0000726958-24-000046 | 10-K | XBRL Viewer | Caseys General Stores INC

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Commitments (Details)	12 Months Ended
Commitments (Details)	Apr. 30, 2024 employee
Commitments and Contingencies Disclosure [Abstract]
Number of other key employees covered by employment agreements	32

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Operating Loss Carryforwards [Line Items]
Less valuation allowance	$ 550	$ 250
Unrecognized tax benefits	10,747	10,957	$ 10,259
Unrecognized tax benefits that would impact effective tax rate	8,490
Increase (decrease) in unrecognized tax benefits	(210)
Accrued interest and penalties	350	386
Increase (decrease) in tax expense	(36)	$ 15
Decrease in unrecognized tax benefits is reasonable possible	2,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	126,681
Tax credit carryforward	$ 2,319

Fair Value of Financial Instruments and Long Term Debt (Tables)

12 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

Carrying Value of Long-Term Debt

The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows:


	As of April 30,
	2024		2023
Finance lease liabilities (Note 7)	$	101,818	$	95,072
3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028	111,000		135,000
3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028	37,000		45,000
3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031	50,000		50,000
3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031	50,000		50,000
3.51% Senior Notes (Series E) due June 13, 2025	150,000		150,000
3.77% Senior Notes (Series F) due August 22, 2028	250,000		250,000
2.85% Senior Notes (Series G) due August 7, 2030	325,000		325,000
2.96% Senior Notes (Series H) due August 6, 2032	325,000		325,000
Variable rate term loan facility, requiring quarterly installments ending April 21, 2028	237,500		250,000
Debt issuance costs	(1,379)		(1,698)
	$	1,635,939	$	1,673,374
Less current maturities	53,181		52,861
	$	1,582,758	$	1,620,513

Schedule of Maturities of Long-term Debt Including Capitalized Lease Obligations

Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2024 and thereafter:


Years ended April 30,
2025	$	44,500
2026	204,500
2027	60,500
2028	248,000
2029	286,000
Thereafter	692,000
	$	1,535,500

Acquisitions (Tables)

12 Months Ended

Apr. 30, 2024

Business Combinations [Abstract]

Allocation of Purchase Price

The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the majority of other assets, leases and property and equipment acquired.


Assets acquired:
Inventories	$	13,351
Property and equipment	279,396
Finance lease right-of-use assets	3,194
Operating lease right-of-use assets	7,201
Other assets	2,137
Goodwill	37,321
Total assets	$	342,600
Liabilities assumed:
Accrued expenses and other long-term liabilities	$	982
Finance lease liabilities	5,004
Operating lease liabilities	7,041
Total liabilities	13,027
Net assets acquired and total consideration paid	$	329,573

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands):


Assets acquired:
Inventories	$	3,976
Property and equipment	79,556
Goodwill	2,408
Total assets	85,940
Total liabilities	371
Net assets acquired and total purchase price	$	85,569

Pro forma information

The following unaudited pro forma information presents a summary of our consolidated statements of income as if the transactions referenced above occurred at the beginning of fiscal 2023 (amounts in thousands, except per share data):


	For the year ended April 30,
	2024		2023
Total revenue	$	15,228,497	$	15,799,468
Net income	$	521,630	$	457,671
Net income per common share
Basic	$	14.04	$	12.28
Diluted	$	13.96	$	12.20

Contingencies	12 Months Ended
Contingencies	Apr. 30, 2024
Loss Contingency [Abstract]
Contingencies	CONTINGENCIES Environmental compliance: The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The majority of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs. Management currently believes that substantially all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with existing regulations have been completed. The Company has an accrued liability at April 30, 2024 and 2023 of approximately $299 and $268, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. Management believes the Company has no material joint and several environmental liability with other parties. Additional regulations or amendments to the existing regulations could result in future revisions to such estimated expenditures. Legal matters: From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material impact on our consolidated financial position and results of operations. The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc., in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015, to the present. On March 31, 2021, the Court granted conditional certification, and to-date, approximately 1,400 current and/or former Store Managers remain opted-in to participate in the McColley lawsuit. The Company is also named in a related lawsuit filed in the Southern District of Illinois, titled Kessler v. Casey’s Marketing Company, et al., with substantially the same allegations and seeking the same relief, but instead for the plaintiff and all similarly situated Store Managers located in the state of Illinois from December 19, 2019, to the present. On October 13, 2023, the Court approved conditional certification, and to-date, approximately 550 current and/or former Store Managers remain opted-in to participate in the Kessler lawsuit. Discovery in both cases is currently underway. The Company believes that adequate provisions have been made for probable losses related to these matters, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend these matters. In 2023, the Company received a $15,297 one-time payment from the resolution of a legal matter. These proceeds were recognized as a reduction to operating expenses in the consolidated statements of income. At April 30, 2024, the Company was primarily self-insured for workers’ compensation claims in all but two states of its operating territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state managed fund for all workers compensation claims. The Company was also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $2,000 for auto liability and $1,000 for general liability and workers' compensation. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2024 and 2023, the Company had $57,369 and $61,168, respectively, accrued for estimated claims relating to self-insurance, the majority of which has been actuarially determined.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Section 50
-Paragraph 9
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income taxes at the statutory rates	21.00%	21.00%	21.00%
Federal tax credits	(1.00%)	(1.30%)	(1.80%)
State income taxes, net of federal tax benefit	3.70%	4.00%	3.80%
Impact of phased-in state law changes, net of federal benefit	(1.00%)	(0.40%)	(0.80%)
ASU 2016-09 benefit (share-based compensation)	(0.10%)	(0.30%)	(1.00%)
Nondeductible executive compensation	0.90%	1.10%	1.20%
Other	0.00%	(0.10%)	0.50%
Effective income tax rate	23.50%	24.00%	22.90%

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Leases [Abstract]
Operating lease cost	$ 10,174	$ 9,346	$ 6,721
Amortization of right-of-use assets	10,417	5,882	4,489
Interest on lease liabilities	4,491	2,966	2,337
Operating cash flows required by operating leases	8,693	7,725	5,468
Operating cash flows required by finance leases	4,491	2,966	2,337
Financing cash flows required by finance leases	9,156	5,345	4,162
Right-of-use assets obtained in exchange for new finance lease liabilities	17,626	25,166	52,525
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 14,646	$ 14,642	$ 87,723

Leases - Narrative (Details) $ in Thousands	Jan. 31, 2024 USD ($)
City of Joplin Missouri
Other Commitments
Bonds issued	$ 51,400

Preferred and Common Stock (Tables)

12 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Award Activity

The following table presents a summary of our RSU activity during the three-year period ended April 30, 2024. At April 30, 2024, there were no stock options outstanding.


