Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2017 | Nov. 30, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Caseys General Stores Inc, | |
Entity Central Index Key | 726,958 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 37,547,264 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 285,185 | $ 76,717 |
Receivables | 42,498 | 43,244 |
Inventories | 241,681 | 201,644 |
Prepaid expenses | 6,767 | 9,179 |
Income tax receivable | 97 | 19,901 |
Total current assets | 576,228 | 350,685 |
Other assets, net of amortization | 24,466 | 23,453 |
Goodwill | 137,319 | 132,806 |
Property and equipment, net of accumulated depreciation of $1,542,953 at October 31, 2017 and $1,496,472 at April 30, 2017 | 2,682,169 | 2,513,158 |
Total assets | 3,420,182 | 3,020,102 |
Current liabilities: | ||
Notes payable to bank | 0 | 900 |
Current maturities of long-term debt | 15,434 | 15,421 |
Accounts payable | 307,110 | 293,903 |
Accrued expenses | 145,085 | 136,322 |
Total current liabilities | 467,629 | 446,546 |
Long-term debt, net of current maturities | 1,299,626 | 907,356 |
Deferred income taxes | 461,667 | 440,124 |
Deferred compensation | 16,102 | 15,784 |
Other long-term liabilities | 20,826 | 19,672 |
Total liabilities | 2,265,850 | 1,829,482 |
Shareholders’ equity: | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 0 | 40,074 |
Retained earnings | 1,154,332 | 1,150,546 |
Total shareholders’ equity | 1,154,332 | 1,190,620 |
Total liabilities and shareholders' equity | $ 3,420,182 | $ 3,020,102 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) Balance Sheet Parenthetical - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 1,542,953 | $ 1,496,472 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Income Statement [Abstract] | |||||
Total revenue (a) | [1] | $ 2,153,745 | $ 1,920,055 | $ 4,247,484 | $ 3,890,134 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) (a) | [1] | 1,686,088 | 1,476,537 | 3,303,130 | 2,996,821 |
Operating expenses | 322,949 | 295,289 | 644,196 | 587,417 | |
Depreciation and amortization | 54,157 | 48,675 | 106,526 | 94,530 | |
Interest, net | 12,976 | 10,075 | 24,351 | 20,615 | |
Income before income taxes | 77,575 | 89,479 | 169,281 | 190,751 | |
Federal and state income taxes | 28,657 | 32,299 | 63,605 | 66,179 | |
Net income | $ 48,918 | $ 57,180 | $ 105,676 | $ 124,572 | |
Net income per common share | |||||
Basic (in dollars per share) | $ 1.29 | $ 1.46 | $ 2.77 | $ 3.18 | |
Diluted (in dollars per share) | $ 1.28 | $ 1.44 | $ 2.75 | $ 3.14 | |
Basic weighted average shares outstanding (in shares) | 37,804,649 | 39,189,804 | 38,108,105 | 39,177,746 | |
Plus effect of stock compensation (in shares) | 378,950 | 472,735 | 379,802 | 472,713 | |
Diluted weighted average shares outstanding (in shares) | 38,183,599 | 39,662,539 | 38,487,907 | 39,650,459 | |
Dividends declared per share (in dollars per share) | $ 0.26 | $ 0.24 | $ 0.52 | $ 0.48 | |
Excise taxes | $ 239,070 | $ 222,993 | $ 477,628 | $ 448,169 | |
[1] | Includes excise taxes of: $239,070, $222,993, $477,628, and $448,169 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity - 6 months ended Oct. 31, 2017 - USD ($) $ in Thousands | Total | Common stock | Retained earnings |
Beginning Balance (shares) at Apr. 30, 2017 | 38,765,821,000 | ||
Beginning Balance at Apr. 30, 2017 | $ 1,190,620 | $ 40,074 | $ 1,150,546 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income | 105,676 | ||
Dividends declared | (19,709) | (19,709) | |
Exercise of stock options (shares) | 10,225,000 | ||
Exercise of stock options | $ 298 | $ 298 | |
Repurchase of common stock (shares) | (1,228,562,000) | ||
Repurchase of common stock | $ (133,188) | $ (51,007) | (82,181) |
Stock based compensation (shares) | 65,337,000 | ||
Stock based compensation | 10,635 | $ 10,635 | |
Ending Balance (shares) at Oct. 31, 2017 | 37,612,821,000 | ||
Ending Balance at Oct. 31, 2017 | $ 1,154,332 | $ 0 | $ 1,154,332 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity Parenthetical | 6 Months Ended |
Oct. 31, 2017$ / shares | |
Retained earnings | |
Payment of dividends per share (in Dollars per share) | $ 0.52 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 105,676 | $ 124,572 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 106,526 | 94,530 |
Stock-based compensation | 13,700 | 4,948 |
Loss on disposal of assets and impairment charges | 1,091 | 294 |
Deferred income taxes | 21,543 | 19,839 |
Changes in assets and liabilities: | ||
Receivables | 746 | (5,229) |
Inventories | (39,035) | (2,854) |
Prepaid expenses | 2,412 | (1,952) |
Accounts payable | 69 | (3,239) |
Accrued expenses | 8,907 | (1,221) |
Income taxes | 20,604 | 13,238 |
Other, net | (676) | (2,842) |
