Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 30, 2022 | Jun. 13, 2022 | Oct. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2022 | ||
Current Fiscal Year End Date | --04-30 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7.1 | ||
Entity Common Stock, Shares Outstanding | 37,188,314 | ||
Documents Incorporated by Reference | Certain information called for by Items 10, 11, 12, 13 and 14 of Part III is hereby incorporated by reference from the definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April 30, 2022. | ||
Entity Central Index Key | 0000726958 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Apr. 30, 2022 | |
Auditor Information [Abstract] | |
Auditor Location | Des Moines, Iowa |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 158,878 | $ 336,545 |
Receivables | 108,028 | 79,698 |
Inventories | 396,199 | 286,598 |
Prepaid expenses | 17,859 | 11,214 |
Income taxes receivable | 44,071 | 9,578 |
Total current assets | 725,035 | 723,633 |
Property and equipment, at cost | ||
Land | 1,097,985 | 938,199 |
Buildings and leasehold improvements | 2,445,509 | 2,162,261 |
Machinery and equipment | 2,695,366 | 2,478,404 |
Finance lease right-of-use assets | 75,060 | 22,413 |
Construction in process | 92,331 | 98,587 |
Property and equipment, at cost | 6,406,251 | 5,699,864 |
Less accumulated depreciation and amortization | 2,425,709 | 2,206,405 |
Net property and equipment | 3,980,542 | 3,493,459 |
Other assets, net of amortization | 187,219 | 82,147 |
Goodwill | 612,934 | 161,075 |
Total assets | 5,505,730 | 4,460,314 |
Current liabilities | ||
Current maturities of long-term debt and finance lease obligations | 24,466 | 2,354 |
Accounts payable | 588,783 | 355,471 |
Accrued expenses | ||
Wages and related taxes | 87,022 | 69,226 |
Property taxes | 47,556 | 39,399 |
Insurance accruals | 25,795 | 24,287 |
Other | 131,056 | 122,012 |
Total current liabilities | 904,678 | 612,749 |
Long-term debt and finance lease obligations, net of current maturities | 1,663,403 | 1,361,395 |
Deferred income taxes | 520,472 | 439,721 |
Deferred compensation | 12,746 | 15,094 |
Insurance accruals, net of current portion | 27,957 | 26,239 |
Other long-term liabilities | 135,636 | 72,437 |
Total liabilities | 3,264,892 | 2,527,635 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, no par value, none issued | 0 | 0 |
Common stock, no par value, 37,111,667 and 36,949,878 shares issued and outstanding at April 30, 2022 and 2021, respectively | 79,412 | 58,951 |
Retained earnings | 2,161,426 | 1,873,728 |
Total shareholders’ equity | 2,240,838 | 1,932,679 |
Total liabilities and shareholders’ equity | $ 5,505,730 | $ 4,460,314 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2022 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in usd per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 37,111,667 | 36,949,878 |
Common stock, shares outstanding (in shares) | 37,111,667 | 36,949,878 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | |||
Total revenue | $ 12,952,594 | $ 8,707,189 | $ 9,175,296 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) (a) | 10,189,880 | 6,350,754 | 7,030,612 |
Operating expenses | 1,961,473 | 1,637,191 | 1,498,043 |
Depreciation and amortization | 303,541 | 265,195 | 251,174 |
Interest, net | 56,972 | 46,679 | 53,419 |
Income before income taxes | 440,728 | 407,370 | 342,048 |
Federal and state income taxes | 100,938 | 94,470 | 78,202 |
Net income | $ 339,790 | $ 312,900 | $ 263,846 |
Net income per common share | |||
Basic (in Dollars per share) | $ 9.14 | $ 8.44 | $ 7.14 |
Diluted (in Dollars per share) | 9.10 | 8.38 | 7.10 |
Dividends declared per share (in Dollars per share) | $ 1.39 | $ 1.32 | $ 1.28 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings |
Beginning Balance (shares) at Apr. 30, 2019 | 36,664,521 | ||
Beginning Balance at Apr. 30, 2019 | $ 1,408,769 | $ 15,600 | $ 1,393,169 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 263,846 | 263,846 | |
Dividends declared | (47,096) | (47,096) | |
Exercise of stock options (shares) | 66,638 | ||
Exercise of stock options | 2,958 | $ 2,958 | |
Stock-based compensation (shares) | 75,166 | ||
Stock-based compensation (net of tax withholding on employee share-based awards) | 14,728 | $ 14,728 | |
Ending Balance (shares) at Apr. 30, 2020 | 36,806,325 | ||
Ending Balance at Apr. 30, 2020 | 1,643,205 | $ 33,286 | 1,609,919 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 312,900 | 312,900 | |
Dividends declared | (49,091) | (49,091) | |
Exercise of stock options (shares) | 40,189 | ||
Exercise of stock options | 1,784 | $ 1,784 | |
Stock-based compensation (shares) | 103,364 | ||
Stock-based compensation (net of tax withholding on employee share-based awards) | $ 23,881 | $ 23,881 | |
Ending Balance (shares) at Apr. 30, 2021 | 36,949,878 | 36,949,878 | |
Ending Balance at Apr. 30, 2021 | $ 1,932,679 | $ 58,951 | 1,873,728 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 339,790 | ||
Dividends declared | $ (52,092) | (52,092) | |
Exercise of stock options (shares) | 3,000 | 3,000 | |
Exercise of stock options | $ 133 | $ 133 | |
Stock-based compensation (shares) | 158,789 | ||
Stock-based compensation (net of tax withholding on employee share-based awards) | $ 20,328 | $ 20,328 | |
Ending Balance (shares) at Apr. 30, 2022 | 37,111,667 | 37,111,667 | |
Ending Balance at Apr. 30, 2022 | $ 2,240,838 | $ 79,412 | $ 2,161,426 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Retained Earnings | |||
Payment of dividends per share (in Dollars per share) | $ 1.39 | $ 1.32 | $ 1.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Cash flows from operating activities | |||
Net income | $ 339,790 | $ 312,900 | $ 263,846 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 303,541 | 265,195 | 251,174 |
Amortization of debt issuance costs | 2,527 | 1,603 | 0 |
Stock-based compensation | 37,976 | 31,986 | 18,129 |
(Gain) loss on disposal of assets and impairment charges | (1,201) | 9,680 | 3,495 |
Deferred income taxes | 82,721 | 4,123 | 49,810 |
Changes in assets and liabilities: | |||
Receivables | (33,025) | (26,278) | (10,644) |
Inventories | (76,730) | (50,342) | 37,713 |
Prepaid expenses | (6,376) | (1,413) | (2,308) |
Accounts payable | 165,893 | 166,546 | (140,151) |
Accrued expenses | 23,574 | 65,497 | 26,400 |
Income taxes | (35,716) | 5,714 | 15,783 |
Other, net | (14,233) | 18,877 | (8,933) |
Net cash provided by operating activities | 788,741 | 804,088 | 504,314 |
Cash flows from investing activities | |||
Purchase of property and equipment | (326,475) | (441,252) | (438,977) |
Payments for acquisitions of businesses, net of cash acquired | (901,638) | (9,356) | (32,706) |
Proceeds from sales of property and equipment | 70,118 | 6,268 | 5,041 |
Net cash used in investing activities | (1,157,995) | (444,340) | (466,642) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 450,000 | 650,000 | 0 |
Repayments of long-term debt | (188,537) | (571,661) | (17,476) |
Net (payments) borrowings of short-term debt | 0 | (120,000) | 45,000 |
Payment of debt issuance costs | (1,149) | (5,525) | 0 |
Proceeds from exercise of stock options | 133 | 1,784 | 2,958 |
Payments of cash dividends | (51,212) | (47,971) | (45,951) |
Tax withholdings on employee stock-based awards | (17,648) | (8,105) | (7,224) |
Net cash provided by (used in) financing activities | 191,587 | (101,478) | (22,693) |
Net (decrease) increase in cash and cash equivalents | (177,667) | 258,270 | 14,979 |
Cash and cash equivalents at beginning of year | 336,545 | 78,275 | 63,296 |
Cash and cash equivalents at end of year | 158,878 | 336,545 | 78,275 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | |||
Cash paid during the year for interest, net of amount capitalized | 54,499 | 48,508 | 54,277 |
Cash paid for income taxes, net | 49,565 | 80,916 | 9,364 |
Noncash investing and financing activities | |||
Noncash additions from adoption of ASC 842 | 0 | 0 | 22,635 |
Purchased property and equipment in accounts payable | $ 46,659 | $ 9,204 | $ 5,328 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Operations: Casey’s General Stores, Inc. and its subsidiaries (the Company/Casey’s) operate 2,452 convenience stores in 16 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 5,000. Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") 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. Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds and credit card, debit card and electronic benefits transfer transactions that process within three days. Receivables : Receivables is primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements. Uncollectible accounts were immaterial during the periods presented. Below is a summary of the accounts receivable values at April 30, 2022 and 2021: Years ended April 30, 2022 2021 Credit cards $ 57,724 $ 28,471 Vendor rebates 40,045 40,222 Other 10,259 11,005 Total $ 108,028 $ 79,698 Inventories: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $114,731 and $93,158 at April 30, 2022 and 2021, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2022 and 2021: Years ended April 30, 2022 2021 Fuel $ 131,823 $ 63,018 Merchandise 264,376 223,580 Total inventory $ 396,199 $ 286,598 The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable Identification Numbers (RINs) are recorded as a reduction in cost of goods sold in the period when the Company commits to a price and agrees to sell the RIN. The Company does not record an asset on the balance sheet related to RINs that have not been validated and contracted. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances and rebates and RINs. Warehousing costs are recorded within operating expenses on the consolidated statements of income. Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 3-13 years. As of April 30, 2022 and April 30, 2021, the Company had recognized $41,337 and $42,881 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets on the consolidated balance sheets. Goodwill: Goodwill is tested for impairment at least annually. The Company assesses impairment at least annually at year-end using a qualitative approach. As of April 30, 2022 and 2021, there was $612,934 and $161,075 of goodwill recognized, respectively. The goodwill acquired during the year was primarily related to the acquisition of Buchanan Energy, 48 stores from Circle K, and 40 stores from Pilot (see Note 2 for additional discussion). Management’s analysis of recoverability completed as of the fiscal year-end indicated no evidence of impairment for the years ended April 30, 2022, 2021, and 2020. Contractual customer relationships : As the result of the current year acquisition of Buchanan Energy (see Note 2 for additional discussion), the Company recognized approximately $31,100 of contractual customer relationships. These assets were valued using the multi-period excess earnings method. The contractual customer relationships will be amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2022. As of April 30, 2022 there was $29,027 of contractual customer relationships recognized, which was net of accumulated amortization of $2,073. The Company expects to recognize $2,073 of annual amortization expense related to contractual customer relationships over the next 5-years. Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 5-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service. Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing of the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent carrying value of the assets exceeds their estimated fair value. Fair value is typically based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3). In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company, is generally on a store-by-store basis. The Company incurred impairment charges of $1,056 in fiscal 2022, $3,846 in fiscal 2021, and $1,177 in fiscal 2020. Impairment charges are a component of operating expenses. Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. Revenue recognition: The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and dispensed beverage 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 consolidated financial statements. A portion of revenue from sales that include a redeemable digital 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 digital box top coupon or points. The amounts related to redeemable digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2022 and April 30, 2021, the Company recognized a contract liability of $41,577 and $30,719, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, which is included in other accrued expenses on the 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. As of April 30, 2022 and April 30, 2021, the Company recognized a liability of $15,509 and $13,096, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets. Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a Team Member has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a Team Member to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation . The calculation of diluted earnings per share treats stock options and unvested restricted stock units with time-based restrictions as potential common shares to the extent they are dilutive. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period. Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank . The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained. The discounted liability was $28,604 and $24,411 at April 30, 2022 and 2021, respectively, and is recorded in other long-term liabilities in the consolidated balance sheets. Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balance of our self-insurance reserves was $53,752 and $50,526 for the years ended April 30, 2022 and 2021, respectively. See additional discussion in Note 10. Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2022, 2021, or 2020. From time to time, we participate in a forward buy of certain commodities - see further discussion in Note 9. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance. Stock-based compensation: Stock-based compensation is recorded based upon the fair value of the award on the grant date. The cost of the award is recognized ratably in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. Additionally, certain awards include performance and market conditions. The majority of performance-based awards are based on either the achievement of a three-year average return on invested capital (ROIC) or a three-year cumulative earnings before interest, income taxes, depreciation, and amortization. For these awards, stock-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the applicable peer group, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The market-based awards are achieved based on our relative performance to a pre-determined peer group. The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the stock-based compensation expense will not be adjusted should the target awards vary from actual awards. Segment reporting: As of April 30, 2022, we operated 2,452 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 and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it makes it easier for us to discuss trends and operational initiatives 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. Recent accounting pronouncements: In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The standard includes changes that eliminate certain exceptions related to the approach for intraperiod tax allocation and the methodology for calculating income taxes in an interim period. It also simplifies aspects of the accounting for franchise taxes, certain transactions that result in a step-up in the tax basis of goodwill, and enacted changes in tax laws or rates. The Company was required to adopt this guidance in the first quarter of this fiscal year. The adoption of this standard did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard included optional guidance for a limited period of time to help ease the burden in accounting for the effects of reference rate reform. The new standard is effective for all entities through December 31, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2021, the FASB issued ASU 2022-10, Governmental Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance . The standard is an effort to increase transparency of government assistance by requiring disclosures related to the type of assistance, the accounting treatment for the assistance, and the effect of the assistance on the financial statements. The new standard is effective for the Company on May 1, 2022. While the new standard could result in enhanced disclosures, we do not expect the new standard to materially impact the consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS During the year ended April 30, 2022, the Company acquired 207 stores. Of the 207 stores acquired, 204 were re-opened as a Casey's store during the 2022 fiscal year, and the remaining 3 will be opened during the 2023 fiscal year. The majority of these acquisitions meet the criteria to be considered business combinations. The purchase price of the stores was determined using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. Fair values were determined using Level 3 inputs (see Note 3). The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. Acquisition-related transaction costs are recognized as period costs as incurred. We accounted for the Buchanan Energy, Circle K, and Pilot acquisitions as business combinations - see additional discussion below. Buchanan Energy On May 13, 2021, the Company closed on the acquisition of 100% of the equity interest in Buchanan Energy (and certain of its related subsidiaries and affiliated entities), owner of Bucky’s Convenience Stores. The transaction included 92 retail locations (consisting of 24 stores in Nebraska, 56 in Illinois, five in Iowa, three in Missouri, and four in Texas), a dealer network of 81 stores where Casey’s will manage fuel wholesale supply agreements to these stores, as well as several parcels of land which may be used for new store construction. Three of the retail locations were divested shortly after closing as part of a consent order with the Federal Trade Commission. During the fourth quarter of the fiscal year, the Company sold four stores and one parcel of land in Texas for an aggregate sale price of $41,000, subject to customary post-closing adjustments. We did not record a material gain or loss related to the sale. The Company expects to achieve certain synergies over time, in part, through the reduction of duplicate processes, improvements in purchasing power, installing our kitchens, and expanding merchandise offerings. The aggregate purchase price for the acquisition totaled $571,842, which is net of a working capital adjustment of $5,400. Upon closing, $577,242 was paid in cash using available cash on hand, proceeds from the $300 million term loan (as discussed in Note 3) and a draw on its revolving credit facility. The draw on the revolving credit facility was repaid during the first quarter of the fiscal year. The working capital adjustment was received during the fourth quarter of the fiscal year. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the contractual customer relationships, leases, and property and equipment acquired. Assets acquired: Cash and cash equivalents $ 5,092 Receivables 225 Inventories 18,516 Prepaid expenses 150 Property and equipment 306,818 Contractual customer relationships 31,100 Deferred income taxes 1,343 Finance lease right-of-use assets 9,421 Operating lease right-of-use assets 11,236 Other assets 1,774 Goodwill 254,679 Total assets 640,354 Liabilities assumed: Accounts payable 30,212 Accrued expenses 8,395 Finance lease liabilities 11,101 Operating lease liabilities 15,087 Other long-term liabilities 3,717 Total liabilities 68,512 Net assets acquired and total purchase price $ 571,842 The goodwill acquired was assigned to the retail reporting unit in the amount of $245,516 and the fuel wholesale reporting unit in the amount of $9,163. The goodwill recognized is primarily attributable to the location of the seller’s stores in relation to our footprint and expected synergies due to expanded inside store offerings and improved purchasing power. Almost all of the goodwill acquired as the result of this transaction will be deductible for income tax purposes over 15 years. The Company incurred total acquisition-related transaction costs of approximately $8.6 million. This includes approximately $6.7 million incurred during the year ended April 30, 2022, which are included in the consolidated statements of income within operating expenses. The Company recognized approximately $901,461 of revenue related to the acquired Buchanan Energy locations in the consolidated statements of income for the year ended April 30, 2022. The amount of net income related to the acquired Buchanan Energy locations was not material for the year ended April 30, 2022. Circle K Throughout June 2021, the Company closed on the acquisition of 48 stores located in Oklahoma from Circle K pursuant to the terms and conditions of an asset purchase agreement. The aggregate purchase price for the acquisition totaled $41,416, which was paid in cash upon closing using available cash on hand. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the leases acquired. Assets acquired: Inventories $ 5,299 Property and equipment 6,150 Finance lease right-of-use assets 37,086 Operating lease right-of-use assets 24,113 Deferred income taxes 316 Goodwill 31,346 Total assets 104,310 Liabilities assumed: Accrued expenses and other long-term liabilities 545 Finance lease liabilities 46,576 Operating lease liabilities 15,773 Total liabilities 62,894 Net assets acquired and total consideration paid $ 41,416 The goodwill recognized from this transaction is primarily attributable to the location of the seller's stores in relation to our footprint and expected synergies due, in part, to expanded inside store and fuel offerings. Almost all of the goodwill acquired as a result of this transaction will be deductible for income tax purposes over 15 years. The Company recognized approximately $146,894 of revenue related to the acquired Circle K locations in the consolidated statements of income for the year ended April 30, 2022. The amount of net income related to the acquired Circle K locations was not material for the year ended April 30, 2022. Pilot On December 16, 2021, the Company closed on the acquisition of 40 stores from Pilot Corporation pursuant to the terms and conditions of an asset purchase agreement. The transaction included 39 stores located in Tennessee and one store located in Kentucky. The aggregate purchase price for the acquisition totaled $226,624, which was paid in cash using available cash on hand and certain incremental proceeds from the $150 million term loan, as discussed in Note 3. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the property and equipment and leases acquired. Assets acquired: Cash and cash equivalents $ 95 Inventories 6,556 Prepaid expenses 87 Property and equipment 67,365 Deferred income taxes 311 Operating lease right-of-use assets 28,002 Goodwill 154,223 Total assets 256,639 Liabilities assumed: Accrued expenses and other long-term liabilities 883 Operating lease liabilities 29,132 Total liabilities 30,015 Net assets acquired and total consideration paid $ 226,624 The goodwill recognized from this transaction is primarily attributable to the location of the seller's stores in relation to our footprint and expected synergies due, in part, to expanded inside store. Almost all of the goodwill acquired as a result of this transaction will be deductible for income tax purposes over 15 years. The Company recognized approximately $98,010 of revenue related to the acquired Pilot locations in the consolidated statements of income for the year ended April 30, 2022. The amount of net income related to the acquired Pilot locations was not material for the year ended April 30, 2022. Pro Forma Information The following unaudited pro forma information presents a summary of our consolidated statements of income as if the Buchanan Energy, Circle K, and Pilot transactions referenced above occurred on May 1, 2020 (amounts in thousands, except per share data): For the year ended April 30, 2022 2021 Total revenue 13,189,991 9,923,287 Net income 361,373 332,532 Net income per common share Basic 9.73 8.97 Diluted 9.67 8.90 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Long Term Debt | 12 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Long-Term Debt | FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT U.S. GAAP requires that each financial asset and liability carried at fair value be classified into one of the following of the fair value hierarchy levels, which is based upon the quality of the inputs used in the valuation. Level 1 inputs are quoted market prices in active markets for identical assets and liabilities. Level 2 inputs are observable market based inputs or unobservable inputs that are corroborated by market data (excluding those included within Level 1). Level 3 inputs are unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. A summary of the fair value of the Company’s financial instruments follows. Cash and cash equivalents, receivables, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest. Long-term debt: The fair