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Employee Benefit and Retirement Plans (Tables) | 12 Months Ended
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Apr. 30, 2020
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) | 2020 |  | 2019
CHANGE IN PROJECTED BENEFIT OBLIGATION |  |  |
Projected benefit obligation at beginning of year | $ | 168,788 |  |  | $ | 163,423 |
Interest cost | 5,974 |  |  | 6,269 |
Actuarial gains | 22,293 |  |  | 4,850 |
Benefits paid | (5,871 | ) |  | (5,754 | )
Projected benefit obligation at end of year | $ | 191,184 |  |  | $ | 168,788 |
CHANGE IN PLAN ASSETS |  |  |
Fair value of plan assets at beginning of year | $ | 169,471 |  |  | $ | 156,463 |
Actual return on plan assets | 26,674 |  |  | 11,479 |
Company contributions | 469 |  |  | 7,283 |
Benefits paid | (5,871 | ) |  | (5,754 | )
Fair value of plan assets at end of year | $ | 190,743 |  |  | $ | 169,471 |
Funded status of the plans | $ | (441 | ) |  | $ | 683 |
Net Periodic Pension Cost | The accumulated benefit obligation for both pension plans was $191.2 million and $168.8 million at April 30, 2020 and 2019, respectively.
| APRIL 30
(in thousands) | 2020 |  | 2019 |  | 2018
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST |  |  |  |  |
Interest cost | $ | 5,974 |  |  | $ | 6,269 |  |  | $ | 5,727 |
Expected return on plan assets | (8,327 | ) |  | (8,509 | ) |  | (8,936 | )
Recognized net actuarial loss | 1,692 |  |  | 1,648 |  |  | 1,601 |
Pension benefit cost | $ | (661 | ) |  | $ | (592 | ) |  | $ | (1,608 | )
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
| 2020 |  | 2019
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS |  |  |
Discount rate | 3.16 % |  | 4.02 %
| FISCAL YEARS ENDED APRIL 30
| 2020 |  | 2019 |  | 2018
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST |  |  |  |  |
Discount rate | 4.02 % |  | 4.18 % |  | 4.12%
Expected return on plan assets | 5.0 % |  | 5.5 % |  | 6.5 %
Schedule Of Expected Future Benefit Payments | The following benefit payments are expected to be paid:
FISCAL YEAR | BENEFIT PAYMENTS (in thousands)
2021 | $ | 6,913 |
2022 | 7,263 |
2023 | 7,653 |
2024 | 8,048 |
2025 | 8,413 |
Years 2026-2030 | 47,525 |
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, 2020 and 2019 are presented in the following tables:
FAIR VALUE MEASUREMENTS AT APRIL 30, 2020
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 | $ | 490 |  |  | $ | 490 |  |  | $ | 0 |  |  | $ | — |
Equity Funds: |  |  |  |  |  |  |
US Equity | 37,569 |  |  | 37,569 |  |  | — |  |  | — |
International Equity | 24,578 |  |  | 24,578 |  |  | — |  |  |  |
Fixed Income Funds: |  |  |  |  |  |  |
Investment Grade Fixed Income | 128,106 |  |  | 128,106 |  |  | — |  |  | — |
Total plan assets | 190,743 |  |  | 190,743 |  |  | — |  |  | — |
FAIR VALUE MEASUREMENTS AT APRIL 30, 2019
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 | $ | 469 |  |  | $ | 469 |  |  | — |  |  | — |
Equity Funds: |  |  |  |  |  |  |
US Equity | 31,143 |  |  | 31,143 |  |  | — |  |  | — |
International Equity | 20,553 |  |  | 20,553 |  |  |  |  |
Fixed Income Funds: |  |  |  |  |  |  | — |  |  | — |
Investment Grade Fixed Income | 117,306 |  |  | 117,306 |  |  | — |  |  | — |
Total plan assets | $ | 169,471 |  |  | $ | 169,471 |  |  | — |  |  | — |
Schedule Of Allocation Of Plan Assets | The Company’s pension plans’ weighted-average asset allocations at April 30, 2020 and 2019, by asset category, were as follows:
| PLAN ASSET ALLOCATION
| 2020 |  | 2020 |  | 2019
APRIL 30 | TARGET |  | ACTUAL |  | ACTUAL
Equity Funds | 30.0 % |  | 33.0 % |  | 31.0 %
Fixed Income Funds | 70.0 % |  | 67.0 % |  | 69.0 %
Total | 100.0 % |  | 100.0 % |  | 100.0 %

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