Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2018

Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets

The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows:


$ in thousands	2018			2017
Accumulated Benefit Obligation, April 30	$	21,544		$	21,313

Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year	$	21,313		$	21,156
Interest cost		875			927
Actuarial loss		480			299
Actual benefits paid		(1,124	)		(1,069	)

Projected benefit obligations, end of year		21,544			21,313


Change in Plan Assets
Fair value of plan assets, beginning of year		17,198			15,817
Actual return on plan assets		1,866			1,895
Employer contributions		600			555
Actual benefits paid		(1,124	)		(1,069	)

Fair value of plan assets, end of year		18,540			17,198

Funded status—under	$	(3,004	)	$	(4,115	)


Amounts Recognized in the Consolidated Balance Sheets consist of:

Noncurrent liabilities	$	(3,004	)	$	(4,115	)


Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actual loss	$	7,481		$	8,686
Deferred tax benefit		(1,825	)		(3,223	)

After-tax actuarial loss	$	5,656		$	5,463


Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate		4.10	%		4.10	%
Rate of compensation increase		N/A			N/A
Mortality table		RP-2014			RP-2014
Projection scale		MP-2017			MP-2016

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30
Discount rate		4.10	%		4.50	%
Expected long-term return on plan assets		7.75	%		8.00	%
Rate of compensation increase		N/A			N/A

Summary of Components of Net Periodic Pension Cost

The components of the net periodic pension cost for each of the fiscal years ended April 30 are as follows:


$ in thousands	2018			2017			2016
Interest cost	$	875		$	927		$	912
Expected return on plan assets		(1,314	)		(1,244	)		(1,363	)
Recognition of net loss		1,133			1,257			1,223

Net periodic pension cost	$	694		$	940		$	772

Summary of Expected Benefit Payments

The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30:


$ in thousands	Amount
2019	$	1,330
2020		1,360
2021		1,410
2022		1,430
2023		1,450
2024 & Beyond		7,250

Summary of Plan Assets by Asset Categories

Plan assets by asset categories as of April 30 were as follows:


$ in thousands	2018				2017
Asset Category	Amount		%		Amount		%
Equity Securities	$	9,643		52	$	10,611		62
Fixed Income Securities		4,599		25		6,466		37
Cash and Cash Equivalents		4,298		23		121		1

Totals	$	18,540		100	$	17,198		100

Summary of Fair Value Assets in Defined Benefit Pension Plans

The following tables present the fair value of the assets in our defined benefit pension plans at April 30:

2018

Asset Category

Level 1

Level 2

Level 3

Large Cap

4,929

—

Small/Mid Cap

2,405

—

International

1,889

—

Fixed Income

4,599

—

Liquid Alternatives

420

—

Cash and Cash Equivalents

4,298

—

Totals

18,540

—


	2017
Asset Category	Level 1		Level 2		Level 3
Large Cap	$	8,060	$	—	$	—
Small/Mid Cap		1,728		—		—
International		823		—		—
Fixed Income		6,466		—		—
Cash and Cash Equivalents		121		—		—

Totals	$	17,198	$	—	$	—