value of the Company’s long-term debt and finance lease obligations (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $1,508,000 and $1,391,000, respectively, at April 30, 2022 and 2021. The fair value calculated excludes finance lease obligations of $74,234 and $14,085 outstanding at April 30, 2022 and April 30, 2021, respectively, which are grouped with long-term debt on the consolidated balance sheets. Term Loan Facilities In order to fund the acquisition of Buchanan Energy (see Note 2) the Company drew a senior unsecured term loan in the aggregate principal amount of $300 million during the first quarter of fiscal 2022. During the third quarter, the Company amended its existing credit agreement to (a) provide for a new senior unsecured term loan in the aggregate principal amount of $150 million (collectively with the $300 million term loan, the "Term Loan Facilities") and (b) decrease the minimum index for LIBOR-based loans, which includes both the Term Loan Facilities and the Revolver Facility, discussed below. The proceeds of the $150 million term loan were, in-part, utilized to fund the acquisition of 40 stores from Pilot Corporation (see Note 2). Amounts borrowed under the Term Loan Facilities bear interest at variable rates based upon, at the Company’s option, either: (i) the Adjusted LIBO Rate, plus a margin ranging from 1.55% to 2.60%; or (ii) the ABR Rate, plus a margin ranging from 0.20% to 1.60%. The Company currently has elected the Adjusted LIBO Rate, and there is an option to elect either rate in subsequent interest periods. The applicable margins are dependent upon the Company's Consolidated Leverage Ratio, as defined in the credit agreement establishing the Term Loan Facilities as calculated quarterly. The outstanding principal balance is required to be repaid in equal quarterly installments in an amount equal to 1.25% of the original principal amount, on the last day of each March, June, September and December, with the balance of the Term Loan Facilities due on January 6, 2026. During the fourth quarter of the fiscal year, the Company made prepayments of $167,500 on the Term Loan Facilities. As a result of the prepayment, the Company has fully paid each of the quarterly installments required and as such, no amounts have been recognized in current maturities and no amounts are due until January 6, 2026. The Company had an outstanding principal balance of $265,625 on the Term Loan Facilities at April 30, 2022. Revolving Facility The Company has a committed unsecured revolving credit facility in the aggregate principal amount of $450,000 (the "Revolving Facility"). The maturity date for the revolving facility is January 11, 2024. Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option, either: (a) the LIBO Rate adjusted for statutory reserve requirements (but no less than 0.50%), plus a margin ranging from 1.05% to 1.85%; or (b) an alternate base rate, which is the higher of (i) the prime rate announced by the Administrative Agent, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) the one-month LIBO Rate plus 1.00%, plus a margin ranging from 0.05% to 0.85%. The Revolving Facility also carries a facility fee of 0.20% to 0.40% per annum. The applicable margins and facility fee are dependent upon the Company’s Consolidated Leverage Ratio, as noted above. The Company had $0 outstanding under the Revolving Facility at April 30, 2022 and April 30, 2021. Bank Line The Company has an additional unsecured bank line of credit (the "Bank Line") with availability up to $25,000. The $25,000 availability under the Bank Line is encumbered by a $5,492 of letter of credit (refer to Note 10 for further discussion). The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding at April 30, 2022 and 2021. The Bank Line is due upon demand. The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows: As of April 30, 2022 2021 Finance lease liabilities (Note 7) $ 74,234 $ 14,085 3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 $ 150,000 150,000 3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 50,000 50,000 3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 50,000 3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 50,000 3.51% Senior notes (Series E) due June 13, 2025 150,000 150,000 3.77% Senior notes (Series F) due August 22, 2028 250,000 250,000 2.85% Senior notes (Series G) due August 7, 2030 325,000 325,000 2.96% Senior notes (Series H) due August 6, 2032 325,000 325,000 Variable rate Term Loan Facilities, due January 6, 2026 265,625 — Debt issuance costs (1,990) (336) 1,687,869 1,363,749 Less current maturities 24,466 2,354 $ 1,663,403 $ 1,361,395 Interest expense is net of interest income of $48, $168, and $860 for the years ended April 30, 2022, 2021, and 2020, respectively. Interest expense is also net of interest capitalized of $2,031, $4,537, and $5,258 during the years ended April 30, 2022, 2021, and 2020, respectively. The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2022, the Company was in compliance with all such operating and financial covenants. Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2022 and thereafter: Years ended April 30, 2023 $ 20,000 2024 32,000 2025 32,000 2026 457,625 2027 48,000 Thereafter 1,026,000 $ 1,615,625 |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Preferred And Common Stock | PREFERRED AND COMMON STOCK Preferred stock: The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares of preferred stock have been issued. Common stock: The Company currently has 120,000,000 authorized shares of common stock. Stock incentive plans: The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. 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. There were 1,972,306 shares available for grant at April 30, 2022, under the 2018 Plan. We account for stock-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. 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 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 shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. The following table summarizes the equity-related grants made during the three-year period ended April 30, 2022: Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date June 4, 2019 Restricted Stock Units 75,959 Key Employees June 4, 2022 $9,886 June 4, 2019 Restricted Stock Units (1) 59,579 Officers June 4, 2022 $9,097 June 24, 2019 Restricted Stock Units (2) 32,786 CEO Various (2) $5,700 September 4, 2019 Restricted Stock Units 5,504 Non-Employee Board Members 2020 Annual Shareholders' Meeting $919 December 23, 2019 Restricted Stock Units (3) 5,000 CEO Various (3) $788 Fiscal 2020 -Various Restricted Stock Units (4) 8,444 Officers Various (4) $1,368 Fiscal 2020 -Various Restricted Stock Units (5) 1,763 Officers Various (5) $354 Fiscal 2021 -Various Restricted Stock Units 80,050 Key Employees Vests ratably on anniversary date over three-year period $13,417 Fiscal 2021 -Various Restricted Stock Units (6) 94,756 Officers Various (6) $17,856 September 2, 2020 Restricted Stock Units 5,240 Non-Employee Board Members 2021 Annual Shareholders' Meeting $951 Fiscal 2021 -Various Restricted Stock Units (7) 29,890 Key Employees and Officers Various (7) $5,153 May 3, 2021 Restricted Stock Units 5,053 Officers June 15, 2021 $1,760 Fiscal 2022 -Various Restricted Stock Units 54,525 Key Employees Vests ratably on anniversary date over three-year period $11,654 Fiscal 2022 -Various Restricted Stock Units (6) 88,224 Officers Various (6) $19,629 September 1, 2021 Restricted Stock Units 5,275 Non-Employee Board Members 2022 Annual Shareholders' Meeting $1,081 Fiscal 2022 -Various Restricted Stock Units (7) 1,201 Key Employees and Officers Various (7) $227 (1) This grant of restricted stock units ("RSUs") includes time-based, performance-based and market-based awards. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". Total performance-based expense of approximatel y $6.9 million (compared to a grant date fair value of $3.4 million) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of "target". Total market-based expense of approximately $2.8 million will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. (2) This grant of RSUs includes time-based awards that vest ratably on each June 24, 2020 through 2022, along with a market-based award vesting June 24, 2022. The market-based award incorporates market conditions in determining fair value on the grant date and will range from 0% to 200% of target. Total market-based expense of approximately $1.8 million will be recognized on a straight-line basis over the vesting period. (3) This grant of RSUs includes performance-based awards which are calculated based upon targets achieved over a performance period of January 1, 2020 to December 31, 2020. Now that the performance targets are met, the units vest ratably on each January 15, 2021 through 2023. (4) These grants of RSUs were issued to various officers throughout the 2020 fiscal year. The grants were comprised of time-based awards and vest in accordance with the vesting schedules in the award agreements, ranging from January 2021 to January 2023. (5) These grants of RSUs were issued to various officers throughout the 2020 fiscal year. The grants include performance-based and market-based awards. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". Total performance-based expense of approximately $354 (compared to a grant date fair value of $177) will be recognized on a straight-line basis over the vesting period. The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of "target". Total market-based expense of approximately $177 will be recognized on a straight-line basis over the vesting period. (6) These grants of RSUs were issued to officers throughout the 2021 and 2022 fiscal years. The grants include time-based awards and performance-based awards. The time-based awards vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". In addition, the performance-based award is subject to the TSR Modifier. Total performance-based expense of approximately $25.3 million for the 2021 grant and $14.0 million for the 2022 grant (compared to a grant date fair value of $13.9 million and $14.7 million, respectively) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. (7) These grants of RSUs were issued to officers and key employees throughout the 2021 and 2022 fiscal years. The grants include primarily time-based awards, as well as a performance-based award. The time-based awards vest in accordance with the vesting schedules in the award agreements, ranging from June 2021 to March 2024. The grants also include one performance-based award that represents a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of the “target". In addition, the performance-based award is subject to the TSR Modifier. Total performance-based expense of approximately $2.6 million (compared to a grant date fair value of $1.3 million) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. At April 30, 2022, there were no stock options outstanding. There were 3,000 stock options exercised during the fiscal year ended April 30, 2022, with an aggregate intrinsic value of $529. Information concerning the issuance of restricted stock units under the 2018 Plan is presented in the following table: Unvested at April 30, 2019 388,800 Granted 189,035 Vested (108,484) Forfeited (25,146) Performance Award Adjustments 29,594 Unvested at April 30, 2020 473,799 Granted 209,936 Vested (154,842) Forfeited (12,275) Performance Award Adjustments 130,302 Unvested at April 30, 2021 646,920 Granted 154,278 Vested (242,955) Forfeited (30,055) Performance Award Adjustments (1,794) Unvested at April 30, 2022 526,394 Total compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2022, 2021 and 2020 were $37,976, $31,986, and $18,129, respectively. As of April 30, 2022, there was $30,514 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2025. On March 7, 2018, the Company announced a share repurchase program, whereby the Company was authorized to repurchase up to an aggregate of $300 million of the Company’s outstanding common stock (the "Existing Repurchase Program"). No repurchases have been made under the Existing Repurchase Program and it was set to expire on April 30, 2022. On, and effective as of, March 3, 2022, the Board authorized an extension and expansion of the Existing Repurchase Program by $100 million, for a total amount of up to $400 million, exclusive of fees, commissions or other expenses, under which the Company may repurchase its outstanding common stock from time-to-time (the "Updated Repurchase Program"); the Updated Repurchase Program has no set expiration date. The timing and number of repurchase transactions under the Updated Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Updated Repurchase Program can be suspended or discontinued at any time. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Computations for basic and diluted earnings per common share are presented below: Years ended April 30, 2022 2021 2020 Basic Net income $ 339,790 $ 312,900 $ 263,846 Weighted average shares outstanding-basic 37,158,898 37,092,273 36,956,115 Basic earnings per common share $ 9.14 $ 8.44 $ 7.14 Diluted Net income $ 339,790 $ 312,900 $ 263,846 Weighted-average shares outstanding-basic 37,158,898 37,092,273 36,956,115 Plus effect of stock options and restricted stock units 197,800 263,865 229,713 Weighted-average shares outstanding-diluted 37,356,698 37,356,138 37,185,828 Diluted earnings per common share $ 9.10 $ 8.38 $ 7.10 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2022 2021 2020 Current tax expense: Federal $ 4,382 $ 73,950 22,182 State 13,835 16,397 6,210 18,217 90,347 28,392 Deferred tax expense 82,721 4,123 49,810 Total income tax expense $ 100,938 $ 94,470 78,202 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: As of April 30, 2022 2021 Deferred tax assets: Accrued liabilities and reserves $ 30,932 $ 29,583 Workers compensation 9,922 9,000 Operating and finance lease obligations 46,693 9,186 Asset retirement obligations 7,361 6,294 Deferred compensation 3,540 4,221 Equity compensation 9,567 9,131 State net operating losses & tax credits 4,021 928 Other 3,548 3,068 Total gross deferred tax assets 115,584 71,411 Less valuation allowance 250 — Total net deferred tax assets 115,334 71,411 Deferred tax liabilities: Property and equipment depreciation (597,740) (484,065) Goodwill (34,869) (27,047) Other (3,197) (20) Total gross deferred tax liabilities (635,806) (511,132) Net deferred tax liability $ (520,472) (439,721) At April 30, 2022, the Company had net operating loss carryforwards for state income tax purposes of approximately $130,040, which are available to offset future state taxable income. The state net operating loss carryforwards begin to expire in 2029. In addition, the Company had state tax credit carryforwards of approximately $1,525, which begin to expire in 2026. The valuation allowance for state net operating loss and state tax credit deferred tax assets as of April 30, 2022 and 2021 was $250 and $0, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. Total reported tax expense applicable to the Company’s continuing operations varies from the tax that would have resulted from applying the statutory U.S. federal income tax rates to income before income taxes. Years ended April 30, 2022 2021 2020 Income taxes at the statutory rates 21.0 % 21.0 % 21.0 % Federal tax credits (1.8) % (1.5) % (1.9) % State income taxes, net of federal tax benefit 3.8 % 3.5 % 4.0 % Impact of phased-in state law changes, net of federal benefit (0.8) % — % (0.2) % ASU 2016-09 benefit (stock-based compensation) (1.0) % (0.6) % (0.5) % Other 1.7 % 0.8 % 0.5 % 22.9 % 23.2 % 22.9 % The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company had a total of $10,259 and $9,316 in gross unrecognized tax benefits at April 30, 2022 and 2021, respectively, which is recorded in other long-term liabilities in the consolidated balance sheet. Of this amount, $8,105 represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits increased $943 during the twelve months ended April 30, 2022, due primarily to the increase associated with income tax filing positions for the current year exceeding the decrease related to the expiration of certain statute of limitations. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 2021 Beginning balance $ 9,316 $ 8,907 Additions based on tax positions related to current year 2,953 2,356 Reductions due to lapse of applicable statute of limitations (2,010) (1,947) Ending balance $ 10,259 $ 9,316 The total net amount of accrued interest and penalties for such unrecognized tax benefits was $371 and $370 at April 30, 2022 and 2021, respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month periods ended April 30, 2022 and 2021 was an increase in tax expense of $1 and $16, respectively. 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 $2,100 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 2018 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. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | 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 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 operating lease liabilities in accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 . As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. Lease right-of-use assets outstanding as of April 30, 2022 and 2021 consisted of the following: Classification April 30, 2022 April 30, 2021 Finance lease right-of-use assets Property and equipment $ 59,677 $ 11,711 Operating lease right-of-use assets Other assets $ 104,579 $ 20,145 The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2022 2021 2020 Operating lease cost 6,721 2,290 2,299 Finance lease cost: Amortization of right-of-use assets 4,489 2,870 3,308 Interest on lease liabilities 2,337 612 625 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information or outstanding leases were as follows: April 30, 2022 April 30, 2021 Weighted-average remaining lease-term - finance lease 19.3 10.9 Weighted-average remaining lease-term - operating lease 20.3 20.4 Weighted-average discount rate - finance lease 3.97 % 5.38 % Weighted-average discount rate - operating lease 3.98 % 4.42 % Right-of-use assets obtained in exchange for new finance lease liabilities $ 52,525 $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 87,723 $ 1,109 Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2022: Years ended April 30, Finance leases Operating leases 2023 $ 7,235 $ 7,875 2024 6,752 7,616 2025 5,494 7,381 2026 5,212 7,255 2027 5,196 7,272 Thereafter 77,677 115,878 Total minimum lease payments 107,566 153,277 Less amount representing interest 33,332 50,726 Present value of net minimum lease payments $ 74,234 $ 102,551 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 accounted for the transaction under 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 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 April 30, 2022, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement. |
Leases | 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 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 operating lease liabilities in accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 . As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. Lease right-of-use assets outstanding as of April 30, 2022 and 2021 consisted of the following: Classification April 30, 2022 April 30, 2021 Finance lease right-of-use assets Property and equipment $ 59,677 $ 11,711 Operating lease right-of-use assets Other assets $ 104,579 $ 20,145 The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2022 2021 2020 Operating lease cost 6,721 2,290 2,299 Finance lease cost: Amortization of right-of-use assets 4,489 2,870 3,308 Interest on lease liabilities 2,337 612 625 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information or outstanding leases were as follows: April 30, 2022 April 30, 2021 Weighted-average remaining lease-term - finance lease 19.3 10.9 Weighted-average remaining lease-term - operating lease 20.3 20.4 Weighted-average discount rate - finance lease 3.97 % 5.38 % Weighted-average discount rate - operating lease 3.98 % 4.42 % Right-of-use assets obtained in exchange for new finance lease liabilities $ 52,525 $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 87,723 $ 1,109 Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2022: Years ended April 30, Finance leases Operating leases 2023 $ 7,235 $ 7,875 2024 6,752 7,616 2025 5,494 7,381 2026 5,212 7,255 2027 5,196 7,272 Thereafter 77,677 115,878 Total minimum lease payments 107,566 153,277 Less amount representing interest 33,332 50,726 Present value of net minimum lease payments $ 74,234 $ 102,551 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 accounted for the transaction under 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 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 April 30, 2022, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Apr. 30, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Plans | BENEFIT PLANS 401(k) Plan: The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan w ere $10,983, $10,382, and $10,571 for the years ended April 30, 2022, 2021, and 2020, respectively. On April 30, 2022 and 2021, 807,396 and 909,161 shares of common stock, respectively, were held by the trustee of the 401(k) Plan in trust for distribution to eligible participants upon death, disability, retirement, or termination of employment. Shares held by the 401(k) Plan are treated as outstanding in the computation of net income per common share. Supplemental executive retirement plan: The Company has a nonqualified supplemental executive retirement plan (SERP) for two of its former executive officers, one of whom retired April 30, 2003 and the other on April 30, 2008. The SERP provides for the Company to pay annual retirement benefits, up to 50% of base compensation until death of the officer. If death occurs within twenty years of retirement, the benefits become payable to the officer’s spouse (at a reduced level) until the spouse’s death or twenty years from the date of the officer’s retirement, whichever comes first. The Company recorded the deferred compensation over the term of employment. The amounts accrued at April 30, 2022 and 2021, respectively, were $2,211 and $2,866. The discount rates were based off of the Company's incremental borrowing rate, and ranged from 3.35% to 4.18% for the year ended April 30, 2022. The discount rates used for the year ended April 30, 2021 ranged from 1.36% to 2.52%. The Company expects to pay $637 next year, and $355 in each of the four years thereafter. The expense incurred in fiscal 2022, 2021, and 2020 related to those agreements was $18, $67, and $269, respectively. |
Commitments
Commitments | 12 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, each of which require minimum annual compensation, exclusive of incentive payments. The Company also has entered into change of control agreements with its Chief Executive Officer and 32 other officers, providing for certain payments in the event of termination in connection with a change of control of the Company, as defined therein. 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 and sales 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. These contracts are not accounted for as derivatives as they meet the normal purchases and sales exclusion under derivative accounting. |
Contingencies
Contingencies | 12 Months Ended |
Apr. 30, 2022 | |
Loss Contingency [Abstract] | |
Contingencies | CONTINGENCIES Environmental compliance: The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The majority of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs. Management currently believes that substantially all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with existing regulations have been completed. The Company has an accrued liability at April 30, 2022 and 2021 of approximately $274 and $368, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. Management believes the Company has no material joint and several environmental liability with other parties. Additional regulations or amendments to the existing regulations could result in future revisions to such estimated expenditures. Legal matters: 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 impact on our consolidated financial position and results of operations. The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc. , in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015 to the present. On March 31, 2021, the Court granted conditional certification, and to-date, 1,953 current and/or former Store Managers (representing less than 1/3 of those eligible) have opted to participate in the lawsuit. The Company believes that adequate provisions have been made for probable losses related to this matter, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend the matter. Other: At April 30, 2022, the Company was primarily self-insured for workers’ compensation claims in all but two states of its marketing territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state managed fund for all workers compensation claims. The Company was also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $2,000 for auto liability and $1,000 for general liability and workers' compensation. To facilitate this agreement, letters of credit approximating $5,492 were issued and outstanding at April 30, 2022 on the insurance company’s behalf. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2022 and 2021, the Company had $53,752 and $50,526, respectively, outstanding for estimated claims relating to self-insurance, the majority of which has been actuarially determined. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") 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. |
