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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Apr. 30, 2017
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
 
2016
 
2017
 
2016
 
2017
Obligation at beginning of year
$
887

 
$
898

 
$
57

 
$
56

Service cost
26

 
26

 
1

 
1

Interest cost
35

 
35

 
2

 
2

Net actuarial loss (gain)
8

 
(14
)
 
(1
)
 
—

Plan amendments
—

 
1

 
—

 
(4
)
Retiree contributions
—

 
—

 
1

 
1

Benefits paid
(58
)
 
(53
)
 
(4
)
 
(4
)
Obligation at end of year
$
898

 
$
893

 
$
56

 
$
52
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
2018
$
52

 
$
3

2019
53

 
3

2020
54

 
3

2021
55

 
3

2022
58

 
3

2023 – 2027
309

 
16
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 of the end of the last two years. (Fair value levels are defined in Note 6.)
 
Level 1
 
Level 2
 
Level 3
 
Total
April 30, 2016
 
 
 
 
 
 
 
Equity securities
$
78

 
$
—

 
$
—

 
$
78

Limited partnership interests1
—

 
—

 
29

 
29

 
$
78

 
$
—

 
$
29

 
107

Investments measured at net asset value:
 
 
 
 
 
 
 
Commingled trust funds2:
 
 
 
 
 
 
 
Equity funds
 
 
 
 
 
 
197

Fixed income funds
 
 
 
 
 
 
197

Real estate funds
 
 
 
 
 
 
59

Short-term investments
 
 
 
 
 
 
4

Hedge funds3
 
 
 
 
 
 
30

 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
$
594

 
 
 
 
 
 
 
 
April 30, 2017
 
 
 
 
 
 
 
Equity securities
$
78

 
$
—

 
$
—

 
$
78

Limited partnership interests1
—

 
—

 
32

 
32

 
$
78

 
$
—

 
$
32

 
110

Investments measured at net asset value:
 
 
 
 
 
 
 
Commingled trust funds2:
 
 
 
 
 
 
 
Equity funds
 
 
 
 
 
 
206

Fixed income funds
 
 
 
 
 
 
229

Real estate funds
 
 
 
 
 
 
63

Short-term investments
 
 
 
 
 
 
7

Hedge funds3
 
 
 
 
 
 
8

 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
$
623

 
 
1Limited partnership interests 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.
2Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the fund administrators 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.
3Hedge 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.
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.
 
Level 3
Balance as of April 30, 2015
$
26

Return on assets held at end of year
1

Purchases and settlements
5

Sales and settlements
(3
)
Balance as of April 30, 2016
29

Return on assets held at end of year
1

Purchases and settlements
5

Sales and settlements
(3
)
Balance as of April 30, 2017
$
32
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
 
2016
 
2017
 
2016
 
2017
Assets at beginning of year
$
626

 
$
594

 
$
—

 
$
—

Actual return on assets
2

 
51

 
—

 
—

Retiree contributions
—

 
—

 
1

 
1

Company contributions
24

 
31

 
3

 
3

Benefits paid
(58
)
 
(53
)
 
(4
)
 
(4
)
Assets at end of year
$
594

 
$
623

 
$
—

 
$
—
Funded status of plans
The following table shows the funded status of our plans.
 
Pension Benefits
 
Medical and Life
Insurance Benefits
April 30,
2016
 
2017
 
2016
 
2017
Assets
$
594

 
$
623

 
$
—

 
$
—

Obligations
(898
)
 
(893
)
 
(56
)
 
(52
)
Funded status
$
(304
)
 
$
(270
)
 
$
(56
)
 
$
(52
)
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,
 
2016
 
2017
 
2016
 
2017
Accounts payable and accrued expenses
 
(4
)
 
(5
)
 
(3
)
 
(3
)
Accrued postretirement benefits
 
(300
)
 
(265
)
 
(53
)
 
(49
)
Net liability
 
$
(304
)
 
$
(270
)
 
$
(56
)
 
$
(52
)
Accumulated other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
Net actuarial gain (loss)
 
$
(372
)
 
$
(322
)
 
$
(13
)
 
$
(13
)
Prior service credit (cost)
 
(4
)
 
(4
)
 
15

 
17

 
 
$
(376
)
 
$
(326
)
 
$
2

 
$
4
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 whose assets exceed their accumulated benefit obligations with those whose obligations exceed their assets. (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,
2016
 
2017
 
2016
 
2017
 
2016
 
2017
Plans with assets in excess of accumulated benefit obligation
$
—

 
$
48

 
$
—

 
$
47

 
$
—

 
$
48

Plans with accumulated benefit obligation in excess of assets
594

 
575

 
776

 
729

 
898

 
845

Total
$
594

 
$
623

 
$
776

 
$
776

 
$
898

 
$
893
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
 
2015
 
2016
 
2017
Service cost
$
22

 
$
26

 
$
26

Interest cost
34

 
35

 
35

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

 
1

 
1

Net actuarial loss (gain)
22

 
27

 
25

Settlement loss
—

 
—

 
1

Net expense
$
38

 
$
49

 
$
47
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
 
2015
 
2016
 
2017
Service cost
$
1

 
$
1

 
$
1

Interest cost
3

 
2

 
2

Amortization of:
 
 
 
 
 
Prior service cost (credit)
(2
)
 
(2
)
 
(3
)
Net actuarial loss (gain)
1

 
1

 
1

Net expense
$
3

 
$
2

 
$
1
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
 
2015
 
2016
 
2017
 
2015
 
2016
 
2017
Prior service credit (cost)
$
—

 
$
—

 
$
(1
)
 
$
16

 
$
—

 
$
4

Net actuarial gain (loss)
(80
)
 
(46
)
 
24

 
(3
)
 
1

 
—

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

 
1

 
1

 
(2
)
 
(2
)
 
(3
)
Net actuarial loss (gain)
22

 
27

 
26

 
1

 
1

 
1

Net amount recognized in OCI
$
(57
)
 
$
(18
)
 
$
50

 
$
12

 
$
—

 
$
2
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
 
2016
 
2017
 
2016
 
2017
Discount rate
4.02
%
 
4.09
%
 
3.96
%
 
4.04
%
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
 
2015
 
2016
 
2017
 
2015
 
2016
 
2017
Discount rate
4.46
%
 
4.09
%
 
4.02
%
 
4.67
%
 
4.09
%
 
3.96
%
Rate of salary increase
4.00
%
 
4.00
%
 
4.00
%
 
n/a

 
n/a

 
n/a

Expected return on plan assets
7.50
%
 
7.00
%
 
7.00
%
 
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
 
2016
 
2017
Health care cost trend rate assumed for next year
7.25
%
 
7.25
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
2024

 
2025