Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2018 | Nov. 27, 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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 36,605,506 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 51,887 | $ 53,679 |
Receivables | 46,875 | 45,045 |
Inventories | 258,644 | 241,668 |
Prepaid expenses | 7,923 | 5,766 |
Income tax receivable | 16,849 | 50,682 |
Total current assets | 382,178 | 396,840 |
Other assets, net of amortization | 39,813 | 29,909 |
Goodwill | 140,623 | 140,258 |
Property and equipment, net of accumulated depreciation of $1,715,433 at October 31, 2018 and $1,611,177 at April 30, 2018 | 2,983,043 | 2,902,920 |
Total assets | 3,545,657 | 3,469,927 |
Current liabilities: | ||
Notes payable to bank | 0 | 39,600 |
Current maturities of long-term debt | 15,384 | 15,374 |
Accounts payable | 324,806 | 321,419 |
Accrued expenses | 130,786 | 131,457 |
Total current liabilities | 470,976 | 507,850 |
Long-term debt, net of current maturities | 1,283,992 | 1,291,725 |
Deferred income taxes | 374,665 | 341,946 |
Deferred compensation | 15,584 | 15,928 |
Insurance accruals, net of current portion | 20,155 | 19,748 |
Other long-term liabilities | 23,206 | 21,589 |
Total liabilities | 2,188,578 | 2,198,786 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 9,702 | 0 |
Retained earnings | 1,347,377 | 1,271,141 |
Total shareholders’ equity | 1,357,079 | 1,271,141 |
Total liabilities and shareholders' equity | $ 3,545,657 | $ 3,469,927 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 1,715,433 | $ 1,611,177 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Income Statement [Abstract] | |||||
Total revenue | [1] | $ 2,538,005 | $ 2,153,745 | $ 5,126,437 | $ 4,247,484 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | [1] | 2,027,684 | 1,686,088 | 4,094,348 | 3,303,130 |
Operating expenses | 344,186 | 322,949 | 703,578 | 644,196 | |
Depreciation and amortization | 61,356 | 54,157 | 120,196 | 106,526 | |
Interest, net | 14,191 | 12,976 | 28,597 | 24,351 | |
Income before income taxes | 90,588 | 77,575 | 179,718 | 169,281 | |
Federal and state income taxes | 23,973 | 28,657 | 42,879 | 63,605 | |
Net income | $ 66,615 | $ 48,918 | $ 136,839 | $ 105,676 | |
Net income per common share | |||||
Basic (in dollars per share) | $ 1.82 | $ 1.29 | $ 3.73 | $ 2.77 | |
Diluted (in dollars per share) | $ 1.80 | $ 1.28 | $ 3.70 | $ 2.75 | |
Basic weighted average shares outstanding (in shares) | 36,698,528 | 37,804,649 | 36,683,450 | 38,108,105 | |
Plus effect of stock compensation (in shares) | 318,943 | 378,950 | 314,181 | 379,802 | |
Diluted weighted average shares outstanding (in shares) | 37,017,471 | 38,183,599 | 36,997,631 | 38,487,907 | |
Dividends declared per share (in dollars per share) | $ 0.29 | $ 0.26 | $ 0.58 | $ 0.52 | |
Excise taxes | $ 255,114 | $ 239,070 | $ 513,083 | $ 477,628 | |
[1] | Includes excise taxes of: $255,114, $239,070, $513,083 and $477,628 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock | Retained earnings |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Implementation of ASU 2014-09 | $ (4,140) | $ (4,140) | |
Beginning Balance (shares) at Apr. 30, 2018 | 36,874,322,000 | ||
Beginning Balance at Apr. 30, 2018 | 1,271,141 | $ 0 | 1,271,141 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 136,839 | 136,839 | |
Dividends declared | (21,216) | (21,216) | |
Exercise of stock options (in shares) | 11,292,000 | ||
Exercise of stock options | $ 379 | $ 379 | |
Repurchase of common stock (shares) | (352,592,000) | ||
Repurchase of common stock | $ (35,247) | (35,247) | |
Stock based compensation (shares) | 70,984,000 | ||
Stock based compensation | 9,323 | $ 9,323 | |
Ending Balance (shares) at Oct. 31, 2018 | 36,604,006,000 | ||
Ending Balance at Oct. 31, 2018 | $ 1,357,079 | $ 9,702 | $ 1,347,377 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity Parenthetical | 6 Months Ended |
Oct. 31, 2018$ / shares | |
Retained earnings | |
Payment of dividends per share (in Dollars per share) | $ 0.58 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 136,839 | $ 105,676 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 120,196 | 106,526 |
Stock-based compensation | 9,323 | 13,700 |
Loss on disposal of assets and impairment charges | 1,130 | 1,091 |
Deferred income taxes | 34,214 | 21,543 |
Changes in assets and liabilities: | ||
Receivables | (1,830) | 746 |
Inventories | (16,923) | (39,035) |
Prepaid expenses | (2,157) | 2,412 |
Accounts payable | 2,030 | 69 |
Accrued expenses | (3,330) | 8,907 |
Income taxes | 35,160 | 20,604 |
