XML 93 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Apr. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Change in present value of pension and other postretirement benefit obligation
The following table shows how the present value of our obligation changed during each of the last two years. 
 
Pension Benefits
 
Medical and Life
Insurance Benefits
 
2014
 
2015
 
2014
 
2015
Obligation at beginning of year
$
783

 
$
785

 
$
74

 
$
69

Service cost
21

 
22

 
2

 
1

Interest cost
31

 
34

 
3

 
3

Net actuarial loss (gain)
4

 
91

 
3

 
3

Plan amendments
—

 
—

 
(10
)
 
(16
)
Retiree contributions
—

 
—

 
1

 
1

Benefits paid
(54
)
 
(45
)
 
(4
)
 
(4
)
Obligation at end of year
$
785

 
$
887

 
$
69

 
$
57
Expected benefit payments over the next 10 years
Expected benefit payments (net of retiree contributions) over the next 10 years are as follows:
 
Pension Benefits
 
Medical and Life
Insurance Benefits
2016
$
51

 
$
3

2017
52

 
3

2018
53

 
3

2019
54

 
3

2020
56

 
3

2021 – 2025
303

 
18
Fair value of pension plan assets by category, as well as the actual and target allocations
The following table shows the fair value of pension plan assets by category, as well as the actual and target allocations, as of April 30, 2014 and 2015. (Fair value levels are defined in Note 6.)
 
 
 
 
 
 
 
 
 
Allocation by Asset Class
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Actual
 
Target
April 30, 2014:
 
 
 
 
 
 
 
 
 
 
 
Commingled trust funds1:
 
 
 
 
 
 
 
 
 
 
 
Equity funds
$
—

 
$
235

 
$
—

 
$
235

 
38
%
 
38
%
Fixed income funds
—

 
196

 
—

 
196

 
32
%
 
35
%
Real estate funds
—

 
21

 
32

 
53

 
9
%
 
8
%
Short-term investments
—

 
3

 
—

 
3

 
1
%
 
—
%
Total commingled trust funds
—

 
455

 
32

 
487

 
80
%
 
81
%
Hedge funds2
—

 
—

 
30

 
30

 
5
%
 
5
%
Private equity3
—

 
—

 
25

 
25

 
4
%
 
5
%
Equity securities
63

 
—

 
—

 
63

 
11
%
 
9
%
Total
$
63

 
$
455

 
$
87

 
$
605

 
100
%
 
100
%
April 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
Commingled trust funds1:
 
 
 
 
 
 
 
 
 
 
 
Equity funds
$
—

 
$
248

 
$
—

 
$
248

 
39
%
 
38
%
Fixed income funds
—

 
185

 
—

 
185

 
30
%
 
35
%
Real estate funds
—

 
20

 
36

 
56

 
9
%
 
8
%
Short-term investments
—

 
4

 
—

 
4

 
1
%
 
—
%
Total commingled trust funds
—

 
457

 
36

 
493

 
79
%
 
81
%
Hedge funds2
—

 
—

 
31

 
31

 
5
%
 
5
%
Private equity3
—

 
—

 
26

 
26

 
4
%
 
5
%
Equity securities
76

 
—

 
—

 
76

 
12
%
 
9
%
Total
$
76

 
$
457

 
$
93

 
$
626

 
100
%
 
100
%
 
 
1Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the administrator of the fund and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding.
2Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values.
3As of April 30, 2014 and 2015, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments.
Change in fair value of Level 3 assets
The following table shows how the fair value of the Level 3 assets changed during each of the last two years. There were no transfers of assets between Level 3 and either of the other two levels.
 
Real Estate
Funds
 
Hedge
Funds
 
Private
Equity
 
Total
Balance as of April 30, 2013
$
28

 
$
26

 
$
21

 
$
75

Return on assets held at end of year
4

 
2

 
4

 
10

Purchases and settlements
—

 
2

 
3

 
5

Sales and settlements
—

 
—

 
(3
)
 
(3
)
Balance as of April 30, 2014
32

 
30

 
25

 
87

Return on assets held at end of year
4

 
1

 
1

 
6

Purchases and settlements
—

 
—

 
4

 
4

Sales and settlements
—

 
—

 
(4
)
 
(4
)
Balance as of April 30, 2015
$
36

 
$
31

 
$
26

 
$
93
Change in fair value of pension plan Assets
The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.) 
 
Pension Benefits
 
Medical and Life
Insurance Benefits
 
2014
 
2015
 
2014
 
2015
Assets at beginning of year
$
573

 
$
605

 
$
—

 
$
—

Actual return on assets
53

 
52

 
—

 
—

Retiree contributions
—

 
—

 
1

 
1

Company contributions
33

 
14

 
3

 
3

Benefits paid
(54
)
 
(45
)
 
(4
)
 
(4
)
Assets at end of year
$
605

 
$
626

 
$
—

 
$
—
Funded status of plans
The following table shows the funded status of our plans.
 
