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Acquisitions (Tables) | 9 Months Ended
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Jan. 31, 2022
Business Combinations [Abstract] |
Allocation of purchase price | The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the contractual customer relationships, leases, and property and equipment acquired. The accounting related to certain property and equipment, goodwill, contingent liabilities, deferred taxes, and the working capital adjustment is considered provisional and is subject to change.
Assets acquired: |
Cash and cash equivalents | $ | 5,517 |
Receivables | 2,836 |
Inventories | 18,516 |
Prepaid expenses | 150 |
Property and equipment | 306,851 |
Contractual customer relationships | 31,100 |
Deferred income taxes | 1,343 |
Finance lease right-of-use assets | 10,689 |
Operating lease right-of-use assets | 11,816 |
Other assets | 1,774 |
Goodwill | 250,113 |
Total assets | 640,705 |
Liabilities assumed: |
Accounts payable | 27,138 |
Accrued expenses | 8,395 |
Finance lease liabilities | 12,369 |
Operating lease liabilities | 15,666 |
Other long-term liabilities | 3,717 |
Total liabilities | 67,285 |
Net assets acquired and total purchase price | $ | 573,420 |
The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the leases acquired.
Assets acquired: |
Inventories | $ | 5,299 |
Property and equipment | 6,150 |
Finance lease right-of-use assets | 37,086 |
Operating lease right-of-use assets | 24,113 |
Goodwill | 31,662 |
Total assets | 104,310 |
Liabilities assumed: |
Accrued expenses and other long-term liabilities | 545 |
Finance lease liabilities | 46,576 |
Operating lease liabilities | 15,773 |
Total liabilities | 62,894 |
Net assets acquired and total consideration paid | $ | 41,416 |
The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We are utilizing a third-party valuation specialist to assist in valuing the property and equipment and leases acquired. The valuation is still in process and, as a result, amounts related to goodwill, property and equipment, leases, and deferred income taxes are provisional measurements and subjected to change.
Assets acquired: |
Cash and cash equivalents | $ | 95 |
Inventories | 6,556 |
Prepaid expenses | 87 |
Property and equipment | 68,065 |
Deferred income taxes | 468 |
Operating lease right-of-use assets | 27,432 |
Goodwill | 153,936 |
Total assets | 256,639 |
Liabilities assumed: |
Accrued expenses and other long-term liabilities | 883 |
Operating lease liabilities | 29,132 |
Total liabilities | 30,015 |
Net assets acquired and total consideration paid | $ | 226,624 |
Pro forma information | The following unaudited pro forma information presents a summary of our condensed consolidated statements of income as if the Buchanan Energy, Circle K, and Pilot transactions referenced above occurred on May 1, 2020 (amounts in thousands, except per share data):
| Three Months Ended January 31, |  | Nine Months Ended January 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total revenue | 3,082,346 |  |  | 2,251,406 |  |  | 9,731,049 |  |  | 7,197,255 |
Net income | 66,898 |  |  | 41,590 |  |  | 300,140 |  |  | 282,473 |
Net income per common share |  |  |  |  |  |  |
Basic | 1.80 |  |  | 1.12 |  |  | 8.08 |  |  | 7.63 |
Diluted | 1.79 |  |  | 1.12 |  |  | 8.04 |  |  | 7.58 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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