Patterson Companies (PDCO) 10-Q 4 Sep 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jul. 26, 2014	Aug. 28, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	26-Jul-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'PDCO	'
Entity Registrant Name	'PATTERSON COMPANIES, INC.	'
Entity Central Index Key	'0000891024	'
Current Fiscal Year End Date	'--04-26	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	104,259,810

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jul. 26, 2014	Apr. 26, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$260,740	$264,908
Short-term investments	41,607	40,775
Receivables, net	564,458	607,580
Inventory	518,857	436,463
Prepaid expenses and other current assets	59,524	65,991
Total current assets	1,445,186	1,415,717
Property and equipment, net	214,453	204,939
Long-term receivables, net	88,335	90,535
Goodwill	845,124	844,433
Identifiable intangibles, net	219,287	223,150
Other	86,787	85,903
Total assets	2,899,172	2,864,677
Current liabilities:	'	'
Accounts payable	388,171	342,056
Accrued payroll expense	45,166	66,567
Other accrued expense	149,629	134,840
Total current liabilities	582,966	543,463
Long-term debt	725,000	725,000
Other	123,105	124,550
Total liabilities	1,431,071	1,393,013
Stockholders' equity:	'	'
Common stock	1,029	1,040
Additional paid-in capital	0	0
Accumulated other comprehensive income	33,371	25,370
Retained earnings	1,519,645	1,531,198
Unearned ESOP shares	-85,944	-85,944
Total stockholders' equity	1,468,101	1,471,664
Total liabilities and stockholders' equity	$2,899,172	$2,864,677

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Income Statement [Abstract]	'	'
Net sales	$1,059,529	$880,125
Cost of sales	763,304	598,607
Gross profit	296,225	281,518
Operating expenses	211,471	200,237
Operating income	84,754	81,281
Other income and expense:	'	'
Other income, net	1,502	-557
Interest expense	-8,768	-8,567
Income before taxes	77,488	72,157
Income taxes	27,199	26,265
Net income	50,289	45,892
Earnings per share:	'	'
Basic	$0.51	$0.45
Diluted	$0.50	$0.45
Weighted average common shares:	'	'
Basic	99,329	101,027
Diluted	100,182	101,919
Dividends declared per common share	$0.20	$0.16
Other Comprehensive Income	'	'
Net income	50,289	45,892
Foreign currency translation gain / (loss)	10,310	-8,306
Cash flow hedge loss	-2,309	-48
Comprehensive Income	$58,290	$37,538

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Operating activities:	'	'
Net income	$50,289	$45,892
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	6,699	6,580
Amortization	4,792	4,396
Bad debt expense	478	244
Non-cash employee compensation	6,412	4,462
Excess tax benefits from stock-based compensation	-512	-553
Change in assets and liabilities, net of acquired	612	-39,896
Net cash provided by operating activities	68,770	21,125
Investing activities:	'	'
Additions to property and equipment, net	-16,681	-5,564
Proceeds from sale of assets	5,594	'
Purchase of investments	-359	'
Net cash used in investing activities	-11,446	-5,564
Financing activities:	'	'
Dividends paid	-20,062	-29,773
Repurchases of common stock	-42,877	-22,199
Payment on revolver	-130,000	'
Draw on revolver	130,000	135,000
Other financing activities	-811	1,732
Net cash provided by (used in) financing activities	-63,750	84,760
Effect of exchange rate changes on cash	2,258	-2,180
Net decrease in cash and cash equivalents	-4,168	98,141
Cash and cash equivalents at beginning of period	264,908	505,228
Cash and cash equivalents at end of period	$260,740	$603,369