Other, net | (10,363) | (676) |
Net cash provided by operating activities | 304,289 | 241,563 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (198,409) | (248,797) |
Payments for acquisition of businesses, net of cash acquired | (2,590) | (22,781) |
Proceeds from sales of property and equipment | 3,155 | 2,297 |
Net cash used in investing activities | (197,844) | (269,281) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 0 | 400,000 |
Repayments of long-term debt | (7,743) | (7,708) |
Net repayments of short-term debt | (39,600) | (900) |
Proceeds from exercise of stock options | 379 | 298 |
Payments of cash dividends | (20,193) | (19,235) |
Repurchase of common stock | (37,479) | (132,613) |
Tax withholdings on employee share-based awards | (3,601) | (3,656) |
Net cash (used in) provided by financing activities | (108,237) | 236,186 |
Net (decrease) increase in cash and cash equivalents | (1,792) | 208,468 |
Cash and cash equivalents at beginning of the period | 53,679 | 76,717 |
Cash and cash equivalents at end of the period | 51,887 | 285,185 |
Cash paid (received) during the period for: | ||
Interest, net of amount capitalized | 24,256 | 21,428 |
Income taxes, net | (27,477) | 21,414 |
Noncash investing and financing activities: | ||
Purchased property and equipment in accounts payable | 3,589 | 12,563 |
Shares repurchased in accounts payable | $ 0 | $ 575 |
Presentation of Financial State
Presentation of Financial Statements | 6 Months Ended |
Oct. 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 | 6 Months Ended |
Oct. 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 October 31, 2018 and April 30, 2018 , the results of operations for the three and six months ended October 31, 2018 and 2017 , shareholders' equity for the six months ended October 31, 2018 , and cash flows for the six months ended October 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, 2018 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 adopted the standard on May 1, 2018 using the modified retrospective approach. The Company adopted two changes that affect the timing of recognition of revenues related to gift card breakage income and the redemption of coupon box tops attached to our pizza boxes. The impact related to gift cards was $879 , net of $321 of deferred taxes and was an increase to shareholders' equity with a reduction in deferred income. The impact related to box tops was $5,019 net of $1,816 of deferred taxes and was a reduction in shareholders' equity, with an increase in deferred income. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other than Inventory. We adopted the standard in the quarter ended July 31, 2018. There was no material impact to the Company for the adoption of this standard. In January 2017, the FASB issued ASU 2017-01, Business Combinations, Clarifying the Definition of a Business. The standard clarifies the definition of a business and adds guidance to assist entities in the determination of whether an acquisition (or disposal) represents assets or a business. The guidance requires the Company to utilize various criteria to evaluate whether or not an acquisition is a business. First, if substantially all of the fair value of the assets acquired is concentrated in a single asset or a group of similar identifiable assets, the acquired assets do not represent a business. If that is not the case, the update provides further guidance to evaluate if the acquisition represents a business focused on the nature and substance of the inputs and process acquired. The standard is generally expected to reduce the number of acquisitions, which may impact the allocation of purchase consideration in future acquisitions. Where it is determined that an acquisition is not a business combination, there would be no resulting goodwill recorded. The Company prospectively adopted this guidance for all future acquisitions in the first quarter of fiscal 2019. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The guidance is effective for the Company beginning in the first quarter of fiscal 2021 with early adoption permitted. The amendments in the update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance retrospectively, in the first quarter of fiscal 2019. The adoption did not have a material impact on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Oct. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue and Cost of Goods Sold 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. The Company adopted ASU 2014-09 in the quarter ended July 31, 2018. As a result, revenue from sales of pizza that include a redeemable box top coupon are deferred until redemption for the portion of the sale that represents the estimated future redemption of the box top coupon. Gift card revenue is now recognized based on the estimated gift card breakage rate over the pro-rata usage of the card. 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 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. Warehousing costs are recorded within operating expenses on the income statement. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the consolidated financial statements. |
