IOWA | 42-0935283 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
ONE CONVENIENCE BOULEVARD, ANKENY, IOWA | 50021 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ |
Class | Outstanding at March 2, 2016 | |
Common stock, no par value per share | 39,050,570 shares |
Page | |||
PART I | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II | |||
Item 1. | |||
Item 1A. | |||
Item 6. | |||
January 31, 2016 | April 30, 2015 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 53,563 | 48,541 | |||
Receivables | 23,940 | 22,609 | ||||
Inventories | 189,722 | 197,331 | ||||
Prepaid expenses | 3,669 | 2,025 | ||||
Deferred income taxes | 18,831 | 15,531 | ||||
Income tax receivable | 15,001 | 19,223 | ||||
Total current assets | 304,726 | 305,260 | ||||
Other assets, net of amortization | 18,290 | 18,295 | ||||
Goodwill | 127,981 | 127,046 | ||||
Property and equipment, net of accumulated depreciation of $1,297,852 at January 31, 2016 and $1,185,246 at April 30, 2015 | 2,219,552 | 2,019,364 | ||||
Total assets | $ | 2,670,549 | 2,469,965 |
January 31, 2016 | April 30, 2015 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Notes payable to bank | $ | 2,800 | — | |||
Current maturities of long-term debt | 15,380 | 15,398 | ||||
Accounts payable | 206,639 | 226,577 | ||||
Accrued expenses | 134,933 | 122,914 | ||||
Total current liabilities | 359,752 | 364,889 | ||||
Long-term debt, net of current maturities | 830,466 | 838,245 | ||||
Deferred income taxes | 399,824 | 354,973 | ||||
Deferred compensation | 17,102 | 17,645 | ||||
Other long-term liabilities | 20,275 | 18,984 | ||||
Total liabilities | 1,627,419 | 1,594,736 | ||||
Shareholders’ equity: | ||||||
Preferred stock, no par value | — | — | ||||
Common stock, no par value | 70,988 | 56,274 | ||||
Retained earnings | 972,142 | 818,955 | ||||
Total shareholders’ equity | 1,043,130 | 875,229 | ||||
$ | 2,670,549 | 2,469,965 |
Three Months Ended January 31, | Nine Months Ended January 31, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Total revenue | $ | 1,565,940 | 1,671,961 | 5,539,132 | 6,113,358 | |||||||
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 1,194,771 | 1,320,915 | 4,313,731 | 5,020,116 | ||||||||
Gross profit | 371,169 | 351,046 | 1,225,401 | 1,093,242 | ||||||||
Operating expenses | 259,625 | 238,782 | 791,185 | 727,881 | ||||||||
Depreciation and amortization | 43,822 | 40,431 | 125,028 | 113,955 | ||||||||
Interest, net | 10,132 | 10,191 | 30,225 | 31,057 | ||||||||
Income before income taxes | 57,590 | 61,642 | 278,963 | 220,349 | ||||||||
Federal and state income taxes | 19,491 | 22,323 | 100,025 | 81,064 | ||||||||
Net income | $ | 38,099 | 39,319 | 178,938 | 139,285 | |||||||
Net income per common share | ||||||||||||
Basic | $ | 0.98 | 1.01 | 4.59 | 3.60 | |||||||
Diluted | $ | 0.97 | 1.01 | 4.54 | 3.57 | |||||||
Basic weighted average shares outstanding | 39,033,987 | 38,795,477 | 39,003,820 | 38,701,232 | ||||||||
Plus effect of stock compensation | 403,421 | 322,674 | 397,551 | 309,125 | ||||||||
Diluted weighted average shares outstanding | 39,437,408 | 39,118,151 | 39,401,371 | 39,010,357 | ||||||||
Dividends declared per share | 0.22 | 0.20 | 0.66 | 0.60 |
Nine months ended January 31, | ||||||
2016 | 2015 | |||||
Cash flows from operating activities: | ||||||
Net income | $ | 178,938 | 139,285 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 125,028 | 113,955 | ||||
Other amortization | 310 | 260 | ||||
Stock based compensation | 5,793 | 6,292 | ||||
Loss on disposal of assets and impairment charges | 314 | 584 | ||||
Deferred income taxes | 41,551 | 27,631 | ||||
Excess tax benefits related to stock option exercises | (2,563 | ) | (3,014 | ) | ||
Changes in assets and liabilities: | ||||||
Receivables | (1,331 | ) | 3,624 | |||
Inventories | 7,744 | 39,228 | ||||
Prepaid expenses | (1,644 | ) | (1,428 | ) | ||
Accounts payable | (33,193 | ) | (80,747 | ) | ||
Accrued expenses | 13,962 | (16,580 | ) | |||
Income taxes | 7,523 | 10,986 | ||||
Other, net | (348 | ) | (216 | ) | ||
