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Deferred Compensation and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2024
Retirement Benefits [Abstract]  
Total Benefit Obligations
The total benefit obligations for these plans were as follows:
Year Ended April 30,
20242023
(in thousands)
Deferred compensation and pension plans$262,403 $227,255 
Medical and Life Insurance plan4,227 4,838 
International retirement plans12,606 13,617 
Executive Capital Accumulation Plan204,537 178,043 
Total benefit obligation483,773 423,753 
Less: current portion of benefit obligation (1)
(43,377)(27,219)
Non-current benefit obligation$440,396 $396,534 
_______________________________
(1)Current portion of benefit obligation is included in Compensation and benefits payable in the consolidated balance sheet.
Reconciliation of Benefit Obligation
The following tables reconcile the benefit obligation for the deferred compensation and pension plans:
Year Ended April 30,
20242023
(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year$246,340 $211,598 
Service cost43,879 40,843 
Interest cost13,447 9,511 
Actuarial gain(5,001)(6,083)
Administrative expenses paid(240)(168)
Benefits paid from plan assets(1,988)(1,901)
Benefits paid from cash(15,511)(7,460)
Benefit obligation, end of year280,926 246,340 
Change in fair value of plan assets:
Fair value of plan assets, beginning of year19,085 21,990 
Actual return on plan assets795 (836)
Benefits paid from plan assets(1,988)(1,901)
Administrative expenses paid(240)(168)
Employer contributions871 — 
Fair value of plan assets, end of year18,523 19,085 
Funded status and balance, end of year (1)
$(262,403)$(227,255)
Current liability$26,093 $15,447 
Non-current liability236,310 211,808 
Total liability$262,403 $227,255 
Plan Assets - weighted-average asset allocation:
Debt securities47 %44 %
Equity securities51 %52 %
Other2 %4 %
Total100 %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 the COLI contracts are held in trust and are not separated from our general corporate assets, they are not included in the funded status. As of April 30, 2024 and 2023, the Company held contracts with gross CSV of $295.9 million and $275.1 million, offset by outstanding policy loans of $77.0 million and $77.1 million, respectively.
Fair Value Measurements of Defined Benefit Plan Assets The fair value measurements of the defined benefit plan assets fall within the following levels of the fair value hierarchy as of April 30, 2024 and 2023:
Level 1Level 2Level 3Total
(in thousands)
April 30, 2024:
Mutual funds$— $18,033 $— $18,033 
Money market funds490 — — 490 
Total$490 $18,033 $— $18,523 
April 30, 2023:
Mutual funds$— $18,350 $— $18,350 
Money market funds735 — — 735 
Total$735 $18,350 $— $19,085 
Components of Net Periodic Benefits Costs
The components of net periodic benefits costs are as follows:
Year Ended April 30,
202420232022
(in thousands)
Service cost$43,879 $40,843 $37,952 
Interest cost13,447 9,511 4,028 
Amortization of actuarial loss818 945 2,170 
Net prior service credit amortization(97)(97)(97)
Expected return on plan assets(1,088)(1,156)(1,554)
Net periodic benefit cost (1)
$56,959 $50,046 $42,499 
_______________________________
(1)The service cost, interest cost and other components of net periodic benefit costs are included in compensation and benefits expense, interest expense, net and other income (loss), net, respectively, on the consolidated statements of income.
The components of net periodic benefits costs are as follows:
Year Ended April 30,
202420232022
(in thousands)
Service cost$— $— $— 
Interest cost217 195 110 
Net prior service credit amortization
(308)(308)(308)
Amortization of actuarial gain(83)(74)— 
Net periodic benefit cost (1)
$(174)$(187)$(198)
_______________________________
(1)The service cost, interest cost and the other components of net periodic benefit costs are included in compensation and benefits expense, interest expense, net and other income (loss), net, respectively, on the consolidated statements of income.
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,
202420232022
Discount rate, beginning of year4.77 %4.08 %2.17 %
Discount rate, end of year5.55 %4.77 %4.08 %
Rate of compensation increase0.00 %0.00 %0.00 %
Expected long-term rates of return on plan assets6.00 %6.00 %5.50 %
The weighted-average assumptions used in calculating the medical and life insurance plan were as follows:
Year Ended April 30,
202420232022
Discount rate, beginning of year4.85 %4.25 %2.54 %
Discount rate, end of year5.62 %4.85 %4.25 %
Healthcare care cost trend rate6.50 %6.50 %6.00 %
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,Deferred Retirement Plans
(in thousands)
2025$28,881 
202639,226 
202748,208 
202856,045 
202965,123 
2030-2034286,973 
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)
2025$551 
2026523 
2027483 
2028446 
2029419 
2030-20341,719 
Reconciliation of Benefit Obligation
The following table reconciles the benefit obligation for the medical and life insurance plan:
Year End April 30,
20242023
(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year$4,838 $5,365 
Interest cost217 195 
Actuarial gain(321)(93)
Benefits paid(507)(629)
Benefit obligation, end of year$4,227 $4,838 
Current liability$535 $563 
Non-current liability3,692 4,275 
Total liability$4,227 $4,838 
Changes in ECAP liability were as follows:
Year Ended April 30,
20242023
(in thousands)
Balance, beginning of year$178,043 $166,723 
Employee contributions11,844 17,046 
Amortization of employer contributions7,017 5,886 
Gain on investment
29,492 3,464 
Employee distributions(21,668)(14,306)
Exchange rate fluctuations(191)(770)
Balance, end of year204,537 178,043 
Less: current portion(16,749)(11,209)
Non-current portion$187,788 $166,834