Pension Benefits

9 Months Ended

Jan. 31, 2012

Pension Benefits [Abstract]

Pension Benefits

NOTE J--PENSION BENEFITS

Net periodic pension cost consisted of the following for the three months and nine months ended January 31, 2012 and 2011.

	Three Months Ended						Nine Months Ended
	January 31						January 31
(in thousands)	2012			2011			2012			2011
Service cost	$	1,326		$	1,179		$	3,892		$	3,538
Interest cost		1,633			1,567			4,986			4,701
Expected return on plan assets		(1,633	)		(1,540	)		(4,945	)		(4,620	)
Amortization of net loss		428			499			1,472			1,497
Amortization of prior service cost		13			21			53			64
Curtailment expense		331			0			331			0
Net periodic pension cost	$	2,098		$	1,726		$	5,789		$	5,180

In December 2011, the Company's Board of Directors approved the freezing of the Company's hourly and salary defined-benefit pension plans, effective as of April 30, 2012.  As a result, the Company re-measured its pension liability, updating the pension measurement assumptions, and recorded pension curtailment charges of $0.3 million.  The re-measurement also resulted in an increase in the Company's pension liability of $15.2 million, predominantly due to the decrease in the discount rate used for determining the present value of the Company's pension obligations from 5.66% at April 30, 2011 to 4.76% at December 31, 2011, which in turn caused a corresponding increase in accumulated other comprehensive loss, net of tax.  See Note C "Comprehensive Loss."

The Company expects to contribute $2.9 million to its pension plans in fiscal 2012, which represents both required and discretionary funding.  As of January 31, 2012, $1.4 million of contributions have been made.  The Company was not required to make, and did not make, any contributions to the pension plans in fiscal 2011.