We have defined benefit pension plans covering certain U.S. and Canadian employees. Pension benefits are based on the employee’s years of service and compensation levels. Our plans are funded in conformity with the funding requirements of applicable government regulations.

In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service.


	Defined Benefit Pension Plans										Other Postretirement Benefits
Year Ended April 30,	2020		2019		2018		2020		2019		2018
Service cost	$	1.6	$	2.1	$	5.2	$	1.8	$	1.9	$	2.0
Interest cost	20.9		23.2		21.6		2.3		2.3		2.1
Expected return on plan assets	(24.1)		(26.8)		(28.8)		—		—		—
Amortization of prior service cost (credit)	0.9		0.9		0.9		(1.1)		(1.3)		(1.4)
Amortization of net actuarial loss (gain)	7.9		8.3		11.5		(0.3)		(0.6)		(0.3)
Curtailment loss (gain)	—		0.3		—		—		—		—
Settlement loss (gain)	0.1		7.1		2.3		—		—		—
Termination benefit cost	0.2		—		—		—		0.2		—
Net periodic benefit cost	$	7.5	$	15.1	$	12.7	$	2.7	$	2.5	$	2.4


Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive income (loss) before income taxes:
Prior service credit (cost) arising during the year	$	—	$	—	$	—	$	—	$	(2.0)	$	(0.2)
Net actuarial gain (loss) arising during the year	(51.6)		(22.9)		3.5		(4.4)		(2.8)		5.5
Amortization of prior service cost (credit)	0.9		0.9		0.9		(1.1)		(1.3)		(1.4)
Amortization of net actuarial loss (gain)	7.9		8.3		11.5		(0.3)		(0.6)		(0.3)
Curtailment loss (gain)	—		0.3		—		—		—		—
Settlement loss (gain)	0.1		7.1		2.3		—		—		—
Foreign currency translation	1.1		1.2		(1.8)		—		—		(0.1)
Net change for year	$	(41.6)	$	(5.1)	$	16.4	$	(5.8)	$	(6.7)	$	3.5


Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate used to determine benefit obligation	3.99	%	4.17	%	3.95	%	3.91	%	4.13	%	3.86	%
Discount rate used to determine service cost	4.20		4.29		4.20		4.07		4.23		4.06
Discount rate used to determine interest cost	3.61		3.87		3.38		3.47		3.79		3.24
Expected return on plan assets	5.28		5.66		6.27		—		—		—
Rate of compensation increase	3.56		3.59		3.78		—		—		—
Canadian plans:
Discount rate used to determine benefit obligation	3.21	%	3.57	%	3.22	%	3.19	%	3.55	%	3.19	%
Discount rate used to determine service cost	3.29		3.64		3.39		3.44		3.77		3.70
Discount rate used to determine interest cost	2.86		3.23		2.60		2.86		3.23		2.58
Expected return on plan assets	5.00		5.25		5.00		—		—		—
Rate of compensation increase	3.00		3.00		3.00		—		—		—

We amortize gains and losses for our postretirement plans over the average expected future period of vested service. For plans that consist of less than 5 percent of participants that are active, average life expectancy is used instead of the average expected useful service period.

We use a measurement date of April 30 to determine defined benefit pension and other postretirement benefit plans’ assets and benefit obligations. The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.


