Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2022

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,
	2022						2021						2020
	US			Non-US			US			Non-US			US			Non-US
Service cost	$	—		$	1,196		$	—		$	1,396		$	—		$	1,851
Interest cost		9,451			11,148			9,504			8,901			11,247			12,652
Expected return on plan assets		(12,144	)		(28,118	)		(11,969	)		(26,971	)		(14,038	)		(26,116	)
Amortization of prior service cost		(154	)		67			(154	)		58			(154	)		73
Amortization of net actuarial loss		2,617			4,846			3,501			4,516			2,403			3,993
Curtailment (credit)/settlement loss		—			(39	)		—			—			—			291
Net pension (income) expense	$	(230	)	$	(10,900	)	$	882		$	(12,100	)	$	(542	)	$	(7,256	)

Discount rate		3.2	%		1.9	%		3.1	%		1.6	%		4.1	%		2.4	%
Rate of compensation increase		N/A			3.0	%		N/A			3.0	%		N/A			3.0	%
Expected return on plan assets		5.3	%		5.5	%		5.8	%		5.7	%		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:

	2022						2021
	US			Non-US			US			Non-US
CHANGE IN PLAN ASSETS
Fair value of plan assets, beginning of year	$	237,129		$	523,886		$	213,946		$	445,480
Actual return on plan assets		(21,257	)		(37,543	)		34,560			27,971
Employer contributions		3,812			12,595			5,599			12,203
Employee contributions		—			—			—			—
Settlements		—			—			—			—
Benefits paid		(15,229	)		(10,703	)		(16,976	)		(11,921	)
Foreign currency rate changes		—			(45,976	)		—			50,153
Fair value, end of year	$	204,455		$	442,259		$	237,129		$	523,886
CHANGE IN PROJECTED BENEFIT OBLIGATION
Benefit obligation, beginning of year	$	(302,632	)	$	(609,614	)	$	(318,967	)	$	(534,303	)
Service cost		—			(1,196	)		—			(1,396	)
Interest cost		(9,451	)		(11,148	)		(9,504	)		(8,901	)
Actuarial gains (losses)		47,284			84,746			8,863			(17,739	)
Benefits paid		15,229			10,703			16,976			11,921
Foreign currency rate changes		—			51,660			—			(59,046	)
Settlements and other		—			47			—			(150	)
Benefit obligation, end of year	$	(249,570	)	$	(474,802	)	$	(302,632	)	$	(609,614	)
Underfunded status, end of year	$	(45,115	)	$	(32,543	)	$	(65,503	)	$	(85,728	)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
Noncurrent assets		—			5,855			—			6
Current pension liability		(3,545	)		(1,346	)		(3,576	)		(1,414	)
Noncurrent pension liability		(41,570	)		(37,052	)		(61,927	)		(84,320	)
Net amount recognized in statement of financial position	$	(45,115	)	$	(32,543	)	$	(65,503	)	$	(85,728	)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
Net actuarial (losses) gains	$	(80,114	)	$	(171,274	)	$	(96,613	)	$	(213,958	)
Prior service cost gains (losses)		1,946			(1,165	)		2,100			(1,299	)
Total accumulated other comprehensive loss	$	(78,168	)	$	(172,439	)	$	(94,513	)	$	(215,257	)
Change in accumulated other comprehensive loss	$	16,345		$	42,818		$	34,802		$	(32,803	)
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation	$	249,570		$	37,801		$	302,632		$	566,998
Fair value of plan assets	$	204,455		$	475		$	237,129		$	513,279
INFORMATION FOR PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation	$	249,570		$	38,871		$	302,632		$	599,011
Fair value of plan assets	$	204,455		$	475		$	237,129		$	513,279
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
Discount rate		4.6	%		3.0	%		3.2	%		1.9	%
Rate of compensation increase		N/A			3.1	%		N/A			3.0	%
Accumulated benefit obligations	$	(249,570	)	$	(450,037	)	$	(302,632	)	$	(577,600	)

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:

	2022								2021
	Level 1		Level 2		NAV		Total		Level 1		Level 2		NAV		Total
US Plan Assets
Global Equity Securities: Limited Partnership	$	7,477			$	77,849	$	85,326					$	121,569	$	121,569
Fixed Income Securities: Commingled Trust Funds						119,129		119,129						115,560		115,560
Total Assets	$	7,477			$	196,978		204,455					$	237,129	$	237,129

Non-US Plan Assets
Equity securities:
US equities	$	—	$	48,443			$	48,443	$	—	$	51,882	$		$	51,882
Non-US equities		—		112,162				112,162		—		124,496				124,496
Balanced managed funds		—		94,623				94,623		—		103,717				103,717
Fixed income securities: Commingled funds		—		185,192				185,192		1,444		236,583				238,027
Other:
Real estate/other		—		475				475		—		543				543
Cash and cash equivalents		1,338		26				1,364		5,221		—				5,221
Total Non-US plan assets	$	1,338	$	440,921	$	—	$	442,259	$	6,665	$	517,221	$	—	$	523,886
Total plan assets	$	8,815	$	440,921	$	196,978	$	646,714	$	6,665	$	517,221	$	237,129	$	761,015

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
2023	$	15,533	$	11,864	$	27,397
2024		15,666		12,307		27,973
2025		15,315		14,845		30,160
2026		15,125		13,419		28,544
2027		15,200		14,292		29,492
2028–2032		76,222		86,389		162,611
Total	$	153,061	$	153,116	$	306,177