Casey's General Stores (CASY) 10-Q 11 Dec 23 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Oct. 31, 2023	Dec. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2023
Document Transition Report	false
Entity File Number	001-34700
Entity Registrant Name	CASEY’S GENERAL STORES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0935283
Entity Address, Address Line One	One SE Convenience Blvd
Entity Address, City or Town	Ankeny
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50021
City Area Code	515
Local Phone Number	965-6100
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	CASY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		37,108,652
Entity Central Index Key	0000726958
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 409,891	$ 378,869
Receivables	146,976	120,547
Inventories	418,901	376,085
Prepaid expenses	32,800	22,107
Income taxes receivable	2,142	23,347
Total current assets	1,010,710	920,955
Other assets, net of amortization	204,458	192,153
Goodwill	619,667	615,342
Property and equipment, net of accumulated depreciation of $2,762,677 at October 31, 2023 and $2,620,149 at April 30, 2023	4,392,626	4,214,820
Total assets	6,227,461	5,943,270
Current liabilities:
Current maturities of long-term debt and finance lease obligations	53,166	52,861
Accounts payable	601,310	560,546
Accrued expenses	295,350	313,718
Total current liabilities	949,826	927,125
Long-term debt and finance lease obligations, net of current maturities	1,596,786	1,620,513
Deferred income taxes	582,825	543,598
Insurance accruals, net of current portion	34,064	32,312
Other long-term liabilities	166,569	159,056
Total liabilities	3,330,070	3,282,604
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	51,117	110,037
Retained earnings	2,846,274	2,550,629
Total shareholders’ equity	2,897,391	2,660,666
Total liabilities and shareholders' equity	$ 6,227,461	$ 5,943,270

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 2,762,677	$ 2,620,149

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Total revenue	$ 4,064,400	$ 3,978,575	$ 7,933,651	$ 8,433,219
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	3,178,839	3,167,633	6,170,336	6,786,027
Operating expenses	579,703	539,207	1,140,558	1,082,478
Depreciation and amortization	85,598	78,117	168,503	154,412
Interest, net	12,306	13,502	24,801	27,318
Income before income taxes	207,954	180,116	429,453	382,984
Federal and state income taxes	49,172	42,561	101,434	92,497
Net income	$ 158,782	$ 137,555	$ 328,019	$ 290,487
Net income per common share
Basic (in dollars per share)	$ 4.27	$ 3.69	$ 8.80	$ 7.80
Diluted (in dollars per share)	$ 4.24	$ 3.67	$ 8.76	$ 7.75
Basic weighted average shares outstanding (in shares)	37,227,932	37,277,080	37,264,442	37,250,580
Plus effect of stock compensation (in shares)	203,143	246,679	187,811	215,335
Diluted weighted average shares outstanding (in shares)	37,431,075	37,523,759	37,452,253	37,465,915
Dividends declared per share (in dollars per share)	$ 0.43	$ 0.38	$ 0.86	$ 0.76