Long-term Debt and Fair Value D
Long-term Debt and Fair Value Disclosure | 6 Months Ended |
Oct. 31, 2018 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Long-term Debt and 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 $1,269,000 and $1,277,000 at October 31, 2018 and April 30, 2018 , respectively. The Company has an aggregate $150,000 line of credit with $0 outstanding at October 31, 2018 and $39,600 outstanding at April 30, 2018 . |
Disclosure of Compensation Rela
Disclosure of Compensation Related Costs, Share Based Payments | 6 Months Ended |
Oct. 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 2018 Stock Incentive Plan (the “ 2018 Plan ”), was approved by the Board in June 2018 and approved by the Company's shareholders on September 5, 2018 ("the "2018 Plan Effective Date"). The 2018 Plan replaced the 2009 Stock Incentive Plan (the "2009 Plan") under which no new awards are allowed to be granted as of the 2018 Plan Effective Date. The 2009 Plan previously replaced and superseded the 2000 Stock Option Plan and the Non-Employees Directors’ Stock Option Plan (collectively with the 2009 Plan, the “Prior Plans”). Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. At October 31, 2018 , there were 2,984,032 shares available for grant under the 2018 Plan. 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. For market based awards we use the "Monte Carlo" approach to estimate the value of the awards, which simulates the prices of the Company’s and each member of the performance peer groups' common stock price at the end of the relevant performance period, taking into account volatility and the specifics surrounding each total shareholder return metric under the relevant plan. We recognize these amounts 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, and updated estimates of performance based awards. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Additional information regarding the 2018 Plan is provided in the Company’s 2018 Proxy Statement and Proxy Supplement. At October 31, 2018 , options for 170,381 shares (which expire between 2019 and 2021) were outstanding for the Prior Plans (no stock option awards have been granted under the 2018 Plan). Information concerning the issuance of stock options under the Prior Plans is presented in the following table: Number of option shares Weighted average option exercise price Outstanding at April 30, 2018 181,673 $ 39.48 Granted — — Exercised 11,292 33.55 Forfeited — — Outstanding at October 31, 2018 170,381 $ 39.88 At October 31, 2018 , all 170,381 outstanding options were vested, and had an aggregate intrinsic value of $14,692 and a weighted average remaining contractual life of 2.19 years . The aggregate intrinsic value for the total of all options exercised during the six months ended October 31, 2018 , was $973 . Information concerning the unvested restricted stock units under the 2009 Plan and the 2018 Plan is presented in the following table: Unvested at April 30, 2018 338,981 Granted 172,232 Vested (103,300 ) Forfeited (3,366 ) Performance Award Adjustments (7,717 ) Unvested at October 31, 2018 396,830 Total compensation costs recorded for the six months ended October 31, 2018 and 2017 , respectively, were $12,151 and $12,780 for the stock option, restricted stock, and restricted stock unit awards to employees. As of October 31, 2018 , there were no unrecognized compensation costs related to the Plan and Prior Plans for stock options and $12,469 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2022. Certain awards in the 2017 and 2018 long term incentive compensation program grants have performance-based conditions based on the three -year average return on invested capital (ROIC) calculation. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility 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 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 | 6 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits & Impact of Tax Reform Act The total amount of gross unrecognized tax benefits was $6,421 at April 30, 2018 . At October 31, 2018 , gross unrecognized tax benefits were $8,092 . If this unrecognized tax benefit were ultimately recognized, $ 6,415 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 268 at October 31, 2018 , and $ 191 at April 30, 2018 . Net interest and penalties included in income tax expense for the six months ended October 31, 2018 , was a net expense of $ 77 , with a net expense of $ 45 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. At this time, the Company's best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $ 1,300 during the next twelve months mainly due to the expiration of certain statute of limitations. 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. On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted. U.S. GAAP requires that 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 exceed one year. The provisional amounts recorded for the year ending April 30, 2018 are based on estimates of underlying timing differences 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 (primarily around fixed assets) we made as well as any forthcoming legislative action or regulatory guidance. The Company did not record any material adjustments to the provisional amounts recorded as a result of the Tax Reform Act during the quarter ended October 31, 2018. We expect to finalize all provisional adjustments in the third quarter of fiscal 2019 . |
Segment Reporting
Segment Reporting | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As of October 31, 2018 we operated 2,097 stores in 16 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) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 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 adopted the standard on May 1, 2018 using the modified retrospective approach. The Company adopted two changes that affect the timing of recognition of revenues related to gift card breakage income and the redemption of coupon box tops attached to our pizza boxes. The impact related to gift cards was $879 , net of $321 of deferred taxes and was an increase to shareholders' equity with a reduction in deferred income. The impact related to box tops was $5,019 net of $1,816 of deferred taxes and was a reduction in shareholders' equity, with an increase in deferred income. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other than Inventory. We adopted the standard in the quarter ended July 31, 2018. There was no material impact to the Company for the adoption of this standard. In January 2017, the FASB issued ASU 2017-01, Business Combinations, Clarifying the Definition of a Business. The standard clarifies the definition of a business and adds guidance to assist entities in the determination of whether an acquisition (or disposal) represents assets or a business. The guidance requires the Company to utilize various criteria to evaluate whether or not an acquisition is a business. First, if substantially all of the fair value of the assets acquired is concentrated in a single asset or a group of similar identifiable assets, the acquired assets do not represent a business. If that is not the case, the update provides further guidance to evaluate if the acquisition represents a business focused on the nature and substance of the inputs and process acquired. The standard is generally expected to reduce the number of acquisitions, which may impact the allocation of purchase consideration in future acquisitions. Where it is determined that an acquisition is not a business combination, there would be no resulting goodwill recorded. The Company prospectively adopted this guidance for all future acquisitions in the first quarter of fiscal 2019. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard provides guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The guidance is effective for the Company beginning in the first quarter of fiscal 2021 with early adoption permitted. The amendments in the update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance retrospectively, in the first quarter of fiscal 2019. The adoption did not have a material impact on our consolidated financial statements. | |
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. The Company adopted ASU 2014-09 in the quarter ended July 31, 2018. As a result, revenue from sales of pizza that include a redeemable box top coupon are deferred until redemption for the portion of the sale that represents the estimated future redemption of the box top coupon. Gift card revenue is now recognized based on the estimated gift card breakage rate over the pro-rata usage of the card. 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 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. Warehousing costs are recorded within operating expenses on the income statement. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the consolidated financial statements. |
