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Fair Value of Financial Instruments and Long Term Debt
 12 Months Ended
Apr. 30, 2025
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 $2,285,000 and $1,375,000 at April 30, 2025 and 2024, respectively. The fair value calculated excludes finance lease obligations of $108,920 and $101,818 outstanding at April 30, 2025 and 2024, respectively, which are grouped with long-term debt on the consolidated balance sheets.
Series I and J Senior Notes
On October 4, 2024, the Company entered into a note purchase agreement with respect to the issuance of $250,000 aggregate principal amount of senior notes, consisting of: (i) $150,000 aggregate principal amount of 5.23% Senior Notes, Series I, due November 2, 2031; and (ii) $100,000 aggregate principal amount of 5.43% Senior Notes, Series J, due November 2, 2034 (collectively, the “Notes”). The Senior Notes Series I and Series J were issued on October 30, 2024. Interest on the 5.23% Senior Notes Series I and 5.43% Senior Notes Series J is payable on the 2nd day of each May and November. Principal on the Senior Notes Series I and Series J is payable in full on November 2, 2031 (Series I) and November 2, 2034 (Series J), respectively. We may prepay these notes in whole or in part at any time in an amount of not less than $2,000 at a redemption price calculated in accordance with the note purchase agreement. The Company used the proceeds of these notes to partially fund the Fikes acquisition (see further discussion of the Fikes acquisition in Note 2).
Amended Credit Agreement
The Company is party to a credit agreement, dated as of April 21, 2023 (the “Original Credit Agreement”) for (a) a $250,000 unsecured term loan (the “Original Term Loan”) and (b) an $850,000 unsecured revolving credit facility (the “Revolving Facility” and together with the Original Term Loan, the “Original Credit Facilities”). The Original Term Loan 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.
The outstanding principal balance on the Original Term Loan 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 Original Credit Facilities due on April 21, 2028. The Original Credit Agreement contains an expansion option permitting the Company to request an increase of either of the Original Credit Facilities from time to time not to exceed the greater of (a) $900,000 and (b) 100% of Consolidated EBITDA (as defined in the Original 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 $200,000 and $237,500 outstanding on the Original Term Loan at April 30, 2025 and 2024, respectively. Additionally, the Company had $0 outstanding under the Revolving Facility at April 30, 2025 and 2024.
On October 30, 2024, the Company entered into an amendment to the Original Credit Agreement (the “Amendment” and, together with the Original Credit Agreement, the “Credit Agreement”), pursuant to which the Company incurred an incremental term loan in an aggregate principal amount of $850,000 (the “Incremental Term Loan”). The outstanding principal balance of the Incremental Term Loan is required to be repaid in equal quarterly installments of $10,625 on the last business day of each March, June, September, and December, which commenced on March 31, 2025, with the remaining balance due on October 30, 2029. The proceeds of the Incremental Term Loan were used to partially fund the Fikes acquisition (see further discussion of the Fikes acquisition in Note 2). The Company had $839,375 and $0 outstanding on the Incremental Term Loan at April 30, 2025 and 2024, respectively.
Amounts borrowed under the Credit Agreement, including the Term Loan, Incremental Term Loan and the Revolving Facility, 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 0.1% (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 0.1% to 0.70% and each with a floor of 1.00%. 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.
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, 2025, 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, 2025 and 2024. 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,
 20252024
Finance lease liabilities (Note 7)
$108,920 $101,818 
3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028
87,000 111,000 
3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028
29,000 37,000 
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 
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 
5.23% Senior notes (Series I) due November 2, 2031
150,000 — 
5.43% Senior notes (Series J) due November 2, 2034
100,000 — 
Variable rate term loan facility, requiring quarterly installments ending April 21, 2028200,000 237,500 
Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029839,375 — 
Debt issuance costs(5,750)(1,379)
$2,508,545 $1,635,939 
Less current maturities94,925 53,181 
$2,413,620 $1,582,758 
Interest, net on the consolidated statements of income is net of interest income of $13,102, $11,736, and $7,823 for the years ended April 30, 2025, 2024, and 2023, respectively. Interest, net is also net of interest capitalized of $2,305, $3,363, and $3,631 during the years ended April 30, 2025, 2024, and 2023, respectively.
The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2025, the Company was in compliance with all such operating and financial covenants.
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, 2025 and thereafter:
 
Years ended April 30,
2026$84,500 
202790,500 
2028290,500 
2029328,500 
2030685,375 
Thereafter926,000 
$2,405,375