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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Apr. 30, 2023

The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive income (loss) related to the defined benefit pension and other postretirement plans.


	Defined Benefit Pension Plans						Other Postretirement Benefits
	Year Ended April 30,						Year Ended April 30,
	2023		2022		2021		2023		2022		2021
Service cost	$	1.2	$	1.7	$	1.8	$	1.0	$	1.2	$	1.8
Interest cost	17.8		12.4		14.4		2.3		1.3		1.8
Expected return on plan assets	(15.4)		(15.9)		(19.3)		—		—		—
Amortization of prior service cost (credit)	0.7		0.9		0.9		(0.6)		(0.6)		(1.0)
Amortization of net actuarial loss (gain)	4.0		6.9		10.9		(1.2)		(0.4)		—

Settlement loss (gain)	7.4		10.8		35.5		—		—		—

Net periodic benefit cost	$	15.7	$	16.8	$	44.2	$	1.5	$	1.5	$	2.6

Net change for the year in accumulated OCI before taxes


Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive income (loss) before income taxes:
Prior service credit (cost) arising during the year	$	—	$	(0.4)	$	—	$	—	$	—	$	—
Net actuarial gain (loss) arising during the year	(11.5)		30.4		14.3		3.8		8.2		5.9
Amortization of prior service cost (credit)	0.7		0.9		0.9		(0.6)		(0.6)		(1.0)
Amortization of net actuarial loss (gain)	4.0		6.9		10.9		(1.2)		(0.4)		—

Settlement loss (gain)	7.4		10.8		35.5		—		—		—
Foreign currency translation	—		—		(1.5)		(0.2)		(0.1)		0.2
Net change for year	$	0.6	$	48.6	$	60.1	$	1.8	$	7.1	$	5.1

Weighted-average assumptions used in determining net periodic benefit costs


Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate used to determine benefit obligation	4.59	%	3.13	%	3.05	%	4.52	%	2.97	%	2.98	%
Discount rate used to determine service cost	4.77		3.53		3.34		4.64		3.20		3.18
Discount rate used to determine interest cost	4.26		2.40		2.54		4.11		2.07		2.42
Expected return on plan assets	4.51		4.59		4.96		—		—		—
Rate of compensation increase	3.55		3.55		3.58		—		—		—
Canadian plans:
Discount rate used to determine benefit obligation	2.41	%	2.15	%	2.95	%	4.50	%	3.03	%	2.93	%
Discount rate used to determine service cost	—		—		3.06		4.69		3.52		3.19
Discount rate used to determine interest cost	2.33		1.95		2.47		4.18		2.32		2.46
Expected return on plan assets	1.60		1.70		3.00		—		—		—
Rate of compensation increase	—		—		3.00		—		—		—

Combined status of the plans

The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.


	Defined Benefit Pension Plans				Other Postretirement Benefits
	Year Ended April 30,				Year Ended April 30,
	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	429.4	$	546.8	$	59.7	$	69.6
Service cost	1.2		1.7		1.0		1.2
Interest cost	17.8		12.4		2.3		1.3
Amendments	—		0.4		—		—
Actuarial loss (gain) (A)	(14.9)		(62.4)		(3.8)		(8.2)
Benefits paid	(17.7)		(25.4)		(4.3)		(4.1)

Settlement	(36.1)		(44.1)		—		—

Foreign currency translation adjustments	—		—		(0.2)		(0.1)
Benefit obligation at end of year	$	379.7	$	429.4	$	54.7	$	59.7
Change in plan assets:
Fair value of plan assets at beginning of year	$	317.1	$	397.8	$	—	$	—
Actual return on plan assets	(11.1)		(16.1)		—		—
Company contributions	74.1		5.3		4.3		4.1
Benefits paid	(17.7)		(25.4)		(4.3)		(4.1)
Settlement	(36.1)		(44.1)		—		—
Foreign currency translation adjustments	(0.4)		(0.4)		—		—
Fair value of plan assets at end of year	$	325.9	$	317.1	$	—	$	—
Funded status of the plans	$	(53.8)	$	(112.3)	$	(54.7)	$	(59.7)
Defined benefit pensions	$	(62.1)	$	(114.9)	$	—	$	—
Other noncurrent assets	12.3		6.6		—		—
Accrued compensation	(4.0)		(4.0)		(5.6)		(5.5)
Other postretirement benefits	—		—		(49.1)		(54.2)
Net benefit liability	$	(53.8)	$	(112.3)	$	(54.7)	$	(59.7)

(A) The actuarial losses and gains for our defined benefit pension plans and other postretirement benefits were primarily due to changes in the discount rates used in determining the plan obligations.

Amounts recognized in accumulated other comprehensive income (loss) before taxes

The following table summarizes amounts recognized in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets, before income taxes.


	Defined Benefit Pension Plans				Other Postretirement Benefits
	Year Ended April 30,				Year Ended April 30,
	2023		2022		2023		2022
Net actuarial gain (loss)	$	(92.5)	$	(92.4)	$	21.7	$	19.3
Prior service credit (cost)	(0.5)		(1.2)		2.5		3.1
Total recognized in accumulated other comprehensive income (loss)	$	(93.0)	$	(93.6)	$	24.2	$	22.4

Assumptions used in determining the benefit obligations

The following table sets forth the weighted-average assumptions used in determining the benefit obligations.