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings
Beginning Balance (shares) at Apr. 30, 2022		37,111,667
Beginning Balance at Apr. 30, 2022	$ 2,240,838	$ 79,412	$ 2,161,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152,932		152,932
Dividends declared	(14,431)		(14,431)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		138,132
Share-based compensation (net of tax withholding on employee share-based awards)	707	$ 707
Ending Balance (shares) at Jul. 31, 2022		37,249,799
Ending Balance at Jul. 31, 2022	2,380,046	$ 80,119	2,299,927
Beginning Balance (shares) at Apr. 30, 2022		37,111,667
Beginning Balance at Apr. 30, 2022	2,240,838	$ 79,412	2,161,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	290,487
Ending Balance (shares) at Oct. 31, 2022		37,258,622
Ending Balance at Oct. 31, 2022	2,512,816	$ 89,669	2,423,147
Beginning Balance (shares) at Jul. 31, 2022		37,249,799
Beginning Balance at Jul. 31, 2022	2,380,046	$ 80,119	2,299,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	137,555		137,555
Dividends declared	(14,335)		(14,335)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		8,823
Share-based compensation (net of tax withholding on employee share-based awards)	9,550	$ 9,550
Ending Balance (shares) at Oct. 31, 2022		37,258,622
Ending Balance at Oct. 31, 2022	2,512,816	$ 89,669	2,423,147
Beginning Balance (shares) at Apr. 30, 2023		37,263,248
Beginning Balance at Apr. 30, 2023	2,660,666	$ 110,037	2,550,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	169,237		169,237
Dividends declared	(16,214)		(16,214)
Repurchase of common stock		(123,569)
Repurchase of common stock	(29,893)	$ (29,893)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		126,774
Share-based compensation (net of tax withholding on employee share-based awards)	(7,501)	$ (7,501)
Ending Balance (shares) at Jul. 31, 2023		37,266,453
Ending Balance at Jul. 31, 2023	2,776,295	$ 72,643	2,703,652
Beginning Balance (shares) at Apr. 30, 2023		37,263,248
Beginning Balance at Apr. 30, 2023	2,660,666	$ 110,037	2,550,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	328,019
Ending Balance (shares) at Oct. 31, 2023		37,164,195
Ending Balance at Oct. 31, 2023	2,897,391	$ 51,117	2,846,274
Beginning Balance (shares) at Jul. 31, 2023		37,266,453
Beginning Balance at Jul. 31, 2023	2,776,295	$ 72,643	2,703,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	158,782		158,782
Dividends declared	(16,160)		(16,160)
Repurchase of common stock		(110,481)
Repurchase of common stock	(30,391)	$ (30,391)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		8,223
Share-based compensation (net of tax withholding on employee share-based awards)	8,865	$ 8,865
Ending Balance (shares) at Oct. 31, 2023		37,164,195
Ending Balance at Oct. 31, 2023	$ 2,897,391	$ 51,117	$ 2,846,274

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022	Jul. 31, 2022
Retained Earnings
Payment of dividends per share (in Dollars per share)	$ 0.43	$ 0.43	$ 0.38	$ 0.38

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net income	$ 328,019	$ 290,487
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	168,503	154,412
Amortization of debt issuance costs	555	691
Change in excess replacement cost over LIFO inventory valuation	7,946	16,927
Share-based compensation	19,485	25,875
(Gain) loss on disposal of assets and impairment charges	(232)	4,791
Deferred income taxes	39,353	25,284
Changes in assets and liabilities:
Receivables	(21,897)	(49,463)
Inventories	(44,714)	(13,904)
Prepaid expenses	(10,693)	(9,875)
Accounts payable	(10,400)	(14,330)
Accrued expenses	(20,925)	6,224
Income taxes	21,992	46,707
Other, net	4,788	2,273
Net cash provided by operating activities	481,780	486,099
Cash flows from investing activities:
Purchase of property and equipment	(175,955)	(177,327)
Payments for acquisition of businesses, net of cash acquired	(139,359)	(2,692)
Proceeds from sales of assets	8,291	10,052
Net cash used in investing activities	(307,023)	(169,967)
Cash flows from financing activities:
Payments of long-term debt and finance lease obligations	(35,135)	(17,302)
Payments of cash dividends	(30,988)	(27,292)
Repurchase of common stock	(59,491)	0
Tax withholdings on employee share-based awards	(18,121)	(15,618)
Net cash used in financing activities	(143,735)	(60,212)
Net increase in cash and cash equivalents	31,022	255,920
Cash and cash equivalents at beginning of the period	378,869	158,878
Cash and cash equivalents at end of the period	409,891	414,798
Cash paid during the period for:
Interest, net of amount capitalized	31,429	25,077
Income taxes, net	36,037	17,696
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	78,684	59,236
Right-of-use assets obtained in exchange for new finance lease liabilities	11,216	2,119
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 8,273	$ 1,163

Presentation of Financial State

Presentation of Financial Statements	6 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation of Financial Statements	Presentation of Financial Statements As of October 31, 2023, Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,592 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. The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of October 31, 2023 and April 30, 2023, the results of operations, for the three and six months ended October 31, 2023 and 2022, and shareholders' equity and cash flows for the six months ended October 31, 2023 and 2022. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. Additionally, see the Form 10-K for the year ended April 30, 2023 for our consideration of new accounting pronouncements. Certain amounts in prior year have been reclassified to conform to current year presentation.

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold	6 Months Ended
	Oct. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Cost of Goods Sold	Revenue and Cost of Goods Sold The Company recognizes retail sales of fuel, grocery and 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 condensed consolidated statements of income. A portion of revenue from sales that include 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 points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of October 31, 2023 and April 30, 2023, the Company recognized a contract liability of $50,290 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets. During the current quarter, the digital box top program was discontinued and outstanding digital box tops were converted to points. 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 October 31, 2023 and April 30, 2023, the Company recognized a liability of $16,291 and $17,463, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. 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 assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income.

