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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Apr. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Change in present value of pension and other postretirement benefit obligation
The following table shows how the present value of our obligation changed during each of the last two years. 
 
Pension
Benefits
 
Medical and Life
Insurance Benefits
 
2012
 
2013
 
2012
 
2013
Obligation at beginning of year
$
613

 
$
727

 
$
56

 
$
62

Service cost
16

 
20

 
2

 
2

Interest cost
34

 
35

 
3

 
3

Net actuarial loss (gain)
89

 
45

 
4

 
10

Plan amendments
1

 
4

 
—

 
—

Retiree contributions
—

 
—

 
2

 
2

Benefits paid
(26
)
 
(48
)
 
(5
)
 
(5
)
Obligation at end of year
$
727

 
$
783

 
$
62

 
$
74
Expected benefit payments over the next 10 years
Expected benefit payments (net of retiree contributions) over the next 10 years are as follows:
 
Pension
Benefits
 
Medical and Life
Insurance Benefits
2014
$
44

 
$
3

2015
44

 
3

2016
45

 
3

2017
47

 
3

2018
49

 
4

2019 — 2023
265

 
20
Fair value of pension plan assets by category, as well as the actual and target allocations
The following table shows the fair value of pension plan assets by category, as well as the actual and target allocations, as of April 30, 2012 and 2013. (Fair value levels are defined in Note 8.)
 
 
 
 
 
 
 
 
 
Allocation by Asset Class
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Actual
 
Target
April 30, 2012:
 
 
 
 
 
 
 
 
 
 
 
Commingled trust funds(a):
 
 
 
 
 
 
 
 
 
 
 
Equity funds
$
—

 
$
239

 
$
—

 
$
239

 
47
%
 
47
%
Fixed income funds
—

 
183

 
—

 
183

 
36
%
 
35
%
Real estate funds
—

 
19

 
26

 
45

 
9
%
 
8
%
Total commingled trust funds
—

 
441

 
26

 
467

 
92
%
 
90
%
Hedge funds(b)
—

 
—

 
24

 
24

 
5
%
 
5
%
Private equity(c)
—

 
—

 
17

 
17

 
3
%
 
5
%
Total
$
—

 
$
441

 
$
67

 
$
508

 
100
%
 
100
%
April 30, 2013:
 
 
 
 
 
 
 
 
 
 
 
Commingled trust funds:
 
 
 
 
 
 
 
 
 
 
 
Equity funds
$
—

 
$
279

 
$
—

 
$
279

 
49
%
 
47
%
Fixed income funds
—

 
199

 
—

 
199

 
35
%
 
35
%
Real estate funds
—

 
20

 
28

 
48

 
8
%
 
8
%
Total commingled trust funds
—

 
498

 
28

 
526

 
92
%
 
90
%
Hedge funds
—

 
—

 
26

 
26

 
4
%
 
5
%
Private equity
—

 
—

 
21

 
21

 
4
%
 
5
%
Total
$
—

 
$
498

 
$
75

 
$
573

 
100
%
 
100
%
 
 

(a)
Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the administrator of the fund and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding.
(b)
Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values.
(c)
As of April 30, 2012 and 2013, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments.
Change in fair value of Level 3 assets
The following table shows how the fair value of the Level 3 assets changed during each of the last two years.
 
Real Estate
Funds
 
Hedge
Funds
 
Private
Equity
 
Total
Balance as of May 1, 2011
$
9

 
$
24

 
$
16

 
$
49

Return on assets held at end of year
3

 
(1
)
 
—

 
2

Return on assets sold during year
—

 
1

 
—

 
1

Purchases and settlements
14

 
—

 
3

 
17

Sales and settlements
—

 
—

 
(2
)
 
(2
)
Balance as of April 30, 2012
26

 
24

 
17

 
67

Return on assets held at end of year
2

 
2

 
2

 
6

Purchases and settlements
—

 
—

 
4

 
4

Sales and settlements
—

 
—

 
(2
)
 
(2
)
Balance as of April 30, 2013
$
28

 
$
26

 
$
21

 
$
75
Change in fair value of pension plan Assets
The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.) 
 
Pension
Benefits
 
Medical and Life
Insurance Benefits
 
2012
 
2013
 
2012
 
2013
Fair value at beginning of year
$
467

 
$
508

 
$
—

 
$
—

Actual return on plan assets
27

 
68

 
—

 
—

Retiree contributions
—

 
—

 
2

 
2

Company contributions
40

 
45

 
3

 
3

Benefits paid
(26
)
 
(48
)
 
(5
)
 
(5
)
Fair value at end of year
$
508

 
$
573

 
$
—

 
$
—
Funded status of plans
The following table shows the funded status of our plans.
 
