Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 30, 2017 | Jun. 21, 2017 | Oct. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Caseys General Stores Inc, | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Common Stock, Shares Outstanding | 38,547,278 | ||
Entity Public Float | $ 4.4 | ||
Amendment Flag | false | ||
Entity Central Index Key | 726,958 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Apr. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 76,717 | $ 75,775 |
Receivables | 43,244 | 27,701 |
Inventories | 201,644 | 204,988 |
Prepaid expenses | 9,179 | 3,008 |
Income taxes receivable | 19,901 | 14,413 |
Total current assets | 350,685 | 325,885 |
Property and equipment, at cost | ||
Land | 665,318 | 593,043 |
Buildings and leasehold improvements | 1,422,586 | 1,279,258 |
Machinery and equipment | 1,905,553 | 1,704,379 |
Leasehold interest in property and equipment | 16,173 | 16,044 |
Property and equipment, at cost | 4,009,630 | 3,592,724 |
Less accumulated depreciation and amortization | 1,496,472 | 1,340,249 |
Net property and equipment | 2,513,158 | 2,252,475 |
Other assets, net of amortization | 23,453 | 19,222 |
Goodwill | 132,806 | 128,566 |
Total assets | 3,020,102 | 2,726,148 |
Current liabilities | ||
Notes payable to bank | 900 | 0 |
Current maturities of long-term debt | 15,421 | 15,375 |
Accounts payable | 293,903 | 241,207 |
Accrued expenses | ||
Wages and related taxes | 25,010 | 32,026 |
Property taxes | 26,721 | 24,091 |
Insurance | 37,984 | 35,535 |
Other | 46,607 | 39,337 |
Total current liabilities | 446,546 | 387,571 |
Long-term debt, net of current maturities | 907,356 | 822,869 |
Deferred income taxes | 440,124 | 394,934 |
Deferred compensation | 15,784 | 17,813 |
Other long-term liabilities | 19,672 | 19,498 |
Total liabilities | 1,829,482 | 1,642,685 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, no par value, none issued | 0 | 0 |
Common stock, no par value, 38,765,821 and 39,055,570 shares issued and outstanding at April 30, 2017 and 2016, respectively | 40,074 | 72,868 |
Retained earnings | 1,150,546 | 1,010,595 |
Total shareholders’ equity | 1,190,620 | 1,083,463 |
Total liabilities and shareholders’ equity | $ 3,020,102 | $ 2,726,148 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Apr. 30, 2017 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 38,765,821 | 39,055,570 |
Common stock, shares outstanding | 38,765,821 | 39,055,570 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | |||
Total revenue | $ 7,506,587 | $ 7,122,086 | $ 7,767,216 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 5,825,426 | 5,508,465 | 6,327,431 |
Gross profit | 1,681,161 | 1,613,621 | 1,439,785 |
Operating expenses | 1,172,328 | 1,053,805 | 960,424 |
Depreciation and amortization | 197,629 | 170,937 | 156,111 |
Interest, net | 41,536 | 40,173 | 41,225 |
Income before income taxes | 269,668 | 348,706 | 282,025 |
Federal and state income taxes | 92,183 | 122,724 | 101,397 |
Net income | $ 177,485 | $ 225,982 | $ 180,628 |
Net income per common share | |||
Basic (in Dollars per share) | $ 4.54 | $ 5.79 | $ 4.66 |
Diluted (in Dollars per share) | 4.48 | 5.73 | 4.62 |
Dividends declared (in Dollars per share) | $ 0.96 | $ 0.88 | $ 0.80 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings |
Beginning Balance (shares) at Apr. 30, 2014 | 38,507,387 | ||
Beginning Balance at Apr. 30, 2014 | $ 703,264 | $ 33,878 | $ 669,386 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 180,628 | 180,628 | |
Dividends declared | (31,059) | (31,059) | |
Exercise of stock options (shares) | 310,224 | ||
Exercise of stock options | 11,465 | $ 11,465 | |
Tax benefits related to nonqualified stock options | 3,624 | $ 3,624 | |
Stock-based compensation (shares) | 68,554 | ||
Stock-based compensation | 7,307 | $ 7,307 | |
Beginning Balance (shares) at Apr. 30, 2015 | 38,886,165 | ||
Beginning Balance at Apr. 30, 2015 | 875,229 | $ 56,274 | 818,955 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 225,982 | 225,982 | |
Dividends declared | (34,342) | (34,342) | |
Exercise of stock options (shares) | 108,100 | ||
Exercise of stock options | 3,717 | $ 3,717 | |
Issuance of common stock (shares) | 32,717 | ||
Issuance of common stock | 2,762 | $ 2,762 | |
Tax benefits related to nonqualified stock options | 2,702 | $ 2,702 | |
Stock-based compensation (shares) | 28,588 | ||
Stock-based compensation | $ 7,413 | $ 7,413 | |
Beginning Balance (shares) at Apr. 30, 2016 | 39,055,570 | 39,055,570 | |
Beginning Balance at Apr. 30, 2016 | $ 1,083,463 | $ 72,868 | 1,010,595 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 177,485 | 177,485 | |
Dividends declared | (37,534) | (37,534) | |
Exercise of stock options (shares) | 69,150 | ||
Exercise of stock options | 2,357 | $ 2,357 | |
Issuance of common stock (shares) | 28,138 | ||
Issuance of common stock | $ 3,526 | $ 3,526 | |
Stock-based compensation (shares) | 56,763 | ||
Repurchase of common stock (shares) | (443,800) | ||
Repurchase of common stock | $ (49,374) | $ (49,374) | |
Stock-based compensation | $ 10,697 | $ 10,697 | |
Beginning Balance (shares) at Apr. 30, 2017 | 38,765,821 | 38,765,821 | |
Beginning Balance at Apr. 30, 2017 | $ 1,190,620 | $ 40,074 | $ 1,150,546 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Retained Earnings | |||
Payment of dividends per share (in Dollars per share) | $ 0.96 | $ 0.88 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Cash flows from operating activities | |||
Net income | $ 177,485 | $ 225,982 | $ 180,628 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 197,629 | 170,937 | 156,111 |
Stock-based compensation | 10,697 | 7,413 | 7,307 |
Loss on disposal of assets and impairment charges | 2,298 | 837 | 2,370 |
Deferred income taxes | 45,190 | 55,492 | 44,711 |
Changes in assets and liabilities: | |||
Receivables | (15,543) | (5,092) | 3,232 |
Inventories | 4,400 | (7,390) | 10,365 |
Prepaid expenses | (6,171) | (983) | (547) |
Accounts payable | 40,332 | 3,011 | (33,290) |
Accrued expenses | 14,780 | 14,983 | (14,205) |
Income taxes receivable | (6,226) | 7,064 | (7,801) |
Other, net | (5,598) | 132 | (236) |
Net cash provided by operating activities | 459,273 | 472,386 | 348,645 |
Cash flows from investing activities | |||
Purchase of property and equipment | (433,392) | (392,839) | (360,734) |
Payments for acquisitions of businesses, net of cash acquired | (25,473) | (7,263) | (41,157) |
Proceeds from sales of property and equipment | 4,140 | 5,134 | 2,748 |
Net cash used in investing activities | (454,725) | (394,968) | (399,143) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 100,000 | 0 | 0 |
Repayments of long-term debt | (15,399) | (15,399) | (553) |
Net borrowings of short-term debt | 900 | 0 | 0 |
Proceeds from exercise of stock options | 2,357 | 3,717 | 11,465 |
Payments of cash dividends | (36,758) | (33,527) | (30,175) |
Repurchase of common stock | (47,893) | 0 | 0 |
Tax withholdings on employee share-based awards | (6,813) | (4,975) | (3,339) |
Net cash used in financing activities | (3,606) | (50,184) | (22,602) |
Net increase (decrease) in cash and cash equivalents | 942 | 27,234 | (73,100) |
Cash and cash equivalents at beginning of year | 75,775 | 48,541 | 121,641 |
Cash and cash equivalents at end of year | 76,717 | 75,775 | 48,541 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | |||
Cash paid during the year for interest, net of amount capitalized | 41,268 | 40,401 | 41,382 |
Cash paid for income taxes, net | 52,961 | 60,049 | 64,367 |
Noncash investing and financing activities | |||
Purchased property and equipment in accounts payable | 10,883 | 11,619 | 9,060 |
Shares repurchased in accounts payable | $ 1,481 | $ 0 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Operations Casey’s General Stores, Inc. and its subsidiaries (the Company/Casey’s) operate 1,978 convenience stores in 15 Midwest states. The stores are located primarily in smaller communities, many with populations of less than 5,000 . Retail sales in 2017 by category are as follows: 59% fuel, 28% grocery & other merchandise, and 13% prepared food & fountain. The Company’s products are readily available, and the Company is generally not dependent on a single supplier or only a few suppliers. Principles of consolidation The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly owned subsidiaries. All significant 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 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. 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 current cost over the stated LIFO value was $65,593 and $58,432 at April 30, 2017 and 2016 , respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2017 and 2016 : Fiscal 2017 Fiscal 2016 Fuel $ 60,833 $ 57,840 Merchandise 140,811 147,148 Total inventory $ 201,644 $ 204,988 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.Vendor rebates in the form of rack display allowances (RDAs) are funds that we receive from various vendors for allocating certain shelf space to carry their specific products or to introduce new products in our stores for a particular period of time. The RDAs are treated as a reduction in cost of goods sold and are recognized ratably over the period covered by the applicable rebate agreement. These funds do not represent reimbursements of specific, incremental, identifiable costs incurred by us in selling the vendor’s products. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the rebate is earned per the contract. 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 all of the RINs earned during a specified period. 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. The Company does not record an asset on the balance sheet related to RINs that has not been validated and contracted. Goodwill Goodwill and intangible assets with indefinite lives are tested for impairment at least annually. The Company assesses impairment annually at year-end using a market based approach to establish fair value. All of the goodwill assigned to the individual stores is aggregated into a single reporting unit due to the similar economic characteristics of the stores. As of April 30, 2017 and 2016 , there was $132,806 and $128,566 of goodwill, respectively. Management’s analysis of recoverability completed as of the fiscal year-end yielded no evidence of impairment for the years ended April 30, 2017 , 2016 , and 2015 . Depreciation and amortization Depreciation of property and equipment and amortization of capital lease assets are computed principally by the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 5-30 years Leasehold interest in property and equipment 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. 