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Employee Benefit and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2020
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)
2020

2019
CHANGE IN PROJECTED BENEFIT OBLIGATION
 

 
Projected benefit obligation at beginning of year
$
168,788


$
163,423

Interest cost
5,974


6,269

Actuarial gains
22,293


4,850

Benefits paid
(5,871
)

(5,754
)
Projected benefit obligation at end of year
$
191,184


$
168,788





CHANGE IN PLAN ASSETS
 

 
Fair value of plan assets at beginning of year
$
169,471


$
156,463

Actual return on plan assets
26,674


11,479

Company contributions
469


7,283

Benefits paid
(5,871
)

(5,754
)
Fair value of plan assets at end of year
$
190,743


$
169,471







Funded status of the plans
$
(441
)

$
683
Net Periodic Pension Cost
The accumulated benefit obligation for both pension plans was $191.2 million and $168.8 million at April 30, 2020 and 2019, respectively.
 
APRIL 30
(in thousands)
2020

2019

2018






COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
 

 

 
Interest cost
$
5,974


$
6,269


$
5,727

Expected return on plan assets
(8,327
)

(8,509
)

(8,936
)
Recognized net actuarial loss
1,692


1,648


1,601

Pension benefit cost
$
(661
)

$
(592
)

$
(1,608
)
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
 
2020

2019




WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
 

 
Discount rate
3.16 %

4.02 %
 
FISCAL YEARS ENDED APRIL 30
 
2020

2019

2018






WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
 

 

 
Discount rate
4.02 %

4.18 %

4.12%
Expected return on plan assets
5.0 %

5.5 %

6.5 %
Schedule Of Expected Future Benefit Payments The following benefit payments are expected to be paid: 
FISCAL YEAR
BENEFIT PAYMENTS (in thousands)
 
 
2021
$
6,913

2022
7,263

2023
7,653

2024
8,048

2025
8,413

Years 2026-2030
47,525
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, 2020 and 2019 are presented in the following tables:
FAIR VALUE MEASUREMENTS AT APRIL 30, 2020
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
$
490


$
490


$
0


$
—

Equity Funds:
 



 

 
US Equity
37,569


37,569


—


—

International Equity
24,578


24,578


—




Fixed Income Funds:
 





 
Investment Grade Fixed Income
128,106


128,106


—


—

Total plan assets
190,743


190,743


—


—


FAIR VALUE MEASUREMENTS AT APRIL 30, 2019
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
$
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


—


—
Schedule Of Allocation Of Plan Assets
The Company’s pension plans’ weighted-average asset allocations at April 30, 2020 and 2019, by asset category, were as follows:
 
PLAN ASSET ALLOCATION
 
2020

2020
 
2019
APRIL 30
TARGET

ACTUAL

ACTUAL






Equity Funds
30.0 %

33.0 %

31.0 %
Fixed Income Funds
70.0 %

67.0 %

69.0 %
Total
100.0 %

100.0 %

100.0 %