GENERAL

GENERAL	3 Months Ended
	Jul. 26, 2014
Accounting Policies [Abstract]	'
GENERAL	'
	NOTE 1 GENERAL
	Basis of Presentation
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of our Company as of July 26, 2014, and our results of operations and cash flows for the periods ended July 26, 2014 and July 27, 2013. Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 26, 2014 and July 27, 2013, are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements included in the 2014 Annual Report on Form 10-K filed on June 25, 2014.
	The condensed consolidated financial statements of Patterson Companies, Inc. (“Patterson” or “Company”) include the assets and liabilities of PDC Funding Company, LLC (“PDC Funding”) and PDC Funding Company II, LLC (“PDC Funding II”), wholly owned subsidiaries and separate legal entities under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities of our Company established to sell customer installment sale contracts to outside financial institutions in the normal course of business. The assets of PDC Funding and PDC Funding II would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding or PDC Funding II.
	Fiscal Year End
	The fiscal year end of our Company is the last Saturday in April. The first quarter of fiscal years 2015 and 2014 represents the 13 weeks ended July 26, 2014 and July 27, 2013, respectively. Fiscal years 2015 and 2014 each include 52 weeks of operations.
	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 following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share (shares in thousands):
		Three Months Ended
		July 26,		July 27,
		2014		2013
	Denominator:
	Denominator for diluted earnings per share—weighted average shares		99,329		101,027
	Effect of dilutive securities—stock options, restricted stock, ESOP and stock purchase plans		853		892
	Denominator for diluted earnings per share—adjusted weighted average shares		100,182		101,919
	Options to purchase 2,000 shares of common stock during the three months ended July 26, 2014, and 148,000 shares during the three months ended July 27, 2013, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. There were no unvested restricted stock awards excluded from the calculation of diluted earnings per share during the three months ended July 26, 2014, or the three months ended July 27, 2013, respectively, because the effect would have been anti-dilutive.
	Recently Issued 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.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jul. 26, 2014
Business Combinations [Abstract]	'
ACQUISITIONS	'
	NOTE 2 ACQUISITIONS
	On August 16, 2013, Patterson Companies, Inc. completed the acquisition of all the outstanding stock of National Veterinary Services Limited (“NVS”) from Dechra Pharmaceuticals, PLC. NVS is the largest veterinary products distributor in the United Kingdom.
	Operating results for this acquisition have been included in our Condensed Consolidated Statements of Income and Other Comprehensive Income from the date of acquisition and are reflected in the Veterinary reporting segment. The acquisition contributed $173,576 of net sales to the segment for the first quarter. Pro forma results are not presented, as the acquisition is not considered material to our Company.

GOODWILL_AND_OTHER_INTANGIBLE_

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Jul. 26, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
GOODWILL AND OTHER INTANGIBLE ASSETS	'
	NOTE 3 GOODWILL AND OTHER INTANGIBLE ASSETS
	The goodwill balances and related activity by business segment as of April 26, 2014 and July 26, 2014 are as follows:
					Acquisition			Translation
		Balance at			Activity &			And Other		Balance at
		April 26, 2014			Divestitures			Activity		July 26, 2014
	Dental Supply	$	137,463		$	0		$	242	$	137,705
	Rehabilitation Supply		545,007			0			187		545,194
	Veterinary Supply		161,963			0			262		162,225
	Total	$	844,433		$	0		$	691	$	845,124
	Balances of other intangible assets excluding goodwill are as follows:
		July 26,			April 26,
		2014			2014
	Unamortized—indefinite lived:
	Copyrights, trade names and trademarks	$	76,464		$	76,464
	Amortized:
	Distribution agreement, customer lists and other		287,480			286,365
	Less: Accumulated amortization		(144,657	)		(139,679	)
	Net amortized other intangible assets		142,823			146,686
	Total identifiable intangible assets, net	$	219,287		$	223,150

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Jul. 26, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
DERIVATIVE FINANCIAL INSTRUMENTS	'
	NOTE 4 DERIVATIVE FINANCIAL INSTRUMENTS
	Patterson is a party to certain offsetting and identical interest rate cap agreements. These cap agreements are not designated for hedge accounting treatment and were entered into to fulfill certain covenants of a sale agreement between a commercial paper conduit managed by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and PDC Funding. On December 5, 2013, this agreement was amended on terms consistent with the expiring agreement. The cap agreements provide a credit enhancement feature for the financing contracts sold by PDC Funding to the commercial paper conduit.
	The cap agreements are cancelled and new agreements entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of July 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 we entered into a forward interest rate swap agreement with a notional amount of $250,000 and accounted for as cash flow hedge, to hedge interest rate fluctuations in anticipation of refinancing the 5.17% senior notes due March 25, 2015 with a 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:
			July 26,		April 26,			July 27,
	Derivative type	Classification	2014		2014			2013
	Assets:
	Interest rate contracts	Other noncurrent assets	$	1,222	$	1,716		$	1,153
	Liabilities:
	Interest rate contracts	Other noncurrent liabilities	$	1,224	$	1,720		$	1,167
	Interest rate swap	Other current liabilities	$	12,734	$	5,660		$	—
	The following table presents the effect of interest rate contracts on the consolidated statements of income and other comprehensive income (net of tax):
			Three Months Ended
			July 26,		July 27,
			2014		2013
	Interest rate contracts	Other income (expense), net	$	0	$	(4	)
	Interest rate swap	Other comprehensive Income		($2,309)	$	(48	)

