Casey's General Stores (CASY) 10-Q 8 Sep 20 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jul. 31, 2020	Aug. 20, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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)		36,920,773
Entity Central Index Key	0000726958
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 246,516	$ 78,275
Receivables	55,647	48,500
Inventories	238,795	236,007
Prepaid expenses	17,133	9,801
Income tax receivable	0	14,667
Total current assets	558,091	387,250
Other assets, net of amortization	70,877	71,766
Goodwill	161,075	161,075
Property and equipment, net of accumulated depreciation of $2,050,737 at July 31, 2020 and $2,037,708 at April 30, 2020	3,308,950	3,323,801
Total assets	4,098,993	3,943,892
Current liabilities:
Lines of credit	0	120,000
Current maturities of long-term debt and finance lease obligations	2,269	570,280
Accounts payable	310,118	184,800
Accrued expenses	210,078	188,348
Income tax payable	11,451	0
Total current liabilities	533,916	1,063,428
Long-term debt and finance lease obligations, net of current maturities	1,281,741	714,502
Deferred income taxes	445,365	435,598
Deferred compensation	14,432	13,604
Insurance accruals, net of current portion	20,766	22,862
Other long-term liabilities	51,535	50,693
Total liabilities	2,347,755	2,300,687
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	32,601	33,286
Retained earnings	1,718,637	1,609,919
Total shareholders’ equity	1,751,238	1,643,205
Total liabilities and shareholders' equity	$ 4,098,993	$ 3,943,892

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2020	Jul. 31, 2019
Income Statement [Abstract]
Total revenue	[1]	$ 2,105,021	$ 2,626,629
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	[1]	1,481,518	2,060,943
Operating expenses		386,088	379,841
Depreciation and amortization		65,820	59,808
Interest, net		13,407	13,721
Income before income taxes		158,188	112,316
Federal and state income taxes		37,596	26,501
Net income		$ 120,592	$ 85,815
Net income per common share
Basic (in dollars per share)		$ 3.26	$ 2.33
Diluted (in dollars per share)		$ 3.24	$ 2.31
Basic weighted average shares outstanding (in shares)		36,971,376	36,864,070
Plus effect of stock compensation (in shares)		270,797	221,852
Diluted weighted average shares outstanding (in shares)		37,242,173	37,085,922
Dividends declared per share (in dollars per share)		$ 0.32	$ 0.32
Excise taxes		$ 259,539	$ 274,617
[1]	Includes excise taxes of: $259,539 and $274,617

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, 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
Share-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, 2020		36,806,325,000
Beginning Balance at Apr. 30, 2020	1,643,205	$ 33,286	1,609,919
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	120,592		120,592
Dividends declared	(11,874)		(11,874)
Exercise of stock options (in shares)		4,748,000
Exercise of stock options	211	$ 211
Share-based compensation (shares)		95,700,000
Share-based compensation	(896)	$ (896)
Ending Balance (shares) at Jul. 31, 2020		36,906,773,000
Ending Balance at Jul. 31, 2020	$ 1,751,238	$ 32,601	$ 1,718,637

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Parenthetical - $ / shares	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Retained Earnings
Payment of dividends per share (in Dollars per share)	$ 0.32	$ 0.32

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities:
Net income	$ 120,592	$ 85,815
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	65,820	59,808
Share-based compensation	7,021	7,542
Loss on disposal of assets and impairment charges	340	527
Deferred income taxes	9,767	17,052
Changes in assets and liabilities:
Receivables	(7,147)	(1,698)
Inventories	(2,788)	(474)
Prepaid expenses	(7,332)	(5,476)
Accounts payable	117,756	3,610
Accrued expenses	21,631	(3,699)
Income taxes	27,087	15,054
Other, net	(697)	696
Net cash provided by operating activities	352,050	178,757
Cash flows from investing activities:
Purchase of property and equipment	(45,146)	(101,398)
Payments for acquisition of businesses, net of cash acquired	0	(4,868)
Proceeds from sales of property and equipment	1,695	1,699
Net cash used in investing activities	(43,451)	(104,567)
Cash flows from financing activities:
Repayments of long-term debt	(873)	(905)
Net payments of short-term debt	(120,000)	(25,000)
Proceeds from exercise of stock options	211	2,261
Payments of cash dividends	(11,779)	(10,633)
Tax withholdings on employee share-based awards	(7,917)	(6,476)
Net cash used in financing activities	(140,358)	(40,753)
Net increase in cash and cash equivalents	168,241	33,437
Cash and cash equivalents at beginning of the period	78,275	63,296
Cash and cash equivalents at end of the period	246,516	96,733
Cash paid (received) during the period for:
Interest, net of amount capitalized	6,882	6,837
Income taxes, net	45	(6,401)
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	12,890	23,947
Noncash additions from adoption of ASC 842	$ 0	$ 22,635

