Casey's General Stores (CASY) 10-Q 7 Mar 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2018	Feb. 28, 2018
Document And Entity Information
Entity Registrant Name	Caseys General Stores Inc,
Entity Central Index Key	726,958
Current Fiscal Year End Date	--04-30
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)		37,536,106
Document Type	10-Q
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Current assets:
Cash and cash equivalents	$ 138,711	$ 76,717
Receivables	41,507	43,244
Inventories	255,584	201,644
Prepaid expenses	7,197	9,179
Income tax receivable	33,236	19,901
Total current assets	476,235	350,685
Other assets, net of amortization	34,543	23,453
Goodwill	137,759	132,806
Property and equipment, net of accumulated depreciation of $1,591,644 at January 31, 2018 and $1,496,472 at April 30, 2017	2,804,644	2,513,158
Total assets	3,453,181	3,020,102
Current liabilities:
Notes payable to bank	0	900
Current maturities of long-term debt	15,369	15,421
Accounts payable	294,262	293,903
Accrued expenses	151,588	136,322
Total current liabilities	461,219	446,546
Long-term debt, net of current maturities	1,299,311	907,356
Deferred income taxes	324,572	440,124
Deferred compensation	16,488	15,784
Other long-term liabilities	21,788	19,672
Total liabilities	2,123,378	1,829,482
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	2,286	40,074
Retained earnings	1,327,517	1,150,546
Total shareholders’ equity	1,329,803	1,190,620
Total liabilities and shareholders' equity	$ 3,453,181	$ 3,020,102

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 1,591,644	$ 1,496,472

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Income Statement [Abstract]
Total revenue	[1]	$ 2,054,603	$ 1,769,993	$ 6,302,087	$ 5,660,127
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	[1]	1,634,679	1,380,364	4,937,809	4,377,185
Operating expenses		323,041	292,321	967,237	879,738
Depreciation and amortization		57,042	51,152	163,568	145,682
Interest, net		13,470	10,559	37,821	31,174
Income before income taxes		26,371	35,597	195,652	226,348
Federal and state income taxes		(166,594)	12,762	(102,989)	78,941
Net income		$ 192,965	$ 22,835	$ 298,641	$ 147,407
Net income per common share
Basic (in dollars per share)		$ 5.13	$ 0.58	$ 7.87	$ 3.76
Diluted (in dollars per share)		$ 5.08	$ 0.58	$ 7.80	$ 3.72
Basic weighted average shares outstanding (in shares)		37,579,497	39,194,671	37,932,071	39,183,388
Plus effect of stock compensation (in shares)		372,643	463,445	369,842	466,380
Diluted weighted average shares outstanding (in shares)		37,952,140	39,658,116	38,301,913	39,649,768
Dividends declared per share (in dollars per share)		$ 0.26	$ 0.24	$ 0.78	$ 0.72
Excise taxes		$ 231,422	$ 209,420	$ 709,050	$ 657,590
[1]	Includes excise taxes of: $231,422, $209,420, $709,050, and $657,590

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity - 9 months ended Jan. 31, 2018 - USD ($) $ in Thousands	Total	Common stock	Retained earnings
Beginning Balance (shares) at Apr. 30, 2017		38,765,821,000
Beginning Balance at Apr. 30, 2017	$ 1,190,620	$ 40,074	$ 1,150,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	298,641
Dividends declared	(29,467)		(29,467)
Exercise of stock options (shares)		24,535,000
Exercise of stock options	$ 801	$ 801
Repurchase of common stock (shares)	(1,321,854,000)
Repurchase of common stock	$ (144,104)	$ (51,901)	(92,203)
Stock based compensation (shares)		65,604,000
Stock based compensation	13,312	$ 13,312
Ending Balance (shares) at Jan. 31, 2018		37,534,106,000
Ending Balance at Jan. 31, 2018	$ 1,329,803	$ 2,286	$ 1,327,517

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity Parenthetical	9 Months Ended
	Jan. 31, 2018$ / shares
Retained earnings
Payment of dividends per share (in Dollars per share)	$ 0.78

