Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 31, 2015 | Mar. 03, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Caseys General Stores Inc, | |
Entity Central Index Key | 726958 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 38,851,450 | |
Document Type | 10-Q | |
Document Period End Date | 31-Jan-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $43,637 | $121,641 |
Receivables | 22,217 | 25,841 |
Inventories | 168,280 | 204,833 |
Prepaid expenses | 2,906 | 1,478 |
Deferred income taxes | 17,722 | 23,292 |
Income tax receivable | 1,624 | 12,473 |
Total current assets | 256,386 | 389,558 |
Other assets, net of amortization | 17,163 | 15,947 |
Goodwill | 127,046 | 120,406 |
Property and equipment, net of accumulated depreciation of $1,160,558 at January 31, 2015 and $1,062,278 at April 30, 2014 | 1,986,945 | 1,778,965 |
Total assets | 2,387,540 | 2,304,876 |
Current liabilities: | ||
Notes payable to bank | 18,500 | 0 |
Current maturities of long-term debt | 7,893 | 553 |
Accounts payable | 174,704 | 250,807 |
Accrued expenses | 123,848 | 139,529 |
Total current liabilities | 324,945 | 390,889 |
Long-term debt, net of current maturities | 845,846 | 853,642 |
Deferred income taxes | 340,084 | 318,023 |
Deferred compensation | 17,147 | 16,558 |
Other long-term liabilities | 20,409 | 22,500 |
Total liabilities | 1,548,431 | 1,601,612 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 53,720 | 33,878 |
Retained earnings | 785,389 | 669,386 |
Total shareholders’ equity | 839,109 | 703,264 |
Total Liabilities and Shareholders' Equity | $2,387,540 | $2,304,876 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $1,160,558 | $1,062,278 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Income Statement [Abstract] | ||||
Total revenue | $1,671,961 | $1,790,055 | $6,113,358 | $5,920,689 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 1,320,915 | 1,513,365 | 5,020,116 | 4,982,293 |
Gross profit | 351,046 | 276,690 | 1,093,242 | 938,396 |
Operating expenses | 238,782 | 214,671 | 727,881 | 647,174 |
Depreciation and amortization | 40,431 | 32,687 | 113,955 | 95,604 |
Interest, net | 10,191 | 10,123 | 31,057 | 29,595 |
Income before income taxes | 61,642 | 19,209 | 220,349 | 166,023 |
Federal and state income taxes | 22,323 | 6,556 | 81,064 | 60,145 |
Net income | $39,319 | $12,653 | $139,285 | $105,878 |
Net income per common share | ||||
Basic (in dollars per share) | $1.01 | $0.33 | $3.60 | $2.76 |
Diluted (in dollars per share) | $1.01 | $0.33 | $3.57 | $2.73 |
Basic weighted average shares outstanding (in shares) | 38,795,477 | 38,482,970 | 38,701,232 | 38,443,816 |
Plus effect of stock compensation (in shares) | 322,674 | 444,061 | 309,125 | 418,025 |
Diluted weighted average shares outstanding (in shares) | 39,118,151 | 38,927,031 | 39,010,357 | 38,861,841 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $139,285 | $105,878 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 113,955 | 95,604 |
Other amortization | 260 | 223 |
Stock based compensation | 6,292 | 4,001 |
Loss on disposal of assets and impairment charges | 584 | 2,880 |
Deferred income taxes | 27,631 | 10,118 |
Excess tax benefits related to stock option exercises | -3,014 | -1,615 |
Changes in assets and liabilities: | ||
Receivables | 3,624 | -4,167 |
Inventories | 39,228 | 84 |
Prepaid expenses | -1,428 | -696 |
Accounts payable | -80,747 | -31,101 |
Accrued expenses | -16,580 | 28,665 |
Income taxes | 10,986 | 1,028 |
Other, net | -216 | -216 |
Net cash provided by operating activities | 239,860 | 210,686 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -292,144 | -242,548 |
Payments for acquisition of businesses, net of cash acquired | -37,073 | -26,583 |
Proceeds from sales of property and equipment | 2,158 | 2,219 |
Net cash used in investing activities | -327,059 | -266,912 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 0 | 200,000 |
Repayments of long-term debt | -456 | -8,144 |
Net borrowings (repayments) of short-term debt | 18,500 | -59,100 |
Proceeds from exercise of stock options | 10,535 | 2,912 |
Payments of cash dividends | -22,398 | -20,168 |
Excess tax benefits related to stock option exercises | 3,014 | 1,615 |
Net cash provided by financing activities | 9,195 | 117,115 |
Net (decrease) increase in cash and cash equivalents | -78,004 | 60,889 |
Cash and cash equivalents at beginning of the period | 121,641 | 41,271 |
Cash and cash equivalents at end of the period | 43,637 | 102,160 |
Cash paid during the period for: | ||
Interest, net of amount capitalized | 24,536 | 19,969 |
Income taxes | 42,352 | 48,960 |
Noncash investing and financing activities: | ||
Property and equipment acquired through capitalized lease obligations | 0 | 1,169 |
Purchased property and equipment in accounts payable | $4,644 | $0 |