Cash equivalents | Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds and credit card, debit card and electronic benefits transfer transactions that process within three days. |
Receivables | Receivables: Receivables is primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements. |
Inventories | Inventories: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $114,731 and $93,158 at April 30, 2022 and 2021, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2022 and 2021: Years ended April 30, 2022 2021 Fuel $ 131,823 $ 63,018 Merchandise 264,376 223,580 Total inventory $ 396,199 $ 286,598 The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. |
Capitalized software implementation costs and Goodwill | Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 3-13 years. As of April 30, 2022 and April 30, 2021, the Company had recognized $41,337 and $42,881 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets on the consolidated balance sheets. |
Contractual customer relationships | Contractual customer relationships: As the result of the current year acquisition of Buchanan Energy (see Note 2 for additional discussion), the Company recognized approximately $31,100 of contractual customer relationships. These assets were valued using the multi-period excess earnings method. The contractual customer relationships will be amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2022. |
Depreciation and amortization | Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 5-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service. |
Store closing and asset impairment | Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing of the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. |
Income taxes | Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. |
Revenue recognition | Revenue recognition: The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and dispensed beverage 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 consolidated financial statements. A portion of revenue from sales that include a redeemable digital 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 digital box top coupon or points. The amounts related to redeemable digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2022 and April 30, 2021, the Company recognized a contract liability of $41,577 and $30,719, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, which is included in other accrued expenses on the 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. As of April 30, 2022 and April 30, 2021, the Company recognized a liability of $15,509 and $13,096, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets. |
Net income per common share | Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a Team Member has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a Team Member to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation . The calculation of diluted earnings per share treats stock options and unvested restricted stock units with time-based restrictions as potential common shares to the extent they are dilutive. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period. |
Asset retirement obligations | Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank . The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained. |
Self-insurance | Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. |
Environmental remediation liabilities | Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. |
Derivatives instruments | Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2022, 2021, or 2020. From time to time, we participate in a forward buy of certain commodities - see further discussion in Note 9. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance. |
Stock-based compensation | Stock-based compensation: Stock-based compensation is recorded based upon the fair value of the award on the grant date. The cost of the award is recognized ratably in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. Additionally, certain awards include performance and market conditions. The majority of performance-based awards are based on either the achievement of a three-year average return on invested capital (ROIC) or a three-year cumulative earnings before interest, income taxes, depreciation, and amortization. For these awards, stock-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the applicable peer group, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The market-based awards are achieved based on our relative performance to a pre-determined peer group. The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the stock-based compensation expense will not be adjusted should the target awards vary from actual awards. |
Segment reporting | Segment reporting: As of April 30, 2022, we operated 2,452 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 and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it makes it easier for us to discuss trends and operational initiatives 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. |
Recent accounting pronouncements | Recent accounting pronouncements: In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . The standard includes changes that eliminate certain exceptions related to the approach for intraperiod tax allocation and the methodology for calculating income taxes in an interim period. It also simplifies aspects of the accounting for franchise taxes, certain transactions that result in a step-up in the tax basis of goodwill, and enacted changes in tax laws or rates. The Company was required to adopt this guidance in the first quarter of this fiscal year. The adoption of this standard did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard included optional guidance for a limited period of time to help ease the burden in accounting for the effects of reference rate reform. The new standard is effective for all entities through December 31, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2021, the FASB issued ASU 2022-10, Governmental Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance . The standard is an effort to increase transparency of government assistance by requiring disclosures related to the type of assistance, the accounting treatment for the assistance, and the effect of the assistance on the financial statements. The new standard is effective for the Company on May 1, 2022. While the new standard could result in enhanced disclosures, we do not expect the new standard to materially impact the consolidated financial statements. |
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 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 operating lease liabilities in accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 |
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 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 operating lease liabilities in accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable | Below is a summary of the accounts receivable values at April 30, 2022 and 2021: Years ended April 30, 2022 2021 Credit cards $ 57,724 $ 28,471 Vendor rebates 40,045 40,222 Other 10,259 11,005 Total $ 108,028 $ 79,698 |
Summary of the Inventory Values | Below is a summary of the inventory values at April 30, 2022 and 2021: Years ended April 30, 2022 2021 Fuel $ 131,823 $ 63,018 Merchandise 264,376 223,580 Total inventory $ 396,199 $ 286,598 |
Depreciation of Property and Equipment and Amortization of Capital Lease Assets | Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 5-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price | The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the contractual customer relationships, leases, and property and equipment acquired. Assets acquired: Cash and cash equivalents $ 5,092 Receivables 225 Inventories 18,516 Prepaid expenses 150 Property and equipment 306,818 Contractual customer relationships 31,100 Deferred income taxes 1,343 Finance lease right-of-use assets 9,421 Operating lease right-of-use assets 11,236 Other assets 1,774 Goodwill 254,679 Total assets 640,354 Liabilities assumed: Accounts payable 30,212 Accrued expenses 8,395 Finance lease liabilities 11,101 Operating lease liabilities 15,087 Other long-term liabilities 3,717 Total liabilities 68,512 Net assets acquired and total purchase price $ 571,842 The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the leases acquired. Assets acquired: Inventories $ 5,299 Property and equipment 6,150 Finance lease right-of-use assets 37,086 Operating lease right-of-use assets 24,113 Deferred income taxes 316 Goodwill 31,346 Total assets 104,310 Liabilities assumed: Accrued expenses and other long-term liabilities 545 Finance lease liabilities 46,576 Operating lease liabilities 15,773 Total liabilities 62,894 Net assets acquired and total consideration paid $ 41,416 Assets acquired: Cash and cash equivalents $ 95 Inventories 6,556 Prepaid expenses 87 Property and equipment 67,365 Deferred income taxes 311 Operating lease right-of-use assets 28,002 Goodwill 154,223 Total assets 256,639 Liabilities assumed: Accrued expenses and other long-term liabilities 883 Operating lease liabilities 29,132 Total liabilities 30,015 Net assets acquired and total consideration paid $ 226,624 |
Pro forma information | The following unaudited pro forma information presents a summary of our consolidated statements of income as if the Buchanan Energy, Circle K, and Pilot transactions referenced above occurred on May 1, 2020 (amounts in thousands, except per share data): For the year ended April 30, 2022 2021 Total revenue 13,189,991 9,923,287 Net income 361,373 332,532 Net income per common share Basic 9.73 8.97 Diluted 9.67 8.90 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Long Term Debt (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Value of Long-Term Debt | The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows: As of April 30, 2022 2021 Finance lease liabilities (Note 7) $ 74,234 $ 14,085 3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 $ 150,000 150,000 3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 50,000 50,000 3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 50,000 3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 50,000 3.51% Senior notes (Series E) due June 13, 2025 150,000 150,000 3.77% Senior notes (Series F) due August 22, 2028 250,000 250,000 2.85% Senior notes (Series G) due August 7, 2030 325,000 325,000 2.96% Senior notes (Series H) due August 6, 2032 325,000 325,000 Variable rate Term Loan Facilities, due January 6, 2026 265,625 — Debt issuance costs (1,990) (336) 1,687,869 1,363,749 Less current maturities 24,466 2,354 $ 1,663,403 $ 1,361,395 |
Schedule of Maturities of Long-term Debt Including Capitalized Lease Obligations | Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2022 and thereafter: Years ended April 30, 2023 $ 20,000 2024 32,000 2025 32,000 2026 457,625 2027 48,000 Thereafter 1,026,000 $ 1,615,625 |
Finance Lease, Liability, Maturity | Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2022 and thereafter: Years ended April 30, 2023 $ 20,000 2024 32,000 2025 32,000 2026 457,625 2027 48,000 Thereafter 1,026,000 $ 1,615,625 Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2022: Years ended April 30, Finance leases Operating leases 2023 $ 7,235 $ 7,875 2024 6,752 7,616 2025 5,494 7,381 2026 5,212 7,255 2027 5,196 7,272 Thereafter 77,677 115,878 Total minimum lease payments 107,566 153,277 Less amount representing interest 33,332 50,726 Present value of net minimum lease payments $ 74,234 $ 102,551 |
Preferred and Common Stock (Tab
