Casey's General Stores (CASY) 10-Q 9 Sep 19 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jul. 31, 2019	Aug. 28, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2019
Document Transition Report	false
Entity File Number	001-34700
Entity Registrant Name	CASEY’S GENERAL STORES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0935283
Entity Address, Address Line One	One SE Convenience Blvd
Entity Address, City or Town	Ankeny
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50021
City Area Code	515
Local Phone Number	965-6100
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	CASY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		36,782,664
Entity Central Index Key	0000726958
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Current assets:
Cash and cash equivalents	$ 96,733	$ 63,296
Receivables	39,554	37,856
Inventories	273,755	273,040
Prepaid expenses	12,969	7,493
Income tax receivable	15,059	28,895
Total current assets	438,070	410,580
Other assets, net of amortization	43,146	41,154
Goodwill	157,223	157,223
Property and equipment, net of accumulated depreciation of $1,878,705 at July 31, 2019 and $1,826,936 at April 30, 2019	3,198,307	3,122,419
Total assets	3,836,746	3,731,376
Current liabilities:
Lines of credit	50,000	75,000
Current maturities of long-term debt	18,846	17,205
Accounts payable	347,181	335,240
Accrued expenses	159,001	163,487
Total current liabilities	575,028	590,932
Long-term debt and capital lease obligations, net of current maturities	1,303,429	1,283,275
Deferred income taxes	402,840	385,788
Deferred compensation	16,027	15,881
Insurance accruals, net of current portion	21,531	22,663
Other long-term liabilities	28,677	24,068
Total liabilities	2,347,532	2,322,607
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	22,002	15,600
Retained earnings	1,467,212	1,393,169
Total shareholders’ equity	1,489,214	1,408,769
Total liabilities and shareholders' equity	$ 3,836,746	$ 3,731,376

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 1,878,705	$ 1,826,936

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2019	Jul. 31, 2018
Income Statement [Abstract]
Total revenue	[1]	$ 2,626,629	$ 2,588,432
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	[1]	2,060,943	2,066,664
Operating expenses		379,841	359,392
Depreciation and amortization		59,808	58,840
Interest, net		13,721	14,406
Income before income taxes		112,316	89,130
Federal and state income taxes		26,501	18,906
Net income		$ 85,815	$ 70,224
Net income per common share
Basic (in dollars per share)		$ 2.33	$ 1.92
Diluted (in dollars per share)		$ 2.31	$ 1.90
Basic weighted average shares outstanding (in shares)		36,864,070	36,669,021
Plus effect of stock compensation (in shares)		221,852	311,387
Diluted weighted average shares outstanding (in shares)		37,085,922	36,980,408
Dividends declared per share (in dollars per share)		$ 0.32	$ 0.29
Excise taxes		$ 274,617	$ 257,969
[1]	Includes excise taxes of: $274,617 and $257,969

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings
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	70,224		70,224
Dividends declared	(10,601)		(10,601)
Exercise of stock options (in shares)		3,600,000
Exercise of stock options	148	$ 148
Repurchase of common stock (in shares)		(352,592,000)
Repurchase of common stock	(35,247)		(35,247)
Stock based compensation (shares)		67,895,000
Stock based compensation	7,174	$ 7,174
Ending Balance (shares) at Jul. 31, 2018		36,593,225,000
Ending Balance at Jul. 31, 2018	1,298,699	$ 7,322	1,291,377
Beginning Balance (shares) at Apr. 30, 2019		36,664,521,000
Beginning Balance at Apr. 30, 2019	1,408,769	$ 15,600	1,393,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	85,815		85,815
Dividends declared	(11,772)		(11,772)
Exercise of stock options (in shares)		50,931,000
Exercise of stock options	2,261	$ 2,261
Stock based compensation (shares)		67,182,000
Stock based compensation	4,141	$ 4,141
Ending Balance (shares) at Jul. 31, 2019		36,782,634,000
Ending Balance at Jul. 31, 2019	$ 1,489,214	$ 22,002	$ 1,467,212

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Parenthetical - $ / shares	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Retained Earnings
Payment of dividends per share (in Dollars per share)	$ 0.32	$ 0.29

