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v3.19.2

Deferred Compensation and Retirement Plans (Tables) | 12 Months Ended
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Apr. 30, 2019
Total Benefit Obligations | The total benefit obligations for these plans were as follows:
|  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Deferred compensation and pension plans |  | $ | 123,238 |  |  | $ | 100,404 |
Medical and Life Insurance plan |  |  | 7,310 |  |  |  | 7,157 |
International retirement plans |  |  | 14,744 |  |  |  | 13,729 |
Executive Capital Accumulation Plan |  |  | 130,161 |  |  |  | 128,430 |
Total benefit obligation |  |  | 275,453 |  |  |  | 249,720 |
Less: current portion of benefit obligation |  |  | (17,818 | ) |  |  | (21,991 | )
Non-current benefit obligation |  | $ | 257,635 |  |  | $ | 227,729 |
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, 2019 and 2018:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
April 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | — |  |  | $ | 24,931 |  |  | $ | — |  |  | $ | 24,931 |
Money market funds |  |  | 200 |  |  |  | — |  |  |  | — |  |  |  | 200 |
Total |  | $ | 200 |  |  | $ | 24,931 |  |  | $ | — |  |  | $ | 25,131 |
April 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | — |  |  | $ | 25,899 |  |  | $ | — |  |  | $ | 25,899 |
Money market funds |  |  | 191 |  |  |  | — |  |  |  | — |  |  |  | 191 |
Total |  | $ | 191 |  |  | $ | 25,899 |  |  | $ | — |  |  | $ | 26,090 |
Components of Net Periodic Benefits Costs | The components of net periodic benefits costs are as follows:
|  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (in thousands) |
Service cost |  | $ | 17,281 |  |  | $ | 11,373 |  |  | $ | 5,402 |
Interest cost |  |  | 5,044 |  |  |  | 3,787 |  |  |  | 3,925 |
Amortization of actuarial loss |  |  | 1,798 |  |  |  | 2,308 |  |  |  | 3,051 |
Expected return on plan assets |  |  | (1,568 | ) |  |  | (1,594 | ) |  |  | (1,559 | )
Net periodic benefit cost (1) |  | $ | 22,555 |  |  | $ | 15,874 |  |  | $ | 10,819 |
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate, beginning of year |  |  | 3.93 | % |  |  | 3.57 | % |  |  | 3.18 | %
Discount rate, end of year |  |  | 3.57 | % |  |  | 3.93 | % |  |  | 3.57 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Expected long-term rates of return on plan assets |  |  | 6.00 | % |  |  | 6.25 | % |  |  | 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) |
2020 |  | $ | 10,595 |
2021 |  |  | 10,507 |
2022 |  |  | 10,068 |
2023 |  |  | 9,305 |
2024 |  |  | 19,150 |
2025-2029 |  |  | 165,527 |
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, |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 126,494 |  |  | $ | 121,042 |
Service cost |  |  | 17,281 |  |  |  | 11,373 |
Interest cost |  |  | 5,044 |  |  |  | 3,787 |
Actuarial loss (gain) |  |  | 7,803 |  |  |  | (1,574 | )
Administrative expenses paid |  |  | (272 | ) |  |  | (166 | )
Benefits paid from plan assets |  |  | (1,877 | ) |  |  | (1,833 | )
Benefits paid from cash |  |  | (6,104 | ) |  |  | (6,135 | )
Benefit obligation, end of year |  |  | 148,369 |  |  |  | 126,494 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  |  | 26,090 |  |  |  | 25,446 |
Actual return on plan assets |  |  | 1,160 |  |  |  | 2,425 |
Benefits paid from plan assets |  |  | (1,877 | ) |  |  | (1,833 | )
Administrative expenses paid |  |  | (272 | ) |  |  | (166 | )
Employer contributions |  |  | 30 |  |  |  | 218 |
Fair value of plan assets, end of year |  |  | 25,131 |  |  |  | 26,090 |
Funded status and balance, end of year (1) |  | $ | (123,238 | ) |  | $ | (100,404 | )
Current liability |  | $ | 8,331 |  |  | $ | 6,496 |
Non-current liability |  |  | 114,907 |  |  |  | 93,908 |
Total liability |  | $ | 123,238 |  |  | $ | 100,404 |
Plan Assets - weighted-average asset allocation: |  |  |  |  |  |  |  |
Debt securities |  |  | 54 | % |  |  | 55 | %
Equity securities |  |  | 45 | % |  |  | 44 | %
Other |  |  | 1 | % |  |  | 1 | %
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, 2019 and 2018, the Company held contracts with gross CSV of $219.2 million and $186.8 million, offset by outstanding policy loans of $93.2 million and $66.7 million, respectively.
Medical and Life Insurance plan |
Components of Net Periodic Benefits Costs | The components of net periodic benefits costs are as follows:
|  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (in thousands) |
Service cost |  | $ | — |  |  | $ | 91 |  |  | $ | 150 |
Interest cost |  |  | 243 |  |  |  | 369 |  |  |  | 431 |
Net periodic service credit amortization |  |  | (308 | ) |  |  | (308 | ) |  |  | — |
Amortization of actuarial gain |  |  | (14 | ) |  |  | — |  |  |  | — |
Net periodic benefit cost (1) |  | $ | (79 | ) |  | $ | 152 |  |  | $ | 581 |
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate, beginning of year |  |  | 3.94 | % |  |  | 3.75 | % |  |  | 3.36 | %
Discount rate, end of year |  |  | 3.67 | % |  |  | 3.94 | % |  |  | 3.75 | %
Healthcare care cost trend rate |  |  | 6.50 | % |  |  | 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) |
2020 |  | $ | 651 |
2021 |  |  | 646 |
2022 |  |  | 632 |
2023 |  |  | 616 |
2024 |  |  | 597 |
2025-2029 |  |  | 2,542 |
Reconciliation of Benefit Obligation | The following table reconciles the benefit obligation for the medical and life insurance plan:
|  | Year End April 30, |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 7,157 |  |  | $ | 12,147 |
Plan amendment |  |  | — |  |  |  | (4,008 | )
Service cost |  |  | — |  |  |  | 91 |
Interest cost |  |  | 243 |  |  |  | 369 |
Actuarial loss (gain) |  |  | 520 |  |  |  | (875 | )
Benefits paid |  |  | (610 | ) |  |  | (567 | )
Benefit obligation, end of year |  | $ | 7,310 |  |  | $ | 7,157 |
Current liability |  | $ | 643 |  |  | $ | 668 |
Non-current liability |  |  | 6,667 |  |  |  | 6,489 |
Total liability |  | $ | 7,310 |  |  | $ | 7,157 |
Executive Capital Accumulation Plan |
Reconciliation of Benefit Obligation | Changes in the ECAP liability were as follows:
|  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Balance, beginning of year |  | $ | 128,430 |  |  | $ | 111,584 |
Employee contributions |  |  | 4,852 |  |  |  | 5,036 |
Amortization of employer contributions |  |  | 9,573 |  |  |  | 12,175 |
Gain on investment |  |  | 8,697 |  |  |  | 11,095 |
Employee distributions |  |  | (20,891 | ) |  |  | (11,923 | )
Exchange rate fluctuations |  |  | (500 | ) |  |  | 463 |
Balance, end of year |  |  | 130,161 |  |  |  | 128,430 |
Less: current portion |  |  | (8,844 | ) |  |  | (14,827 | )
Non-current portion |  | $ | 121,317 |  |  | $ | 113,603 |

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