Deferred Compensation and Retirement Plans (Tables)
|
12 Months Ended |
Apr. 30, 2022 |
|---|
| Total Benefit Obligations |
The total benefit obligations for these plans were as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(in thousands)
|
|
|
Deferred compensation and pension plans
|
|
$
|
189,608
|
|
|
$
|
178,994
|
|
|
Medical and Life Insurance plan
|
|
|
5,365
|
|
|
|
6,584
|
|
|
International retirement plans
|
|
|
14,395
|
|
|
|
15,633
|
|
|
Executive Capital Accumulation Plan
|
|
|
166,723
|
|
|
|
163,582
|
|
|
Total benefit obligation
|
|
|
376,091
|
|
|
|
364,793
|
|
|
Less: current portion of benefit obligation(1)
|
|
|
(18,916
|
)
|
|
|
(18,338
|
)
|
|
Non-current benefit obligation
|
|
$
|
357,175
|
|
|
$
|
346,455
|
|
(1) Current portion of benefit obligation is included in Compensation and benefits payable in the consolidated balance sheet.
|
| 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, 2022 and 2021:
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
April 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
—
|
|
|
$
|
21,353
|
|
|
$
|
—
|
|
|
$
|
21,353
|
|
|
Money market funds
|
|
|
637
|
|
|
|
—
|
|
|
|
—
|
|
|
|
637
|
|
|
Total
|
|
$
|
637
|
|
|
$
|
21,353
|
|
|
$
|
—
|
|
|
$
|
21,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
—
|
|
|
$
|
26,140
|
|
|
$
|
—
|
|
|
$
|
26,140
|
|
|
Money market funds
|
|
|
606
|
|
|
|
—
|
|
|
|
—
|
|
|
|
606
|
|
|
Total
|
|
$
|
606
|
|
|
$
|
26,140
|
|
|
$
|
—
|
|
|
$
|
26,746
|
|
|
| Components of Net Periodic Benefits Costs |
The components of net periodic benefits costs are as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Service cost
|
|
$
|
37,952
|
|
|
$
|
31,947
|
|
|
$
|
24,939
|
|
|
Interest cost
|
|
|
4,028
|
|
|
|
4,035
|
|
|
|
5,433
|
|
|
Amortization of actuarial loss
|
|
|
2,170
|
|
|
|
4,117
|
|
|
|
3,261
|
|
|
Net prior service credit amortization
|
|
|
(97
|
)
|
|
|
(97
|
)
|
|
|
(24
|
)
|
|
Expected return on plan assets
|
|
|
(1,554
|
)
|
|
|
(1,404
|
)
|
|
|
(1,452
|
)
|
|
Net periodic benefit cost (1)
|
|
$
|
42,499
|
|
|
$
|
38,598
|
|
|
$
|
32,157
|
|
|
(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 (loss) income, 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,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
Discount rate, beginning of year
|
|
|
2.17
|
%
|
|
|
2.29
|
%
|
|
|
3.57
|
%
|
|
Discount rate, end of year
|
|
|
4.08
|
%
|
|
|
2.17
|
%
|
|
|
2.29
|
%
|
|
Rate of compensation increase
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
Expected long-term rates of return on plan assets
|
|
|
5.50
|
%
|
|
|
6.00
|
%
|
|
|
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)
|
|
|
2023
|
|
$
|
11,078
|
|
|
2024
|
|
|
16,216
|
|
|
2025
|
|
|
25,772
|
|
|
2026
|
|
|
34,109
|
|
|
2027
|
|
|
43,923
|
|
|
2028-2032
|
|
|
222,200
|
|
|
| Deferred Compensation and Pension Plans |
|
| Reconciliation of Benefit Obligation |
The following tables reconcile the benefit obligation for the deferred compensation and pension plans:
|
|
|
Year Ended April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(in thousands)
|
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year
|
|
$
|
205,740
|
|
|
$
|
180,821
|
|
|
Service cost
|
|
|
37,952
|
|
|
|
31,947
|
|
|
Interest cost
|
|
|
4,028
|
|
|
|
4,035
|
|
|
Actuarial gain
|
|
|
(25,757
|
)
|
|
|
(590
|
)
|
|
Administrative expenses paid
|
|
|
(196
|
)
|
|
|
(265
|
)
|
|
Benefits paid from plan assets
|
|
|
(2,543
|
)
|
|
|
(2,327
|
)
|
|
Benefits paid from cash
|
|
|
(7,626
|
)
|
|
|
(7,881
|
)
|
|
Benefit obligation, end of year
|
|
|
211,598
|
|
|
|
205,740
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of plan assets:
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets, beginning of year
|
|
|
26,746
|
|
|
|
24,235
|
|
|