Net cash provided by operating activities | 342,084 | 239,860 | ||||
Cash flows from investing activities: | ||||||
Purchase of property and equipment | (312,588 | ) | (292,144 | ) | ||
Payments for acquisition of businesses, net of cash acquired | (4,252 | ) | (37,073 | ) | ||
Proceeds from sales of property and equipment | 3,546 | 2,158 | ||||
Net cash used in investing activities | (313,294 | ) | (327,059 | ) | ||
Cash flows from financing activities: | ||||||
Repayments of long-term debt | (7,797 | ) | (456 | ) | ||
Net borrowings of short-term debt | 2,800 | 18,500 | ||||
Proceeds from exercise of stock options | 3,595 | 10,535 | ||||
Payments of cash dividends | (24,929 | ) | (22,398 | ) | ||
Excess tax benefits related to stock option exercises | 2,563 | 3,014 | ||||
Net cash (used in) provided by financing activities | (23,768 | ) | 9,195 |
Nine months ended January 31, | ||||||
2016 | 2015 | |||||
Net increase (decrease) in cash and cash equivalents | 5,022 | (78,004 | ) | |||
Cash and cash equivalents at beginning of the period | 48,541 | 121,641 | ||||
Cash and cash equivalents at end of the period | $ | 53,563 | 43,637 |
Nine months ended January 31, | ||||||
2016 | 2015 | |||||
Cash paid during the period for: | ||||||
Interest, net of amount capitalized | $ | 23,125 | 24,536 | |||
Income taxes, net | 50,862 | 42,352 | ||||
Noncash investing and financing activities: | ||||||
Purchased property and equipment in accounts payable | 13,256 | 4,644 |
1. | Presentation of Financial Statements |
2. | Basis of Presentation |
3. | Revenue Recognition |
4. | Long-Term Debt and Fair Value Disclosure |
5. | Disclosure of Compensation Related Costs, Share Based Payments |
Date of Grant | Type of Grant | Shares Granted | Recipients | Vesting Date | Fair Value at Grant Date | |
June 7 & 19, 2013 | Restricted Stock Units | 77,650 | Officers & Key employees | June 7, 2016 | $4,816 | |
September 13, 2013 | Restricted Stock Units | 14,000 | Non-employee board members | May 1, 2014 | $958 | |
June 6, 2014 | Restricted Stock Units | 91,000 | Officers & Key employees | June 6, 2017 | $6,584 | |
June 6, 2014 | Restricted Stock | 30,538 | Officers & Key employees | Immediate (Annual performance goal) | $2,209 | |
September 19, 2014 | Restricted Stock | 13,955 | Non-employee board members | Immediate | $990 | |
June 5, 2015 | Restricted Stock Units | 104,200 | Officers & Key employees | June 5, 2018 | $9,135 | |
June 5, 2015 | Restricted Stock | 48,913 | Officers & Key employees | Immediate (Annual performance goal) | $4,288 |
Number of option shares | Weighted average option exercise price | |||||
Outstanding at April 30, 2015 | 401,800 | $ | 36.55 | |||
Granted | — | — | ||||
Exercised | 103,100 | 34.86 | ||||
Forfeited | 2,500 | 25.26 | ||||
Outstanding at January 31, 2016 | 296,200 | $ | 37.23 |
Unvested at April 30, 2015 | 193,930 | |
Granted | 104,200 | |
Vested | (33,355 | ) |
Forfeited | (1,875 | ) |
Unvested at January 31, 2016 | 262,900 |
6. | Commitments and Contingencies |
7. | Unrecognized Tax Benefits |
8. | Segment Reporting |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands). |
Three months ended 1/31/2016 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total | ||||||||||
Revenue | $ | 888,744 | $ | 453,388 | $ | 209,595 | $ | 14,213 | $ | 1,565,940 | |||||
Gross profit | $ | 85,460 | $ | 141,482 | $ | 130,027 | $ | 14,200 | $ | 371,169 | |||||
Margin | 9.6 | % | 31.2 | % | 62.0 | % | 99.9 | % | 23.7 | % | |||||
Fuel gallons | 472,259 | ||||||||||||||
Three months ended 1/31/2015 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total | ||||||||||
Revenue | $ | 1,056,458 | $ | 412,711 | $ | 190,393 | $ | 12,399 | $ | 1,671,961 | |||||
Gross profit | $ | 98,418 | $ | 128,572 | $ | 111,672 | $ | 12,384 | $ | 351,046 | |||||
Margin | 9.3 | % | 31.2 | % | 58.7 | % | 99.9 | % | 21.0 | % | |||||
Fuel gallons | 446,842 |
Nine months ended 1/31/2016 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total | ||||||||||
Revenue | $ | 3,341,721 | $ | 1,496,586 | $ | 662,364 | $ | 38,461 | $ | 5,539,132 | |||||