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 active 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 and on 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 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. 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 $705 in fiscal 2017 , $1,625 in fiscal 2016 , and $1,785 in fiscal 2015 . Impairment charges are a component of operating expenses. Excise taxes Excise taxes approximating $866,000 , $818,000 , and $715,000 on retail fuel sales are included in total revenue and cost of goods sold for fiscal 2017 , 2016 , and 2015 , respectively. 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 & other merchandise, prepared food & fountain, and commissions on lottery, prepaid phone cards, and video rentals at the time of the sale to the customer. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the consolidated financial statements. 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. The calculation of diluted earnings per share treats stock options and restricted stock units outstanding as potential common shares to the extent they are dilutive. 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 the related long-lived asset at the time an underground storage tank is installed. The Company amortizes the amount added to other assets 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. There were no material changes in our asset retirement obligation estimates during fiscal 2017 . The recorded asset for asset retirement obligations was $10,421 and $9,788 at April 30, 2017 and 2016 , respectively, and is recorded in other assets, net of amortization. The discounted liability was $15,899 and $14,975 at April 30, 2017 and 2016 , respectively, and is recorded in other long-term liabilities. Self-insurance The Company is primarily self-insured for employee healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined actuarially 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 claims include the development time frame, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balance of our self-insurance reserves were $37,984 and $35,535 for the years ended April 30, 2017 and 2016 , respectively. 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, 2017 , 2016 , or 2015 . However, we do from time to time, participate in a forward buy of certain commodities, primarily cheese and coffee. These are not accounted for as derivatives under the normal purchase and normal sale exclusions under the applicable 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 statement of income over the vesting period of the award. None of the awards contain performance conditions. Segment reporting As of April 30, 2017 , we operated 1,978 stores in 15 states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment 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 customers. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery & other merchandise, and prepared food & fountain because it makes it easier for us to discuss trends and operational initiatives within our business and industry. Although we can separate gross margins 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 May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard, after deferral for one year, is effective for the Company on May 1, 2018. Early application is not permitted. To address implementation of ASU 2014-09 and evaluate its impact on our consolidated financial statements, we have developed a project plan to evaluate our revenue streams and related internal controls. Since a majority of our revenue is derived from point of sale transactions, we do not believe the implementation of this standard will have a material impact on our consolidated financial statements. However, certain areas of our consolidated financial statements that will be impacted include, but are not limited to, recognition of estimated breakage upon the sale of the Company’s gift cards and deferral of an estimated portion of revenue expected to be redeemed in the future through Casey’s pizza box tops and punch card programs. We expect the impact of such changes to be immaterial to the consolidated financial statements. The Company expects to adopt the new standard using the full retrospective method beginning May 1, 2018 and will further disclose the impact to the financial statements at that point. In April 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30) , which provided guidance on the presentation of debt issuance costs. The new standard required that debt issuance costs be recorded as a reduction from the face amount of the related debt, with amortization recorded as interest expense, rather than recording as a deferred asset. The Company adopted this standard in the quarter ended July 31, 2016, retrospectively to all prior periods. The adoption of this standard did not have a material impact on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The goal of the update was to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update was effective for the Company beginning May 1, 2017 with early adoption permitted. The Company elected to early adopt this standard in the quarter ended July 31, 2016. See Footnote 4 for further discussion of the impact of adoption. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS During the year ended April 30, 2017 , the Company acquired 22 stores through a variety of single store transactions with several unrelated third parties. Of the 22 stores acquired, 18 were re-opened as a Casey's store during the 2017 fiscal year, and four will be opened during the 2018 fiscal year. The acquisitions meet the criteria to be considered business combinations. The stores were valued 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. 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. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years . Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2017 is as follows (in thousands): Assets acquired: Inventories $ 1,056 Property and equipment 20,283 Total assets 21,339 Liabilities assumed: Accrued expenses 106 Total liabilities 106 Net tangible assets acquired 21,233 Goodwill 4,240 Total consideration paid $ 25,473 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): Years Ended April 30, 2017 2016 Total revenue $ 7,540,386 $ 7,156,075 Net income $ 178,645 $ 227,124 Net income per common share Basic $ 4.57 $ 5.82 Diluted $ 4.51 $ 5.76 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Long Term Debt | 12 Months Ended |
Apr. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Long-Term Debt | FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT 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 capital lease obligations 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 and capital lease obligations was approximately $941,000 and $887,000 , respectively, at April 30, 2017 and 2016 . The Company’s long-term debt at carrying amount by issuance is as follows: As of April 30, 2017 2016 Capitalized lease obligations discounted at 3.70% to 6.00% due in various monthly installments through 2048 (Note 7) $ 8,777 $ 9,244 5.72% Senior notes due in 14 installments beginning September 30, 2012 and ending March 30, 2020 45,000 60,000 5.22% Senior notes due August 9, 2020 569,000 569,000 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 — 3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 — 922,777 838,244 Less current maturities 15,421 15,375 $ 907,356 $ 822,869 At April 30, 2017 , the Company had a bank line of credit arrangement consisting of two Promissory Notes, in the principal amount of $50,000 each (together, the “Notes”). The Notes evidenced a revolving line of credit in the aggregate principal amount of $100,000 and bear interest at variable rates subject to change from time to time based on changes in an independent index referred to in the Notes as the Federal Funds Offered Rate (the “Index”). The interest rate to be applied to the unpaid principal balance of the first Note was at a rate of 0.750% over the Index. The interest rate applicable to the second note is 1.000% over the Index. There was a $900 balance owed on the Notes at April 30, 2017 and $0 at April 30, 2016 . The line of credit is due upon demand. Interest expense is net of interest income of $588 , $157 , and $158 for the years ended April 30, 2017 , 2016 , and 2015 , respectively. Interest expense is also net of interest capitalized of $1,470 , $1,134 , and $1,209 during the years ended April 30, 2017 , 2016 , and 2015 , respectively. The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2017 , the Company was in compliance with all such operating and financial covenants. Listed below are the aggregate maturities of long-term debt, including capitalized lease obligations, for the 5 years commencing May 1, 2017 and thereafter: Years ended April 30, Capital Leases Senior Notes Total 2018 $ 421 $ 15,000 $ 15,421 2019 444 15,000 15,444 2020 468 15,000 15,468 2021 494 569,000 569,494 2022 455 — 455 Thereafter 6,495 300,000 306,495 $ 8,777 $ 914,000 $ 922,777 |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 have been issued. Common stock The Company currently has 120,000,000 authorized shares of common stock. Stock option plans The 2009 Stock Incentive Plan (the “Plan”) was approved by the Board of Directors in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “Prior Plans”). There are 3,250,062 shares available for grant at April 30, 2017 under the Plan. Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one , and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two . Restricted stock is transferred to the employee or non-employee immediately upon grant, whereas restricted stock units have a vesting period that must expire before the stock is transferred. We account for stock-based compensation by estimating the fair value of stock options using the Black Scholes model, and value restricted stock unit awards granted under the Plan using market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. At April 30, 2017 , stock options for 222,050 shares (which expire between fiscal years 2018 through 2022) were outstanding. All stock option shares issued are previously unissued authorized shares. The following table summarizes the most recent compensation grants made during the three-year period ended April 30, 2017 : Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date June 6, 2014 Restricted Stock Units 91,000 Officers & Key employees June 6, 2017 $6,584 June 6, 2014 Restricted Stock 30,538 Officers & Key employees Immediate (Annual performance goal) $2,209 September 19, 2014 Restricted Stock 13,955 Non-employee board members Immediate $990 June 5, 2015 Restricted Stock Units 104,200 Officers & Key employees June 5, 2018 $9,135 June 5, 2015 Restricted Stock 48,913 Officers & Key employees Immediate (Annual performance goal) $4,288 September 18, 2015 Restricted Stock 7,748 Non-employee board members Immediate $856 April 12, 2016 Restricted Stock Units 10,000 CEO 20% each May 1, 2017-2021 $1,060 June 3, 2016 Restricted Stock Units 111,150 Officers & Key employees June 3, 2019 $13,849 June 3, 2016 Restricted Stock 40,996 Officers & Key employees Immediate (Annual performance goal) $5,108 September 16, 2016 Restricted Stock 8,941 Non-employee board members Immediate $1,064 Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table: Number of option shares Weighted average option exercise price Outstanding at April 30, 2014 712,024 $ 36.73 Granted — — Exercised (310,224 ) 36.96 Forfeited — — Outstanding at April 30, 2015 401,800 $ 36.55 Granted — — Exercised (108,100 ) 34.37 Forfeited (2,500 ) 25.26 Outstanding at April 30, 2016 291,200 $ 37.46 Granted — — Exercised (69,150 ) 34.08 Forfeited — — Outstanding at April 30, 2017 222,050 $ 38.51 At April 30, 2017 , all outstanding options had an aggregate intrinsic value of $16,335 and a weighted average remaining contractual life of 3.49 years . All options are vested as of April 30, 2017 . The aggregate intrinsic value for the total of all options exercised during the year ended April 30, 2017 was $6,137 . At April 30, 2017 , the range of exercise prices for outstanding options was $ 25.26 – $44.39 . The number of shares and weighted average remaining contractual life of the options by range of applicable exercise prices at April 30, 2017 were as follows: Range of exercise prices Number of shares Weighted average exercise price Weighted average remaining contractual life (years) 25.26-25.49 62,350 25.28 2.2 26.51-26.92 6,500 26.73 0.6 44.39 153,200 44.39 4.2 222,050 Information concerning the issuance of restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2014 148,546 Granted 91,000 Vested (38,198 ) Forfeited (7,418 ) Unvested at April 30, 2015 193,930 Granted 114,200 Vested (31,480 ) Forfeited (3,750 ) Unvested at April 30, 2016 272,900 Granted 111,150 Vested (73,000 ) Forfeited (7,650 ) Unvested at April 30, 2017 303,400 Total compensation costs recorded for the stock options, restricted stock, and restricted stock unit awards for the years ended April 30, 2017 , 2016 and 2015 were $10,697 , $7,413 , and $7,307 , respectively. As of April 30, 2017 , there was $12,693 of total unrecognized compensation costs related to the Plan and Prior Plans for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2020. ASU No 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting was issued in March 2016 and early adopted by the Company in the first quarter of fiscal 2017. ASU 2016-09 eliminates the requirement to estimate and apply a forfeiture rate to reduce stock compensation expense during the vesting period, and instead, provides an alternative option to account for forfeitures as they occur, which is the option the Company adopted. ASU 2016-09 requires that this change be adopted using the modified retrospective approach. The adoption of this section had no material impact on the financial statements. Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. The standard requires presentation of excess tax benefits as an operating activity (combined with other income tax cash flows) on the statement of cash flows rather than as a financing activity. We adopted this change prospectively during the first quarter of 2017. ASU 2016-09 also requires the presentation of amounts withheld for applicable income taxes on employee share-based awards as a financing activity on the statement of cash flows. This adoption is reflected in the cash flow statement on a retrospective basis, which resulted in an increase in net cash used in financing activities and an increase in net cash provided by operating activities of $4,975 and $3,339 for the periods ended April 30, 2016 and April 30, 2015 , respectively. ASU No 2016-09 also eliminates additional paid in capital ("APIC") pools and requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. This requirement is to be adopted prospectively by the Company. The impact of this section of the standard was a benefit of $3,046 to income tax expense for the first quarter of fiscal 2017. In addition, the ASU requires that the excess tax benefit be removed from the overall calculation of diluted shares. The impact on diluted earnings per share of this adoption was not material. Finally, modified retrospective adoption of ASC 2016-09 eliminates the requirement that excess tax benefits be realized (i.e. through a reduction in income taxes payable) before they are recognized. The adoption of this portion of the standard had no impact on the financial statements. During the fourth quarter of the fiscal year ended April 30, 2017 , the Company began a share repurchase program, wherein the Company is authorized to repurchase up to an aggregate of $300 million of the Company's outstanding common stock. The share repurchase authorization is valid for a period of two years . The timing and number of repurchase transactions under the program depends on a variety of factors, including but not limited to market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The program can be suspended or discontinued at any time. From its inception on March 9, 2017, through the end of fiscal year 2017, the company repurchased 443,800 shares of its common stock under its open market share repurchase program, for approximately $49.4 million . As of April 30, 2017 , the Company had a total remaining authorized amount for share repurchases of $250.6 million . |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Apr. 30, 2017 | |
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, 2017 2016 2015 Basic Net income $ 177,485 $ 225,982 $ 180,628 Weighted average shares outstanding-basic 39,124,665 39,016,299 38,743,227 Basic earnings per common share $ 4.54 $ 5.79 $ 4.66 Diluted Net income $ 177,485 $ 225,982 $ 180,628 Weighted-average shares outstanding-basic 39,124,665 39,016,299 38,743,227 Plus effect of stock options and restricted stock units 454,333 405,900 360,606 Weighted-average shares outstanding-diluted 39,578,998 39,422,199 39,103,833 Diluted earnings per common share $ 4.48 $ 5.73 $ 4.62 There were no options considered antidilutive; therefore, all options were included in the computation of dilutive earnings per share for fiscal 2017 , 2016 , and fiscal 2015 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2017 2016 2015 Current tax expense Federal $ 41,300 $ 58,273 $ 49,593 State 5,693 8,959 7,093 46,993 67,232 56,686 Deferred tax expense 45,190 55,492 44,711 Total income tax expense $ 92,183 $ 122,724 $ 101,397 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, 2017 2016 Deferred tax assets Accrued liabilities and reserves $ 10,948 $ 11,522 Property and equipment depreciation 16,604 15,914 Workers compensation 10,934 10,540 Deferred compensation 5,916 6,696 Equity compensation 6,923 5,186 State net operating losses & tax credits 938 973 Other 1,275 1,582 Total gross deferred tax assets 53,538 52,413 Less valuation allowance 60 84 Total net deferred tax assets 53,478 52,329 Deferred tax liabilities Property and equipment depreciation (468,470 ) (425,586 ) Goodwill (25,052 ) (21,677 ) Other (80 ) — Total gross deferred tax liabilities (493,602 ) (447,263 ) Net deferred tax liability $ (440,124 ) $ (394,934 ) At April 30, 2017 , the Company had net operating loss carryforwards for state income tax purposes of approximately $61,154 , which are available to offset future state taxable income. These net operating loss carryforwards expire during the tax years 2020 through 2036 . In addition, the Company had state alternative minimum tax credit carryforwards of approximately $7 , which are available to reduce future state regular income taxes over an indefinite period. There was a valuation allowance of $60 and $84 for state net operating loss deferred tax assets as of April 30, 2017 and 2016 . The change in the valuation allowance was $(24) and $(144) for the years ending April 30, 2017 and 2016 , 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, 2017 2016 2015 Income taxes at the statutory rates 35.0 % 35.0 % 35.0 % Federal tax credits (1.8 )% (1.7 )% (1.7 )% State income taxes, net of federal tax benefit 2.8 % 2.7 % 3.1 % ASU 2016-09 Benefit (share based compensation) (1.3 )% — % — % Other (0.5 )% (0.8 )% (0.4 )% 34.2 % 35.2 % 36.0 % 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 $5,362 and $6,484 in gross unrecognized tax benefits at April 30, 2017 and 2016 , respectively, which is recorded in other long-term liabilities in the consolidated balance sheet. Of this amount, $3,522 represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits decreased $1,122 during the twelve months ended April 30, 2017 , due primarily to the expiration of certain statutes of limitations exceeding the increase associated with income tax filing positions for the current year. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 Beginning balance $ 6,484 $ 8,043 Additions based on tax positions related to current year 1,705 1,084 Additions for tax positions of prior years — 26 Reductions for tax positions of prior years — — Reductions due to lapse of applicable statute of limitations (2,827 ) (2,669 ) Settlements — — Ending balance $ 5,362 $ 6,484 The total net amount of accrued interest and penalties for such unrecognized tax benefits was $141 and $217 at April 30, 2017 and 2016 , respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month period ended April 30, 2017 was a decrease in tax expense of $76 and an increase of $65 for the year ended April 30, 2016 . 