Casey's General Stores (CASY) 10-Q7 Mar 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Jan. 31, 2023	Feb. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		37,262,452
Entity Central Index Key	0000726958
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 413,199	$ 158,878
Receivables	127,328	108,028
Inventories	387,136	396,199
Prepaid expenses	24,430	17,859
Income taxes receivable	6,111	44,071
Total current assets	958,204	725,035
Other assets, net of amortization	188,803	187,219
Goodwill	614,212	612,934
Property and equipment, net of accumulated depreciation of $2,597,268 at January 31, 2023 and $2,425,709 at April 30, 2022	4,079,398	3,980,542
Total assets	5,840,617	5,505,730
Current liabilities:
Current maturities of long-term debt and finance lease obligations	37,727	24,466
Accounts payable	518,250	588,783
Accrued expenses	313,832	291,429
Total current liabilities	869,809	904,678
Long-term debt and finance lease obligations, net of current maturities	1,634,500	1,663,403
Deferred income taxes	544,988	520,472
Deferred compensation	11,843	12,746
Insurance accruals, net of current portion	31,298	27,957
Other long-term liabilities	141,397	135,636
Total liabilities	3,233,835	3,264,892
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	97,849	79,412
Retained earnings	2,508,933	2,161,426
Total shareholders’ equity	2,606,782	2,240,838
Total liabilities and shareholders' equity	$ 5,840,617	$ 5,505,730

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 2,597,268	$ 2,425,709

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Total revenue	$ 3,332,555	$ 3,048,717	$ 11,765,774	$ 9,493,652
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	2,595,093	2,384,222	9,381,120	7,387,680
Operating expenses	515,735	490,997	1,598,213	1,470,569
Depreciation and amortization	78,088	75,529	232,500	225,675
Interest, net	11,697	14,431	39,015	41,681
Income before income taxes	131,942	83,538	514,926	368,047
Federal and state income taxes	31,830	19,514	124,327	88,033
Net income	$ 100,112	$ 64,024	$ 390,599	$ 280,014
Net income per common share
Basic (in dollars per share)	$ 2.69	$ 1.72	$ 10.48	$ 7.54
Diluted (in dollars per share)	$ 2.67	$ 1.71	$ 10.42	$ 7.50
Basic weighted average shares outstanding (in shares)	37,281,103	37,169,213	37,261,049	37,154,883
Plus effect of stock compensation (in shares)	283,448	197,370	240,459	197,370
Diluted weighted average shares outstanding (in shares)	37,564,551	37,366,583	37,501,508	37,352,253
Dividends declared per share (in dollars per share)	$ 0.38	$ 0.35	$ 1.14	$ 1.04

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings
Beginning Balance (shares) at Apr. 30, 2021		36,949,878,000
Beginning Balance at Apr. 30, 2021	$ 1,932,679	$ 58,951	$ 1,873,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119,159		119,159
Dividends declared	(12,680)		(12,680)
Exercise of stock options (in shares)		3,000,000
Exercise of stock options	133	$ 133
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		149,368,000
Share-based compensation (net of tax withholding on employee share-based awards)	(8,626)	$ (8,626)
Ending Balance (shares) at Jul. 31, 2021		37,102,246,000
Ending Balance at Jul. 31, 2021	2,030,665	$ 50,458	1,980,207
Beginning Balance (shares) at Apr. 30, 2021		36,949,878,000
Beginning Balance at Apr. 30, 2021	1,932,679	$ 58,951	1,873,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	280,014
Ending Balance (shares) at Jan. 31, 2022		37,111,466,000
Ending Balance at Jan. 31, 2022	2,185,606	$ 70,841	2,114,765
Beginning Balance (shares) at Jul. 31, 2021		37,102,246,000
Beginning Balance at Jul. 31, 2021	2,030,665	$ 50,458	1,980,207
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96,831		96,831
Dividends declared	(13,118)		(13,118)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		6,557,000
Share-based compensation (net of tax withholding on employee share-based awards)	8,756	$ 8,756
Ending Balance (shares) at Oct. 31, 2021		37,108,803,000
Ending Balance at Oct. 31, 2021	2,123,134	$ 59,214	2,063,920
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	64,024		64,024
Dividends declared	(13,179)		(13,179)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		2,663,000
Share-based compensation (net of tax withholding on employee share-based awards)	11,627	$ 11,627
Ending Balance (shares) at Jan. 31, 2022		37,111,466,000
Ending Balance at Jan. 31, 2022	2,185,606	$ 70,841	2,114,765
Beginning Balance (shares) at Apr. 30, 2022		37,111,667,000
Beginning Balance at Apr. 30, 2022	2,240,838	$ 79,412	2,161,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152,932		152,932
Dividends declared	(14,431)		(14,431)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		138,132,000
Share-based compensation (net of tax withholding on employee share-based awards)	707	$ 707
Ending Balance (shares) at Jul. 31, 2022		37,249,799,000
Ending Balance at Jul. 31, 2022	2,380,046	$ 80,119	2,299,927
Beginning Balance (shares) at Apr. 30, 2022		37,111,667,000
Beginning Balance at Apr. 30, 2022	2,240,838	$ 79,412	2,161,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	390,599
Ending Balance (shares) at Jan. 31, 2023		37,262,452,000
Ending Balance at Jan. 31, 2023	2,606,782	$ 97,849	2,508,933
Beginning Balance (shares) at Jul. 31, 2022		37,249,799,000
Beginning Balance at Jul. 31, 2022	2,380,046	$ 80,119	2,299,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	137,555		137,555
Dividends declared	(14,335)		(14,335)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		8,823,000
Share-based compensation (net of tax withholding on employee share-based awards)	9,550	$ 9,550
Ending Balance (shares) at Oct. 31, 2022		37,258,622,000
Ending Balance at Oct. 31, 2022	2,512,816	$ 89,669	2,423,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	100,112		100,112
Dividends declared	(14,326)		(14,326)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		3,830,000
Share-based compensation (net of tax withholding on employee share-based awards)	8,180	$ 8,180
Ending Balance (shares) at Jan. 31, 2023		37,262,452,000
Ending Balance at Jan. 31, 2023	$ 2,606,782	$ 97,849	$ 2,508,933

