Commitments and Contingencies - (Tables)

9 Months Ended

Jan. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Assets And Liabilities, Lessee

Lease right-of-use assets outstanding as of January 31, 2020 consisted of the following (in thousands):

	Classification	January 31, 2020
Finance lease right-of-use assets	Property and equipment	$	14,896
Operating lease right-of-use assets	Other assets	19,984

Weighted average remaining lease terms, weighted average discount rates, and supplementary cash flow information for outstanding leases were as follows:

	January 31, 2020
Weighted-average remaining lease-term - finance lease	10.9 years
Weighted-average remaining lease-term - operating lease	20.1 years
Weighted-average discount rate - finance lease	5.33		%
Weighted-average discount rate - operating lease	4.31		%
Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands)	$	1,520
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands)	1,037

Finance Lease, Liability, Maturity

Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019:

Years ended January 31,	Finance leases		Operating leases
2021	$	3,115	$	1,830
2022	3,110		1,791
2023	3,109		1,709
2024	2,897		1,634
2025	1,385		1,556
Thereafter	10,705		23,581
Total minimum lease payments	24,321		32,101
Less amount representing interest	6,979		11,745
Present value of net minimum lease payments	$	17,342	$	20,356

Years ended April 30,	Capital leases		Operating leases
2020	$	3,103	$	1,703
2021	3,109		1,547
2022	3,096		1,354
2023	3,098		1,228
2024	2,548		1,066
Thereafter	9,215		10,438
Total minimum lease payments	24,169		$	17,336
Less amount representing interest	7,689
Present value of net minimum lease payments	$	16,480

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 $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered 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 condensed 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 January 31, 2020, we have $3.4 million recognized as construction in progress in property and equipment on the condensed consolidated balance sheets related to this agreement.

Lessee, Operating Lease, Liability, Maturity

Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at January 31, 2020 and April 30, 2019:

Years ended January 31,	Finance leases		Operating leases
2021	$	3,115	$	1,830
2022	3,110		1,791
2023	3,109		1,709
2024	2,897		1,634
2025	1,385		1,556
Thereafter	10,705		23,581
Total minimum lease payments	24,321		32,101
Less amount representing interest	6,979		11,745
Present value of net minimum lease payments	$	17,342	$	20,356

Years ended April 30,	Capital leases		Operating leases
2020	$	3,103	$	1,703
2021	3,109		1,547
2022	3,096		1,354
2023	3,098		1,228
2024	2,548		1,066
Thereafter	9,215		10,438
Total minimum lease payments	24,169		$	17,336
Less amount representing interest	7,689
Present value of net minimum lease payments	$	16,480

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 $51.4 million of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which is to be developed and used by the Company. As title transfers to Joplin throughout development and the Company subsequently leases the related asset from Joplin, we have considered 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 condensed 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 January 31, 2020, we have $3.4 million recognized as construction in progress in property and equipment on the condensed consolidated balance sheets related to this agreement.