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Cash flows from operating activities:
Net income	$ 85,815	$ 70,224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	59,808	58,840
Stock-based compensation	7,542	10,272
Loss on disposal of assets and impairment charges	527	345
Deferred income taxes	17,052	9,205
Changes in assets and liabilities:
Receivables	(1,698)	(1,441)
Inventories	(474)	(22,211)
Prepaid expenses	(5,476)	(3,174)
Accounts payable	3,610	9,588
Accrued expenses	(3,699)	12,281
Income taxes	15,054	8,901
Other, net	696	(2,759)
Net cash provided by operating activities	178,757	150,071
Cash flows from investing activities:
Purchase of property and equipment	(101,398)	(97,490)
Payments for acquisition of businesses, net of cash acquired	(4,868)	(841)
Proceeds from sales of property and equipment	1,699	1,879
Net cash used in investing activities	(104,567)	(96,452)
Cash flows from financing activities:
Repayments of long-term debt	(905)	(92)
Net repayments of short-term debt	(25,000)	(12,189)
Proceeds from exercise of stock options	2,261	148
Payments of cash dividends	(10,633)	(9,592)
Repurchase of common stock	0	(37,479)
Tax withholdings on employee share-based awards	(6,476)	(3,252)
Net cash used in financing activities	(40,753)	(62,456)
Net increase (decrease) in cash and cash equivalents	33,437	(8,837)
Cash and cash equivalents at beginning of the period	63,296	53,679
Cash and cash equivalents at end of the period	96,733	44,842
Cash paid (received) during the period for:
Interest, net of amount capitalized	6,837	5,205
Income taxes, net	(6,401)	397
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	$ 23,947	4,524
Noncash additions from adoption of ASC 842		$ 22,635

Presentation of Financial State

Presentation of Financial Statements	3 Months Ended
	Jul. 31, 2019
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 direct and indirect wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 31, 2019
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 July 31, 2019 and April 30, 2019 , the results of operations for the three months ended July 31, 2019 and 2018 , shareholders' equity for the three months ended July 31, 2019 , and cash flows for the three months ended July 31, 2019 and 2018 . 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, 2019 for our consideration of new accounting pronouncements. The Company is a lessee in situations where we lease property and equipment, most commonly land or building, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC Topic 842-Leases. We adopted this guidance as of May 1, 2019 using the modified retrospective approach and elected the cumulative-effect adjustment practical expedient. As a result of the transition method selected, the Company did not restate previously reported comparable periods. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. As a lessee, the Company has both operating and financing leases with the right-of-use assets recorded within property and equipment, and the lease liability recorded within long term debt and capital lease obligations. As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through other income. All lease activity is considered immaterial to the consolidated financial statements. Certain amounts in prior year have been reclassified to conform to current year presentation.

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold	3 Months Ended
	Jul. 31, 2019
Revenue Recognition [Abstract]
Revenue and Cost of Goods Sold	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. 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 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	3 Months Ended
	Jul. 31, 2019
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 $1,323,000 and $1,272,000 at July 31, 2019 and April 30, 2019 , respectively. The Company has a credit agreement that provides for a $ 300 million unsecured revolving credit facility which includes a $ 30 million sublimit for letters of credit and a $ 30 million sublimit for swingline loans (the "Credit Facility"). The maturity date is January 11, 2024. Amounts borrowed under the Credit Facility bear interest at variable rates based upon, at the Company's option, either (a) LIBOR plus an applicable margin or (b) an alternate base rate. The Credit Facility also carries a facility fee between 0.2% and 0.4% per annum based on the Company's consolidated leverage ratio as defined in the credit agreement. The Company had $50,000 outstanding at July 31, 2019 and $75,000 outstanding at April 30, 2019 . The Company also has an unsecured revolving line of credit of $25,000 , under which there was $0 outstanding at July 31, 2019 and April 30, 2019 .