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021
Retained Earnings
Payment of dividends per share (in Dollars per share)	$ 0.38	$ 0.38	$ 0.38	$ 0.35	$ 0.35	$ 0.34

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Cash flows from operating activities:
Net income	$ 390,599	$ 280,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	232,500	225,675
Amortization of debt issuance costs	1,036	1,112
Share-based compensation	34,741	29,382
Loss (gain) on disposal of assets and impairment charges	5,977	(869)
Deferred income taxes	24,516	56,967
Changes in assets and liabilities:
Receivables	(19,300)	(10,006)
Inventories	9,896	(33,579)
Prepaid expenses	(6,571)	(9,444)
Accounts payable	(100,714)	(12,910)
Accrued expenses	20,869	25,543
Income taxes	39,548	263
Other, net	3,496	(15,607)
Net cash provided by operating activities	636,593	536,541
Cash flows from investing activities:
Purchase of property and equipment	(301,298)	(228,208)
Payments for acquisition of businesses, net of cash acquired	(13,202)	(863,371)
Proceeds from sales of assets	13,551	26,504
Net cash used in investing activities	(300,949)	(1,065,075)
Cash flows from financing activities:
Proceeds from long-term debt	0	450,000
Payments of long-term debt	(23,563)	(14,226)
Payments of debt issuance costs	0	(1,149)
Proceeds from exercise of stock options	0	133
Payments of cash dividends	(41,456)	(38,223)
Tax withholdings on employee share-based awards	(16,304)	(17,625)
Net cash (used in) provided by financing activities	(81,323)	378,910
Net increase (decrease) in cash and cash equivalents	254,321	(149,624)
Cash and cash equivalents at beginning of the period	158,878	336,545
Cash and cash equivalents at end of the period	413,199	186,921
Cash paid during the period for:
Interest, net of amount capitalized	37,765	34,800
Income taxes, net	56,289	27,387
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	76,840	38,751
Right-of-use assets obtained in exchange for new finance lease liabilities	6,909	49,259
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 13,485	$ 79,867

Presentation of Financial State

Presentation of Financial Statements	9 Months Ended
Presentation of Financial Statements	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation of Financial Statements	Presentation of Financial Statements Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,472 convenience stores in 16 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 5,000. The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Jan. 31, 2023
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. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of January 31, 2023 and April 30, 2022, the results of operations for the three and nine months ended January 31, 2023 and 2022, and shareholders' equity and cash flows for the nine months ended January 31, 2023 and 2022. 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. Additionally, see the Form 10-K for the year ended April 30, 2022 for our consideration of new accounting pronouncements.

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold	9 Months Ended
Revenue and Cost of Goods Sold	Jan. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Cost of Goods Sold	Revenue and Cost of Goods Sold The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and dispensed beverage 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 condensed consolidated statements of income. A portion of revenue from sales that include a redeemable digital box top coupon or 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 digital box top coupon or points. The amounts related to digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2023 and April 30, 2022, the Company recognized a contract liability of $52,558 and $41,577, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, which is included in accrued expenses on the condensed consolidated balance sheets. 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 January 31, 2023 and April 30, 2022, the Company recognized a liability of $19,662 and $15,509, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. 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