Gross profit | $ | 295,830 | $ | 475,935 | $ | 415,220 | $ | 38,416 | $ | 1,225,401 | |||||
Margin | 8.9 | % | 31.8 | % | 62.7 | % | 99.9 | % | 22.1 | % | |||||
Fuel gallons | 1,469,654 | ||||||||||||||
Nine months ended 1/31/2015 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total | ||||||||||
Revenue | $ | 4,134,353 | $ | 1,358,231 | $ | 586,199 | $ | 34,575 | $ | 6,113,358 | |||||
Gross profit | $ | 275,923 | $ | 435,282 | $ | 347,506 | $ | 34,531 | $ | 1,093,242 | |||||
Margin | 6.7 | % | 32.0 | % | 59.3 | % | 99.9 | % | 17.9 | % | |||||
Fuel gallons | 1,371,796 |
Three months ended | Nine months ended | ||||||||||||
January 31, 2016 | January 31, 2015 | January 31, 2016 | January 31, 2015 | ||||||||||
Net income | $ | 38,099 | 39,319 | $ | 178,938 | 139,285 | |||||||
Interest, net | 10,132 | 10,191 | 30,225 | 31,057 | |||||||||
Federal and state income taxes | 19,491 | 22,323 | 100,025 | 81,064 | |||||||||
Depreciation and amortization | 43,822 | 40,431 | 125,028 | 113,955 | |||||||||
EBITDA | $ | 111,544 | 112,264 | $ | 434,216 | 365,361 | |||||||
(Gain) loss on disposal of assets and impairment charges | 505 | 452 | 314 | 584 | |||||||||
Adjusted EBITDA | $ | 112,049 | 112,716 | $ | 434,530 | 365,945 |
Exhibit No. | Description |
3.1 | Restatement of the Restated and Amended Articles of Incorporation (incorporated by reference from the Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 1996) and Articles of Amendment thereto (incorporated by reference from the Current Report on Form 8-K filed April 16, 2010, as amended by the Current Report on Form 8-K/A filed April 19, 2010, and the Current Report on Form 8-K filed May 20, 2011). |
3.2(a) | Second Amended and Restated By-laws (incorporated by reference from the Current Report on Form 8-K filed June 16, 2009) and Amendments thereto (incorporated by reference from the Current Reports on Form 8-K filed May 20, 2011, and August 2, 2011, and the Current Report on Form 8-K filed on June 22, 2012). |
4.8 | Note Purchase Agreement dated as of September 29, 2006 among the Company and the purchasers of the 5.72% Senior Notes, Series A and Series B (incorporated by reference from the Current Report on Form 8-K filed September 29, 2006). |
4.9 | Note Purchase Agreement dated as of August 9, 2010 among the Company and the purchasers of the 5.22% Senior Notes (incorporated by reference from the Current Report on Form 8-K filed August 10, 2010). |
4.10 | Note Purchase Agreement dated as of June 17, 2013 among the Company and the purchasers of the 3.67% Senior A Notes and 3.75% Series B Notes (incorporated by reference from the Current Reports on Form 8-K filed June 18, 2013 and December 18, 2013). |
21(a) | Subsidiaries of Casey’s General Stores, Inc. (incorporated by reference from the Annual Report on Form 10-K/A for the fiscal year ended April 30, 2015). |
31.1 | Certification of Robert J. Myers under Section 302 of the Sarbanes Oxley Act of 2002 |
31.2 | Certification of William J. Walljasper under Section 302 of the Sarbanes Oxley Act of 2002 |
32.1 | Certificate of Robert J. Myers under Section 906 of Sarbanes-Oxley Act of 2002 |
32.2 | Certificate of William J. Walljasper under Section 906 of Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101. DEF | XBRL Taxonomy Extension Definition Linkbase Document |
CASEY’S GENERAL STORES, INC. | ||
Date: March 7, 2016 | By: | /s/ William J. Walljasper |
William J. Walljasper | ||
Its: | Senior Vice President and Chief Financial Officer | |
(Authorized Officer and Principal Financial and Accounting Officer) |
Exhibit No. | Description |
31.1 | Certification of Robert J. Myers under Section 302 of the Sarbanes Oxley Act of 2002 |
31.2 | Certification of William J. Walljasper under Section 302 of the Sarbanes Oxley Act of 2002 |
32.1 | Certificate of Robert J. Myers under Section 906 of Sarbanes-Oxley Act of 2002 |
32.2 | Certificate of William J. Walljasper under Section 906 of Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101. DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Dated: March 7, 2016 | /s/ Robert J. Myers | |
