v3.26.1
Deferred Compensation and Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2026
Retirement Benefits [Abstract]  
Schedule of Total Benefit Obligations
The total benefit obligations for these plans were as follows:
Year Ended April 30,
20262025
(in thousands)
Deferred compensation and pension plans$325,128 $298,316 
Medical and Life Insurance plan3,803 4,188 
International retirement plans11,559 13,278 
Executive Capital Accumulation Plan227,171 210,606 
Total benefit obligation567,661 526,388 
Less: current portion of benefit obligation (1)
(56,887)(48,618)
Non-current benefit obligation$510,774 $477,770 
_______________________________
(1)Current portion of benefit obligation is included in Compensation and benefits payable in the consolidated balance sheet.
Schedule of Reconciliation of Benefit Obligation
The following tables reconcile the benefit obligation for the deferred compensation and pension plans:
Year Ended April 30,
20262025
(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year$316,883 $280,926 
Service cost50,105 46,147 
Interest cost15,521 17,772 
Actuarial loss382 1,482 
Administrative expenses paid(202)(234)
Benefits paid from plan assets(2,426)(1,900)
Benefits paid from cash(35,988)(27,310)
Benefit obligation, end of year344,275 316,883 
Change in fair value of plan assets:
Fair value of plan assets, beginning of year18,567 18,523 
Actual return on plan assets2,699 1,547 
Benefits paid from plan assets(2,426)(1,900)
Administrative expenses paid(202)(234)
Employer contributions509 631 
Fair value of plan assets, end of year19,147 18,567 
Funded status and balance, end of year (1)
$(325,128)$(298,316)
Current liability$43,480 $36,332 
Non-current liability281,648 261,984 
Total liability$325,128 $298,316 
Plan Assets - weighted-average asset allocation:
Debt securities44 %46 %
Equity securities54 %50 %
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 the Company's general corporate assets, they are not included in the funded status. As of April 30, 2026 and 2025, the Company held contracts with gross CSV of $361.2 million and $325.5 million, offset by outstanding policy loans of $72.2 million and $72.8 million, respectively.
Schedule of Fair Value Measurements of Defined Benefit Plan Assets
The fair value measurements of the defined benefit plan assets fall within the following levels of the fair value hierarchy as of April 30, 2026 and 2025:
Level 1Level 2Level 3Total
(in thousands)
April 30, 2026:
Mutual funds$— $18,788 $— $18,788 
Money market funds359 — — 359 
Total$359 $18,788 $— $19,147 
April 30, 2025:
Mutual funds$— $17,832 $— $17,832 
Money market funds735 — — 735 
Total$735 $17,832 $— $18,567 
Schedule of Components of Net Periodic Benefits Costs
The components of net periodic benefits costs are as follows:
Year Ended April 30,
202620252024
(in thousands)
Service cost$50,105 $46,147 $43,879 
Interest cost15,521 17,772 13,447 
Amortization of actuarial loss589 248 818 
Expected return on plan assets(1,112)(1,065)(1,088)
Net prior service credit amortization(97)(97)(97)
Net periodic benefit cost (1)
$65,006 $63,005 $56,959 
_______________________________
(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, net, respectively, on the consolidated statements of income.
The components of net periodic benefits costs are as follows:
Year Ended April 30,
202620252024
(in thousands)
Interest cost$183 $219 $217 
Net prior service credit amortization
(308)(308)(308)
Amortization of actuarial gain(81)(119)(83)
Net periodic benefit cost (1)
$(206)$(208)$(174)
_______________________________
(1)The interest cost and the other components of net periodic benefit costs are included in interest expense, net and other income, net, respectively, on the consolidated statements of income.
Schedule of Weighted-Average Assumptions Used in Calculating Benefit Obligations
The weighted-average assumptions used in calculating the benefit obligations were as follows:
Year Ended April 30,
202620252024
Discount rate, beginning of year4.74 %5.55 %4.77 %
Discount rate, end of year4.70 %4.74 %5.55 %
Rate of compensation increase0.00 %0.00 %0.00 %
Expected long-term rates of return on plan assets6.25 %6.25 %6.00 %
The weighted-average assumptions used in calculating the medical and life insurance plan were as follows:
Year Ended April 30,
202620252024
Discount rate, beginning of year5.15 %5.62 %4.85 %
Discount rate, end of year5.13 %5.15 %5.62 %
Healthcare care cost trend rate6.50 %6.75 %6.50 %
Schedule of Benefit Payments, Expected To Be Paid
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)
2027
$46,516 
2028
54,947 
2029
55,946 
2030
61,853 
2031
71,998 
2032-2036
321,926 
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)
2027
$489 
2028
454 
2029
429 
2030
405 
2031
381 
2032-2036
1,547 
Schedule of Reconciliation of Benefit Obligation and Changes in ECAP Liability
The following table reconciles the benefit obligation for the medical and life insurance plan:
Year End April 30,
20262025
(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year$4,188 $4,227 
Interest cost183 219 
Actuarial (gain) loss(136)214 
Benefits paid(437)(472)
Participants' contributions5 — 
Benefit obligation, end of year$3,803 $4,188 
Current liability$479 $553 
Non-current liability3,324 3,635 
Total liability$3,803 $4,188 
Changes in ECAP liability were as follows:
Year Ended April 30,
20262025
(in thousands)
Balance, beginning of year$210,606 $204,537 
Employee contributions7,724 9,212 
Amortization of employer contributions5,739 6,031 
Gain on investment
31,087 16,585 
Employee distributions(28,080)(25,513)
Exchange rate fluctuations95 (246)
Balance, end of year227,171 210,606 
Less: current portion(12,928)(11,733)
Non-current portion$214,243 $198,873