Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2019

Net Periodic Pension Expense (Income) 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:

	2019						2018						2017
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Service Cost	$	—		$	912		$	—		$	960		$	—		$	967
Interest Cost		11,704			12,943			11,666			13,876			12,398			14,449
Expected Return on Plan Assets		(13,472	)		(25,551	)		(13,154	)		(26,385	)		(14,053	)		(21,173	)
Net Amortization of Prior Service Cost		(154	)		57			(154	)		57			(154	)		54
Recognized Net Actuarial Loss		2,035			3,746			2,289			3,832			2,622			2,553
Curtailment/Settlement Loss		—			—			-			19			8,842			—
Net Pension Expense (Income)	$	113		$	(7,893	)	$	647		$	(7,641	)	$	9,655		$	(3,150	)

Discount Rate		4.3	%		2.6	%		4.1	%		2.6	%		4.0	%		3.5	%
Rate of Compensation Increase		N/A			3.0	%		N/A			3.0	%		N/A			3.0	%
Expected Return on Plan Assets		6.8	%		6.5	%		6.8	%		6.5	%		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:

	U.S.			Non-U.S.		Total
Actuarial Loss	$	2,390		$	4,091	$	6,481
Prior Service Cost		(154	)		82		(72	)
Total	$	2,236		$	4,173	$	6,409

Changes in and Status of Plans' Assets and Benefit Obligations

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

	2019						2018
	U.S.			Non-U.S.			U.S.			Non-U.S.
CHANGE IN PLAN ASSETS
Fair Value of Plan Assets, Beginning of Year	$	204,983		$	419,448		$	200,001		$	390,133
Actual Return on Plan Assets		9,705			24,891			15,352			2,780
Employer Contributions		14,753			11,872			5,020			8,385
Employee Contributions		—			—			—			—
Settlements		—			—			-			(239	)
Benefits Paid		(15,813	)		(16,282	)		(15,390	)		(15,909	)
Foreign Currency Rate Changes		—			(31,680	)		—			34,298
Fair Value, End of Year	$	213,628		$	408,249		$	204,983		$	419,448
CHANGE IN PROJECTED BENEFIT OBLIGATION
Benefit Obligation, Beginning of Year	$	(279,644	)	$	(540,686	)	$	(290,785	)	$	(519,588	)
Service Cost		—			(912	)		—			(960	)
Interest Cost		(11,704	)		(12,943	)		(11,666	)		(13,876	)
Actuarial Gains (Losses)		(9,662	)		(11,013	)		7,417			23,528
Benefits Paid		15,813			16,282			15,390			15,909
Foreign Currency Rate Changes		—			41,143			—			(45,938	)
Settlements and Other		—			(886	)		-			239
Benefit Obligation, End of Year	$	(285,197	)	$	(509,015	)	$	(279,644	)	$	(540,686	)
Underfunded Status, End of Year	$	(71,569	)	$	(100,766	)	$	(74,661	)	$	(121,238	)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
Current Pension Liability		(5,188	)		(816	)		(4,818	)		(780	)
Noncurrent Pension Liability		(66,381	)		(99,950	)		(69,843	)		(120,458	)
Net Amount Recognized in Statement of Financial Position	$	(71,569	)	$	(100,766	)	$	(74,661	)	$	(121,238	)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
Net Actuarial (Losses)	$	(94,028	)	$	(177,157	)	$	(82,636	)	$	(183,316	)
Prior Service Cost Gains (Losses)		2,408			(1,154	)		2,562			(441	)
Total Accumulated Other Comprehensive Loss	$	(91,620	)	$	(178,311	)	$	(80,074	)	$	(183,757	)
Change in Accumulated Other Comprehensive Loss	$	(11,546	)	$	5,446		$	11,749		$	(11,708	)
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
Discount Rate		4.1	%		2.4	%		4.3	%		2.6	%
Rate of Compensation Increase		N/A			3.0	%		N/A			3.0	%
Accumulated Benefit Obligations	$	(285,197	)	$	(477,561	)	$	(279,644	)	$	(507,932	)

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

We did not maintain any level 3 assets during the years ended April 30, 2019 and 2018. In accordance with ASU 2015-07, “Fair Value Measurement (“Topic 820”), certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. We adopted ASU 2015-07 in the year ended April 30, 2018 and it was applied retrospectively to all periods presented. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

	2019						2018
	Level 1		Level 2		Total		Level 1		Level 2		Total
U.S. Plan Assets
Investments measured at NAV:
Global Equity Securities: Limited Partnership					$	109,490					$	95,933
Fixed Income Securities: Commingled Trust Funds						104,138						100,295
Other: Real Estate Commingled Trust Fund						—						8,755
Total Assets at NAV					$	213,628					$	204,983

Non-U.S. Plan Assets
Equity Securities:
U.S. Equities	$	—	$	39,652	$	39,652	$	—	$	31,203	$	31,203
Non-U.S. Equities		—		117,575		117,575		—		96,387		96,387
Balanced Managed Funds		—		48,550		48,550		—		91,743		91,743
Fixed Income Securities: Commingled Funds		855		199,720		200,575		—		197,804		197,804
Other:
Real Estate/Other		—		501		501		—		549		549
Cash and Cash Equivalents		1,396		—		1,396		1,762		—		1,762
Total Non-U.S. Plan Assets	$	2,251	$	405,998	$	408,249	$	1,762	$	417,686	$	419,448
Total Plan Assets	$	2,251	$	405,998	$	621,877	$	1,762	$	417,686	$	624,431

Expected Future Benefit Payments

Benefit payments to retirees from all defined benefit plans are expected to be the following in the fiscal year indicated:

Fiscal Year	U.S.		Non-U.S.		Total
2020	$	16,287	$	8,868	$	25,155
2021		14,741		9,610		24,351
2022		14,894		11,019		25,913
2023		15,259		11,433		26,692
2024		15,436		12,097		27,533
2025 – 2029		76,053		71,732		147,785
Total	$	152,670	$	124,759	$	277,429