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v3.20.2

Deferred Compensation and Retirement Plans (Tables) | 12 Months Ended
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Apr. 30, 2020
Total Benefit Obligations | The total benefit obligations for these plans were as follows:
|  | Year Ended April 30, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Deferred compensation and pension plans |  | $ | 156,586 |  |  | $ | 123,238 |
Medical and Life Insurance plan |  |  | 7,527 |  |  |  | 7,310 |
International retirement plans |  |  | 14,851 |  |  |  | 14,744 |
Executive Capital Accumulation Plan |  |  | 129,315 |  |  |  | 130,161 |
Total benefit obligation |  |  | 308,279 |  |  |  | 275,453 |
Less: current portion of benefit obligation |  |  | (19,143 | ) |  |  | (17,818 | )
Non-current benefit obligation |  | $ | 289,136 |  |  | $ | 257,635 |
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, 2020 and 2019:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
April 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | — |  |  | $ | 24,041 |  |  | $ | — |  |  | $ | 24,041 |
Money market funds |  |  | 194 |  |  |  | — |  |  |  | — |  |  |  | 194 |
Total |  | $ | 194 |  |  | $ | 24,041 |  |  | $ | — |  |  | $ | 24,235 |
April 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | — |  |  | $ | 24,931 |  |  | $ | — |  |  | $ | 24,931 |
Money market funds |  |  | 200 |  |  |  | — |  |  |  | — |  |  |  | 200 |
Total |  | $ | 200 |  |  | $ | 24,931 |  |  | $ | — |  |  | $ | 25,131 |
Components of Net Periodic Benefits Costs | The components of net periodic benefits costs are as follows:
|  | Year Ended April 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in thousands) |
Service cost |  | $ | 24,939 |  |  | $ | 17,281 |  |  | $ | 11,373 |
Interest cost |  |  | 5,433 |  |  |  | 5,044 |  |  |  | 3,787 |
Amortization of actuarial loss |  |  | 3,261 |  |  |  | 1,798 |  |  |  | 2,308 |
Net prior service credit amortization |  |  | (24 | ) |  |  | — |  |  |  | — |
Expected return on plan assets |  |  | (1,452 | ) |  |  | (1,568 | ) |  |  | (1,594 | )
Net periodic benefit cost (1) |  | $ | 32,157 |  |  | $ | 22,555 |  |  | $ | 15,874 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate, beginning of year |  |  | 3.57 | % |  |  | 3.93 | % |  |  | 3.57 | %
Discount rate, end of year |  |  | 2.29 | % |  |  | 3.57 | % |  |  | 3.93 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Expected long-term rates of return on plan assets |  |  | 6.00 | % |  |  | 6.00 | % |  |  | 6.25 | %
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) |
2021 |  | $ | 11,208 |
2022 |  |  | 10,788 |
2023 |  |  | 9,934 |
2024 |  |  | 14,801 |
2025 |  |  | 25,058 |
2026-2030 |  |  | 196,477 |
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, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 148,369 |  |  | $ | 126,494 |
Service cost |  |  | 24,939 |  |  |  | 17,281 |
Interest cost |  |  | 5,433 |  |  |  | 5,044 |
Actuarial loss |  |  | 13,427 |  |  |  | 7,803 |
Administrative expenses paid |  |  | (155 | ) |  |  | (272 | )
Benefits paid from plan assets (1) |  |  | (3,932 | ) |  |  | (1,877 | )
Benefits paid from cash |  |  | (6,652 | ) |  |  | (6,104 | )
Plan amendment |  |  | (608 | ) |  |  | — |
Benefit obligation, end of year |  |  | 180,821 |  |  |  | 148,369 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  |  | 25,131 |  |  |  | 26,090 |
Actual return on plan assets |  |  | 2,726 |  |  |  | 1,160 |
Benefits paid from plan assets (1) |  |  | (3,932 | ) |  |  | (1,877 | )
Administrative expenses paid |  |  | (155 | ) |  |  | (272 | )
