113 | $ | 40.75 | $ | 498 | ||||||||
(a) | Weighted-average exercise price | ||||||||||||
The weighted average fair values per share of options granted during fiscal years 2014, 2013 and 2012 were $11.02, $10.15, and $11.47, respectively. The weighted average remaining contractual lives of options outstanding and options exercisable as of April 26, 2014 were 4.3 and 2.5 years, respectively. We settle stock option exercises with newly issued common shares. | |||||||||||||
Related to stock options exercised, the intrinsic value, cash received and tax benefits realized were $1,722, $12,309 and $1,273, respectively, in fiscal 2014; $3,397, $6,518 and $641, respectively, in fiscal 2013; $1,731, $5,604 and $442, respectively, in fiscal 2012. | |||||||||||||
Restricted Stock and Performance Unit Awards | |||||||||||||
In fiscal 2006, we began to issue restricted stock and performance unit awards under the Equity Incentive Plan. The grant date fair value is based on the closing stock price on the day of the grant. Restricted stock awards to employees generally vest over a five, seven or nine-year period and are subject to forfeiture provisions. Certain restricted stock awards, which are held by line management, are subject to accelerated vesting provisions beginning three years after the grant date, based on certain operating goals. Restricted stock awards are also granted to non-employee directors on the date of each annual Board meeting. These awards vest over three years. The performance unit awards, issued primarily to executive management, are earned at the end of a three-year period if certain operating goals are met, and are settled in an equivalent number of common shares or in cash as determined by the compensation committee of the Board of Directors. The satisfaction of operating goals is not finally determined until the end of a three-year period. Accordingly, Patterson recognizes expense related to performance unit awards over the requisite service period using the straight-line method based on the outcome that is probable. For fiscal year 2013 and 2012, we no longer believe achievement is probable, therefore, no expense has been recognized. During fiscal years 2014, 2013 and 2012, expense recognized related to restricted stock and performance unit awards was $4,793, $10,255 and $7,962 , respectively. The total intrinsic value of restricted stock awards that vested in fiscal 2014, 2013 and 2012 was $6,831, $6,923, and $4,559, respectively. Patterson granted performance units in fiscal 2014 that can be earned at the end of fiscal 2016 subject to the achievement of certain financial objectives. | |||||||||||||
The following tables summarize information concerning non-vested restricted stock awards and performance unit awards for fiscal years 2014, 2013 and 2012: | |||||||||||||
Restricted Stock Awards | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at April 30, 2011 | 1,111 | $ | 29.22 | ||||||||||
Granted | 272 | 34.6 | |||||||||||
Vested | (138 | ) | (25.45 | ) | |||||||||
Forfeitures | (83 | ) | (29.25 | ) | |||||||||
Outstanding at April 28, 2012 | 1,162 | $ | 30.92 | ||||||||||
Granted | 314 | 34.1 | |||||||||||
Vested | (192 | ) | (35.62 | ) | |||||||||
Forfeitures | (127 | ) | (30.98 | ) | |||||||||
Outstanding at April 27, 2013 | 1,157 | $ | 31.82 | ||||||||||
Granted | 283 | 38.02 | |||||||||||
Vested | (174 | ) | (38.76 | ) | |||||||||
Forfeitures | (43 | ) | (31.91 | ) | |||||||||
Outstanding at April 26, 2014 | 1,223 | $ | 33.02 | ||||||||||
Performance Unit Awards | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at April 30, 2011 | 102 | $ | 35.41 | ||||||||||
Forfeitures and cancellations | (6 | ) | (35.41 | ) | |||||||||
Outstanding at April 28, 2012 | 96 | $ | 35.41 | ||||||||||
Granted | 130 | 34.09 | |||||||||||
Forfeitures and cancellations | (21 | ) | (34.09 | ) | |||||||||
Outstanding at April 27, 2013 | 205 | $ | 34.09 | ||||||||||
Granted | 124 | 38.05 | |||||||||||
Forfeitures and cancellations | (2 | ) | (34.75 | ) | |||||||||
Outstanding at April 26, 2014 | 327 | $ | 35.59 | ||||||||||
Employee Stock Purchase Plan | |||||||||||||
In June 1992, Company adopted an Employee Stock Purchase Plan (the “Stock Purchase Plan”). A total of 4,750,000 shares of common stock were reserved for issuance under the Stock Purchase Plan. In June 2012, our Board of Directors approved to increase the number of shares available to 6,750,000. The Stock Purchase Plan, which is intended to qualify under Section 423 of the Internal Revenue Code, is administered by the Board of Directors or by a committee appointed by the Board of Directors and follows a calendar plan year. Employees are eligible to participate after nine months of employment, if they are employed for at least 20 hours per week and more than five months per year. The Stock Purchase Plan permits eligible employees to purchase common stock through payroll deductions, which may not exceed 10 percent of an employee’s compensation, at 85% of the lower of the fair market value of the common stock on the offering date or at the end of each three-month period following the offering date during the applicable offering period. Employees may end their participation in the offering at any time during the offering period, and participation ends automatically on termination of employment. At April 26, 2014, there were 1,733,271 shares available for purchase under the Stock Purchase Plan. | |||||||||||||
The Stock Purchase Plan includes a look-back option, and, accordingly, there are several option elements for which the fair value is estimated on the grant date using the Black-Scholes option-pricing model. Total expense recognized related to the employee stock purchase plan was $1,838, $1,816 and $1,772 during fiscal years 2014, 2013 and 2012, respectively. The following table summarizes the weighted-average assumptions relating to the Stock Purchase Plan for fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.6 | % | 1.6 | % | 1.4 | % | |||||||
Expected stock price volatility | 31 | % | 31 | % | 31.3 | % | |||||||
Risk-free interest rate | 0.1 | % | 0.2 | % | 0.2 | % | |||||||
Expected life of options (years) | 0.5 | 0.5 | 0.5 | ||||||||||
Capital Accumulation Plan | |||||||||||||
In 1996, we adopted an employee Capital Accumulation Plan (the “CAP Plan”). A total of 6,000,000 shares of common stock are reserved for issuance under the CAP Plan. Key employees of Patterson or its subsidiaries are eligible to participate by purchasing common stock through payroll deductions, which must be between 5% and 25% of an employee’ compensation, at 75% of the price of the common stock at the beginning of or the end of the calendar year, whichever is lower. The shares issued are restricted stock and are held in the custody of Patterson until the restrictions lapse. The restriction period is three years from the beginning of the plan year, but restricted shares are subject to forfeiture provisions. At April 26, 2014, 2,128,497 shares were available for purchase under the CAP Plan. | |||||||||||||
Based on the provisions of the CAP Plan, there are option elements for which the fair value is estimated on the grant date using the Black-Scholes option-pricing model. Total expense recognized related to the CAP Plan was $1,287, $1,379, and $1,327 during fiscal years 2014, 2013 and 2012, respectively. The following table summarizes the weighted-average assumptions relating to the CAP Plan for fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.6 | % | 1.6 | % | 1.4 | % | |||||||
Expected stock price volatility | 31 | % | 31 | % | 31.3 | % | |||||||
Risk-free interest rate | 0.3 | % | 0.3 | % | 0.3 | % | |||||||
Expected life of options (years) | 1 | 1 | 1 |
Litigation
Litigation | 12 Months Ended |
Apr. 26, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
16. Litigation | |
We are involved in various product related, employment related and other legal proceedings arising in the ordinary course of business. Some of these proceedings involve product liability claims arising out of the use of products we distribute. Product liability indemnification is generally obtained from our suppliers. However, in the event a supplier of a defective product is unable to pay a judgment for which Patterson may be jointly liable, Patterson would have liability for the entire judgment. | |
We maintain product liability insurance coverage for any potential liability for claims arising out of products sold by us. While we believe our insurance coverage is adequate, there can be no assurance that our insurance coverage is sufficient or will be available to in adequate amounts or at reasonable costs in the future. Also, there can be no assurance that the indemnification agreements with our suppliers will provide adequate protection. In addition, future claims brought against us could involve claims not covered by insurance or indemnification agreements, and could have a material adverse effect on our business or financial condition. | |
As of April 26, 2014 and April 27, 2013, Patterson had accrued our best estimate of potential losses relating to product liability and other claims that were probable to result in a liability and for which it was possible to reasonably estimate a loss. These accrued amounts, as well as related expenses, have not been material to our financial position, results of operations or cash flows. Our method for determining estimated losses considers currently available facts, presently enacted laws and regulations and other external factors, including probable recoveries from third parties. We also disclose the nature of and range of loss for claims against us when losses are reasonably possible and material. |
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results (unaudited) | ' | ||||||||||||||||
17. Quarterly Results (unaudited) | |||||||||||||||||
Quarterly results are determined in accordance with the accounting policies used for annual data and include certain items based upon estimates for the entire year. All fiscal quarters include results for 13 weeks. The following table summarizes results for fiscal 2014 and 2013. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Apr. 26, | Jan. 25, | Oct. 27, | July 28, | ||||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 1,102,077 | $ | 1,082,679 | $ | 998,834 | $ | 880,125 | |||||||||
Gross profit | 315,868 | 311,461 | 289,431 | 281,518 | |||||||||||||
Operating income | 92,601 | 96,651 | 75,223 | 81,281 | |||||||||||||
Net income | 55,671 | 57,021 | 42,028 | 45,892 | |||||||||||||
Earnings per share – basic | $ | 0.56 | $ | 0.56 | $ | 0.42 | $ | 0.45 | |||||||||
Earnings per share – diluted | $ | 0.55 | $ | 0.56 | $ | 0.41 | $ | 0.45 | |||||||||
Quarter Ended | |||||||||||||||||
Apr. 27, | Jan. 26, | Oct. 27, | July 28, | ||||||||||||||
2013 | 2013 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 964,933 | $ | 915,861 | $ | 867,193 | $ | 889,225 | |||||||||