Net cash provided by operating activities | 241,563 | 240,084 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (248,797) | (203,602) |
Payments for acquisition of businesses, net of cash acquired | (22,781) | (5,596) |
Proceeds from sales of property and equipment | 2,297 | 1,726 |
Net cash used in investing activities | (269,281) | (207,472) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 400,000 | 100,000 |
Repayments of long-term debt | (7,708) | (7,697) |
Net repayments of short-term debt | (900) | 0 |
Proceeds from exercise of stock options | 298 | 1,719 |
Payments of cash dividends | (19,235) | (17,988) |
Repurchase of common stock | (132,613) | 0 |
Tax withholdings on employee share-based awards | (3,656) | (6,448) |
Net cash provided by financing activities | 236,186 | 69,586 |
Net increase in cash and cash equivalents | 208,468 | 102,198 |
Cash and cash equivalents at beginning of the period | 76,717 | 75,775 |
Cash and cash equivalents at end of the period | 285,185 | 177,973 |
Cash paid during the period for: | ||
Interest, net of amount capitalized | 21,428 | 20,065 |
Income taxes, net | 21,414 | 33,038 |
Noncash investing and financing activities: | ||
Purchased property and equipment in accounts payable | 12,563 | 12,980 |
Shares repurchased in accounts payable | $ 575 | $ 0 |
Presentation of Financial State
Presentation of Financial Statements | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. (hereinafter referred to as the Company or Casey's) and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (including normal recurring accruals) necessary to present fairly the financial position as of October 31, 2017 and April 30, 2017 , and the results of operations for the three and six months ended October 31, 2017 and 2016 , and cash flows for the six months ended October 31, 2017 and 2016 . Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. See the Form 10-K for the year ended April 30, 2017 for our consideration of new accounting pronouncements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Oct. 31, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. |
Long-term Debt and Fair Value D
Long-term Debt and Fair Value Disclosure | 6 Months Ended |
Oct. 31, 2017 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Long-term Debt and Fair Value Disclosure | Long-Term Debt and Fair Value Disclosure On June 13, 2017, the Company issued $150 million aggregate principal amount of 3.51% Senior Notes due June 13, 2025, and on August 22, 2017, the Company issued $250 million aggregate principal amount of 3.77% Senior Notes due August 22, 2028. The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $1,320,000 and $941,000 at October 31, 2017 and April 30, 2017 , respectively. The Company has an aggregate $100,000 line of credit with $0 outstanding at October 31, 2017 and $900 outstanding at April 30, 2017 . |
Disclosure of Compensation Rela
Disclosure of Compensation Related Costs, Share Based Payments | 6 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share Based Payments | Disclosure of Compensation Related Costs, Share Based Payments The 2009 Stock Incentive Plan (the “ Plan ”), was approved by the Board 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 2,986,394 shares available for grant at October 31, 2017 . 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. 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 the 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 ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. The following table summarizes the most recent compensation grants as of October 31, 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 10,000 CEO 2,000 Shares each May 1st from 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 June 1, 2017 Restricted Stock Units 63,699 Key Employees June 15, 2020 $7,388 July 14, 2017 Restricted Stock Units *** 61,126 Officers June 15, 2020 $6,912 September 15, 2017 Restricted Stock 8,344 Non-employee board members Immediate $920 *** This grant of restricted stock units includes time-based, performance-based and market-based awards. The performance-based awards included in the figure above represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three -year performance period and will range from 0% to 200% of the “target". The market-based awards incorporate market conditions in determining fair value as of the grant date. Total market-based expense of approximately $2.6 million will be recognized on a straight-line basis over the vesting period, subject to retirement provisions. At October 31, 2017 , options for 211,825 shares (which expire between 2018 and 2021) were outstanding for the Plan and Prior Plans. 