Robert J. Myers | ||
Chairman and Chief Executive Officer |
Dated: March 7, 2016 | /s/ William J. Walljasper | |
William J. Walljasper | ||
Senior Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert J. Myers | ||
Robert J. Myers | ||
Chairman and Chief Executive Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ William J. Walljasper | ||
William J. Walljasper | ||
Senior Vice President and Chief Financial Officer |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Jan. 31, 2016 |
Mar. 02, 2016 |
|
Document And Entity Information | ||
Entity Registrant Name | Caseys General Stores Inc, | |
Entity Central Index Key | 0000726958 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 39,050,570 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Jan. 31, 2016 |
Apr. 30, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Property and equipment, net of accumulated depreciation of $1,297,852 at January 31, 2016 and $1,185,246 at April 30, 2015 | $ 1,297,852 | $ 1,185,246 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
|
Income Statement [Abstract] | ||||
Total revenue | $ 1,565,940,000 | $ 1,671,961,000 | $ 5,539,132,000 | $ 6,113,358,000 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 1,194,771,000 | 1,320,915,000 | 4,313,731,000 | 5,020,116,000 |
Gross profit | 371,169,000 | 351,046,000 | 1,225,401,000 | 1,093,242,000 |
Operating expenses | 259,625,000 | 238,782,000 | 791,185,000 | 727,881,000 |
Depreciation and amortization | 43,822,000 | 40,431,000 | 125,028,000 | 113,955,000 |
Interest, net | 10,132,000 | 10,191,000 | 30,225,000 | 31,057,000 |
Income before income taxes | 57,590,000 | 61,642,000 | 278,963,000 | 220,349,000 |
Federal and state income taxes | 19,491,000 | 22,323,000 | 100,025,000 | 81,064,000 |
Net income | $ 38,099,000 | $ 39,319,000 | $ 178,938,000 | $ 139,285,000 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.98 | $ 1.01 | $ 4.59 | $ 3.60 |
Diluted (in dollars per share) | $ 0.97 | $ 1.01 | $ 4.54 | $ 3.57 |
Basic weighted average shares outstanding (in shares) | 39,033,987 | 38,795,477 | 39,003,820 | 38,701,232 |
Plus effect of stock compensation (in shares) | 403,421 | 322,674 | 397,551 | 309,125 |
Diluted weighted average shares outstanding (in shares) | 39,437,408 | 39,118,151 | 39,401,371 | 39,010,357 |
Dividends | $ 0.22 | $ 0.20 | $ 0.66 | $ 0.60 |
Presentation of Financial Statements |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | Presentation of Financial Statements The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. (hereinafter referred to as The Company or Casey's) and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation. |
Basis of Presentation |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of January 31, 2016 and April 30, 2015, and the results of operations for the three and nine months ended January 31, 2016 and 2015, and cash flows for the nine months ended January 31, 2016 and 2015. See the Form 10-K for the year ended April 30, 2015 for our consideration of new accounting pronouncements. In addition, on November 20, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, "Balance Sheet Classification of Deferred Taxes". The ASU simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Upon adoption, the Company will net its current deferred tax asset with its noncurrent deferred tax liability and present as noncurrent on the balance sheet. The ASU will be effective for annual periods beginning after December 15, 2016, and interim periods within those years (with early adoption allowed). The Company plans to adopt the standard in the fourth quarter of its fiscal year ended April 30, 2016. |
Revenue Recognition |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. |
Long-term Debt and Fair Value Disclosure |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Long-Term Debt and Fair Value Disclosure [Abstract] | |
Long-Term Debt Disclosure | The Company has an aggregate $100,000 line of credit with $2,800 outstanding at January 31, 2016 and $0 at April 30, 2015. |
