Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2016

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	2016		2015
Accumulated Benefit Obligation, April 30	$	21,156	$	22,441


Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year	$	22,441	$	19,857
Interest cost		912		893
Actuarial (gain) loss		(1,155)		2,688
Actual benefits paid		(1,042)		(997)

Projected benefit obligations, end of year		21,156		22,441


Change in Plan Assets
Fair value of plan assets, beginning of year		17,094		16,288
Actual (loss) return on plan assets		(299)		1,028
Employer contributions		64		775
Actual benefits paid		(1,042)		(997)

Fair value of plan assets, end of year		15,817		17,094

Funded status – under	$	(5,339)	$	(5,347)


Amounts Recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets	$	—	$	—
Noncurrent liabilities		(5,339)		(5,347)

Net amount recognized	$	(5,339)	$	(5,347)


Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actual loss	$	10,295	$	11,011
Deferred tax benefit		(3,850)		(4,206)

After-tax actuarial loss	$	6,445	$	6,805


Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate		4.50%		4.20%
Rate of compensation increase		N/A		N/A
Mortality table		RP-2014		RP-2014
Projection scale		MP-2015		MP-2014

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30
Discount rate		4.20%		4.60%
Expected long-term return on plan assets		8.25%		8.25%
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	2016		2015		2014
Interest cost	$	912	$	893	$	857
Expected return on plan assets		(1,363)		(1,324)		(1,282)
Recognition of net loss		1,223		934		1,142

Net periodic pension cost	$	772	$	503	$	717

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
2017	$	1,200
2018		1,260
2019		1,280
2020		1,310
2021		1,360
2022-2026		7,050

Summary of Plan Assets by Asset Categories

Plan assets by asset categories as of April 30 were as follows:


$ in thousands	2016				2015
Asset Category	Amount		%		Amount		%
Equity Securities	$	11,851		75	$	12,725		74
Fixed Income Securities		3,917		25		4,273		25
Cash and Cash Equivalents		49		—		96		1

Totals	$	15,817		100	$	17,094		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:


	2016

Asset Category	Level 1		Level 2		Level 3
Large Cap	$	7,946	$	—	$	—
Small/Mid Cap		2,586		—		—
International		1,319		—		—
Fixed Income		3,917		—		—
Cash and Cash Equivalents		49		—		—

Totals	$	15,817	$	—	$	—


	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	$	—	$	—