		Weighted-Average
		Grant Date Fair
	Shares	Value per Share
Unvested at April 30, 2021	646,920
Granted	154,278	$	219
Vested	(242,955)
Forfeited	(30,055)
Performance Award Adjustments	(1,794)
Unvested at April 30, 2022	526,394
Granted	165,024	218
Vested	(233,533)
Forfeited	(40,773)
Performance Award Adjustments	133,728
Unvested at April 30, 2023	550,840	212
Granted	142,865	238
Vested	(219,752)	195
Forfeited	(17,534)	224
Performance Award Adjustments	35,443	246
Unvested at April 30, 2024	491,862	$	229

Significant Accounting Policies (Details) $ in Thousands		12 Months Ended
Significant Accounting Policies (Details) $ in Thousands	May 13, 2021 USD ($)	Apr. 30, 2024 USD ($) store state people segment merchandise_category	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)
Accounting Policies [Abstract]
Number of stores \| store		2,658
Number of states in which entity operates \| state		17
Population of communities (many less than) \| people		20,000
Concentration Risk
Excess of current cost over the stated LIFO Value		$ 151,461	$ 138,962
Amortization		14,108	12,302	$ 9,449
Goodwill		652,663	615,342
Asset impairment charges		4,057	3,500	$ 1,056
Contract liability		52,934	55,561
Discounted liability of asset retirement obligation		39,954	36,978
Self insurance reserve		57,369	61,168
Accrued environmental liability		$ 299	268
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Number of merchandise categories \| merchandise_category		3
Buchanan Energy
Concentration Risk
Intangible assets acquired	$ 31,100
Gift Cards
Concentration Risk
Contract liability		$ 17,985	17,463
Capitalized software costs
Concentration Risk
Finite-lived intangible assets		$ 37,619	42,495
Capitalized software costs \| Minimum
Concentration Risk
Intangible asset useful life		2 years
Capitalized software costs \| Maximum
Concentration Risk
Intangible asset useful life		13 years
Customer Relationships
Concentration Risk
Intangible assets, net		$ 24,880	26,953
Accumulated amortization		6,220	$ 4,147
Annual amortization, year one		2,073
Annual amortization, year two		2,073
Annual amortization, year three		2,073
Annual amortization, year four		2,073
Annual amortization, year five		$ 2,073
Customer Relationships \| Buchanan Energy
Concentration Risk
Useful life	15 years

Fair Value of Financial Instruments and Long Term Debt - Schedule of Maturities of Long-Term Debt Including Capitalizied Leases (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2025	$ 44,500
2026	204,500
2027	60,500
2028	248,000
2029	286,000
Thereafter	692,000
Long-term Debt, Total	$ 1,535,500

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Current assets
Cash and cash equivalents	$ 206,482	$ 378,869
Receivables	151,793	120,547
Inventories	428,722	376,085
Prepaid expenses	25,791	22,107
Income taxes receivable	17,066	23,347
Total current assets	829,854	920,955
Property and equipment, at cost
Land	1,281,408	1,151,812
Buildings and leasehold improvements	3,003,191	2,629,795
Machinery and equipment	3,052,798	2,783,802
Finance lease right-of-use assets	106,837	99,764
Construction in process	109,048	169,796
Property and equipment, at cost	7,553,282	6,834,969
Less accumulated depreciation and amortization	2,883,925	2,620,149
Net property and equipment	4,669,357	4,214,820
Other assets, net of amortization	195,559	192,153
Goodwill	652,663	615,342
Total assets	6,347,433	5,943,270
Current liabilities
Current maturities of long-term debt and finance lease obligations	53,181	52,861
Accounts payable	569,527	560,546
Accrued expenses
Wages and related taxes	95,821	78,791
Property taxes	54,009	51,109
Insurance accruals	$ 27,323	$ 28,856
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Other	$ 153,605	$ 154,962
Total current liabilities	953,466	927,125
Long-term debt and finance lease obligations, net of current maturities	1,582,758	1,620,513
Deferred income taxes	596,850	543,598
Insurance accruals, net of current portion	30,046	32,312
Other long-term liabilities	168,932	159,056
Total liabilities	3,332,052	3,282,604
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value, none issued	0	0
Common stock, no par value, 37,008,488 and 37,263,248 shares issued and outstanding at April 30, 2024 and 2023, respectively	27,453	110,037
Retained earnings	2,987,928	2,550,629
Total shareholders’ equity	3,015,381	2,660,666
Total liabilities and shareholders’ equity	$ 6,347,433	$ 5,943,270

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Current tax expense:
Federal	$ 78,542	$ 95,336	$ 4,382
State	22,394	22,365	13,835
Current income tax expense (benefit)	100,936	117,701	18,217
Deferred tax expense	53,252	23,126	82,721
Total income tax expense	$ 154,188	$ 140,827	$ 100,938

Benefit Plans	12 Months Ended
Benefit Plans	Apr. 30, 2024
Retirement Benefits [Abstract]
Benefit Plans	BENEFIT PLAN The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan were $14,262, $11,765, and $10,983 for the years ended April 30, 2024, 2023, and 2022, respectively. On April 30, 2024 and 2023, 715,328 and 751,339 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.

Fair Value of Financial Instruments and Long Term Debt - Narrative (Details) - USD ($)		12 Months Ended
	Apr. 21, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Debt Instrument
Long-term debt and capital lease obligations		$ 1,375,000,000	$ 1,437,000,000
Finance lease liabilities (Note 7)		$ 101,818,000	$ 95,072,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Long-term debt and finance lease obligations, net of current maturities	Long-term debt and finance lease obligations, net of current maturities
Interest income		$ 11,736,000	$ 7,823,000	$ 48,000
Capitalized interest		3,363,000	3,631,000	$ 2,031,000
Line of Credit \| Revolving Credit Facility
Debt Instrument
Fair value of amount outstanding	$ 50,000,000
Line of Credit \| Letter of Credit
Debt Instrument
Maximum borrowing capacity		308,000
Line of Credit \| New Credit Agreement Term Loan Facility
Debt Instrument
Maximum borrowing capacity	$ 250,000,000
Quarterly principal payment as a percentage	1.25%
Line of Credit \| New Credit Agreement Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 850,000,000
Fair value of amount outstanding		0	0
Line of Credit \| Credit Facilities
Debt Instrument
Maximum increase in borrowing capacity	$ 900,000,000
Maximum increase in borrowing capacity as a percentage of consolidated EBITDA	100.00%
Line of Credit \| Credit Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate	0.10%
Line of Credit \| Credit Facilities \| Adjusted Daily Simple Secured Overnight Financing Rate
Debt Instrument
Basis spread on variable rate	1.00%
Line of Credit \| Credit Facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate	0.50%
Line of Credit \| Term Loan Facility \| Line of Credit
Debt Instrument
Fair value of amount outstanding		237,500,000	250,000,000
Line of Credit \| Bank Line
Debt Instrument
Fair value of amount outstanding		$ 0	$ 0
Minimum \| Line of Credit \| New Credit Agreement Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument
Facility fee percentage	0.15%
Minimum \| Line of Credit \| Credit Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate	0.00%
Minimum \| Line of Credit \| Credit Facilities \| Base Rate
Debt Instrument
Basis spread on variable rate	1.10%
Minimum \| Line of Credit \| Credit Facilities \| Adjusted Daily Simple Secured Overnight Financing Rate
Debt Instrument
Basis spread on variable rate	1.00%
Minimum \| Line of Credit \| Credit Facilities \| Alternate Base Rate
Debt Instrument
Basis spread on variable rate	0.10%
Maximum \| Line of Credit \| New Credit Agreement Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument
Facility fee percentage	0.30%
Maximum \| Line of Credit \| Credit Facilities \| Base Rate
Debt Instrument
Basis spread on variable rate	1.70%
Maximum \| Line of Credit \| Credit Facilities \| Alternate Base Rate
Debt Instrument
Basis spread on variable rate	0.70%

Benefit Plans (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Employer discretionary contribution	$ 14,262	$ 11,765	$ 10,983
Common stock held by trustee of the 401K plan (shares)	715,328	751,339

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Principles of consolidation

Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior year have been reclassified to conform to current year presentation.