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, 2017 222,050 $ 38.51 Granted — — Exercised 10,225 29.10 Forfeited — — Outstanding at October 31, 2017 211,825 $ 38.96 At October 31, 2017 , all 211,825 outstanding options were vested, and had an aggregate intrinsic value of $16,016 and a weighted average remaining contractual life of 3.08 years . The aggregate intrinsic value for the total of all options exercised during the six months ended October 31, 2017 , was $815 . Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2017 303,400 Granted 124,825 Vested (87,600 ) Forfeited (1,344 ) Unvested at October 31, 2017 339,281 Total compensation costs recorded for the six months ended October 31, 2017 and 2016 , respectively, were $12,780 and $4,948 for the stock option, restricted stock, and restricted stock unit awards to employees. As of October 31, 2017 , there were no unrecognized compensation costs related to the Plan for stock options and $14,069 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2021. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 6 Months Ended |
Oct. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During the first six months of fiscal 2018 , the Company acquired 14 stores through a variety of single store and multi-store transactions with several unrelated third parties. 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 is as follows: Assets Acquired: Inventories & other assets $ 1,028 Land, property and equipment 17,240 Total Assets 18,268 Liabilities Assumed: Accrued expenses — Net tangible assets acquired, net of cash 18,268 Goodwill and other intangible assets 4,513 Total consideration paid, net of cash acquired $ 22,781 The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis. 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): Six months ended 2017 2016 Total revenues $ 4,266,959 $ 3,916,012 Net earnings $ 106,209 $ 125,401 Earnings per common share: Basic $ 2.79 $ 3.20 Diluted $ 2.76 $ 3.16 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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.” A hearing to consider whether the previously-reported settlement involving the Company was fair, reasonable and adequate was conducted on June 9, 2015, and on August 21, 2015, the District Court approved the same. A hearing was held on November 19, 2015 with regard to the attorneys’ fee award for plaintiffs’ counsel, and an order awarding fees was filed by the Court on February 17, 2016. On November 17, 2016, an oral argument was held before the 10th Circuit Court of Appeals generally regarding appeals based on the fairness of various proposed settlement provisions. A ruling from the 10th Circuit was entered on August 23, 2017 which affirmed the settlement. The District Court approved settlement includes, but is not limited to, the commitment on the part of the Company to "sticker" certain information on its gasoline pumps and to make a monetary payment (which is not considered to be material in amount) to the plaintiff class. However, the settlement will not be considered final until the time for all appeals has expired. 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 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 compensatory or exemplary damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations. |
Unrecognized Tax Benefits
Unrecognized Tax Benefits | 6 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $5,362 at April 30, 2017 . At October 31, 2017 , gross unrecognized tax benefits were $6,464 . If this unrecognized tax benefit were ultimately recognized, $ 4,238 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $ 186 at October 31, 2017 , and $ 141 at April 30, 2017 . Net interest and penalties included in income tax expense for the six months ended October 31, 2017 , was a net expense of $ 45 , with a net expense of $ 72 for the same period in 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 Kansas is examining tax years 2013-2015. Additionally, the IRS is currently examining tax year 2012. The Company has no other ongoing federal or state income tax examinations. The Company currently does not have any outstanding litigation related to tax matters. At this time, management believes it is reasonably possible the aggregate amount of unrecognized tax benefits will decrease by approximately $ 1,242 within the next twelve months. This expected decrease is due to the expiration of the statute of limitations related to certain federal and state income tax filing positions. The federal statute of limitations remains open for the tax years 2012 and forward. Tax years 2012 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As of October 31, 2017 we operated 2,003 stores in 15 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment. Our stores sell similar products and services, and use similar processes to sell those products and services directly to the general public. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and other merchandise, and prepared food and fountain because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. |
