2.2.0.7 false GENERAL 10101 - Disclosure - GENERAL true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 GENERAL 3 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 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 the Company as of July 31, 2010 and the results of operations and the cash flows for the periods ended July 31, 2010 and July 25, 2009. Such adjustments are of a normal recurring nature. The results of operations for the periods ended July 31, 2010 and July 25, 2009, 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 2010 Annual Report on Form 10-K filed on June 23, 2010. The condensed consolidated financial statements of Patterson Companies, Inc. 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 the 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 the Company is the last Saturday in April. The first quarter of fiscal 2011 represents the 14 weeks ended July 31, 2010 and the first quarter of fiscal 2010 represents the 13 weeks ended July 25, 2009. Fiscal 2011 will include 53 weeks of operations, while fiscal 2010 was comprised of 52 weeks. Comprehensive Income Total comprehensive income was $46,613 and $67,984 for the three months ended July 31, 2010 and July 25, 2009, respectively. Other than net income, comprehensive income also includes foreign currency translation adjustments. Foreign currency translation adjustments do not include a provision for income tax because earnings from foreign operations are considered to be indefinitely reinvested outside the U.S. During the three months ended July 25, 2009, comprehensive income was positively affected by approximately $23 million due to the effect of changes in exchange rates on foreign currency translation.   Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (shares in thousands):   <table border="0" cellspacing="0" cellpadding="0" width="76%"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">Three Months Ended</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 25, 2009</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Denominator:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Denominator for basic earnings per share—weighted-average shares</td> <td valign="bottom">  </td> <td valign="bottom" align="right">119,022</td> <td valign="bottom">  </td> <td valign="bottom" align="right">118,119</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Effect of dilutive securities—stock options, restricted stock, and stock purchase plans</td> <td valign="bottom">  </td> <td valign="bottom" align="right">762</td> <td valign="bottom">  </td> <td valign="bottom" align="right">524</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Denominator for diluted earnings per share—adjusted weighted average shares</td> <td valign="bottom">  </td> <td valign="bottom" align="right">119,784</td> <td valign="bottom">  </td> <td valign="bottom" align="right">118,643</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td></tr></table> Options to purchase 615 and 1,368 shares of common stock during the three months ended July 31, 2010 and July 25, 2009, respectively, were excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive. Unvested restricted stock awards excluded from the calculation of diluted earnings per share were 362 and 231 shares during the three months ended July 31, 2010 and July 25, 2009, respectively, because the effect would have been anti-dilutive.   Recently Issued Accounting Pronouncements In June 2009, the FASB issued guidance codified into ASC Topic No. 860, "Transfers and Servicing" (ASC 860) which amends the derecognition guidance in former FASB Statement No. 140 and eliminates the exemption from consolidation for qualifying special-purpose entities. Also in June 2009, the FASB issued guidance codified into ASC Topic No. 810, "Consolidation" (ASC 810) which amends the consolidation guidance applicable to variable interest entities. The Company adopted ASC 860 and ASC 810 at the beginning of fiscal 2011. The related guidance did not have a material impact on its financial condition, results of operations and cash flows. In October 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-13, "Multiple-Deliverable Revenue Arrangements" (ASU 2009-13). This update amends ASC Topic 605-25, "Revenue Recognition – Multiple-Deliverable Revenue Arrangements" to remove the criterion that entities must use objective and reliable evidence of fair value in separately accounting for deliverables and provides entities with a hierarchy of evidence that must be considered when allocating arrangement consideration. The update also requires entities to allocate arrangement consideration to the separate units of accounting based on the deliverables' relative selling price. The provisions will be effective for revenue arrangements entered into or materially modified in the Company's fiscal year 2012 and must be applied prospectively. The Company is currently evaluating the impact of the provisions of ASU 2009-13. In July 2010, the FASB issued ASU 2010-20, "Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses," (ASU 2010-20) which amends ASC 310, "Receivables," to require further disaggregated disclosures that improve financial statement users' understanding of (1) the nature of an entity's credit risk associated with its financing receivables and (2) the entity's assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes. The new and amended disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The adoption of ASU 2010-20 will only impact disclosures and is not expected to have a material impact on the Company's consolidated financial statements </div> NOTE 1 GENERAL Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all false false false us-types:textBlockItemType textblock Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. 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