Use of estimates

Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue 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, treasury bills, and credit card, debit card and electronic benefits transfer transactions that process within three days.

Receivables

Receivables: Receivables are primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements.

Inventories

Inventories and cost of goods sold: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel inventories, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method.

The excess of replacement cost over the stated LIFO value was $151,461 and $138,962 at April 30, 2024 and 2023, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2024 and 2023:


	Years ended April 30,
	2024		2023
Fuel	$	121,939	$	115,095
Merchandise	306,783		260,990
Total inventories	$	428,722	$	376,085

The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense.

Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company.

The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances and rebates and RINs. Warehousing costs are recorded within operating expenses on the consolidated statements of income.

Capitalized software implementation costs and Goodwill

Capitalized software implementation costs: The Company capitalizes expenditures related to the implementation of software-as-a-service as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related software. The useful lives utilized for capitalized software implementation costs range from 2-13 years. As of April 30, 2024 and 2023, the Company had recognized $37,619 and $42,495 of capitalized software implementation costs, respectively. The outstanding balance is recognized in other assets, net of amortization on the consolidated balance sheets. The Company has recognized amortization of $14,108 in fiscal 2024, $12,302 in fiscal 2023 and $9,449 in fiscal 2022 within operating expenses on the consolidated statements of income.

Goodwill: As of April 30, 2024 and 2023, there was $652,663 and $615,342 of goodwill recognized, respectively. Goodwill is tested for impairment at least annually. The Company used a qualitative approach to assess the recoverability of goodwill at year-end. Management’s analysis of recoverability completed as of the fiscal year-end indicated no evidence of impairment for the years ended April 30, 2024, 2023, and 2022.

Contractual customer relationships

Depreciation and amortization

Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives:


Buildings			25-40 years
Machinery and equipment			3-40 years
Finance lease right-of-use assets			Lesser of term of lease or life of asset
Leasehold improvements			Lesser of term of lease or life of asset

The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service.

Store closing and asset impairment

Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts.

The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent carrying value of the assets exceeds their estimated fair value. Fair value is typically based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3). In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company, is generally on a store-by-store basis.

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 the consolidated statements of 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 prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the consolidated statements of income.

A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of April 30, 2024 and 2023, the Company recognized a contract liability of $52,934 and $55,561, respectively, related to the outstanding Casey's Rewards program, which is included in other accrued expenses on the consolidated balance sheets. During fiscal 2024, the digital box top program was discontinued and outstanding digital box tops were converted to points.

Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of April 30, 2024 and 2023, the Company recognized a liability of $17,985 and $17,463, respectively, related to outstanding gift cards, which is included in other accrued expenses on the consolidated balance sheets.

Net income per common share

Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a recipient has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a recipient to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation. The calculation of diluted earnings per share treats unvested restricted stock units with time-based restrictions as potential common shares. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period.

Asset retirement obligations

Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank. The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained.

Self-insurance

Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted.

Environmental remediation liabilities

Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, which is recorded in other accrued expenses on the consolidated balance sheets.

Derivatives instruments

Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2024, 2023, or 2022. From time to time, we participate in a forward buy of certain commodities. These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance.

Stock-based compensation

Share-based compensation: Share-based compensation is recorded based upon the fair value of the award on the grant date. The cost of the award is recognized ratably in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. Forfeitures are recognized as they occur. Additionally, certain awards include performance and market conditions. Performance-based awards are based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, depreciation, and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards.

Segment reporting

Segment reporting: As of April 30, 2024, we operated 2,658 stores in 17 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.

Recent accounting pronouncements

Recent accounting pronouncements:

In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The standard included guidance related to supplier finance programs and requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The new standard was effective for the Company beginning May 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The new standard is effective for the Company's annual periods beginning May 1, 2024, and interim periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-07 to determine its impact on our disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective for the Company's annual periods beginning May 1, 2025, with early adoption permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on our disclosures.

Leases

The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. In both situations, leases are reported in accordance with ASC 842 - Leases. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. The Company records operating lease liabilities in other accrued expenses and other long-term liabilities and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements.

New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate of debt based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement.

When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842. As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset.

Leases

Commitments	12 Months Ended
Commitments	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments	COMMITMENTS The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, each of which require minimum annual compensation. The Company also has entered into change of control agreements with its Chief Executive Officer and 32 other officers, providing for certain payments in the event of termination in connection with a change of control of the Company, as defined therein.

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings
Beginning Balance (shares) at Apr. 30, 2021		36,949,878
Beginning Balance at Apr. 30, 2021	$ 1,932,679	$ 58,951	$ 1,873,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	339,790		339,790
Dividends declared	(52,092)		(52,092)
Exercise of stock options (shares)		3,000
Exercise of stock options	133	$ 133
Stock-based compensation (shares)		158,789
Share-based compensation (net of tax withholding on employee share-based awards)	20,328	$ 20,328
Ending Balance (shares) at Apr. 30, 2022		37,111,667
Ending Balance at Apr. 30, 2022	2,240,838	$ 79,412	2,161,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	446,691		446,691
Dividends declared	(57,488)		(57,488)
Stock-based compensation (shares)		151,581
Share-based compensation (net of tax withholding on employee share-based awards)	$ 30,625	$ 30,625
Ending Balance (shares) at Apr. 30, 2023	37,263,248	37,263,248
Ending Balance at Apr. 30, 2023	$ 2,660,666	$ 110,037	2,550,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	501,972
Dividends declared	$ (64,673)		(64,673)
Repurchase of common stock (shares)	(392,290)
Repurchase of common stock	$ (105,451)
Stock-based compensation (shares)		137,530
Share-based compensation (net of tax withholding on employee share-based awards)	$ 22,867	$ 22,867
Ending Balance (shares) at Apr. 30, 2024	37,008,488	37,008,488
Ending Balance at Apr. 30, 2024	$ 3,015,381	$ 27,453	$ 2,987,928

Significant Accounting Policies - Accounts Receivables by Type (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 151,793	$ 120,547
Vendor Rebates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	87,423	54,979
Credit Card Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	35,455	46,851
Other Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 28,915	$ 18,717

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Income Statement [Abstract]
Total revenue	$ 14,862,913	$ 15,094,475	$ 12,952,594
Cost of goods sold (excluding depreciation and amortization, shown separately below)	11,515,002	12,022,069	10,189,880
Operating expenses	2,288,513	2,119,942	1,961,473
Depreciation and amortization	349,797	313,131	303,541
Interest, net	53,441	51,815	56,972
Income before income taxes	656,160	587,518	440,728
Federal and state income taxes	154,188	140,827	100,938
Net income	$ 501,972	$ 446,691	$ 339,790
Net income per common share
Basic (in Dollars per share)	$ 13.51	$ 11.99	$ 9.14
Diluted (in Dollars per share)	$ 13.43	$ 11.91	$ 9.10

Preferred and Common Stock - Schedule of Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Number of restricted stock units
Beginning balance (in shares)	550,840	526,394	646,920
Granted (in shares)	142,865	165,024	154,278
Vested (in shares)	(219,752)	(233,533)	(242,955)
Forfeited (in shares)	(17,534)	(40,773)	(30,055)
Performance Award Adjustments (in shares)	35,443	133,728	(1,794)
Ending balance (in shares)	491,862	550,840	526,394
Weighted-Average Grant Date Fair Value per Share
Unvested, beginning balance (in Dollars per share)	$ 212
Granted (in Dollars per share)	238	$ 218	$ 219
Vested (in Dollars per share)	195
Forfeited (in Dollars per share)	224
Performance Award Adjustments (in Dollars per share)	246
Unvested, ending balance (in Dollars per share)	$ 229	$ 212