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 State of Nebraska is examining tax years 2012 through 2014 , and the state of Kansas is examining tax years 2013 through 2015 . Additionally, the IRS is currently examining tax year 2012. The Company has no other ongoing federal or state income tax examinations. The Company does not have any outstanding litigation related to tax matters. At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $1,242 during the next twelve months mainly due to the expiration of certain statutes of limitations. The federal statute of limitations remains open for the tax years 2012 and forward. Tax years 2012 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2017 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain property and equipment used in its operations. Generally, the leases are for primary terms of five to twenty years with options either to renew for additional periods or to purchase the premises and call for payment of property taxes, insurance, and maintenance by the lessee. The following is an analysis of the leased property under capital leases by major classes: Asset balances at April 30, 2017 2016 Real estate $ 13,480 $ 13,480 Equipment 2,693 2,564 16,173 16,044 Less accumulated amortization 7,039 6,365 $ 9,134 $ 9,679 Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at April 30, 2017 : Years ended April 30, Capital leases Operating leases 2018 $ 900 $ 1,172 2019 907 1,001 2020 912 658 2021 908 523 2022 883 258 Thereafter 10,260 815 Total minimum lease payments 14,770 $ 4,427 Less amount representing interest 5,993 Present value of net minimum lease payments $ 8,777 The total rent expense under operating leases was $1,936 in 2017 , $1,862 in 2016 , and $1,961 in 2015 . |
Benefit Plans
Benefit Plans | 12 Months Ended |
Apr. 30, 2017 | |
Retirement Benefits [Abstract] | |
Benefit Plans | BENEFIT PLANS 401(k) plan The Company provides employees with a defined contribution 401(k) plan. The 401(k) plan covers all employees who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on employee contributions. Contributions to the 401(k) plan were $8,181 , $6,560 , and $5,852 for the years ended April 30, 2017 , 2016 , and 2015 , respectively. On April 30, 2017 and 2016 , 1,401,764 and 1,419,841 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 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 has accrued the deferred compensation over the term of employment. The amounts accrued at April 30, 2017 and 2016 , respectively, were $4,737 and $5,230 . The discount rates used were 4.0% and 3.8% , respectively, at April 30, 2017 and 2016 . The amount expensed in fiscal 2017 was $131 and the Company expects to pay $625 per year for each of the next five years. Expense incurred in fiscal 2016 and fiscal 2015 was $230 and $326 , respectively. Other post-employment benefits The Company also has severance and/or deferred compensation agreements with three other former employees. The amounts accrued at April 30, 2017 and 2016 were $3,825 and $4,043 , respectively. The Company expects to pay $507 , $457 , $432 , $432 and $432 the next five years under the agreements. The expense incurred in fiscal 2017 , 2016 and 2015 was $370 , $238 , and $219 respectively. |
Commitments
Commitments | 12 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS The Company has entered into an employment agreement with its chief executive officer. The agreement provides that the officer will receive aggregate base compensation of not less than $900 per year exclusive of bonuses. The agreement also provides for certain payments in the case of death or disability of the officer. The Company also has entered into employment agreements with fourteen other key employees, providing for certain payments in the event of termination following a change of control of the Company. |
Contingencies
Contingencies | 12 Months Ended |
Apr. 30, 2017 | |
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. Several 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, 2017 and 2016 of approximately $283 and $341 , 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 As previously reported, the Company was named as a defendant in four lawsuits (“hot fuel” cases) brought in the federal courts in Kansas and Missouri against a variety of fuel retailers, which were consolidated in the U.S. District Court for the District of Kansas in Kansas City, Kansas as part of the multidistrict “Motor Fuel Temperature Sales Practices Litigation”. On November 20, 2012, the Court preliminarily approved the previously-reported settlement involving the Company, which when approved in final form by the Court following notice to the Class would result in the settlement and dismissal of all claims against Casey’s in the multidistrict litigation. The approved settlement includes, but is not limited to, a commitment on the part of the Company to “sticker” certain information on its fuel pumps and make a monetary payment (which is not considered to be material in amount) to the plaintiff class. An order awarding fees was filed by the Court on February 17, 2016, but is subject to resolution of any appeal to the Tenth Circuit Court of Appeals. From time to time we may be involved in other legal and administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment or personnel matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operation. Other At April 30, 2017 , the Company was partially self-insured for workers’ compensation claims in all but one state of its marketing territory. In North Dakota, 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 approximately $1,000 . To facilitate this agreement, letters of credit approximating $21,126 and $20,115 , respectively, were issued and outstanding at April 30, 2017 and 2016 , on the insurance company’s behalf. The Company also has investments of approximately $223 in escrow as required by one state for partial self-insurance of workers’ compensation claims. Additionally, the Company is self-insured for its portion of employee medical expenses. At April 30, 2017 and 2016 , the Company had $37,984 and $35,535 , respectively, in accrued expenses for estimated claims relating to self-insurance, the majority of which has been actuarially determined. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Events that have occurred subsequent to April 30, 2017 have been evaluated for disclosure. On June 13, 2017, the Company issued $150 million aggregate principal amount of 3.51% Senior Notes due June 13, 2025, and expects to issue on August 22, 2017, $250 million aggregate principal amount of 3.77% Senior Notes due August 22, 2028. Further information is set forth in the Current Report on Form 8-K filed by the Company on June 15, 2017. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Apr. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | QUARTERLY FINANCIAL DATA (Dollars in thousands, except per share amounts) (Unaudited) Year ended April 30, 2017 Q1 Q2 Q3 Q4 Year Total Total revenue Fuel $ 1,147,044 1,113,351 1,053,990 1,099,743 4,414,128 Grocery & other merchandise 566,174 544,799 476,309 500,068 2,087,349 Prepared food & fountain 243,655 248,345 228,278 233,150 953,430 Other 13,206 13,560 11,416 13,499 51,680 $ 1,970,079 1,920,055 1,769,993 1,846,460 7,506,587 Gross profit* Fuel $ 104,429 99,060 89,265 85,592 378,347 Grocery & other merchandise 179,127 174,590 148,099 155,374 657,190 Prepared food & fountain 153,052 156,329 140,869 143,774 594,024 Other 13,187 13,539 11,396 13,479 51,600 $ 449,795 443,518 389,629 398,219 1,681,161 Net income $ 67,392 57,180 22,835 30,078 177,485 Income per common share Basic 1.72 1.46 0.58 0.77 4.54 Diluted 1.70 1.44 0.58 0.76 4.48 Year ended April 30, 2016 Q1 Q2 Q3 Q4 Year Total Total revenue Fuel $ 1,286,241 1,166,736 888,744 873,081 4,214,802 Grocery & other merchandise 526,620 516,578 453,388 477,487 1,974,073 Prepared food & fountain 223,381 229,388 209,595 218,349 880,713 Other 12,350 11,898 14,213 14,037 52,498 $ 2,048,592 1,924,600 1,565,940 1,582,954 7,122,086 Gross profit* Fuel $ 87,681 122,690 85,460 85,828 381,659 Grocery & other merchandise 171,549 162,904 141,482 153,299 629,234 Prepared food & fountain 139,679 145,513 130,027 135,073 550,292 Other 12,333 11,883 14,200 14,020 52,436 $ 411,242 442,990 371,169 388,220 1,613,621 Net income $ 61,806 79,033 38,099 47,044 225,982 Income per common share Basic 1.59 2.03 0.98 1.20 5.79 Diluted 1.57 2.00 0.97 1.19 5.73 * Gross profit is given before charge for depreciation and amortization and credit card fees. |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
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 significant 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 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. |
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 current cost over the stated LIFO value was $65,593 and $58,432 at April 30, 2017 and 2016 , respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2017 and 2016 : Fiscal 2017 Fiscal 2016 Fuel $ 60,833 $ 57,840 Merchandise 140,811 147,148 Total inventory $ 201,644 $ 204,988 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.Vendor rebates in the form of rack display allowances (RDAs) are funds that we receive from various vendors for allocating certain shelf space to carry their specific products or to introduce new products in our stores for a particular period of time. The RDAs are treated as a reduction in cost of goods sold and are recognized ratably over the period covered by the applicable rebate agreement. These funds do not represent reimbursements of specific, incremental, identifiable costs incurred by us in selling the vendor’s products. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the rebate is earned per the contract. 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 all of the RINs earned during a specified period. 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. The Company does not record an asset on the balance sheet related to RINs that has not been validated and contracted. |
