Employee Benefit and Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2019

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)	2019			2018
CHANGE IN PROJECTED BENEFIT OBLIGATION
Projected benefit obligation at beginning of year	$	163,423		$	165,173
Interest cost	6,269			5,727
Actuarial gains	4,850			(2,596		)
Benefits paid	(5,754		)	(4,881		)
Projected benefit obligation at end of year	$	168,788		$	163,423

CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$	156,463		$	137,141
Actual return on plan assets	11,479			4,884
Company contributions	7,283			19,319
Benefits paid	(5,754		)	(4,881		)
Fair value of plan assets at end of year	$	169,471		$	156,463

Funded status of the plans	$	683		$	(6,960	)

Net Periodic Pension Cost

The accumulated benefit obligation for both pension plans was $168.8 million and $163.4 million at April 30, 2019 and 2018, respectively.



	APRIL 30
(in thousands)	2019			2018			2017

COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
Interest cost	$	6,269		$	5,727		$	5,772
Expected return on plan assets	(8,509		)	(8,936		)	(8,079		)
Recognized net actuarial loss	1,648			1,601			1,771
Pension benefit cost	$	(592	)	$	(1,608	)	$	(536	)

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
	2019	2018

WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
Discount rate	4.02 %	4.18 %



	FISCAL YEARS ENDED APRIL 30
	2019	2018	2017

WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
Discount rate	4.18 %	4.12 %	4.06%
Expected return on plan assets	5.5 %	6.5 %	7.5 %

Schedule Of Expected Future Benefit Payments

The following benefit payments are expected to be paid:



FISCAL YEAR	BENEFIT PAYMENTS (in thousands)

2020	$	6,612
2021	6,970
2022	7,287
2023	7,696
2024	8,069
Years 2025-2029	45,465

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, 2019 and 2018 are presented in the following tables:



FAIR VALUE MEASUREMENTS AT APRIL 30, 2019

(in thousands)	TOTAL		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents	$	469	$	469	—	—
Equity Funds:
US Equity	31,143		31,143		—	—
International Equity	20,553		20,553		—
Fixed Income Funds:
Investment Grade Fixed Income	117,306		117,306		—	—
Total plan assets	$	169,471	$	169,471	—	—



FAIR VALUE MEASUREMENTS AT APRIL 30, 2018
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	$	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		—		—

Schedule Of Allocation Of Plan Assets

The Company’s pension plans’ weighted-average asset allocations at April 30, 2019 and 2018, by asset category, were as follows:



	PLAN ASSET ALLOCATION
	2019	2019	2018
APRIL 30	TARGET	ACTUAL	ACTUAL

Equity Funds	30.0 %	31.0 %	40.0 %
Fixed Income Funds	70.0 %	69.0 %	60.0 %
Total	100.0 %	100.0 %	100.0 %