Cover Page
Cover Page - shares | 9 Months Ended | |
Jan. 31, 2020 | Feb. 24, 2020 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2020 | |
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) | 36,793,573 | |
Entity Central Index Key | 0000726958 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 43,539 | $ 63,296 |
Receivables | 46,383 | 37,856 |
Inventories | 263,185 | 273,040 |
Prepaid expenses | 14,430 | 7,493 |
Income tax receivable | 22,091 | 28,895 |
Total current assets | 389,628 | 410,580 |
Other assets, net of amortization | 70,815 | 41,154 |
Goodwill | 157,648 | 157,223 |
Property and equipment, net of accumulated depreciation of $1,983,258 at January 31, 2020 and $1,826,936 at April 30, 2019 | 3,303,943 | 3,122,419 |
Total assets | 3,922,034 | 3,731,376 |
Current liabilities: | ||
Lines of credit | 76,000 | 75,000 |
Current maturities of long-term debt | 577,743 | 17,205 |
Accounts payable | 275,903 | 335,240 |
Accrued expenses | 175,176 | 163,487 |
Total current liabilities | 1,104,822 | 590,932 |
Long-term debt and finance lease obligations, net of current maturities | 715,121 | 1,283,275 |
Deferred income taxes | 425,242 | 385,788 |
Deferred compensation | 15,892 | 15,881 |
Insurance accruals, net of current portion | 22,673 | 22,663 |
Other long-term liabilities | 49,694 | 24,068 |
Total liabilities | 2,333,444 | 2,322,607 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 28,985 | 15,600 |
Retained earnings | 1,559,605 | 1,393,169 |
Total shareholders’ equity | 1,588,590 | 1,408,769 |
Total liabilities and shareholders' equity | $ 3,922,034 | $ 3,731,376 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 1,983,258 | $ 1,826,936 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Income Statement [Abstract] | |||||
Total revenue | [1] | $ 2,248,198 | $ 2,048,076 | $ 7,362,413 | $ 7,174,513 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | [1] | 1,751,335 | 1,577,811 | 5,742,799 | 5,672,159 |
Operating expenses | 377,330 | 341,536 | 1,130,554 | 1,045,114 | |
Depreciation and amortization | 63,285 | 61,324 | 185,981 | 181,520 | |
Interest, net | 13,209 | 13,310 | 39,613 | 41,907 | |
Income before income taxes | 43,039 | 54,095 | 263,466 | 233,813 | |
Federal and state income taxes | 9,080 | 12,260 | 61,711 | 55,139 | |
Net income | $ 33,959 | $ 41,835 | $ 201,755 | $ 178,674 | |
Net income per common share | |||||
Basic (in dollars per share) | $ 0.92 | $ 1.14 | $ 5.47 | $ 4.87 | |
Diluted (in dollars per share) | $ 0.91 | $ 1.13 | $ 5.43 | $ 4.83 | |
Basic weighted average shares outstanding (in shares) | 36,920,960 | 36,717,415 | 36,901,338 | 36,694,308 | |
Plus effect of stock compensation (in shares) | 221,917 | 296,411 | 221,187 | 291,783 | |
Diluted weighted average shares outstanding (in shares) | 37,142,877 | 37,013,826 | 37,122,525 | 36,986,091 | |
Dividends declared per share (in dollars per share) | $ 0.32 | $ 0.29 | $ 0.96 | $ 0.87 | |
Excise taxes | $ 270,023 | $ 238,306 | $ 833,750 | $ 751,389 | |
[1] | Includes excise taxes of: $270,023, $238,306, $833,750, and $751,389 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ 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 | ||
Share-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, 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 | 178,674 | ||
Ending Balance (shares) at Jan. 31, 2019 | 36,630,667,000 | ||
Ending Balance at Jan. 31, 2019 | 1,390,868 | $ 12,279 | 1,378,589 |
Beginning Balance (shares) at Jul. 31, 2018 | 36,593,225,000 | ||
Beginning Balance at Jul. 31, 2018 | 1,298,699 | $ 7,322 | 1,291,377 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 66,615 | 66,615 | |
Dividends declared | (10,615) | (10,615) | |
Exercise of stock options (in shares) | 7,692,000 | ||
Exercise of stock options | 231 | $ 231 | |
Stock based compensation (shares) | 3,089,000 | ||
Share-based compensation | 2,149 | $ 2,149 | |
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 41,835 | 41,835 | |
Dividends declared | (10,623) | (10,623) | |
Exercise of stock options (in shares) | 26,400,000 | ||
Exercise of stock options | 789 | $ 789 | |
Stock based compensation (shares) | 261,000 | ||
Share-based compensation | 1,788 | $ 1,788 | |
Ending Balance (shares) at Jan. 31, 2019 | 36,630,667,000 | ||
Ending Balance at Jan. 31, 2019 | 1,390,868 | $ 12,279 | 1,378,589 |
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 | ||
Share-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 |
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 | 201,755 | ||
Ending Balance (shares) at Jan. 31, 2020 | 36,793,573,000 | ||
Ending Balance at Jan. 31, 2020 | 1,588,590 | $ 28,985 | 1,559,605 |
Beginning Balance (shares) at Jul. 31, 2019 | 36,782,634,000 | ||
Beginning Balance at Jul. 31, 2019 | 1,489,214 | $ 22,002 | 1,467,212 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 81,981 | 81,981 | |
Dividends declared | (11,773) | (11,773) | |
Exercise of stock options (in shares) | 1,030,000 | ||
Exercise of stock options | 46 | $ 46 | |
Stock based compensation (shares) | 7,984,000 | ||
Share-based compensation | 2,380 | $ 2,380 | |
Ending Balance (shares) at Oct. 31, 2019 | 36,791,648,000 | ||
