Deferred Compensation and Retirement Plans (Tables)

12 Months Ended

Apr. 30, 2018

Total Benefit Obligations

The total benefit obligations for these plans were as follows:

	Year Ended April 30,
	2018			2017
	(in thousands)
Deferred compensation and pension plans	$	100,404		$	95,596
Medical and Life Insurance plan		7,157			12,147
International retirement plans		13,729			12,021
Executive Capital Accumulation Plan		128,430			111,584
Total benefit obligation		249,720			231,348
Less: current portion of benefit obligation		(21,991	)		(11,443	)
Non-current benefit obligation	$	227,729		$	219,905

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, 2018 and 2017:

	Level 1		Level 2		Level 3		Total
	(in thousands)
April 30, 2018:
Mutual funds	$	—	$	25,899	$	—	$	25,899
Money market funds		191		—		—		191
Total	$	191	$	25,899	$	—	$	26,090
April 30, 2017:
Mutual funds	$	—	$	25,446	$	—	$	25,446
Money market funds		—		—		—		—
Total	$	—	$	25,446	$	—	$	25,446

Components of Net Periodic Benefits Costs

The components of net periodic benefits costs are as follows:

	Year Ended April 30,
	2018			2017			2016
	(in thousands)
Service cost	$	11,691		$	5,507		$	—
Interest cost		3,469			3,820			3,423
Amortization of actuarial loss		2,308			3,051			2,924
Expected return on plan assets		(1,594	)		(1,559	)		(682	)
Net periodic benefit cost	$	15,874		$	10,819		$	5,665

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,
	2018			2017			2016
Discount rate, beginning of year		3.57	%		3.18	%		3.28	%
Discount rate, end of year		3.93	%		3.57	%		3.18	%
Rate of compensation increase		0.00	%		0.00	%		0.00	%
Expected long-term rates of return on plan assets		6.25	%		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)
2019	$	9,463
2020		9,552
2021		9,252
2022		9,179
2023		9,061
2024-2028		58,903

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,
	2018			2017
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	121,042		$	124,566
Service cost		11,691			5,507
Interest cost		3,469			3,820
Actuarial gain		(1,574	)		(4,791	)
Administrative expenses paid		(166	)		—
Benefits paid from plan assets		(1,833	)		(1,884	)
Benefits paid from cash		(6,135	)		(6,176	)
Benefit obligation, end of year		126,494			121,042
Change in fair value of plan assets:
Fair value of plan assets, beginning of year		25,446			24,867
Actual return on plan assets		2,425			2,463
Benefits paid from plan assets		(1,833	)		(1,884	)
Administrative expenses paid		(166	)		—
Employer contributions		218			—
Fair value of plan assets, end of year		26,090			25,446
Funded status and balance, end of year (1)	$	(100,404)		$	(95,596)
Current liability	$	6,496		$	6,182
Non-current liability		93,908			89,414
Total liability	$	100,404		$	95,596
Plan Assets - weighted-average asset allocation:
Debt securities		55	%		46	%
Equity securities		44	%		54	%
Other		1	%		—	%
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, 2018 and 2017, the Company held contracts with gross CSV of $186.8 million and $180.3 million, offset by outstanding policy loans of $66.7 million and $67.2 million, respectively.

Medical and Life Insurance plan

Components of Net Periodic Benefits Costs

The components of net periodic benefits costs are as follows:

	Year Ended April 30,
	2018			2017		2016
	(in thousands)
Service cost	$	94		$	155	$	62
Interest cost		366			426		208
Net periodic service credit amortization		(308	)		—		—
Net periodic benefit cost	$	152		$	581	$	270

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,
	2018			2017			2016
Discount rate, beginning of year		3.57	%		3.18	%		3.28	%
Discount rate, end of year		3.93	%		3.57	%		3.18	%
Rate of compensation increase		0.00	%		0.00	%		0.00	%
Expected long-term rates of return on plan assets		6.25	%		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,	Medical and Life Insurance
	(in thousands)
2019	$	676
2020		667
2021		643
2022		620
2023		601
2024-2028		2,555

Reconciliation of Benefit Obligation

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

	Year End April 30,
	2018			2017
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	12,147		$	13,006
Plan amendment		(4,008	)		—
Service cost		94			155
Interest cost		366			426
Actuarial gain		(875	)		(833	)
Benefits paid		(567	)		(607	)
Benefit obligation, end of year	$	7,157		$	12,147
Current liability	$	668		$	765
Non-current liability		6,489			11,382
Total liability	$	7,157		$	12,147

Executive Capital Accumulation Plan

Reconciliation of Benefit Obligation

Changes in the ECAP liability were as follows:

	Year Ended April 30,
	2018			2017
	(in thousands)
Balance, beginning of year	$	111,584		$	105,676
Employee contributions		5,036			5,349
Amortization of employer contributions		12,175			13,667
Gain on investment		11,095			10,565
Employee distributions		(11,923	)		(23,044	)
Exchange rate fluctuations		463			(629	)
Balance, end of year		128,430			111,584
Less: current portion		(14,827	)		(4,496	)
Non-current portion	$	113,603		$	107,088