Employer contributions |  |  | 465 |  |  |  | 30 |
Fair value of plan assets, end of year |  |  | 24,235 |  |  |  | 25,131 |
Funded status and balance, end of year (2) |  | $ | (156,586 | ) |  | $ | (123,238 | )
Current liability |  | $ | 8,887 |  |  | $ | 8,331 |
Non-current liability |  |  | 147,699 |  |  |  | 114,907 |
Total liability |  | $ | 156,586 |  |  | $ | 123,238 |
Plan Assets - weighted-average asset allocation: |  |  |  |  |  |  |  |
Debt securities |  |  | 43 | % |  |  | 54 | %
Equity securities |  |  | 56 | % |  |  | 45 | %
Other |  |  | 1 | % |  |  | 1 | %
Total |  |  | 100 | % |  |  | 100 | %
(1) | The Company amended the Hay Group qualified plan in fiscal 2020 to allow participants that have yet not received benefits to elect a lump-sum payment rather than an annuity payment. As a result of this plan amendment the benefits paid from plan assets include $2.0 million in payments related to participants making this election. The plan amendment also reduced the Company’s benefit obligation by $0.6 million against other comprehensive income.
(2) | 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, 2020 and 2019, the Company held contracts with gross CSV of $238.7 million and $219.2 million, offset by outstanding policy loans of $92.3 million and $93.2 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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in thousands) |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 91 |
Interest cost |  |  | 227 |  |  |  | 243 |  |  |  | 369 |
Net periodic service credit amortization |  |  | (308 | ) |  |  | (308 | ) |  |  | (308 | )
Amortization of actuarial gain |  |  | — |  |  |  | (14 | ) |  |  | — |
Net periodic benefit cost (1) |  | $ | (81 | ) |  | $ | (79 | ) |  | $ | 152 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate, beginning of year |  |  | 3.67 | % |  |  | 3.94 | % |  |  | 3.75 | %
Discount rate, end of year |  |  | 2.45 | % |  |  | 3.67 | % |  |  | 3.94 | %
Healthcare care cost trend rate |  |  | 6.50 | % |  |  | 6.50 | % |  |  | 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) |
2021 |  | $ | 669 |
2022 |  |  | 652 |
2023 |  |  | 631 |
2024 |  |  | 608 |
2025 |  |  | 579 |
2026-2030 |  |  | 2,390 |
Reconciliation of Benefit Obligation | The following table reconciles the benefit obligation for the medical and life insurance plan:
|  | Year End April 30, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 7,310 |  |  | $ | 7,157 |
Interest cost |  |  | 227 |  |  |  | 243 |
Actuarial loss |  |  | 458 |  |  |  | 520 |
Benefits paid |  |  | (468 | ) |  |  | (610 | )
Benefit obligation, end of year |  | $ | 7,527 |  |  | $ | 7,310 |
Current liability |  | $ | 666 |  |  | $ | 643 |
Non-current liability |  |  | 6,861 |  |  |  | 6,667 |
Total liability |  | $ | 7,527 |  |  | $ | 7,310 |
Executive Capital Accumulation Plan |
Reconciliation of Benefit Obligation | Changes in ECAP liability were as follows:
|  | Year Ended April 30, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Balance, beginning of year |  | $ | 130,161 |  |  | $ | 128,430 |
Employee contributions |  |  | 8,215 |  |  |  | 4,852 |
Amortization of employer contributions |  |  | 6,074 |  |  |  | 9,573 |
(Loss) gain on investment |  |  | (826 | ) |  |  | 8,697 |
Employee distributions |  |  | (13,911 | ) |  |  | (20,891 | )
Exchange rate fluctuations |  |  | (398 | ) |  |  | (500 | )
Balance, end of year |  |  | 129,315 |  |  |  | 130,161 |
Less: current portion |  |  | (9,590 | ) |  |  | (8,844 | )
Non-current portion |  | $ | 119,725 |  |  | $ | 121,317 |

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