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Cash flows from operating activities:
Net income	$ 298,641	$ 147,407
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	163,568	145,682
Stock-based compensation	16,378	7,356
Loss on disposal of assets and impairment charges	2,010	810
Deferred income taxes	(115,552)	27,400
Changes in assets and liabilities:
Receivables	1,737	(6,841)
Inventories	(52,870)	(4,061)
Prepaid expenses	1,982	(1,718)
Accounts payable	(13,341)	(20,755)
Accrued expenses	15,700	19,100
Income taxes	(11,867)	4,594
Other, net	(10,410)	(2,947)
Net cash provided by operating activities	295,976	316,027
Cash flows from investing activities:
Purchase of property and equipment	(426,398)	(325,609)
Payments for acquisition of businesses, net of cash acquired	(26,192)	(13,565)
Proceeds from sales of property and equipment	3,857	2,916
Net cash used in investing activities	(448,733)	(336,258)
Cash flows from financing activities:
Proceeds from long-term debt	400,000	100,000
Repayments of long-term debt	(8,097)	(7,797)
Net repayments of short-term debt	(900)	0
Proceeds from exercise of stock options	801	1,975
Payments of cash dividends	(29,023)	(27,407)
Repurchase of common stock	(144,104)	0
Tax withholdings on employee share-based awards	(3,926)	(6,594)
Net cash provided by financing activities	214,751	60,177
Net increase in cash and cash equivalents	61,994	39,946
Cash and cash equivalents at beginning of the period	76,717	75,775
Cash and cash equivalents at end of the period	138,711	115,721
Cash paid during the period for:
Interest, net of amount capitalized	28,281	24,430
Income taxes, net	24,274	46,861
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	$ 13,700	$ 10,020

Presentation of Financial State

Presentation of Financial Statements	9 Months Ended
	Jan. 31, 2018
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 Casey's General Stores, Inc. (hereinafter referred to as the Company or Casey's) 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, 2018
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 (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (including normal recurring accruals) necessary to present fairly the financial position as of January 31, 2018 and April 30, 2017 , the results of operations for the three and nine months ended January 31, 2018 and 2017 , shareholders' equity for the nine months ended January 31, 2018 , and cash flows for the nine months ended January 31, 2018 and 2017 . 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. See the Form 10-K for the year ended April 30, 2017 for our consideration of new accounting pronouncements. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). We plan to adopt the standard in the first quarter of fiscal 2019 using the modified retrospective approach. We do not expect the standard to materially affect our consolidated net earnings, financial position, shareholders' equity, or cash flows. We expect minor changes in the timing of recognition of revenues related to gift card breakage income and the redemption of coupon box tops attached to our pizza boxes.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 31, 2018
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.

Long-term Debt and Fair Value D

Long-term Debt and Fair Value Disclosure	9 Months Ended
	Jan. 31, 2018
Long-Term Debt and Fair Value Disclosure [Abstract]
Long-term Debt and Fair Value Disclosure	Long-Term Debt and Fair Value Disclosure On June 13, 2017, the Company issued $150 million aggregate principal amount of 3.51% Senior Notes due June 13, 2025, and on August 22, 2017, the Company issued $250 million aggregate principal amount of 3.77% Senior Notes due August 22, 2028. 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 $1,320,000 and $941,000 at January 31, 2018 and April 30, 2017 , respectively. The Company has an aggregate $100,000 line of credit with $0 outstanding at January 31, 2018 and $900 outstanding at April 30, 2017 .