Presentation_of_Financial_Stat
Presentation of Financial Statements | 9 Months Ended |
Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements |
The accompanying condensed consolidated financial statements include the accounts and transactions of the Company and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of January 31, 2015 and April 30, 2014, and the results of operations for the three and nine months ended January 31, 2015 and 2014, and cash flows for the nine months ended January 31, 2015 and 2014. |
Revenue_Recognition
Revenue Recognition | 9 Months Ended |
Jan. 31, 2015 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition |
The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. |
Longterm_Debt_and_Fair_Value_D
Long-term Debt and Fair Value Disclosure | 9 Months Ended |
Jan. 31, 2015 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Fair Value Disclosure | Long-Term Debt and Fair Value Disclosure |
The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $891,000 and $841,000, at January 31, 2015 and April 30, 2014, respectively. | |
Long-Term Debt Disclosure | The Company has an aggregate $100,000 line of credit with $18,500 owed at January 31, 2015 and no balance owed at April 30, 2014. |
Disclosure_of_Compensation_Rel
Disclosure of Compensation Related Costs, Share Based Payments | 9 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Disclosure of Compensation Related Costs, Share-based Payments | Disclosure of Compensation Related Costs, Share Based Payments | ||||||
The 2009 Stock Incentive Plan (the “Plan”), was approved by the Board in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “Prior Plans”). There are 3,893,708 shares still available for grant at January 31, 2015. Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one, and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two. We account for stock-based compensation by estimating the fair value of stock options and restricted stock unit awards granted under the Plan using the market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. | |||||||
On June 7, 2013 and June 19, 2013 restricted stock units with respect to a total of 77,650 shares were granted to certain officers and key employees. These awards were granted at no cost to the grantee. These awards will vest on June 7, 2016. | |||||||
On September 13, 2013, restricted stock units totaling 14,000 shares were granted to the non-employee members of the Board. This award was granted at no cost to the non-employee members of the Board. This award vested on May 1, 2014. | |||||||
On June 6, 2014, restricted stock units with respect to a total of 91,000 shares were granted to certain officers and key employees. These awards were granted at no cost to the grantee. The fair value of these awards was $6,584. These awards will vest on June 6, 2017. | |||||||
On June 6, 2014, restricted stock totaling 30,538 shares were granted to certain officers and key employees. The award was due to the financial performance of the Company based upon the 2014 annual incentive performance goals, and was granted at no cost to the grantee. The awards vested immediately upon grant and the fair value was $2,209 at the time of the grant. | |||||||
On September 19, 2014, restricted stock totaling 13,955 shares were granted to the non-employee members of the Board. This award was granted at no cost to the non-employee members of the Board. The awards vested immediately upon grant and the fair value was $990 at the time of the grant. | |||||||
At January 31, 2015, options for 436,515 shares (which expire between 2015 and 2021) were outstanding for the Plan and Prior Plans. Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table: | |||||||
Number of | Weighted | ||||||
option shares | average option | ||||||
exercise price | |||||||
Outstanding at April 30, 2014 | 712,024 | $ | 36.73 | ||||
Granted | — | — | |||||
Exercised | 275,509 | 38.24 | |||||
Forfeited | — | — | |||||
Outstanding at January 31, 2015 | 436,515 | $ | 35.77 | ||||
At January 31, 2015, all outstanding options had an aggregate intrinsic value of $24,238 and a weighted average remaining contractual life of 5.23 years. All outstanding options are vested at January 31, 2015. The vested options totaled 436,515 shares with a weighted average exercise price of 35.77 per share and a weighted average remaining contractual life of 5.23 years. The aggregate intrinsic value for the total of all options exercised during the nine months ended January 31, 2015, was $11,199. The fair value of options vested during the nine months ended January 31, 2015 was $6,270. | |||||||
Information concerning the issuance of restricted stock units under the Plan is presented in the following table: | |||||||
