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) |