XML 39 R29.htm IDEA: XBRL DOCUMENT v3.22.0.1
Pension
 9 Months Ended
Jan. 29, 2022
Pension  
Pension

19. Pension

​

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies were taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was May 3, 2021 in conjunction with the acquisition.

​

The table below includes the projected benefit obligation and fair value of plan assets as of May 3, 2021. The net projected benefit obligation (in thousands) is recorded in other non-current liabilities on the unaudited consolidated balance sheet.

​

​

​

​

​

Projected benefit obligation

​

$

(4,126)

Fair value of plan assets

​

 

3,951

Unfunded status of the plan

​

$

(175)

​

The projected benefit obligation includes assumptions of a discount rate of 1% and pension increase for in-payment benefits of 1.5% for May 3, 2021 and January 29, 2022. The accumulated benefit obligation is approximately equal to our projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the Plan in the fiscal year ending April 30, 2022. The Company assumed expected return on plan assets of 2.15% for May 3, 2021 and January 29, 2022.

​

Expected benefits payments as of May 3, 2021 (in thousands):

​

​

​

​

​

2022

​

$

182

2023

​

​

183

2024

​

 

183

2025

​

 

184

2026

​

​

184

2027-2031

​

 

920

Total expected benefit payments

​

$

1,836

​

Net periodic benefit cost (in thousands) is recorded in interest (expense) income, net.

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

January 29,

​

January 29,

​

​

2022

​

2022

​

​

(In thousands)

​

(In thousands)

Expected return on plan assets

​

$

30

​

$

93

Interest cost

​

 

(14)

​

 

(44)

Foreign currency exchange rate changes

​

​

4

​

​

10

Net periodic benefit cost

​

$

20

​

$

59

​