Goodwill | Goodwill Goodwill and intangible assets with indefinite lives are tested for impairment at least annually. The Company assesses impairment annually at year-end using a market based approach to establish fair value. All of the goodwill assigned to the individual stores is aggregated into a single reporting unit due to the similar economic characteristics of the stores. |
Depreciation and amortization | Depreciation and amortization Depreciation of property and equipment and amortization of capital lease assets are computed principally by the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 5-30 years Leasehold interest in property and equipment 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. |
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 active 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 and on 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 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. 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. |
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 & other merchandise, prepared food & fountain, and commissions on lottery, prepaid phone cards, and video rentals at the time of the sale to the customer. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the consolidated financial statements. |
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. The calculation of diluted earnings per share treats stock options and restricted stock units outstanding as potential common shares to the extent they are dilutive. |
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 the related long-lived asset at the time an underground storage tank is installed. The Company amortizes the amount added to other assets 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 employee healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined actuarially 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 claims include the development time frame, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. |
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, 2017 , 2016 , or 2015 . However, we do from time to time, participate in a forward buy of certain commodities, primarily cheese and coffee. These are not accounted for as derivatives under the normal purchase and normal sale exclusions under the applicable 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 statement of income over the vesting period of the award. None of the awards contain performance conditions. |
Segment reporting | Segment reporting As of April 30, 2017 , we operated 1,978 stores in 15 states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment 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 customers. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery & other merchandise, and prepared food & fountain because it makes it easier for us to discuss trends and operational initiatives within our business and industry. Although we can separate gross margins 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 May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard, after deferral for one year, is effective for the Company on May 1, 2018. Early application is not permitted. To address implementation of ASU 2014-09 and evaluate its impact on our consolidated financial statements, we have developed a project plan to evaluate our revenue streams and related internal controls. Since a majority of our revenue is derived from point of sale transactions, we do not believe the implementation of this standard will have a material impact on our consolidated financial statements. However, certain areas of our consolidated financial statements that will be impacted include, but are not limited to, recognition of estimated breakage upon the sale of the Company’s gift cards and deferral of an estimated portion of revenue expected to be redeemed in the future through Casey’s pizza box tops and punch card programs. We expect the impact of such changes to be immaterial to the consolidated financial statements. The Company expects to adopt the new standard using the full retrospective method beginning May 1, 2018 and will further disclose the impact to the financial statements at that point. In April 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30) , which provided guidance on the presentation of debt issuance costs. The new standard required that debt issuance costs be recorded as a reduction from the face amount of the related debt, with amortization recorded as interest expense, rather than recording as a deferred asset. The Company adopted this standard in the quarter ended July 31, 2016, retrospectively to all prior periods. The adoption of this standard did not have a material impact on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The goal of the update was to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update was effective for the Company beginning May 1, 2017 with early adoption permitted. The Company elected to early adopt this standard in the quarter ended July 31, 2016. See Footnote 4 for further discussion of the impact of adoption. ASU No 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting was issued in March 2016 and early adopted by the Company in the first quarter of fiscal 2017. ASU 2016-09 eliminates the requirement to estimate and apply a forfeiture rate to reduce stock compensation expense during the vesting period, and instead, provides an alternative option to account for forfeitures as they occur, which is the option the Company adopted. ASU 2016-09 requires that this change be adopted using the modified retrospective approach. The adoption of this section had no material impact on the financial statements. Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. The standard requires presentation of excess tax benefits as an operating activity (combined with other income tax cash flows) on the statement of cash flows rather than as a financing activity. We adopted this change prospectively during the first quarter of 2017. ASU 2016-09 also requires the presentation of amounts withheld for applicable income taxes on employee share-based awards as a financing activity on the statement of cash flows. This adoption is reflected in the cash flow statement on a retrospective basis, which resulted in an increase in net cash used in financing activities and an increase in net cash provided by operating activities of $4,975 and $3,339 for the periods ended April 30, 2016 and April 30, 2015 , respectively. ASU No 2016-09 also eliminates additional paid in capital ("APIC") pools and requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. This requirement is to be adopted prospectively by the Company. The impact of this section of the standard was a benefit of $3,046 to income tax expense for the first quarter of fiscal 2017. In addition, the ASU requires that the excess tax benefit be removed from the overall calculation of diluted shares. The impact on diluted earnings per share of this adoption was not material. Finally, modified retrospective adoption of ASC 2016-09 eliminates the requirement that excess tax benefits be realized (i.e. through a reduction in income taxes payable) before they are recognized. The adoption of this portion of the standard had no impact on the financial statements. |
Significant Accounting Polici21
Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of the Inventory Values | Below is a summary of the inventory values at April 30, 2017 and 2016 : Fiscal 2017 Fiscal 2016 Fuel $ 60,833 $ 57,840 Merchandise 140,811 147,148 Total inventory $ 201,644 $ 204,988 |
Depreciation of Property and Equipment and Amortization of Capital Lease Assets | Depreciation of property and equipment and amortization of capital lease assets are computed principally by the straight-line method over the following estimated useful lives: Buildings 25-40 years Machinery and equipment 5-30 years Leasehold interest in property and equipment 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, 2017 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price | Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2017 is as follows (in thousands): Assets acquired: Inventories $ 1,056 Property and equipment 20,283 Total assets 21,339 Liabilities assumed: Accrued expenses 106 Total liabilities 106 Net tangible assets acquired 21,233 Goodwill 4,240 Total consideration paid $ 25,473 |
Summary of Unaudited 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): Years Ended April 30, 2017 2016 Total revenue $ 7,540,386 $ 7,156,075 Net income $ 178,645 $ 227,124 Net income per common share Basic $ 4.57 $ 5.82 Diluted $ 4.51 $ 5.76 |
Fair Value of Financial Instr23
Fair Value of Financial Instruments and Long Term Debt (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Value of Long-Term Debt | The Company’s long-term debt at carrying amount by issuance is as follows: As of April 30, 2017 2016 Capitalized lease obligations discounted at 3.70% to 6.00% due in various monthly installments through 2048 (Note 7) $ 8,777 $ 9,244 5.72% Senior notes due in 14 installments beginning September 30, 2012 and ending March 30, 2020 45,000 60,000 5.22% Senior notes due August 9, 2020 569,000 569,000 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 — 3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 — 922,777 838,244 Less current maturities 15,421 15,375 $ 907,356 $ 822,869 |
Schedule of Maturities of Long-term Debt Including Capitalized Lease Obligations | Listed below are the aggregate maturities of long-term debt, including capitalized lease obligations, for the 5 years commencing May 1, 2017 and thereafter: Years ended April 30, Capital Leases Senior Notes Total 2018 $ 421 $ 15,000 $ 15,421 2019 444 15,000 15,444 2020 468 15,000 15,468 2021 494 569,000 569,494 2022 455 — 455 Thereafter 6,495 300,000 306,495 $ 8,777 $ 914,000 $ 922,777 |
Preferred and Common Stock (Tab
Preferred and Common Stock (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Stock and Restricted Stock Unit Grants | The following table summarizes the most recent compensation grants made during the three-year period ended April 30, 2017 : Date of Grant Type of Grant Shares Granted Recipients Vesting Date Fair Value at Grant Date June 6, 2014 Restricted Stock Units 91,000 Officers & Key employees June 6, 2017 $6,584 June 6, 2014 Restricted Stock 30,538 Officers & Key employees Immediate (Annual performance goal) $2,209 September 19, 2014 Restricted Stock 13,955 Non-employee board members Immediate $990 June 5, 2015 Restricted Stock Units 104,200 Officers & Key employees June 5, 2018 $9,135 June 5, 2015 Restricted Stock 48,913 Officers & Key employees Immediate (Annual performance goal) $4,288 September 18, 2015 Restricted Stock 7,748 Non-employee board members Immediate $856 April 12, 2016 Restricted Stock Units 10,000 CEO 20% each May 1, 2017-2021 $1,060 June 3, 2016 Restricted Stock Units 111,150 Officers & Key employees June 3, 2019 $13,849 June 3, 2016 Restricted Stock 40,996 Officers & Key employees Immediate (Annual performance goal) $5,108 September 16, 2016 Restricted Stock 8,941 Non-employee board members Immediate $1,064 |