Preferred and Common Stock (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock and Restricted Stock Unit Grants | The following table summarizes the equity-related grants made during the three-year period ended April 30, 2022: Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date June 4, 2019 Restricted Stock Units 75,959 Key Employees June 4, 2022 $9,886 June 4, 2019 Restricted Stock Units (1) 59,579 Officers June 4, 2022 $9,097 June 24, 2019 Restricted Stock Units (2) 32,786 CEO Various (2) $5,700 September 4, 2019 Restricted Stock Units 5,504 Non-Employee Board Members 2020 Annual Shareholders' Meeting $919 December 23, 2019 Restricted Stock Units (3) 5,000 CEO Various (3) $788 Fiscal 2020 -Various Restricted Stock Units (4) 8,444 Officers Various (4) $1,368 Fiscal 2020 -Various Restricted Stock Units (5) 1,763 Officers Various (5) $354 Fiscal 2021 -Various Restricted Stock Units 80,050 Key Employees Vests ratably on anniversary date over three-year period $13,417 Fiscal 2021 -Various Restricted Stock Units (6) 94,756 Officers Various (6) $17,856 September 2, 2020 Restricted Stock Units 5,240 Non-Employee Board Members 2021 Annual Shareholders' Meeting $951 Fiscal 2021 -Various Restricted Stock Units (7) 29,890 Key Employees and Officers Various (7) $5,153 May 3, 2021 Restricted Stock Units 5,053 Officers June 15, 2021 $1,760 Fiscal 2022 -Various Restricted Stock Units 54,525 Key Employees Vests ratably on anniversary date over three-year period $11,654 Fiscal 2022 -Various Restricted Stock Units (6) 88,224 Officers Various (6) $19,629 September 1, 2021 Restricted Stock Units 5,275 Non-Employee Board Members 2022 Annual Shareholders' Meeting $1,081 Fiscal 2022 -Various Restricted Stock Units (7) 1,201 Key Employees and Officers Various (7) $227 (1) This grant of restricted stock units ("RSUs") includes time-based, performance-based and market-based awards. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". Total performance-based expense of approximatel y $6.9 million (compared to a grant date fair value of $3.4 million) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of "target". Total market-based expense of approximately $2.8 million will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. (2) This grant of RSUs includes time-based awards that vest ratably on each June 24, 2020 through 2022, along with a market-based award vesting June 24, 2022. The market-based award incorporates market conditions in determining fair value on the grant date and will range from 0% to 200% of target. Total market-based expense of approximately $1.8 million will be recognized on a straight-line basis over the vesting period. (3) This grant of RSUs includes performance-based awards which are calculated based upon targets achieved over a performance period of January 1, 2020 to December 31, 2020. Now that the performance targets are met, the units vest ratably on each January 15, 2021 through 2023. (4) These grants of RSUs were issued to various officers throughout the 2020 fiscal year. The grants were comprised of time-based awards and vest in accordance with the vesting schedules in the award agreements, ranging from January 2021 to January 2023. (5) These grants of RSUs were issued to various officers throughout the 2020 fiscal year. The grants include performance-based and market-based awards. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". Total performance-based expense of approximately $354 (compared to a grant date fair value of $177) will be recognized on a straight-line basis over the vesting period. The market-based awards incorporate market conditions in determining fair value as of the grant date, and will also range from 0% to 200% of "target". Total market-based expense of approximately $177 will be recognized on a straight-line basis over the vesting period. (6) These grants of RSUs were issued to officers throughout the 2021 and 2022 fiscal years. The grants include time-based awards and performance-based awards. The time-based awards vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target". In addition, the performance-based award is subject to the TSR Modifier. Total performance-based expense of approximately $25.3 million for the 2021 grant and $14.0 million for the 2022 grant (compared to a grant date fair value of $13.9 million and $14.7 million, respectively) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. (7) These grants of RSUs were issued to officers and key employees throughout the 2021 and 2022 fiscal years. The grants include primarily time-based awards, as well as a performance-based award. The time-based awards vest in accordance with the vesting schedules in the award agreements, ranging from June 2021 to March 2024. The grants also include one performance-based award that represents a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of the “target". In addition, the performance-based award is subject to the TSR Modifier. Total performance-based expense of approximately $2.6 million (compared to a grant date fair value of $1.3 million) will be recognized on a straight-line basis over the vesting period, subject to acceleration for retirement provisions. |
Schedule of Restricted Stock Units Award Activity | Information concerning the issuance of restricted stock units under the 2018 Plan is presented in the following table: Unvested at April 30, 2019 388,800 Granted 189,035 Vested (108,484) Forfeited (25,146) Performance Award Adjustments 29,594 Unvested at April 30, 2020 473,799 Granted 209,936 Vested (154,842) Forfeited (12,275) Performance Award Adjustments 130,302 Unvested at April 30, 2021 646,920 Granted 154,278 Vested (242,955) Forfeited (30,055) Performance Award Adjustments (1,794) Unvested at April 30, 2022 526,394 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Computations for basic and diluted earnings per common share are presented below: Years ended April 30, 2022 2021 2020 Basic Net income $ 339,790 $ 312,900 $ 263,846 Weighted average shares outstanding-basic 37,158,898 37,092,273 36,956,115 Basic earnings per common share $ 9.14 $ 8.44 $ 7.14 Diluted Net income $ 339,790 $ 312,900 $ 263,846 Weighted-average shares outstanding-basic 37,158,898 37,092,273 36,956,115 Plus effect of stock options and restricted stock units 197,800 263,865 229,713 Weighted-average shares outstanding-diluted 37,356,698 37,356,138 37,185,828 Diluted earnings per common share $ 9.10 $ 8.38 $ 7.10 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2022 2021 2020 Current tax expense: Federal $ 4,382 $ 73,950 22,182 State 13,835 16,397 6,210 18,217 90,347 28,392 Deferred tax expense 82,721 4,123 49,810 Total income tax expense $ 100,938 $ 94,470 78,202 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: As of April 30, 2022 2021 Deferred tax assets: Accrued liabilities and reserves $ 30,932 $ 29,583 Workers compensation 9,922 9,000 Operating and finance lease obligations 46,693 9,186 Asset retirement obligations 7,361 6,294 Deferred compensation 3,540 4,221 Equity compensation 9,567 9,131 State net operating losses & tax credits 4,021 928 Other 3,548 3,068 Total gross deferred tax assets 115,584 71,411 Less valuation allowance 250 — Total net deferred tax assets 115,334 71,411 Deferred tax liabilities: Property and equipment depreciation (597,740) (484,065) Goodwill (34,869) (27,047) Other (3,197) (20) Total gross deferred tax liabilities (635,806) (511,132) Net deferred tax liability $ (520,472) (439,721) |
Schedule of Effective Income Tax Rate Reconciliation | Years ended April 30, 2022 2021 2020 Income taxes at the statutory rates 21.0 % 21.0 % 21.0 % Federal tax credits (1.8) % (1.5) % (1.9) % State income taxes, net of federal tax benefit 3.8 % 3.5 % 4.0 % Impact of phased-in state law changes, net of federal benefit (0.8) % — % (0.2) % ASU 2016-09 benefit (stock-based compensation) (1.0) % (0.6) % (0.5) % Other 1.7 % 0.8 % 0.5 % 22.9 % 23.2 % 22.9 % |
Schedule of Unrecognized Tax Benefits | is as follows: 2022 2021 Beginning balance $ 9,316 $ 8,907 Additions based on tax positions related to current year 2,953 2,356 Reductions due to lapse of applicable statute of limitations (2,010) (1,947) Ending balance $ 10,259 $ 9,316 |
Leases - (Tables)
Leases - (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | Lease right-of-use assets outstanding as of April 30, 2022 and 2021 consisted of the following: Classification April 30, 2022 April 30, 2021 Finance lease right-of-use assets Property and equipment $ 59,677 $ 11,711 Operating lease right-of-use assets Other assets $ 104,579 $ 20,145 Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information or outstanding leases were as follows: April 30, 2022 April 30, 2021 Weighted-average remaining lease-term - finance lease 19.3 10.9 Weighted-average remaining lease-term - operating lease 20.3 20.4 Weighted-average discount rate - finance lease 3.97 % 5.38 % Weighted-average discount rate - operating lease 3.98 % 4.42 % Right-of-use assets obtained in exchange for new finance lease liabilities $ 52,525 $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 87,723 $ 1,109 |
Lease, Cost | The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2022 2021 2020 Operating lease cost 6,721 2,290 2,299 Finance lease cost: Amortization of right-of-use assets 4,489 2,870 3,308 Interest on lease liabilities 2,337 612 625 |
Finance Lease, Liability, Maturity | Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2022 and thereafter: Years ended April 30, 2023 $ 20,000 2024 32,000 2025 32,000 2026 457,625 2027 48,000 Thereafter 1,026,000 $ 1,615,625 Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2022: Years ended April 30, Finance leases Operating leases 2023 $ 7,235 $ 7,875 2024 6,752 7,616 2025 5,494 7,381 2026 5,212 7,255 2027 5,196 7,272 Thereafter 77,677 115,878 Total minimum lease payments 107,566 153,277 Less amount representing interest 33,332 50,726 Present value of net minimum lease payments $ 74,234 $ 102,551 |
Lessee, Operating Lease, Liability, Maturity | Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2022: Years ended April 30, Finance leases Operating leases 2023 $ 7,235 $ 7,875 2024 6,752 7,616 2025 5,494 7,381 2026 5,212 7,255 2027 5,196 7,272 Thereafter 77,677 115,878 Total minimum lease payments 107,566 153,277 Less amount representing interest 33,332 50,726 Present value of net minimum lease payments $ 74,234 $ 102,551 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||||
May 13, 2021 USD ($) store | Apr. 30, 2022 USD ($) store segment people merchandise_category state | Apr. 30, 2021 USD ($) | Apr. 30, 2020 USD ($) | Apr. 30, 2019 USD ($) | |
Accounting Policies [Abstract] | |||||
Number of stores | store | 2,452 | ||||
Number of states in which entity operates | state | 16 | ||||
Population of communities (many less than) | people | 5,000 | ||||
Concentration Risk | |||||
Goodwill | $ 612,934 | $ 161,075 | |||
Shareholders' equity | 2,240,838 | 1,932,679 | $ 1,643,205 | $ 1,408,769 | |
Deferred income taxes | 520,472 | 439,721 | |||
Contract liability | 41,577 | 30,719 | |||
Excess of current cost over the stated LIFO Value | 114,731 | 93,158 | |||
Asset impairment charges | 1,056 | 3,846 | $ 1,177 | ||
Discounted liability of asset retirement obligation | 28,604 | 24,411 | |||
Self insurance reserve | $ 53,752 | 50,526 | |||
Number of operating segments | segment | 1 | ||||
Number of reportable segments | segment | 1 | ||||
Number of merchandise categories | merchandise_category | 3 | ||||
Buchanan Energy | |||||
Accounting Policies [Abstract] | |||||
Number of stores | store | 92 | ||||
Concentration Risk | |||||
Goodwill | $ 254,679 | ||||
Contractual customer relationships | $ 31,100 | ||||
Useful life | 15 years | ||||
Gift Cards | |||||
Concentration Risk | |||||
Contract liability | $ 15,509 | 13,096 | |||
Capitalized software costs | |||||
Concentration Risk | |||||
Finite-lived intangible assets | $ 41,337 | $ 42,881 | |||
Capitalized software costs | Minimum | |||||
Concentration Risk | |||||
Intangible asset useful life | 3 years | ||||
Capitalized software costs | Maximum | |||||
Concentration Risk | |||||
Intangible asset useful life | 13 years | ||||
Customer Relationships | |||||
Concentration Risk | |||||
Finite-Lived Intangible Assets, Net | $ 29,027 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,073 | ||||
Customer Relationships | Buchanan Energy | |||||
Concentration Risk | |||||
Useful life | 15 years |
Significant Accounting Polici_5
Significant Accounting Policies - Accounts Receivables by Type (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 108,028 | $ 79,698 |
Credit Card Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 57,724 | 28,471 |
Vendor Rebates | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 40,045 | 40,222 |
Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 10,259 | $ 11,005 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of the Inventory Values (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Inventory | ||
Inventory | $ 396,199 | $ 286,598 |
Fuel | ||
Inventory | ||
Inventory | 131,823 | 63,018 |
Merchandise | ||
Inventory | ||
Inventory | $ 264,376 | $ 223,580 |
Significant Accounting Polici_7
Significant Accounting Policies - Depreciation of Property and Equipment and Amortization of Capital Lease Assets (Details) | 12 Months Ended |
Apr. 30, 2022 | |
Buildings | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 25 years |