Pension Benefits
 
Medical and Life
Insurance Benefits
April 30,
2014
 
2015
 
2014
 
2015
Assets
$
605

 
$
626

 
$
—

 
$
—

Obligations
(785
)
 
(887
)
 
(69
)
 
(57
)
Funded status
$
(180
)
 
$
(261
)
 
$
(69
)
 
$
(57
)
Funded status is recorded on the accompanying consolidated balance sheets
The funded status is recorded on the accompanying consolidated balance sheets as follows: 
 
 

Pension Benefits
 
Medical and Life
Insurance Benefits
April 30,
 
2014
 
2015
 
2014
 
2015
Other assets
 
$
2

 
$
—

 
$
—

 
$
—

Accounts payable and accrued expenses
 
(4
)
 
(4
)
 
(3
)
 
(3
)
Accrued postretirement benefits
 
(178
)
 
(257
)
 
(66
)
 
(54
)
Net liability
 
$
(180
)
 
$
(261
)
 
$
(69
)
 
$
(57
)
Accumulated other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
Net actuarial gain (loss)
 
$
(296
)
 
$
(353
)
 
$
(14
)
 
$
(16
)
Prior service credit (cost)
 
(5
)
 
(4
)
 
5

 
18

 
 
$
(301
)
 
$
(357
)
 
$
(9
)
 
$
2
Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations
The following table compares our pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations. (As discussed above, we have no assets set aside for postretirement medical or life insurance benefits.) 
 
Plan Assets
 
Accumulated
Benefit Obligation
 
Projected
Benefit Obligation
April 30,
2014
 
2015
 
2014
 
2015
 
2014
 
2015
Plans with assets in excess of accumulated benefit obligation
$
52

 
$
53

 
$
49

 
$
50

 
$
50

 
$
52

Plans with accumulated benefit obligation in excess of assets
553

 
573

 
640

 
710

 
735

 
835

Total
$
605

 
$
626

 
$
689

 
$
760

 
$
785

 
$
887
Pension expense
The following table shows the components of the pension expense recognized during each of the last three years. The amount for each year includes amortization of the prior service cost/credit and net actuarial loss/gain included in accumulated other comprehensive loss as of the beginning of the year. 
 
Pension Benefits
 
2013
 
2014
 
2015
Service cost
$
20

 
$
21

 
$
22

Interest cost
35

 
31

 
34

Expected return on assets
(41
)
 
(40
)
 
(41
)
Amortization of:
 
 
 
 
 
Prior service cost (credit)
1

 
1

 
1

Net actuarial loss (gain)
28

 
31

 
22

Net expense
$
43

 
$
44

 
$
38
Postretirement medical and life insurance benefit expense
The following table shows the components of the postretirement medical and life insurance benefit expense that we recognized during each of the last three years. 
 
Medical and Life Insurance Benefits
 
2013
 
2014
 
2015
Service cost
$
2

 
$
2

 
$
1

Interest cost
3

 
3

 
3

Amortization of:
 
 
 
 
 
Prior service cost (credit)
1

 
—

 
(2
)
Net actuarial loss (gain)
—

 
—

 
1

Net expense
$
6

 
$
5

 
$
3
Amounts recognized in other comprehensive income
The following table shows the pre-tax effect of these amounts on OCI during each of the last three years:
 
Pension Benefits
 
Medical and Life
Insurance Benefits
 
2013
 
2014
 
2015
 
2013
 
2014
 
2015
Prior service credit (cost)
$
(4
)
 
$
—

 
$
—

 
$
—

 
$
10

 
$
16

Net actuarial gain (loss)
(18
)
 
9

 
(80
)
 
(10
)
 
(3
)
 
(3
)
Amortization reclassified to earnings:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
1

 
1

 
1

 
1

 
—

 
(2
)
Net actuarial loss (gain)
28

 
31

 
22

 
—

 
—

 
1

Net amount recognized in OCI
$
7

 
$
41

 
$
(57
)
 
$
(9
)
 
$
7

 
$
12
Assumptions used in computing benefit plan obligations
The weighted-average assumptions used in computing benefit plan obligations as of the end of the last two years were as follows:
 

Pension Benefits
 
Medical and Life
Insurance Benefits
 
2014
 
2015
 
2014
 
2015
Discount rate
4.46
%
 
4.09
%
 
4.67
%
 
4.09
%
Rate of salary increase
4.00
%
 
4.00
%
 
n/a

 
n/a
Assumptions used in computing benefit plan expense
assumptions used in computing benefit plan expense during each of the last three years were as follows: 
 
Pension Benefits
 
Medical and Life
Insurance Benefits
 
2013
 
2014
 
2015
 
2013
 
2014
 
2015
Discount rate
4.92
%
 
4.08
%
 
4.46
%
 
4.84
%
 
4.36
%
 
4.67
%
Rate of salary increase
4.00
%
 
4.00
%
 
4.00
%
 
n/a

 
n/a

 
n/a

Expected return on plan assets
7.75
%
 
7.50
%
 
7.50
%
 
n/a

 
n/a

 
n/a
Assumed health care cost trend rates
The assumed health care cost trend rates as of the end of the last two years were as follows: 
 
Medical and Life
Insurance Benefits
 
2014
 
2015
Health care cost trend rate assumed for next year:
 
 
 
Present rate before age 65
7.75
%
 
7.50
%
Present rate age 65 and after
6.75
%
 
n/a