Fair Value Disclosure | Long-Term Debt and Fair Value Disclosure The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $876,000 and $887,000 at January 31, 2016 and April 30, 2015, respectively. |
Disclosure of Compensation Related Costs, Share Based Payments |
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Jan. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | Disclosure of Compensation Related Costs, Share Based Payments The 2009 Stock Incentive Plan (the “Plan”), was approved by the Board in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “Prior Plans”). There are 3,576,936 shares still available for grant at January 31, 2016. Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one, and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two. We account for stock-based compensation by estimating the fair value of stock options using the Black Scholes model, and value restricted stock unit awards granted under the Plan using the market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement. The following table summarizes the most recent compensation grants as of January 31, 2016:
At January 31, 2016, options for 296,200 shares (which expire between 2016 and 2021) were outstanding for the Plan and Prior Plans. Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:
At January 31, 2016, all 296,200 outstanding options were vested, and had an aggregate intrinsic value of $24,735 and a weighted average remaining contractual life of 4.52 years. The aggregate intrinsic value for the total of all options exercised during the nine months ended January 31, 2016, was $7,650. Information concerning the unvested restricted stock units under the Plan is presented in the following table:
Total compensation costs recorded for the nine months ended January 31, 2016 and 2015, respectively, were $5,793 and $6,292 for the stock option, restricted stock, and restricted stock unit awards to employees. As of January 31, 2016, there were no unrecognized compensation costs related to the Plan for stock options and $9,773 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2019. |
Commitments and Contingencies |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As previously reported, the Company was named as a defendant in four lawsuits (“hot fuel” cases) brought in the federal courts in Kansas and Missouri against a variety of fuel retailers, which were consolidated in the U.S. District Court for the District of Kansas in Kansas City, Kansas as part of the multidistrict “Motor Fuel Temperature Sales Practices Litigation.” A hearing to consider whether the previously-reported settlement involving the Company was fair, reasonable and adequate was conducted on June 9, 2015, and on August 21, 2015, the Court approved the same. The approved settlement includes, but is not limited to, the commitment on the part of the Company to "sticker" certain information on its gasoline pumps and to make a monetary payment (which is not considered to be material in amount) to the plaintiff class. A hearing was held on November 19, 2015 with regard to the attorneys’ fee award for plaintiffs’ counsel, and an order awarding fees was filed by the Court on February 17, 2016. However, the settlement will not be considered final until all time for appeals have expired. The Company is named as a defendant in a purported class action lawsuit filed in the U.S. District Court for the Western District of Missouri on behalf of all individuals on whom the Company obtained a consumer report for employment purposes during the last 2 years. Plaintiffs allege that the Company has violated the Fair Credit Reporting Act ("FCRA") disclosure requirement. The FCRA provides for statutory damages of $100 to $1,000 for each willful violation, as well as punitive damages and attorneys' fees. The Court denied the Company's Motion to Dismiss and Motion to Dismiss/Substitute a Proper Party. Casey’s tentatively resolved the matter at a Court ordered mediation on September 8, 2015, for an amount which is not considered material. The parties filed the Motion for Preliminary Settlement approval in October 2015. The Court granted preliminary approval on December 2, 2015. From time to time we may be involved in other legal and administrative proceedings or investigations arising from the conduct of our business operations, including contractual disputes; employment or personnel matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for compensatory or exemplary damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operation. |
