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Deferred Compensation and Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2021

The total benefit obligations for these plans were as follows:

	Year Ended April 30,
	2021			2020
	(in thousands)
Deferred compensation and pension plans	$	178,994		$	156,586
Medical and Life Insurance plan		6,584			7,527
International retirement plans		15,633			14,851
Executive Capital Accumulation Plan		163,582			129,315
Total benefit obligation		364,793			308,279
Less: current portion of benefit obligation⁽¹⁾		(18,338	)		(19,143	)
Non-current benefit obligation	$	346,455		$	289,136

(1) Current portion of benefit obligation is included in Compensation and benefits payable in the consolidated balance sheet.

Fair Value Measurements of Defined Benefit Plan Assets

The fair value measurements of the defined benefit plan assets fall within the following levels of the fair value hierarchy as of April 30, 2021 and 2020:

	Level 1		Level 2		Level 3		Total
	(in thousands)
April 30, 2021:
Mutual funds	$	—	$	26,140	$	—	$	26,140
Money market funds		606		—		—		606
Total	$	606	$	26,140	$	—	$	26,746

April 30, 2020:
Mutual funds	$	—	$	24,041	$	—	$	24,041
Money market funds		194		—		—		194
Total	$	194	$	24,041	$	—	$	24,235

Components of Net Periodic Benefits Costs

The components of net periodic benefits costs are as follows:

	Year Ended April 30,
	2021			2020			2019
	(in thousands)
Service cost	$	31,947		$	24,939		$	17,281
Interest cost		4,035			5,433			5,044
Amortization of actuarial loss		4,117			3,261			1,798
Net prior service credit amortization		(97	)		(24	)		—
Expected return on plan assets		(1,404	)		(1,452	)		(1,568	)
Net periodic benefit cost (1)	$	38,598		$	32,157		$	22,555

Weighted-Average Assumptions Used in Calculating Benefit Obligation

The weighted-average assumptions used in calculating the benefit obligations were as follows:

	Year Ended April 30,
	2021			2020			2019
Discount rate, beginning of year		2.29	%		3.57	%		3.93	%
Discount rate, end of year		2.17	%		2.29	%		3.57	%
Rate of compensation increase		0.00	%		0.00	%		0.00	%
Expected long-term rates of return on plan assets		6.00	%		6.00	%		6.00	%

Expected Benefit Payments Associated With Future Service

Benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as follows:

Year Ending April 30,	Deferred Retirement Plans
	(in thousands)
2022	$	11,544
2023		10,596
2024		15,589
2025		24,900
2026		33,811
2027-2031		213,120

Deferred Compensation and Pension Plans

Reconciliation Of Benefit Obligation

The following tables reconcile the benefit obligation for the deferred compensation plans:

	Year Ended April 30,
	2021			2020
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	180,821		$	148,369
Service cost		31,947			24,939
Interest cost		4,035			5,433
Actuarial (gain) loss		(590	)		13,427
Administrative expenses paid		(265	)		(155	)
Benefits paid from plan assets		(2,327	)		(3,932	)
Benefits paid from cash		(7,881	)		(6,652	)
Plan amendment		—			(608	)
Benefit obligation, end of year		205,740			180,821

Change in fair value of plan assets:
Fair value of plan assets, beginning of year		24,235			25,131
Actual return on plan assets		4,523			2,726
Benefits paid from plan assets		(2,327	)		(3,932	)
Administrative expenses paid		(265	)		(155	)
Employer contributions		580			465
Fair value of plan assets, end of year		26,746			24,235

Funded status and balance, end of year (1)	$	(178,994	)	$	(156,586	)

Current liability	$	9,074		$	8,887
Non-current liability		169,920			147,699
Total liability	$	178,994		$	156,586

Plan Assets - weighted-average asset allocation:
Debt securities		36	%		43	%
Equity securities		62	%		56	%
Other		2	%		1	%
Total		100	%		100	%

(1)

The Company purchased COLI contracts insuring the lives of certain employees eligible to participate in the deferred compensation and pension plans as a means of funding benefits under such plans. As the COLI contracts are held in trust and are not separated from our general corporate assets, they are not included in the funded status. As of April 30, 2021 and 2020, the Company held contracts with gross CSV of $241.3 million and $238.7 million, offset by outstanding policy loans of $80.0 million and $92.3 million, respectively.

Medical and Life Insurance plan

Components of Net Periodic Benefits Costs

The components of net periodic benefits costs are as follows:

	Year Ended April 30,
	2021			2020			2019
	(in thousands)
Service cost	$	—		$	—		$	—
Interest cost		140			227			243
Net periodic service credit amortization		(308	)		(308	)		(308	)
Amortization of actuarial gain		—			—			(14	)
Net periodic benefit cost (1)	$	(168	)	$	(81	)	$	(79	)

Weighted-Average Assumptions Used in Calculating Benefit Obligation

The weighted-average assumptions used in calculating the medical and life insurance plan were as follows:

	Year Ended April 30,
	2021			2020			2019
Discount rate, beginning of year		2.45	%		3.67	%		3.94	%
Discount rate, end of year		2.54	%		2.45	%		3.67	%
Healthcare care cost trend rate		6.25	%		6.50	%		6.50	%

Expected Benefit Payments Associated With Future Service

Benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as follows:

Year Ending April 30,	Medical and Life Insurance
	(in thousands)
2022	$	601
2023		595
2024		576
2025		552
2026		527
2027-2031		2,153

Reconciliation of Benefit Obligation

The following table reconciles the benefit obligation for the medical and life insurance plan:

	Year End April 30,
	2021			2020
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	7,527		$	7,310
Interest cost		140			227
Actuarial (gain) loss		(549	)		458
Benefits paid		(534	)		(468	)
Benefit obligation, end of year	$	6,584		$	7,527

Current liability	$	601		$	666
Non-current liability		5,983			6,861
Total liability	$	6,584		$	7,527

Executive Capital Accumulation Plan

Reconciliation of Benefit Obligation

Changes in ECAP liability were as follows:

	Year Ended April 30,
	2021			2020
	(in thousands)
Balance, beginning of year	$	129,315		$	130,161
Employee contributions		4,935			8,215
Amortization of employer contributions		6,287			6,074
Gain (loss) on investment		37,323			(826	)
Employee distributions		(15,652	)		(13,911	)
Exchange rate fluctuations		1,374			(398	)
Balance, end of year		163,582			129,315
Less: current portion		(8,663	)		(9,590	)
Non-current portion	$	154,919		$	119,725