Pension
Benefits
 
Medical and Life
Insurance Benefits
 
2012
 
2013
 
2012
 
2013
Assets
$
508

 
$
573

 
$
—

 
$
—

Obligations
(727
)
 
(783
)
 
(62
)
 
(74
)
Funded status
$
(219
)
 
$
(210
)
 
$
(62
)
 
$
(74
)
Funded status is recorded on the accompanying consolidated balance sheets
The funded status is recorded on the accompanying consolidated balance sheets as follows: 
 
Pension
Benefits
 
Medical and Life
Insurance Benefits
 
2012
 
2013
 
2012
 
2013
Other assets
$
3

 
$
2

 
$
—

 
$
—

Accounts payable and accrued expenses
(3
)
 
(3
)
 
(3
)
 
(3
)
Accrued postretirement benefits
(219
)
 
(209
)
 
(59
)
 
(71
)
Net liability
$
(219
)
 
$
(210
)
 
$
(62
)
 
$
(74
)
Accumulated other comprehensive loss:
 
 
 
 
 
 
 
Net actuarial loss (gain)
$
346

 
$
336

 
$
1

 
$
11

Prior service cost
4

 
7

 
6

 
5

 
$
350

 
$
343

 
$
7

 
$
16
Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations
The following table compares our pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations. (As discussed above, we have no assets set aside for postretirement medical or life insurance benefits.) 
 
Plan Assets
 
Accumulated
Benefit
Obligation
 
Projected
Benefit
Obligation
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
Plans with assets in excess of accumulated benefit obligation
$
49

 
$
52

 
$
45

 
$
48

 
$
46

 
$
50

Plans with accumulated benefit obligation in excess of assets
459

 
521

 
598

 
647

 
681

 
733

Total
$
508

 
$
573

 
$
643

 
$
695

 
$
727

 
$
783
Pension Expense
The following table shows the components of the pension expense recognized during each of the last three years. The amount for each year includes amortization of the prior service cost and net actuarial loss included in accumulated other comprehensive loss as of the beginning of the year. 
 
Pension Benefits
 
2011
 
2012
 
2013
Service cost
$
16

 
$
16

 
$
20

Interest cost
33

 
34

 
35

Special termination benefits
1

 
—

 
—

Expected return on plan assets
(36
)
 
(40
)
 
(41
)
Amortization of:
 
 
 
 
 
Prior service cost
1

 
1

 
1

Net actuarial loss
18

 
19

 
28

Net expense
$
33

 
$
30

 
$
43
Postretirement medical and life insurance benefit expense
The following table shows the components of the postretirement medical and life insurance benefit expense that we recognized during each of the last three years. 
 
Medical and Life Insurance Benefits
 
2011
 
2012
 
2013
Service cost
$
1

 
$
2

 
$
2

Interest cost
3

 
3

 
3

Amortization of prior service cost
—

 
—

 
1

Net expense
$
4

 
$
5

 
$
6
Amounts recognized in other comprehensive income
The following table shows the amounts recognized in other comprehensive (income) loss during each of the last three years:
 
Pension Benefits
 
Medical and Life
Insurance Benefits
 
2011
 
2012
 
2013
 
2011
 
2012
 
2013
Prior service cost
$
—

 
$
1

 
$
4

 
$
5

 
$
—

 
$
—

Actuarial (gain) loss
(18
)
 
102

 
18

 
(10
)
 
4

 
10

Amortization reclassified to net income:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
(1
)
 
(1
)
 
(1
)
 
—

 
—

 
(1
)
Net actuarial loss
(18
)
 
(19
)
 
(28
)
 
—

 
—

 
—

Net amount recognized in other comprehensive (income) loss
$
(37
)
 
$
83

 
$
(7
)
 
$
(5
)
 
$
4

 
$
9
Assumptions used in computing benefit plan obligations
The assumptions used in computing benefit plan obligations as of the end of the last two years were as follows:
 
Pension
Benefits
 
Medical and Life
Insurance Benefits
 
2012
 
2013
 
2012
 
2013
Discount rate
4.92
%
 
4.08
%
 
4.84
%
 
4.36
%
Rate of salary increase
4.00
%
 
4.00
%
 
n/a

 
n/a
Assumptions used in computing benefit plan expense
Here are the assumptions we used in computing benefit plan expense during each of the last three years: 
 
Pension Benefits
 
Medical and Life
Insurance Benefits
 
2011
 
2012
 
2013
 
2011
 
2012
 
2013
Discount rate
5.91
%
 
5.67
%
 
4.92
%
 
5.78
%
 
5.59
%
 
4.84
%
Rate of salary increase
4.00
%
 
4.00
%
 
4.00
%
 
n/a

 
n/a

 
n/a

Expected return on plan assets
8.50
%
 
8.25
%
 
7.75
%
 
n/a

 
n/a

 
n/a
Assumed health care cost trend rates
The assumed health care cost trend rates as of the end of the last two years were as follows: 
 
Medical and Life
Insurance Benefits
 
2012
 
2013
Health care cost trend rate assumed for next year:
 
 
 
Present rate before age 65
8.0
%
 
8.0
%
Present rate age 65 and after
8.0
%
 
7.0
%