Disclosure of Compensation Rela

Disclosure of Compensation Related Costs, Share Based Payments	3 Months Ended
	Jul. 31, 2019
Share-based Payment Arrangement [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 July 31, 2019 , there were 2,647,608 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 2019 Definitive Proxy Statement. At July 31, 2019 , options for 58,896 shares (which expire in 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, 2019 109,827 $ 44.39 Granted — — Exercised 50,931 44.39 Forfeited — — Outstanding at July 31, 2019 58,896 $ 44.39 At July 31, 2019 , all 58,896 outstanding options were vested, and had an aggregate intrinsic value of $6,921 and a weighted average remaining contractual life of 1.92 years . The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2019 , was $5,518 . 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, 2019 388,800 Granted 168,324 Vested (100,500 ) Forfeited (5,328 ) Unvested at July 31, 2019 451,296 Total employee compensation costs recorded for the three months ended July 31, 2019 and 2018 , respectively, were $7,542 and $10,154 for the stock option, restricted stock, and restricted stock unit awards to employees. As of July 31, 2019 , there were no unrecognized compensation costs related to the Plan and Prior Plans for stock options and $20,970 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2022. Certain awards in the 2017 through 2019 long term incentive compensation program grants have performance-based conditions based on the three

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2019
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. The Company is a lessee on a variety of leasing arrangements varying in remaining terms of 1.0 to 41.1 years . These leases were measured at the present value of the lease payments at adoption of guidance under ASC 842 using the incremental borrowing rate of debt based on the remaining number of years in the lease. The discount rate on current leases varies between 3.70% to 6.00% depending on the term of the lease. Several leases have variable payment components of the lease. For these, the Company has not included those variable payments in the calculation of the lease liability as the payments are unknown. These variable payments will be expensed as incurred. The Company also has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it was probable the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at July 31, 2019 and April 30, 2019: Years ended July 31, Capital leases Operating leases 2020 $ 3,104 $ 1,969 2021 3,112 1,907 2022 3,119 1,850 2023 3,099 1,765 2024 2,113 1,666 Thereafter 8,884 27,328 Total minimum lease payments 23,431 36,485 Less amount representing interest 7,357 14,251 Present value of net minimum lease payments $ 16,074 $ 22,234 Years ended April 30, Capital leases Operating leases 2020 $ 3,103 $ 1,703 2021 3,109 1,547 2022 3,096 1,354 2023 3,098 1,228 2024 2,548 1,066 Thereafter 9,215 10,438 Total minimum lease payments 24,169 $ 17,336 Less amount representing interest 7,689 Present value of net minimum lease payments $ 16,480
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. The Company is a lessee on a variety of leasing arrangements varying in remaining terms of 1.0 to 41.1 years . These leases were measured at the present value of the lease payments at adoption of guidance under ASC 842 using the incremental borrowing rate of debt based on the remaining number of years in the lease. The discount rate on current leases varies between 3.70% to 6.00% depending on the term of the lease. Several leases have variable payment components of the lease. For these, the Company has not included those variable payments in the calculation of the lease liability as the payments are unknown. These variable payments will be expensed as incurred. The Company also has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it was probable the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at July 31, 2019 and April 30, 2019: Years ended July 31, Capital leases Operating leases 2020 $ 3,104 $ 1,969 2021 3,112 1,907 2022 3,119 1,850 2023 3,099 1,765 2024 2,113 1,666 Thereafter 8,884 27,328 Total minimum lease payments 23,431 36,485 Less amount representing interest 7,357 14,251 Present value of net minimum lease payments $ 16,074 $ 22,234 Years ended April 30, Capital leases Operating leases 2020 $ 3,103 $ 1,703 2021 3,109 1,547 2022 3,096 1,354 2023 3,098 1,228 2024 2,548 1,066 Thereafter 9,215 10,438 Total minimum lease payments 24,169 $ 17,336 Less amount representing interest 7,689 Present value of net minimum lease payments $ 16,480
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. The Company is a lessee on a variety of leasing arrangements varying in remaining terms of 1.0 to 41.1 years . These leases were measured at the present value of the lease payments at adoption of guidance under ASC 842 using the incremental borrowing rate of debt based on the remaining number of years in the lease. The discount rate on current leases varies between 3.70% to 6.00% depending on the term of the lease. Several leases have variable payment components of the lease. For these, the Company has not included those variable payments in the calculation of the lease liability as the payments are unknown. These variable payments will be expensed as incurred. The Company also has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it was probable the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at July 31, 2019 and April 30, 2019: Years ended July 31, Capital leases Operating leases 2020 $ 3,104 $ 1,969 2021 3,112 1,907 2022 3,119 1,850 2023 3,099 1,765 2024 2,113 1,666 Thereafter 8,884 27,328 Total minimum lease payments 23,431 36,485 Less amount representing interest 7,357 14,251 Present value of net minimum lease payments $ 16,074 $ 22,234 Years ended April 30, Capital leases Operating leases 2020 $ 3,103 $ 1,703 2021 3,109 1,547 2022 3,096 1,354 2023 3,098 1,228 2024 2,548 1,066 Thereafter 9,215 10,438 Total minimum lease payments 24,169 $ 17,336 Less amount representing interest 7,689 Present value of net minimum lease payments $ 16,480