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 2,050,737	$ 2,037,708

Presentation of Financial State

Presentation of Financial Statements	3 Months Ended
	Jul. 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 2,214 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 intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 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 necessary to present fairly the financial position as of July 31, 2020 and April 30, 2020, and the results of operations, shareholders' equity, and cash flows for the three months ended July 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. See the Form 10-K for the year ended April 30, 2020 for our consideration of new accounting pronouncements.

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold	3 Months Ended
	Jul. 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. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated financial statements. A portion of revenue from sales that include a redeemable box top coupon or points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the box top coupon or points. The amounts related to redeemable box top coupons and points are deferred until their redemption or expiration. 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 July 31, 2020 and April 30, 2020, the Company recognized a contract liability of $16,938 and $11,180, 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. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense.

Long-term Debt and Finance Leas

Long-term Debt and Finance Lease Obligations, Lines of Credit, and Fair Value Disclosure	3 Months Ended
	Jul. 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 $1,343,000 and $1,341,000 at July 31, 2020 and April 30, 2020, 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 Credit Facility contains an expansion option permitting the Company to request an increase of the Credit Facility from time to time up to an aggregate additional $150 million from the lenders or other financial institutions acceptable to the Company and the Administrative Agent, upon the satisfaction of certain conditions, including the consent of the lenders whose commitments would increase. 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 $0 outstanding at July 31, 2020 and $120,000 outstanding at April 30, 2020. The Company also has an unsecured revolving line of credit of $25,000 (the "Bank Line"), under which there was $0 outstanding at July 31, 2020 and April 30, 2020.

Compensation Related Costs and

Compensation Related Costs and Share Based Payments	3 Months Ended
	Jul. 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. 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. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At July 31, 2020, there were 2,244,118 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 the fair value of time-based and performance-based restricted stock unit awards using the closing price of a share of our common stock on the date of grant. For market-based awards we use a "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. At July 31, 2020, options for 38,441 shares (which expire in June 2021) were outstanding under the 2009 Plan (no stock option awards have been granted under the 2018 Plan). Information concerning the issuance of stock options under the 2009 Plan is presented in the following table: Number of Weighted Outstanding at April 30, 2020 43,189 $ 44.39 Exercised 4,748 44.39 Outstanding at July 31, 2020 38,441 $ 44.39 At July 31, 2020, all 38,441 outstanding options were vested, and had an aggregate intrinsic value of $4,413 and a weighted average remaining contractual life of 0.92 years. The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2020, was $530. 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, 2020 473,799 Granted 190,601 Vested (146,150) Forfeited (7,489) Unvested at July 31, 2020 510,761 The above awards reflect (a) long-term incentive compensation program grants for 2018 through 2020, which include a mix of time-based restricted stock units and performance-based restricted stock units (subject to three-year cumulative net income before net interest expense, income taxes, depreciation and amortization [EBITDA], three-year relative total shareholder return [TSR] or three-year average return on invested capital [ROIC]), (b) certain “make-whole” and sign-on grants, which include a mix of time-based restricted stock units and performance-based restricted stock units subject to TSR, EBITDA, and ROIC, (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, (d) special performance grants which include time-based restricted stock units, and (e) non-employee director equity awards, which include time-based restricted stock units.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 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 or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. 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. We have entered into forward contracts for cheese in order to fix the price per pound for a portion of our expected supply. The forward contracts run through December 2020. Our monthly commitment under these contracts is approximately $3,100. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	3 Months Ended
	Jul. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $8,907 at April 30, 2020. At July 31, 2020, gross unrecognized tax benefits were $9,940. If this unrecognized tax benefit were ultimately recognized, $7,875 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $420 at July 31, 2020, and $354 at April 30, 2020. Net interest and penalties included in income tax expense for the three months ended July 31, 2020 was a net expense of $66 and a net expense of $57 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 Company has no 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 $1,800 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 2015 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, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingAs of July 31, 2020, we operated 2,214 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 categories.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Jul. 31, 2020
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.
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. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated financial statements. A portion of revenue from sales that include a redeemable box top coupon or points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the box top coupon or points. The amounts related to redeemable box top coupons and points are deferred until their redemption or expiration. 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 July 31, 2020 and April 30, 2020, the Company recognized a contract liability of $16,938 and $11,180, 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. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense.