	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2020		2019		2020		2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	615.5	$	639.7	$	70.1	$	65.9
Service cost	1.6		2.1		1.8		1.9
Interest cost	20.9		23.2		2.3		2.3
Amendments	—		—		—		2.0
Actuarial loss (gain)	61.8		17.0		4.4		2.8
Benefits paid	(39.6)		(33.9)		(3.8)		(4.7)
Curtailment	—		(1.3)		—		—
Settlement	(4.9)		(27.7)		—		—
Termination benefit cost	0.2		—		—		0.2
Foreign currency translation adjustments	(3.2)		(3.6)		(0.3)		(0.3)
Benefit obligation at end of year	$	652.3	$	615.5	$	74.5	$	70.1
Change in plan assets:
Fair value of plan assets at beginning of year	$	480.3	$	497.0	$	—	$	—
Actual return on plan assets	34.3		19.6		—		—
Company contributions	5.1		29.3		3.8		4.7
Benefits paid	(39.6)		(33.9)		(3.8)		(4.7)
Settlement	(4.9)		(27.7)		—		—
Foreign currency translation adjustments	(3.6)		(4.0)		—		—
Fair value of plan assets at end of year	$	471.6	$	480.3	$	—	$	—
Funded status of the plans	$	(180.7)	$	(135.2)	$	(74.5)	$	(70.1)
Defined benefit pensions	$	(179.3)	$	(139.1)	$	—	$	—
Other noncurrent assets	11.6		8.0		—		—
Accrued compensation	(13.0)		(4.1)		(4.5)		(5.1)
Other postretirement benefits	—		—		(70.0)		(65.0)
Net benefit liability	$	(180.7)	$	(135.2)	$	(74.5)	$	(70.1)


	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2020		2019		2020		2019
Net actuarial gain (loss)	$	(199.7)	$	(157.2)	$	5.5	$	10.2
Prior service credit (cost)	(2.6)		(3.5)		4.7		5.8
Total recognized in accumulated other comprehensive income (loss)	$	(202.3)	$	(160.7)	$	10.2	$	16.0


	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2020		2019		2020		2019
U.S. plans:
Discount rate	3.05	%	3.99	%	2.98	%	3.91	%
Rate of compensation increase	3.58		3.56		—		—
Canadian plans:
Discount rate	2.95	%	3.21	%	2.93	%	3.19	%
Rate of compensation increase	3.00		3.00		—		—

For 2021, the assumed health care trend rates are 6.3 percent and 4.5 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in calendar 2026 for the U.S. plan and remain at 4.5 percent for the Canadian plan. The health care cost trend rate assumption impacts the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported. A one percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2020:


	Defined Benefit Pension Plans						Other Postretirement Benefits
Year Ended April 30,	2020		2019		2020		2019
Benefit obligation at end of year	$	80.1	$	84.8	$	6.8	$	7.1
Fair value of plan assets at end of year	91.0		92.1		—		—
Funded status of the plans	$	10.9	$	7.3	$	(6.8)	$	(7.1)
Components of net periodic benefit cost:
Service cost	$	0.1	$	0.1	$	—	$	—
Interest cost	2.3		2.7		0.2		0.2
Expected return on plan assets	(4.4)		(4.8)		—		—
Amortization of net actuarial loss (gain)	1.1		0.9		—		—
Termination benefit cost	0.2		—		—		—
Net periodic benefit cost (credit)	$	(0.7)	$	(1.1)	$	0.2	$	0.2
Changes in plan assets:
Company contributions	$	0.1	$	0.1	$	0.3	$	0.5
Benefits paid	(6.8)		(6.5)		(0.3)		(0.5)
Actual return on plan assets	9.2		6.1		—		—
Foreign currency translation	(3.6)		(3.9)		—		—


	April 30,
	2020		2019
Accumulated benefit obligation for all pension plans	$	642.8	$	605.6
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	$	563.4	$	521.5
Fair value of plan assets	380.6		388.2
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	572.9	$	531.4
Fair value of plan assets	380.6		388.2

We employ a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, we consider the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies. The actual rate of return was 7.8 percent and 3.8 percent for the years ended April 30, 2020 and 2019, respectively, which excludes administrative and investment expenses.