Unrecognized Tax Benefits

Unrecognized Tax Benefits	3 Months Ended
	Jul. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $7,287 at April 30, 2019 . At July 31, 2019 , gross unrecognized tax benefits were $8,381 . If this unrecognized tax benefit were ultimately recognized, $ 6,643 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 299 at July 31, 2019 , and $ 242 at April 30, 2019 . Net interest and penalties included in income tax expense for the three months ended July 31, 2019 , was a net expense of $ 57 , with a net expense of $ 32 for the same period in 2018 . 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 years 2012, 2016 and 2017. 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 $ 1,100 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.

Segment Reporting

Segment Reporting	3 Months Ended
	Jul. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of July 31, 2019 , we operated 2,161 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)	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
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		The Company is a lessee in situations where we lease property and equipment, most commonly land or building, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC Topic 842-Leases. We adopted this guidance as of May 1, 2019 using the modified retrospective approach and elected the cumulative-effect adjustment practical expedient. As a result of the transition method selected, the Company did not restate previously reported comparable periods. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. As a lessee, the Company has both operating and financing leases with the right-of-use assets recorded within property and equipment, and the lease liability recorded within long term debt and capital lease obligations. As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through other income. All lease activity is considered immaterial to the consolidated financial statements.
Reclassifications	Certain amounts in prior year have been reclassified to conform to current year presentation.
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. 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 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)	3 Months Ended
	Jul. 31, 2019
Share-based Payment Arrangement [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, 2019 109,827 $ 44.39 Granted — — Exercised 50,931 44.39 Forfeited — — Outstanding at July 31, 2019 58,896 $ 44.39
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, 2019 388,800 Granted 168,324 Vested (100,500 ) Forfeited (5,328 ) Unvested at July 31, 2019 451,296

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	3 Months Ended
	Jul. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Liability, Maturity	Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at July 31, 2019 and April 30, 2019: Years ended July 31, Capital leases Operating leases 2020 $ 3,104 $ 1,969 2021 3,112 1,907 2022 3,119 1,850 2023 3,099 1,765 2024 2,113 1,666 Thereafter 8,884 27,328 Total minimum lease payments 23,431 36,485 Less amount representing interest 7,357 14,251 Present value of net minimum lease payments $ 16,074 $ 22,234 Years ended April 30, Capital leases Operating leases 2020 $ 3,103 $ 1,703 2021 3,109 1,547 2022 3,096 1,354 2023 3,098 1,228 2024 2,548 1,066 Thereafter 9,215 10,438 Total minimum lease payments 24,169 $ 17,336 Less amount representing interest 7,689 Present value of net minimum lease payments $ 16,480
Lessee, Operating Lease, Liability, Maturity	Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at July 31, 2019 and April 30, 2019: Years ended July 31, Capital leases Operating leases 2020 $ 3,104 $ 1,969 2021 3,112 1,907 2022 3,119 1,850 2023 3,099 1,765 2024 2,113 1,666 Thereafter 8,884 27,328 Total minimum lease payments 23,431 36,485 Less amount representing interest 7,357 14,251 Present value of net minimum lease payments $ 16,074 $ 22,234 Years ended April 30, Capital leases Operating leases 2020 $ 3,103 $ 1,703 2021 3,109 1,547 2022 3,096 1,354 2023 3,098 1,228 2024 2,548 1,066 Thereafter 9,215 10,438 Total minimum lease payments 24,169 $ 17,336 Less amount representing interest 7,689 Present value of net minimum lease payments $ 16,480