Gross profit | 324,177 | 300,293 | 280,599 | 285,700 | |||||||||||||
Operating income | 104,456 | 89,538 | 77,869 | 82,592 | |||||||||||||
Net income | 63,562 | 53,630 | 45,542 | 47,538 | |||||||||||||
Earnings per share – basic | $ | 0.63 | $ | 0.53 | $ | 0.44 | $ | 0.45 | |||||||||
Earnings per share – diluted | $ | 0.62 | $ | 0.52 | $ | 0.44 | $ | 0.45 |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
PATTERSON COMPANIES, INC. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Balance at | Charged to | Charged | Deductions | Balance at | |||||||||||||||||
Beginning | Costs and | to Other | End of | ||||||||||||||||||
of Period | Expenses | Accounts | Period | ||||||||||||||||||
Year ended April 26, 2014: | |||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 5,808 | $ | 3,220 | $ | 3,552 | $ | 2,707 | $ | 9,873 | |||||||||||
LIFO inventory adjustment | $ | 70,415 | $ | 4,192 | $ | — | $ | — | $ | 74,607 | |||||||||||
Inventory obsolescence reserve | 6,333 | 14,846 | 391 | 12,907 | 8,663 | ||||||||||||||||
Total inventory reserve | $ | 76,748 | $ | 19,038 | $ | 391 | $ | 12,907 | $ | 83,270 | |||||||||||
Year ended April 27, 2013: | |||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 7,831 | $ | 1,119 | $ | — | $ | 3,142 | $ | 5,808 | |||||||||||
LIFO inventory adjustment | $ | 66,808 | $ | 3,607 | $ | — | $ | — | $ | 70,415 | |||||||||||
Inventory obsolescence reserve | 5,456 | 10,863 | — | 9,986 | 6,333 | ||||||||||||||||
Total inventory reserve | $ | 72,263 | $ | 14,471 | $ | — | $ | 9,986 | $ | 76,748 | |||||||||||
Year ended April 28, 2012: | |||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 8,365 | $ | 2,445 | $ | — | $ | 2,979 | $ | 7,831 | |||||||||||
LIFO inventory adjustment | $ | 61,385 | $ | 5,422 | $ | — | $ | — | $ | 66,807 | |||||||||||
Inventory obsolescence reserve | 5,844 | 11,508 | — | 11,896 | 5,456 | ||||||||||||||||
Total inventory reserve | $ | 67,229 | $ | 16,930 | $ | — | $ | 11,896 | $ | 72,263 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Description of Business | ' | ||||||||||||
Description of Business | |||||||||||||
Patterson Companies, Inc., (referred to herein as “Patterson” or in the first person notations “we,” “our,” and “us”) is a value-added distributor serving the North American dental supply, U.S. and U.K. veterinarian supply and the worldwide rehabilitation and assistive products supply market. Patterson Companies has three reportable segments: dental supply, veterinary supply and rehabilitation supply. | |||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of our wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The respective assets of PDC Funding Company, LLC and PDC Funding Company II, LLC, would be available first and foremost to satisfy the claims of their respective creditors. There are no known creditors of PDC Funding Company, LLC or PDC Funding Company II, LLC. | |||||||||||||
Fiscal Year End | ' | ||||||||||||
Fiscal Year End | |||||||||||||
We utilize a fifty-two, fifty-three week fiscal year ending on the last Saturday in April. Accordingly, fiscal years 2014, 2013 and 2012 included fifty-two weeks. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | ' | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash equivalents consist primarily of investments in money market funds and government securities. The maturity of these securities at the time of purchase is 90 days or less. All cash and cash equivalents are classified as available-for-sale and carried at fair value, which approximates cost. | |||||||||||||
Inventory | ' | ||||||||||||
Inventory | |||||||||||||
Inventory consists of merchandise held for sale and is stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for all inventories, except for foreign inventories and manufactured inventories, which are valued using the first-in, first-out (FIFO) method. Inventories valued at LIFO represent 75% and 83% of total inventories at April 26, 2014 and April 27, 2013, respectively. | |||||||||||||
The accumulated LIFO reserve was $74,607 at April 26, 2014 and $70,415 at April 27, 2013. We believe that inventory replacement cost exceeds the inventory balance by an amount approximating the LIFO reserve. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Depreciation is calculated on the straight-line method over estimated useful lives of up to 39 years for buildings or the expected remaining life of purchased buildings, the term of the lease for leasehold improvements, 3 years for laptops, 5 years for data processing equipment, and 5 to 10 years for office furniture and equipment. | |||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets | ' | ||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets | |||||||||||||
Goodwill represents the excess of cost over the fair value of identifiable net assets of businesses acquired. We have three reporting units as of April 26, 2014, which are the same as our reportable segments. Other indefinite-lived intangible assets include copyrights, trade names and trademarks. | |||||||||||||
We evaluate goodwill at least annually using a qualitative assessment to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If we determine that the fair value of the reporting unit may be less than its carrying amount, we evaluate goodwill using a two-step impairment test. Otherwise, we conclude that no impairment is indicated and we do not perform the two-step impairment test. | |||||||||||||
The first step of the goodwill impairment test compares the book value of a reporting unit, including goodwill, with its fair value, as determined primarily by its discounted cash flows. If the book value of a reporting unit exceeds its fair value, the second step of the impairment test is performed to determine the amount of goodwill impairment loss to be recorded. The determination of fair value involves uncertainties because it requires management to make assumptions and to apply judgment to estimate industry and economic factors and the profitability of future business strategies. Patterson conducts impairment testing based on current business strategy in light of present industry and economic conditions, as well as future expectations. Additionally, in assessing goodwill for impairment, the reasonableness of the implied control premium is considered based on market capitalizations and recent market transactions. | |||||||||||||
Other indefinite-lived intangible assets are assessed for impairment by comparing the carrying value of an asset with its fair value. If the carrying value exceeds fair value, an impairment loss is recognized in an amount equal to the excess. The determination of fair value involves assumptions, including projected revenues and gross profit levels, as well as consideration of any factors that may indicate potential impairment. | |||||||||||||
In the fourth quarter of fiscal 2014, management completed its annual goodwill and other indefinite-lived intangible asset impairment tests and determined there was no impairment. Although we believe estimates and assumptions used in estimating cash flows and determining fair value are reasonable, making material changes to such estimates and assumptions could materially affect such impairment analyses and financial results, including an impairment charge that could be material. | |||||||||||||
The medical reporting unit was evaluated using a quantitative assessment for impairment testing. This reporting unit has a higher level of sensitivity to impairment as management currently assesses the various estimates and assumptions used to conduct these tests. A significant reduction in these assumptions from further softening in medical utilizations in the U.S. or more severe austerity measures in the United Kingdom could cause us to recognize a material impairment charge on this reporting unit. At April 26, 2014, the estimated fair value of this reporting unit exceeded its book value by approximately 6%. | |||||||||||||
Long-Lived Assets | ' | ||||||||||||
Long-Lived Assets | |||||||||||||
Long-lived assets, including definite-lived intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows derived from such assets. Our definite-lived intangible assets primarily consist of an exclusive distribution agreement and customer lists. When impairment exists, the related assets are written down to fair value. No impairment was recognized in the periods presented. | |||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments | |||||||||||||
We account for derivative financial instruments under the provisions of Accounting Standard Codification Topic 815, “Derivatives and Hedging.” Our use of derivative financial instruments is generally limited to managing well-defined interest rate risks. Patterson does not use financial instruments or derivatives for any trading purposes. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenues are generated from the sale of consumable products, equipment, software products and services, technical service parts and labor, freight and delivery charges, and other sources. Revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and there is reasonable assurance of collection of the sale. Estimates for returns, damaged goods, rebates, loyalty programs and other revenue allowances are made at the time the revenue is recognized based on the historical experience for such items. In addition to revenues generated from the distribution of consumable products under conventional arrangements (buy/sell agreements) where the full market value of the product is recorded as revenue, the veterinary segment may earn a small amount of commission income for services provided under agency agreements with certain pharmaceutical manufacturers. The services generally consist of detailing the product and taking the customer’s order. The agency agreement contrasts to a buy/sell agreement in that the veterinary segment does not purchase and handle the product or bill and collect from the customer in an agency relationship with a vendor. | |||||||||||||
Consumable product sales are recorded upon delivery, except in those circumstances where terms of the sale are FOB shipping point. Commissions under agency agreements are recorded when the services are provided. | |||||||||||||
Equipment and software product revenues are recognized upon delivery and, if necessary, installation. In those circumstances where terms of the sale are FOB shipping point, revenues are recognized when products are transferred to the shipping carrier. Revenue derived from post contract customer support for software is deferred and recognized ratably over the period in which the support is provided. Patterson provides financing for select equipment and software sales. Revenue is recorded at the present value of the finance contract, with discount, if any, and interest income recognized over the life of the finance contract as “other income”. See Note 6 to the Consolidated Financial Statements, for more information regarding customer financing. | |||||||||||||