Unvested at April 30, 2014 | 148,546 | ||||||
Granted | 91,000 | ||||||
Vested | (38,198 | ) | |||||
Forfeited | (5,393 | ) | |||||
Unvested at January 31, 2015 | 195,955 | ||||||
Total compensation costs recorded for the nine months ended January 31, 2015 and 2014, respectively, were $6,292 and $4,001 for the stock option, restricted stock, and restricted stock unit awards. As of January 31, 2015, there were no unrecognized compensation costs related to the Plan for stock options and $6,791 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2018. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Business Combinations [Abstract] | |||||||
Acquisitions | Acquisitions | ||||||
During the first nine months of fiscal 2015, the Company acquired 32 stores through a variety of single store and multi-store transactions with several unrelated third parties. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. | |||||||
Allocation of the purchase price for the transactions in aggregate is as follows: | |||||||
Assets acquired: | |||||||
Inventories | $ | 2,675 | |||||
Property and equipment | 27,815 | ||||||
Total assets | 30,490 | ||||||
Liabilities assumed: | |||||||
Accrued expenses | 57 | ||||||
Net tangible assets acquired, net of cash | 30,433 | ||||||
Goodwill and other intangible assets | 6,640 | ||||||
Total consideration paid, net of cash acquired | $ | 37,073 | |||||
The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis. | |||||||
The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data): | |||||||
Nine months ended | |||||||
January 31, | |||||||
2015 | 2014 | ||||||
Total revenues | $ | 6,128,936 | 6,016,403 | ||||
Net earnings (1) | 139,471 | 107,118 | |||||
Earnings per common share: (1) | |||||||
Basic | $ | 3.6 | 2.79 | ||||
Diluted | $ | 3.58 | 2.76 | ||||
-1 | Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, net earnings and earnings per common share for the nine months ended January 31, 2014 have been revised. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
As previously reported, the Company was named as a defendant in four lawsuits (“hot fuel” cases) brought in the federal courts in Kansas and Missouri against a variety of fuel retailers, which were consolidated in the U.S. District Court for the District of Kansas in Kansas City, Kansas as part of the multidistrict “Motor Fuel Temperature Sales Practices Litigation”. On November 20, 2012, the Court preliminarily approved the previously-reported settlement involving the Company, which when approved in final form by the Court following notice to the Class would result in the settlement and dismissal of all claims against Casey’s in the multidistrict litigation. The preliminarily approved settlement includes, but is not limited to, a commitment on the part of the Company to “sticker” certain information on its fuel pumps and make a monetary payment (which is not considered to be material in amount) to the plaintiff class. The process of notice to the class began in February 2015 with notice being published in various media outlets including selected radio stations and newspapers. Objections and exclusions to the proposed settlement must be submitted electronically or postmarked by March 23, 2015. The Fairness Hearing to consider whether the settlements are fair, reasonable and adequate is currently scheduled for June 9, 2015. | |
From time to time we may be involved in other legal and administrative proceedings or investigations arising from the conduct of our business operations, including contractual disputes; employment or personnel matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for compensatory or exemplary damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operation. |
Unrecognized_Tax_Benefits
Unrecognized Tax Benefits | 9 Months Ended |
Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits |
The total amount of gross unrecognized tax benefits was $9,224 at April 30, 2014. At January 31, 2015, gross unrecognized tax benefits were $10,307. If this unrecognized tax benefit were ultimately recognized, $6,736 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $226 at January 31, 2015, and $402 at April 30, 2014. Net interest and penalties included in income tax expense for the nine months ended January 31, 2015, was a net benefit of $176 and an expense of $146 for the same period of 2014. | |
A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The State of Illinois is examining tax years 2011 and 2012. The Company currently has no other ongoing federal or state income tax examinations. The Company does not have any outstanding litigation related to tax matters. At this time, management expects the aggregate amount of unrecognized tax benefits to decrease by approximately $2,352 within the next twelve months. The expected decrease is due to the expiration of the statute of limitations related to certain federal and state income tax filings positions. | |