Ending Balance at Oct. 31, 2019 | 1,561,848 | $ 24,428 | 1,537,420 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 33,959 | 33,959 | |
Dividends declared | (11,774) | (11,774) | |
Exercise of stock options (in shares) | 1,925,000 | ||
Exercise of stock options | 85 | $ 85 | |
Stock based compensation (shares) | 0 | ||
Share-based compensation | 4,472 | $ 4,472 | |
Ending Balance (shares) at Jan. 31, 2020 | 36,793,573,000 | ||
Ending Balance at Jan. 31, 2020 | $ 1,588,590 | $ 28,985 | $ 1,559,605 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Parenthetical - $ / shares | 3 Months Ended | |||||
Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | |
Retained Earnings | ||||||
Payment of dividends per share (in Dollars per share) | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.29 | $ 0.29 | $ 0.29 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 201,755 | $ 178,674 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 185,981 | 181,520 |
Share-based compensation | 14,394 | 11,111 |
Loss on disposal of assets and impairment charges | 2,115 | 1,159 |
Deferred income taxes | 39,454 | 38,925 |
Changes in assets and liabilities: | ||
Receivables | (8,527) | 4,146 |
Inventories | 10,207 | (8,252) |
Prepaid expenses | (6,937) | (3,986) |
Accounts payable | (53,534) | (66,946) |
Accrued expenses | 12,737 | 22,772 |
Income taxes | 9,204 | 36,685 |
Other, net | (7,142) | (18,052) |
Net cash provided by operating activities | 399,707 | 377,756 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (363,907) | (311,165) |
Payments for acquisition of businesses, net of cash acquired | (12,644) | (21,021) |
Proceeds from sales of property and equipment | 3,813 | 4,159 |
Net cash used in investing activities | (372,738) | (328,027) |
Cash flows from financing activities: | ||
Repayments of long-term debt | (9,329) | (7,839) |
Net borrowings of short-term debt | 1,000 | 10,400 |
Proceeds from exercise of stock options | 2,392 | 1,168 |
Payments of cash dividends | (34,178) | (30,808) |
Repurchase of common stock | 0 | (37,479) |
Tax withholdings on employee share-based awards | (6,611) | (4,681) |
Net cash used in financing activities | (46,726) | (69,239) |
Net decrease in cash and cash equivalents | (19,757) | (19,510) |
Cash and cash equivalents at beginning of the period | 63,296 | 53,679 |
Cash and cash equivalents at end of the period | 43,539 | 34,169 |
Cash paid (received) during the period for: | ||
Interest, net of amount capitalized | 33,636 | 33,354 |
Income taxes, net | 10,800 | (21,977) |
Noncash investing and financing activities: | ||
Purchased property and equipment in accounts payable | 9,813 | 2,172 |
Noncash additions from adoption of ASC 842 | $ 1,037 | $ 22,635 |
Presentation of Financial State
Presentation of Financial Statements | 9 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,193 convenience stores in 16 Midwest states. The stores are located primarily in smaller communities, many with populations of less than 5,000 . The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. 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 | 9 Months Ended |
Jan. 31, 2020 | |
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. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (including normal recurring accruals) necessary to present fairly the financial position as of January 31, 2020 and April 30, 2019 , the results of operations for the three and nine months ended January 31, 2020 and 2019 , shareholders' equity for the three and nine months ended January 31, 2020 and 2019 , and cash flows for the nine months ended January 31, 2020 and 2019 . 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. Other than mentioned below, 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. Please refer to Note 6 for additional information regarding the Company’s adoption of ASC 842 and the outstanding leases. 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 | 9 Months Ended |
Jan. 31, 2020 | |
Revenue from Contract with Customer [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 guest. Revenue from sales that include a redeemable box top coupon or points under our Casey’s Rewards program are deferred until redemption or expiration for the portion of the sale that represents the estimated future redemption of the box top coupon or points. Revenue related to the box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2020 and April 30, 2019 , the Company recognized a contract liability of $9,379 and $ 6,931 , respectively, related to the outstanding box top coupons and Casey's Rewards points, which is included in accrued expenses on the condensed consolidated balance sheets. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage 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, including billbacks, are treated as a reduction in cost of goods sold and are recognized primarily based on the purchase of product, shipment of product from warehouse to store, or sale of product to our guest. These are recognized in the period earned based on the applicable rebate agreement. Warehousing costs are recorded within operating expenses on the income statement. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated financial statements. |
Long-term Debt and Finance Leas