Schedule of Stock Options Activity | Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table: Number of option shares Weighted average option exercise price Outstanding at April 30, 2014 712,024 $ 36.73 Granted — — Exercised (310,224 ) 36.96 Forfeited — — Outstanding at April 30, 2015 401,800 $ 36.55 Granted — — Exercised (108,100 ) 34.37 Forfeited (2,500 ) 25.26 Outstanding at April 30, 2016 291,200 $ 37.46 Granted — — Exercised (69,150 ) 34.08 Forfeited — — Outstanding at April 30, 2017 222,050 $ 38.51 |
Schedule of Shares Outstanding and Weighted-Average Remaining Contractual Life by Exercise Range | The number of shares and weighted average remaining contractual life of the options by range of applicable exercise prices at April 30, 2017 were as follows: Range of exercise prices Number of shares Weighted average exercise price Weighted average remaining contractual life (years) 25.26-25.49 62,350 25.28 2.2 26.51-26.92 6,500 26.73 0.6 44.39 153,200 44.39 4.2 222,050 |
Schedule of Restricted Stock Units Award Activity | Information concerning the issuance of restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2014 148,546 Granted 91,000 Vested (38,198 ) Forfeited (7,418 ) Unvested at April 30, 2015 193,930 Granted 114,200 Vested (31,480 ) Forfeited (3,750 ) Unvested at April 30, 2016 272,900 Granted 111,150 Vested (73,000 ) Forfeited (7,650 ) Unvested at April 30, 2017 303,400 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
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, 2017 2016 2015 Basic Net income $ 177,485 $ 225,982 $ 180,628 Weighted average shares outstanding-basic 39,124,665 39,016,299 38,743,227 Basic earnings per common share $ 4.54 $ 5.79 $ 4.66 Diluted Net income $ 177,485 $ 225,982 $ 180,628 Weighted-average shares outstanding-basic 39,124,665 39,016,299 38,743,227 Plus effect of stock options and restricted stock units 454,333 405,900 360,606 Weighted-average shares outstanding-diluted 39,578,998 39,422,199 39,103,833 Diluted earnings per common share $ 4.48 $ 5.73 $ 4.62 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
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, 2017 2016 2015 Current tax expense Federal $ 41,300 $ 58,273 $ 49,593 State 5,693 8,959 7,093 46,993 67,232 56,686 Deferred tax expense 45,190 55,492 44,711 Total income tax expense $ 92,183 $ 122,724 $ 101,397 |
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, 2017 2016 Deferred tax assets Accrued liabilities and reserves $ 10,948 $ 11,522 Property and equipment depreciation 16,604 15,914 Workers compensation 10,934 10,540 Deferred compensation 5,916 6,696 Equity compensation 6,923 5,186 State net operating losses & tax credits 938 973 Other 1,275 1,582 Total gross deferred tax assets 53,538 52,413 Less valuation allowance 60 84 Total net deferred tax assets 53,478 52,329 Deferred tax liabilities Property and equipment depreciation (468,470 ) (425,586 ) Goodwill (25,052 ) (21,677 ) Other (80 ) — Total gross deferred tax liabilities (493,602 ) (447,263 ) Net deferred tax liability $ (440,124 ) $ (394,934 ) |
Schedule of Effective Income Tax Rate Reconciliation | Years ended April 30, 2017 2016 2015 Income taxes at the statutory rates 35.0 % 35.0 % 35.0 % Federal tax credits (1.8 )% (1.7 )% (1.7 )% State income taxes, net of federal tax benefit 2.8 % 2.7 % 3.1 % ASU 2016-09 Benefit (share based compensation) (1.3 )% — % — % Other (0.5 )% (0.8 )% (0.4 )% 34.2 % 35.2 % 36.0 % |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 Beginning balance $ 6,484 $ 8,043 Additions based on tax positions related to current year 1,705 1,084 Additions for tax positions of prior years — 26 Reductions for tax positions of prior years — — Reductions due to lapse of applicable statute of limitations (2,827 ) (2,669 ) Settlements — — Ending balance $ 5,362 $ 6,484 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Leases [Abstract] | |
Schedule of Capital Leased Assets | The following is an analysis of the leased property under capital leases by major classes: Asset balances at April 30, 2017 2016 Real estate $ 13,480 $ 13,480 Equipment 2,693 2,564 16,173 16,044 Less accumulated amortization 7,039 6,365 $ 9,134 $ 9,679 |
Schedule Of Future Minimum Payments For Capital Leases And Noncancelable Operating Leases | Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at April 30, 2017 : Years ended April 30, Capital leases Operating leases 2018 $ 900 $ 1,172 2019 907 1,001 2020 912 658 2021 908 523 2022 883 258 Thereafter 10,260 815 Total minimum lease payments 14,770 $ 4,427 Less amount representing interest 5,993 Present value of net minimum lease payments $ 8,777 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Year ended April 30, 2017 Q1 Q2 Q3 Q4 Year Total Total revenue Fuel $ 1,147,044 1,113,351 1,053,990 1,099,743 4,414,128 Grocery & other merchandise 566,174 544,799 476,309 500,068 2,087,349 Prepared food & fountain 243,655 248,345 228,278 233,150 953,430 Other 13,206 13,560 11,416 13,499 51,680 $ 1,970,079 1,920,055 1,769,993 1,846,460 7,506,587 Gross profit* Fuel $ 104,429 99,060 89,265 85,592 378,347 Grocery & other merchandise 179,127 174,590 148,099 155,374 657,190 Prepared food & fountain 153,052 156,329 140,869 143,774 594,024 Other 13,187 13,539 11,396 13,479 51,600 $ 449,795 443,518 389,629 398,219 1,681,161 Net income $ 67,392 57,180 22,835 30,078 177,485 Income per common share Basic 1.72 1.46 0.58 0.77 4.54 Diluted 1.70 1.44 0.58 0.76 4.48 Year ended April 30, 2016 Q1 Q2 Q3 Q4 Year Total Total revenue Fuel $ 1,286,241 1,166,736 888,744 873,081 4,214,802 Grocery & other merchandise 526,620 516,578 453,388 477,487 1,974,073 Prepared food & fountain 223,381 229,388 209,595 218,349 880,713 Other 12,350 11,898 14,213 14,037 52,498 $ 2,048,592 1,924,600 1,565,940 1,582,954 7,122,086 Gross profit* Fuel $ 87,681 122,690 85,460 85,828 381,659 Grocery & other merchandise 171,549 162,904 141,482 153,299 629,234 Prepared food & fountain 139,679 145,513 130,027 135,073 550,292 Other 12,333 11,883 14,200 14,020 52,436 $ 411,242 442,990 371,169 388,220 1,613,621 Net income $ 61,806 79,033 38,099 47,044 225,982 Income per common share Basic 1.59 2.03 0.98 1.20 5.79 Diluted 1.57 2.00 0.97 1.19 5.73 * Gross profit is given before charge for depreciation and amortization and credit card fees. |
Significant Accounting Polici29
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017USD ($)peoplestatesegmentmerchandise_categorystore | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Number of stores | store | 1,978 | ||
Number of states in which entity operates | state | 15 | ||
Population of communities (many less than) | people | 5,000 | ||
Concentration Risk | |||
Excess of current cost over the stated LIFO Value | $ 65,593 | $ 58,432 | |
Goodwill | 132,806 | 128,566 | |
Asset impairment charges | 705 | 1,625 | $ 1,785 |
Recorded asset retirement obligation (net of amortization) | 10,421 | 9,788 | |
Discounted liability of asset retirement obligation | 15,899 | 14,975 | |
Self-insurance reserves | $ 37,984 | 35,535 | |
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Number of merchandise categories | merchandise_category | 3 | ||
Fuel | |||
Concentration Risk | |||
Excise taxes collected | $ 866,000 | $ 818,000 | $ 715,000 |
Fuel | Retail Sales | |||
Concentration Risk | |||
Concentration risk percentage | 59.00% | ||
Grocery & other merchandise | Retail Sales | |||
Concentration Risk | |||
Concentration risk percentage | 28.00% | ||
Prepared food & fountain | Retail Sales | |||
Concentration Risk | |||
Concentration risk percentage | 13.00% |
Significant Accounting Polici30
Significant Accounting Policies - Summary of the Inventory Values (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Inventory | ||
Inventory | $ 201,644 | $ 204,988 |
Fuel | ||
Inventory | ||
Inventory | 60,833 | 57,840 |
Merchandise | ||
Inventory | ||
Inventory | $ 140,811 | $ 147,148 |
Significant Accounting Polici31
Significant Accounting Policies - Depreciation of Property and Equipment and Amortization of Capital Lease Assets (Details) | 12 Months Ended |
Apr. 30, 2017 | |
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 | 30 years |
Acquisitions (Details)
Acquisitions (Details) | 12 Months Ended |
Apr. 30, 2017store | |
Business Combinations [Abstract] | |
Number of stores acquired | 22 |
Number of stores opened | 18 |
Number of stores expected to open in next fiscal year | 4 |
Goodwill deductible for income tax purposes period (in years) | 15 years |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Liabilities assumed: | ||
Goodwill | $ 132,806 | $ 128,566 |
Series of Individually Immaterial Business Acquisitions | ||
Assets acquired: | ||
Inventories | 1,056 | |
Property and equipment | 20,283 | |
Total assets | 21,339 | |
Liabilities assumed: | ||
Accrued expenses | 106 | |
Total liabilities | 106 | |
Net tangible assets acquired | 21,233 | |
Goodwill | 4,240 | |
Total consideration paid | $ 25,473 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Business Combinations [Abstract] | ||
Total revenue | $ 7,540,386 | $ 7,156,075 |
Net income | $ 178,645 | $ 227,124 |
Net income per common share | ||
Basic (in Dollars per share) | $ 4.57 | $ 5.82 |
Diluted (in Dollars per share) | $ 4.51 | $ 5.76 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments and Long Term Debt (Details) | 12 Months Ended | ||
Apr. 30, 2017USD ($)note | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | |
Debt Instrument | |||
Long-term debt and capital lease obligations | $ 941,000,000 | $ 887,000,000 | |
Number of promissory notes | note | 2 | ||
Amount outstanding at period end | $ 900,000 | 0 | |
Interest income | 588,000 | 157,000 | $ 158,000 |
Capitalized interest | 1,470,000 | 1,134,000 | $ 1,209,000 |
