Income Taxes (Tables)

12 Months Ended

Apr. 28, 2012

Components of Provision for Income Taxes

Significant components of the provision for income taxes are as follows:

	Fiscal Year
	2012			2011		2010
Current:
Federal	$	89,612		$	87,315	$	98,481
Foreign		16,726			14,548		16,308
State		10,570			11,469		11,747
Total current		116,908			113,332		126,536
Deferred:
Federal		872			14,938		544
Foreign		(895	)		310		(360	)
State		112			1,922		67
Total deferred		89			17,170		251
Provision for income taxes	$	116,997		$	130,502	$	126,787

Components of Deferred Tax Assets (Liabilities)

Significant components of Patterson’s deferred tax assets (liabilities) as of April 28, 2012 and April 30, 2011 are as follows:

	2012			2011
Deferred current income tax asset (liability):
Capital Accumulation Plan	$	4,045		$	4,048
Inventory obsolescence		2,124			3,455
Bad debt allowance		2,022			2,424
LIFO reserve		(12,773	)		(14,755	)
Other		17,544			14,229
Deferred net current income tax asset		12,962			9,401
Deferred long-term income tax (liability) asset:
Amortizable intangibles		(29,142	)		(30,033	)
Goodwill		(56,026	)		(49,089	)
Property, plant, equipment		(3,901	)		(3,737	)
Stock based compensation expense		7,897			6,146
Net operating loss carryforwards		7,656			9,431
Other		(3,568	)		(4,612	)
		(77,084	)		(71,894	)
Valuation allowance		(4,772	)		(6,345	)
Deferred net long-term income tax liability		(81,856	)		(78,239	)
Net deferred income tax liability	$	(68,894	)	$	(68,838	)

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
	2012			2011			2010
Tax at U.S. statutory rate	$	115,434		$	124,561		$	118,664
State tax provision, net of federal benefit		7,277			8,950			8,103
Effect of foreign taxes		530			2,398			1,411
Other		(6,244	)		(5,407	)		(1,391	)
	$	116,997		$	130,502		$	126,787

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 28, 2012 and April 30, 2011 are shown below:

	2012			2011
Balances beginning of period	$	18,963		$	18,685
Additions for tax positions related to the current year		2,288			2,737
Additions for tax positions of prior years		474			468
Reductions for tax positions of prior years		(1,778	)		(1,309	)
Statute expirations		(1,618	)		(1,504	)
Settlements		(230	)		(114	)
Balance, end of period	$	18,099		$	18,963