Acquisitions - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Business Combinations [Abstract]
Total revenue	$ 15,228,497	$ 15,799,468
Net income	$ 521,630	$ 457,671
Net income per common share
Basic (in Dollars per share)	$ 14.04	$ 12.28
Diluted (in Dollars per share)	$ 13.96	$ 12.20

Acquisitions - Narrative (Details) $ in Thousands	12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Apr. 30, 2024 USD ($) store	Apr. 30, 2023 USD ($) store
Business Acquisition
Number of stores \| store	2,658
Goodwill	$ 652,663	$ 615,342
Series of Individually Immaterial Business Acquisitions
Business Acquisition
Number of stores \| store	112	47
Goodwill	$ 37,321	$ 2,408
Acquisition-related transaction costs	8,920
Revenue	237,529
Net assets acquired and total purchase price	$ 329,573	$ 85,569
Minit Mart
Business Acquisition
Number of stores \| store		26

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Preferred and Common Stock

12 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Preferred And Common Stock

PREFERRED AND COMMON STOCK

Preferred stock: The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares of preferred stock have been issued.

Common stock: The Company currently has 120,000,000 authorized shares of common stock.

Stock incentive plans: The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award

of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At April 30, 2024, there were 1,135,976 shares available for grant under the 2018 Plan.

We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target." The performance-based awards are also subject to the TSR Modifier (see Note 1 for additional information). The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards.

We recognize these amounts as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee.

The following table presents a summary of our RSU activity during the three-year period ended April 30, 2024. At April 30, 2024, there were no stock options outstanding.


		Weighted-Average
		Grant Date Fair
	Shares	Value per Share
Unvested at April 30, 2021	646,920
Granted	154,278	$	219
Vested	(242,955)
Forfeited	(30,055)
Performance Award Adjustments	(1,794)
Unvested at April 30, 2022	526,394
Granted	165,024	218
Vested	(233,533)
Forfeited	(40,773)
Performance Award Adjustments	133,728
Unvested at April 30, 2023	550,840	212
Granted	142,865	238
Vested	(219,752)	195
Forfeited	(17,534)	224
Performance Award Adjustments	35,443	246
Unvested at April 30, 2024	491,862	$	229

Total share-based compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2024, 2023 and 2022 were $41,379, $47,024, and $37,976, respectively. As of April 30, 2024, there was $38,910 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2027, with a weighted average remaining term of 1.0 year. The fair value of restricted stock unit awards vested for the years ended April 30, 2024, 2023 and 2022 were $49,631, $46,943, and, $51,046, respectively, as of the applicable vest date.

On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions or other costs (the "Repurchase Program"). The Repurchase Program has no set expiration date. The timing and number of repurchase transactions depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Repurchase Program can be suspended or discontinued at any time. During fiscal 2024, the Company repurchased and retired 392,290 shares of our common stock under our share repurchase program for a total of $104.9 million, excluding fees, commissions and other costs. As of April 30, 2024, $295.1 million remained available for future purchases under this share repurchase program.

Leases - Lease Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Leases [Abstract]
Finance lease right-of-use assets	$ 83,714	$ 79,344
Operating lease right-of-use assets	$ 115,819	$ 107,994
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net of amortization	Other assets, net of amortization

Audit Information	12 Months Ended
Audit Information	Apr. 30, 2024
Auditor Information [Abstract]
Auditor Location	Des Moines, Iowa
Auditor Name	KPMG LLP
Auditor Firm ID	185

Acquisitions

12 Months Ended

Apr. 30, 2024

Business Combinations [Abstract]

Acquisitions

CQUISITIONS

Current Period Acquisitions

During the year ended April 30, 2024, the Company acquired 112 stores through a variety of transactions, pursuant to the terms and conditions of the individual asset purchase agreements. The majority of these acquisitions meet the criteria to be considered business combinations. The purchase price for each transaction was paid in cash upon closing using available cash on hand.

The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. Fair values were determined using Level 3 inputs, which are unobservable inputs that are not corroborated by market data. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. Goodwill of $37,321 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. Almost all of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $8,920 for fiscal 2024 which are recorded within operating expenses on the consolidated statements of income.


Assets acquired:
Inventories	$	13,351
Property and equipment	279,396
Finance lease right-of-use assets	3,194
Operating lease right-of-use assets	7,201
Other assets	2,137
Goodwill	37,321
Total assets	$	342,600
Liabilities assumed:
Accrued expenses and other long-term liabilities	$	982
Finance lease liabilities	5,004
Operating lease liabilities	7,041
Total liabilities	13,027
Net assets acquired and total consideration paid	$	329,573

Payments for acquisition of businesses, net of cash acquired, on the consolidated statements of cash flows includes payments made for acquisitions that are closing shortly after the year-end. Such payments are not included in the total consideration paid in the table above, as those acquisitions have not yet closed as of the end of the year.

The Company recognized approximately $237,529 of revenue related to the acquired locations in the consolidated statements of income for the year ended April 30, 2024. The amount of net income related to the acquired locations was not material for the year ended April 30, 2024.

Pro Forma Information


	For the year ended April 30,
	2024		2023
Total revenue	$	15,228,497	$	15,799,468
Net income	$	521,630	$	457,671
Net income per common share
Basic	$	14.04	$	12.28
Diluted	$	13.96	$	12.20

Prior Period Acquisitions

During the year ended April 30, 2023, the Company acquired 47 stores, of which 26 stores were acquired from Minit Mart LLC pursuant to the terms and conditions of an asset purchase agreement. The majority of these acquisitions meet the criteria to be considered business combinations. Goodwill of $2,408 was recognized as the result of the current year acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

The aggregate purchase price for the acquisitions totaled $85,569, which was paid in cash upon closing using available cash on hand.

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2023, was as follows (in thousands):


Assets acquired:
Inventories	$	3,976
Property and equipment	79,556
Goodwill	2,408
Total assets	85,940
Total liabilities	371
Net assets acquired and total purchase price	$	85,569

Significant Accounting Policies - Depreciation of Property and Equipment and Amortization of Capital Lease Assets (Details)	Apr. 30, 2024
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	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment
Property, plant and equipment useful life	40 years