Note1 And Note 2 | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 100,000,000 | ||
Note 1 | |||
Debt Instrument | |||
Principal amount of each note | $ 50,000,000 | ||
Interest over variable Index | 0.75% | ||
Note 2 | |||
Debt Instrument | |||
Principal amount of each note | $ 50,000,000 | ||
Interest over variable Index | 1.00% |
Fair Value of Financial Instr36
Fair Value of Financial Instruments and Long Term Debt - Carrying Value of Long-term Debt (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017USD ($)installment_payment | Apr. 30, 2016USD ($)installment_payment | |
Debt Instrument | ||
Long-term debt | $ 922,777 | $ 838,244 |
Less current maturities | 15,421 | 15,375 |
Long-term debt, net of current maturities | 907,356 | 822,869 |
Capital Lease Obligations | ||
Debt Instrument | ||
Capitalized lease obligations | 8,777 | $ 9,244 |
Long-term debt | $ 8,777 | |
Capital Lease Obligations | Minimum | ||
Debt Instrument | ||
Discount rate | 3.70% | 3.70% |
Capital Lease Obligations | Maximum | ||
Debt Instrument | ||
Discount rate | 6.00% | 6.00% |
Senior Notes | ||
Debt Instrument | ||
Long-term debt | $ 914,000 | |
Senior Notes | 5.72% Senior notes due in 14 installments beginning September 30, 2012 and ending March 30, 2020 | ||
Debt Instrument | ||
Long-term debt | $ 45,000 | $ 60,000 |
Interest rate | 5.72% | 5.72% |
Number of payments | installment_payment | 14 | 14 |
Senior Notes | 5.22% Senior notes due August 9, 2020 | ||
Debt Instrument | ||
Long-term debt | $ 569,000 | $ 569,000 |
Interest rate | 5.22% | 5.22% |
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 |
Interest rate | 3.67% | 3.67% |
Number of payments | installment_payment | 7 | 7 |
Senior Notes | 3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 | ||
Debt Instrument | ||
Long-term debt | $ 50,000 | $ 50,000 |
Interest rate | 3.75% | 3.75% |
Number of payments | installment_payment | 7 | 7 |
Senior Notes | 3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 | ||
Debt Instrument | ||
Long-term debt | $ 50,000 | $ 0 |
Interest rate | 3.65% | |
Number of payments | installment_payment | 7 | |
Senior Notes | 3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 | ||
Debt Instrument | ||
Long-term debt | $ 50,000 | $ 0 |
Interest rate | 3.72% | |
Number of payments | installment_payment | 7 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments and Long Term Debt - Schedule of Maturities of Long-Term Debt Including Capitalizied Leases (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Debt Instrument | ||
2,018 | $ 15,421 | |
2,019 | 15,444 | |
2,020 | 15,468 | |
2,021 | 569,494 | |
2,022 | 455 | |
Thereafter | 306,495 | |
Long-term debt | 922,777 | $ 838,244 |
Capital Leases | ||
Debt Instrument | ||
2,018 | 421 | |
2,019 | 444 | |
2,020 | 468 | |
2,021 | 494 | |
2,022 | 455 | |
Thereafter | 6,495 | |
Long-term debt | 8,777 | |
Senior Notes | ||
Debt Instrument | ||
2,018 | 15,000 | |
2,019 | 15,000 | |
2,020 | 15,000 | |
2,021 | 569,000 | |
2,022 | 0 | |
Thereafter | 300,000 | |
Long-term debt | $ 914,000 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Shares issued of preferred stock (shares) | 0 | 0 | 0 | |||
Options outstanding (shares) | 222,050 | 222,050 | ||||
Aggregate intrinsic value of outstanding options | $ 16,335,000 | $ 16,335,000 | ||||
Aggregate intrinsic value of exercised options | $ 6,137,000 | |||||
Exercise price range floor (in Dollars per share) | $ 25.26 | |||||
Exercise price range ceiling (in Dollars per share) | $ 44.39 | |||||
Share-based compensation expense | $ 10,697,000 | $ 7,413,000 | $ 7,307,000 | |||
Net cash used in financing activities | (3,606,000) | (50,184,000) | (22,602,000) | |||
Net cash provided by operating activities | 459,273,000 | 472,386,000 | 348,645,000 | |||
Income tax benefit from share-based compensation | $ 3,046,000 | |||||
Share repurchase program authorized amount | $ 300,000,000 | $ 300,000,000 | ||||
Share repurchase program period in force | 2 years | |||||
Common stock shares repurchased (shares) | 443,800 | 443,800 | ||||
Repurchase of common stock | $ 49,400,000 | $ 49,374,000 | ||||
Remaining authorized repurchase amount | $ 250,600,000 | $ 250,600,000 | ||||
Accounting Standards Update 2016-09 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Net cash used in financing activities | $ 4,975,000 | |||||
Net cash provided by operating activities | $ 3,339,000 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Reduction in available shares per stock option issued (shares) | 1 | 1 | ||||
Options outstanding (shares) | 222,050 | 222,050 | 291,200 | 401,800 | 712,024 | |
Weighted average remaining contractual life (years) | 3 years 5 months 27 days | |||||
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 | 2 | ||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Reduction in available shares per restricted stock or restricted stock unit issued (shares) | 2 | 2 | ||||
2009 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Shares available for grant under the Plan (shares) | 3,250,062 | 3,250,062 | ||||
Unrecognized compensation costs | $ 12,693,000 | $ 12,693,000 | ||||
Preferred Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Authorized shares of preferred stock (shares) | 1,000,000 | 1,000,000 | ||||
Shares issued of preferred stock (shares) | 0 | 0 | ||||
Series A Preferred Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Authorized shares of preferred stock (shares) | 250,000 | 250,000 | ||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Authorized shares of common stock (shares) | 120,000,000 | 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 | Sep. 16, 2016 | Jun. 03, 2016 | Apr. 12, 2016 | Sep. 18, 2015 | Jun. 05, 2015 | Sep. 19, 2014 | Jun. 06, 2014 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 |
Restricted Stock Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Shares Granted | 111,150 | 114,200 | 91,000 | |||||||
Officers & Key employees | 2009 Stock Incentive Plan | Restricted Stock Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Shares Granted | 111,150 | 104,200 | 91,000 | |||||||
Fair Value at Grant Date | $ 13,849 | $ 9,135 | $ 6,584 | |||||||
Officers & Key employees | 2009 Stock Incentive Plan | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Shares Granted | 40,996 | 48,913 | 30,538 | |||||||
Fair Value at Grant Date | $ 5,108 | $ 4,288 | $ 2,209 | |||||||
Non-employee board members | 2009 Stock Incentive Plan | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Shares Granted | 8,941 | 7,748 | 13,955 | |||||||
Fair Value at Grant Date | $ 1,064 | $ 856 | $ 990 | |||||||
CEO | 2009 Stock Incentive Plan | Restricted Stock Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Shares Granted | 10,000 | |||||||||
Fair Value at Grant Date | $ 1,060 | |||||||||
CEO | 2009 Stock Incentive Plan | Restricted Stock Units | Awards to Vest May 1, 2017 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting percentage | 20.00% | |||||||||
CEO | 2009 Stock Incentive Plan | Restricted Stock Units | Awards to Vest May 1, 2018 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting percentage | 20.00% | |||||||||
CEO | 2009 Stock Incentive Plan | Restricted Stock Units | Awards to Vest May 1, 2019 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting percentage | 20.00% | |||||||||
CEO | 2009 Stock Incentive Plan | Restricted Stock Units | Awards to Vest May 1, 2020 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting percentage | 20.00% | |||||||||
CEO | 2009 Stock Incentive Plan | Restricted Stock Units | Awards to Vest May 1, 2021 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||||
Vesting percentage | 20.00% |
Preferred and Common Stock - Sc
Preferred and Common Stock - Schedule of Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Number of option shares | |||
Ending balance (in shares) | 222,050 | ||
Stock Options | |||
Number of option shares | |||
Beginning balance (in shares) | 291,200 | 401,800 | 712,024 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (69,150) | (108,100) | (310,224) |
Forfeited (in shares) | 0 | (2,500) | 0 |
Ending balance (in shares) | 222,050 | 291,200 | 401,800 |
Weighted average option exercise price | |||
Beginning balance (in Dollars per share) | $ 37.46 | $ 36.55 | $ 36.73 |
Granted (in Dollars per share) | 0 | 0 | 0 |
Exercised (in Dollars per share) | 34.08 | 34.37 | 36.96 |
Forfeited (in Dollars per share) | 0 | 25.26 | 0 |
Ending balance (in Dollars per share) | $ 38.51 | $ 37.46 | $ 36.55 |
Preferred and Common Stock - 41
Preferred and Common Stock - Schedule of Shares Outstanding and Weighted-Average Remaining Contractual Life by Exercise Range (Details) - $ / shares | 12 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Exercise price range floor (in Dollars per share) | $ 25.26 | |||
Exercise price range ceiling (in Dollars per share) | $ 44.39 | |||
Number of shares | 222,050 | |||
25.26-25.49 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Exercise price range floor (in Dollars per share) | $ 25.26 | |||
Exercise price range ceiling (in Dollars per share) | 25.49 | |||
26.51-26.92 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Exercise price range floor (in Dollars per share) | 26.51 | |||
Exercise price range ceiling (in Dollars per share) | 26.92 | |||
44.39 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Exercise price range floor (in Dollars per share) | 44.39 | |||
Exercise price range ceiling (in Dollars per share) | $ 44.39 | |||
Stock Options | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Number of shares | 222,050 | 291,200 | 401,800 | 712,024 |
Weighted average exercise price (in Dollars per share) | $ 38.51 | $ 37.46 | $ 36.55 | $ 36.73 |
Weighted average remaining contractual life (years) | 3 years 5 months 27 days | |||
Stock Options | 25.26-25.49 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Number of shares | 62,350 | |||
Weighted average exercise price (in Dollars per share) | $ 25.28 | |||
Weighted average remaining contractual life (years) | 2 years 1 month 26 days | |||
Stock Options | 26.51-26.92 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Number of shares | 6,500 | |||
Weighted average exercise price (in Dollars per share) | $ 26.73 | |||
Weighted average remaining contractual life (years) | 6 months 19 days | |||
Stock Options | 44.39 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||||