Revenue Recognition | The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. |
Disclosure of Compensation Re18
Disclosure of Compensation Related Costs, Share Based Payments (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Grants | The following table summarizes the most recent compensation grants as of October 31, 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 10,000 CEO 2,000 Shares each May 1st from 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 June 1, 2017 Restricted Stock Units 63,699 Key Employees June 15, 2020 $7,388 July 14, 2017 Restricted Stock Units *** 61,126 Officers June 15, 2020 $6,912 September 15, 2017 Restricted Stock 8,344 Non-employee board members Immediate $920 *** This grant of restricted stock units includes time-based, performance-based and market-based awards. The performance-based awards included in the figure above represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three -year performance period and will range from 0% to 200% of the “target". |
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, 2017 222,050 $ 38.51 Granted — — Exercised 10,225 29.10 Forfeited — — Outstanding at October 31, 2017 211,825 $ 38.96 |
Schedule of Restricted Stock Units Award Activity | Information concerning the unvested restricted stock units under the Plan is presented in the following table: Unvested at April 30, 2017 303,400 Granted 124,825 Vested (87,600 ) Forfeited (1,344 ) Unvested at October 31, 2017 339,281 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Business Combinations [Abstract] | |
Allocation of purchase price | Allocation of the purchase price for the transactions in aggregate is as follows: Assets Acquired: Inventories & other assets $ 1,028 Land, property and equipment 17,240 Total Assets 18,268 Liabilities Assumed: Accrued expenses — Net tangible assets acquired, net of cash 18,268 Goodwill and other intangible assets 4,513 Total consideration paid, net of cash acquired $ 22,781 |
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): Six months ended 2017 2016 Total revenues $ 4,266,959 $ 3,916,012 Net earnings $ 106,209 $ 125,401 Earnings per common share: Basic $ 2.79 $ 3.20 Diluted $ 2.76 $ 3.16 |
Long-term Debt and Fair Value20
Long-term Debt and Fair Value Disclosure (Details) - USD ($) | Oct. 31, 2017 | Aug. 22, 2017 | Jun. 13, 2017 | Apr. 30, 2017 |
Debt Instrument | ||||
Fair value of long-term debt | $ 1,320,000,000 | $ 941,000,000 | ||
Line of Credit | ||||
Debt Instrument | ||||
Maximum borrowing capacity | 100,000,000 | |||
Fair value of amount outstanding | $ 0 | $ 900,000 | ||
3.51% Senior Notes Due June 13, 2025 | Senior Notes | ||||
Debt Instrument | ||||
Debt instrument, face amount | $ 150,000,000 | |||
Debt instrument, interest rate, stated percentage | 3.51% | |||
3.77% Senior Notes due August 22, 2028 [Member] | Senior Notes | ||||
Debt Instrument | ||||
Debt instrument, face amount | $ 250,000,000 | |||
Debt instrument, interest rate, stated percentage | 3.77% |
Disclosure of Compensation Re21
Disclosure of Compensation Related Costs, Share Based Payments (Details) - 2009 Stock Incentive Plan - USD ($) | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares available for grant (in shares) | 2,986,394 | ||
Allocated share-based compensation expense | $ 12,780,000 | $ 4,948,000 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of options outstanding (in shares) | 211,825 | 222,050 | |
Aggregate intrinsic value for outstanding options | $ 16,016,000 | ||
Weighted average remaining contractual life (in years) | 3 years 29 days | ||
Aggregate intrinsic value for exercised options | $ 815,000 | ||
Unrecognized compensation costs related to plan | 0 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation costs related to plan | $ 14,069,000 |
Disclosure of Compensation Re22
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Compensation Grants (Details) - 2009 Stock Incentive Plan - USD ($) $ in Thousands | Sep. 15, 2017 | Jul. 14, 2017 | Jun. 01, 2017 | Sep. 16, 2016 | Jun. 03, 2016 | Apr. 12, 2016 | Sep. 18, 2015 | Jun. 05, 2015 | Sep. 19, 2014 | Jun. 06, 2014 | Oct. 31, 2017 |
Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 124,825 | ||||||||||
Officers & Key employees | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 111,150 | 104,200 | 91,000 | ||||||||
Fair Value at Grant Date | $ 13,849 | $ 9,135 | $ 6,584 | ||||||||
Officers & Key employees | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 40,996 | 48,913 | 30,538 | ||||||||
Fair Value at Grant Date | $ 5,108 | $ 4,288 | $ 2,209 | ||||||||
Non-employee board members | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 8,344 | 8,941 | 7,748 | 13,955 | |||||||