Other revenue, including freight and delivery charges and technical service parts and labor, is recognized when the related product revenue is recognized or when the product or services are provided to the customer. | |||||||||||||
The receivables that result from the recognition of revenue are reported net of the related allowances discussed above. Patterson maintains a valuation allowance based upon the expected collectability of receivables held. Estimates are used to determine the valuation allowance and are based on several factors, including historical collection data, economic trends and credit worthiness of customers. Receivables are written off when we determine the amounts to be uncollectible, typically upon customer bankruptcy or non-response to continuous collection efforts. The portions of receivable amounts that are not expected to be collected during the next twelve months are classified as long-term. | |||||||||||||
Patterson has a relatively large, dispersed customer base and no single customer accounts for more than 2% of consolidated net sales. In addition, the equipment sold to customers under finance contracts generally serves as collateral for the contract and the customer provides a personal guarantee as well. | |||||||||||||
Patterson Advantage Loyalty Program | ' | ||||||||||||
Patterson Advantage Loyalty Program | |||||||||||||
The Dental segment provides a point-based awards program to qualifying customers involving the issuance of “Patterson Advantage dollars” which can be used toward equipment and technology purchases. The program was initiated on January 1, 2009 and runs on a calendar year schedule. Patterson Advantage dollars earned during a program year expire one year after the end of the program year. The cost and corresponding liability associated with the program are recognized as contra-revenue in accordance with ASC Topic 605-50, “Revenue Recognition-Customer Payments and Incentives.” As of April 26, 2014, we believe we have sufficient experience with the program to reasonably estimate the amount of Patterson Advantage dollars that will not be redeemed and thus have recorded a liability for 87% of the maximum potential amount that could be redeemed. We use the redemption recognition method and we recognize the estimated value of unused Advantage dollars as a percentage of Patterson Advantage dollars earned. Breakage recognized was immaterial to all periods presented. | |||||||||||||
Freight and Delivery Charges | ' | ||||||||||||
Freight and Delivery Charges | |||||||||||||
Freight and delivery charges are included in “cost of sales”. | |||||||||||||
Advertising | ' | ||||||||||||
Advertising | |||||||||||||
We expense all advertising and promotional costs as incurred, except for direct marketing expenses, which are expensed over the shorter of the life of the asset or one year. Total advertising and promotional expenses were $18,263, $19,721 and $18,811 for fiscal years 2014, 2013, and 2012, respectively. Deferred direct-marketing expenses included in prepaid and other current assets on the consolidated balance sheet as of April 26, 2014, and April 27, 2013 were $2,031 and $1,845, respectively. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The liability method is used to account for income tax expense. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. | |||||||||||||
Valuation allowances are established for deferred tax assets if, after assessment of available positive and negative evidence, it is more likely than not that the deferred tax asset will not be fully realized. | |||||||||||||
Employee Stock Ownership Plan (ESOP) | ' | ||||||||||||
Employee Stock Ownership Plan (ESOP) | |||||||||||||
Compensation expense related to our defined contribution ESOP is computed based on the shares allocated method. | |||||||||||||
Self-insurance | ' | ||||||||||||
Self-insurance | |||||||||||||
Patterson is self-insured for certain losses related to general liability, product liability, automobile, workers’ compensation and medical claims. We estimate our liabilities based upon an analysis of historical data and actuarial estimates. While current estimates are believed reasonable based on information currently available, actual results could differ and affect financial results due to changes in the amount or frequency of claims, medical cost inflation or other factors. Historically, actual results related to these types of claims have not varied significantly from estimated amounts. | |||||||||||||
Stock-based Compensation | ' | ||||||||||||
Stock-based Compensation | |||||||||||||
We recognize stock-based compensation expense based on the grant-date fair value of awards estimated in accordance with ASC Topic 718, “Stock Compensation”. | |||||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income is computed as net income plus 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. 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 amount of basic earnings per share is computed by dividing net income by the weighted average number of outstanding common shares during the period. The amount of diluted earnings per share is computed by dividing net income by the weighted average number of outstanding common shares and common share equivalents, when dilutive, during the period. | |||||||||||||
The following table sets forth the denominator for the computation of basic and diluted earnings per share. There were no material adjustments to the numerator. | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 100,727 | 103,030 | 110,121 | ||||||||||
Effect of dilutive securities – stock options, restricted stock and stock purchase plans | 916 | 777 | 725 | ||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares | 101,643 | 103,807 | 110,846 | ||||||||||
Options to purchase 39, 362 and 520 shares of common stock during fiscal years 2014, 2013 and 2012, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. Unvested restricted stock awards outstanding which were excluded from the calculation of diluted earnings per share during fiscal years 2014, 2013 and 2012 were 0, 0 and 140, respectively, because the effect would have been anti-dilutive. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the denominator for the computation of basic and diluted earnings per share. There were no material adjustments to the numerator. | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 100,727 | 103,030 | 110,121 | ||||||||||
Effect of dilutive securities – stock options, restricted stock and stock purchase plans | 916 | 777 | 725 | ||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares | 101,643 | 103,807 | 110,846 | ||||||||||
Cash_and_cash_equivalents_Tabl
Cash and cash equivalents (Tables) | 12 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||
Cash and cash equivalents | ' | ||||||||
At April 26, 2014 and April 27, 2013, cash and cash equivalents consisted of the following: | |||||||||
April 26, | April 27, | ||||||||
2014 | 2013 | ||||||||
Cash on hand | $ | 213,397 | $ | 222,609 | |||||
Money market funds | 51,511 | 282,619 | |||||||
Total | $ | 264,908 | $ | 505,228 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Changes in Carrying Value of Goodwill | ' | ||||||||||||||||
The changes in the carrying value of goodwill for each of our reportable segments for the fiscal year ended April 26, 2014 are as follows: | |||||||||||||||||
Balance at | Acquisition | Other | Balance at | ||||||||||||||
April 27, 2013 | Activity | Activity | April 26, 2014 | ||||||||||||||
Dental supply | $ | 137,867 | $ | 649 | $ | (1,053 | ) | $ | 137,463 | ||||||||
Rehabilitation supply | 549,020 | — | (4,013 | ) | 545,007 | ||||||||||||
Veterinary supply | 136,853 | 23,374 | 1,736 | 161,963 | |||||||||||||
Total | $ | 823,740 | $ | 24,023 | $ | (3,330 | ) | $ | 844,433 | ||||||||
Balances of Other Intangible Assets Excluding Goodwill | ' | ||||||||||||||||
Balances of other intangible assets excluding goodwill are as follows: | |||||||||||||||||
April 26, | April 27, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unamortized – indefinite lived: | |||||||||||||||||
Copyrights, trade names and trademarks | $ | 76,464 | $ | 76,464 | |||||||||||||
Amortized: | |||||||||||||||||
Distribution agreement, customer lists and other | 286,365 | 235,781 | |||||||||||||||
Less: Accumulated amortization | (139,67 | ) | (115,589 | ) | |||||||||||||
Net amortized intangible assets | 146,686 | 120,192 | |||||||||||||||
Total identifiable intangible assets, net | $ | 223,150 | $ | 196,656 | |||||||||||||
Acquisitions_and_Equity_Invest1
Acquisitions and Equity Investments (Tables) | 12 Months Ended | ||||
Apr. 26, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions Completed | ' | ||||
We acquired 100% of all companies listed below: | |||||
Entity | Segment | ||||
Fiscal 2014: | |||||
Mercer Mastery | Dental supply | ||||
National Veterinary Supply | Veterinary supply | ||||
Fiscal 2013: | |||||
Iowa Dental Supply | Dental supply | ||||
Universal Vaporizer Support | Veterinary supply | ||||
Fiscal 2012: | |||||
American Veterinarian Supply Corp. | Veterinary supply | ||||
Surgical Synergies Pty Ltd. | Rehabilitation supply | ||||
Orthoplast | Rehabilitation supply | ||||
Purchase Price Allocation to Acquired Assets, Liabilities, and Goodwill | ' | ||||
Therefore, an 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 | $ | 113,037 | |||
Inventory | 45,785 | ||||
Prepaid expenses and other current assets | 1,187 | ||||
Property, plant and equipment | 2,622 | ||||
Goodwill | 23,374 | ||||
Identifiable intangibles | 45,337 | ||||
Accounts payable | (79,916 | ) | |||
Others accrued liabilities | (8,733 | ) | |||
Purchase price | $ | 142,693 | |||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consisted of the following items: | |||||||||
April 26, | April 27, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 14,925 | $ | 14,811 | |||||
Buildings | 129,360 | 127,364 | |||||||
Leasehold improvements | 18,295 | 16,751 | |||||||
Furniture and equipment | 152,899 | 139,261 | |||||||
Data processing equipment | 109,580 | 98,117 | |||||||
Construction-in-progress | 18,110 | 5,594 | |||||||
443,169 | 401,898 | ||||||||
Accumulated depreciation | (238,230 | ) | (209,878 | ) | |||||
Property and equipment, net | $ | 204,939 | $ | 192,020 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Patterson’s debt consists of the following: | |||||||||
April 26, 2014 | April 27, 2013 | ||||||||
5.17% senior notes due fiscal 2015 | $ | 250,000 | $ | 250,000 | |||||
5.75% senior notes due fiscal 2018 | 150,000 | 150,000 | |||||||
2.95% senior notes due fiscal 2019 | 60,000 | 60,000 | |||||||
3.59% senior notes due fiscal 2022 | 165,000 | 165,000 | |||||||
3.74% senior notes due fiscal 2024 | 100,000 | 100,000 | |||||||
Total debt | 725,000 | 725,000 | |||||||
Less: current debt obligations | — | — | |||||||