Long-term Debt and Finance Leas

Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure	6 Months Ended
	Oct. 31, 2023
Long-Term Debt and Fair Value Disclosure [Abstract]
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure	Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances. The fair value of the Company’s long-term debt was approximately $1,348,000 and $1,437,000 at October 31, 2023 and April 30, 2023, respectively. The fair value calculated excludes finance lease obligations of $101,741 and $95,072 outstanding at October 31, 2023 and April 30, 2023, respectively, which are grouped with long-term debt on the condensed consolidated balance sheets. Interest, net on the condensed consolidated statements of income is net of interest income of $4,476 and $8,052, for the three and six months ended October 31, 2023, and $1,356 for the three and six months ended October 31, 2022. Interest, net is also net of interest capitalized of $686 and $1,480, for the three and six months ended October 31, 2023, and $700 and $1,281, for the three and six months ended October 31, 2022, respectively. Revolving Facility The Company has a credit agreement that provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”). Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The Company had $0 outstanding under the Revolving Facility at October 31, 2023 and April 30, 2023. Bank Line

Compensation Related Costs and

Compensation Related Costs and Share Based Payments	6 Months Ended
	Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]
Compensation Related Costs and Share Based Payments	Compensation Related Costs and Share-Based Payments The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the 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. At October 31, 2023, there were 1,142,052 shares available for grant under the 2018 Plan. We account for share-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. Forfeitures are recognized as they occur. The time-based awards most commonly 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." Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of the awards with the TSR Modifier is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. We recognize these amounts as an operating expense in our condensed consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee. Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table: Shares Weighted-Average Unvested at April 30, 2023 550,840 $ 212 Granted 138,046 236 Vested (215,897) 195 Forfeited (15,753) 225 Unvested at October 31, 2023 457,236 $ 227

Acquisitions

Acquisitions	6 Months Ended
	Oct. 31, 2023
Business Combinations [Abstract]
Acquisitions	Acquisitions During the six months ended October 31, 2023, the Company acquired 60 stores through a variety of transactions, pursuant to the terms and conditions of the individual asset purchase agreements. The majority of these acquisitions meet the criteria to be considered business combinations. The purchase price of the stores were determined using a discounted cash flow model on a location by location basis, and was paid in cash upon closing using available cash on hand. 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, which are unobservable inputs that are not corroborated by market data. 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. Goodwill of $4,325 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $3,053 for the six months ended October 31, 2023, which are recorded within operating expenses on the condensed consolidated statements of income. 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 other assets, leases, and majority of the property and equipment acquired. The valuations are still in process and, as a result amounts related to certain property and equipment, other assets, goodwill, deferred income taxes, and leases is considered provisional and is subject to change. Assets acquired: Inventories $ 6,048 Property and equipment 119,713 Deferred income taxes 126 Finance lease right-of-use assets 1,263 Operating lease right-of-use assets 4,548 Other assets 250 Goodwill 4,325 Total assets 136,273 Liabilities assumed: Accrued expenses and other long-term liabilities 447 Finance lease liabilities 1,893 Operating lease liabilities 4,388 Total liabilities 6,728 Net assets acquired and total consideration paid $ 129,545 Payments for acquisition of businesses, net of cash acquired, on the condensed consolidated statements of cash flows includes payments made for acquisitions that are closing shortly after the quarter-end. These payments are included in other assets, net of amortization on the condensed consolidated balance sheets. Such payments are not included in the total consideration paid in the table above, as those acquisitions have not yet closed as of the end of the quarter. The Company recognized approximately $14,984 and, $17,568 of revenue related to the acquired locations in the condensed consolidated statements of income for the three and six months ended October 31, 2023, respectively. The amount of net income related to the acquired locations was not material for the three and six months ended October 31, 2023. Pro Forma Information The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data): Three Months Ended Six Months Ended 2023 2022 2023 2022 Total revenue $ 4,113,565 $ 4,046,707 $ 8,043,200 $ 8,580,418 Net income 159,139 138,353 329,705 290,080 Net income per common share Basic $ 4.27 $ 3.71 $ 8.85 $ 7.79 Diluted 4.25 3.69 8.80 7.74