Disclosure of Compensation Re_2
Disclosure of Compensation Related Costs, Share Based Payments (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | Information concerning the issuance of stock options under the Prior Plans is presented in the following table: Number of option shares Weighted average option exercise price Outstanding at April 30, 2018 181,673 $ 39.48 Granted — — Exercised 11,292 33.55 Forfeited — — Outstanding at October 31, 2018 170,381 $ 39.88 |
Schedule of Restricted Stock Units Award Activity | Information concerning the unvested restricted stock units under the 2009 Plan and the 2018 Plan is presented in the following table: Unvested at April 30, 2018 338,981 Granted 172,232 Vested (103,300 ) Forfeited (3,366 ) Performance Award Adjustments (7,717 ) Unvested at October 31, 2018 396,830 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Shareholders' equity | $ 1,357,079 | $ 1,271,141 |
Deferred income taxes | $ (374,665) | (341,946) |
GIft Cards | Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Shareholders' equity | 879 | |
Deferred revenue | (879) | |
Deferred income taxes | (321) | |
Box Tops | Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Shareholders' equity | (5,019) | |
Deferred revenue | 5,019 | |
Deferred income taxes | $ 1,816 |
Long-term Debt and Fair Value_2
Long-term Debt and Fair Value Disclosure (Details) - USD ($) | Oct. 31, 2018 | Apr. 30, 2018 |
Debt Instrument | ||
Fair value of long-term debt | $ 1,269,000,000 | $ 1,277,000,000 |
Line of Credit | ||
Debt Instrument | ||
Maximum borrowing capacity | 150,000,000 | |
Fair value of amount outstanding | $ 0 | $ 39,600,000 |
Disclosure of Compensation Re_3
Disclosure of Compensation Related Costs, Share Based Payments (Details) - 2009 Stock Incentive Plan - USD ($) | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares available for grant (in shares) | 2,984,032 | ||
Allocated share-based compensation expense | $ 12,151,000 | $ 12,780,000 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of options outstanding (in shares) | 170,381 | 181,673 | |
Aggregate intrinsic value for outstanding options | $ 14,692,000 | ||
Weighted average remaining contractual life (in years) | 2 years 2 months 9 days | ||
Aggregate intrinsic value for exercised options | $ 973,000 | ||
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 | $ 12,469,000 | ||
Return on invested capital measurement period | 3 years |
Disclosure of Compensation Re_4
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - 2009 Stock Incentive Plan - Employee Stock Option | 6 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Number of option shares | |
Outstanding at the beginning of the period (in shares) | shares | 181,673 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 11,292 |
Forfeited (in shares) | shares | 0 |
Outstanding at the end of the period (in shares) | shares | 170,381 |
Weighted average option exercise price | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 39.48 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 33.55 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 39.88 |
Disclosure of Compensation Re_5
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - 2009 Stock Incentive Plan - Restricted Stock Units | 6 Months Ended |
Oct. 31, 2018shares | |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | 338,981 |
Granted (in shares) | 172,232 |
Vested (in shares) | (103,300) |
Forfeited (in shares) | (3,366) |
Performance Award Adjustments (in shares) | (7,717) |
Unvested at the end of the period (in shares) | 396,830 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 8,092 | $ 6,421 | |
Unrecognized tax benefits that would impact effective tax rate | 6,415 | ||
Accrued interest and penalties related to unrecognized tax benefits | 268 | $ 191 | |
Net interest and penalties included in income tax expense | 77 | $ 45 | |
Expected decrease in unrecognized tax benefits | $ 1,300 |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Oct. 31, 2018statesegmentstoremerchandise_category | |
Segment Reporting [Abstract] | |
Number of stores | store | 2,097 |
Number of states in which entity operates | state | 16 |
Number of operating segments | segment | 1 |
Number of merchandise categories | merchandise_category | 3 |