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Employee Benefit and Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2021

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 Pension Plan as of April 30:


	APRIL 30
(in thousands)	2021		2020
CHANGE IN PROJECTED BENEFIT OBLIGATION
Projected benefit obligation at beginning of year	$	191,184	$	168,788
Interest cost	4,662		5,974
Actuarial gains	6,759		22,293
Benefits paid	(6,068)		(5,871)
Projected benefit obligation at end of year	$	196,537	$	191,184

CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year	$	190,743	$	169,471
Actual return on plan assets	8,877		26,674
Company contributions	—		469
Benefits paid	(6,068)		(5,871)
Fair value of plan assets at end of year	$	193,552	$	190,743

Funded status of the plan	$	(2,985)	$	(441)

Net Periodic Pension Cost

The accumulated benefit obligation for the Pension Plan was $196.5 million and $191.2 million at April 30, 2021 and 2020, respectively.


	APRIL 30
(in thousands)	2021		2020		2019

COMPONENTS OF NET PERIODIC PENSION BENEFIT COST
Interest cost	$	4,662	$	5,974	$	6,269
Expected return on plan assets	(8,430)		(8,327)		(8,509)
Recognized net actuarial loss	1,761		1,692		1,648
Pension benefit cost	$	(2,007)	$	(661)	$	(592)

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 Plan follows:


	FISCAL YEARS ENDED APRIL 30
	2021	2020

WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS
Discount rate	2.80 %	3.16 %


	FISCAL YEARS ENDED APRIL 30
	2021	2020	2019

WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST
Discount rate	3.16 %	4.02 %	4.18%
Expected return on plan assets	3.25 %	5.0 %	5.5 %

Schedule Of Expected Future Benefit Payments

The following benefit payments are expected to be paid:


FISCAL YEAR	BENEFIT PAYMENTS (in thousands)

2022	$	199,685

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, 2021 and 2020 are presented in the following tables:


FAIR VALUE MEASUREMENTS AT APRIL 30, 2021

(in thousands)	TOTAL		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents	$	80,524	$	80,524	$	—	$	—



Fixed Income Funds:
Investment Grade Fixed Income	113,028		113,028		—		—
Total plan assets	193,552		193,552		$	—	$	—


FAIR VALUE MEASUREMENTS AT APRIL 30, 2020

(in thousands)	TOTAL		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents	$	490	$	490	$	—	$	—
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	$	—	$	—

Schedule Of Allocation Of Plan Assets

The Company's Pension Plan's weighted-average asset allocations at April 30, 2021 and 2020, by asset category, were as follows:


	PLAN ASSET ALLOCATION
	2021	2021	2020
APRIL 30	TARGET	ACTUAL	ACTUAL

Cash Equivalents	— %	42.0 %	— %
Equity Funds	— %	— %	33.0 %
Fixed Income Funds	100.0 %	58.0 %	67.0 %
Total	100.0 %	100.0 %	100.0 %