Disclosure of Compensation Rela

Disclosure of Compensation Related Costs, Share Based Payments	9 Months Ended
	Jan. 31, 2018
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 2,988,104 shares available for grant at January 31, 2018 . 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 using the Black Scholes model, and value 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. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. The following table summarizes the most recent compensation grants as of January 31, 2018 : Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date June 6, 2014 Restricted Stock Units 91,000 Officers & Key employees June 6, 2017 $6,584 June 6, 2014 Restricted Stock 30,538 Officers & Key employees Immediate (Annual performance goal) $2,209 September 19, 2014 Restricted Stock 13,955 Non-employee board members Immediate $990 June 5, 2015 Restricted Stock Units 104,200 Officers & Key employees June 5, 2018 $9,135 June 5, 2015 Restricted Stock 48,913 Officers & Key employees Immediate (Annual performance goal) $4,288 September 18, 2015 Restricted Stock 7,748 Non-employee board members Immediate $856 April 12, 2016 Restricted Stock 10,000 CEO 2,000 Shares each May 1st from 2017-2021 $1,060 June 3, 2016 Restricted Stock Units 111,150 Officers & Key employees June 3, 2019 $13,849 June 3, 2016 Restricted Stock 40,996 Officers & Key employees Immediate (Annual performance goal) $5,108 September 16, 2016 Restricted Stock 8,941 Non-employee board members Immediate $1,064 June 1, 2017 Restricted Stock Units 63,699 Key Employees June 15, 2020 $7,388 July 14, 2017 Restricted Stock Units *** 61,126 Officers June 15, 2020 $6,912 September 15, 2017 Restricted Stock 8,344 Non-employee board members Immediate $920 *** This grant of restricted stock units includes time-based, performance-based and market-based awards. The performance-based awards included in the figure above represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three -year performance period and will range from 0% to 200% of the “target". The market-based awards incorporate market conditions in determining fair value as of the grant date. Total market-based expense of approximately $2.6 million will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. At January 31, 2018 , options for 197,515 shares (which expire between 2018 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 option shares Weighted average option exercise price Outstanding at April 30, 2017 222,050 $ 38.51 Granted — — Exercised 24,535 32.65 Forfeited — — Outstanding at January 31, 2018 197,515 $ 39.24 At January 31, 2018 , all 197,515 outstanding options were vested, and had an aggregate intrinsic value of $16,171 and a weighted average remaining contractual life of 2.86 years . The aggregate intrinsic value for the total of all options exercised during the nine months ended January 31, 2018 , was $1,980 . Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2017 303,400 Granted 124,825 Vested (88,200 ) Forfeited (2,194 ) Unvested at January 31, 2018 337,831 Total compensation costs recorded for the nine months ended January 31, 2018 and 2017 , respectively, were $15,458 and $7,356 for the stock option, restricted stock, and restricted stock unit awards to employees. As of January 31, 2018 , there were no unrecognized compensation costs related to the Plan for stock options and $11,298 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2021.

Acquisitions Acquisitions

Acquisitions Acquisitions	9 Months Ended
	Jan. 31, 2018
Business Combinations [Abstract]
Acquisitions	15 years. Allocation of the purchase price for the transactions in aggregate is as follows: Assets Acquired: Inventories & other assets $ 1,089 Land, property and equipment 20,150 Total Assets 21,239 Liabilities Assumed: Accrued expenses — Net tangible assets acquired, net of cash 21,239 Goodwill and other intangible assets 4,953 Total consideration paid, net of cash acquired $ 26,192 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 2018 2017 Total revenues $ 6,327,811 $ 5,705,758 Net earnings $ 298,471 $ 148,834 Earnings per common share: Basic $ 7.83 $ 3.80 Diluted $ 7.75 $ 3.75