Long-term Debt and Finance Lease Obligations, Lines of Credit, and Fair Value Disclosure | 9 Months Ended |
Jan. 31, 2020 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Long-term Debt and Finance Lease Obligations, Lines of Credit, and Fair Value Disclosure | Long-Term Debt and Finance Lease Obligations, Lines of Credit, and Fair Value Disclosure The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances. The fair value of the Company’s long-term debt was approximately $1,340,000 and $1,272,000 at January 31, 2020 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 $65,000 outstanding at January 31, 2020 and $75,000 outstanding at April 30, 2019 . The Company also has an unsecured revolving line of credit of $25,000 (the "Bank Line"), under which there was $11,000 and $0 outstanding at January 31, 2020 and April 30, 2019 . Within current maturities of long-term debt on the condensed consolidated balance sheets is a $569,000 5.22% Senior note that is due on August 9, 2020. The Company intends to refinance this note. |
Compensation Related Costs and
Compensation Related Costs and Share Based Payments | 9 Months Ended |
Jan. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Related Costs and Share Based Payments | Compensation Related Costs and 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 January 31, 2020 , there were 2,614,568 shares available for grant under the 2018 Plan. We account for share-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 condensed 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 January 31, 2020 , options for 55,941 shares (which expire in June 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 53,886 44.39 Forfeited — — Outstanding at January 31, 2020 55,941 $ 44.39 At January 31, 2020 , all 55,941 outstanding options were vested, and had an aggregate intrinsic value of $6,515 and a weighted average remaining contractual life of 1.42 years . The aggregate intrinsic value for the total of all options exercised during the nine months ended January 31, 2020 , was $5,860 . 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 188,800 Vested (108,484 ) Forfeited (18,105 ) Performance Award Adjustments 18,552 Unvested at January 31, 2020 469,563 The above awards reflect (a) long-term incentive compensation program grants for 2017 through 2020, which include time-based restricted stock units and certain of which include performance-based restricted stock units (subject to three-year relative total shareholder return [TSR] and three-year average return on invested capital [ROIC]), (b) certain “make-whole” grants, which include time-based restricted stock units and one of which includes performance-based restricted stock units subject to TSR, (c) a special strategic grant which includes performance-based restricted stock units subject to the performance of the Company’s e-commerce and loyalty platforms, and (d) non-employee director equity awards, which include time-based restricted stock units. Total compensation costs recorded for employees and non-employee board members for the nine months ended January 31, 2020 and 2019 , respectively, were $14,394 and $13,719 , related entirely to restricted stock unit awards. As of January 31, 2020 , there were no unrecognized compensation costs related to the Plan and Prior Plans for stock options and $20,236 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2020 | |
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. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting. 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 . 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. The Company records the operating lease liability in accrued expenses and other long-term liabilities and records the finance lease liability within current maturities of long-term debt and long term debt and finance lease obligations on the condensed consolidated balance sheets. We have elected to adopt the package of practical expedients, as well as the land easement practical expedient. As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through revenue. All lessor related activity is considered immaterial to the condensed consolidated financial statements. The leases initially recorded under ASC 842 were recognized, at the time of adoption, at an amount equal to the present value of the lease payments using the incremental borrowing rate of debt based upon the remaining term of the lease. New leases are recognized at the present value of the lease payments using the implicit rate when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses the incremental borrowing rate of debt based on the term of the lease. Several leases have variable payment components of the lease such as payments for property taxes and insurance. For these leases, the Company has not included those variable payments in the calculation of the lease liability as the payments are not in-substance fixed and do not depend on an index or rate. 