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jul. 26, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	NOTE 5 FAIR VALUE MEASUREMENTS
	Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The fair value hierarchy of measurements is categorized into one of three levels based on the lowest level of significant input used:
	Level 1 -	Quoted prices in active markets for identical assets and liabilities at the measurement date.
	Level 2 -	Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
	Level 3 -	Unobservable inputs for which there is little or no market data available. These inputs reflect management’s assumptions of what market participants would use in pricing the asset or liability.
	Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of July 26, 2014 is as follows:
		Total		Quoted Prices in Active		Significant Other		Significant Unobservable
				Markets (Level 1)		Observable Inputs		Inputs (Level 3)
						(Level 2)
	Assets:
	Cash equivalents	$	45,416	$	45,416	$	—	$	—
	Derivative instruments		1,222		—		1,222		—
	Total assets	$	46,638	$	45,416	$	1,222	$	—
	Liabilities:
	Derivative instruments	$	13,958	$	—	$	13,958	$	—
	Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of April 26, 2014 is as follows:
		Total		Quoted Prices in Active		Significant Other		Significant Unobservable
				Markets (Level 1)		Observable Inputs		Inputs (Level 3)
						(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	$	—
	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 observable inputs such as interest rates and credit spreads.
	Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments under certain circumstances, such as when there is evidence of impairment. There were no fair value adjustments to such assets during the periods ended July 26, 2014 or July 27, 2013.
	Patterson’s debt is not measured at fair value in the consolidated balance sheets. The estimated fair value of our debt as of July 26, 2014 and April 26, 2014 was $744,644 and $742,619, 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 July 26, 2014 and July 27, 2013.

SECURITIES

SECURITIES	3 Months Ended
	Jul. 26, 2014
Investments Debt And Equity Securities [Abstract]	'
SECURITIES	'
	NOTE 6 SECURITIES
	On October 25th, 2013 we invested in three time deposits with total principal of $110,000 Canadian dollars. Our time deposit securities are classified as “held-to-maturity” securities 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 July 26, 2014, include $41,607, which is classified as a current asset and will mature within one year, and $60,099, which is classified as a noncurrent asset and will mature within two years.

CUSTOMER_FINANCING

CUSTOMER FINANCING	3 Months Ended
	Jul. 26, 2014
Text Block [Abstract]	'
CUSTOMER FINANCING	'
	NOTE 7 CUSTOMER FINANCING
	As a convenience to our customers, we offer several different financing alternatives including both our Company-sponsored program and a third party program. For the third party program, we act as a facilitator between the customer and the third party financing entity with no on-going involvement in the financing transaction. Under our sponsored program, equipment purchased by customers with strong credit may be financed up to a maximum of $500 for any one customer. We generally sell the customers’ financing contracts to outside financial institutions in the normal course of our business. Patterson currently has two arrangements under which we sell these contracts.
	Patterson 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 July 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 July 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 the three months ended July 26, 2014 and July 27, 2013, we sold approximately $85,100 and $69,500, 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 July 26, 2014.
	Included in cash and cash equivalents in the consolidated balance sheets are approximately $30,177 and $28,152 as of July 26, 2014 and April 26, 2014, 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 $30,420, net of unearned income of $1,464, and $63,236, net of unearned income of $5,894, as of July 26, 2014 and April 26, 2014, respectively, of finance contracts not yet sold by Patterson. A total of $514,310 of finance contracts receivable sold under the agreements was outstanding at July 26, 2014. The deferred purchase price under the arrangements was approximately $83,506 and $84,750 as of July 26, 2014 and April 26, 2014, respectively. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than one-percent of the loans originated.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Jul. 26, 2014
Segment Reporting [Abstract]	'
SEGMENT REPORTING	'
	NOTE 8 SEGMENT REPORTING
	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:
			Three Months Ended
			July 26, 2014		July 27, 2013
	Net sales
	Dental supply		$	552,654	$	554,233
	Veterinary supply			386,302		199,683
	Rehabilitation supply			120,573		126,209
	Consolidated net sales		$	1,059,529	$	880,125
	Operating income
	Dental supply		$	53,213	$	55,490
	Veterinary supply			13,987		9,047
	Rehabilitation supply			17,554		16,744
	Consolidated operating income		$	84,754	$	81,281
	The following table presents sales information by product for all of Patterson’s reportable segments:
			Three Months Ended
			July 26,		July 27,
			2014		2013
	Net sales
	Consumable and printed products *		$	796,777	$	609,949
	Equipment and software*			179,429		196,143
	Other			83,323		74,033
	Total		$	1,059,529	$	880,125
	*	Certain products, primarily dental hand pieces, were reclassified from equipment to consumables, to be consistent with the industry, in current and prior periods.

