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Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2019

Retirement Benefits [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		2019				2018
Accumulated Benefit Obligation, April 30		$	21,394			$	21,544
Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year		$	21,544			$	21,313
Interest cost		859				875
Actuarial loss		412				480
Actual benefits paid		(1,421		)		(1,124		)
Projected benefit obligations, end of year		21,394				21,544
Change in Plan Assets
Fair value of plan assets, beginning of year		18,540				17,198
Actual return on plan assets		916				1,866
Employer contributions		1,000				600
Actual benefits paid		(1,421		)		(1,124		)
Fair value of plan assets, end of year		19,035				18,540
Funded status—under		$	(2,359	)		$	(3,004	)
Amounts Recognized in the Consolidated Balance Sheets consist of:
Noncurrent liabilities		$	(2,359	)		$	(3,004	)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of:
Net actual loss		$	7,541			$	7,481
Deferred tax benefit		(1,772		)		(1,825		)
After-tax actuarial loss		$	5,769			$	5,656
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate		3.90		%		4.10		%
Rate of compensation increase		N/A				N/A
Mortality table		RP-2014				RP-2014
Projection scale		MP-2018				MP-2017

$ in thousands
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30		2019			2018
Discount rate		3.90	%		4.10	%
Expected long-term return on plan assets		7.75	%		7.75	%
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		2019				2018
Interest cost		$	859			$	875
Expected return on plan assets		(1,448		)		(1,314		)
Recognition of net loss		884				1,133
Net periodic pension cost		$	295			$	694

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
2020		$	1,380
2021		1,440
2022		1,460
2023		1,480
2024		1,520
2025 & Beyond		7,210

Summary of Plan Assets by Asset Categories

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

$ in thousands		2019						2018
Asset Category		Amount				%		Amount				%
Equity Securities		$	14,085			74		$	9,643			52
Fixed Income Securities		4,754				25		4,599				25
Cash and Cash Equivalents		196				1		4,298				23
Totals		$	19,035			100		$	18,540			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:

		2019
Asset Category		Level 1				Level 2				Level 3
Large Cap		$	7,783			$	—			$	—
Small/Mid Cap		3,160				—				—
International		2,054				—				—
Emerging Markets		580
Fixed Income		4,754				—				—
Liquid Alternatives		508				—				—
Cash and Cash Equivalents		196				—				—
Totals		$	19,035			$	—			$	—

		2018
Asset Category		Level 1				Level 2				Level 3
Large Cap		$	4,929			$	—			$	—
Small/Mid Cap		2,405				—				—
International		1,889				—				—
Fixed Income		4,599				—				—
Liquid Alternatives		420				—				—
Cash and Cash Equivalents		4,298				—				—
Totals		$	18,540			$	—			$	—

X

- Definition

Fair value of plan assets by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), Significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Disclosure of additional asset categories and amounts within a category that is useful in understanding the risks associated with each asset category.

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- Definition

Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920

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- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

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- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920

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