Preferred and Common Stock (Details) - USD ($)	12 Months Ended
Preferred and Common Stock (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Mar. 03, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued of preferred stock (shares)	0	0
Share repurchase program authorized amount				$ 400,000,000
Shares repurchased and retired (in shares)	392,290
Shares repurchased and retired	$ 104,900,000
Remaining available	$ 295,100,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Reduction in available shares per stock option issued (shares)	1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Reduction in available shares per restricted stock or restricted stock unit issued (shares)	2
Restricted Stock Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	3 years
Restricted Stock Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	3 years
Restricted Stock Units, Performance-Based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	0.00%
Restricted Stock Units, Performance-Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 41,379,000	$ 47,024,000	$ 37,976,000
Compensation not yet recognized, period	1 year
Fair value of shares vested	$ 49,631,000	$ 46,943,000	$ 51,046,000
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for grant under the Plan (shares)	1,135,976
Stock Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Compensation not yet recognized	$ 38,910,000
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award
Authorized shares of preferred stock (shares)	1,000,000
Shares issued of preferred stock (shares)	0
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award
Authorized shares of preferred stock (shares)	250,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Authorized shares of common stock (shares)	120,000,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Cash flows from operating activities
Net income	$ 501,972	$ 446,691	$ 339,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	349,797	313,131	303,541
Amortization of debt issuance costs	1,111	1,789	2,527
Inventory, LIFO Reserve, Effect on Income, Net	12,499	24,231	21,573
Share-based compensation	41,379	47,024	37,976
Loss (gain) on disposal of assets and impairment charges	6,414	6,871	(1,201)
Deferred income taxes	53,252	23,126	82,721
Changes in assets and liabilities:
Receivables	(31,246)	(12,519)	(33,025)
Inventories	(51,785)	(141)	(98,303)
Prepaid expenses	(3,684)	(4,248)	(6,376)
Accounts payable	(8,731)	(9,483)	165,893
Accrued expenses	14,387	20,292	23,574
Income taxes	5,112	20,652	(35,716)
Other, net	2,476	4,535	(14,233)
Net cash provided by operating activities	892,953	881,951	788,741
Cash flows from investing activities
Purchase of property and equipment	(522,004)	(476,568)	(326,475)
Payments for acquisitions of businesses, net of cash acquired	(330,032)	(85,569)	(901,638)
Proceeds from sales of property and equipment	26,680	17,103	70,118
Net cash used in investing activities	(825,356)	(545,034)	(1,157,995)
Cash flows from financing activities
Proceeds from long-term debt	0	0	450,000
Payments of long-term debt and finance lease obligations	(53,656)	(40,970)	(188,537)
Payment of debt issuance costs	0	(3,940)	(1,149)
Proceeds from exercise of stock options	0	0	133
Payments of cash dividends	(62,918)	(55,617)	(51,212)
Repurchase of common stock	(104,898)	0	0
Tax withholdings on employee share-based awards	(18,512)	(16,399)	(17,648)
Net cash (used in) provided by financing activities	(239,984)	(116,926)	191,587
Net (decrease) increase in cash and cash equivalents	(172,387)	219,991	(177,667)
Cash and cash equivalents at beginning of year	378,869	158,878	336,545
Cash and cash equivalents at end of year	206,482	378,869	158,878
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for interest, net of amount capitalized	63,449	56,799	54,499
Cash paid for income taxes, net	105,000	90,398	49,565
Noncash investing and financing activities
Purchased property and equipment in accounts payable	$ 45,617	$ 27,905	$ 46,659

Leases - (Tables)

12 Months Ended

Apr. 30, 2024

Leases [Abstract]

Assets And Liabilities, Lessee

Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following:


		Years ended April 30,
	Classification	2024		2023
Finance lease right-of-use assets	Net property and equipment	$	83,714	$	79,344
Operating lease right-of-use assets	Other assets, net of amortization	115,819		107,994

Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:


	April 30,
	2024		2023
Weighted-average remaining lease-term - finance lease	15.4		15.1
Weighted-average remaining lease-term - operating lease	19.1		19.8

Weighted-average discount rate - finance lease	4.77	%	4.40	%
Weighted-average discount rate - operating lease	4.91	%	4.33	%

Lease, Cost

The summary of lease-related costs included on the consolidated statements of income is included below:


	Years ended April 30,
	2024		2023		2022
Operating lease cost	$	10,174	$	9,346	$	6,721
Finance lease cost:
Amortization of right-of-use assets	$	10,417	$	5,882	$	4,489
Interest on lease liabilities	4,491		2,966		2,337

The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below:


	Years ended April 30,
	2024		2023		2022
Operating cash flows required by operating leases	$	8,693	$	7,725	$	5,468
Operating cash flows required by finance leases	4,491		2,966		2,337
Financing cash flows required by finance leases	9,156		5,345		4,162

Right-of-use assets obtained in exchange for new finance lease liabilities	$	17,626	$	25,166	$	52,525
Right-of-use assets obtained in exchange for new operating lease liabilities	14,646		14,642		87,723

Finance Lease, Liability, Maturity

Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:


Years ended April 30,	Finance leases		Operating leases
2025	$	12,942	$	9,297
2026	12,964		9,194
2027	12,970		9,147
2028	11,601		9,127
2029	6,199		9,049
Thereafter	87,707		134,729
Total minimum lease payments	$	144,383	$	180,543
Less amount representing interest	42,565		65,374
Present value of net minimum lease payments	$	101,818	$	115,169

Lessee, Operating Lease, Liability, Maturity

Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:


Years ended April 30,	Finance leases		Operating leases
2025	$	12,942	$	9,297
2026	12,964		9,194
2027	12,970		9,147
2028	11,601		9,127
2029	6,199		9,049
Thereafter	87,707		134,729
Total minimum lease payments	$	144,383	$	180,543
Less amount representing interest	42,565		65,374
Present value of net minimum lease payments	$	101,818	$	115,169

Leases

12 Months Ended

Apr. 30, 2024

Leases [Abstract]

Leases

LEASES

Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following:


		Years ended April 30,
	Classification	2024		2023
Finance lease right-of-use assets	Net property and equipment	$	83,714	$	79,344
Operating lease right-of-use assets	Other assets, net of amortization	115,819		107,994

The summary of lease-related costs included on the consolidated statements of income is included below:


	Years ended April 30,
	2024		2023		2022
Operating lease cost	$	10,174	$	9,346	$	6,721
Finance lease cost:
Amortization of right-of-use assets	$	10,417	$	5,882	$	4,489
Interest on lease liabilities	4,491		2,966		2,337

The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below:


	Years ended April 30,
	2024		2023		2022
Operating cash flows required by operating leases	$	8,693	$	7,725	$	5,468
Operating cash flows required by finance leases	4,491		2,966		2,337
Financing cash flows required by finance leases	9,156		5,345		4,162

Right-of-use assets obtained in exchange for new finance lease liabilities	$	17,626	$	25,166	$	52,525
Right-of-use assets obtained in exchange for new operating lease liabilities	14,646		14,642		87,723

Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:


	April 30,
	2024		2023
Weighted-average remaining lease-term - finance lease	15.4		15.1
Weighted-average remaining lease-term - operating lease	19.1		19.8

Weighted-average discount rate - finance lease	4.77	%	4.40	%
Weighted-average discount rate - operating lease	4.91	%	4.33	%

Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:


Years ended April 30,	Finance leases		Operating leases
2025	$	12,942	$	9,297
2026	12,964		9,194
2027	12,970		9,147
2028	11,601		9,127
2029	6,199		9,049
Thereafter	87,707		134,729
Total minimum lease payments	$	144,383	$	180,543
Less amount representing interest	42,565		65,374
Present value of net minimum lease payments	$	101,818	$	115,169

Effective during the third quarter of fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance included in ASC 842-40. We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. As of April 30, 2024, we have recognized the full amount of bonds available as property and equipment on the consolidated balance sheets related to this agreement.