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 reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. Lease right-of-use assets outstanding as of January 31, 2020 consisted of the following (in thousands): Classification January 31, 2020 Finance lease right-of-use assets Property and equipment $ 14,896 Operating lease right-of-use assets Other assets 19,984 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information for outstanding leases were as follows: January 31, 2020 Weighted-average remaining lease-term - finance lease 10.9 years Weighted-average remaining lease-term - operating lease 20.1 years Weighted-average discount rate - finance lease 5.33 % Weighted-average discount rate - operating lease 4.31 % Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands) $ 1,520 Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands) 1,037 Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019: Years ended January 31, Finance leases Operating leases 2021 $ 3,115 $ 1,830 2022 3,110 1,791 2023 3,109 1,709 2024 2,897 1,634 2025 1,385 1,556 Thereafter 10,705 23,581 Total minimum lease payments 24,321 32,101 Less amount representing interest 6,979 11,745 Present value of net minimum lease payments $ 17,342 $ 20,356 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 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the condensed consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of January 31, 2020, we have $3.4 million |
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. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting. 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 . 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. The Company records the operating lease liability in accrued expenses and other long-term liabilities and records the finance lease liability within current maturities of long-term debt and long term debt and finance lease obligations on the condensed consolidated balance sheets. We have elected to adopt the package of practical expedients, as well as the land easement practical expedient. As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through revenue. All lessor related activity is considered immaterial to the condensed consolidated financial statements. The leases initially recorded under ASC 842 were recognized, at the time of adoption, at an amount equal to the present value of the lease payments using the incremental borrowing rate of debt based upon the remaining term of the lease. New leases are recognized at the present value of the lease payments using the implicit rate when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses the incremental borrowing rate of debt based on the term of the lease. Several leases have variable payment components of the lease such as payments for property taxes and insurance. For these leases, the Company has not included those variable payments in the calculation of the lease liability as the payments are not in-substance fixed and do not depend on an index or rate. 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 reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. Lease right-of-use assets outstanding as of January 31, 2020 consisted of the following (in thousands): Classification January 31, 2020 Finance lease right-of-use assets Property and equipment $ 14,896 Operating lease right-of-use assets Other assets 19,984 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information for outstanding leases were as follows: January 31, 2020 Weighted-average remaining lease-term - finance lease 10.9 years Weighted-average remaining lease-term - operating lease 20.1 years Weighted-average discount rate - finance lease 5.33 % Weighted-average discount rate - operating lease 4.31 % Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands) $ 1,520 Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands) 1,037 Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019: Years ended January 31, Finance leases Operating leases 2021 $ 3,115 $ 1,830 2022 3,110 1,791 2023 3,109 1,709 2024 2,897 1,634 2025 1,385 1,556 Thereafter 10,705 23,581 Total minimum lease payments 24,321 32,101 Less amount representing interest 6,979 11,745 Present value of net minimum lease payments $ 17,342 $ 20,356 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 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the condensed consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of January 31, 2020, we have $3.4 million |
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. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting. 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 . 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. The Company records the operating lease liability in accrued expenses and other long-term liabilities and records the finance lease liability within current maturities of long-term debt and long term debt and finance lease obligations on the condensed consolidated balance sheets. We have elected to adopt the package of practical expedients, as well as the land easement practical expedient. As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through revenue. All lessor related activity is considered immaterial to the condensed consolidated financial statements. The leases initially recorded under ASC 842 were recognized, at the time of adoption, at an amount equal to the present value of the lease payments using the incremental borrowing rate of debt based upon the remaining term of the lease. New leases are recognized at the present value of the lease payments using the implicit rate when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses the incremental borrowing rate of debt based on the term of the lease. Several leases have variable payment components of the lease such as payments for property taxes and insurance. For these leases, the Company has not included those variable payments in the calculation of the lease liability as the payments are not in-substance fixed and do not depend on an index or rate. 