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Employee Benefit and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2017
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)
2017

2016
CHANGE IN PROJECTED BENEFIT OBLIGATION
 

 
Projected benefit obligation at beginning of year
$
174,096


$
169,986

Interest cost
5,772


7,014

Actuarial (gains) losses
(4,672
)

1,921

Benefits paid
(10,023
)

(4,825
)
Projected benefit obligation at end of year
$
165,173


$
174,096





CHANGE IN PLAN ASSETS
 

 
Fair value of plan assets at beginning of year
$
106,965


$
108,661

Actual return on plan assets
12,895


(1,887
)
Company contributions
27,304


5,016

Benefits paid
(10,023
)

(4,825
)
Fair value of plan assets at end of year
$
137,141


$
106,965







Funded status of the plans
$
(28,032
)

$
(67,131
)
Unrecognized net actuarial loss
66,255


77,514

Prepaid benefit cost
$
38,223


$
10,383
Net Periodic Pension Cost
The accumulated benefit obligation for both pension plans was $165.2 million and $174.1 million at April 30, 2017 and 2016, respectively.
 
April 30
(in thousands)
2017

2016

2015






COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
 

 

 
Interest cost
$
5,772


$
7,014


$
6,466

Expected return on plan assets
(8,079
)

(8,142
)

(7,666
)
Recognized net actuarial loss
1,771


1,412


865

Pension benefit cost
$
(536
)

$
284


$
(335
)
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
 
2017

2016




WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
 

 
Discount rate
4.12 %

4.06 %
 
FISCAL YEARS ENDED APRIL 30
 
2017

2016

2015






WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
 

 

 
Discount rate
4.06 %

4.19 %

4.56%
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)
 
 
2018
$
5,998

2019
6,363

2020
6,716

2021
7,111

2022
7,461

Years 2023-2027
42,474
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, 2017 and 2016 are presented in the following tables:

FAIR VALUE MEASUREMENTS AT APRIL 30, 2017
 
 
 
 
 
 
 
 
(in thousands)
TOTAL
 
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
 
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
 
SIGNIFICANT UNOBSERVABLE INPUTS         (LEVEL 3)
Cash Equivalents
$
295

 
$
295

 
$
—

 
$
—

Equity Funds:
 
 
 
 
 
 
 
Mutual Fund Equity
78,335

 
78,335

 
—

 
—

Fixed Income Funds:
 
 
 
 
 
 
 
Mutual Fund Tax Income
45,290

 
45,290

 
—

 
—

Plan assets measured at net asset value1
123,920

 
123,920

 
—

 
—

 
 
 
 
 
 
 
 
Common Collective Funds:
 
 
 
 
 
 
 
Capital Preservation Fund
13,221

 
 
 
 
 
 
Total plan assets
$
137,141

 
 
 
 
 
 

FAIR VALUE MEASUREMENTS AT APRIL 30, 2016
 
 
 
 
 
 
 
 
(in thousands)
TOTAL
 
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
 
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
 
SIGNIFICANT UNOBSERVABLE INPUTS         (LEVEL 3)
Cash Equivalents
$
10

 
$
10

 
$
—

 
$
—

Equity Funds:
 
 
 
 
 
 
 
Mutual Fund Equity
61,338

 
61,338

 
—

 
—

Fixed Income Funds:
 
 
 
 
 
 
 
Mutual Fund Tax Income
27,681

 
27,681

 
—

 
—

Plan assets measured at net asset value1
89,029

 
89,029

 
—

 
—

 
 
 
 
 
 
 
 
Common Collective Funds:
 
 
 
 
 
 
 
Capital Preservation Fund
17,936

 
 
 
 
 
 
Total plan assets
$
106,965

 
 
 
 
 
 

1
Schedule Of Allocation Of Plan Assets
The Company’s pension plans’ weighted-average asset allocations at April 30, 2017 and 2016, by asset category, were as follows:
 
PLAN ASSET ALLOCATION
 
2017

2017

2016
APRIL 30
TARGET

ACTUAL

ACTUAL






Equity Funds
57.0 %

57.0 %

57.0 %
Fixed Income Funds
43.0 %

43.0 %

43.0 %
Total
100.0 %

100.0 %

100.0 %