Retirement Benefits (Tables)
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12 Months Ended |
Apr. 30, 2020 |
Retirement Benefits [Abstract] |
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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 | | 2020 | | 2019 | Accumulated Benefit Obligation, April 30 | | $ | 23,720 |
| | $ | 21,394 |
| Change in Projected Benefit Obligations | | | | | Projected benefit obligations, beginning of year | | $ | 21,394 |
| | $ | 21,544 |
| Interest cost | | 832 |
| | 859 |
| Actuarial loss | | 2,769 |
| | 412 |
| Actual benefits paid | | (1,275 | ) | | (1,421 | ) | Projected benefit obligations, end of year | | 23,720 |
| | 21,394 |
| Change in Plan Assets | | | | | Fair value of plan assets, beginning of year | | 19,035 |
| | 18,540 |
| Actual return on plan assets | | (444 | ) | | 916 |
| Employer contributions | | — |
| | 1,000 |
| Actual benefits paid | | (1,275 | ) | | (1,421 | ) | Fair value of plan assets, end of year | | 17,316 |
| | 19,035 |
| Funded status—under | | $ | (6,404 | ) | | $ | (2,359 | ) | Amounts Recognized in the Consolidated Balance Sheets consist of: | | | | | Noncurrent liabilities | | $ | (6,404 | ) | | $ | (2,359 | ) | Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of: | | | | | Net actual loss | | $ | 11,133 |
| | $ | 7,541 |
| Deferred tax benefit | | (2,616 | ) | | (1,772 | ) | After-tax actuarial loss | | $ | 8,517 |
| | $ | 5,769 |
| Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 | | | | | Discount rate | | 3.10 | % | | 3.90 | % | Rate of compensation increase | | N/A |
| | N/A |
| Mortality table | | Pri-2012 |
| | RP-2014 |
| Projection scale | | MP-2019 |
| | MP-2018 |
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| | | | | | | | $ in thousands | | | | | Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended April 30 | | 2020 | | 2019 | Discount rate | | 3.10 | % | | 3.90 | % | Expected long-term return on plan assets | | 7.75 | % | | 7.75 | % | Rate of compensation increase | | N/A |
| | N/A |
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Summary of Components of Net Periodic Pension Cost |
The components of the net periodic pension expense for each of the fiscal years ended April 30 are as follows: | | | | | | | | | | $ in thousands | | 2020 | | 2019 | Interest cost | | $ | 832 |
| | $ | 859 |
| Expected return on plan assets | | (1,421 | ) | | (1,448 | ) | Recognition of net loss | | 1,043 |
| | 884 |
| Net periodic pension expense | | $ | 454 |
| | $ | 295 |
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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 | 2021 | | $ | 1,506 |
| 2022 | | 1,521 |
| 2023 | | 1,537 |
| 2024 | | 1,575 |
| 2025 | | 1,550 |
| 2026 & Beyond | | 7,321 |
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Summary of Plan Assets by Asset Categories |
Plan assets by asset categories as of April 30 were as follows: | | | | | | | | | | | | | | $ in thousands | | 2020 | | 2019 | Asset Category | | Amount | | % | | Amount | | % | Equity Securities | | $ | 10,797 |
| | 62 | | $ | 14,085 |
| | 74 | Fixed Income Securities | | 5,377 |
| | 31 | | 4,754 |
| | 25 | Cash and Cash Equivalents | | 1,142 |
| | 7 | | 196 |
| | 1 | Totals | | $ | 17,316 |
| | 100 | | $ | 19,035 |
| | 100 |
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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: | | | | | | | | | | | | | | | | 2020 | Asset Category | | Level 1 | | Level 2 | | Level 3 | Large Cap | | $ | 5,831 |
| | $ | — |
| | $ | — |
| Small/Mid Cap | | 2,121 |
| | — |
| | — |
| International | | 1,850 |
| | — |
| | — |
| Emerging Markets | | 483 |
| | — |
| | — |
| Fixed Income | | 5,377 |
| | — |
| | — |
| Liquid Alternatives | | 512 |
| | — |
| | — |
| Cash and Cash Equivalents | | 1,142 |
| | — |
| | — |
| Totals | | $ | 17,316 |
| | $ | — |
| | $ | — |
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| | | | | | | | | | | | | | | | 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 |
| | $ | — |
| | $ | — |
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