Deferred Compensation and Retirement Plans (Tables)
|
12 Months Ended |
Apr. 30, 2020 |
|---|
| Total Benefit Obligations |
The total benefit obligations for these plans were as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(in thousands)
|
|
|
Deferred compensation and pension plans
|
|
$
|
156,586
|
|
|
$
|
123,238
|
|
|
Medical and Life Insurance plan
|
|
|
7,527
|
|
|
|
7,310
|
|
|
International retirement plans
|
|
|
14,851
|
|
|
|
14,744
|
|
|
Executive Capital Accumulation Plan
|
|
|
129,315
|
|
|
|
130,161
|
|
|
Total benefit obligation
|
|
|
308,279
|
|
|
|
275,453
|
|
|
Less: current portion of benefit obligation
|
|
|
(19,143
|
)
|
|
|
(17,818
|
)
|
|
Non-current benefit obligation
|
|
$
|
289,136
|
|
|
$
|
257,635
|
|
|
| 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, 2020 and 2019:
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
April 30, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
—
|
|
|
$
|
24,041
|
|
|
$
|
—
|
|
|
$
|
24,041
|
|
|
Money market funds
|
|
|
194
|
|
|
|
—
|
|
|
|
—
|
|
|
|
194
|
|
|
Total
|
|
$
|
194
|
|
|
$
|
24,041
|
|
|
$
|
—
|
|
|
$
|
24,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
—
|
|
|
$
|
24,931
|
|
|
$
|
—
|
|
|
$
|
24,931
|
|
|
Money market funds
|
|
|
200
|
|
|
|
—
|
|
|
|
—
|
|
|
|
200
|
|
|
Total
|
|
$
|
200
|
|
|
$
|
24,931
|
|
|
$
|
—
|
|
|
$
|
25,131
|
|
|
| Components of Net Periodic Benefits Costs |
The components of net periodic benefits costs are as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
|
|
(in thousands)
|
|
|
Service cost
|
|
$
|
24,939
|
|
|
$
|
17,281
|
|
|
$
|
11,373
|
|
|
Interest cost
|
|
|
5,433
|
|
|
|
5,044
|
|
|
|
3,787
|
|
|
Amortization of actuarial loss
|
|
|
3,261
|
|
|
|
1,798
|
|
|
|
2,308
|
|
|
Net prior service credit amortization
|
|
|
(24
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Expected return on plan assets
|
|
|
(1,452
|
)
|
|
|
(1,568
|
)
|
|
|
(1,594
|
)
|
|
Net periodic benefit cost (1)
|
|
$
|
32,157
|
|
|
$
|
22,555
|
|
|
$
|
15,874
|
|
|
| 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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Discount rate, beginning of year
|
|
|
3.57
|
%
|
|
|
3.93
|
%
|
|
|
3.57
|
%
|
|
Discount rate, end of year
|
|
|
2.29
|
%
|
|
|
3.57
|
%
|
|
|
3.93
|
%
|
|
Rate of compensation increase
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
Expected long-term rates of return on plan assets
|
|
|
6.00
|
%
|
|
|
6.00
|
%
|
|
|
6.25
|
%
|
|
| 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)
|
|
|
2021
|
|
$
|
11,208
|
|
|
2022
|
|
|
10,788
|
|
|
2023
|
|
|
9,934
|
|
|
2024
|
|
|
14,801
|
|
|
2025
|
|
|
25,058
|
|
|
2026-2030
|
|
|
196,477
|
|
|
| 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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(in thousands)
|
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year
|
|
$
|
148,369
|
|
|
$
|
126,494
|
|
|
Service cost
|
|
|
24,939
|
|
|
|
17,281
|
|
|
Interest cost
|
|
|
5,433
|
|
|
|
5,044
|
|
|
Actuarial loss
|
|
|
13,427
|
|
|
|
7,803
|
|
|
Administrative expenses paid
|
|
|
(155
|
)
|
|
|
(272
|
)
|
|
Benefits paid from plan assets (1)
|
|
|
(3,932
|
)
|
|
|
(1,877
|
)
|
|
Benefits paid from cash
|
|
|
(6,652
|
)
|
|
|
(6,104
|
)
|
|
Plan amendment
|
|
|
(608
|
)
|
|
|
—
|
|
|
Benefit obligation, end of year
|
|
|
180,821
|
|
|
|
148,369
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of plan assets:
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets, beginning of year
|
|
|
25,131
|
|
|
|
26,090
|
|
|
Actual return on plan assets
|
|
|
2,726
|
|
|
|
1,160
|
|
|
Benefits paid from plan assets (1)
|
|
|
(3,932
|
)
|
|
|
(1,877
|
)
|
|
Administrative expenses paid
|
|
|
(155
|
)
|
|
|
(272
|
)
|
|
Employer contributions
|
|
|
465
|
|
|
|
30
|
|
|
Fair value of plan assets, end of year
|
|
|
24,235
|
|
|
|
25,131
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status and balance, end of year (2)
|
|
$
|
(156,586
|
)
|
|
$
|
(123,238
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Current liability
|
|
$
|
8,887
|
|
|
$
|
8,331
|
|
|
Non-current liability
|
|
|
147,699
|
|
|
|
114,907
|
|
|
Total liability
|
|
$
|
156,586
|
|
|
$
|
123,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan Assets - weighted-average asset allocation:
|
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
43
|
%
|
|
|
54
|
%
|
|
Equity securities
|
|
|
56
|
%
|
|
|
45
|
%
|
|
Other
|
|
|
1
|
%
|
|
|
1
|
%
|
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
(1)
|
The Company amended the Hay Group qualified plan in fiscal 2020 to allow participants that have yet not received benefits to elect a lump-sum payment rather than an annuity payment. As a result of this plan amendment the benefits paid from plan assets include $2.0 million in payments related to participants making this election. The plan amendment also reduced the Company’s benefit obligation by $0.6 million against other comprehensive income.