Buildings | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 5 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment useful life | 40 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 16, 2021 USD ($) store | May 13, 2021 USD ($) store | Jun. 30, 2021 USD ($) store | Apr. 30, 2022 USD ($) store parcel | Apr. 30, 2022 USD ($) store parcel | Apr. 30, 2021 USD ($) | Dec. 23, 2020 USD ($) | |
Business Acquisition | |||||||
Number of stores | store | 2,452 | 2,452 | |||||
Goodwill | $ 612,934,000 | $ 612,934,000 | $ 161,075,000 | ||||
Line of Credit | New Senior Unsecured Term Lon | |||||||
Business Acquisition | |||||||
Maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | |||||
Line of Credit | Term Loan Facility | |||||||
Business Acquisition | |||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||
Buchanan Energy | |||||||
Business Acquisition | |||||||
Number of retail locations divested | store | 3 | ||||||
Texas | Buchanan Energy | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Business Acquisition | |||||||
Number of retail locations divested | store | 4 | 4 | |||||
Number of parcels of property divested | parcel | 1 | 1 | |||||
Consideration received for disposal | $ 41,000 | $ 41,000 | |||||
Gain (loss) related to sale | 0 | ||||||
Buchanan Energy | |||||||
Business Acquisition | |||||||
Percentage of voting interested acquired | 100% | ||||||
Number of stores | store | 92 | ||||||
Dealer network, number of stores | store | 81 | ||||||
Consideration transferred | $ 571,842,000 | ||||||
Working capital adjustments | 5,400,000 | ||||||
Purchase price | 577,242,000 | ||||||
Contractual customer relationships | $ 31,100,000 | ||||||
Useful life | 15 years | ||||||
Goodwill | $ 254,679,000 | ||||||
Acquisition-related transaction costs | 8,600,000 | 8,600,000 | |||||
Acquisition-related transaction costs incurred | 6,700,000 | ||||||
Revenue | $ 901,461,000 | ||||||
Buchanan Energy | Retail | |||||||
Business Acquisition | |||||||
Goodwill | 245,516,000 | ||||||
Buchanan Energy | Fuel Wholesale | |||||||
Business Acquisition | |||||||
Goodwill | $ 9,163,000 | ||||||
Buchanan Energy | Nebraska | |||||||
Business Acquisition | |||||||
Number of stores | store | 24 | ||||||
Buchanan Energy | Illinois | |||||||
Business Acquisition | |||||||
Number of stores | store | 56 | ||||||
Buchanan Energy | Iowa | |||||||
Business Acquisition | |||||||
Number of stores | store | 5 | ||||||
Buchanan Energy | Missouri | |||||||
Business Acquisition | |||||||
Number of stores | store | 3 | ||||||
Buchanan Energy | Texas | |||||||
Business Acquisition | |||||||
Number of stores | store | 4 | ||||||
Circle K | |||||||
Business Acquisition | |||||||
Number of stores | store | 48 | ||||||
Purchase price | $ 41,416,000 | ||||||
Useful life | 15 years | ||||||
Goodwill | $ 31,346,000 | ||||||
Revenue | $ 146,894,000 | ||||||
Pilot | |||||||
Business Acquisition | |||||||
Number of stores | store | 40 | 40 | 40 | ||||
Consideration transferred | $ 226,624,000 | ||||||
Useful life | 15 years | ||||||
Goodwill | $ 154,223,000 | ||||||
Revenue | $ 98,010,000 | ||||||
Pilot | Tennessee | |||||||
Business Acquisition | |||||||
Number of stores | store | 39 | ||||||
Pilot | Kentucky | |||||||
Business Acquisition | |||||||
Number of stores | store | 1 | ||||||
Series of Individually Immaterial Business Acquisitions | |||||||
Business Acquisition | |||||||
Number of stores acquired | store | 207 | ||||||
Number of stores opened | store | 204 | ||||||
Number of stores expected to open in next fiscal year | store | 3 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Dec. 16, 2021 | May 13, 2021 | Apr. 30, 2022 | Jun. 30, 2021 | Apr. 30, 2021 |
Assets acquired: | |||||
Goodwill | $ 612,934 | $ 161,075 | |||
Buchanan Energy | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 5,092 | ||||
Receivables | 225 | ||||
Inventories | 18,516 | ||||
Prepaid expenses | 150 | ||||
Property and equipment | 306,818 | ||||
Contractual customer relationships | 31,100 | ||||
Deferred income taxes | 1,343 | ||||
Finance lease right-of-use assets | 9,421 | ||||
Operating lease right-of-use assets | 11,236 | ||||
Other assets | 1,774 | ||||
Goodwill | 254,679 | ||||
Total assets | 640,354 | ||||
Liabilities assumed: | |||||
Accounts payable | 30,212 | ||||
Accrued expenses | 8,395 | ||||
Finance lease liabilities | 11,101 | ||||
Operating lease liabilities | 15,087 | ||||
Other long-term liabilities | 3,717 | ||||
Total liabilities | 68,512 | ||||
Net assets acquired and total purchase price | 571,842 | ||||
Consideration transferred | $ 571,842 | ||||
Circle K | |||||
Assets acquired: | |||||
Inventories | $ 5,299 | ||||
Property and equipment | 6,150 | ||||
Deferred income taxes | 316 | ||||
Finance lease right-of-use assets | 37,086 | ||||
Operating lease right-of-use assets | 24,113 | ||||
Goodwill | 31,346 | ||||
Total assets | 104,310 | ||||
Liabilities assumed: | |||||
Accrued expenses | 545 | ||||
Finance lease liabilities | 46,576 | ||||
Operating lease liabilities | 15,773 | ||||
Total liabilities | 62,894 | ||||
Net assets acquired and total purchase price | $ 41,416 | ||||
Pilot | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 95 | ||||
Inventories | 6,556 | ||||
Prepaid expenses | 87 | ||||
Property and equipment | 67,365 | ||||
Deferred income taxes | 311 | ||||
Operating lease right-of-use assets | 28,002 | ||||
Goodwill | 154,223 | ||||
Total assets | 256,639 | ||||
Liabilities assumed: | |||||
Accrued expenses | 883 | ||||
Operating lease liabilities | 29,132 | ||||
Total liabilities | 30,015 | ||||
Consideration transferred | $ 226,624 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Business Combinations [Abstract] | ||
Total revenue | $ 13,189,991 | $ 9,923,287 |
Net income | $ 361,373 | $ 332,532 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic (in Dollars per share) | $ 9.73 | $ 8.97 |
Diluted (in Dollars per share) | $ 9.67 | $ 8.90 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Long Term Debt - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||
Dec. 23, 2020 USD ($) | Apr. 30, 2022 USD ($) store | Apr. 30, 2022 USD ($) store | Apr. 30, 2021 USD ($) | Apr. 30, 2020 USD ($) | Dec. 16, 2021 store | |
Debt Instrument | ||||||
Long-term debt and capital lease obligations | $ 1,508,000,000 | $ 1,508,000,000 | $ 1,391,000,000 | |||
Interest income | 48,000 | 168,000 | $ 860,000 | |||
Capitalized interest | 2,031,000 | 4,537,000 | $ 5,258,000 | |||
Current maturities of long-term debt and finance lease obligations | 24,466,000 | 24,466,000 | 2,354,000 | |||
Finance lease liabilities (Note 7) | $ 74,234,000 | $ 74,234,000 | 14,085,000 | |||
Number of stores | store | 2,452 | 2,452 | ||||
Long-term Debt | ||||||
Debt Instrument | ||||||
Finance lease liabilities (Note 7) | $ 74,234,000 | $ 74,234,000 | 14,085,000 | |||
Pilot | ||||||
Debt Instrument | ||||||
Number of stores | store | 40 | 40 | 40 | |||
Unsecured Revolving Line of Credit | Line of Credit | ||||||
Debt Instrument | ||||||
Maximum borrowing capacity | $ 25,000 | $ 25,000 | ||||
Unsecured Revolving Line of Credit | Letter of Credit | ||||||
Debt Instrument | ||||||
Maximum borrowing capacity | 5,492 | 5,492 | ||||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Maximum borrowing capacity | $ 450,000 | $ 450,000 | ||||
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Alternate Base Rate | ||||||
Debt Instrument | ||||||
Effective percentage | 1% | 1% | ||||
New Senior Unsecured Term Lon | Line of Credit | ||||||
Debt Instrument | ||||||
Maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||
Term Loan Facility | Line of Credit | ||||||
Debt Instrument | ||||||
Maximum borrowing capacity | $ 300,000,000 | |||||
Fair value of amount outstanding | 265,625,000 | $ 265,625,000 | ||||
Facility fee percentage repaid quarterly | 1.25% | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 167,500,000 | |||||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Fair value of amount outstanding | 0 | $ 0 | ||||
Line of Credit | Bank Line | ||||||
Debt Instrument | ||||||
Fair value of amount outstanding | $ 0 | $ 0 | $ 0 | |||
Minimum | Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Facility fee percentage | 0.20% | |||||
Minimum | Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 1.05% | |||||
Effective percentage | 0.50% | 0.50% | ||||
Minimum | Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Alternate Base Rate | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 0.05% | |||||
Minimum | Term Loan Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 1.55% | |||||
Minimum | Term Loan Facility | Line of Credit | Alternate Base Rate | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 0.20% | |||||
Maximum | Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Facility fee percentage | 0.40% | |||||
Maximum | Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 1.85% | |||||
Maximum | Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Alternate Base Rate | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 0.85% | |||||
Maximum | Term Loan Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 2.60% | |||||
Maximum | Term Loan Facility | Line of Credit | Alternate Base Rate | ||||||
Debt Instrument | ||||||
Basis spread on variable rate | 1.60% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Long Term Debt - Carrying Value of Long-term Debt (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 USD ($) installment_payment | Apr. 30, 2021 USD ($) installment_payment | |
Debt Instrument | ||
Finance lease liabilities (Note 7) | $ 74,234 | $ 14,085 |
Long-term debt | 1,615,625 | |
Debt issuance costs | (1,990) | (336) |
Total | 1,687,869 | 1,363,749 |
Less current maturities | 24,466 | 2,354 |
Long-term debt and finance lease obligations, net of current maturities | 1,663,403 | 1,361,395 |
Senior Notes | 3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 | ||
Debt Instrument | ||
Long-term debt | $ 150,000 | $ 150,000 |
Senior Notes | 3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 | ||
Debt Instrument | ||
Interest rate | 3.67% | 3.67% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 50,000 | $ 50,000 |
Senior Notes | 3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 | ||
Debt Instrument | ||
Interest rate | 3.75% | 3.75% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 50,000 | $ 50,000 |
Senior Notes | 3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 | ||
Debt Instrument | ||
Interest rate | 3.65% | 3.65% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 50,000 | $ 50,000 |
Senior Notes | 3.51% Senior notes (Series E) due June 13, 2025 | ||
Debt Instrument | ||
Interest rate | 3.72% | 3.72% |
Number of payments | installment_payment | 7 | 7 |
Long-term debt | $ 150,000 | $ 150,000 |
Senior Notes | 3.77% Senior notes (Series F) due August 22, 2028 | ||
Debt Instrument | ||
Interest rate | 3.51% | |
Long-term debt | $ 250,000 | 250,000 |
Senior Notes | 2.85% Senior notes (Series G) due August 7, 2030 | ||
Debt Instrument | ||
Interest rate | 3.77% | |
Long-term debt | $ 325,000 | 325,000 |
Senior Notes | 2.96% Senior notes (Series H) due August 6, 2032 | ||
Debt Instrument | ||
Interest rate | 2.85% | |
Long-term debt | $ 325,000 | 325,000 |
Senior Notes | Variable rate Term Loan Facilities, due January 6, 2026 | ||
Debt Instrument | ||
Interest rate | 2.96% | |
Long-term debt | $ 265,625 | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Long Term Debt - Schedule of Maturities of Long-Term Debt Including Capitalizied Leases (Details) $ in Thousands | Apr. 30, 2022 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 20,000 |
2023 | 32,000 |
2024 | 32,000 |
2025 | 457,625 |
2026 | 48,000 |
Thereafter | 1,026,000 |
Long-term Debt, Total | $ 1,615,625 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) | 12 Months Ended | ||||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Jun. 04, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares issued of preferred stock (shares) | 0 | 0 | |||
Options outstanding (shares) | 0 | ||||
Exercise of stock options (shares) | 3,000 | ||||
Aggregate intrinsic value of exercised options | $ 529,000 | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Reduction in available shares per stock option issued (shares) | 1 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Reduction in available shares per restricted stock or restricted stock unit issued (shares) | 2 | ||||
Stock Options, Restricted Stock and Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based compensation expense | $ 37,976,000 | $ 31,986,000 | $ 18,129,000 | ||
Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares available for grant under the Plan (shares) | 1,972,306 | ||||