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 reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. Lease right-of-use assets outstanding as of January 31, 2020 consisted of the following (in thousands): Classification January 31, 2020 Finance lease right-of-use assets Property and equipment $ 14,896 Operating lease right-of-use assets Other assets 19,984 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information for outstanding leases were as follows: January 31, 2020 Weighted-average remaining lease-term - finance lease 10.9 years Weighted-average remaining lease-term - operating lease 20.1 years Weighted-average discount rate - finance lease 5.33 % Weighted-average discount rate - operating lease 4.31 % Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands) $ 1,520 Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands) 1,037 Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019: Years ended January 31, Finance leases Operating leases 2021 $ 3,115 $ 1,830 2022 3,110 1,791 2023 3,109 1,709 2024 2,897 1,634 2025 1,385 1,556 Thereafter 10,705 23,581 Total minimum lease payments 24,321 32,101 Less amount representing interest 6,979 11,745 Present value of net minimum lease payments $ 17,342 $ 20,356 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 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the condensed consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of January 31, 2020, we have $3.4 million |
Unrecognized Tax Benefits
Unrecognized Tax Benefits | 9 Months Ended |
Jan. 31, 2020 | |
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 January 31, 2020 , gross unrecognized tax benefits were $9,844 . If this unrecognized tax benefit were ultimately recognized, $ 7,799 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 425 at January 31, 2020 , and $ 242 at April 30, 2019 . Net interest and penalties included in income tax expense for the nine months ended January 31, 2020 was a net expense of $ 183 and a net expense of $ 127 for the same period in 2019 . 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 | 9 Months Ended |
Jan. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As of January 31, 2020 , we operated 2,193 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 guests. We manage the business on the basis of one operating segment. Our stores sell similar products and services, and use similar processes to sell those products and services directly to the general public. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and other merchandise, and prepared food and fountain because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
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. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
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. Please refer to Note 6 for additional information regarding the Company’s adoption of ASC 842 and the outstanding leases. | |
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 guest. Revenue from sales that include a redeemable box top coupon or points under our Casey’s Rewards program are deferred until redemption or expiration for the portion of the sale that represents the estimated future redemption of the box top coupon or points. Revenue related to the box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2020 and April 30, 2019 , the Company recognized a contract liability of $9,379 and $ 6,931 , respectively, related to the outstanding box top coupons and Casey's Rewards points, which is included in accrued expenses on the condensed consolidated balance sheets. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage 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, including billbacks, are treated as a reduction in cost of goods sold and are recognized primarily based on the purchase of product, shipment of product from warehouse to store, or sale of product to our guest. These are recognized in the period earned based on the applicable rebate agreement. Warehousing costs are recorded within operating expenses on the income statement. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated financial statements. | |