Leases

LEASES

Lease right-of-use assets outstanding as of April 30, 2024 and 2023 consisted of the following:


		Years ended April 30,
	Classification	2024		2023
Finance lease right-of-use assets	Net property and equipment	$	83,714	$	79,344
Operating lease right-of-use assets	Other assets, net of amortization	115,819		107,994

The summary of lease-related costs included on the consolidated statements of income is included below:


	Years ended April 30,
	2024		2023		2022
Operating lease cost	$	10,174	$	9,346	$	6,721
Finance lease cost:
Amortization of right-of-use assets	$	10,417	$	5,882	$	4,489
Interest on lease liabilities	4,491		2,966		2,337

The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below:


	Years ended April 30,
	2024		2023		2022
Operating cash flows required by operating leases	$	8,693	$	7,725	$	5,468
Operating cash flows required by finance leases	4,491		2,966		2,337
Financing cash flows required by finance leases	9,156		5,345		4,162

Right-of-use assets obtained in exchange for new finance lease liabilities	$	17,626	$	25,166	$	52,525
Right-of-use assets obtained in exchange for new operating lease liabilities	14,646		14,642		87,723

Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:


	April 30,
	2024		2023
Weighted-average remaining lease-term - finance lease	15.4		15.1
Weighted-average remaining lease-term - operating lease	19.1		19.8

Weighted-average discount rate - finance lease	4.77	%	4.40	%
Weighted-average discount rate - operating lease	4.91	%	4.33	%

Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2024:


Years ended April 30,	Finance leases		Operating leases
2025	$	12,942	$	9,297
2026	12,964		9,194
2027	12,970		9,147
2028	11,601		9,127
2029	6,199		9,049
Thereafter	87,707		134,729
Total minimum lease payments	$	144,383	$	180,543
Less amount representing interest	42,565		65,374
Present value of net minimum lease payments	$	101,818	$	115,169

Income Taxes

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income tax expense attributable to earnings consisted of the following components:


	Years ended April 30,
	2024		2023		2022
Current tax expense:
Federal	$	78,542	$	95,336	$	4,382
State	22,394		22,365		13,835
	100,936		117,701		18,217
Deferred tax expense	53,252		23,126		82,721
Total income tax expense	$	154,188	$	140,827	$	100,938

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,
	2024		2023
Deferred tax assets:
Accrued liabilities and reserves	$	9,075	$	7,031
Deferred revenue	15,222		15,565
Accrued bonus compensation	10,272		9,361
Workers compensation	11,281		11,500
Operating and finance lease obligations	55,739		52,464
Asset retirement obligations	10,036		9,404
Deferred compensation	2,909		3,242
Equity compensation	8,018		8,305

State net operating losses and tax credits	2,568		1,807
Other	4,523		3,551
Total gross deferred tax assets	129,643		122,230
Less valuation allowance	550		250
Total net deferred tax assets	129,093		121,980
Deferred tax liabilities:
Property and equipment depreciation	(667,680)		(617,154)
Goodwill	(52,900)		(43,900)
Other	(5,363)		(4,524)
Total gross deferred tax liabilities	(725,943)		(665,578)
Net deferred tax liability	$	(596,850)	$	(543,598)

At April 30, 2024, the Company had net operating loss carryforwards for state income tax purposes of $126,681, which are available to offset future state taxable income. The state net operating loss carryforwards begin to expire in 2031. In addition, the Company had state tax credit carryforwards of $2,319, which begin to expire in 2027.

The valuation allowance for state net operating loss and state tax credit deferred tax assets as of April 30, 2024 and 2023 was $550 and $250, 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,
	2024		2023		2022
Income taxes at the statutory rates	21.0	%	21.0	%	21.0	%

Federal tax credits	(1.0)	%	(1.3)	%	(1.8)	%
State income taxes, net of federal tax benefit	3.7	%	4.0	%	3.8	%
Impact of phased-in state law changes, net of federal benefit	(1.0)	%	(0.4)	%	(0.8)	%
ASU 2016-09 benefit (share-based compensation)	(0.1)	%	(0.3)	%	(1.0)	%
Nondeductible executive compensation	0.9	%	1.1	%	1.2	%
Other	—	%	(0.1)	%	0.5	%
	23.5	%	24.0	%	22.9	%

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company had a total of $10,747 and $10,957 in gross unrecognized tax benefits at April 30, 2024 and 2023, respectively, which is recorded in other long-term liabilities in the consolidated balance sheets. Of this amount, $8,490 represents the amount of unrecognized tax

benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits decreased $210 during the twelve months ended April 30, 2024, due primarily to the expiration of certain statute of limitation 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:


	2024		2023
Beginning balance	$	10,957	$	10,259
Additions based on tax positions related to current year	2,570		2,867


Reductions due to lapse of applicable statute of limitations	(2,780)		(2,169)

Ending balance	$	10,747	$	10,957

The total net amount of accrued interest and penalties for such unrecognized tax benefits was $350 and $386 at April 30, 2024 and 2023, respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month periods ended April 30, 2024 and 2023 was an decrease in tax expense of $36 and an increase in tax expense of $15, respectively.

A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The Company has no ongoing federal or state income tax examinations.

At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $2,000 during the next twelve months mainly due to the expiration of certain statute of limitations. The federal statute of limitations remains open for the tax years 2020 and forward. Tax years 2019 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Retained Earnings
Payment of dividends per share (in Dollars per share)	$ 1.72	$ 1.52	$ 1.39

Significant Accounting Policies

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Operations: Casey’s General Stores, Inc. and its subsidiaries (collectively referred to as the "Company") operate 2,658 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000.


	Years ended April 30,
	2024		2023
Vendor rebates	$	87,423	$	54,979
Credit cards	35,455		46,851
Other	28,915		18,717
Total receivables	$	151,793	$	120,547


	Years ended April 30,
	2024		2023
Fuel	$	121,939	$	115,095
Merchandise	306,783		260,990
Total inventories	$	428,722	$	376,085

Contractual customer relationships: As the result of a prior acquisition, the Company recognized approximately $31,100 of contractual customer relationships. These assets were valued using the multi-period excess earnings method. The contractual customer relationships are amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2024. As of April 30, 2024 and 2023, the Company has recognized $24,880 and $26,953 of contractual customer relationships, which was net of accumulated amortization of $6,220 and $4,147, respectively. The Company expects to recognize $2,073 of annual amortization expense related to contractual customer relationships over the next 5 years.

Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives:


Buildings			25-40 years
Machinery and equipment			3-40 years
Finance lease right-of-use assets			Lesser of term of lease or life of asset
Leasehold improvements			Lesser of term of lease or life of asset

The discounted liability was $39,954 and $36,978 at April 30, 2024 and 2023, respectively, and is recorded in other long-term liabilities on the consolidated balance sheets.

Recent accounting pronouncements:

Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Assets acquired:
Goodwill	$ 652,663	$ 615,342
Series of Individually Immaterial Business Acquisitions
Assets acquired:
Inventories	13,351	3,976
Property and equipment	279,396	79,556
Finance lease right-of-use assets	3,194
Operating lease right-of-use assets	7,201
Other assets	2,137
Goodwill	37,321	2,408
Total assets	342,600	85,940
Liabilities assumed:
Accrued expenses and other long-term liabilities	982
Finance lease liabilities	5,004
Operating lease liabilities	7,041
Total liabilities	13,027	371
Net assets acquired and total purchase price	$ 329,573	$ 85,569

Leases - Weighted Average Lease Terms and Discount Rates (Details)	Apr. 30, 2024	Apr. 30, 2023
Leases [Abstract]
Weighted-average remaining lease-term - finance lease	15 years 4 months 24 days	15 years 1 month 6 days
Weighted-average remaining lease-term - operating lease	19 years 1 month 6 days	19 years 9 months 18 days
Weighted-average discount rate - finance lease	4.77%	4.40%
Weighted-average discount rate - operating lease	4.91%	4.33%