Actual return on plan assets
|
|
|
(2,113
|
)
|
|
|
4,523
|
|
|
Benefits paid from plan assets
|
|
|
(2,543
|
)
|
|
|
(2,327
|
)
|
|
Administrative expenses paid
|
|
|
(196
|
)
|
|
|
(265
|
)
|
|
Employer contributions
|
|
|
96
|
|
|
|
580
|
|
|
Fair value of plan assets, end of year
|
|
|
21,990
|
|
|
|
26,746
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status and balance, end of year (1)
|
|
$
|
(189,608
|
)
|
|
$
|
(178,994
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Current liability
|
|
$
|
8,833
|
|
|
$
|
9,074
|
|
|
Non-current liability
|
|
|
180,775
|
|
|
|
169,920
|
|
|
Total liability
|
|
$
|
189,608
|
|
|
$
|
178,994
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan Assets - weighted-average asset allocation:
|
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
42
|
%
|
|
|
36
|
%
|
|
Equity securities
|
|
|
55
|
%
|
|
|
62
|
%
|
|
Other
|
|
|
3
|
%
|
|
|
2
|
%
|
|
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 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, 2022 and 2021, the Company held contracts with gross CSV of $263.2 million and $241.3 million, offset by outstanding policy loans of $79.8 million and $80.0 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,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest cost
|
|
|
110
|
|
|
|
140
|
|
|
|
227
|
|
|
Net periodic service credit amortization
|
|
|
(308
|
)
|
|
|
(308
|
)
|
|
|
(308
|
)
|
|
Amortization of actuarial gain
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net periodic benefit cost (1)
|
|
$
|
(198
|
)
|
|
$
|
(168
|
)
|
|
$
|
(81
|
)
|
|
|
(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 (loss) income, net, respectively, on the consolidated statements of income.
|
|
| 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,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
Discount rate, beginning of year
|
|
|
2.54
|
%
|
|
|
2.45
|
%
|
|
|
3.67
|
%
|
|
Discount rate, end of year
|
|
|
4.25
|
%
|
|
|
2.54
|
%
|
|
|
2.45
|
%
|
|
Healthcare care cost trend rate
|
|
|
6.00
|
%
|
|
|
6.25
|
%
|
|
|
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)
|
|
|
2023
|
|
$
|
592
|
|
|
2024
|
|
|
571
|
|
|
2025
|
|
|
545
|
|
|
2026
|
|
|
519
|
|
|
2027
|
|
|
481
|
|
|
2028-2032
|
|
|
1,980
|
|
|
| Reconciliation of Benefit Obligation |
The following table reconciles the benefit obligation for the medical and life insurance plan:
|
|
|
Year End April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(in thousands)
|
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year
|
|
$
|
6,584
|
|
|
$
|
7,527
|
|
|
Interest cost
|
|
|
110
|
|
|
|
140
|
|
|
Actuarial gain
|
|
|
(857
|
)
|
|
|
(549
|
)
|
|
Benefits paid
|
|
|
(472
|
)
|
|
|
(534
|
)
|
|
Benefit obligation, end of year
|
|
$
|
5,365
|
|
|
$
|
6,584
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liability
|
|
$
|
585
|
|
|
$
|
601
|
|
|
Non-current liability
|
|
|
4,780
|
|
|
|
5,983
|
|
|
Total liability
|
|
$
|
5,365
|
|
|
$
|
6,584
|
|
|
| Executive Capital Accumulation Plan |
|
| Reconciliation of Benefit Obligation |
Changes in ECAP liability were as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(in thousands)
|
|
|
Balance, beginning of year
|
|
$
|
163,582
|
|
|
$
|
129,315
|
|
|
Employee contributions
|
|
|
8,541
|
|
|
|
4,935
|
|
|
Amortization of employer contributions
|
|
|
7,060
|
|
|
|
6,287
|
|
|
(Loss) gain on investment
|
|
|
(10,602
|
)
|
|
|
37,323
|
|
|
Employee distributions
|
|
|
(10,880
|
)
|
|
|
(15,652
|
)
|
|
Acquisition of Lucas Group
|
|
|
9,620
|
|
|
|
—
|
|
|
Exchange rate fluctuations
|
|
|
(598
|
)
|
|
|
1,374
|
|
|
Balance, end of year
|
|
|
166,723
|
|
|
|
163,582
|
|
|
Less: current portion
|
|
|
(9,498
|
)
|
|
|
(8,663
|
)
|
|
Non-current portion
|
|
$
|
157,225
|
|
|
$
|
154,919
|
|
|