Unrecognized Tax Benefits |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $8,043 at April 30, 2015. At January 31, 2016, gross unrecognized tax benefits were $9,055. If this unrecognized tax benefit were ultimately recognized, $5,923 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $338 at January 31, 2016, and $152 at April 30, 2015. Net interest and penalties included in income tax expense for the nine months ended January 31, 2016, was an expense of $186 and a net benefit of $176 for the same period of the prior year. A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The State of Illinois is examining tax years 2011 and 2012. Additionally, the IRS is currently examining tax year 2012. The Company has no other ongoing federal or state income tax examinations. The Company does not have any outstanding litigation related to tax matters. At this time, management expects the aggregate amount of unrecognized tax benefits to decrease by approximately $2,942 within the next twelve months. The expected decrease is due to the expiration of the statute of limitations related to certain state income tax filing positions. The federal statute of limitation remains open for the tax years 2012 and forward. Tax years 2010 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. |
Segment Reporting |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As of January 31, 2016 we operated 1,911 stores in 14 states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment. Our stores sell similar products and services, and use similar processes to sell those products and services directly to the general public. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery and other merchandise, and prepared food and fountain because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate gross margins within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. |
Basis of Presentation (Policies) |
9 Months Ended |
---|---|
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. |
New Accounting Pronouncements | In addition, on November 20, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, "Balance Sheet Classification of Deferred Taxes". The ASU simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Upon adoption, the Company will net its current deferred tax asset with its noncurrent deferred tax liability and present as noncurrent on the balance sheet. The ASU will be effective for annual periods beginning after December 15, 2016, and interim periods within those years (with early adoption allowed). The Company plans to adopt the standard in the fourth quarter of its fiscal year ended April 30, 2016. |
Revenue Recognition | Revenue Recognition The Company recognizes retail sales of fuel, grocery and other merchandise, prepared food and fountain and other revenue at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. |
Disclosure of Compensation Related Costs, Share Based Payments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Grants | The following table summarizes the most recent compensation grants as of January 31, 2016:
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Schedule of Stock Options Activity | Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:
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Schedule of Restricted Stock Units Award Activity | Information concerning the unvested restricted stock units under the Plan is presented in the following table:
|
Long-term Debt and Fair Value Disclosure (Details) - USD ($) |
