Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2021

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:

	For the Years Ended April 30,
	2021						2020						2019
	US			Non-US			US			Non-US			US			Non-US
Service cost	$	—		$	1,396		$	—		$	1,851		$	—		$	912
Interest cost		9,504			8,901			11,247			12,652			11,704			12,943
Expected return on plan assets		(11,969	)		(26,971	)		(14,038	)		(26,116	)		(13,472	)		(25,551	)
Amortization of prior service cost		(154	)		58			(154	)		73			(154	)		57
Amortization of net actuarial loss		3,501			4,516			2,403			3,993			2,035			3,746
Curtailment/settlement loss		—			—			—			291			—			—
Net pension expense (income)	$	882		$	(12,100	)	$	(542	)	$	(7,256	)	$	113		$	(7,893	)

Discount rate		3.1	%		1.6	%		4.1	%		2.4	%		4.3	%		2.6	%
Rate of compensation increase		N/A			3.0	%		N/A			3.0	%		N/A			3.0	%
Expected return on plan assets		5.8	%		5.7	%		6.8	%		6.5	%		6.8	%		6.5	%

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:

	2021						2020
	US			Non-US			US			Non-US
CHANGE IN PLAN ASSETS
Fair value of plan assets, beginning of year	$	213,946		$	445,480		$	213,628		$	408,249
Actual return on plan assets		34,560			27,971			11,645			48,602
Employer contributions		5,599			12,203			3,700			11,686
Employee contributions		—			—			—			—
Settlements		—			—			—			(1,459	)
Benefits paid		(16,976	)		(11,921	)		(15,027	)		(9,162	)
Foreign currency rate changes		—			50,153			—			(12,436	)
Fair value, end of year	$	237,129		$	523,886		$	213,946		$	445,480
CHANGE IN PROJECTED BENEFIT OBLIGATION
Benefit obligation, beginning of year	$	(318,967	)	$	(534,303	)	$	(285,197	)	$	(509,015	)
Service cost		—			(1,396	)		—			(1,851	)
Interest cost		(9,504	)		(8,901	)		(11,247	)		(12,652	)
Actuarial gains (losses)		8,863			(17,739	)		(37,550	)		(36,287	)
Benefits paid		16,976			11,921			15,027			9,162
Foreign currency rate changes		—			(59,046	)		—			15,176
Settlements and other		—			(150	)		—			1,164
Benefit obligation, end of year	$	(302,632	)	$	(609,614	)	$	(318,967	)	$	(534,303	)
Underfunded status, end of year	$	(65,503	)	$	(85,728	)	$	(105,021	)	$	(88,823	)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
Noncurrent assets		—			6			—			—
Current pension liability		(3,576	)		(1,414	)		(4,990	)		(885	)
Noncurrent pension liability		(61,927	)		(84,320	)		(100,031	)		(87,938	)
Net amount recognized in statement of financial position	$	(65,503	)	$	(85,728	)	$	(105,021	)	$	(88,823	)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
Net actuarial (losses)	$	(96,613	)	$	(213,958	)	$	(131,569	)	$	(181,403	)
Prior service cost gains (losses)		2,100			(1,299	)		2,254			(1,051	)
Total accumulated other comprehensive loss	$	(94,513	)	$	(215,257	)	$	(129,315	)	$	(182,454	)
Change in accumulated other comprehensive loss	$	34,802		$	(32,803	)	$	(37,695	)	$	(4,143	)
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation	$	302,632		$	566,998		$	318,967		$	497,489
Fair value of plan assets	$	237,129		$	513,279		$	213,946		$	445,480
INFORMATION FOR PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation	$	302,632		$	599,011		$	318,967		$	534,303
Fair value of plan assets	$	237,129		$	513,279		$	213,946		$	445,480
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
Discount rate		3.2	%		1.9	%		3.1	%		1.6	%
Rate of compensation increase		N/A			3.0	%		N/A			3.0	%
Accumulated benefit obligations	$	(302,632	)	$	(577,600	)	$	(318,967	)	$	(497,489	)

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

The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

	2021						2020
	Level 1		Level 2		Total		Level 1		Level 2		Total
US Plan Assets
Investments measured at NAV:
Global equity securities: Limited partnership					$	121,569					$	110,965
Fixed income securities: Commingled trust funds						115,560						102,981
Total assets at NAV					$	237,129					$	213,946

Non-US Plan Assets
Equity securities:
US equities	$	—	$	51,882	$	51,882	$	—	$	36,842	$	36,842
Non-US equities		—		124,496		124,496		—		103,460		103,460
Balanced managed funds		—		103,717		103,717		—		44,989		44,989
Fixed income securities: Commingled funds		1,444		236,583		238,027		3,431		254,134		257,565
Other:
Real estate/other		—		543		543		—		490		490
Cash and cash equivalents		5,221		—		5,221		2,134		—		2,134
Total Non-US plan assets	$	6,665	$	517,221	$	523,886	$	5,565	$	439,915	$	445,480
Total plan assets	$	6,665	$	517,221	$	761,015	$	5,565	$	439,915	$	659,426

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	US		Non-US		Total
2022	$	15,305	$	12,211	$	27,516
2023		15,446		11,769		27,215
2024		15,593		12,606		28,199
2025		15,024		14,817		29,841
2026		15,064		14,004		29,068
2027 – 2031		75,870		83,009		158,879
Total	$	152,302	$	148,416	$	300,718