Lessee Leases | 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 . 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. The Company records the operating lease liability in accrued expenses and other long-term liabilities and records the finance lease liability within current maturities of long-term debt and long term debt and finance lease obligations on the condensed consolidated balance sheets. We have elected to adopt the package of practical expedients, as well as the land easement practical expedient. As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through revenue. All lessor related activity is considered immaterial to the condensed consolidated financial statements. The leases initially recorded under ASC 842 were recognized, at the time of adoption, at an amount equal to the present value of the lease payments using the incremental borrowing rate of debt based upon the remaining term of the lease. New leases are recognized at the present value of the lease payments using the implicit rate when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses the incremental borrowing rate of debt based on the term of the lease. Several leases have variable payment components of the lease such as payments for property taxes and insurance. For these leases, the Company has not included those variable payments in the calculation of the lease liability as the payments are not in-substance fixed and do not depend on an index or rate. 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 reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. | |
Lessor Leases | As a lessor, the Company has direct financing leases and records the assets within property and equipment and recognizes the lease payments through revenue. All lessor related activity is considered immaterial to the condensed consolidated financial statements. The leases initially recorded under ASC 842 were recognized, at the time of adoption, at an amount equal to the present value of the lease payments using the incremental borrowing rate of debt based upon the remaining term of the lease. New leases are recognized at the present value of the lease payments using the implicit rate when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses the incremental borrowing rate of debt based on the term of the lease. Several leases have variable payment components of the lease such as payments for property taxes and insurance. For these leases, the Company has not included those variable payments in the calculation of the lease liability as the payments are not in-substance fixed and do not depend on an index or rate. 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 reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. |
Disclosure of Compensation Rela
Disclosure of Compensation Related Costs, Share Based Payments (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
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 53,886 44.39 Forfeited — — Outstanding at January 31, 2020 55,941 $ 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 188,800 Vested (108,484 ) Forfeited (18,105 ) Performance Award Adjustments 18,552 Unvested at January 31, 2020 469,563 |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Assets And Liabilities, Lessee | Lease right-of-use assets outstanding as of January 31, 2020 consisted of the following (in thousands): Classification January 31, 2020 Finance lease right-of-use assets Property and equipment $ 14,896 Operating lease right-of-use assets Other assets 19,984 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information for outstanding leases were as follows: January 31, 2020 Weighted-average remaining lease-term - finance lease 10.9 years Weighted-average remaining lease-term - operating lease 20.1 years Weighted-average discount rate - finance lease 5.33 % Weighted-average discount rate - operating lease 4.31 % Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands) $ 1,520 Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands) 1,037 |
Finance Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019: Years ended January 31, Finance leases Operating leases 2021 $ 3,115 $ 1,830 2022 3,110 1,791 2023 3,109 1,709 2024 2,897 1,634 2025 1,385 1,556 Thereafter 10,705 23,581 Total minimum lease payments 24,321 32,101 Less amount representing interest 6,979 11,745 Present value of net minimum lease payments $ 17,342 $ 20,356 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 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the condensed consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of January 31, 2020, we have $3.4 million |
Lessee, Operating Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019: Years ended January 31, Finance leases Operating leases 2021 $ 3,115 $ 1,830 2022 3,110 1,791 2023 3,109 1,709 2024 2,897 1,634 2025 1,385 1,556 Thereafter 10,705 23,581 Total minimum lease payments 24,321 32,101 Less amount representing interest 6,979 11,745 Present value of net minimum lease payments $ 17,342 $ 20,356 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 Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered the sale-and-leaseback guidance included in ASC 842-40 . We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the condensed consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of January 31, 2020, we have $3.4 million |
Presentation of Financial Sta_2
Presentation of Financial Statements - Narrative (Details) | Jan. 31, 2020peoplestatestore |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | store | 2,193 |
Number of states in which entity operates | state | 16 |
Population of communities | people | 5,000 |
Revenue and Cost of Goods Sold
Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Contract liability | $ 9,379 | $ 6,931 |