Long-term debt | $ | 725,000 | $ | 725,000 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Fair Value of Interest Rate Contracts on Consolidated Balance Sheets | ' | ||||||||||||||||||||
The following presents the fair value of interest rate contracts included in the consolidated balance sheets: | |||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||
Classification | Fair Value | Classification | Fair Value | ||||||||||||||||||
Derivative type | April 26, | April 27, | April 26, | April 27, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate contracts | Other noncurrent | $ | 1,716 | $ | 486 | Other noncurrent | $ | 1,720 | $ | 509 | |||||||||||
assets | liabilities | ||||||||||||||||||||
Interest rate swap | Other noncurrent | $ | — | $ | — | Other noncurrent | $ | 5,660 | $ | — | |||||||||||
assets | liabilities | ||||||||||||||||||||
Effect of Interest Rate Contracts on Consolidated Statements of Income | ' | ||||||||||||||||||||
The following presents the effect of interest rate contracts on the consolidated statements of income and other comprehensive income: | |||||||||||||||||||||
Derivative type | Classification of gain (loss) | Gain (loss) | |||||||||||||||||||
recognized on derivative | recognized on derivative | ||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Interest rate contracts | Other income (expense), net | $ | 4 | $ | 78 | $ | 2 | ||||||||||||||
Interest rate swap | Other comprehensive Income | ($ | 5,660 | ) | $ | — | $ | — |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 26, 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 April 26, 2014 is as follows: | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 51,511 | $ | 51,511 | $ | — | $ | — | |||||||||
Derivative instruments | 1,716 | — | 1,716 | — | |||||||||||||
Total assets | $ | 53,227 | $ | 51,511 | $ | 1,716 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 7,380 | $ | — | $ | 7,380 | $ | — | |||||||||
Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of April 27, 2013 is as follows: | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 282,619 | $ | 282,619 | — | — | |||||||||||
Derivative instruments | $ | 486 | — | $ | 486 | — | |||||||||||
Total assets | $ | 283,105 | $ | 282,619 | $ | 486 | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 509 | — | $ | 509 | — | |||||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Apr. 26, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Rental Payments under Non-Cancelable Operating Leases | ' | ||||
Future minimum rental payments under non-cancelable operating leases are as follows at April 26, 2014: | |||||
2015 | $ | 18,981 | |||
2016 | 15,875 | ||||
2017 | 13,429 | ||||
2018 | 10,557 | ||||
2019 | 7,728 | ||||
Thereafter | 10,961 | ||||
Total minimum payments required | $ | 77,531 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||
Significant components of the provision for income taxes are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 84,353 | $ | 80,290 | $ | 89,612 | |||||||
Foreign | 9,667 | 13,471 | 16,726 | ||||||||||
State | 10,515 | 10,035 | 10,570 | ||||||||||
Total current | 104,535 | 103,796 | 116,908 | ||||||||||
Deferred: | |||||||||||||
Federal | 7,501 | 6,667 | 872 | ||||||||||
Foreign | (240 | ) | (963 | ) | (895 | ) | |||||||
State | 504 | 1,345 | 112 | ||||||||||
Total deferred | 7,765 | 7,049 | 89 | ||||||||||
Provision for income taxes | $ | 112,300 | $ | 110,845 | $ | 116,997 | |||||||
Components of Deferred Tax Assets (Liabilities) | ' | ||||||||||||
Significant components of Patterson’s deferred tax assets (liabilities) as of April 26, 2014 and April 27, 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred current income tax asset (liability): | |||||||||||||
Capital accumulation plan | $ | 5,893 | $ | 5,540 | |||||||||
Inventory related items | 5,512 | 8,170 | |||||||||||
Bad debt allowance | 1,518 | 2,092 | |||||||||||
LIFO reserve | (16,279 | ) | (15,901 | ) | |||||||||
Other | 13,447 | 17,075 | |||||||||||
Deferred net current income tax asset | 10,091 | 16,976 | |||||||||||
Deferred long-term income tax (liability) asset: | |||||||||||||
Amortizable intangibles | (26,590 | ) | (27,934 | ) | |||||||||
Goodwill | (69,613 | ) | (62,911 | ) | |||||||||
Property, plant, equipment | (4,744 | ) | (5,390 | ) | |||||||||
Stock based compensation expense | 8,130 | 9,603 | |||||||||||
Net operating loss carryforwards | 6,848 | 8,070 | |||||||||||
Other | (4,276 | ) | (10,290 | ) | |||||||||
(90,245 | ) | (88,852 | ) | ||||||||||
Valuation allowance | (3,759 | ) | (4,477 | ) | |||||||||
Deferred net long-term income tax liability | (94,004 | ) | (93,329 | ) | |||||||||
Net deferred income tax liability | $ | (83,913 | ) | $ | (76,353 | ) | |||||||
Summary of Effective Income Tax Expense Reconciliation | ' | ||||||||||||
Income tax expense varies from the amount computed using the U.S. statutory rate. The reasons for this difference and the related tax effects are shown below: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at U.S. statutory rate | $ | 109,519 | $ | 112,391 | $ | 115,434 | |||||||
State tax provision, net of federal benefit | 7,768 | 8,322 | 7,277 | ||||||||||
Effect of foreign taxes | 461 | (4,603 | ) | (3,944 | ) | ||||||||
Permanent differences | (4,843 | ) | (3,439 | ) | (702 | ) | |||||||
Other | (605 | ) | (1,826 | ) | (1,068 | ) | |||||||
$ | 112,300 | $ | 110,845 | $ | 116,997 | ||||||||
Summary of Changes in Gross Amounts of Unrecognized Tax Benefits | ' | ||||||||||||
A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended April 26, 2014 and April 27, 2013 are shown below: | |||||||||||||
2014 | 2013 | ||||||||||||
Balances beginning of period | $ | 19,155 | $ | 18,099 | |||||||||
Additions for tax positions related to the current year | 2,801 | 2,568 | |||||||||||
Additions for tax positions of prior years | 1,372 | 1,638 | |||||||||||
Reductions for tax positions of prior years | (893 | ) | (1,135 | ) | |||||||||
Statute expirations | (2,655 | ) | (1,907 | ) | |||||||||
Settlements | (93 | ) | (108 | ) | |||||||||
Balance, end of period | $ | 19,687 | $ | 19,155 | |||||||||
Segment_and_Geographic_Data_Ta
Segment and Geographic Data (Tables) | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Information about Reportable Segments | ' | ||||||||||||
The following table presents information about Patterson’s reportable segments: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
Dental supply | $ | 2,382,096 | $ | 2,379,970 | $ | 2,287,875 | |||||||
Rehabilitation supply | 478,574 | 501,997 | 513,340 | ||||||||||
Veterinary supply | 1,203,045 | 755,245 | 734,446 | ||||||||||
Consolidated net sales | $ | 4,063,715 | $ | 3,637,212 | $ | 3,535,661 | |||||||
Operating income | |||||||||||||
Dental supply | $ | 249,138 | $ | 247,747 | $ | 246,755 | |||||||
Rehabilitation supply | 46,763 | 65,027 | 72,442 | ||||||||||
Veterinary supply | 49,855 | 41,681 | 38,812 | ||||||||||
Consolidated operating income | $ | 345,756 | $ | 354,455 | $ | 358,009 | |||||||
Depreciation and amortization | |||||||||||||
Dental supply | $ | 35,209 | $ | 34,953 | $ | 31,375 | |||||||
Rehabilitation supply | 7,540 | 7,683 | 7,472 | ||||||||||
Veterinary supply | 7,237 | 3,366 | 3,362 | ||||||||||
Consolidated depreciation and amortization | $ | 49,986 | $ | 46,002 | $ | 42,209 | |||||||
Total assets | |||||||||||||
Dental supply | $ | 1,342,333 | $ | 1,442,667 | $ | 1,502,672 | |||||||
Rehabilitation supply | 876,211 | 881,323 | 883,287 | ||||||||||
Veterinary supply | 646,133 | 357,788 | 353,409 | ||||||||||
Consolidated total assets | $ | 2,864,677 | $ | 2,681,778 | $ | 2,739,368 | |||||||
Sales Information by Product | ' | ||||||||||||
The following table presents sales information by product for Patterson and its reportable segments: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Consolidated | |||||||||||||
Consumable and printed products | $ | 2,776,765 | $ | 2,343,407 | $ | 2,312,309 | |||||||
Equipment and software | 973,814 | 993,767 | 930,601 | ||||||||||
Other | 313,136 | 300,038 | 292,751 | ||||||||||
Total | $ | 4,063,715 | $ | 3,637,212 | $ | 3,535,661 | |||||||
Dental supply | |||||||||||||
Consumable and printed products | $ | 1,289,652 | $ | 1,273,222 | $ | 1,263,515 | |||||||
Equipment and software | 828,858 | 843,880 | 768,633 | ||||||||||
Other | 263,586 | 262,868 | 255,727 | ||||||||||
Total | $ | 2,382,096 | $ | 2,379,970 | $ | 2,287,875 | |||||||
Rehabilitation supply | |||||||||||||
Consumable and printed products | $ | 352,181 | $ | 361,164 | $ | 363,004 | |||||||
Equipment and software | 100,936 | 114,818 | 123,649 | ||||||||||
Other | 25,457 | 26,015 | 26,687 | ||||||||||
Total | $ | 478,574 | $ | 501,997 | $ | 513,340 | |||||||
Veterinary supply | |||||||||||||
Consumable and printed products | $ | 1,134,932 | $ | 709,021 | $ | 685,790 | |||||||
Equipment and software | 44,020 | 35,069 | 38,319 | ||||||||||
Other | 24,093 | 11,155 | 10,337 | ||||||||||
Total | $ | 1,203,045 | $ | 755,245 | $ | 734,446 | |||||||
Information by Geographical Area | ' | ||||||||||||
The following table presents information about Patterson by geographic area. No individual country, except for the United States, generated sales greater than 10% of consolidated net sales. There were no material sales between geographic areas. | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
United States | $ | 3,265,939 | $ | 3,211,979 | $ | 3,104,047 | |||||||
International | 797,776 | 425,233 | 431,614 | ||||||||||
Total | $ | 4,063,715 | $ | 3,637,212 | $ | 3,535,661 | |||||||
Income before tax | |||||||||||||
United States | $ | 289,037 | $ | 273,037 | $ | 273,314 | |||||||
International | 23,875 | 48,080 | 56,498 | ||||||||||
Total | $ | 312,912 | $ | 321,117 | $ | 329,812 | |||||||
Long-lived assets | |||||||||||||
United States | $ | 1,235,830 | $ | 1,176,815 | $ | 1,192,437 | |||||||
International | 213,130 | 143,627 | 143,418 | ||||||||||
Total | $ | 1,448,960 | $ | 1,320,442 | $ | 1,335,855 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Cash Dividends Declared and Paid | ' | ||||||||||||||||
The following table presents our declared and paid cash dividends per share on our common stock for the past three years. The dividend declared in the fourth quarter of fiscal 2013 was paid early in the subsequent quarter; all other dividends were declared and paid in the same period. Patterson expects to continue paying a quarterly cash dividend into the foreseeable future. | |||||||||||||||||
Period | |||||||||||||||||
Fiscal year | 1 | 2 | 3 | 4 | |||||||||||||
2014 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.2 | |||||||||
2013 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.16 | |||||||||
2012 | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.14 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Apr. 26, 2014 | |||||||||||||
Summary of Weighted-Average Assumptions | ' | ||||||||||||
