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Employee Benefit and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2018
Retirement Benefits [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)
2018

2017
CHANGE IN PROJECTED BENEFIT OBLIGATION
 

 
Projected benefit obligation at beginning of year
$
165,173


$
174,096

Interest cost
5,727


5,772

 
APRIL 30
(in thousands)
2018

2017
CHANGE IN PROJECTED BENEFIT OBLIGATION
 

 
Actuarial gains
(2,596
)

(4,672
)
Benefits paid
(4,881
)

(10,023
)
Projected benefit obligation at end of year
$
163,423


$
165,173





CHANGE IN PLAN ASSETS
 

 
Fair value of plan assets at beginning of year
$
137,141


$
106,965

Actual return on plan assets
4,884


12,895

Company contributions
19,319


27,304

Benefits paid
(4,881
)

(10,023
)
Fair value of plan assets at end of year
$
156,463


$
137,141







Funded status of the plans
$
(6,960
)

$
(28,032
)
Net Periodic Pension Cost
The accumulated benefit obligation for both pension plans was $163.4 million and $165.2 million at April 30, 2018 and 2017, respectively.
 
APRIL 30
(in thousands)
2018

2017

2016






COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
 

 

 
Interest cost
$
5,727


$
5,772


$
7,014

Expected return on plan assets
(8,936
)

(8,079
)

(8,142
)
Recognized net actuarial loss
1,601


1,771


1,412

Pension benefit cost
$
(1,608
)

$
(536
)

$
284
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
 
2018

2017




WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
 

 
Discount rate
4.18 %

4.12 %
 
FISCAL YEARS ENDED APRIL 30
 
2018

2017

2016






WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
 

 

 
Discount rate
4.12 %

4.06 %

4.19%
Expected return on plan assets
6.5 %

7.5 %

7.5 %
Schedule Of Expected Future Benefit Payments
The following benefit payments are expected to be paid: 
FISCAL YEAR
BENEFIT PAYMENTS (in thousands)
 
 
2019
$
6,251

2020
6,625

2021
7,037

2022
7,395

2023
7,768

Years 2024-2028
43,988
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, 2018 and 2017 are presented in the following tables:

FAIR VALUE MEASUREMENTS AT APRIL 30, 2018
 
 
 
 
 
 
 
 
(in thousands)
TOTAL
 
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)
 
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)
 
SIGNIFICANT UNOBSERVABLE INPUTS         (LEVEL 3)
Cash Equivalents
$
448

 
$
448

 
—

 
—

Equity Funds:
 
 
 
 
 
 
 
US Equity
37,421

 
37,421

 
—

 
—

International Equity
25,135

 
25,135

 
—

 


Fixed Income Funds:
 
 
 
 

 
 
Investment Grade Fixed Income
93,459

 
93,459

 
—

 
—

Total plan assets
$
156,463

 
$
156,463

 
—

 
—


FAIR VALUE MEASUREMENTS AT APRIL 30, 2017
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
FAIR VALUE MEASUREMENTS AT
(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 at fair value
123,920


$
123,920


—


—













Common Collective Funds:









Capital Preservation Fund1
13,221







Total plan assets
$
137,141








1
Schedule Of Allocation Of Plan Assets
The Company’s pension plans’ weighted-average asset allocations at April 30, 2018 and 2017, by asset category, were as follows:
 
PLAN ASSET ALLOCATION
 
2018

2018

2017
APRIL 30
TARGET

ACTUAL

ACTUAL






Equity Funds
40.0 %

40.0 %

57.0 %
Fixed Income Funds
60.0 %

60.0 %

43.0 %
Total
100.0 %

100.0 %

100.0 %