|
|
(2)
|
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, 2020 and 2019, the Company held contracts with gross CSV of $238.7 million and $219.2 million, offset by outstanding policy loans of $92.3 million and $93.2 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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
|
|
(in thousands)
|
|
|
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
91
|
|
|
Interest cost
|
|
|
227
|
|
|
|
243
|
|
|
|
369
|
|
|
Net periodic service credit amortization
|
|
|
(308
|
)
|
|
|
(308
|
)
|
|
|
(308
|
)
|
|
Amortization of actuarial gain
|
|
|
—
|
|
|
|
(14
|
)
|
|
|
—
|
|
|
Net periodic benefit cost (1)
|
|
$
|
(81
|
)
|
|
$
|
(79
|
)
|
|
$
|
152
|
|
|
| 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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
Discount rate, beginning of year
|
|
|
3.67
|
%
|
|
|
3.94
|
%
|
|
|
3.75
|
%
|
|
Discount rate, end of year
|
|
|
2.45
|
%
|
|
|
3.67
|
%
|
|
|
3.94
|
%
|
|
Healthcare care cost trend rate
|
|
|
6.50
|
%
|
|
|
6.50
|
%
|
|
|
7.00
|
%
|
|
| 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,
|
|
Medical and Life Insurance
|
|
|
|
|
(in thousands)
|
|
|
2021
|
|
$
|
669
|
|
|
2022
|
|
|
652
|
|
|
2023
|
|
|
631
|
|
|
2024
|
|
|
608
|
|
|
2025
|
|
|
579
|
|
|
2026-2030
|
|
|
2,390
|
|
|
| Reconciliation of Benefit Obligation |
The following table reconciles the benefit obligation for the medical and life insurance plan:
|
|
|
Year End April 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(in thousands)
|
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year
|
|
$
|
7,310
|
|
|
$
|
7,157
|
|
|
Interest cost
|
|
|
227
|
|
|
|
243
|
|
|
Actuarial loss
|
|
|
458
|
|
|
|
520
|
|
|
Benefits paid
|
|
|
(468
|
)
|
|
|
(610
|
)
|
|
Benefit obligation, end of year
|
|
$
|
7,527
|
|
|
$
|
7,310
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liability
|
|
$
|
666
|
|
|
$
|
643
|
|
|
Non-current liability
|
|
|
6,861
|
|
|
|
6,667
|
|
|
Total liability
|
|
$
|
7,527
|
|
|
$
|
7,310
|
|
|
| Executive Capital Accumulation Plan |
|
| Reconciliation of Benefit Obligation |
Changes in ECAP liability were as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(in thousands)
|
|
|
Balance, beginning of year
|
|
$
|
130,161
|
|
|
$
|
128,430
|
|
|
Employee contributions
|
|
|
8,215
|
|
|
|
4,852
|
|
|
Amortization of employer contributions
|
|
|
6,074
|
|
|
|
9,573
|
|
|
(Loss) gain on investment
|
|
|
(826
|
)
|
|
|
8,697
|
|
|
Employee distributions
|
|
|
(13,911
|
)
|
|
|
(20,891
|
)
|
|
Exchange rate fluctuations
|
|
|
(398
|
)
|
|
|
(500
|
)
|
|
Balance, end of year
|
|
|
129,315
|
|
|
|
130,161
|
|
|
Less: current portion
|
|
|
(9,590
|
)
|
|
|
(8,844
|
)
|
|
Non-current portion
|
|
$
|
119,725
|
|
|
$
|
121,317
|
|
|