The fair value of stock options granted was estimated as of the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions during fiscal years 2014, 2013 and 2012: | |||||||||||||
April 26, | April 27, | April 28 | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.8 | % | 1.6 | % | 1.5 | % | |||||||
Expected stock price volatility | 30 | % | 30.6 | % | 33 | % | |||||||
Risk-free interest rate | 1.5 | % | 1.4 | % | 2.5 | % | |||||||
Expected life of options (years) | 7.1 | 7.5 | 7.4 | ||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
Following is a summary of stock option activity for all plans during fiscal years 2014, 2013 and 2012 (share amounts in thousands): | |||||||||||||
Total Outstanding | |||||||||||||
Number | Exercise | Intrinsic | |||||||||||
of | Price (a) | Value | |||||||||||
Options | |||||||||||||
Balance as of April 30, 2011 | 1,273 | $ | 29.82 | ||||||||||
Granted | 64 | 33.9 | |||||||||||
Exercised | (232 | ) | 24.11 | ||||||||||
Canceled | (119 | ) | 29.64 | ||||||||||
Balance as of April 28, 2012 | 986 | $ | 31.45 | ||||||||||
Granted | 56 | 34.1 | |||||||||||
Exercised | (290 | ) | 22.49 | ||||||||||
Canceled | (31 | ) | 33.79 | ||||||||||
Balance as of April 27, 2013 | 721 | $ | 35.03 | ||||||||||
Granted | 57 | 39.33 | |||||||||||
Exercised | (345 | ) | 35.73 | ||||||||||
Canceled | (44 | ) | 33.11 | ||||||||||
Balance as of April 26, 2014 | 389 | $ | 35.29 | $ | 2,168 | ||||||||
Vested or expected to vest as of April 26, 2014 | 306 | $ | 35.89 | $ | 1,667 | ||||||||
Exercisable as of April 26, 2014 | 113 | $ | 40.75 | $ | 498 | ||||||||
(a) | Weighted-average exercise price | ||||||||||||
Summary of Non-Vested Restricted Stock Awards and Performance Unit Awards | ' | ||||||||||||
The following tables summarize information concerning non-vested restricted stock awards and performance unit awards for fiscal years 2014, 2013 and 2012: | |||||||||||||
Restricted Stock Awards | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at April 30, 2011 | 1,111 | $ | 29.22 | ||||||||||
Granted | 272 | 34.6 | |||||||||||
Vested | (138 | ) | (25.45 | ) | |||||||||
Forfeitures | (83 | ) | (29.25 | ) | |||||||||
Outstanding at April 28, 2012 | 1,162 | $ | 30.92 | ||||||||||
Granted | 314 | 34.1 | |||||||||||
Vested | (192 | ) | (35.62 | ) | |||||||||
Forfeitures | (127 | ) | (30.98 | ) | |||||||||
Outstanding at April 27, 2013 | 1,157 | $ | 31.82 | ||||||||||
Granted | 283 | 38.02 | |||||||||||
Vested | (174 | ) | (38.76 | ) | |||||||||
Forfeitures | (43 | ) | (31.91 | ) | |||||||||
Outstanding at April 26, 2014 | 1,223 | $ | 33.02 | ||||||||||
Performance Unit Awards | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at April 30, 2011 | 102 | $ | 35.41 | ||||||||||
Forfeitures and cancellations | (6 | ) | (35.41 | ) | |||||||||
Outstanding at April 28, 2012 | 96 | $ | 35.41 | ||||||||||
Granted | 130 | 34.09 | |||||||||||
Forfeitures and cancellations | (21 | ) | (34.09 | ) | |||||||||
Outstanding at April 27, 2013 | 205 | $ | 34.09 | ||||||||||
Granted | 124 | 38.05 | |||||||||||
Forfeitures and cancellations | (2 | ) | (34.75 | ) | |||||||||
Outstanding at April 26, 2014 | 327 | $ | 35.59 | ||||||||||
Employee Stock Purchase Plan [Member] | ' | ||||||||||||
Summary of Weighted-Average Assumptions | ' | ||||||||||||
The following table summarizes the weighted-average assumptions relating to the Stock Purchase Plan for fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.6 | % | 1.6 | % | 1.4 | % | |||||||
Expected stock price volatility | 31 | % | 31 | % | 31.3 | % | |||||||
Risk-free interest rate | 0.1 | % | 0.2 | % | 0.2 | % | |||||||
Expected life of options (years) | 0.5 | 0.5 | 0.5 | ||||||||||
Capital Accumulation Plan [Member] | ' | ||||||||||||
Summary of Weighted-Average Assumptions | ' | ||||||||||||
The following table summarizes the weighted-average assumptions relating to the CAP Plan for fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.6 | % | 1.6 | % | 1.4 | % | |||||||
Expected stock price volatility | 31 | % | 31 | % | 31.3 | % | |||||||
Risk-free interest rate | 0.3 | % | 0.3 | % | 0.3 | % | |||||||
Expected life of options (years) | 1 | 1 | 1 |
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 26, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Results | ' | ||||||||||||||||
The following table summarizes results for fiscal 2014 and 2013. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Apr. 26, | Jan. 25, | Oct. 27, | July 28, | ||||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 1,102,077 | $ | 1,082,679 | $ | 998,834 | $ | 880,125 | |||||||||
Gross profit | 315,868 | 311,461 | 289,431 | 281,518 | |||||||||||||
Operating income | 92,601 | 96,651 | 75,223 | 81,281 | |||||||||||||
Net income | 55,671 | 57,021 | 42,028 | 45,892 | |||||||||||||
Earnings per share – basic | $ | 0.56 | $ | 0.56 | $ | 0.42 | $ | 0.45 | |||||||||
Earnings per share – diluted | $ | 0.55 | $ | 0.56 | $ | 0.41 | $ | 0.45 | |||||||||
Quarter Ended | |||||||||||||||||
Apr. 27, | Jan. 26, | Oct. 27, | July 28, | ||||||||||||||
2013 | 2013 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 964,933 | $ | 915,861 | $ | 867,193 | $ | 889,225 | |||||||||
Gross profit | 324,177 | 300,293 | 280,599 | 285,700 | |||||||||||||
Operating income | 104,456 | 89,538 | 77,869 | 82,592 | |||||||||||||
Net income | 63,562 | 53,630 | 45,542 | 47,538 | |||||||||||||
Earnings per share – basic | $ | 0.63 | $ | 0.53 | $ | 0.44 | $ | 0.45 | |||||||||
Earnings per share – diluted | $ | 0.62 | $ | 0.52 | $ | 0.44 | $ | 0.45 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Segment | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of reportable segments | 3 | ' | ' |
Maturity period of maximum (in days) | '90 days | ' | ' |
Inventories valued at LIFO as % of total inventories | 75.00% | 83.00% | ' |
Accumulated LIFO reserve | $74,607,000 | $70,415,000 | ' |
Estimated fair value of reporting unit exceeding book value | 6.00% | ' | ' |
Asset impairment charges | 0 | 0 | 0 |
Consolidated net sales, percentage | 2.00% | ' | ' |
Percentage of liability recorded | 87.00% | ' | ' |
Total advertising and promotional expenses | 18,263,000 | 19,721,000 | 18,811,000 |
Deferred direct-marketing expenses included in prepaid and other current assets | $2,031,000 | $1,845,000 | ' |
Unvested restricted stock award | 0 | 0 | 140 |
Stock Options [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Securities excluded from calculation of diluted earnings per share | 39 | 362 | 520 |
Building [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '39 years | ' | ' |
Computer Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Communications and Data Processing [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '5 years | ' | ' |
Office Furniture And Equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '5 years | ' | ' |
Office Furniture And Equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Denominator for basic earnings per share - weighted average shares | 100,727 | 103,030 | 110,121 |
Effect of dilutive securities - stock options, restricted stock and stock purchase plans | 916 | 777 | 725 |
Denominator for diluted earnings per share - adjusted weighted average shares | 101,643 | 103,807 | 110,846 |
Cash_and_cash_equivalents_Cash
Cash and cash equivalents - Cash and cash equivalents (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | Apr. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Cash And Cash Equivalents [Abstract] | ' | ' | ' | ' |
Cash on hand | $213,397 | $222,609 | ' | ' |
Money market funds | 51,511 | 282,619 | ' | ' |
Total | $264,908 | $505,228 | $573,781 | $388,665 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill Balances and Related Activity by Business Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 26, 2014 | Aug. 16, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $823,740 | $23,374 |
Acquisition Activity | 24,023 | ' |
Other Activity | -3,330 | ' |
Ending Balance | 844,433 | 23,374 |
Dental supply [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 137,867 | ' |
Acquisition Activity | 649 | ' |
Other Activity | -1,053 | ' |
Ending Balance | 137,463 | ' |
Rehabilitation supply [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 549,020 | ' |
Other Activity | -4,013 | ' |
Ending Balance | 545,007 | ' |
Veterinary supply [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 136,853 | ' |
Acquisition Activity | 23,374 | ' |
Other Activity | 1,736 | ' |
Ending Balance | $161,963 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended |
Apr. 26, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Other intangibles acquired, fair value | $45,800 |
Weighted average useful life | '10 years |
Distribution fee | 100,000 |
Distribution agreement period | '10 years |
Amortization of the distribution agreement fee record period | '10 years |
Future amortization expense, 2015 | 25,315,000 |
Future amortization expense, 2016 | 26,275,000 |
Future amortization expense, 2017 | 28,231,000 |
Future amortization expense, 2018 | 13,391,000 |
Future amortization expense, 2019 | $4,128,000 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Balances of Other Intangible Assets Excluding Goodwill (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Copyrights, trade names and trademarks | $76,464 | $76,464 |
Distribution agreement, customer lists and other | 286,365 | 235,781 |
Less: Accumulated amortization | -13,967 | -115,589 |
Net amortized intangible assets | 146,686 | 120,192 |
Total identifiable intangible assets, net | $223,150 | $196,656 |
Acquisitions_and_Equity_Invest2
Acquisitions and Equity Investments - Acquisitions Completed (Detail) | 12 Months Ended | ||||||
Apr. 26, 2014 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 27, 2013 | Apr. 28, 2012 | Apr. 28, 2012 | Apr. 28, 2012 | |
Mercer Mastery [Member] | National Veterinary Supply [Member] | Iowa Dental Supply [Member] | Universal Vaporizer Support [Member] | American Veterinarian Supply Corp [Member] | Surgical Synergies Pty Ltd [Member] | Orthoplast [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquisition by segment | 'Dental supply | 'Veterinary supply | 'Dental supply | 'Veterinary supply | 'Veterinary supply | 'Rehabilitation supply | 'Rehabilitation supply |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation of Acquired Assets, Liabilities, and Goodwill (Detail) (USD $) | Apr. 26, 2014 | Aug. 16, 2013 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | ' | ' | ' |
Receivables | ' | $113,037 | ' |
Inventory | ' | 45,785 | ' |
Prepaid expenses and other current assets | ' | 1,187 | ' |
Property, plant and equipment | ' | 2,622 | ' |
Goodwill | 844,433 | 23,374 | 823,740 |
Identifiable intangibles | ' | 45,337 | ' |
Accounts payable | ' | -79,916 | ' |
Others accrued liabilities | ' | -8,733 | ' |
Purchase price | ' | $142,693 | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (National Veterinary Services Limited (NVS) [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Apr. 26, 2014 |
