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Deferred Compensation and Retirement Plans (Tables) | 12 Months Ended
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Apr. 30, 2017
Total Benefit Obligations | The total benefit obligations for these plans were as follows:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |
|  | (in thousands) |
Deferred compensation and pension plans |  | $ | 95,596 |  |  | $ | 99,699 |
Medical and Life Insurance plan |  |  | 12,147 |  |  |  | 13,006 |
International retirement plans |  |  | 12,021 |  |  |  | 15,678 |
Executive Capital Accumulation Plan |  |  | 111,584 |  |  |  | 105,676 |
Total benefit obligation |  |  | 231,348 |  |  |  | 234,059 |
Less: current portion of benefit obligation |  |  | (11,443 | ) |  |  | (17,946 | )
Non-current benefit obligation |  | $ | 219,905 |  |  | $ | 216,113 |
Fair Value Measurements of Defined Benefit Plan Assets | The fair value measurements of the defined benefit plan assets fall within the following levels of the fair value hierarchy as of April 30, 2017 and 2016:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
April 30, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | — |  |  | $ | 25,446 |  |  | $ | — |  |  | $ | 25,446 |
Common stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate and municipal bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. Treasury and agency securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Money market funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | — |  |  | $ | 25,446 |  |  | $ | — |  |  | $ | 25,446 |
April 30, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 7,990 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,990 |
Common stock |  |  | 7,910 |  |  |  | — |  |  |  | — |  |  |  | 7,910 |
Corporate and municipal bonds |  |  | — |  |  |  | 5,597 |  |  |  | — |  |  |  | 5,597 |
U.S. Treasury and agency securities |  |  | — |  |  |  | 2,055 |  |  |  | — |  |  |  | 2,055 |
Money market funds |  |  | 1,315 |  |  |  | — |  |  |  | — |  |  |  | 1,315 |
Total |  | $ | 17,215 |  |  | $ | 7,652 |  |  | $ | — |  |  | $ | 24,867 |
Components of Net Periodic Benefits Costs | The components of net periodic benefits costs are as follows:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | (in thousands) |
Service cost |  | $ | 5,507 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 3,820 |  |  |  | 3,423 |  |  |  | 2,989 |
Amortization of actuarial loss |  |  | 3,051 |  |  |  | 2,924 |  |  |  | 3,050 |
Expected return on plan assets |  |  | (1,559 | ) |  |  | (682 | ) |  |  | — |
Net periodic benefit cost |  | $ | 10,819 |  |  | $ | 5,665 |  |  | $ | 6,039 |
Weighted-Average Assumptions Used in Calculating Benefit Obligation | The weighted-average assumptions used in calculating the benefit obligations were as follows:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Discount rate, beginning of year |  |  | 3.18 | % |  |  | 3.28 | % |  |  | 3.60 | %
Discount rate, end of year |  |  | 3.57 | % |  |  | 3.18 | % |  |  | 3.28 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Expected long-term rates of return on plan assets |  |  | 6.50 | % |  |  | 6.50 | % |  |  | — | %
Expected Benefit Payments Associated With Future Service | Benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as follows:
Year Ending April 30, |  | Deferred Retirement Plans |
|  | (in thousands) |
2018 |  | $ | 8,906 |
2019 |  |  | 9,148 |
2020 |  |  | 9,653 |
2021 |  |  | 9,163 |
2022 |  |  | 9,122 |
2023-2027 |  |  | 83,403 |
Deferred Compensation and Pension Plans |
Reconciliation Of Benefit Obligation | The following tables reconcile the benefit obligation for the deferred compensation plans:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 124,566 |  |  | $ | 89,138 |  |  | $ | 86,577 |
Service cost |  |  | 5,507 |  |  |  | — |  |  |  | — |
Interest cost |  |  | 3,820 |  |  |  | 3,423 |  |  |  | 2,989 |
Actuarial (gain) loss |  |  | (4,791 | ) |  |  | 4,393 |  |  |  | 5,864 |
Acquisitions |  |  | — |  |  |  | 39,079 |  |  |  | — |
Settlements |  |  | — |  |  |  | (4,799 | ) |  |  | — |
Benefits paid from plan assets |  |  | (1,884 | ) |  |  | (595 | ) |  |  | — |