EMPLOYEE_STOCK_OWNERSHIP_PLAN_

EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)	3 Months Ended
	Jul. 26, 2014
Text Block [Abstract]	'
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)	'
	NOTE 9 EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
	During 1990, our Board of Directors adopted a leveraged ESOP. In fiscal 2002 and 2006, under the provisions of the plan and related financing arrangements, Patterson loaned the ESOP $12,612 (the “2002 note”) and $105,000 (the “2006 note”), respectively. The contribution to the ESOP, and the resulting allocation to employees, is determined annually by the Board of Directors following the close of the fiscal year. Shares of stock acquired by the plan are allocated to each participant who has completed 1,000 hours of service during the plan year. These shares are accounted for under ASC 718-40, Share-based Payments – Employee Stock Ownership Plans, and are not considered outstanding for computation of earnings per share until the shares are committed for release to the participants. We recognize expense based on the current fair value of the shares released to participants. As of July 26, 2014, a total of 2,736,969 of unallocated shares were held by the ESOP. The estimated ESOP expense recognized during the three months ended July 26, 2014 was $3,000 and during the three months ended July 27, 2013 was $5,700, respectively.

GENERAL_Policies

GENERAL (Policies)	3 Months Ended
	Jul. 26, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of our Company as of July 26, 2014, and our results of operations and cash flows for the periods ended July 26, 2014 and July 27, 2013. Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 26, 2014 and July 27, 2013, are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements included in the 2014 Annual Report on Form 10-K filed on June 25, 2014.
	The condensed consolidated financial statements of Patterson Companies, Inc. (“Patterson” or “Company”) include the assets and liabilities of PDC Funding Company, LLC (“PDC Funding”) and PDC Funding Company II, LLC (“PDC Funding II”), wholly owned subsidiaries and separate legal entities under Minnesota law. PDC Funding and PDC Funding II are fully consolidated special purpose entities of our Company established to sell customer installment sale contracts to outside financial institutions in the normal course of business. The assets of PDC Funding and PDC Funding II would be available first and foremost to satisfy the claims of its creditors. There are no known creditors of PDC Funding or PDC Funding II.
Fiscal Year End	'
	Fiscal Year End
	The fiscal year end of our Company is the last Saturday in April. The first quarter of fiscal years 2015 and 2014 represents the 13 weeks ended July 26, 2014 and July 27, 2013, respectively. Fiscal years 2015 and 2014 each include 52 weeks of operations.
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 following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share (shares in thousands):
		Three Months Ended
		July 26,		July 27,
		2014		2013
	Denominator:
	Denominator for diluted earnings per share—weighted average shares		99,329		101,027
	Effect of dilutive securities—stock options, restricted stock, ESOP and stock purchase plans		853		892
	Denominator for diluted earnings per share—adjusted weighted average shares		100,182		101,919
	Options to purchase 2,000 shares of common stock during the three months ended July 26, 2014, and 148,000 shares during the three months ended July 27, 2013, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. There were no unvested restricted stock awards excluded from the calculation of diluted earnings per share during the three months ended July 26, 2014, or the three months ended July 27, 2013, respectively, because the effect would have been anti-dilutive.
Recently Issued Accounting Pronouncements	'
	Recently Issued 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.