National Veterinary Services Limited (NVS) [Member] | ' |
Business Acquisition [Line Items] | ' |
Transaction costs related to the acquisition | $675 |
Acquisition contributed of net sales | $419,340 |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Property and Equipment (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land | $14,925 | $14,811 |
Buildings | 129,360 | 127,364 |
Leasehold improvements | 18,295 | 16,751 |
Furniture and equipment | 152,899 | 139,261 |
Data processing equipment | 109,580 | 98,117 |
Construction-in-progress | 18,110 | 5,594 |
Property and equipment, Gross | 443,169 | 401,898 |
Accumulated depreciation | -238,230 | -209,878 |
Property and equipment, net | $204,939 | $192,020 |
Customer_Financing_Additional_
Customer Financing - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | Apr. 30, 2011 |
Customer | ||||
Customer Financing [Line Items] | ' | ' | ' | ' |
Maximum credit financed for equipment purchases for any one customer | $500 | ' | ' | ' |
Number of customer financing contracts | 2 | ' | ' | ' |
Financing contracts sold under ASC 860 | 282,698 | 283,175 | 287,627 | ' |
Current receivables of finance contracts not yet sold | 63,236 | 64,272 | ' | ' |
Cash and cash equivalents | 264,908 | 505,228 | 573,781 | 388,665 |
Unearned income | 5,894 | 1,586 | ' | ' |
Finance contracts receivable sold and outstanding | 496,906 | ' | ' | ' |
Deferred purchase price | 84,750 | 72,328 | ' | ' |
Bad debt write-offs, percentage, maximum | 1.00% | ' | ' | ' |
The Bank of Tokyo-Mitsubishi UFJ, Ltd. [Member] | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' |
Maximum holdback receivable | 500,000 | ' | ' | ' |
Fifth Third Bank [Member] | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' |
Maximum holdback receivable | 100,000 | ' | ' | ' |
Unsettled Financing Arrangements [Member] | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $28,152 | $34,260 | ' | ' |
Minimum [Member] | The Bank of Tokyo-Mitsubishi UFJ, Ltd. [Member] | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' |
Percentage of principal amount of financing contracts held as collateral | 9.00% | ' | ' | ' |
Minimum [Member] | Fifth Third Bank [Member] | ' | ' | ' | ' |
Customer Financing [Line Items] | ' | ' | ' | ' |
Percentage of principal amount of financing contracts held as collateral | 10.00% | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||
Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Mar. 31, 2008 | Mar. 31, 2008 | Apr. 26, 2014 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | Apr. 26, 2014 | Apr. 26, 2014 | Dec. 31, 2011 | Mar. 31, 2008 | Mar. 31, 2008 | Mar. 31, 2008 | Apr. 26, 2014 | Apr. 27, 2013 | Mar. 31, 2008 | Mar. 31, 2008 | Apr. 26, 2014 | Apr. 27, 2013 | Mar. 31, 2008 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Mar. 31, 2008 | Mar. 31, 2008 | Mar. 31, 2008 | |
Agreement | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Minimum [Member] | Maximum [Member] | Fixed-Rate Senior Notes [Member] | Fixed-Rate Senior Notes [Member] | Senior Notes 4.63% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 2.95% [Member] | Senior Notes 2.95% [Member] | Senior Notes 2.95% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.74% [Member] | Senior Notes 3.74% [Member] | Senior Notes 3.74% [Member] | Term Note Due Fiscal 2013 [Member] | Term Note Due Fiscal 2013 [Member] | Term Note Due Fiscal 2013 [Member] | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future minimum principal payments in fiscal year 2015 | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future minimum principal payments in fiscal year 2018 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future minimum principal payments in fiscal year 2019 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future minimum principal payments in years thereafter | 265,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | 450,000,000 | 50,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ' | 150,000,000 | 150,000,000 | 150,000,000 | ' | 60,000,000 | 60,000,000 | 60,000,000 | 165,000,000 | 165,000,000 | 165,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ' | ' | ' |
Senior notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.63% | 5.17% | 5.17% | 5.17% | 5.17% | 5.75% | 5.75% | 5.75% | 5.75% | 2.95% | 2.95% | 2.95% | 3.59% | 3.59% | 3.59% | 3.74% | 3.74% | 3.74% | ' | ' | ' |
Senior notes maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | '2015 | '2015 | '2015 | '2015 | '2018 | '2018 | '2018 | '2018 | '2019 | '2019 | '2019 | '2022 | '2022 | '2022 | '2024 | '2024 | '2024 | '2013 | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' |
Interest floating rate based on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.13% | 1.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.25% |
Debt issuance costs | ' | ' | 1,800,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amounts of interest rate swap agreements | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in net of income taxes, to other comprehensive income | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax amount reclassified into earnings | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount expected to be reclassified into earnings | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of agreements | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available revolving credit facility | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | 31-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Debt_Detail
Long-Term Debt - Debt (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 27, 2013 | Mar. 31, 2008 | Apr. 26, 2014 | Apr. 27, 2013 | Mar. 31, 2008 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 2.95% [Member] | Senior Notes 2.95% [Member] | Senior Notes 2.95% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.74% [Member] | Senior Notes 3.74% [Member] | Senior Notes 3.74% [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate senior notes due fiscal 2015 to 2024 | ' | ' | $250,000 | $250,000 | $250,000 | $150,000 | $150,000 | $150,000 | $60,000 | $60,000 | $60,000 | $165,000 | $165,000 | $165,000 | $100,000 | $100,000 | $100,000 |
Total debt | 725,000 | 725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $725,000 | $725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Debt_Parenthetic
Long-Term Debt - Debt (Parenthetical) (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2008 | Apr. 26, 2014 | Apr. 27, 2013 | Mar. 31, 2008 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Dec. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | |
Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.17% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 5.75% [Member] | Senior Notes 2.95% [Member] | Senior Notes 2.95% [Member] | Senior Notes 2.95% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.59% [Member] | Senior Notes 3.74% [Member] | Senior Notes 3.74% [Member] | Senior Notes 3.74% [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate | 5.17% | 5.17% | 5.17% | 5.75% | 5.75% | 5.75% | 2.95% | 2.95% | 2.95% | 3.59% | 3.59% | 3.59% | 3.74% | 3.74% | 3.74% |
Senior notes maturity date | '2015 | '2015 | '2015 | '2018 | '2018 | '2018 | '2019 | '2019 | '2019 | '2022 | '2022 | '2022 | '2024 | '2024 | '2024 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 26, 2014 | Aug. 31, 2013 | Apr. 26, 2014 | Jan. 31, 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] | Interest Rate Swap Agreements [Member] |
Derivative | Replacement Agreement [Member] | Replacement Agreement [Member] | Derivative | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional amount of derivatives | $75,000 | $500,000 | ' | $100,000 | ' | $250,000 |
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 | ' |
Percentage of senior notes | ' | ' | ' | ' | ' | 5.17% |
Senior Notes amount due | ' | ' | ' | ' | ' | $250,000 |
Period of long term loan | ' | ' | ' | ' | ' | '10 years |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Fair Value of Interest Rate Contracts (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts, assets, fair value | $1,716 | $486 |
Interest rate contracts, liabilities, fair value | 7,380 | 509 |
Other noncurrent assets [Member] | Interest rate contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts, assets, fair value | 1,716 | 486 |
Other noncurrent assets [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts, assets, fair value | ' | ' |
Other noncurrent liabilities [Member] | Interest rate contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts, liabilities, fair value | 1,720 | 509 |
Other noncurrent liabilities [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate contracts, liabilities, fair value | $5,660 | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Effect of Interest Rate Contracts on Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Interest rate contracts [Member] | Other income (expense), net [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Other income (expense), net and Other comprehensive Income | $4 | $78 | $2 |
Interest rate swap [Member] | Other comprehensive Income [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Other income (expense), net and Other comprehensive Income | $5,660 | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $51,511 | $282,619 |
Derivative instruments, assets | 1,716 | 486 |
Total assets | 53,227 | 283,105 |
Derivative instruments, liabilities | 7,380 | 509 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 51,511 | 282,619 |
Derivative instruments, assets | ' | ' |
Total assets | 51,511 | 282,619 |
Derivative instruments, liabilities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Derivative instruments, assets | 1,716 | 486 |
Total assets | 1,716 | 486 |
Derivative instruments, liabilities | 7,380 | 509 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Derivative instruments, assets | ' | ' |
Total assets | ' | ' |
Derivative instruments, liabilities | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Estimated fair value of debt | $742,619 | $774,606 |
Securities_Additional_Informat
Securities - Additional Information (Detail) | Apr. 26, 2014 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 26, 2014 | Apr. 26, 2014 |
In Thousands, unless otherwise specified | USD ($) | CAD | USD ($) | Maximum [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] |
Current Assets [Member] | Noncurrent Assets [Member] | USD ($) | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Total principal amount | ' | 110,000 | ' | ' | ' | ' |
Securities maturity period | ' | ' | ' | '1 year | '2 years | ' |
Current asset | 1,415,717 | ' | 1,361,336 | ' | ' | 40,775 |
Noncurrent asset | ' | ' | ' | ' | ' | $58,897 |
Lease_Commitments_Future_Minim
Lease Commitments - Future Minimum Rental Payments Under Non-cancelable Operating Leases (Detail) (USD $) | Apr. 26, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2015 | $18,981 |
2016 | 15,875 |