Long-term Debt and Finance Leas

Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure	9 Months Ended
	Jan. 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 $1,460,000 and $1,508,000 at January 31, 2023 and April 30, 2022, respectively. The fair value calculated excludes finance lease obligations of $78,222 and $74,234 outstanding at January 31, 2023 and April 30, 2022, respectively, which are grouped with long-term debt on the condensed consolidated balance sheets. Revolving Facility The Company has a committed unsecured revolving credit facility in the aggregate principal amount of $450,000 (the "Revolving Facility"). The $450,000 availability under the Revolving Facility is encumbered by letters of credits totaling $11,940. The maturity date for the Revolving Facility is January 11, 2024. Amounts borrowed under the Revolving Facility bear interest at variable rates based upon, at the Company’s option, either: (a) the LIBO Rate adjusted for statutory reserve requirements (but no less than 0.50%), plus a margin ranging from 1.05% to 1.85%; or (b) an alternate base rate, which is the higher of (i) the prime rate announced by the Administrative Agent, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) the one-month LIBO Rate plus 1.00%, plus a margin ranging from 0.05% to 0.85%. The Revolving Facility also carries a facility fee of 0.20% to 0.40% per annum. The applicable margins and facility fee are dependent upon the Company’s Consolidated Leverage Ratio, as calculated as set forth in the Revolving Facility's underlying credit agreement. The Company had $0 outstanding under the Revolving Facility at January 31, 2023 and April 30, 2022. Bank Line

Compensation Related Costs and

Compensation Related Costs and Share Based Payments	9 Months Ended
Compensation Related Costs and Share Based Payments	Jan. 31, 2023
Share-based Payment Arrangement [Abstract]
Compensation Related Costs and Share Based Payments	Compensation Related Costs and Share Based Payments 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 January 31, 2023, there were 1,638,934 shares available for grant under the 2018 Plan. We account for share-based compensation by estimating the fair value of time-based and performance-based restricted stock unit awards using the closing price of a share of our common stock on the date of grant. For market-based awards we use a Monte Carlo approach to estimate the value of the awards, which simulates the prices of the Company’s and each member of the performance peer groups' common stock price at the end of the relevant performance period, taking into account volatility and the specifics surrounding each total shareholder return metric under the relevant plan. We recognize these amounts as an operating expense in our condensed 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 performance-based awards. All awards have been granted at no cost to the grantee and/or non-employee member of the Board. Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table: Unvested at April 30, 2022 526,394 Granted 162,443 Vested (232,290) Forfeited (21,678) Performance Award Adjustments 62,028 Unvested at January 31, 2023 496,897 The above unvested awards reflect (a) long-term incentive compensation program grants for fiscal 2021 through 2023, which include a mix of time-based restricted stock units and performance-based restricted stock units (subject to three-year cumulative net income before net interest expense, income taxes, depreciation and amortization ("EBITDA") and three-year average return on invested capital ("ROIC"), with further potential adjustments for three-year relative total shareholder return ("TSR")) (b) certain “make-whole” and sign-on grants, which include a mix of time-based restricted stock units and performance-based restricted stock units subject to EBITDA and ROIC, with further potential adjustments for TSR, (c) special performance grants which include time-based restricted stock units, and (d) non-employee director equity awards, which include time-based restricted stock units.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of 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 1,500 current and/or former Store Managers (representing less than 1/4 of those eligible) remain opted-in to participate in the lawsuit. The Company believes that adequate provisions have been made for probable losses related to this matter, 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 the matter. During the quarter, 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 condensed consolidated statements of income. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices. While volume commitments are included in the contracts, we do not have a history of incurring material penalties related to these provisions. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	9 Months Ended
Unrecognized Tax Benefits	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $10,259 at April 30, 2022. At January 31, 2023, gross unrecognized tax benefits were $12,639. If this unrecognized tax benefit were ultimately recognized, $9,985 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $550 at January 31, 2023, and $371 at April 30, 2022. Net interest and penalties included in income tax expense for the nine months ended January 31, 2023, was a net expense of $179 and a net expense of $184 for the same period in 2022. 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 $2,100 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 2019 and forward. Tax years 2013 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Jan. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingAs of January 31, 2023, we operated 2,472 stores in 16 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. 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 general merchandise, and prepared food and dispensed beverage because it allows us to more effectively discuss trends and operational programs within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these categories.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and dispensed beverage 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 condensed consolidated statements of income. A portion of revenue from sales that include a redeemable digital box top coupon or 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 digital box top coupon or points. The amounts related to digital box top coupons and points are deferred until their redemption or expiration. Revenue related to the digital box top coupons and points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2023 and April 30, 2022, the Company recognized a contract liability of $52,558 and $41,577, respectively, related to the outstanding digital box top coupons and Casey's Rewards points, which is included in accrued expenses on the condensed consolidated balance sheets. 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 January 31, 2023 and April 30, 2022, the Company recognized a liability of $19,662 and $15,509, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. 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