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations. 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, approximately 1,400 current and/or former Store Managers (representing less than 1/4 of those eligible) remain opted-in 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. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	6 Months Ended
	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $12,871 and $10,957 at October 31, 2023 and April 30, 2023, respectively. If this unrecognized tax benefit were ultimately recognized, $10,168 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $515 at October 31, 2023, and $386 at April 30, 2023. Net interest and penalties included in income tax expense for the six months ended October 31, 2023, was a net expense of $129 and a net expense of $112 for the same period in 2022. 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 $2,500 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 2019 and forward. Tax years 2018 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

Segment Reporting

Segment Reporting	6 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingAs of October 31, 2023, we operated 2,592 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 categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it allows us to more effectively 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.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	The Company recognizes retail sales of fuel, grocery and 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 condensed consolidated statements of income. A portion of revenue from sales that include 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 points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of October 31, 2023 and April 30, 2023, the Company recognized a contract liability of $50,290 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets. During the current quarter, the digital box top program was discontinued and outstanding digital box tops were converted to points. 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 October 31, 2023 and April 30, 2023, the Company recognized a liability of $16,291 and $17,463, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. 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 assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income.

Compensation Related Costs an_2

Compensation Related Costs and Share Based Payments (Tables)	6 Months Ended
	Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Award Activity	Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table: Shares Weighted-Average Unvested at April 30, 2023 550,840 $ 212 Granted 138,046 236 Vested (215,897) 195 Forfeited (15,753) 225 Unvested at October 31, 2023 457,236 $ 227

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Oct. 31, 2023
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 other assets, leases, and majority of the property and equipment acquired. The valuations are still in process and, as a result amounts related to certain property and equipment, other assets, goodwill, deferred income taxes, and leases is considered provisional and is subject to change. Assets acquired: Inventories $ 6,048 Property and equipment 119,713 Deferred income taxes 126 Finance lease right-of-use assets 1,263 Operating lease right-of-use assets 4,548 Other assets 250 Goodwill 4,325 Total assets 136,273 Liabilities assumed: Accrued expenses and other long-term liabilities 447 Finance lease liabilities 1,893 Operating lease liabilities 4,388 Total liabilities 6,728 Net assets acquired and total consideration paid $ 129,545
Pro forma information	The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data): Three Months Ended Six Months Ended 2023 2022 2023 2022 Total revenue $ 4,113,565 $ 4,046,707 $ 8,043,200 $ 8,580,418 Net income 159,139 138,353 329,705 290,080 Net income per common share Basic $ 4.27 $ 3.71 $ 8.85 $ 7.79 Diluted 4.25 3.69 8.80 7.74

Presentation of Financial Sta_2

Presentation of Financial Statements - Narrative (Details) people in Thousands	Oct. 31, 2023 people state store
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores | store	2,592
Number of states in which entity operates | state	16
Population of communities | people	5

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Coupons And Rewards Points
Disaggregation of Revenue [Line Items]
Contract liability	$ 50,290	$ 55,561
Gift Cards
Disaggregation of Revenue [Line Items]
Contract liability	$ 16,291	$ 17,463

Long-term Debt and Finance Le_2

Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jun. 01, 2023	Apr. 30, 2023
Debt Instrument
Fair value of long-term debt	$ 1,348,000,000		$ 1,348,000,000			$ 1,437,000,000
Finance lease obligations	101,741,000		101,741,000			95,072,000
Interest income	4,476,000	$ 1,356,000	8,052,000	$ 1,356,000
Capitalized interest	686,000	$ 700,000	1,480,000	$ 1,281,000
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	850,000,000		850,000,000
Fair value of amount outstanding	$ 0		$ 0			0
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Federal Funds
Debt Instrument
Effective percentage	0.50%		0.50%
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Secured Overnight Financing Rate
Debt Instrument
Effective percentage	0.10%		0.10%
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate
Debt Instrument
Effective percentage	1%		1%
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility
Debt Instrument
Facility fee percentage			0.15%
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate
Debt Instrument
Effective percentage	0%		0%
Basis spread on variable rate			1.10%
Unsecured Revolving Credit Facility Due January 2024 | Minimum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate
Debt Instrument
Effective percentage	1%		1%
Basis spread on variable rate			0.10%
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility
Debt Instrument
Facility fee percentage			0.30%
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | Secured Overnight Financing Rate
Debt Instrument
Basis spread on variable rate			1.70%
Unsecured Revolving Credit Facility Due January 2024 | Maximum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate
Debt Instrument
Basis spread on variable rate			0.70%
Unsecured Revolving Line of Credit | Line of Credit
Debt Instrument
Maximum borrowing capacity					$ 50,000,000
Fair value of amount outstanding	$ 0		$ 0			$ 0
Unsecured Revolving Line of Credit | Letter of Credit
Debt Instrument
Maximum borrowing capacity	$ 432,000		$ 432,000