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Plan Assets at April 30, 2020
Cash and cash equivalents ^(A)	$	2.1	$	—	$	—	$	2.1
Equity securities:
U.S. ^(B)	51.2		—		—		51.2
International ^(C)	65.9		—		—		65.9
Fixed-income securities:
Bonds ^(D)	212.1		—		—		212.1
Fixed income ^(E)	93.4		—		—		93.4
Other types of investments ^(F)	—		41.8		—		41.8
Total financial assets measured at fair value	$	424.7	$	41.8	$	—	$	466.5
Total financial assets measured at net asset value ^(G)							5.1
Total plan assets							$	471.6


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Plan Assets at April 30, 2019
Cash and cash equivalents ^(A)	$	0.5	$	—	$	—	$	0.5
Equity securities:
U.S. ^(B)	65.7		1.8		—		67.5
International ^(C)	74.3		9.2		—		83.5
Fixed-income securities:
Bonds ^(D)	220.6		—		—		220.6
Fixed income ^(E)	51.8		—		—		51.8
Other types of investments ^(F)	—		46.3		—		46.3
Total financial assets measured at fair value	$	412.9	$	57.3	$	—	$	470.2
Total financial assets measured at net asset value^(G)							10.1
Total plan assets							$	480.3

(B) This category is invested in a diversified portfolio of common stocks and index funds that primarily invest in U.S. stocks with broad market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indices and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 asset in 2019 was comprised of a pooled fund that consists of equity securities traded on active exchanges.

(C) This category is invested primarily in common stocks and other equity securities traded on active exchanges of foreign issuers located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 asset in 2019 was comprised of a pooled fund that consists of equity securities traded on active exchanges.

(D) This category is primarily comprised of bond funds, which seek to duplicate the return characteristics of high-quality U.S. and foreign corporate bonds with a duration range of 10 to 13 years, as well as various U.S. Treasury Separate Trading of Registered Interest and Principal holdings, with wide-ranging maturity dates. These assets are valued using quoted market prices for identical securities in active markets and are classified as Level 1 assets.

(E) This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian, as well as emerging markets. These assets are valued using quoted market prices for identical securities in active markets and are classified as Level 1 assets.

(F) This category is comprised of a real estate fund whereby the underlying investments are contained in the Canadian market, and a common collective trust fund investing in direct commercial property funds. The real estate fund and the collective trust fund investing in direct commercial property are classified as Level 2 assets, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets and based on the quoted market prices of the underlying investments in the common collective trust, respectively.

(G) This category is comprised of a private equity fund that consists primarily of limited partnership interests in corporate finance and venture capital funds, as well as a private limited investment partnership. The fair value estimates of the private equity fund and private limited investment partnership are based on the underlying funds’ net asset values. Furthermore, as a practical expedient equivalent to our defined benefit plan’s ownership interest in the partners’ capital, a proportionate share of the net assets is attributed and further corroborated by our review. The private equity fund and private limited investment partnership are non-redeemable, and the return of principal is based on the liquidation of the underlying assets. In accordance with ASU 2015-07, the private equity fund and private limited investment partnership are removed from the total financial assets measured at fair value and disclosed separately.

In 2021, we expect to make contributions of approximately $1.0, while making direct benefit payments of approximately $13.5, primarily related to our defined benefit pension plans. Further, we expect the following payments to be made from the defined benefit pension and other postretirement benefit plans: $43.7 in 2021, $45.9 in 2022, $45.6 in 2023, $45.2 in 2024, $45.4 in 2025, and $213.3 in 2026 through 2030.

Multi-Employer Pension Plan: We participate in one multi-employer pension plan, the Bakery and Confectionery Union and Industry International Pension Fund (“Bakery and Confectionery Union Fund”) (52-6118572), which provides defined benefits to certain union employees. During 2020 and 2019, a total of $2.2 and $2.3 was contributed to the plan, respectively, and we anticipate contributions of $2.5 in 2021.

The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans. For instance, the assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, and if a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to the withdrawing employer may be the responsibility of the remaining participating employers. Additionally, if we stop participating in the multi-employer pension plan, we may be required to pay the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability.

The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65 percent. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80 percent or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80 percent and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year-end, not our fiscal year-end. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. During calendar year 2019, the Bakery and Confectionery Union Fund was in Red Zone status, as the current funding status was 50.4 percent. A funding improvement plan, or rehabilitation plan, has been implemented.