Unrecognized compensation costs | $ 30,514,000 | ||||
Stock Incentive Plan | Restricted Stock Units, Performance-Based | Officers | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Compensation not yet recognized | 14,000,000 | $ 25,300,000 | $ 6,900,000 | ||
2018 Stock Repurchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share repurchase program authorized amount | 400,000,000 | $ 300,000,000 | |||
Stock Repurchase Program, Additional Authorized Amount | $ 100,000,000 | ||||
Preferred Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Authorized shares of preferred stock (shares) | 1,000,000 | ||||
Shares issued of preferred stock (shares) | 0 | ||||
Series A Preferred Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Authorized shares of preferred stock (shares) | 250,000 | ||||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Authorized shares of common stock (shares) | 120,000,000 |
Preferred and Common Stock- Sch
Preferred and Common Stock- Schedule of Restricted Stock and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||
Sep. 01, 2021 | Jun. 15, 2021 | May 03, 2021 | Sep. 02, 2020 | Dec. 23, 2019 | Sep. 04, 2019 | Jun. 24, 2019 | Jun. 04, 2019 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Jun. 04, 2021 | |
Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 154,278 | 209,936 | 189,035 | |||||||||
Key Employees | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 75,959,000 | |||||||||||
Fair Value at Grant Date | $ 9,886 | |||||||||||
Officers | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 5,053,000 | 59,579,000 | ||||||||||
Fair Value at Grant Date | $ 1,760 | $ 9,097 | ||||||||||
Compensation not yet recognized | $ 2,800 | |||||||||||
Officers | Stock Incentive Plan | Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Award vesting period | 3 years | |||||||||||
Compensation not yet recognized | 6,900 | $ 14,000 | $ 25,300 | |||||||||
Compensation not yet recognized, fair value | $ 3,400 | $ 13,900 | $ 14,700 | |||||||||
Non-Employee Board Members | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 5,275,000 | 5,240,000 | 5,504,000 | |||||||||
Fair Value at Grant Date | $ 1,081 | $ 951 | $ 919 | |||||||||
CEO | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 5,000,000 | 32,786,000 | ||||||||||
Fair Value at Grant Date | $ 788 | $ 5,700 | ||||||||||
CEO | Stock Incentive Plan | Restricted Stock Units, Time-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Compensation not yet recognized | $ 1,800 | |||||||||||
Key Employees and Officers | Stock Incentive Plan | Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Award vesting period | 3 years | |||||||||||
Compensation not yet recognized | $ 2,600 | |||||||||||
Compensation not yet recognized, fair value | $ 1,300 | |||||||||||
Minimum | Officers | Stock Incentive Plan | Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 0% | |||||||||||
Minimum | Officers | Stock Incentive Plan | Restricted Stock Units, Market-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 0% | |||||||||||
Minimum | CEO | Stock Incentive Plan | Restricted Stock Units, Time-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 0% | |||||||||||
Minimum | Key Employees and Officers | Stock Incentive Plan | Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 0% | |||||||||||
Maximum | Officers | Stock Incentive Plan | Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 200% | |||||||||||
Maximum | Officers | Stock Incentive Plan | Restricted Stock Units, Market-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 200% | |||||||||||
Maximum | CEO | Stock Incentive Plan | Restricted Stock Units, Time-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 200% | |||||||||||
Maximum | Key Employees and Officers | Stock Incentive Plan | Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Target allocation percentage | 200% | |||||||||||
Tranche One | Key Employees | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 54,525,000 | 80,050,000 | ||||||||||
Fair Value at Grant Date | $ 11,654 | $ 13,417 | ||||||||||
Tranche One | Officers | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 8,444,000 | |||||||||||
Fair Value at Grant Date | $ 1,368 | |||||||||||
Tranche Two | Officers | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 88,224,000 | 94,756,000 | 1,763,000 | |||||||||
Fair Value at Grant Date | $ 19,629 | $ 17,856 | $ 354 | |||||||||
Tranche Two | Officers | Stock Incentive Plan | Restricted Stock Units, Market-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Compensation not yet recognized | $ 354 | $ 177 | ||||||||||
Tranche Three | Key Employees and Officers | Stock Incentive Plan | Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||||
Shares Granted | 1,201,000 | 29,890,000 | ||||||||||
Fair Value at Grant Date | $ 227 | $ 5,153 |
Preferred and Common Stock - Sc
Preferred and Common Stock - Schedule of Restricted Stock Units Award Activity (Details) - Restricted Stock Units - shares | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Number of restricted stock units | |||
Beginning balance (in shares) | 646,920 | 473,799 | 388,800 |
Granted (in shares) | 154,278 | 209,936 | 189,035 |
Vested (in shares) | (242,955) | (154,842) | (108,484) |
Forfeited (in shares) | (30,055) | (12,275) | (25,146) |
Performance Award Adjustments (in shares) | (1,794) | 130,302 | 29,594 |
Ending balance (in shares) | 526,394 | 646,920 | 473,799 |
Net Income Per Common Share - S
Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Basic | |||
Net income | $ 339,790 | $ 312,900 | $ 263,846 |
Weighted average shares outstanding-basic (shares) | 37,158,898 | 37,092,273 | 36,956,115 |
Basic earnings per common share (in Dollars per share) | $ 9.14 | $ 8.44 | $ 7.14 |
Diluted | |||
Net income | $ 339,790 | $ 312,900 | $ 263,846 |
Weighted average shares outstanding-basic (shares) | 37,158,898 | 37,092,273 | 36,956,115 |
Plus effect of stock options and restricted stock units (shares) | 197,800 | 263,865 | 229,713 |
Weighted-average shares outstanding-diluted (shares) | 37,356,698 | 37,356,138 | 37,185,828 |
Diluted earnings per common share (in Dollars per share) | $ 9.10 | $ 8.38 | $ 7.10 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Current tax expense: | |||
Federal | $ 4,382 | $ 73,950 | $ 22,182 |
State | 13,835 | 16,397 | 6,210 |
Current income tax expense (benefit) | 18,217 | 90,347 | 28,392 |
Deferred tax expense | 82,721 | 4,123 | 49,810 |
Total income tax expense | $ 100,938 | $ 94,470 | $ 78,202 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Deferred tax assets: | ||
Accrued liabilities and reserves | $ 30,932 | $ 29,583 |
Workers compensation | 9,922 | 9,000 |
Operating and finance lease obligations | 46,693 | 9,186 |
Asset retirement obligations | 7,361 | 6,294 |
Deferred compensation | 3,540 | 4,221 |
Equity compensation | 9,567 | 9,131 |
State net operating losses & tax credits | 4,021 | 928 |
Other | 3,548 | 3,068 |
Total gross deferred tax assets | 115,584 | 71,411 |
Less valuation allowance | 250 | 0 |
Total net deferred tax assets | 115,334 | 71,411 |
Deferred tax liabilities: | ||
Property and equipment depreciation | (597,740) | (484,065) |
Goodwill | (34,869) | (27,047) |
Other | (3,197) | (20) |
Total gross deferred tax liabilities | (635,806) | (511,132) |
Net deferred tax liability | $ (520,472) | $ (439,721) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Less valuation allowance | $ 250,000 | $ 0 | |
Unrecognized tax benefits | 10,259,000 | 9,316,000 | $ 8,907,000 |
Unrecognized tax benefits that would impact effective tax rate | 8,105,000 | ||
Increase (decrease) in unrecognized tax benefits | 943,000 | ||
Accrued interest and penalties | 371,000 | 370,000 | |
Increase in tax expense | 1,000 | $ 16,000 | |
Decrease in unrecognized tax benefits is reasonable possible | 2,100,000 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 130,040,000 | ||
Tax Credit Carryforward, Amount | $ 1,525,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at the statutory rates | 21% | 21% | 21% |
Federal tax credits | (1.80%) | (1.50%) | (1.90%) |
State income taxes, net of federal tax benefit | 3.80% | 3.50% | 4% |
Impact of phased-in state law changes, net of federal benefit | (0.80%) | 0% | (0.20%) |
ASU 2016-09 benefit (stock-based compensation) | (1.00%) | (0.60%) | (0.50%) |
Other | 1.70% | 0.80% | 0.50% |
Effective income tax rate | 22.90% | 23.20% | 22.90% |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 9,316 | $ 8,907 |
Additions based on tax positions related to current year | 2,953 | 2,356 |
Reductions due to lapse of applicable statute of limitations | (2,010) | (1,947) |
Ending balance | $ 10,259 | $ 9,316 |
Leases - Lease Assets (Details)
Leases - Lease Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Lessee, Lease, Description [Line Items] | ||
Finance lease right-of-use assets | $ 75,060 | $ 22,413 |
Property and equipment | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease right-of-use assets | 59,677 | 11,711 |
Other assets | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 104,579 | $ 20,145 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities of Lessee (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | ||
Weighted-average remaining lease-term - finance lease | 19 years 3 months 18 days | 10 years 10 months 24 days |
Weighted-average remaining lease-term - operating lease | 20 years 3 months 18 days | 20 years 4 months 24 days |
Weighted-average discount rate - finance lease | 3.97% | 5.38% |
Weighted-average discount rate - operating lease | 3.98% | 4.42% |
Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands) | $ 52,525 | $ 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands) | $ 87,723 | $ 1,109 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 6,721 | $ 2,290 | $ 2,299 |
Amortization of right-of-use assets | 4,489 | 2,870 | 3,308 |
Interest on lease liabilities | $ 2,337 | $ 612 | $ 625 |
Leases - Lease Maturity Schedul
Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Finance leases | ||
2022 | $ 7,235 | |
2023 | 6,752 | |
2024 | 5,494 | |
2025 | 5,212 | |
2026 | 5,196 | |
Thereafter | 77,677 | |
Total minimum lease payments | 107,566 | |
Less amount representing interest | $ 33,332 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Present value of net minimum lease payments | $ 74,234 | $ 14,085 |
Operating leases | ||
2022 | 7,875 | |
2023 | 7,616 | |
2024 | 7,381 | |
2025 | 7,255 | |
2026 | 7,272 | |
Thereafter | 115,878 | |
Total minimum lease payments | 153,277 | |
Less amount representing interest | 50,726 | |
Present value of net minimum lease payments | $ 102,551 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Jan. 31, 2022 USD ($) |
City of Joplin Missouri | |
Other Commitments | |
Bonds issued | $ 51.4 |
Benefit Plans (Details)
Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2022 USD ($) executive shares | Apr. 30, 2021 USD ($) shares | Apr. 30, 2020 USD ($) | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Employer discretionary contribution | $ 10,983 | $ 10,382 | $ 10,571 |
Common stock held by trustee of the 401K plan (shares) | shares | 807,396 | 909,161 | |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Number of executives covered under SERP | executive | 2 | ||
Number of executives covered under SERP, retired | executive | 1 | ||
Annual benefit amount (percent of base compensation) | 50% | ||
Duration of benefits | 20 years | ||
Accrued deferred compensation liability | $ 2,211 | $ 2,866 | |
Expected future payments, 2022 | 637 | ||
Expected future payments, 2023 | 637 | ||
Expected future payments, 2024 | 355 | ||
Expected future payments, 2025 | 355 | ||
Expected future payments, 2026 | 355 | ||
Pension and post-retirement expense incurred | $ 18 | $ 67 | $ 269 |
Minimum | Supplemental Employee Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Discount rate | 3.35% | 1.36% | |
Maximum | Supplemental Employee Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Discount rate | 4.18% | 2.52% |
Commitments (Details)
Commitments (Details) | 12 Months Ended |
Apr. 30, 2022 employee | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of other key employees covered by employment agreements | 32 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Loss Contingency [Abstract] | ||
Accrued environmental liability | $ 274 | $ 368 |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 5,492 | |
Self insurance reserve | 53,752 | $ 50,526 |
General Liability and Auto Liability Insurance | ||
Loss Contingencies [Line Items] | ||
Annual stop loss limit | 2,000 | |
Workers' Compensation Insurance | ||
Loss Contingencies [Line Items] | ||
Annual stop loss limit | $ 1,000 |