Compensation Related Costs an_2

Compensation Related Costs and Share Based Payments (Tables)	9 Months Ended
	Jan. 31, 2023
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Award Activity	Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table: Unvested at April 30, 2022 526,394 Granted 162,443 Vested (232,290) Forfeited (21,678) Performance Award Adjustments 62,028 Unvested at January 31, 2023 496,897

Presentation of Financial Sta_2

Presentation of Financial Statements - Narrative (Details) people in Thousands	Jan. 31, 2023 state store people
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores \| store	2,472
Number of states in which entity operates \| state	16
Population of communities \| people	5

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Coupons And Rewards Points
Disaggregation of Revenue [Line Items]
Contract liability	$ 52,558	$ 41,577
Gift Cards
Disaggregation of Revenue [Line Items]
Contract liability	$ 19,662	$ 15,509

Long-term Debt and Finance Le_2

Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure - Narrative (Details) - USD ($)	9 Months Ended
	Jan. 31, 2023	Apr. 30, 2022
Debt Instrument
Fair value of long-term debt	$ 1,460,000,000	$ 1,508,000,000
Finance lease obligations	78,222,000	74,234,000
Unsecured Revolving Credit Facility Due January 2024 \| Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	450,000,000
Fair value of amount outstanding	$ 0	0
Unsecured Revolving Credit Facility Due January 2024 \| Revolving Credit Facility \| Federal Funds
Debt Instrument
Effective percentage	0.50%
Unsecured Revolving Credit Facility Due January 2024 \| Revolving Credit Facility \| Alternate Base Rate
Debt Instrument
Effective percentage	1%
Unsecured Revolving Credit Facility Due January 2024 \| Letter of Credit
Debt Instrument
Maximum borrowing capacity	$ 11,940,000
Unsecured Revolving Credit Facility Due January 2024 \| Minimum \| Revolving Credit Facility
Debt Instrument
Facility fee percentage	0.20%
Unsecured Revolving Credit Facility Due January 2024 \| Minimum \| Revolving Credit Facility \| LIBOR
Debt Instrument
Effective percentage	0.50%
Basis spread on variable rate	1.05%
Unsecured Revolving Credit Facility Due January 2024 \| Minimum \| Revolving Credit Facility \| Alternate Base Rate
Debt Instrument
Basis spread on variable rate	0.05%
Unsecured Revolving Credit Facility Due January 2024 \| Maximum \| Revolving Credit Facility
Debt Instrument
Facility fee percentage	0.40%
Unsecured Revolving Credit Facility Due January 2024 \| Maximum \| Revolving Credit Facility \| LIBOR
Debt Instrument
Basis spread on variable rate	1.85%
Unsecured Revolving Credit Facility Due January 2024 \| Maximum \| Revolving Credit Facility \| Alternate Base Rate
Debt Instrument
Basis spread on variable rate	0.85%
Unsecured Revolving Line of Credit \| Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 25,000,000
Fair value of amount outstanding	0	$ 0
Unsecured Revolving Line of Credit \| Letter of Credit
Debt Instrument
Maximum borrowing capacity	$ 432,000

Compensation Related Costs an_3

Compensation Related Costs and Share Based Payments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant reduction per stock option issued (in shares)	1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant reduction per equity instruments other options issued (in shares)	2
Stock Incentive Plans \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Earnings before interest, tax, depreciation and amortization measurement period	3 years
Return on invested capital measurement period	3 years
Total shareholder return measurement period	3 years
Allocated share-based compensation expense	$ 34,741	$ 29,382
Unrecognized compensation costs related to plan	$ 40,715
2018 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	1,638,934
2018 Stock Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	0

Compensation Related Costs an_4

Compensation Related Costs and Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units	9 Months Ended
	Jan. 31, 2023 shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares)	526,394
Granted (in shares)	162,443
Vested (in shares)	(232,290)
Forfeited (in shares)	(21,678)
Performance Award Adjustments (in shares)	62,028
Unvested at the end of the period (in shares)	496,897

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 USD ($) employee
Other Commitments [Line Items]
Proceeds from legal matter	$ 15,297
Contract commitment	$ 14,500	$ 14,500
McColley V. Casey's General Stores, Inc. \| Pending Litigation
Other Commitments [Line Items]
Number of participants \| employee		1,500

Unrecognized Tax Benefits - Nar

Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 12,639		$ 10,259
Unrecognized tax benefits that would impact effective tax rate	9,985
Accrued interest and penalties related to unrecognized tax benefits	550		$ 371
Net interest and penalties included in income tax expense	179	$ 184
Expected decrease in unrecognized tax benefits	$ 2,100

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Jan. 31, 2023 state store merchandise_category segment
Segment Reporting [Abstract]
Number of stores \| store	2,472
Number of states in which entity operates \| state	16
Number of operating segments \| segment	1
Number of merchandise categories \| merchandise_category	3