Long-term Debt and Fair Value D
Long-term Debt and Fair Value Disclosure (Details) - USD ($) | 9 Months Ended | |
Jan. 31, 2020 | Apr. 30, 2019 | |
Debt Instrument | ||
Fair value of long-term debt | $ 1,340,000,000 | $ 1,272,000,000 |
Current maturities of long-term debt | 577,743,000 | 17,205,000 |
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | ||
Debt Instrument | ||
Maximum borrowing capacity | 300,000,000 | |
Fair value of amount outstanding | 65,000,000 | 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 | 11,000,000 | $ 0 |
5.22% Senior Notes due August 2020 | Senior Notes | ||
Debt Instrument | ||
Current maturities of long-term debt | $ 569,000 | |
Interest rate stated percentage | 5.22% |
Disclosure of Compensation Re_2
Disclosure of Compensation Related Costs, Share Based Payments (Details) - USD ($) | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares available for grant reduction per stock option issued (in shares) | 1 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares available for grant reduction per equity instruments other options issued (in shares) | 2 | ||
Stock Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Allocated share-based compensation expense | $ 14,394,000 | $ 13,719,000 | |
Stock Incentive Plans | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation costs related to plan | 0 | ||
Stock Incentive Plans | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation costs related to plan | $ 20,236,000 | ||
Return on invested capital measurement period | 3 years | ||
Prior Plans | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of options outstanding (in shares) | 55,941 | 109,827 | |
Aggregate intrinsic value for outstanding options | $ 6,515,000 | ||
Weighted average remaining contractual life (in years) | 1 year 5 months 1 day | ||
Aggregate intrinsic value for exercised options | $ 5,860,000 | ||
2018 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares available for grant (in shares) | 2,614,568 | ||
2018 Stock Plan | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of options outstanding (in shares) | 0 |
Disclosure of Compensation Re_3
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - Prior Plans - Employee Stock Option | 9 Months Ended |
Jan. 31, 2020$ / 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 | 53,886 |
Forfeited (in shares) | shares | 0 |
Outstanding at the end of the period (in shares) | shares | 55,941 |
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_4
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units | 9 Months Ended |
Jan. 31, 2020shares | |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | 388,800 |
Granted (in shares) | 188,800 |
Vested (in shares) | (108,484) |
Forfeited (in shares) | (18,105) |
Performance Award Adjustments (in shares) | 18,552 |
Unvested at the end of the period (in shares) | 469,563 |
Commitments and Contingencies_2
Commitments and Contingencies - Assets and Liabilities of Lessee (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Finance lease right-of-use assets | $ 14,896 | |
Operating lease right-of-use assets | $ 19,984 | |
Weighted-average remaining lease-term - finance lease | 10 years 10 months 24 days | |
Weighted-average remaining lease-term - operating lease | 20 years 1 month 6 days | |
Weighted-average discount rate - finance lease | 5.33% | |
Weighted-average discount rate - operating lease | 4.31% | |
Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands) | $ 1,520 | |
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands) | $ 1,037 | $ 22,635 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Finance leases | ||
2021 | $ 3,115 | |
2022 | 3,110 | |
2023 | 3,109 | |
2024 | 2,897 | |
2025 | 1,385 | |
Thereafter | 10,705 | |
Total minimum lease payments | 24,321 | |
Less amount representing interest | 6,979 | |
Present value of net minimum lease payments | 17,342 | |
Operating leases | ||
2021 | 1,830 | |
2022 | 1,791 | |
2023 | 1,709 | |
2024 | 1,634 | |
2025 | 1,556 | |
Thereafter | 23,581 | |
Total minimum lease payments | 32,101 | |
Less amount representing interest | 11,745 | |
Present value of net minimum lease payments | $ 20,356 | |
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 |
Commitments and Contingencies_4
Commitments and Contingencies - Narrative (Details) $ in Millions | Jan. 31, 2020USD ($) |
City of Joplin Missouri | |
Other Commitments [Line Items] | |
Bonds issued | $ 51.4 |
Building and Building Improvements | |
Other Commitments [Line Items] | |
Construction in progress | $ 3.4 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 9,844 | $ 7,287 | |
Unrecognized tax benefits that would impact effective tax rate | 7,799 | ||
Accrued interest and penalties related to unrecognized tax benefits | 425 | $ 242 | |
Net interest and penalties included in income tax expense | 183 | $ 127 | |
Expected decrease in unrecognized tax benefits | $ 1,100 |
Segment Reporting (Details)
Segment Reporting (Details) | 9 Months Ended |
Jan. 31, 2020statesegmentmerchandise_categorystore | |
Segment Reporting [Abstract] | |
Number of stores | store | 2,193 |
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-2020
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) |