Contingencies (Details) $ in Thousands		12 Months Ended
Contingencies (Details) $ in Thousands	Mar. 31, 2021 employee	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)
Loss Contingency [Abstract]
Accrued environmental liability		$ 299	$ 268
Loss Contingencies [Line Items]
Payment received		15,297
Self insurance reserve		57,369	$ 61,168
Pending Litigation \| McColley V Casey's General Stores Inc
Loss Contingencies [Line Items]
Number of plaintiffs \| employee	1,400
General Liability and Auto Liability Insurance
Loss Contingencies [Line Items]
Annual stop loss limit		2,000
Workers' Compensation Insurance
Loss Contingencies [Line Items]
Annual stop loss limit		$ 1,000

Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Finance leases
2025	$ 12,942
2026	12,964
2027	12,970
2028	11,601
2029	6,199
Thereafter	87,707
Total minimum lease payments	144,383
Less amount representing interest	42,565
Present value of net minimum lease payments	101,818	$ 95,072
Operating leases
2025	9,297
2026	9,194
2027	9,147
2028	9,127
2029	9,049
Thereafter	134,729
Total minimum lease payments	180,543
Less amount representing interest	65,374
Present value of net minimum lease payments	$ 115,169

Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Basic
Net income	$ 501,972	$ 446,691	$ 339,790
Weighted average shares outstanding-basic (shares)	37,164,022	37,266,851	37,158,898
Basic earnings per common share (in Dollars per share)	$ 13.51	$ 11.99	$ 9.14
Diluted
Net income	$ 501,972	$ 446,691	$ 339,790
Weighted average shares outstanding-basic (shares)	37,164,022	37,266,851	37,158,898
Plus effect of stock options and restricted stock units (shares)	206,284	252,844	197,800
Weighted-average shares outstanding-diluted (shares)	37,370,306	37,519,695	37,356,698
Diluted earnings per common share (in Dollars per share)	$ 13.43	$ 11.91	$ 9.10

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Net Income Per Common Share (Tables)

12 Months Ended

Apr. 30, 2024

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,
	2024		2023		2022
Basic
Net income	$	501,972	$	446,691	$	339,790
Weighted average shares outstanding-basic	37,164,022		37,266,851		37,158,898
Basic earnings per common share	$	13.51	$	11.99	$	9.14
Diluted
Net income	$	501,972	$	446,691	$	339,790
Weighted-average shares outstanding-basic	37,164,022		37,266,851		37,158,898
Plus effect of stock options and restricted stock units	206,284		252,844		197,800
Weighted-average shares outstanding-diluted	37,370,306		37,519,695		37,356,698
Diluted earnings per common share	$	13.43	$	11.91	$	9.10

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Apr. 30, 2024	Jun. 20, 2024	Oct. 31, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 30, 2024
Current Fiscal Year End Date	--04-30
Document Transition Report	false
Entity File Number	001-34700
Entity Registrant Name	CASEY’S GENERAL STORES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0935283
Entity Address, Address Line One	ONE SE CONVENIENCE BLVD
Entity Address, City or Town	Ankeny
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50021
City Area Code	515
Local Phone Number	965-6100
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	CASY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 10.1
Entity Common Stock, Shares Outstanding		37,111,457
Documents Incorporated by Reference	Certain information called for by Items 10, 11, 12, 13 and 14 of Part III is hereby incorporated by reference from the definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April 30, 2024.
Entity Central Index Key	0000726958
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 10,957	$ 10,259
Additions based on tax positions related to current year	2,570	2,867
Reductions due to lapse of applicable statute of limitations	(2,780)	(2,169)
Ending balance	$ 10,747	$ 10,957

Fair Value of Financial Instruments and Long Term Debt

12 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Long-Term Debt

FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT

U.S. GAAP requires that each financial asset and liability carried at fair value be classified into one of the following of the fair value hierarchy levels, which is based upon the quality of the inputs used in the valuation. Level 1 inputs are quoted market prices in active markets for identical assets and liabilities. Level 2 inputs are observable market-based inputs or unobservable inputs that are corroborated by market data (excluding those included within Level 1). Level 3 inputs are unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. A summary of the fair value of the Company’s financial instruments follows.

Cash and cash equivalents, receivables, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest.

Long-term debt: The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances which are considered Level 2 inputs. The fair value of the Company’s long-term debt was approximately $1,375,000 and $1,437,000 at April 30, 2024 and 2023, respectively. The fair value calculated excludes finance lease obligations of $101,818 and $95,072 outstanding at April 30, 2024 and 2023, respectively, which are grouped with long-term debt on the consolidated balance sheets.

Credit Agreement

In the prior fiscal year, the Company entered into a credit agreement for (a) a $250 million unsecured term loan (the “Term Loan Facility”) and (b) an $850 million unsecured revolving credit facility (the “Revolving Facility” and together with the Term Loan Facility, the “Credit Facilities”). The Term Loan Facility was used to refinance the Company's previous term loan under a prior credit agreement, and to pay fees and expenses in connection therewith. The Revolving Facility is available for working capital and other general corporate purposes of the Company and its subsidiaries.

Amounts borrowed under the Credit Facilities bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement.

The outstanding principal balance on the Term Loan Facility is required to be repaid in equal quarterly installments in an amount equal to 1.25% of the original principal amount, on the last day of each March, June, September, and December, with the balance of the Credit Facilities due on April 21, 2028. The credit agreement contains an expansion option permitting the Company to request an increase of either of the Credit Facilities from time to time not to exceed the greater of (a) $900 million and (b) 100% of Consolidated EBITDA (as defined in the credit agreement) of the Company for the four most recently completed fiscal quarters, from the lenders or other financial institutions acceptable to the Company and the administrative agent, upon the satisfaction of certain conditions, including the consent of the lenders whose commitments would increase.

The Company had $0 outstanding on the Revolving Facility at April 30, 2024 and 2023, and $237,500 and $250,000 outstanding on the Term Loan Facility at April 30, 2024 and 2023, respectively.

Bank Line

The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. As of April 30, 2024, the availability under the Bank Line is encumbered by letters of credits totaling $308. The Bank Line bears

interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding under the Bank Line at April 30, 2024 and 2023. The Bank Line is due upon demand.

The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows:


	As of April 30,
	2024		2023
Finance lease liabilities (Note 7)	$	101,818	$	95,072
3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028	111,000		135,000
3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028	37,000		45,000
3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031	50,000		50,000
3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031	50,000		50,000
3.51% Senior Notes (Series E) due June 13, 2025	150,000		150,000
3.77% Senior Notes (Series F) due August 22, 2028	250,000		250,000
2.85% Senior Notes (Series G) due August 7, 2030	325,000		325,000
2.96% Senior Notes (Series H) due August 6, 2032	325,000		325,000
Variable rate term loan facility, requiring quarterly installments ending April 21, 2028	237,500		250,000
Debt issuance costs	(1,379)		(1,698)
	$	1,635,939	$	1,673,374
Less current maturities	53,181		52,861
	$	1,582,758	$	1,620,513

Interest, net on the consolidated statements of income is net of interest income of $11,736, $7,823, and $48 for the years ended April 30, 2024, 2023, and 2022, respectively. Interest, net is also net of interest capitalized of $3,363, $3,631, and $2,031 during the years ended April 30, 2024, 2023, and 2022, respectively.

The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2024, the Company was in compliance with all such operating and financial covenants.