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jan. 31, 2018
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.” A hearing to consider whether the previously-reported settlement involving the Company was fair, reasonable and adequate was conducted on June 9, 2015, and on August 21, 2015, the District Court approved the same. A hearing was held on November 19, 2015 with regard to the attorneys’ fee award for plaintiffs’ counsel, and an order awarding fees was filed by the Court on February 17, 2016. On November 17, 2016, an oral argument was held before the 10th Circuit Court of Appeals generally regarding appeals based on the fairness of various proposed settlement provisions. A ruling from the 10th Circuit was entered on August 23, 2017 which affirmed the settlement. A Petition for Writ of Certiorari was filed with the United States Supreme Court on January 2, 2018. The District Court approved settlement includes, but is not limited to, the commitment on the part of the Company to "sticker" certain information on its gasoline pumps and to make a monetary payment (which is not considered to be material in amount) to the plaintiff class. However, the settlement will not be considered final until the time for all appeals has expired. 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 operations.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	9 Months Ended
	Jan. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits & Impact of Tax Reform Act On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. The Tax Reform Act made significant changes to U.S. federal income tax laws including permanently lowering the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. As the Company has an April 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory rate of 30.4% for the fiscal year ending April 30, 2018. The Company’s statutory federal tax rate will be 21% for fiscal years ending April 30, 2019 and beyond. U.S. GAAP requires the impact of tax legislation be recognized in the period in which the law was enacted. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, which allows a company to report provisional numbers related to the Tax Reform Act and adjust those amounts during a measurement period not to extend beyond one year. For the three months ended January 31, 2018, the Company recorded a one-time tax benefit of $167 million due to a remeasurement of deferred tax assets and liabilities. In addition, applying the reduced rate of 30.4% to our first and second fiscal quarter earnings resulted in an $8M reduction to tax expense. These tax benefits represent provisional amounts and the Company’s best estimate. The provisional amounts are based on estimates of underlying timing differences (primarily related to uncertainty in fixed assets) and the Company’s current interpretations of the Tax Reform Act. The ultimate impact of the Tax Reform Act may differ from our provisional amounts due to changes in interpretations and assumptions we made as well as any forthcoming legislative action or regulatory guidance. The total amount of gross unrecognized tax benefits was $5,362 at April 30, 2017 . At January 31, 2018 , gross unrecognized tax benefits were $7,317 . If this unrecognized tax benefit were ultimately recognized, $ 5,683 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 254 at January 31, 2018 , and $ 141 at April 30, 2017 . Net interest and penalties included in income tax expense for the nine months ended January 31, 2018 , was a net expense of $ 113 , with a net expense of $ 104 for the same period in 2017 . 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 IRS is currently examining tax year 2012. The Company has no other ongoing federal or state income tax examinations. The Company currently does not have any outstanding litigation related to tax matters. At this time, management believes it is reasonably possible the aggregate amount of unrecognized tax benefits will decrease by approximately $ 1,273 within the next twelve months. This expected decrease is due to the expiration of the statute of limitations related to certain federal and state income tax filing positions. The federal statute of limitations remains open for the tax years 2012 and forward. Tax years 2012 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, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of January 31, 2018 we operated 2,020 stores in 15 states. Our convenience 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, and use similar processes to sell those products and services directly to the general public. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and other merchandise, and prepared food and fountain because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate revenues and cost of goods sold 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.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 (GAAP) have been condensed or omitted pursuant to such rules and regulations.
New Accounting Pronouncements		In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). We plan to adopt the standard in the first quarter of fiscal 2019 using the modified retrospective approach. We do not expect the standard to materially affect our consolidated net earnings, financial position, shareholders' equity, or cash flows. We expect minor changes in the timing of recognition of revenues related to gift card breakage income and the redemption of coupon box tops attached to our pizza boxes.
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 Re18

Disclosure of Compensation Related Costs, Share Based Payments (Tables)	9 Months Ended
	Jan. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Grants	The following table summarizes the most recent compensation grants as of January 31, 2018 : Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date June 6, 2014 Restricted Stock Units 91,000 Officers & Key employees June 6, 2017 $6,584 June 6, 2014 Restricted Stock 30,538 Officers & Key employees Immediate (Annual performance goal) $2,209 September 19, 2014 Restricted Stock 13,955 Non-employee board members Immediate $990 June 5, 2015 Restricted Stock Units 104,200 Officers & Key employees June 5, 2018 $9,135 June 5, 2015 Restricted Stock 48,913 Officers & Key employees Immediate (Annual performance goal) $4,288 September 18, 2015 Restricted Stock 7,748 Non-employee board members Immediate $856 April 12, 2016 Restricted Stock 10,000 CEO 2,000 Shares each May 1st from 2017-2021 $1,060 June 3, 2016 Restricted Stock Units 111,150 Officers & Key employees June 3, 2019 $13,849 June 3, 2016 Restricted Stock 40,996 Officers & Key employees Immediate (Annual performance goal) $5,108 September 16, 2016 Restricted Stock 8,941 Non-employee board members Immediate $1,064 June 1, 2017 Restricted Stock Units 63,699 Key Employees June 15, 2020 $7,388 July 14, 2017 Restricted Stock Units *** 61,126 Officers June 15, 2020 $6,912 September 15, 2017 Restricted Stock 8,344 Non-employee board members Immediate $920 *** This grant of restricted stock units includes time-based, performance-based and market-based awards. The performance-based awards included in the figure above represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three -year performance period and will range from 0% to 200% of the “target". The market-based awards incorporate market conditions in determining fair value as of the grant date. Total market-based expense of approximately $2.6 million will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions.
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 option shares Weighted average option exercise price Outstanding at April 30, 2017 222,050 $ 38.51 Granted — — Exercised 24,535 32.65 Forfeited — — Outstanding at January 31, 2018 197,515 $ 39.24
Schedule of Restricted Stock Units Award Activity	Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2017 303,400 Granted 124,825 Vested (88,200 ) Forfeited (2,194 ) Unvested at January 31, 2018 337,831