GENERAL_Tables

GENERAL (Tables)	3 Months Ended
	Jul. 26, 2014
Accounting Policies [Abstract]	'
Computation of Weighted Average Shares Outstanding Used to Calculate Basic and Diluted Earnings Per Share	'
	The following table sets forth the computation of the weighted average shares outstanding used to calculate basic and diluted earnings per share (shares in thousands):
		Three Months Ended
		July 26,		July 27,
		2014		2013
	Denominator:
	Denominator for diluted earnings per share—weighted average shares		99,329		101,027
	Effect of dilutive securities—stock options, restricted stock, ESOP and stock purchase plans		853		892
	Denominator for diluted earnings per share—adjusted weighted average shares		100,182		101,919

GOODWILL_AND_OTHER_INTANGIBLE_1

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jul. 26, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Goodwill Balances and Related Activity by Business Segment	'
	The goodwill balances and related activity by business segment as of April 26, 2014 and July 26, 2014 are as follows:
					Acquisition			Translation
		Balance at			Activity &			And Other		Balance at
		April 26, 2014			Divestitures			Activity		July 26, 2014
	Dental Supply	$	137,463		$	0		$	242	$	137,705
	Rehabilitation Supply		545,007			0			187		545,194
	Veterinary Supply		161,963			0			262		162,225
	Total	$	844,433		$	0		$	691	$	845,124
Balances of Other Intangible Assets Excluding Goodwill	'
	Balances of other intangible assets excluding goodwill are as follows:
		July 26,			April 26,
		2014			2014
	Unamortized—indefinite lived:
	Copyrights, trade names and trademarks	$	76,464		$	76,464
	Amortized:
	Distribution agreement, customer lists and other		287,480			286,365
	Less: Accumulated amortization		(144,657	)		(139,679	)
	Net amortized other intangible assets		142,823			146,686
	Total identifiable intangible assets, net	$	219,287		$	223,150

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jul. 26, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
Fair Value of Interest Rate Contracts Included in Consolidated Balance Sheets	'
	The following presents the fair value of interest rate contracts included in the consolidated balance sheets:
			July 26,		April 26,			July 27,
	Derivative type	Classification	2014		2014			2013
	Assets:
	Interest rate contracts	Other noncurrent assets	$	1,222	$	1,716		$	1,153
	Liabilities:
	Interest rate contracts	Other noncurrent liabilities	$	1,224	$	1,720		$	1,167
	Interest rate swap	Other current liabilities	$	12,734	$	5,660		$	—
Effect of Interest Rate Contracts on Consolidated Statements of Income and Other Comprehensive Income (Net of Tax)	'
	The following table presents the effect of interest rate contracts on the consolidated statements of income and other comprehensive income (net of tax):
			Three Months Ended
			July 26,		July 27,
			2014		2013
	Interest rate contracts	Other income (expense), net	$	0	$	(4	)
	Interest rate swap	Other comprehensive Income		($2,309)	$	(48	)

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jul. 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 July 26, 2014 is as follows:
		Total		Quoted Prices in Active		Significant Other		Significant Unobservable
				Markets (Level 1)		Observable Inputs		Inputs (Level 3)
						(Level 2)
	Assets:
	Cash equivalents	$	45,416	$	45,416	$	—	$	—
	Derivative instruments		1,222		—		1,222		—
	Total assets	$	46,638	$	45,416	$	1,222	$	—
	Liabilities:
	Derivative instruments	$	13,958	$	—	$	13,958	$	—
	Our hierarchy for assets and liabilities measured at fair value on a recurring basis as of April 26, 2014 is as follows:
		Total		Quoted Prices in Active		Significant Other		Significant Unobservable
				Markets (Level 1)		Observable Inputs		Inputs (Level 3)
						(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	$	—