Disclosure of Compensation Rela

Disclosure of Compensation Related Costs, Share Based Payments (Tables)	3 Months Ended
	Jul. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Options Activity	Information concerning the issuance of stock options under the 2009 Plan is presented in the following table: Number of Weighted Outstanding at April 30, 2020 43,189 $ 44.39 Exercised 4,748 44.39 Outstanding at July 31, 2020 38,441 $ 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, 2020 473,799 Granted 190,601 Vested (146,150) Forfeited (7,489) Unvested at July 31, 2020 510,761

Presentation of Financial Sta_2

Presentation of Financial Statements - Narrative (Details)	Jul. 31, 2020statestorepeople
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores | store	2,214
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	Jul. 31, 2020	Apr. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract liability	$ 16,938	$ 11,180

Long-term Debt and Fair Value D

Long-term Debt and Fair Value Disclosure (Details) - USD ($)	3 Months Ended
	Jul. 31, 2020	Aug. 07, 2020	Apr. 30, 2020
Debt Instrument
Fair value of long-term debt	$ 1,343,000,000		$ 1,341,000,000
Current maturities of long-term debt and finance lease obligations	2,269,000		570,280,000
Senior Notes | Subsequent Event
Debt Instrument
Debt Instrument, Face Amount		$ 650,000
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	300,000,000
Fair value of amount outstanding	0		120,000,000
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%
Accordion Feature | Swingline Loans
Debt Instrument
Maximum borrowing capacity	$ 150,000,000
Unsecured Revolving Line of Credit | Line of Credit
Debt Instrument
Maximum borrowing capacity	25,000,000
Fair value of amount outstanding	0		$ 0
Series G Notes | Senior Notes | Subsequent Event
Debt Instrument
Interest rate stated percentage		2.85%
Debt Instrument, Face Amount		$ 325,000
Series H Notes | Senior Notes | Subsequent Event
Debt Instrument
Interest rate stated percentage		2.96%
Debt Instrument, Face Amount		$ 325,000
5.22% Senior Notes due August 2020 | Senior Notes
Debt Instrument
Current maturities of long-term debt and finance lease obligations	$ 569,000
Interest rate stated percentage	5.22%

Disclosure of Compensation Re_2

Disclosure of Compensation Related Costs, Share Based Payments (Details) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
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	$ 7,021,000	$ 7,542,000
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
Return on invested capital measurement period	3 years
Unrecognized compensation costs related to plan	$ 29,562,000
2018 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	2,244,118
2018 Stock Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding (in shares)	0
Prior Plans | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding (in shares)	38,441		43,189
Aggregate intrinsic value for outstanding options	$ 4,413,000
Weighted average remaining contractual life (in years)	11 months 1 day
Aggregate intrinsic value for exercised options	$ 530,000

Disclosure of Compensation Re_3

Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - Prior Plans - Employee Stock Option	3 Months Ended
	Jul. 31, 2020$ / sharesshares
Number of option shares
Outstanding at the beginning of the period (in shares) | shares	43,189
Exercised (in shares) | shares	4,748
Outstanding at the end of the period (in shares) | shares	38,441
Weighted average option exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 44.39
Exercised (in dollars per share) | $ / shares	44.39
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	3 Months Ended
	Jul. 31, 2020shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares)	473,799
Granted (in shares)	190,601
Vested (in shares)	(146,150)
Forfeited (in shares)	(7,489)
Unvested at the end of the period (in shares)	510,761

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2020USD ($)
Inventories
Other Commitments [Line Items]
Monthly purchase commitment	$ 3,100

Unrecognized Tax Benefits (Deta

Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 9,940		$ 8,907
Unrecognized tax benefits that would impact effective tax rate	7,875
Accrued interest and penalties related to unrecognized tax benefits	420		$ 354
Net interest and penalties included in income tax expense	66	$ 57
Expected decrease in unrecognized tax benefits	$ 1,800

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Jul. 31, 2020statestoresegmentmerchandise_category
Segment Reporting [Abstract]
Number of stores | store	2,214
Number of states in which entity operates | state	16
Number of operating segments | segment	1
Number of merchandise categories | merchandise_category	3