Long-term Debt and Fair Value_2

Long-term Debt and Fair Value Disclosure (Details) - USD ($)	3 Months Ended
	Jul. 31, 2019	Apr. 30, 2019
Debt Instrument
Fair value of long-term debt	$ 1,323,000,000	$ 1,272,000,000
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	300,000,000
Fair value of amount outstanding	50,000,000	75,000,000
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Letter of Credit
Debt Instrument
Maximum borrowing capacity	30,000,000
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Swingline Loans
Debt Instrument
Maximum borrowing capacity	$ 30,000,000
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility
Debt Instrument
Facility fee percentage	0.20%
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility
Debt Instrument
Facility fee percentage	0.40%
Unsecured Revolving Line of Credit | Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 25,000,000
Fair value of amount outstanding	$ 0	$ 0

Disclosure of Compensation Re_3

Disclosure of Compensation Related Costs, Share Based Payments (Details) - 2009 Stock Incentive Plan - USD ($)	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	2,647,608
Allocated share-based compensation expense	$ 7,542,000	$ 10,154,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding (in shares)	58,896		109,827
Aggregate intrinsic value for outstanding options	$ 6,921,000
Weighted average remaining contractual life (in years)	1 year 11 months 1 day
Aggregate intrinsic value for exercised options	$ 5,518,000
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	$ 20,970,000
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	3 Months Ended
	Jul. 31, 2019$ / sharesshares
Number of option shares
Outstanding at the beginning of the period (in shares) | shares	109,827
Granted (in shares) | shares	0
Exercised (in shares) | shares	50,931
Forfeited (in shares) | shares	0
Outstanding at the end of the period (in shares) | shares	58,896
Weighted average option exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 44.39
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	44.39
Forfeited (in dollars per share) | $ / shares	0
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 44.39

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	3 Months Ended
	Jul. 31, 2019shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares)	388,800
Granted (in shares)	168,324
Vested (in shares)	(100,500)
Forfeited (in shares)	(5,328)
Unvested at the end of the period (in shares)	451,296

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Jul. 31, 2019
Minimum
Lessee, Lease, Description [Line Items]
Remaining term of contract	1 year
Operating lease discount rate	3.70%
Maximum
Lessee, Lease, Description [Line Items]
Remaining term of contract	41 years 1 month 6 days
Operating lease discount rate	6.00%

Commitments and Contingencies_3

Commitments and Contingencies - Lease Maturity Schedule (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Capital leases
2020	$ 3,104
2021	3,112
2022	3,119
2023	3,099
2024	2,113
Thereafter	8,884
Total minimum lease payments	23,431
Less amount representing interest	7,357
Present value of net minimum lease payments	16,074
Operating leases
2020	1,969
2021	1,907
2022	1,850
2023	1,765
2024	1,666
Thereafter	27,328
Total minimum lease payments	36,485
Less amount representing interest	14,251
Present value of net minimum lease payments	$ 22,234
Capital leases
2020		$ 3,103
2021		3,109
2022		3,096
2023		3,098
2024		2,548
Thereafter		9,215
Total minimum lease payments		24,169
Less amount representing interest		7,689
Present value of net minimum lease payments		16,480
Operating leases
2020		1,703
2021		1,547
2022		1,354
2023		1,228
2024		1,066
Thereafter		10,438
Total minimum lease payments		$ 17,336

Unrecognized Tax Benefits (Deta

Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Apr. 30, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 8,381		$ 7,287
Unrecognized tax benefits that would impact effective tax rate	6,643
Accrued interest and penalties related to unrecognized tax benefits	299		$ 242
Net interest and penalties included in income tax expense	57	$ 32
Expected decrease in unrecognized tax benefits	$ 1,100

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Jul. 31, 2019statesegmentstoremerchandise_category
Segment Reporting [Abstract]
Number of stores | store	2,161
Number of states in which entity operates | state	16
Number of operating segments | segment	1
Number of merchandise categories | merchandise_category	3

Uncategorized Items - casy-2019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (4,140,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (4,140,000)