Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets

The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows:


$ in thousands	2015		2014
Accumulated Benefit Obligation, April 30	$	22,441	$	19,857


Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year	$	19,857	$	20,683
Interest cost		893		857
Actuarial (gain) loss		2,688		(737)
Actual benefits paid		(997)		(946)

Projected benefit obligations, end of year		22,441		19,857


Change in Plan Assets
Fair value of plan assets, beginning of year		16,288		15,415
Actual return on plan assets		1,028		1,519
Employer contributions		775		300
Actual benefits paid		(997)		(946)

Fair value of plan assets, end of year		17,094		16,288

Funded status – under	$	(5,347)	$	(3,569)


Amounts Recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets	$	—	$	—
Noncurrent liabilities		(5,347)		(3,569)

Net amount recognized	$	(5,347)	$	(3,569)


Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actual loss	$	11,011	$	8,962
Deferred tax benefit		(4,206)		(3,486)

After-tax actuarial loss	$	6,805	$	5,476


Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate		4.20%		4.60%
Rate of compensation increase		N/A		N/A
Mortality table		RP-2014		2013 IRS

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30
Discount rate		4.60%		4.25%
Expected long-term return on plan assets		8.25%		8.50%
Rate of compensation increase		N/A		N/A

Summary of Components of Net Periodic Pension Cost

The components of the net periodic pension cost for each of the fiscal years ended April 30 are as follows:


$ in thousands	2015			2014			2013
Interest cost	$	893		$	857		$	906
Expected return on plan assets		(1,324	)		(1,282	)		(1,213	)
Recognition of net loss		934			1,142			1,102

Net periodic pension cost	$	503		$	717		$	795

Summary of Expected Benefit Payments

The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30:


$ in thousands	Amount
2016	$	1,180
2017		1,230
2018		1,270
2019		1,290
2020		1,310
2021-2025		6,850

Summary of Plan Assets by Asset Categories

Plan assets by asset categories as of April 30, 2015 and 2014 were as follows:


$ in thousands	2015				2014
Asset Category	Amount		%		Amount		%
Equity Securities	$	12,725		74	$	11,011		68
Fixed Income Securities		4,273		25		5,025		31
Cash and Cash Equivalents		96		1		252		1

Totals	$	17,094		100	$	16,288		100

Summary of Fair Value Assets in Defined Benefit Pension Plans

The following tables present the fair value of the assets in our defined benefit pension plans at April 30, 2015 and 2014:


	2015
Asset Category	Level 1		Level 2		Level 3
Large Cap	$	9,036	$	—	$	—
Small/Mid Cap		2,732		—		—
International		957		—		—
Fixed Income		4,273		—		—
Cash and Cash Equivalents		96		—		—

Totals	$	17,094	$	—	$	—


	2014
Asset Category	Level 1		Level 2		Level 3
Large Cap	$	8,034	$	—	$	—
Small/Mid Cap		2,030		—		—
International		947		—		—
Fixed Income		5,025		—		—
Cash and Cash Equivalents	$	252		—		—

Totals	$	16,288	$	—	$	—