2017 | 13,429 |
2018 | 10,557 |
2019 | 7,728 |
Thereafter | 10,961 |
Total minimum payments required | $77,531 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $21,290 | $22,016 | $20,819 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current, Federal | $84,353 | $80,290 | $89,612 |
Current, Foreign | 9,667 | 13,471 | 16,726 |
Current, State | 10,515 | 10,035 | 10,570 |
Total current | 104,535 | 103,796 | 116,908 |
Deferred, Federal | 7,501 | 6,667 | 872 |
Deferred, Foreign | -240 | -963 | -895 |
Deferred, State | 504 | 1,345 | 112 |
Total deferred | 7,765 | 7,049 | 89 |
Provision for income taxes | $112,300 | $110,845 | $116,997 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) (USD $) | Apr. 26, 2014 | Apr. 27, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Capital accumulation plan | $5,893 | $5,540 |
Inventory related items | 5,512 | 8,170 |
Bad debt allowance | 1,518 | 2,092 |
LIFO reserve | -16,279 | -15,901 |
Other | 13,447 | 17,075 |
Deferred net current income tax asset | 10,091 | 16,976 |
Amortizable intangibles | -26,590 | -27,934 |
Goodwill | -69,613 | -62,911 |
Property, plant, equipment | -4,744 | -5,390 |
Stock based compensation expense | 8,130 | 9,603 |
Net operating loss carryforwards | 6,848 | 8,070 |
Other | -4,276 | -10,290 |
Deferred long-term income tax (liability) asset | -90,245 | -88,852 |
Valuation allowance | -3,759 | -4,477 |
Deferred net long-term income tax liability | -94,004 | -93,329 |
Net deferred income tax liability | ($83,913) | ($76,353) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Foreign net operating loss carryforwards | $29,776 | ' | ' |
Deferred tax assets from net operating loss carryforwards | 6,848 | 8,070 | ' |
Undistributed earnings subject to federal income tax | 254,540 | ' | ' |
Gross unrecognized tax benefits | 19,687 | 19,155 | 18,099 |
Deferred tax assets, net | 5,003 | 4,735 | ' |
Interest and penalties | 2,124 | 2,358 | ' |
Increase in interest and penalties expense | $542 | ' | ' |
Income_Taxes_Summary_of_Effect
Income Taxes - Summary of Effective Income Tax Expense Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at U.S. statutory rate | $109,519 | $112,391 | $115,434 |
State tax provision, net of federal benefit | 7,768 | 8,322 | 7,277 |
Effect of foreign taxes | 461 | -4,603 | -3,944 |
Permanent differences | -4,843 | -3,439 | -702 |
Other | -605 | -1,826 | -1,068 |
Provision for income taxes | $112,300 | $110,845 | $116,997 |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes in Gross Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Balances beginning of period | $19,155 | $18,099 |
Additions for tax positions related to the current year | 2,801 | 2,568 |
Additions for tax positions of prior years | 1,372 | 1,638 |
Reductions for tax positions of prior years | -893 | -1,135 |
Statute expirations | -2,655 | -1,907 |
Settlements | -93 | -108 |
Balance, end of period | $19,687 | $19,155 |
Segment_and_Geographic_Data_Ad
Segment and Geographic Data - Additional Information (Detail) | 12 Months Ended |
Apr. 26, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Maximum percentage of sales generated by other than United States | 10.00% |
Segment_and_Geographic_Data_In
Segment and Geographic Data - Information about Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,102,077 | $1,082,679 | $998,834 | $880,125 | $964,933 | $915,861 | $867,193 | $889,225 | $4,063,715 | $3,637,212 | $3,535,661 |
Operating income | 92,601 | 96,651 | 75,223 | 81,281 | 104,456 | 89,538 | 77,869 | 82,592 | 345,756 | 354,455 | 358,009 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 49,986 | 46,002 | 42,209 |
Total assets | 2,864,677 | ' | ' | ' | 2,681,778 | ' | ' | ' | 2,864,677 | 2,681,778 | 2,739,368 |
Dental supply [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,382,096 | 2,379,970 | 2,287,875 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 249,138 | 247,747 | 246,755 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35,209 | 34,953 | 31,375 |
Total assets | 1,342,333 | ' | ' | ' | 1,442,667 | ' | ' | ' | 1,342,333 | 1,442,667 | 1,502,672 |
Rehabilitation supply [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 478,574 | 501,997 | 513,340 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 46,763 | 65,027 | 72,442 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,540 | 7,683 | 7,472 |
Total assets | 876,211 | ' | ' | ' | 881,323 | ' | ' | ' | 876,211 | 881,323 | 883,287 |
Veterinary supply [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,203,045 | 755,245 | 734,446 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 49,855 | 41,681 | 38,812 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,237 | 3,366 | 3,362 |
Total assets | $646,133 | ' | ' | ' | $357,788 | ' | ' | ' | $646,133 | $357,788 | $353,409 |
Segment_and_Geographic_Data_Sa
Segment and Geographic Data - Sales Information by Product (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,102,077 | $1,082,679 | $998,834 | $880,125 | $964,933 | $915,861 | $867,193 | $889,225 | $4,063,715 | $3,637,212 | $3,535,661 |
Consumable and printed products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,776,765 | 2,343,407 | 2,312,309 |
Equipment and software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 973,814 | 993,767 | 930,601 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 313,136 | 300,038 | 292,751 |
Dental supply [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,382,096 | 2,379,970 | 2,287,875 |
Dental supply [Member] | Consumable and printed products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,289,652 | 1,273,222 | 1,263,515 |
Dental supply [Member] | Equipment and software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 828,858 | 843,880 | 768,633 |
Dental supply [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 263,586 | 262,868 | 255,727 |
Rehabilitation supply [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 478,574 | 501,997 | 513,340 |
Rehabilitation supply [Member] | Consumable and printed products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 352,181 | 361,164 | 363,004 |
Rehabilitation supply [Member] | Equipment and software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 100,936 | 114,818 | 123,649 |
Rehabilitation supply [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 25,457 | 26,015 | 26,687 |
Veterinary supply [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,203,045 | 755,245 | 734,446 |
Veterinary supply [Member] | Consumable and printed products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,134,932 | 709,021 | 685,790 |
Veterinary supply [Member] | Equipment and software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 44,020 | 35,069 | 38,319 |
Veterinary supply [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $24,093 | $11,155 | $10,337 |
Segment_and_Geographic_Data_In1
Segment and Geographic Data - Information by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,102,077 | $1,082,679 | $998,834 | $880,125 | $964,933 | $915,861 | $867,193 | $889,225 | $4,063,715 | $3,637,212 | $3,535,661 |
Income before tax | ' | ' | ' | ' | ' | ' | ' | ' | 312,912 | 321,117 | 329,812 |
Long-lived assets | 1,448,960 | ' | ' | ' | 1,320,442 | ' | ' | ' | 1,448,960 | 1,320,442 | 1,335,855 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,265,939 | 3,211,979 | 3,104,047 |
Income before tax | ' | ' | ' | ' | ' | ' | ' | ' | 289,037 | 273,037 | 273,314 |
Long-lived assets | 1,235,830 | ' | ' | ' | 1,176,815 | ' | ' | ' | 1,235,830 | 1,176,815 | 1,192,437 |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 797,776 | 425,233 | 431,614 |
Income before tax | ' | ' | ' | ' | ' | ' | ' | ' | 23,875 | 48,080 | 56,498 |
Long-lived assets | $213,130 | ' | ' | ' | $143,627 | ' | ' | ' | $213,130 | $143,627 | $143,418 |
Stockholders_Equity_Cash_Divid
Stockholders' Equity - Cash Dividends Declared and Paid (Detail) (USD $) | 3 Months Ended | |||||||||||
Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend paid | $0.20 | $0.16 | $0.16 | $0.16 | $0.16 | $0.14 | $0.14 | $0.14 | $0.14 | $0.12 | $0.12 | $0.12 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2011 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | Mar. 19, 2013 | Dec. 31, 2007 | Apr. 26, 2014 | Apr. 26, 2014 | Apr. 26, 2014 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 30, 2012 | Apr. 26, 2014 | Apr. 30, 2011 | Apr. 26, 2014 | Apr. 28, 2012 | Apr. 27, 2013 | |
Minimum [Member] | Maximum [Member] | Unearned ESOP Shares [Member] | Thompson Dental Company [Member] | Thompson Dental Company [Member] | Thompson Dental Company [Member] | 1990 Note [Member] | 1990 Note [Member] | 2006 Senior Notes [Member] | 2006 Senior Notes [Member] | 2006 Senior Notes [Member] | |||||||
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased and retired, shares | ' | 2,354,000 | 5,224,017 | 11,954,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased and retired, value | ' | $96,486,000 | $181,756,000 | $361,047,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average cost of common shares repurchased and retired | ' | $40.99 | $34.79 | $30.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for repurchase under share repurchase program | ' | ' | ' | ' | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining shares available under repurchase program | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchase under share repurchase program | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares authorized for New repurchase under share repurchase program | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, expiration date | 15-Mar-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP company loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | 105,000,000 | ' | ' |
Hours of service completed in order to be allocated shares of stock acquired by plan | ' | '1000 hours | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares secured with an aggregate cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 373,000 | 363,000 | 298,000 | ' | 1,635,000 | 10,959,000 | ' | 20,214,000 |
Additional loan to ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,612,000 | ' | ' | ' | ' | ' | ' | ' |
ESOP acquiring shares during acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,978 | ' | ' | ' | ' | 3,159,645 | 844,325 | ' |
Interest due from ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Total shares allocated to ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,810 | ' | ' | ' | ' | ' | ' | ' |
Remaining shares in ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 568,168 | ' | ' | ' | ' | ' | ' | ' |
Contributed to ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,639 | ' |
Number of shares allocated to ESOP | ' | 13,851,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares allocated to ESOP, Fair value | ' | 566,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed-to-be-released shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,197 | ' | ' | ' | ' | 270,117 | ' | ' |
