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Employee Benefit and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status
The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s non-contributory defined benefit pension plans as of April 30:
 
APRIL 30
(in thousands)
2015

2014




CHANGE IN PROJECTED BENEFIT OBLIGATION
 

 
Projected benefit obligation at beginning of year
$
144,142


$
149,429

Interest cost
6,466


6,203

Actuarial (gains) and losses
24,168


(7,615
)
Benefits paid
(4,790
)

(3,875
)
Projected benefit obligation at end of year
$
169,986


$
144,142





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
APRIL 30
(in thousands)
2015

2014




CHANGE IN PLAN ASSETS
 

 
Fair value of plan assets at beginning of year
$
102,599


$
95,733

Actual return on plan assets
6,583


8,483

Company contributions
4,269


2,258

Benefits paid
(4,790
)

(3,875
)
Fair value of plan assets at end of year
$
108,661


$
102,599







Funded status of the plans
$
(61,325
)

$
(41,543
)
Unrecognized net actuarial loss
66,975


42,589

Prepaid benefit cost
$
5,650


$
1,046
Net Periodic Pension Cost
The accumulated benefit obligation for both pension plans was $170.0 million and $144.1 million at April 30, 2015 and 2014, respectively.
 
PENSION BENEFITS
(in thousands)
2015

2014

2013






COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
 

 

 
Interest cost
$
6,466


$
6,203


$
6,261

Expected return on plan assets
(7,666
)

(7,113
)

(6,563
)
Recognized net actuarial loss
865


1,129


923

Pension benefit cost
$
(335
)

$
219


$
621
Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans
The discount rate at April 30 was used to measure the year-end benefit obligations and the earnings effects for the subsequent year. Actuarial assumptions used to determine benefit obligations and earnings effects for the pension plans follow:
 
FISCAL YEARS ENDED APRIL 30
 
2015

2014




WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
 

 
Discount rate
4.19 %

4.56 %
 
FISCAL YEARS ENDED APRIL 30
 
2015

2014

2013






WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
 

 

 
Discount rate
4.56 %

4.21 %

4.66%
Expected return on plan assets
7.5 %

7.5 %

7.5 %
Schedule Of Expected Future Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid: 
FISCAL YEAR
BENEFIT PAYMENTS (in thousands)
 
 
2016
$
5,236

2017
5,544

2018
5,928

2019
6,415

2020
6,813

Years 2021-2025
39,745
Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements
Pension assets by major category and the type of fair value measurement as of April 30, 2015 and 2014 are presented in the following tables:
FAIR VALUE MEASUREMENTS AT APRIL 30, 2015
(in thousands)
TOTAL

QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)

SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)

SIGNIFICANT UNOBSERVABLE INPUTS         (LEVEL 3)
Cash Equivalents
$
8


$
—


$
8


$
—

Equity Funds:
 

 

 

 
Mutual Fund Equity
62,533


62,533


—


—

Fixed Income Funds:
 

 



 
Mutual Fund Tax Income
28,408


—


28,408


—

Common and Collective Funds:1











Capital Preservation Fund
17,712


—


17,712


—

Total
$
108,661


$
62,533


$
46,128


$
—


FAIR VALUE MEASUREMENTS AT APRIL 30, 2014
(in thousands)
TOTAL

QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)

SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)

SIGNIFICANT UNOBSERVABLE INPUTS         (LEVEL 3)
Cash Equivalents
$
338


$
338


$
—


$
—

Equity Collective Funds:1
 

 

 

 
Equity Index Value Fund
20,753


—


20,753


—

Equity Index Growth Fund
20,485


—


20,485


—

Small Cap Index Fund
5,929


—


5,929


—

International Equity Fund
4,166


—


4,166


—

Fixed Income Collective Funds:1
 

 

 

 
Core Fixed Income Fund
33,409


—


33,409


—

Capital Preservation Fund
17,519


—


17,519


—

Total
$
102,599


$
338


$
102,261


$
—


1The Collective Trust Funds are valued by applying each plan's ownership percentage in the fund to the fund's net assets at fair value at the valuation date.
Schedule Of Allocation Of Plan Assets
The Company’s pension plans’ weighted-average asset allocations at April 30, 2015 and 2014, by asset category, were as follows:
 
PLAN ASSET ALLOCATION
 
2015

2015

2014
APRIL 30
TARGET

ACTUAL

ACTUAL






Equity Funds
50.0 %

58.0 %

50.0 %
Fixed Income Funds
50.0 %

42.0 %

50.0 %
Total
100.0 %

100.0 %

100.0 %