Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure

3 Months Ended

Jul. 31, 2025

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 $2,267,000 and $2,285,000 at July 31, 2025 and April 30, 2025, respectively. The fair value calculated excludes finance lease obligations of $110,829 and $108,920 outstanding at July 31, 2025 and April 30, 2025, respectively, which are included 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 $2,977, for the three months ended July 31, 2025, and $2,385, for the three months ended July 31, 2024. Interest, net is also net of interest capitalized of $495, for the three months ended July 31, 2025, and $419, for the three months ended July 31, 2024.

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, either: (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 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, 2025 and April 30, 2025.

Bank Line

The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. As of July 31, 2025, the availability under the Bank Line is encumbered by letters of credit totaling $274. 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 July 31, 2025 and April 30, 2025. The Bank Line is due upon demand.