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Jul. 26, 2014
Segment Reporting [Abstract]	'
Information about Reportable Segments	'
	The following table presents information about Patterson’s reportable segments:
			Three Months Ended
			July 26, 2014		July 27, 2013
	Net sales
	Dental supply		$	552,654	$	554,233
	Veterinary supply			386,302		199,683
	Rehabilitation supply			120,573		126,209
	Consolidated net sales		$	1,059,529	$	880,125
	Operating income
	Dental supply		$	53,213	$	55,490
	Veterinary supply			13,987		9,047
	Rehabilitation supply			17,554		16,744
	Consolidated operating income		$	84,754	$	81,281
Sales Information by Product	'
	The following table presents sales information by product for all of Patterson’s reportable segments:
			Three Months Ended
			July 26,		July 27,
			2014		2013
	Net sales
	Consumable and printed products *		$	796,777	$	609,949
	Equipment and software*			179,429		196,143
	Other			83,323		74,033
	Total		$	1,059,529	$	880,125
	*	Certain products, primarily dental hand pieces, were reclassified from equipment to consumables, to be consistent with the industry, in current and prior periods.

General_Computation_of_Weighte

General - Computation of Weighted Average Shares Outstanding Used to Calculate Basic and Diluted Earnings Per Share (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Earnings Per Share [Abstract]	'	'
Denominator for diluted earnings per share-weighted average shares	99,329	101,027
Effect of dilutive securities-stock options, restricted stock, ESOP and stock purchase plans	853	892
Denominator for diluted earnings per share-adjusted weighted average shares	100,182	101,919

General_Additional_Information

General - Additional Information (Detail)	3 Months Ended
	Jul. 26, 2014	Jul. 27, 2013
Summary Of Significant Accounting Policies [Line Items]	'	'
Unvested restricted stock awards	0	0
Employee Stock Option [Member]	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Securities excluded from calculation of diluted earnings per share	2,000	148,000

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (National Veterinary Services Limited (NVS) [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014
National Veterinary Services Limited (NVS) [Member]	'
Business Acquisition [Line Items]	'
Acquisition contributed of net sales	$173,576

Recovered_Sheet1

Goodwill and Other Intangible Assets - Goodwill Balances and Related Activity by Business Segment (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014
Goodwill [Line Items]	'
Beginning Balance	$844,433
Acquisition Activity & Divestitures	0
Translation And Other Activity	691
Ending Balance	845,124
Dental Supply [Member]	'
Goodwill [Line Items]	'
Beginning Balance	137,463
Acquisition Activity & Divestitures	0
Translation And Other Activity	242
Ending Balance	137,705
Rehabilitation Supply [Member]	'
Goodwill [Line Items]	'
Beginning Balance	545,007
Acquisition Activity & Divestitures	0
Translation And Other Activity	187
Ending Balance	545,194
Veterinary Supply [Member]	'
Goodwill [Line Items]	'
Beginning Balance	161,963
Acquisition Activity & Divestitures	0
Translation And Other Activity	262
Ending Balance	$162,225

Recovered_Sheet2

Goodwill and Other Intangible Assets - Balances of Other Intangible Assets Excluding Goodwill (Detail) (USD $)	Jul. 26, 2014	Apr. 26, 2014
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	287,480	286,365
Less: Accumulated amortization	-144,657	-139,679
Net amortized other intangible assets	142,823	146,686
Total identifiable intangible assets, net	$219,287	$223,150

Recovered_Sheet3

Derivative Financial Instruments - Additional Information (Detail) (USD $)	Jul. 26, 2014	Jul. 26, 2014	Jul. 26, 2014	Aug. 31, 2013	Jan. 31, 2014	Apr. 27, 2013
In Thousands, unless otherwise specified	Interest Rate Swap [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]	Interest Rate Swap Agreement [Member]	Interest Rate Swap Agreement [Member]
	Derivative	Derivative	Replacement Agreement [Member]	Replacement Agreement [Member]
Derivative [Line Items]	'	'	'	'	'	'
Notional amount of derivatives	'	$500,000	'	$100,000	$250,000	$75,000
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	'

Recovered_Sheet4

Derivative Financial Instruments - Fair Value of Interest Rate Contracts Included in Consolidated Balance Sheets (Detail) (USD $)	Jul. 26, 2014	Apr. 26, 2014	Jul. 27, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'	'
Interest rate contracts, assets, fair value	$1,222	$1,716	'
Interest rate, liabilities, fair value	13,958	7,380	'
Other Noncurrent Assets [Member] | Interest Rate Contract [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Interest rate contracts, assets, fair value	1,222	1,716	1,153
Other Noncurrent Liabilities [Member] | Interest Rate Contract [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Interest rate, liabilities, fair value	1,224	1,720	1,167
Other Current Liabilities [Member] | Interest Rate Swap [Member]	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'
Interest rate, liabilities, fair value	$12,734	$5,660	'