	Defined Benefit Pension Plans				Other Postretirement Benefits
	Year Ended April 30,				Year Ended April 30,
	2023		2022		2023		2022
U.S. plans:
Discount rate	5.19	%	4.59	%	5.15	%	4.52	%
Rate of compensation increase	3.66		3.55		—		—
Interest crediting rate	5.75		4.50		—		—
Canadian plans:
Discount rate	4.59	%	2.41	%	4.62	%	4.50	%

Company's Canadian pension and other postretirement benefit plans

The following table sets forth selective information pertaining to our Canadian pension and other postretirement benefit plans, which is included in the consolidated information presented on pages 68 and 69.


	Defined Benefit Pension Plans				Other Postretirement Benefits
	Year Ended April 30,				Year Ended April 30,
	2023		2022		2023		2022
Benefit obligation at end of year	$	0.4	$	2.0	$	3.9	$	4.9
Fair value of plan assets at end of year	6.5		8.1		—		—
Funded status of the plans	$	6.1	$	6.1	$	(3.9)	$	(4.9)
Components of net periodic benefit cost:

Interest cost	$	0.1	$	0.1	$	0.2	$	0.1
Expected return on plan assets	(0.1)		0.1		—		—
Amortization of net actuarial loss (gain)	—		—		(0.2)		(0.1)
Settlement loss (gain)	0.7		—		—		—

Net periodic benefit cost (credit)	$	0.7	$	0.2	$	—	$	—
Changes in plan assets:
Actual return on plan assets	$	0.1	$	0.3	$	—	$	—
Company contributions	0.1		(0.4)		0.3		0.4
Benefits paid	7.1		(0.3)		(0.3)		(0.4)
Settlement	(8.4)		—		—		—
Foreign currency translation	(0.4)		(0.4)		—		—

Benefit obligations in excess of fair value of plan assets

The following table sets forth additional information related to our defined benefit pension plans.


	April 30,
	2023		2022
Accumulated benefit obligation for all pension plans	$	374.6	$	423.9
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation (A)	$	194.6	$	422.4
Fair value of plan assets	133.1		309.0
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation (A)	$	198.9	$	427.8
Fair value of plan assets	133.1		309.0

(A) The decrease in our defined benefit pension plan obligations for plans in excess of plan assets, as compared to 2022, is primarily driven by the fact that we made contributions during 2023, which significantly improved the funded status of the majority of our defined benefit pension plans.

Major asset classes for the U.S. and Canadian defined benefit pension plans and fair value hierarchy levels

The following tables summarize the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy for those assets measured at fair value.


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Plan Assets at April 30, 2023
Cash and cash equivalents (A)	$	30.1	$	—	$	—	$	30.1
Equity securities:
U.S. (B)	2.6		—		—		2.6
International (C)	6.7		—		—		6.7
Fixed-income securities:
Bonds (D)	259.6		—		—		259.6

Other types of investments (F)	—		26.9		—		26.9
Total financial assets measured at fair value	$	299.0	$	26.9	$	—	$	325.9
Total financial assets measured at net asset value (G)							—
Total plan assets							$	325.9


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Plan Assets at April 30, 2022
Cash and cash equivalents (A)	$	8.1	$	—	$	—	$	8.1
Equity securities:
U.S. (B)	29.8		—		—		29.8
International (C)	33.3		—		—		33.3
Fixed-income securities:
Bonds (D)	187.3		—		—		187.3
Fixed income (E)	6.6		—		—		6.6
Other types of investments (F)	—		50.9		—		50.9
Total financial assets measured at fair value	$	265.1	$	50.9	$	—	$	316.0
Total financial assets measured at net asset value (G)							1.1
Total plan assets							$	317.1

(A) This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.

(B) This category is invested in a diversified portfolio of common stocks and index funds that primarily invest in U.S. stocks with broad market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indices, and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets.

(C) This category is invested primarily in common stocks and other equity securities traded on active exchanges of foreign issuers located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets.

(D) This category is primarily composed of bond funds, which seek to duplicate the return characteristics of high-quality U.S. and foreign corporate bonds with a duration range of 10 to 13 years, as well as various U.S. Treasury Separate Trading of Registered Interest and Principal holdings, with wide-ranging maturity dates. These assets are valued using quoted market prices for identical securities in active markets and are classified as Level 1 assets.

(E) This category was composed of fixed-income funds that were invested primarily in government-related bonds of non-U.S. issuers and included investments in the Canadian, as well as emerging markets. These assets were valued using quoted market prices for identical securities in active markets and were classified as Level 1 assets.

(F) This category is composed of a real estate fund whereby the underlying investments are contained in the Canadian market and a common collective trust fund investing in direct commercial property funds. The real estate fund and the collective trust fund investing in direct commercial property are classified as Level 2 assets, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets and based on the quoted market prices of the underlying investments in the common collective trust, respectively.

(G) This category was composed of a private equity fund that consisted primarily of limited partnership interests in corporate finance and venture capital funds, as well as a private limited investment partnership. The fair value estimates of the private equity fund and private limited investment partnership were based on the underlying funds’ net asset values. Furthermore, as a practical expedient equivalent to our defined benefit plan’s ownership interest in the partners’ capital, a proportionate share of the net assets was attributed and further corroborated by our review. The private equity fund and private limited investment partnership were non-redeemable, and the return of principal was based on the liquidation of the underlying assets. In accordance with ASU 2015-07, the private equity fund and private limited investment partnership were removed from the total financial assets measured at fair value and disclosed separately.