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Jan. 31, 2018
Business Combinations [Abstract]
Allocation of purchase price	Allocation of the purchase price for the transactions in aggregate is as follows: Assets Acquired: Inventories & other assets $ 1,089 Land, property and equipment 20,150 Total Assets 21,239 Liabilities Assumed: Accrued expenses — Net tangible assets acquired, net of cash 21,239 Goodwill and other intangible assets 4,953 Total consideration paid, net of cash acquired $ 26,192
Pro forma 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 2018 2017 Total revenues $ 6,327,811 $ 5,705,758 Net earnings $ 298,471 $ 148,834 Earnings per common share: Basic $ 7.83 $ 3.80 Diluted $ 7.75 $ 3.75

Long-term Debt and Fair Value20

Long-term Debt and Fair Value Disclosure (Details) - USD ($)	Jan. 31, 2018	Aug. 22, 2017	Jun. 13, 2017	Apr. 30, 2017
Debt Instrument
Fair value of long-term debt	$ 1,320,000,000			$ 941,000,000
Line of Credit
Debt Instrument
Maximum borrowing capacity	100,000,000
Fair value of amount outstanding	$ 0			$ 900,000
3.51% Senior Notes Due June 13, 2025 | Senior Notes
Debt Instrument
Debt instrument, face amount			$ 150,000,000
Debt instrument, interest rate, stated percentage			3.51%
3.77% Senior Notes due August 22, 2028 | Senior Notes
Debt Instrument
Debt instrument, face amount		$ 250,000,000
Debt instrument, interest rate, stated percentage		3.77%

Disclosure of Compensation Re21

Disclosure of Compensation Related Costs, Share Based Payments (Details) - 2009 Stock Incentive Plan - USD ($)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	2,988,104
Allocated share-based compensation expense	$ 15,458,000	$ 7,356,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding (in shares)	197,515		222,050
Aggregate intrinsic value for outstanding options	$ 16,171,000
Weighted average remaining contractual life (in years)	2 years 10 months 10 days
Aggregate intrinsic value for exercised options	$ 1,980,000
Unrecognized compensation costs related to plan	0
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs related to plan	$ 11,298,000

