Deferred Compensation and Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2017

The total benefit obligations for these plans were as follows:


	Year Ended April 30,
	2017			2016
	(in thousands)
Deferred compensation and pension plans	$	95,596		$	99,699
Medical and Life Insurance plan		12,147			13,006
International retirement plans		12,021			15,678
Executive Capital Accumulation Plan		111,584			105,676

Total benefit obligation		231,348			234,059
Less: current portion of benefit obligation		(11,443	)		(17,946	)

Non-current benefit obligation	$	219,905		$	216,113

Fair Value Measurements of Defined Benefit Plan Assets

The fair value measurements of the defined benefit plan assets fall within the following levels of the fair value hierarchy as of April 30, 2017 and 2016:


	Level 1		Level 2		Level 3		Total
	(in thousands)
April 30, 2017:
Mutual funds	$	—	$	25,446	$	—	$	25,446
Common stock		—		—		—		—
Corporate and municipal bonds		—		—		—		—
U.S. Treasury and agency securities		—		—		—		—
Money market funds		—		—		—		—

Total	$	—	$	25,446	$	—	$	25,446


April 30, 2016:
Mutual funds	$	7,990	$	—	$	—	$	7,990
Common stock		7,910		—		—		7,910
Corporate and municipal bonds		—		5,597		—		5,597
U.S. Treasury and agency securities		—		2,055		—		2,055
Money market funds		1,315		—		—		1,315

Total	$	17,215	$	7,652	$	—	$	24,867

Components of Net Periodic Benefits Costs

The components of net periodic benefits costs are as follows:


	Year Ended April 30,
	2017			2016			2015
	(in thousands)
Service cost	$	5,507		$	—		$	—
Interest cost		3,820			3,423			2,989
Amortization of actuarial loss		3,051			2,924			3,050
Expected return on plan assets		(1,559	)		(682	)		—

Net periodic benefit cost	$	10,819		$	5,665		$	6,039

Weighted-Average Assumptions Used in Calculating Benefit Obligation

The weighted-average assumptions used in calculating the benefit obligations were as follows:


	Year Ended April 30,
	2017			2016			2015
Discount rate, beginning of year		3.18	%		3.28	%		3.60	%
Discount rate, end of year		3.57	%		3.18	%		3.28	%
Rate of compensation increase		0.00	%		0.00	%		0.00	%
Expected long-term rates of return on plan assets		6.50	%		6.50	%		—	%

Expected Benefit Payments Associated With Future Service

Benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as follows:


Year Ending April 30,	Deferred Retirement Plans
	(in thousands)
2018	$	8,906
2019		9,148
2020		9,653
2021		9,163
2022		9,122
2023-2027		83,403

Deferred Compensation and Pension Plans

Reconciliation Of Benefit Obligation

The following tables reconcile the benefit obligation for the deferred compensation plans:


	Year Ended April 30,
	2017			2016			2015
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	124,566		$	89,138		$	86,577
Service cost		5,507			—			—
Interest cost		3,820			3,423			2,989
Actuarial (gain) loss		(4,791	)		4,393			5,864
Acquisitions		—			39,079			—
Settlements		—			(4,799	)		—
Benefits paid from plan assets		(1,884	)		(595	)		—
Benefits paid from cash		(6,176	)		(6,073	)		(6,292	)

Benefit obligation, end of year		121,042			124,566			89,138


Change in fair value of plan assets:
Fair value of plan assets, beginning of year		24,867			—			—
Actual return on plan assets		2,463			(78	)		—
Benefits paid from plan assets		(1,884	)		(595	)		—
Acquisitions		—			25,540			—

Fair value of plan assets, end of year		25,446			24,867			—



Funded status and balance, end of year (1)	$	(95,596	)	$	(99,699	)	$	(89,138	)


Current liability	$	6,182		$	5,845		$	5,832
Non-current liability		89,414			93,854			83,306

Total liability	$	95,596		$	99,699		$	89,138


Plan Assets - weighted-average asset allocation:
Equity securities		54	%		64	%		—	%
Debt securities		46	%		31	%		—	%
Other		—	%		5	%		—	%

Total		100	%		100	%		—	%

(1)

The Company purchased COLI contracts insuring the lives of certain employees eligible to participate in the deferred compensation and pension plans as a means of funding benefits under such plans. As of April 30, 2017, 2016 and 2015, the Company held contracts with gross CSV of $180.3 million, $175.7 million and $172.3 million, offset by outstanding policy loans of $67.2 million, $68.4 million and $69.6 million, respectively.

Medical and Life Insurance

Components of Net Periodic Benefits Costs

The components of net periodic benefits costs are as follows:


	Year Ended April 30,
	2017		2016
	(in thousands)
Service cost	$	155	$	62
Interest cost		426		208

Net periodic benefit cost	$	581	$	270

Weighted-Average Assumptions Used in Calculating Benefit Obligation

The weighted-average assumptions used in calculating the Medical and Life Insurance plan were as follows:


	Year Ended April 30,
	2017			2016
Discount rate, beginning of year or acquisition date		3.36	%		4.10	%
Discount rate, end of year		3.75	%		3.36	%
Healthcare care cost trend rate		7.00	%		7.00	%

Expected Benefit Payments Associated With Future Service

Benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as follows:


Year Ending April 30,	Medical and Life Insurance
	(in thousands)
2018	$	770
2019		781
2020		804
2021		820
2022		828
2023-2027		4,102

Reconciliation of Benefit Obligation

The following table reconciles the benefit obligation for the medical and life insurance plan:


	Year End April 30,
	2017			2016
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	13,006		$	—
Acquisitions		—			12,322
Service cost		155			62
Interest cost		426			208
Actuarial (gain) loss		(833	)		816
Benefits paid		(607	)		(402	)

Benefit obligation, end of year	$	12,147		$	13,006

Current liability	$	765		$	673
Non-current liability		11,382			12,333

Total liability	$	12,147		$	13,006

Executive Capital Accumulation Plan

Reconciliation of Benefit Obligation

Changes in the ECAP liability were as follows:


	Year Ended April 30,
	2017			2016
	(in thousands)
Balance, beginning of year	$	105,676		$	99,461
Employee contributions		5,349			7,015
Amortization of employer contributions		13,667			16,439
Gain (loss) on investment		10,565			(1,654	)
Employee distributions		(23,044	)		(15,201	)
Exchange rate fluctuations		(629	)		(384	)

Balance, end of year		111,584			105,676
Less: current portion		(4,496	)		(11,092	)

Non-current portion	$	107,088		$	94,584