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Employee Benefit and Retirement Plans (Tables) | 12 Months Ended
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Apr. 30, 2018
Retirement Benefits [Abstract] |
Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status | The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s non-contributory defined benefit pension plans as of April 30:
| APRIL 30
(in thousands) | 2018 |  | 2017
CHANGE IN PROJECTED BENEFIT OBLIGATION |  |  |
Projected benefit obligation at beginning of year | $ | 165,173 |  |  | $ | 174,096 |
Interest cost | 5,727 |  |  | 5,772 |
| APRIL 30
(in thousands) | 2018 |  | 2017
CHANGE IN PROJECTED BENEFIT OBLIGATION |  |  |
Actuarial gains | (2,596 | ) |  | (4,672 | )
Benefits paid | (4,881 | ) |  | (10,023 | )
Projected benefit obligation at end of year | $ | 163,423 |  |  | $ | 165,173 |
CHANGE IN PLAN ASSETS |  |  |
Fair value of plan assets at beginning of year | $ | 137,141 |  |  | $ | 106,965 |
Actual return on plan assets | 4,884 |  |  | 12,895 |
Company contributions | 19,319 |  |  | 27,304 |
Benefits paid | (4,881 | ) |  | (10,023 | )
Fair value of plan assets at end of year | $ | 156,463 |  |  | $ | 137,141 |
Funded status of the plans | $ | (6,960 | ) |  | $ | (28,032 | )
Net Periodic Pension Cost | The accumulated benefit obligation for both pension plans was $163.4 million and $165.2 million at April 30, 2018 and 2017, respectively.
| APRIL 30
(in thousands) | 2018 |  | 2017 |  | 2016
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST |  |  |  |  |
Interest cost | $ | 5,727 |  |  | $ | 5,772 |  |  | $ | 7,014 |
Expected return on plan assets | (8,936 | ) |  | (8,079 | ) |  | (8,142 | )
Recognized net actuarial loss | 1,601 |  |  | 1,771 |  |  | 1,412 |
Pension benefit cost | $ | (1,608 | ) |  | $ | (536 | ) |  | $ | 284 |
Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans | The discount rate at April 30 was used to measure the year-end benefit obligations and the earnings effects for the subsequent year. Actuarial assumptions used to determine benefit obligations and earnings effects for the pension plans follow:
| FISCAL YEARS ENDED APRIL 30
| 2018 |  | 2017
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS |  |  |
Discount rate | 4.18 % |  | 4.12 %
| FISCAL YEARS ENDED APRIL 30
| 2018 |  | 2017 |  | 2016
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST |  |  |  |  |
Discount rate | 4.12 % |  | 4.06 % |  | 4.19%
Expected return on plan assets | 6.5 % |  | 7.5 % |  | 7.5 %
Schedule Of Expected Future Benefit Payments | The following benefit payments are expected to be paid:
FISCAL YEAR | BENEFIT PAYMENTS (in thousands)
2019 | $ | 6,251 |
2020 | 6,625 |
2021 | 7,037 |
2022 | 7,395 |
2023 | 7,768 |
Years 2024-2028 | 43,988 |
Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements | Pension assets by major category and the type of fair value measurement as of April 30, 2018 and 2017 are presented in the following tables:
FAIR VALUE MEASUREMENTS AT APRIL 30, 2018
(in thousands) | TOTAL |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents | $ | 448 |  |  | $ | 448 |  |  | — |  |  | — |
Equity Funds: |  |  |  |  |  |  |
US Equity | 37,421 |  |  | 37,421 |  |  | — |  |  | — |
International Equity | 25,135 |  |  | 25,135 |  |  | — |  |  |  |
Fixed Income Funds: |  |  |  |  |  |  |
Investment Grade Fixed Income | 93,459 |  |  | 93,459 |  |  | — |  |  | — |
Total plan assets | $ | 156,463 |  |  | $ | 156,463 |  |  | — |  |  | — |
FAIR VALUE MEASUREMENTS AT APRIL 30, 2017
FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT | FAIR VALUE MEASUREMENTS AT
(in thousands) | TOTAL |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents | $ | 295 |  |  | $ | 295 |  |  | — |  |  | — |
Equity Funds: |  |  |  |  |  |  |
Mutual Fund Equity | 78,335 |  |  | 78,335 |  |  | — |  |  | — |
Fixed Income Funds: |  |  |  |  |  |  |
Mutual Fund Tax Income | 45,290 |  |  | 45,290 |  |  | — |  |  | — |
Plan assets at fair value | 123,920 |  |  | $ | 123,920 |  |  | — |  |  | — |
Common Collective Funds: |  |  |  |  |  |  |  |  |
Capital Preservation Fund 1 | 13,221 |  |  |  |  |  |  |
Total plan assets | $ | 137,141 |  |  |  |  |  |  |
1
Schedule Of Allocation Of Plan Assets | The Company’s pension plans’ weighted-average asset allocations at April 30, 2018 and 2017, by asset category, were as follows:
| PLAN ASSET ALLOCATION
| 2018 |  | 2018 |  | 2017
APRIL 30 | TARGET |  | ACTUAL |  | ACTUAL
Equity Funds | 40.0 % |  | 40.0 % |  | 57.0 %
Fixed Income Funds | 60.0 % |  | 60.0 % |  | 43.0 %
Total | 100.0 % |  | 100.0 % |  | 100.0 %

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