Years ended April 30,
2025	$	44,500
2026	204,500
2027	60,500
2028	248,000
2029	286,000
Thereafter	692,000
	$	1,535,500

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Deferred tax assets:
Accrued liabilities and reserves	$ 9,075	$ 7,031
Deferred revenue	15,222	15,565
Accrued bonus compensation	10,272	9,361
Workers compensation	11,281	11,500
Operating and finance lease obligations	55,739	52,464
Asset retirement obligations	10,036	9,404
Deferred compensation	2,909	3,242
Equity compensation	8,018	8,305
State net operating losses and tax credits	2,568	1,807
Other	4,523	3,551
Total gross deferred tax assets	129,643	122,230
Less valuation allowance	550	250
Total net deferred tax assets	129,093	121,980
Deferred tax liabilities:
Property and equipment depreciation	(667,680)	(617,154)
Goodwill	(52,900)	(43,900)
Other	(5,363)	(4,524)
Total gross deferred tax liabilities	(725,943)	(665,578)
Net deferred tax liability	$ (596,850)	$ (543,598)

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

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,
	2024		2023		2022
Current tax expense:
Federal	$	78,542	$	95,336	$	4,382
State	22,394		22,365		13,835
	100,936		117,701		18,217
Deferred tax expense	53,252		23,126		82,721
Total income tax expense	$	154,188	$	140,827	$	100,938

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,
	2024		2023
Deferred tax assets:
Accrued liabilities and reserves	$	9,075	$	7,031
Deferred revenue	15,222		15,565
Accrued bonus compensation	10,272		9,361
Workers compensation	11,281		11,500
Operating and finance lease obligations	55,739		52,464
Asset retirement obligations	10,036		9,404
Deferred compensation	2,909		3,242
Equity compensation	8,018		8,305

State net operating losses and tax credits	2,568		1,807
Other	4,523		3,551
Total gross deferred tax assets	129,643		122,230
Less valuation allowance	550		250
Total net deferred tax assets	129,093		121,980
Deferred tax liabilities:
Property and equipment depreciation	(667,680)		(617,154)
Goodwill	(52,900)		(43,900)
Other	(5,363)		(4,524)
Total gross deferred tax liabilities	(725,943)		(665,578)
Net deferred tax liability	$	(596,850)	$	(543,598)

Schedule of Effective Income Tax Rate Reconciliation


	Years ended April 30,
	2024		2023		2022
Income taxes at the statutory rates	21.0	%	21.0	%	21.0	%

Federal tax credits	(1.0)	%	(1.3)	%	(1.8)	%
State income taxes, net of federal tax benefit	3.7	%	4.0	%	3.8	%
Impact of phased-in state law changes, net of federal benefit	(1.0)	%	(0.4)	%	(0.8)	%
ASU 2016-09 benefit (share-based compensation)	(0.1)	%	(0.3)	%	(1.0)	%
Nondeductible executive compensation	0.9	%	1.1	%	1.2	%
Other	—	%	(0.1)	%	0.5	%
	23.5	%	24.0	%	22.9	%

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2024		2023
Beginning balance	$	10,957	$	10,259
Additions based on tax positions related to current year	2,570		2,867


Reductions due to lapse of applicable statute of limitations	(2,780)		(2,169)

Ending balance	$	10,747	$	10,957

Consolidated Balance Sheets (Parentheticals) - $ / shares	Apr. 30, 2024	Apr. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, no par value (in usd per share)	$ 0	$ 0
Preferred stock, shares issued (in shares)	0	0
Common stock, no par value (in usd per share)	$ 0	$ 0
Common stock, shares issued (in shares)	37,008,488	37,263,248
Common stock, shares outstanding (in shares)	37,008,488	37,263,248

Significant Accounting Policies - Summary of the Inventory Values (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Inventory
Inventory	$ 428,722	$ 376,085
Fuel
Inventory
Inventory	121,939	115,095
Merchandise
Inventory
Inventory	$ 306,783	$ 260,990

Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Below is a summary of the receivable values at April 30, 2024 and 2023:


	Years ended April 30,
	2024		2023
Vendor rebates	$	87,423	$	54,979
Credit cards	35,455		46,851
Other	28,915		18,717
Total receivables	$	151,793	$	120,547

Summary of the Inventory Values

Below is a summary of the inventory values at April 30, 2024 and 2023:


	Years ended April 30,
	2024		2023
Fuel	$	121,939	$	115,095
Merchandise	306,783		260,990
Total inventories	$	428,722	$	376,085

Depreciation of Property and Equipment and Amortization of Capital Lease Assets

Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives:


Buildings			25-40 years
Machinery and equipment			3-40 years
Finance lease right-of-use assets			Lesser of term of lease or life of asset
Leasehold improvements			Lesser of term of lease or life of asset

Net Income Per Common Share

12 Months Ended

Apr. 30, 2024

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,
	2024		2023		2022
Basic
Net income	$	501,972	$	446,691	$	339,790
Weighted average shares outstanding-basic	37,164,022		37,266,851		37,158,898
Basic earnings per common share	$	13.51	$	11.99	$	9.14
Diluted
Net income	$	501,972	$	446,691	$	339,790
Weighted-average shares outstanding-basic	37,164,022		37,266,851		37,158,898
Plus effect of stock options and restricted stock units	206,284		252,844		197,800
Weighted-average shares outstanding-diluted	37,370,306		37,519,695		37,356,698
Diluted earnings per common share	$	13.43	$	11.91	$	9.10

Fair Value of Financial Instruments and Long Term Debt - Carrying Value of Long-term Debt (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2024 USD ($) installment_payment	Apr. 30, 2023 USD ($) installment_payment
Debt Instrument
Finance lease liabilities (Note 7)	$ 101,818	$ 95,072
Long-term debt	1,535,500
Debt issuance costs	(1,379)	(1,698)
Total	1,635,939	1,673,374
Less current maturities	53,181	52,861
Long-term debt and finance lease obligations, net of current maturities	$ 1,582,758	$ 1,620,513
Senior Notes \| 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028
Debt Instrument
Interest rate	3.67%	3.67%
Number of payments \| installment_payment	7	7
Long-term debt	$ 111,000	$ 135,000
Senior Notes \| 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028
Debt Instrument
Interest rate	3.75%	3.75%
Number of payments \| installment_payment	7	7
Long-term debt	$ 37,000	$ 45,000
Senior Notes \| 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031
Debt Instrument
Interest rate	3.65%	3.65%
Number of payments \| installment_payment	7	7
Long-term debt	$ 50,000	$ 50,000
Senior Notes \| 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031
Debt Instrument
Interest rate	3.72%	3.72%
Number of payments \| installment_payment	7	7
Long-term debt	$ 50,000	$ 50,000
Senior Notes \| 3.51% Senior Notes (Series E) due June 13, 2025
Debt Instrument
Interest rate	3.51%
Long-term debt	$ 150,000	150,000
Senior Notes \| 3.77% Senior Notes (Series F) due August 22, 2028
Debt Instrument
Interest rate	3.77%
Long-term debt	$ 250,000	250,000
Senior Notes \| 2.85% Senior Notes (Series G) due August 7, 2030
Debt Instrument
Interest rate	2.85%
Long-term debt	$ 325,000	325,000
Senior Notes \| 2.96% Senior Notes (Series H) due August 6, 2032
Debt Instrument
Interest rate	2.96%
Long-term debt	$ 325,000	325,000
Line of Credit \| Term Loan Facility
Debt Instrument
Long-term debt	$ 237,500	$ 250,000