Pensions and Other Postretirement Benefits

6 Months Ended

Oct. 31, 2012

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 11: Pensions and Other Postretirement Benefits

The components of the Company’s net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below.

	Three Months Ended October 31,
	Defined Benefit Pension Plans		Other Postretirement Benefits
	2012	2011	2012	2011
Service cost	$ 2,320	$ 1,976	$ 559	$ 545
Interest cost	5,997	6,600	781	772
Expected return on plan assets	(6,327)	(6,714)	0	0
Recognized net actuarial loss	3,275	3,072	0	2
Other	252	285	(106)	(113)
Net periodic benefit cost	$ 5,517	$ 5,219	$ 1,234	$ 1,206
	Six Months Ended October 31,
	Defined Benefit Pension Plans		Other Postretirement Benefits
	2012	2011	2012	2011
Service cost	$ 4,618	$ 4,038	$ 1,232	$ 1,070
Interest cost	12,025	13,123	1,546	1,552
Expected return on plan assets	(12,649)	(13,599)	0	0
Recognized net actuarial loss (gain)	6,637	5,273	0	(23)
Settlement loss	6,669	0	0	0
Other	506	585	(212)	(213)
Net periodic benefit cost	$ 17,806	$ 9,420	$ 2,566	$ 2,386

Upon completion of the restructuring plan discussed in Note 5: Restructuring, approximately 850 full-time positions will be reduced. The Company has included the estimated impact of the planned reductions in measuring the net periodic benefit cost of the defined benefit pension and other postretirement benefit plans for the three and six months ended October 31, 2012 and 2011. During the six months ended October 31, 2012, the Company paid a portion of its terminated pension participants lump-sum cash settlements in order to reduce the Company’s future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included above in settlement loss and were reported in other special project costs in the Condensed Statements of Consolidated Income during the six months ended October 31, 2012.