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Deferred Compensation and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2023
Retirement Benefits [Abstract]  
Total Benefit Obligations
The total benefit obligations for these plans were as follows:
Year Ended April 30,
20232022
(in thousands)
Deferred compensation and pension plans$227,255 $189,608 
Medical and Life Insurance plan4,838 5,365 
International retirement plans13,617 14,395 
Executive Capital Accumulation Plan178,043 166,723 
Total benefit obligation423,753 376,091 
Less: current portion of benefit obligation (1)
(27,219)(18,916)
Non-current benefit obligation$396,534 $357,175 
_______________________________
(1)Current portion of benefit obligation is included in Compensation and benefits payable in the consolidated balance sheet.
Reconciliation of Benefit Obligation
The following tables reconcile the benefit obligation for the deferred compensation and pension plans:
Year Ended April 30,
20232022
(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year$211,598 $205,740 
Service cost40,843 37,952 
Interest cost9,511 4,028 
Actuarial gain(6,083)(25,757)
Administrative expenses paid(168)(196)
Benefits paid from plan assets(1,901)(2,543)
Benefits paid from cash(7,460)(7,626)
Benefit obligation, end of year246,340 211,598 
Change in fair value of plan assets:
Fair value of plan assets, beginning of year21,990 26,746 
Actual return on plan assets(836)(2,113)
Benefits paid from plan assets(1,901)(2,543)
Administrative expenses paid(168)(196)
Employer contributions— 96 
Fair value of plan assets, end of year19,085 21,990 
Funded status and balance, end of year (1)
$(227,255)$(189,608)
Current liability$15,447 $8,833 
Non-current liability211,808 180,775 
Total liability$227,255 $189,608 
Plan Assets - weighted-average asset allocation:
Debt securities44 %42 %
Equity securities52 %55 %
Other4 %3 %
Total100 %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, 2023 and 2022, the Company held contracts with gross CSV of $275.1 million and $263.2 million, offset by outstanding policy loans of $77.1 million and $79.8 million, respectively.
Fair Value Measurements of Defined Benefit Plan Assets The fair value measurements of the defined benefit plan assets fall within the following levels of the fair value hierarchy as of April 30, 2023 and 2022:
Level 1Level 2Level 3Total
(in thousands)
April 30, 2023:
Mutual funds$— $18,350 $— $18,350 
Money market funds735 — — 735 
Total$735 $18,350 $— $19,085 
April 30, 2022:
Mutual funds$— $21,353 $— $21,353 
Money market funds637 — — 637 
Total$637 $21,353 $— $21,990 
Components of Net Periodic Benefits Costs
The components of net periodic benefits costs are as follows:
Year Ended April 30,
202320222021
(in thousands)
Service cost$40,843 $37,952 $31,947 
Interest cost9,511 4,028 4,035 
Amortization of actuarial loss945 2,170 4,117 
Net prior service credit amortization(97)(97)(97)
Expected return on plan assets(1,156)(1,554)(1,404)
Net periodic benefit cost (1)
$50,046 $42,499 $38,598 
_______________________________
(1)The service cost, interest cost and other components of net periodic benefit costs are included in compensation and benefits expense, interest expense, net and other income (loss), net, respectively, on the consolidated statements of income.
The components of net periodic benefits costs are as follows:
Year Ended April 30,
202320222021
(in thousands)
Service cost$— $— $— 
Interest cost195 110 140 
Net periodic service credit amortization(308)(308)(308)
Amortization of actuarial gain(74)— — 
Net periodic benefit cost (1)
$(187)$(198)$(168)
_______________________________
(1)The service cost, interest cost and the other components of net periodic benefit costs are included in compensation and benefits expense, interest expense, net and other income (loss), net, respectively, on the consolidated statements of income.
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,
202320222021
Discount rate, beginning of year4.08 %2.17 %2.29 %
Discount rate, end of year4.77 %4.08 %2.17 %
Rate of compensation increase0.00 %0.00 %0.00 %
Expected long-term rates of return on plan assets6.00 %5.50 %6.00 %
The weighted-average assumptions used in calculating the medical and life insurance plan were as follows:
Year Ended April 30,
202320222021
Discount rate, beginning of year4.25 %2.54 %2.45 %
Discount rate, end of year4.85 %4.25 %2.54 %
Healthcare care cost trend rate6.50 %6.00 %6.25 %
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)
2024$17,219 
202526,151 
202634,713 
202743,306 
202852,563 
2029-2033237,542 
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)
2024$577 
2025551 
2026525 
2027486 
2028450 
2029-20331,869 
Reconciliation of Benefit Obligation
The following table reconciles the benefit obligation for the medical and life insurance plan:
Year End April 30,
20232022
(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year$5,365 $6,584 
Interest cost195 110 
Actuarial gain(93)(857)
Benefits paid(629)(472)
Benefit obligation, end of year$4,838 $5,365 
Current liability$563 $585 
Non-current liability4,275 4,780 
Total liability$4,838 $5,365 
Changes in ECAP liability were as follows:
Year Ended April 30,
20232022
(in thousands)
Balance, beginning of year$166,723 $163,582 
Employee contributions17,046 8,541 
Amortization of employer contributions5,886 7,060 
Gain (loss) on investment3,464 (10,602)
Employee distributions(14,306)(10,880)
Acquisition of Lucas Group— 9,620 
Exchange rate fluctuations(770)(598)
Balance, end of year178,043 166,723 
Less: current portion(11,209)(9,498)
Non-current portion$166,834 $157,225