Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2017

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	2017		2016
Accumulated Benefit Obligation, April 30	$	21,313	$	21,156


Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year	$	21,156	$	22,441
Interest cost		927		912
Actuarial (gain) loss		299		(1,155)
Actual benefits paid		(1,069)		(1,042)

Projected benefit obligations, end of year		21,313		21,156


Change in Plan Assets
Fair value of plan assets, beginning of year		15,817		17,094
Actual (loss) return on plan assets		1,895		(299)
Employer contributions		555		64
Actual benefits paid		(1,069)		(1,042)

Fair value of plan assets, end of year		17,198		15,817

Funded status – under	$	(4,115)	$	(5,339)


Amounts Recognized in the Consolidated Balance Sheets consist of:

Noncurrent liabilities	$	(4,115)	$	(5,339)


Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actual loss	$	8,686	$	10,295
Deferred tax benefit		(3,223)		(3,850)

After-tax actuarial loss	$	5,463	$	6,445


Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate		4.10%		4.50%
Rate of compensation increase		N/A		N/A
Mortality table		RP-2014		RP-2014
Projection scale		MP-2016		MP-2015

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30
Discount rate		4.50%		4.20%
Expected long-term return on plan assets		8.00%		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	2017		2016		2015
Interest cost	$	927	$	912	$	893
Expected return on plan assets		(1,244)		(1,363)		(1,324)
Recognition of net loss		1,257		1,223		934

Net periodic pension cost	$	940	$	772	$	503

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
2018	$	1,250
2019		1,270
2020		1,310
2021		1,360
2022		1,370
2023-2027		7,010

Summary of Plan Assets by Asset Categories

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


$ in thousands	2017				2016
Asset Category	Amount		%		Amount		%
Equity Securities	$	10,611		62	$	11,851		75
Fixed Income Securities		6,466		37		3,917		25
Cash and Cash Equivalents		121		1		49		—

Totals	$	17,198		100	$	15,817		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:

2017

Asset Category

Level 1

Level 2

Level 3

Large Cap

8,060

—

Small/Mid Cap

1,728

—

International

823

—

Fixed Income

6,466

—

Cash and Cash Equivalents

121

—

Totals

17,198

—


	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	$	—	$	—