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Acquisitions | 12 Months Ended
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Apr. 30, 2020
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONS During the year ended April 30, 2020, the Company acquired 18 stores through a variety of multi-store and single store transactions with several unrelated third parties. Of the 18 stores acquired, 11 were re-opened as a Casey's store during the 2020 fiscal year, and seven will be opened during the 2021 fiscal year. The majority of the acquisitions meet the criteria to be considered business combinations. The purchase price of the stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill if the acquisition is considered to be a business combination. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2020 is as follows (in thousands):
Assets acquired: |
Inventories | $ | 680 |
Property and equipment | 28,384 |
Total assets | 29,064 |
Liabilities assumed: |
Accrued expenses | 210 |
Total liabilities | 210 |
Net tangible assets acquired | 28,854 |
Goodwill | 3,852 |
Total consideration paid | $ | 32,706 |
The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):
| Years Ended April 30,
| 2020 |  | 2019
Total revenue | $ | 9,217,749 |  |  | $ | 9,421,773 |
Net income | $ | 265,233 |  |  | $ | 205,987 |
Net income per common share |  |  |
Basic | $ | 7.18 |  |  | $ | 5.61 |
Diluted | $ | 7.13 |  |  | $ | 5.57 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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