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Effect of Interest Rate Contracts on Consolidated Statements of Income and Other Comprehensive Income (Net of Tax) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Interest Rate Contract [Member] | Other income (expense), net [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Effect of interest rate contracts	$0	($4)
Interest Rate Swap [Member] | Other comprehensive Income [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Effect of interest rate contracts	($2,309)	($48)

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Jul. 26, 2014	Apr. 26, 2014
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash equivalents	$45,416	$51,511
Derivative instruments, assets	1,222	1,716
Total assets	46,638	53,227
Derivative instruments, liabilities	13,958	7,380
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash equivalents	45,416	51,511
Total assets	45,416	51,511
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Derivative instruments, assets	1,222	1,716
Total assets	1,222	1,716
Derivative instruments, liabilities	$13,958	$7,380

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Jul. 26, 2014	Apr. 26, 2014
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]	'	'
Estimated fair value of debt	$744,644	$742,619

Securities_Additional_Informat

Securities - Additional Information (Detail)	Jul. 26, 2014	Jul. 26, 2014	Apr. 26, 2014	Jul. 26, 2014	Jul. 26, 2014	Jul. 26, 2014
In Thousands, unless otherwise specified	USD ($)	CAD	USD ($)	Fair Value, Inputs, Level 3 [Member]	Maximum [Member]	Maximum [Member]
				USD ($)	Current Assets [Member]	Noncurrent Assets [Member]
Schedule of Held-to-maturity Securities [Line Items]	'	'	'	'	'	'
Total principal amount	'	110,000	'	'	'	'
Securities maturity period	'	'	'	'	'1 year	'2 years
Current asset	1,445,186	'	1,415,717	41,607	'	'
Noncurrent asset	'	'	'	$60,099	'	'

Customer_Financing_Additional_

Customer Financing - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013	Apr. 26, 2014	Apr. 27, 2013
	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	85,100	69,500	'	'
Cash and cash equivalents	260,740	603,369	264,908	505,228
Current receivables of finance contracts not yet sold	30,420	'	63,236	'
Unearned income	1,464	'	5,894	'
Finance contracts receivable sold and outstanding	514,310	'	'	'
Deferred purchase price	83,506	'	84,750	'
Bad debt write-offs, percentage, maximum	1.00%	'	'	'
Unsettled Financing Arrangements [Member]	'	'	'	'
Customer Financing [Line Items]	'	'	'	'
Cash and cash equivalents	30,177	'	28,152	'
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	'	'	'
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%	'	'	'

Segment_Reporting_Additional_I

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Jul. 26, 2014
	Segment
Segment Reporting [Abstract]	'
Number of reportable segments	3

Segment_Reporting_Information_

Segment Reporting - Information about Reportable Segments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Segment Reporting Information [Line Items]	'	'
Net sales	$1,059,529	$880,125
Operating income	84,754	81,281
Dental Supply [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	552,654	554,233
Operating income	53,213	55,490
Veterinary Supply [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	386,302	199,683
Operating income	13,987	9,047
Rehabilitation Supply [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	120,573	126,209
Operating income	$17,554	$16,744

Segment_Reporting_Sales_Inform

Segment Reporting - Sales Information by Product (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Segment Reporting Information [Line Items]	'	'
Net sales	$1,059,529	$880,125
Consumable and printed products [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	796,777	609,949
Equipment and software [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	179,429	196,143
Other [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	$83,323	$74,033

Recovered_Sheet5

Employee Stock Ownership Plan (ESOP) - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Jul. 26, 2014	Jul. 27, 2013
Shareholders Equity [Line Items]	'	'
Hours of service completed in order to be allocated shares of stock acquired by plan	'1000 hours	'
Number of unallocated shares held by ESOP	2,736,969	'
ESOP compensation	$3,000	$5,700
2002 note [Member]	'	'
Shareholders Equity [Line Items]	'	'
ESOP company loan	12,612	'
2006 note [Member]	'	'
Shareholders Equity [Line Items]	'	'
ESOP company loan	$105,000	'