The federal statute of limitation remains open for the tax years 2011 and forward. Tax years 2009 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Segment_Reporting
Segment Reporting | 9 Months Ended |
Jan. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Reporting |
As of January 31, 2015 we operated 1,869 stores in 14 states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery & other merchandise, and prepared food and fountain because it makes it easier for us to discuss trends and operational initiatives within our business and industry. Although we can separate gross margins within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Events that have occurred subsequent to January 31, 2015 have been evaluated for disclosure through the filing date of this Quarterly Report on Form 10-Q with the SEC. |
Presentation_of_Financial_Stat1
Presentation of Financial Statements Presentation of Financial Statements (Policies) | 9 Months Ended |
Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. | |
Revenue Recognition | Revenue Recognition |
The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. |
Disclosure_of_Compensation_Rel1
Disclosure of Compensation Related Costs, Share Based Payments (Tables) | 9 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Schedule of Stock Options Activity | Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table: | ||||||
Number of | Weighted | ||||||
option shares | average option | ||||||
exercise price | |||||||
Outstanding at April 30, 2014 | 712,024 | $ | 36.73 | ||||
Granted | — | — | |||||
Exercised | 275,509 | 38.24 | |||||
Forfeited | — | — | |||||
Outstanding at January 31, 2015 | 436,515 | $ | 35.77 | ||||
Schedule of Restricted Stock Units Award Activity | Information concerning the issuance of restricted stock units under the Plan is presented in the following table: | ||||||
Unvested at April 30, 2014 | 148,546 | ||||||
Granted | 91,000 | ||||||
Vested | (38,198 | ) | |||||
Forfeited | (5,393 | ) | |||||
Unvested at January 31, 2015 | 195,955 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Business Combinations [Abstract] | |||||||
Allocation of Purchase Price for Acquisitions | Allocation of the purchase price for the transactions in aggregate is as follows: | ||||||
Assets acquired: | |||||||
Inventories | $ | 2,675 | |||||
Property and equipment | 27,815 | ||||||
Total assets | 30,490 | ||||||
Liabilities assumed: | |||||||
Accrued expenses | 57 | ||||||
Net tangible assets acquired, net of cash | 30,433 | ||||||
Goodwill and other intangible assets | 6,640 | ||||||
Total consideration paid, net of cash acquired | $ | 37,073 | |||||
Unaudited Pro Forma Financial Information | The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data): | ||||||
Nine months ended | |||||||
January 31, | |||||||
2015 | 2014 | ||||||
Total revenues | $ | 6,128,936 | 6,016,403 | ||||
Net earnings (1) | 139,471 | 107,118 | |||||
Earnings per common share: (1) | |||||||
Basic | $ | 3.6 | 2.79 | ||||
Diluted | $ | 3.58 | 2.76 | ||||
-1 | Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, net earnings and earnings per common share for the nine months ended January 31, 2014 have been revised. |
Longterm_Debt_and_Fair_Value_D1
Long-term Debt and Fair Value Disclosure (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Debt Instrument | ||
Fair value of long-term debt | $891,000,000 | $841,000,000 |
Line of Credit | ||
Debt Instrument | ||
Maximum borrowing capacity | 100,000,000 | 100,000,000 |
Fair value of amount outstanding | $18,500,000 | $0 |
Disclosure_of_Compensation_Rel2
Disclosure of Compensation Related Costs, Share Based Payments (Details) (2009 Stock Incentive Plan, USD $) | 9 Months Ended | 0 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jun. 06, 2014 | Jun. 19, 2013 | Jun. 07, 2013 | Sep. 13, 2013 | Sep. 19, 2014 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Number of shares available for grant | 3,893,708 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Grants in period (in shares) | 91,000 | |||||||
Allocated share-based compensation expense | $4,001 | |||||||
Unrecognized compensation costs related to Plan | 6,791 | |||||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Aggregate intrinsic value for outstanding options | 24,238 | |||||||
Weighted average remaining contractual life (in years) | 5 years 2 months 23 days | |||||||
Weighted average exercise price for outstanding shares (in dollars per share) | $35.77 | |||||||
Weighted average exercise price for vested options (in dollars per share) | 5 years 2 months 23 days | |||||||
Aggregate intrinsic value for exercised options | 11,199 | |||||||