Benefits paid from cash |  |  | (6,176 | ) |  |  | (6,073 | ) |  |  | (6,292 | )
Benefit obligation, end of year |  |  | 121,042 |  |  |  | 124,566 |  |  |  | 89,138 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  |  | 24,867 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 2,463 |  |  |  | (78 | ) |  |  | — |
Benefits paid from plan assets |  |  | (1,884 | ) |  |  | (595 | ) |  |  | — |
Acquisitions |  |  | — |  |  |  | 25,540 |  |  |  | — |
Fair value of plan assets, end of year |  |  | 25,446 |  |  |  | 24,867 |  |  |  | — |
Funded status and balance, end of year (1) |  | $ | (95,596 | ) |  | $ | (99,699 | ) |  | $ | (89,138 | )
Current liability |  | $ | 6,182 |  |  | $ | 5,845 |  |  | $ | 5,832 |
Non-current liability |  |  | 89,414 |  |  |  | 93,854 |  |  |  | 83,306 |
Total liability |  | $ | 95,596 |  |  | $ | 99,699 |  |  | $ | 89,138 |
Plan Assets - weighted-average asset allocation: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 54 | % |  |  | 64 | % |  |  | — | %
Debt securities |  |  | 46 | % |  |  | 31 | % |  |  | — | %
Other |  |  | — | % |  |  | 5 | % |  |  | — | %
Total |  |  | 100 | % |  |  | 100 | % |  |  | — | %
(1) | The Company purchased COLI contracts insuring the lives of certain employees eligible to participate in the deferred compensation and pension plans as a means of funding benefits under such plans. As of April 30, 2017, 2016 and 2015, the Company held contracts with gross CSV of $180.3 million, $175.7 million and $172.3 million, offset by outstanding policy loans of $67.2 million, $68.4 million and $69.6 million, respectively.
Medical and Life Insurance |
Components of Net Periodic Benefits Costs | The components of net periodic benefits costs are as follows:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |
|  | (in thousands) |
Service cost |  | $ | 155 |  |  | $ | 62 |
Interest cost |  |  | 426 |  |  |  | 208 |
Net periodic benefit cost |  | $ | 581 |  |  | $ | 270 |
Weighted-Average Assumptions Used in Calculating Benefit Obligation | The weighted-average assumptions used in calculating the Medical and Life Insurance plan were as follows:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |
Discount rate, beginning of year or acquisition date |  |  | 3.36 | % |  |  | 4.10 | %
Discount rate, end of year |  |  | 3.75 | % |  |  | 3.36 | %
Healthcare care cost trend rate |  |  | 7.00 | % |  |  | 7.00 | %
Expected Benefit Payments Associated With Future Service | Benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as follows:
Year Ending April 30, |  | Medical and Life Insurance |
|  | (in thousands) |
2018 |  | $ | 770 |
2019 |  |  | 781 |
2020 |  |  | 804 |
2021 |  |  | 820 |
2022 |  |  | 828 |
2023-2027 |  |  | 4,102 |
Reconciliation of Benefit Obligation | The following table reconciles the benefit obligation for the medical and life insurance plan:
|  | Year End April 30, |
|  | 2017 |  |  | 2016 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 13,006 |  |  | $ | — |
Acquisitions |  |  | — |  |  |  | 12,322 |
Service cost |  |  | 155 |  |  |  | 62 |
Interest cost |  |  | 426 |  |  |  | 208 |
Actuarial (gain) loss |  |  | (833 | ) |  |  | 816 |
Benefits paid |  |  | (607 | ) |  |  | (402 | )
Benefit obligation, end of year |  | $ | 12,147 |  |  | $ | 13,006 |
Current liability |  | $ | 765 |  |  | $ | 673 |
Non-current liability |  |  | 11,382 |  |  |  | 12,333 |
Total liability |  | $ | 12,147 |  |  | $ | 13,006 |
Executive Capital Accumulation Plan |
Reconciliation of Benefit Obligation | Changes in the ECAP liability were as follows:
|  | Year Ended April 30, |
|  | 2017 |  |  | 2016 |
|  | (in thousands) |
Balance, beginning of year |  | $ | 105,676 |  |  | $ | 99,461 |
Employee contributions |  |  | 5,349 |  |  |  | 7,015 |
Amortization of employer contributions |  |  | 13,667 |  |  |  | 16,439 |
Gain (loss) on investment |  |  | 10,565 |  |  |  | (1,654 | )
Employee distributions |  |  | (23,044 | ) |  |  | (15,201 | )
Exchange rate fluctuations |  |  | (629 | ) |  |  | (384 | )
Balance, end of year |  |  | 111,584 |  |  |  | 105,676 |
Less: current portion |  |  | (4,496 | ) |  |  | (11,092 | )
Non-current portion |  | $ | 107,088 |  |  | $ | 94,584 |

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