Fair Value at Grant Date | $ 920 | $ 1,064 | $ 856 | $ 990 | |||||||
CEO | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 10,000 | ||||||||||
Fair Value at Grant Date | $ 1,060 | ||||||||||
Key Employees | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 63,699 | ||||||||||
Fair Value at Grant Date | $ 7,388 | ||||||||||
Officers | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Shares granted (in shares) | 61,126 | ||||||||||
Fair Value at Grant Date | $ 6,912 | ||||||||||
Performance measurement period | 3 years | ||||||||||
Expected market-based expense | $ 2,600 | ||||||||||
Awards to Vest May 1, 2017 | CEO | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Number of shares expected to vest (in shares) | 2,000 | ||||||||||
Awards to Vest May 1, 2018 | CEO | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Number of shares expected to vest (in shares) | 2,000 | ||||||||||
Awards to Vest May 1, 2019 | CEO | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Number of shares expected to vest (in shares) | 2,000 | ||||||||||
Awards to Vest May 1, 2020 | CEO | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Number of shares expected to vest (in shares) | 2,000 | ||||||||||
Awards to Vest May 1, 2021 | CEO | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Number of shares expected to vest (in shares) | 2,000 | ||||||||||
Minimum | Officers | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Expected award payment as percent of target | 0.00% | ||||||||||
Maximum | Officers | Restricted Stock Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||||||
Expected award payment as percent of target | 200.00% |
Disclosure of Compensation Re23
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - 2009 Stock Incentive Plan - Employee Stock Option | 6 Months Ended |
Oct. 31, 2017$ / sharesshares | |
Number of option shares | |
Outstanding at the beginning of the period (in shares) | shares | 222,050 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 10,225 |
Forfeited (in shares) | shares | 0 |
Outstanding at the end of the period (in shares) | shares | 211,825 |
Weighted average option exercise price | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 38.51 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 29.10 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 38.96 |
Disclosure of Compensation Re24
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - 2009 Stock Incentive Plan - Restricted Stock Units | 6 Months Ended |
Oct. 31, 2017shares | |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | 303,400 |
Granted (in shares) | 124,825 |
Vested (in shares) | (87,600) |
Forfeited (in shares) | (1,344) |
Unvested at the end of the period (in shares) | 339,281 |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) | 6 Months Ended |
Oct. 31, 2017store | |
Business Combinations [Abstract] | |
Number of stores acquired | 14 |
Goodwill deductible for income tax purposes period (in years) | 15 years |
Acquisitions Allocation of Purc
Acquisitions Allocation of Purchase Price (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands | Oct. 31, 2017USD ($) |
Assets Acquired: | |
Inventories & other assets | $ 1,028 |
Land, property and equipment | 17,240 |
Total Assets | 18,268 |
Liabilities Assumed: | |
Accrued expenses | 0 |
Net tangible assets acquired, net of cash | 18,268 |
Goodwill and other intangible assets | 4,513 |
Total consideration paid, net of cash acquired | $ 22,781 |
Acquisitions Proforma Informati
Acquisitions Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Business Combinations [Abstract] | ||
Total revenues | $ 4,266,959 | $ 3,916,012 |
Net earnings | $ 106,209 | $ 125,401 |
Earnings per common share: | ||
Pro forma earnings per share, basic (in dollars per share) | $ 2.79 | $ 3.20 |
Pro forma earnings per share, diluted (in dollars per share) | $ 2.76 | $ 3.16 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Oct. 31, 2017lawsuit |
Hot Fuel Cases | |
Loss Contingencies [Line Items] | |
Number of lawsuits | 4 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 6,464 | $ 5,362 | |
Unrecognized tax benefits that would impact effective tax rate | 4,238 | ||
Accrued interest and penalties related to unrecognized tax benefits | 186 | $ 141 | |
Net interest and penalties included in income tax expense | 45 | $ 72 | |
Expected decrease in unrecognized tax benefits | $ 1,242 |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Oct. 31, 2017statesegmentmerchandise_categorystore | |
Segment Reporting [Abstract] | |
Number of stores | store | 2,003 |
Number of states in which entity operates | state | 15 |
Number of operating segments | segment | 1 |
Number of merchandise categories | merchandise_category | 3 |