Suspense shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 454,092 | ' | ' | ' | ' | 2,282,877 | ' | ' |
Unearned shares held by ESOP to occur over a period | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of unearned shares by ESOP | ' | $85,944,000 | $95,124,000 | ' | ' | ' | ' | ' | $111,969,000 | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2012 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expense recognized | ' | $8,686 | $14,625 | $12,615 |
After-tax stock-based compensation expense | ' | 5,896 | 9,452 | 8,441 |
Excess benefits | ' | 1,290 | 2,487 | 1,371 |
Compensation cost before income taxes related to non-vested awards yet to be recognized | ' | 29,400 | ' | ' |
Total compensation cost expected to be recognized over a weighted average period | ' | '5 years 1 month 6 days | ' | ' |
Expected dividend yield | ' | 0.00% | ' | ' |
Weighted average fair values of options granted | ' | $11.02 | $10.15 | $11.47 |
Weighted average remaining contractual lives of options outstanding | ' | '4 years 3 months 18 days | ' | ' |
Weighted average remaining contractual lives of options exercisable | ' | '2 years 6 months | ' | ' |
Stock options exercised, intrinsic value | ' | 1,722 | 3,397 | 1,731 |
Stock options exercised, cash received | ' | 12,309 | 6,518 | 5,604 |
Stock options exercised, tax benefits realized | ' | 1,273 | 641 | 442 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expense recognized | ' | 768 | 1,175 | 1,553 |
Director Stock Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '1 year | ' | ' |
Exercisable period | ' | '4 years | ' | ' |
New Director Stock Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '1 year | ' | ' |
Exercisable period | ' | '9 years | ' | ' |
Shares of common stock reserved for issuance | ' | 800,000 | ' | ' |
Patterson Dental Company 1992 Stock Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares of common stock reserved for issuance | ' | 6,000,000 | ' | ' |
Equity Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '10 years | ' | ' |
Restricted Stock and Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Minimum restriction period for restricted stock and restricted stock units | ' | '3 years | ' | ' |
Performance Based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '3 years | ' | ' |
Minimum restriction period for performance based awards | ' | '1 year | ' | ' |
After Amendment [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Increase in the maximum number of shares that may be issued pursuant to awards of restricted stock, restricted stock awards and stock bonuses | ' | 2,000,000 | ' | ' |
Before amendment [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Increase in the maximum number of shares that may be issued pursuant to awards of restricted stock, restricted stock awards and stock bonuses | ' | 6,000,000 | ' | ' |
Restricted Stock Units And Performance Stock Unit Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expense recognized | ' | 4,793 | 10,255 | 7,962 |
Vesting period | ' | '3 years | ' | ' |
Total intrinsic value of restricted stock awards vested in period | ' | 6,831 | 6,923 | 4,559 |
Restricted Stock Units And Performance Stock Unit Awards [Member] | Scenario 1 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '5 years | ' | ' |
Restricted Stock Units And Performance Stock Unit Awards [Member] | Scenario 2 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '7 years | ' | ' |
Restricted Stock Units And Performance Stock Unit Awards [Member] | Scenario 3 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '9 years | ' | ' |
Restricted Stock Units And Performance Stock Unit Awards [Member] | Management [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | '3 years | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expense recognized | ' | 1,838 | 1,816 | 1,772 |
Expected dividend yield | ' | 1.60% | 1.60% | 1.40% |
Shares of common stock reserved for issuance | ' | 4,750,000 | ' | ' |
Number of months required for eligibility to participate in plan | ' | 'Employees are eligible to participate after nine months of employment, if they are employed for at least 20 hours per week and more than five months per year. | ' | ' |
Common stock purchases represented as percentage of employee's compensation | ' | 10.00% | ' | ' |
Percentage of fair market value of the common stock | ' | 85.00% | ' | ' |
Number of shares available for purchase under stock plan | ' | 1,733,271 | ' | ' |
Shares issued under stock plan | 6,750,000 | ' | ' | ' |
Capital Accumulation Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expense recognized | ' | $1,287 | $1,379 | $1,327 |
Expected dividend yield | ' | 1.60% | 1.60% | 1.40% |
Percentage of fair market value of the common stock | ' | 75.00% | ' | ' |
Number of shares available for purchase under stock plan | ' | 2,128,497 | ' | ' |
Common stock purchases represented as percentage of employee's compensation, minimum | ' | 5.00% | ' | ' |
Common stock purchases represented as percentage of employee's compensation, maximum | ' | 25.00% | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 0.00% | ' | ' |
Capital Accumulation Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 1.60% | 1.60% | 1.40% |
Expected stock price volatility | 31.00% | 31.00% | 31.30% |
Risk-free interest rate | 0.30% | 0.30% | 0.30% |
Expected life of options (years) | '1 year | '1 year | '1 year |
Director and Employee Stock Option Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 1.80% | 1.60% | 1.50% |
Expected stock price volatility | 30.00% | 30.60% | 33.00% |
Risk-free interest rate | 1.50% | 1.40% | 2.50% |
Expected life of options (years) | '7 years 1 month 6 days | '7 years 6 months | '7 years 4 months 24 days |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 1.60% | 1.60% | 1.40% |
Expected stock price volatility | 31.00% | 31.00% | 31.30% |
Risk-free interest rate | 0.10% | 0.20% | 0.20% |
Expected life of options (years) | '6 months | '6 months | '6 months |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | |||
Number of Options, Beginning balance | 721 | 986 | 1,273 | |||
Number of Options, Granted | 57 | 56 | 64 | |||
Number of Options, Exercised | -345 | -290 | -232 | |||
Number of Options, Canceled | -44 | -31 | -119 | |||
Number of Options, Ending balance | 389 | 721 | 986 | |||
Exercise Price, Beginning balance | $35.03 | [1] | $31.45 | [1] | $29.82 | [1] |
Number of Options, Vested or expected to vest at end of year | 306 | ' | ' | |||
Exercise Price, Granted | $39.33 | [1] | $34.10 | [1] | $33.90 | [1] |
Number of Options, Exercisable at end of year | 113 | ' | ' | |||
Exercise Price, Exercised | $35.73 | [1] | $22.49 | [1] | $24.11 | [1] |
Exercise Price, Canceled | $33.11 | [1] | $33.79 | [1] | $29.64 | [1] |
Exercise Price, Ending balance | $35.29 | [1] | $35.03 | [1] | $31.45 | [1] |
Exercise Price, Vested or expected to vest at end of year | $35.89 | [1] | ' | ' | ||
Exercise Price, Exercisable at end of year | $40.75 | [1] | ' | ' | ||
Intrinsic Value, Balance at end of year | $2,168 | ' | ' | |||
Intrinsic Value, Vested or expected to vest at end of year | 1,667 | ' | ' | |||
Intrinsic Value, Exercisable at end of year | $498 | ' | ' | |||
[1] | Weighted-average exercise price |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Non-Vested Restricted Stock Awards and Performance Unit Awards (Detail) (USD $) | 12 Months Ended | ||
Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 | |
Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Outstanding, Beginning balance | 1,157 | 1,162 | 1,111 |
Shares, Granted | 283 | 314 | 272 |
Shares, Vested | -174 | -192 | -138 |
Shares, Forfeitures and cancellations | -43 | -127 | -83 |
Shares Outstanding, Ending balance | 1,223 | 1,157 | 1,162 |
Weighted Average Grant-Date Fair Value, Beginning balance | $31.82 | $30.92 | $29.22 |
Weighted Average Grant-Date Fair Value, Granted | $38.02 | $34.10 | $34.60 |
Weighted Average Grant-Date Fair Value, Vested | ($38.76) | ($35.62) | ($25.45) |
Weighted Average Grant-Date Fair Value, Forfeitures | ($31.91) | ($30.98) | ($29.25) |
Weighted Average Grant-Date Fair Value, Ending balance | $33.02 | $31.82 | $30.92 |
Performance Unit Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Outstanding, Beginning balance | 205 | 96 | 102 |
Shares, Granted | 124 | 130 | ' |
Shares, Forfeitures and cancellations | -2 | -21 | -6 |
Shares Outstanding, Ending balance | 327 | 205 | 96 |
Weighted Average Grant-Date Fair Value, Beginning balance | $34.09 | $35.41 | $35.41 |
Weighted Average Grant-Date Fair Value, Granted | $38.05 | $34.09 | ' |
Weighted Average Grant-Date Fair Value, Forfeitures | ($34.75) | ($34.09) | ($35.41) |
Weighted Average Grant-Date Fair Value, Ending balance | $35.59 | $34.09 | $35.41 |
Quarterly_Results_Unaudited_Su
Quarterly Results (Unaudited) - Summary of Quarterly Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,102,077 | $1,082,679 | $998,834 | $880,125 | $964,933 | $915,861 | $867,193 | $889,225 | $4,063,715 | $3,637,212 | $3,535,661 |
Gross profit | 315,868 | 311,461 | 289,431 | 281,518 | 324,177 | 300,293 | 280,599 | 285,700 | 1,198,278 | 1,190,769 | 1,162,514 |
Operating income | 92,601 | 96,651 | 75,223 | 81,281 | 104,456 | 89,538 | 77,869 | 82,592 | 345,756 | 354,455 | 358,009 |
Net income | $55,671 | $57,021 | $42,028 | $45,892 | $63,562 | $53,630 | $45,542 | $47,538 | $200,612 | $210,272 | $212,815 |
Earnings per share - basic | $0.56 | $0.56 | $0.42 | $0.45 | $0.63 | $0.53 | $0.44 | $0.45 | $1.99 | $2.04 | $1.93 |
Earnings per share - diluted | $0.55 | $0.56 | $0.41 | $0.45 | $0.62 | $0.52 | $0.44 | $0.45 | $1.97 | $2.03 | $1.92 |
Recovered_Sheet1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 28, 2012 |
Allowance for doubtful accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $5,808 | $7,831 | $8,365 |
Charged to Costs and Expenses | 3,220 | 1,119 | 2,445 |
Charged to Other Accounts | 3,552 | ' | ' |
Deductions | 2,707 | 3,142 | 2,979 |
Balance at End of Period | 9,873 | 5,808 | 7,831 |
LIFO inventory adjustment [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 70,415 | 66,807 | 61,385 |
Charged to Costs and Expenses | 4,192 | 3,607 | 5,422 |
Charged to Other Accounts | ' | ' | ' |
Deductions | ' | ' | ' |
Balance at End of Period | 74,607 | 70,415 | 66,807 |
Inventory obsolescence reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 6,333 | 5,456 | 5,844 |
Charged to Costs and Expenses | 14,846 | 10,863 | 11,508 |
Charged to Other Accounts | 391 | ' | ' |
Deductions | 12,907 | 9,986 | 11,896 |
Balance at End of Period | 8,663 | 6,333 | 5,456 |
Total inventory reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 76,748 | 72,263 | 67,229 |
Charged to Costs and Expenses | 19,038 | 14,471 | 16,930 |
Charged to Other Accounts | 391 | ' | ' |
Deductions | 12,907 | 9,986 | 11,896 |
Balance at End of Period | $83,270 | $76,748 | $72,263 |