Fair value of vested options during period | 6,270 | |||||||
Allocated share-based compensation expense | 6,292 | |||||||
Unrecognized compensation costs related to Plan | 0 | |||||||
Number of options outstanding | 436,515 | 712,024 | ||||||
Certain Officers and Key Employees | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Grants in period (in shares) | 91,000 | 77,650 | 77,650 | |||||
Fair value of awards during period | 6,584 | |||||||
Certain Officers and Key Employees | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Grants in period (in shares) | 30,538 | |||||||
Fair value of awards during period | 2,209 | |||||||
Non-Employee Members of the Board | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Grants in period (in shares) | 14,000 | |||||||
Non-Employee Members of the Board | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Grants in period (in shares) | 13,955 | |||||||
Fair value of awards during period | $990 |
Disclosure_of_Compensation_Rel3
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) (2009 Stock Incentive Plan, Employee Stock Option, USD $) | 9 Months Ended |
Jan. 31, 2015 | |
2009 Stock Incentive Plan | Employee Stock Option | |
Number of Option Shares | |
Outstanding at the beginning of the period (in shares) | 712,024 |
Granted | 0 |
Exercised | 275,509 |
Forfeited | 0 |
Outstanding at the end of the period (in shares) | 436,515 |
Weighted Average Option Price | |
Outstanding at the beginning of the period (in dollars per share) | $36.73 |
Granted | $0 |
Exercised | $38.24 |
Forfeited | $0 |
Outstanding at the end of the period (in dollars per share) | $35.77 |
Disclosure_of_Compensation_Rel4
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) (2009 Stock Incentive Plan, Restricted Stock Units (RSUs)) | 9 Months Ended |
Jan. 31, 2015 | |
2009 Stock Incentive Plan | Restricted Stock Units (RSUs) | |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | 148,546 |
Granted | 91,000 |
Vested | -38,198 |
Forfeited | -5,393 |
Unvested at the end of the period (in shares) | 195,955 |
Acquisitions_Details
Acquisitions (Details) | 9 Months Ended |
Jan. 31, 2015 | |
store | |
Business Combinations [Abstract] | |
Number of stores acquired | 32 |
Period of recognition for tax deductible goodwill | 15 years |
Acquisitions_Allocation_of_Pur
Acquisitions - Allocation of Purchase Price for Acquisitions (Details) (Acquisition of 32 Stores, USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Acquisition of 32 Stores | |
Assets acquired: | |
Inventories | $2,675 |
Property and equipment | 27,815 |
Total assets | 30,490 |
Liabilities assumed: | |
Accrued expenses | 57 |
Net assets acquired | 30,433 |
Goodwill and other intangible assets | 6,640 |
Total consideration paid, net of cash acquired | $37,073 |
Acquisitions_Unaudited_Pro_For
Acquisitions - Unaudited Pro Forma Financial Information (Details) (USD $) | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | ||
Business Combinations [Abstract] | ||||
Total revenues | $6,128,936 | $6,016,403 | ||
Net earnings | $139,471 | [1] | $107,118 | [1] |
Earnings per common share: (1) | ||||
Basic (in dollars per share) | $3.60 | [1] | $2.79 | [1] |
Diluted (in dollars per share) | $3.58 | [1] | $2.76 | [1] |
[1] | Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, net earnings and earnings per common share for the nine months ended January 31, 2014 have been revised. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 0 Months Ended |
Nov. 20, 2012 | |
lawsuit | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of lawsuits where the Company is named as a defendant | 4 |
Unrecognized_Tax_Benefits_Deta
Unrecognized Tax Benefits (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Income Tax Contingency | |||
Unrecognized tax benefits | $10,307 | $9,224 | |
Unrecognized tax benefits that would impact effective tax rate | 6,736 | ||
Accrued interest and penalties related to unrecognized tax benefits | 226 | 402 | |
Interest and penalties included in income tax expense | -176 | -146 | |
Expected decrease in unrecognized tax benefits | $2,352 | ||
Federal Tax Authority | Earliest Tax Year | |||
Income Tax Contingency | |||
Tax years open for examination | 2011 | ||
State Tax Authority | Earliest Tax Year | |||
Income Tax Contingency | |||
Tax years open for examination | 2009 | ||
Illinois | Tax Year 2011 | |||
Income Tax Contingency | |||
Year under examination | 2011 | ||
Illinois | Tax Year 2012 | |||
Income Tax Contingency | |||
Year under examination | 2012 |
Segment_Reporting_Details
Segment Reporting (Details) | 9 Months Ended |
Jan. 31, 2015 | |
segment | |
store | |
state | |
Segment Reporting [Abstract] | |
Number of stores | 1,869 |
Number of states in which entity operates | 14 |
Number of operating segments | 1 |