Disclosure of Compensation Re22

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Compensation Grants (Details) - 2009 Stock Incentive Plan - USD ($) $ in Thousands	Sep. 15, 2017	Jul. 14, 2017	Jun. 01, 2017	Sep. 16, 2016	Jun. 03, 2016	Apr. 12, 2016	Sep. 18, 2015	Jun. 05, 2015	Sep. 19, 2014	Jun. 06, 2014	Jan. 31, 2018
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)											124,825
Officers & Key employees | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)					111,150			104,200		91,000
Fair Value at Grant Date					$ 13,849			$ 9,135		$ 6,584
Officers & Key employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)					40,996			48,913		30,538
Fair Value at Grant Date					$ 5,108			$ 4,288		$ 2,209
Non-employee board members | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)	8,344			8,941			7,748		13,955
Fair Value at Grant Date	$ 920			$ 1,064			$ 856		$ 990
CEO | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)						10,000
Fair Value at Grant Date						$ 1,060
Key Employees | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)			63,699
Fair Value at Grant Date			$ 7,388
Officers | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)		61,126
Fair Value at Grant Date		$ 6,912
Performance measurement period		3 years
Expected market-based expense		$ 2,600
Awards to Vest May 1, 2017 | CEO | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares expected to vest (in shares)						2,000
Awards to Vest May 1, 2018 | CEO | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares expected to vest (in shares)						2,000
Awards to Vest May 1, 2019 | CEO | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares expected to vest (in shares)						2,000
Awards to Vest May 1, 2020 | CEO | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares expected to vest (in shares)						2,000
Awards to Vest May 1, 2021 | CEO | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares expected to vest (in shares)						2,000
Minimum | Officers | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected award payment as percent of target		0.00%
Maximum | Officers | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Expected award payment as percent of target		200.00%

Disclosure of Compensation Re23

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - 2009 Stock Incentive Plan - Employee Stock Option	9 Months Ended
	Jan. 31, 2018$ / sharesshares
Number of option shares
Outstanding at the beginning of the period (in shares) | shares	222,050
Granted (in shares) | shares	0
Exercised (in shares) | shares	24,535
Forfeited (in shares) | shares	0
Outstanding at the end of the period (in shares) | shares	197,515
Weighted average option exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 38.51
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	32.65
Forfeited (in dollars per share) | $ / shares	0
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 39.24

Disclosure of Compensation Re24

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - 2009 Stock Incentive Plan - Restricted Stock Units	9 Months Ended
	Jan. 31, 2018shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares)	303,400
Granted (in shares)	124,825
Vested (in shares)	(88,200)
Forfeited (in shares)	(2,194)
Unvested at the end of the period (in shares)	337,831

Acquisitions Narrative (Details

Acquisitions Narrative (Details)	9 Months Ended
	Jan. 31, 2018store
Business Combinations [Abstract]
Number of stores acquired	17
Goodwill deductible for income tax purposes period (in years)	15 years

Acquisitions Allocation of Purc

Acquisitions Allocation of Purchase Price (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands	Jan. 31, 2018USD ($)
Assets Acquired:
Inventories & other assets	$ 1,089
Land, property and equipment	20,150
Total Assets	21,239
Liabilities Assumed:
Accrued expenses	0
Net tangible assets acquired, net of cash	21,239
Goodwill and other intangible assets	4,953
Total consideration paid, net of cash acquired	$ 26,192

Acquisitions Proforma Informati

Acquisitions Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Business Combinations [Abstract]
Total revenues	$ 6,327,811	$ 5,705,758
Net earnings	$ 298,471	$ 148,834
Earnings per common share:
Pro forma earnings per share, basic (in dollars per share)	$ 7.83	$ 3.80
Pro forma earnings per share, diluted (in dollars per share)	$ 7.75	$ 3.75

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jan. 31, 2018lawsuit
Hot Fuel Cases
Loss Contingencies [Line Items]
Number of lawsuits	4

Unrecognized Tax Benefits (Deta

Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Jan. 31, 2018	Oct. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2018	Apr. 30, 2017
Income Tax [Line Items]
Provisional income tax benefit due to change in tax rate	$ 167,000	$ 8,000
Unrecognized tax benefits	7,317		$ 7,317			$ 5,362
Unrecognized tax benefits that would impact effective tax rate	5,683		5,683
Accrued interest and penalties related to unrecognized tax benefits	254		254			$ 141
Net interest and penalties included in income tax expense			113	$ 104
Expected decrease in unrecognized tax benefits	$ 1,273		$ 1,273
Scenario, Forecast
Income Tax [Line Items]
Effective income tax rate					30.40%

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Jan. 31, 2018statesegmentmerchandise_categorystore
Segment Reporting [Abstract]
Number of stores | store	2,020
Number of states in which entity operates | state	15
Number of operating segments | segment	1
Number of merchandise categories | merchandise_category	3