Jan. 31, 2016 |
Apr. 30, 2015 |
---|---|---|
Debt Instrument | ||
Fair value of long-term debt | $ 876,000,000 | $ 887,000,000 |
Line of Credit | ||
Debt Instrument | ||
Maximum borrowing capacity | 100,000,000 | |
Fair value of amount outstanding | $ 2,800,000 | $ 0 |
Disclosure of Compensation Related Costs, Share Based Payments (Details) - 2009 Stock Incentive Plan - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jan. 31, 2016 |
Jan. 31, 2015 |
Apr. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares available for grant | 3,576,936 | ||
Allocated share-based compensation expense | $ 5,793 | $ 6,292 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of options outstanding | 296,200 | 401,800 | |
Aggregate intrinsic value for outstanding options | $ 24,735 | ||
Weighted average remaining contractual life (in years) | 4 years 6 months 8 days | ||
Aggregate intrinsic value for exercised options | $ 7,650 | ||
Unrecognized compensation costs related to Plan | 0 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation costs related to Plan | $ 9,773 |
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Stock Option Activity (Details) - 2009 Stock Incentive Plan - Employee Stock Option |
9 Months Ended |
---|---|
Jan. 31, 2016
$ / shares
shares
| |
Number of Option Shares | |
Outstanding at the beginning of the period (in shares) | shares | 401,800 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 103,100 |
Forfeited (in shares) | shares | 2,500 |
Outstanding at the end of the period (in shares) | shares | 296,200 |
Weighted Average Option Price | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 36.55 |
Granted (in dollars per share) | $ / shares | 0.00 |
Exercised (in dollars per share) | $ / shares | 34.86 |
Forfeited (in dollars per share) | $ / shares | 25.26 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 37.23 |
Disclosure of Compensation Related Costs, Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) |
9 Months Ended |
---|---|
Jan. 31, 2016
shares
| |
Number of Restricted Stock Units | |
Unvested at the beginning of the period (in shares) | 193,930 |
Granted (in shares) | 104,200 |
Vested (in shares) | (33,355) |
Forfeited (in shares) | (1,875) |
Unvested at the end of the period (in shares) | 262,900 |
Commitments and Contingencies (Details) |
9 Months Ended | |
---|---|---|
Nov. 20, 2012
lawsuit
|
Jan. 31, 2016
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||
Number of lawsuits where the Company is named as a defendant | lawsuit | 4 | |
Period covered by lawsuit | 2 years | |
Minimum | ||
Loss Contingencies | ||
Statutory damages per violation | $ 100 | |
Maximum | ||
Loss Contingencies | ||
Statutory damages per violation | $ 1,000 |
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jan. 31, 2015 |
Jan. 31, 2016 |
Apr. 30, 2015 |
|
Income Tax Contingency | |||
Unrecognized tax benefits | $ 9,055 | $ 8,043 | |
Unrecognized tax benefits that would impact effective tax rate | 5,923 | ||
Accrued interest and penalties related to unrecognized tax benefits | 338 | $ 152 | |
Interest and penalties included in income tax expense | $ (176) | 186 | |
Expected decrease in unrecognized tax benefits | $ 2,942 | ||
Federal Tax Authority | Earliest Tax Year | |||
Income Tax Contingency | |||
Tax years open for examination | 2012 | ||
State Tax Authority | Earliest Tax Year | |||
Income Tax Contingency | |||
Tax years open for examination | 2010 | ||
Illinois | Tax Year 2011 | |||
Income Tax Contingency | |||
Year under examination | 2011 | ||
Illinois | Tax Year 2012 | |||
Income Tax Contingency | |||
Year under examination | 2012 |
Segment Reporting (Details) |
9 Months Ended |
---|---|
Jan. 31, 2016
state
segment
store
merchandise_category
| |
Segment Reporting [Abstract] | |
Number of stores | store | 1,911 |
Number of states in which entity operates | state | 14 |
Number of operating segments | segment | 1 |
Number of merchandise categories | merchandise_category | 3 |
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