Compensation Related Costs an_3

Compensation Related Costs and Share Based Payments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant reduction per stock option issued (in shares)	1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant reduction per equity instruments other options issued (in shares)	2
Stock Incentive Plans | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Performance measurement period	3 years
Downward adjustment percentage	25%
Upward adjustment percentage	25%
Allocated share-based compensation expense	$ 19,485	$ 25,875
Unrecognized compensation costs related to plan	$ 51,050
Unrecognized compensation costs, weighted average remaining term	1 year 4 months 24 days
Fair value of shares vested	$ 48,496
Stock Incentive Plans | Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	0%
Stock Incentive Plans | Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	200%
2018 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	1,142,052
2018 Stock Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	0

Compensation Related Costs an_4

Compensation Related Costs and Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units	6 Months Ended
	Oct. 31, 2023 $ / shares shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares) | shares	550,840
Granted (in shares) | shares	138,046
Vested (in shares) | shares	(215,897)
Forfeited (in shares) | shares	(15,753)
Unvested at the end of the period (in shares) | shares	457,236
Weighted-Average Grant Date Fair Value per Share
Unvested (in dollars per share) | $ / shares	$ 212
Granted (in dollars per share) | $ / shares	236
Vested (in dollars per share) | $ / shares	195
Forfeited (in dollars per share) | $ / shares	225
Unvested (in dollars per share) | $ / shares	$ 227

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2023 USD ($) store	Oct. 31, 2023 USD ($) store	Apr. 30, 2023 USD ($)
Business Acquisition [Line Items]
Number of stores | store	2,592	2,592
Goodwill	$ 619,667	$ 619,667	$ 615,342
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of stores | store	60	60
Goodwill	$ 4,325	$ 4,325
Acquisition-related transaction costs	3,053	3,053
Revenue	$ 14,984	$ 17,568

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Assets acquired:
Goodwill	$ 619,667	$ 615,342
Series of Individually Immaterial Business Acquisitions
Assets acquired:
Inventories	6,048
Property and equipment	119,713
Deferred income taxes	126
Finance lease right-of-use assets	1,263
Operating lease right-of-use assets	4,548
Other assets	250
Goodwill	4,325
Total assets	136,273
Liabilities assumed:
Accrued expenses and other long-term liabilities	447
Finance lease liabilities	1,893
Operating lease liabilities	4,388
Total liabilities	6,728
Net assets acquired and total consideration paid	$ 129,545

Acquisitions - Proforma Informa

Acquisitions - Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Business Combinations [Abstract]
Total revenue	$ 4,113,565	$ 4,046,707	$ 8,043,200	$ 8,580,418
Net income	$ 159,139	$ 138,353	$ 329,705	$ 290,080
Net income per common share
Basic (in dollars per share)	$ 4.27	$ 3.71	$ 8.85	$ 7.79
Diluted (in dollars per share)	$ 4.25	$ 3.69	$ 8.80	$ 7.74

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2023 USD ($) employee
Other Commitments [Line Items]
Contract commitment | $	$ 38,315
McColley V. Casey's General Stores, Inc. | Pending Litigation
Other Commitments [Line Items]
Number of participants | employee	1,400

Unrecognized Tax Benefits - Nar

Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 12,871		$ 10,957
Unrecognized tax benefits that would impact effective tax rate	10,168
Accrued interest and penalties related to unrecognized tax benefits	515		$ 386
Net interest and penalties included in income tax expense	129	$ 112
Expected decrease in unrecognized tax benefits	$ 2,500

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Oct. 31, 2023 merchandise_category state store segment
Segment Reporting [Abstract]
Number of stores | store	2,592
Number of states in which entity operates | state	16
Number of operating segments	1
Number of reportable segments	1
Number of merchandise categories | merchandise_category	3