Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2017

Components of Net Periodic Pension Expense for Defined Benefit Plans and Weighted-Average Assumptions

The components of net pension expense (income) for the defined benefit plans and the weighted-average assumptions were as follows (in thousands):

	2017		2016		2015
	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.
Service Cost	$ -	$967	$ -	$1,455	$ -	$5,942
Interest Cost	12,398	14,449	13,612	16,446	13,159	17,417
Expected Return on Plan Assets	(14,053)	(21,173)	(14,756)	(25,088)	(13,782)	(22,654)
Net Amortization of Prior Service Cost	(154)	54	(154)	55	(115)	68
Recognized Net Actuarial Loss	2,622	2,553	2,240	2,475	1,470	6,299
Curtailment/Settlement Loss (Gain)	8,842	-	1,857	-	-	(428)
Net Pension Expense (Income)	$9,655	$(3,150)	$2,799	$(4,657)	$732	$6,644

Discount Rate	4.0%	3.5%	4.2%	3.5%	4.7%	4.2%
Rate of Compensation Increase	N/A	3.0%	N/A	3.0%	N/A	3.2%
Expected Return on Plan Assets	6.8%	6.7%	6.8%	6.7%	6.8%	6.7%

Amounts in Accumulated Other Comprehensive Loss to Be Recognized as Components of Net Periodic Benefit Cost During Next Fiscal Year

The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in thousands):

	U.S.	Non-U.S.	Total
Actuarial Loss	$2,230	$3,673	$5,903
Prior Service Cost	(154)	54	(100)
Total	$2,076	$3,727	$5,803

Changes in and Status of Plans' Assets and Benefit Obligations

The following table sets forth the changes in and the status of the Company’s defined benefit plans’ assets and benefit obligations:

Dollars in thousands	2017		2016
CHANGE IN PLAN ASSETS	U.S.	Non-U.S.	U.S.	Non-U.S.
Fair Value of Plan Assets, Beginning of Year	$215,923	$352,484	$222,966	$376,576
Actual Return on Plan Assets	17,345	75,432	2,610	(2,789)
Employer Contributions	10,463	14,041	9,459	8,450
Employee Contributions	-	-	-	68
Settlements	(28,258)	-	(4,446)	-
Benefits Paid	(15,472)	(9,487)	(14,666)	(14,354)
Foreign Currency Rate Changes	-	(42,337)	-	(15,467)
Fair Value, End of Year	$200,001	$390,133	$215,923	$352,484
CHANGE IN PROJECTED BENEFIT OBLIGATION
Benefit Obligation, Beginning of Year	$(336,908)	$(461,161)	$(329,388)	$(484,458)
Service Cost	-	(967)	-	(1,455)
Interest Cost	(12,398)	(14,449)	(13,612)	(16,446)
Employee Contributions	-	-	-	(68)
Actuarial Gain (Loss)	14,791	(105,151)	(13,020)	9,582
Benefits Paid	15,472	9,487	14,666	14,354
Foreign Currency Rate Changes	-	52,653	-	17,330
Settlements and Other	28,258	-	4,446	-
Benefit Obligation, End of Year	$(290,785)	$(519,588)	$(336,908)	$(461,161)
Funded Status	$(90,784)	$(129,455)	$(120,985)	$(108,677)
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION:
Other Noncurrent Assets	-	134	-	-
Current Pension Liability	(4,977)	(799)	(4,817)	(675)
Noncurrent Pension Liability	(85,807)	(128,790)	(116,168)	(108,002)
Net Amount Recognized in Statement of Financial Position	$(90,784)	$(129,455)	$(120,985)	$(108,677)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF:
Net Actuarial (Loss)	$(94,539)	$(171,601)	$(124,087)	$(139,307)
Prior Service Cost Gain (Loss)	2,716	(448)	2,870	(521)
Total Accumulated Other Comprehensive Loss	$(91,823)	$(172,049)	$(121,217)	$(139,828)
Change in Accumulated Other Comprehensive Loss	$29,394	$(32,221)	$(21,224)	$(10,993)
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES:
Discount Rate	4.1%	2.6%	4.0%	3.5%
Rate of Compensation Increase	N/A	3.0%	N/A	3.0%
Accumulated Benefit Obligations	$(290,785)	$(472,841)	$(336,908)	$(422,861)

Pension Plan Assets at Fair Value by Level Within Fair Value Hierarchy

The Company did not maintain any level 3 assets during fiscal years 2017 and 2016. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30 (in thousands):

	2017			2016
	Level 1	Level 2	Total	Level 1	Level 2	Total
U.S. Plan Assets
Equity Securities:
U.S. Commingled Funds	$ -	$ 64,125	$ 64,125	$ -	$69,550	$69,550
Non-U.S. Commingled Funds	-	27,272	27,272	-	28,741	28,741
Fixed Income Commingled Funds	-	95,922	95,922	-	105,841	105,841
Real Estate	-	12,682	12,682	-	11,791	11,791
Total U.S. Plan Assets	$ -	$ 200,001	$ 200,001	$ -	$215,923	$215,923

Non-U.S. Plan Assets
Equity Securities:
U.S. Equities	$ -	$ 28,598	$ 28,598	$ -	$24,688	$24,688
Non-U.S. Equities	-	85,961	85,961	-	72,892	72,892
Balanced Managed Funds	10,196	69,453	79,649	10,070	32,203	42,273
Fixed Income Funds	-	187,797	187,797	-	211,561	211,561
Other:
Real Estate/Other	-	489	489	-	508	508
Cash and Cash Equivalents	7,639	-	7,639	562	-	562
Total Non-U.S. Plan Assets	$ 17,835	$ 372,298	$ 390,133	$10,632	$341,852	$352,484
Total Plan Assets	$ 17,835	$ 572,299	$ 590,134	$10,632	$557,775	$568,407