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Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure
3 Months Ended
Jul. 31, 2023
Long-Term Debt and Fair Value Disclosure [Abstract]  
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure
The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances. The fair value of the Company’s long-term debt was approximately $1,396,000 and $1,437,000 at July 31, 2023 and April 30, 2023, respectively. The fair value calculated excludes finance lease obligations of $100,908 and $95,072 outstanding at July 31, 2023 and April 30, 2023, respectively, which are grouped with long-term debt on the condensed consolidated balance sheets.
Interest, net on the condensed consolidated statements of income is net of interest income of $3,576, and $0 for the three months ended July 31, 2023 and 2022, respectively. Interest, net is also net of interest capitalized of $794, and $581 for the three months ended July 31, 2023 and 2022, respectively.
Revolving Facility
The Company has a credit agreement that provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”). Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The Company had $0 outstanding under the Revolving Facility at July 31, 2023 and April 30, 2023.
Bank Line
The Company has an additional unsecured bank line of credit (the "Bank Line"). Effective June 1, 2023, the Bank Line availability was increased from $25,000 to $50,000. The $50,000 availability under the Bank Line is encumbered by letters of credits totaling $432. 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 (the “Index”). There was $0 outstanding under the Bank Line at July 31, 2023 and April 30, 2023. The Bank Line is due upon demand