Number of shares | 153,200 | |||
Weighted average exercise price (in Dollars per share) | $ 44.39 | |||
Weighted average remaining contractual life (years) | 4 years 2 months 1 day |
Preferred and Common Stock - 42
Preferred and Common Stock - Schedule of Restricted Stock Units Award Activity (Details) - Restricted Stock Units - shares | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Number of restricted stock units | |||
Beginning balance (in shares) | 272,900 | 193,930 | 148,546 |
Granted (in shares) | 111,150 | 114,200 | 91,000 |
Vested (in shares) | (73,000) | (31,480) | (38,198) |
Forfeited (in shares) | (7,650) | (3,750) | (7,418) |
Ending balance (in shares) | 303,400 | 272,900 | 193,930 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Basic | |||||||||||
Net income | $ 30,078 | $ 22,835 | $ 57,180 | $ 67,392 | $ 47,044 | $ 38,099 | $ 79,033 | $ 61,806 | $ 177,485 | $ 225,982 | $ 180,628 |
Weighted average shares outstanding-basic (shares) | 39,124,665 | 39,016,299 | 38,743,227 | ||||||||
Basic earnings per common share (in Dollars per share) | $ 0.77 | $ 0.58 | $ 1.46 | $ 1.72 | $ 1.20 | $ 0.98 | $ 2.03 | $ 1.59 | $ 4.54 | $ 5.79 | $ 4.66 |
Diluted | |||||||||||
Plus effect of stock options and restricted stock units (shares) | 454,333 | 405,900 | 360,606 | ||||||||
Weighted-average shares outstanding-diluted (shares) | 39,578,998 | 39,422,199 | 39,103,833 | ||||||||
Diluted earnings per common share (in Dollars per share) | $ 0.76 | $ 0.58 | $ 1.44 | $ 1.70 | $ 1.19 | $ 0.97 | $ 2 | $ 1.57 | $ 4.48 | $ 5.73 | $ 4.62 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Current tax expense | |||
Federal | $ 41,300 | $ 58,273 | $ 49,593 |
State | 5,693 | 8,959 | 7,093 |
Current income tax expense (benefit) | 46,993 | 67,232 | 56,686 |
Deferred tax expense | 45,190 | 55,492 | 44,711 |
Total income tax expense | $ 92,183 | $ 122,724 | $ 101,397 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Operating loss carryforwards | $ 61,154 | |||
Alternative minimum tax credit carryforwards | 7 | |||
Valuation allowance | 60 | $ 84 | ||
Valuation allowance, increase (decrease) | (24) | (144) | ||
Unrecognized tax benefits | 5,362 | 6,484 | $ 8,043 | |
Unrecognized tax benefits that would impact effective tax rate | 3,522 | |||
Increase (decrease) in unrecognized tax benefits | (1,122) | |||
Accrued interest and penalties | 141 | 217 | ||
Increase in tax expense | (76) | $ 65 | ||
Decrease in unrecognized tax benefits is reasonable possible | $ 1,242 | |||
Income tax benefit from share-based compensation | $ 3,046 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Deferred tax assets | ||
Accrued liabilities and reserves | $ 10,948 | $ 11,522 |
Property and equipment depreciation | 16,604 | 15,914 |
Workers compensation | 10,934 | 10,540 |
Deferred compensation | 5,916 | 6,696 |
Equity compensation | 6,923 | 5,186 |
State net operating losses & tax credits | 938 | 973 |
Other | 1,275 | 1,582 |
Total gross deferred tax assets | 53,538 | 52,413 |
Less valuation allowance | 60 | 84 |
Total net deferred tax assets | 53,478 | 52,329 |
Deferred tax liabilities | ||
Property and equipment depreciation | (468,470) | (425,586) |
Goodwill | (25,052) | (21,677) |
Other | (80) | 0 |
Total gross deferred tax liabilities | (493,602) | (447,263) |
Net deferred tax liability | $ (440,124) | $ (394,934) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at the statutory rates | 35.00% | 35.00% | 35.00% |
Federal tax credits | (1.80%) | (1.70%) | (1.70%) |
State income taxes, net of federal tax benefit | 2.80% | 2.70% | 3.10% |
ASU 2016-09 Benefit (share based compensation) | (1.30%) | 0.00% | 0.00% |
Other | (0.50%) | (0.80%) | (0.40%) |
Effective income tax rate | 34.20% | 35.20% | 36.00% |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 6,484 | $ 8,043 |
Additions based on tax positions related to current year | 1,705 | 1,084 |
Additions for tax positions of prior years | 0 | 26 |
Reductions for tax positions of prior years | 0 | 0 |
Reductions due to lapse of applicable statute of limitations | (2,827) | (2,669) |
Settlements | 0 | 0 |
Ending balance | $ 5,362 | $ 6,484 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Capital Leased Assets | |||
Rent expense under operating leases | $ 1,936 | $ 1,862 | $ 1,961 |
Minimum | Capital Lease Obligations | |||
Capital Leased Assets | |||
Capital lease term | 5 years | ||
Maximum | Capital Lease Obligations | |||
Capital Leased Assets | |||
Capital lease term | 20 years |
Leases - Schedule of Capital Le
Leases - Schedule of Capital Leased Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Capital Leased Assets | ||
Gross capital leased assets | $ 16,173 | $ 16,044 |
Less accumulated amortization | 7,039 | 6,365 |
Net capital leased assets | 9,134 | 9,679 |
Real Estate | ||
Capital Leased Assets | ||
Gross capital leased assets | 13,480 | 13,480 |
Equipment | ||
Capital Leased Assets | ||
Gross capital leased assets | $ 2,693 | $ 2,564 |
Leases - Schedule Of Future Min
Leases - Schedule Of Future Minimum Payments For Capital Leases And Noncancelable Operating Leases (Details) $ in Thousands | Apr. 30, 2017USD ($) |
Capital leases | |
2,018 | $ 900 |
2,019 | 907 |
2,020 | 912 |
2,021 | 908 |
2,022 | 883 |
Thereafter | 10,260 |
Total minimum lease payments | 14,770 |
Less amount representing interest | 5,993 |
Present value of net minimum lease payments | 8,777 |
Operating leases | |
2,018 | 1,172 |
2,019 | 1,001 |
2,020 | 658 |
2,021 | 523 |
2,022 | 258 |
Thereafter | 815 |
Total minimum lease payments | $ 4,427 |
Benefit Plans (Details)
Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017USD ($)employeeexecutiveshares | Apr. 30, 2016USD ($)shares | Apr. 30, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Number of individuals with deferred compensation agreements | employee | 3 | ||
Accrued deferred compensation liability | $ 3,825 | $ 4,043 | |
Expected future payments, 2018 | 507 | ||
Expected future payments, 2019 | 457 | ||
Expected future payments, 2020 | 432 | ||
Expected future payments, 2021 | 432 | ||
Expected future payments, 2022 | 432 | ||
Deferred compensation expense incurred | 370 | 238 | $ 219 |
Other Postretirement Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Employer discretionary contribution | $ 8,181 | $ 6,560 | 5,852 |
Common stock held by trustee of the 401K plan (shares) | shares | 1,401,764 | 1,419,841 | |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | |||
Number of executives covered under SERP | executive | 2 | ||
Annual benefit amount (percent of base compensation) | 50.00% | ||
Duration of benefits | 20 years | ||
Accrued deferred compensation liability | $ 4,737 | $ 5,230 | |
Discount rate | 4.00% | 3.80% | |
Pension and post-retirement expense incurred | $ 131 | $ 230 | $ 326 |
Expected future payments, 2018 | 625 | ||
Expected future payments, 2019 | 625 | ||
Expected future payments, 2020 | 625 | ||
Expected future payments, 2021 | 625 | ||
Expected future payments, 2022 | $ 625 |
Commitments (Details)
Commitments (Details) | 12 Months Ended |
Apr. 30, 2017USD ($)employee | |
Other Commitments | |
Number of other key employees covered by employment agreements | employee | 14 |
Minimum | |
Other Commitments | |
Compensation commitment | $ | $ 900,000 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017USD ($)lawsuitstate | Apr. 30, 2016USD ($) | |
Loss Contingency [Abstract] | ||
Accrued environmental liability | $ 283 | $ 341 |
Loss Contingencies | ||
Annual stop loss limit | 1,000 | |
Letters of credit outstanding | 21,126 | 20,115 |
Investments In escrow for insurance | $ 223 | |
Number of states that require partial self-insurance | state | 1 | |
Self-insurance reserves | $ 37,984 | $ 35,535 |
Motor Fuel Temperature Sales Practices (Hot Fuel) | ||
Loss Contingencies | ||
Number of lawsuits | lawsuit | 4 |
Subsequent Events (Details)
Subsequent Events (Details) - Senior Note - Subsequent Event | Jun. 13, 2017USD ($) |
3.51% Senior Notes Due June 13, 2025 | |
Subsequent Event [Line Items] | |
Debt issued | $ 150,000,000 |
Interest rate | 3.51% |
3.77% Senior Notes due August 22, 2028 | |
Subsequent Event [Line Items] | |
Debt issued | $ 250,000,000 |
Interest rate | 3.77% |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Total revenue | |||||||||||
Total revenue | $ 1,846,460 | $ 1,769,993 | $ 1,920,055 | $ 1,970,079 | $ 1,582,954 | $ 1,565,940 | $ 1,924,600 | $ 2,048,592 | $ 7,506,587 | $ 7,122,086 | $ 7,767,216 |
Gross profit | |||||||||||
Gross profit | 398,219 | 389,629 | 443,518 | 449,795 | 388,220 | 371,169 | 442,990 | 411,242 | 1,681,161 | 1,613,621 | 1,439,785 |
Net income | $ 30,078 | $ 22,835 | $ 57,180 | $ 67,392 | $ 47,044 | $ 38,099 | $ 79,033 | $ 61,806 | $ 177,485 | $ 225,982 | $ 180,628 |
Net income per common share | |||||||||||
Basic (in Dollars per share) | $ 0.77 | $ 0.58 | $ 1.46 | $ 1.72 | $ 1.20 | $ 0.98 | $ 2.03 | $ 1.59 | $ 4.54 | $ 5.79 | $ 4.66 |
Diluted (in Dollars per share) | $ 0.76 | $ 0.58 | $ 1.44 | $ 1.70 | $ 1.19 | $ 0.97 | $ 2 | $ 1.57 | $ 4.48 | $ 5.73 | $ 4.62 |
Fuel | |||||||||||
Total revenue | |||||||||||
Total revenue | $ 1,099,743 | $ 1,053,990 | $ 1,113,351 | $ 1,147,044 | $ 873,081 | $ 888,744 | $ 1,166,736 | $ 1,286,241 | $ 4,414,128 | $ 4,214,802 | |
Gross profit | |||||||||||
Gross profit | 85,592 | 89,265 | 99,060 | 104,429 | 85,828 | 85,460 | 122,690 | 87,681 | 378,347 | 381,659 | |
Grocery & other merchandise | |||||||||||
Total revenue | |||||||||||
Total revenue | 500,068 | 476,309 | 544,799 | 566,174 | 477,487 | 453,388 | 516,578 | 526,620 | 2,087,349 | 1,974,073 | |
Gross profit | |||||||||||
Gross profit | 155,374 | 148,099 | 174,590 | 179,127 | 153,299 | 141,482 | 162,904 | 171,549 | 657,190 | 629,234 | |
Prepared food & fountain | |||||||||||
Total revenue | |||||||||||
Total revenue | 233,150 | 228,278 | 248,345 | 243,655 | 218,349 | 209,595 | 229,388 | 223,381 | 953,430 | 880,713 | |
Gross profit | |||||||||||
Gross profit | 143,774 | 140,869 | 156,329 | 153,052 | 135,073 | 130,027 | 145,513 | 139,679 | 594,024 | 550,292 | |
Other | |||||||||||
Total revenue | |||||||||||
Total revenue | 13,499 | 11,416 | 13,560 | 13,206 | 14,037 | 14,213 | 11,898 | 12,350 | 51,680 | 52,498 | |
Gross profit | |||||||||||
Gross profit | $ 13,479 | $ 11,396 | $ 13,539 | $ 13,187 | $ 14,020 | $ 14,200 | $ 11,883 | $ 12,333 | $ 51,600 | $ 52,436 |