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Deferred Compensation and Retirement Plans | 6 Months Ended
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Oct. 31, 2013
Deferred Compensation and Retirement Plans | 6. Deferred Compensation and Retirement Plans The Company has several deferred compensation and retirement plans for eligible consultants and vice-presidents that provide defined benefits to participants based on the deferral of current compensation or contributions made by the Company subject to vesting and retirement or termination provisions. In June 2003, the Company amended the deferred compensation plans, with the exception of the ECAP and international retirement plans, so as not to allow new participants or the purchase of additional deferral units by existing participants. The components of net periodic benefit costs are as follows:
|  | Three Months Ended October 31, |  |  | Six Months Ended October 31, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Amortization of actuarial loss |  | $ | 779 |  |  | $ | 594 |  |  | $ | 1,559 |  |  | $ | 1,188 |
Interest cost |  |  | 676 |  |  |  | 756 |  |  |  | 1,352 |  |  |  | 1,512 |
Net periodic benefit costs |  | $ | 1,455 |  |  | $ | 1,350 |  |  | $ | 2,911 |  |  | $ | 2,700 |
The Company purchased COLI contracts insuring employees eligible to participate in the deferred compensation and pension plans as a means of funding benefits under such plans. The gross CSV of these contracts of $164.2 million and $159.2 million is offset by outstanding policy loans of $73.3 million in the accompanying consolidated balance sheets as of October 31, 2013 and April 30, 2013, respectively. The market value of the underlying COLI investments increased by $3.3 million and $4.6 million during the three and six months ended October 31, 2013, respectively, and is recorded as a decrease in compensation and benefits expense in the accompanying consolidated statement of income. During the three and six months ended October 31, 2012, the market value of the underlying COLI investments increased by $1.5 million and $2.2 million, respectively, and is recorded as a decrease in compensation and benefits expense in the accompanying consolidated statement of income. The Company has an ECAP, which is intended to provide certain employees an opportunity to defer salary and/or bonus on a pre-tax basis or make an after-tax contribution. The Company made contributions to the ECAP during the three and six months ended October 31, 2013, of $2.5 million and $16.7 million, respectively. The Company made contributions to the ECAP during the three and six months ended October 31, 2012, of $1.8 million and $19.3 million, respectively. As these contributions vest, the amounts are recorded as a liability in deferred compensation and other retirement plans on the accompanying balance sheet and compensation and benefits on the accompanying consolidated statement of income. Certain key management may also receive Company ECAP contributions upon commencement of employment. Participants generally vest in Company contributions over a four year period. The ECAP is accounted for whereby the changes in the fair value of the vested amounts owed to the participants are adjusted with a corresponding charge (or credit) to compensation and benefits costs. During the three and six months ended October 31, 2013, deferred compensation liability increased; therefore, the Company recognized an increase in compensation expense of $3.4 million and $5.0 million, respectively. During the three and six months ended October 31, 2012, deferred compensation liability increased; therefore, the Company recognized an increase in compensation expense of $1.5 million and $0.5 million, respectively. Offsetting these changes in compensation and benefits expense was an increase in the fair value of marketable securities classified as trading (held in trust to satisfy obligations under certain deferred compensation liabilities) of $4.4 million and $1.9 million in the three months ended October 31, 2013 and 2012, respectively, and $6.4 million and $1.1 million in the six months ended October 31, 2013 and 2012, respectively, recorded in other income, net on the consolidated statement of income.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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