XML 45 R32.htm IDEA: XBRL DOCUMENT v3.23.2

Pension

12 Months Ended

Apr. 30, 2023

Pension

Pension

22. 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 taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2023.

​

The table below includes the projected benefit obligation and fair value of plan assets. The net fair value of plan assets is recorded in other assets on the consolidated balance sheets.

​

​	​	​	​	​	​	​
​	​	April 30,		​	April 30,
​	​	2023		​	2022
​	​	(In thousands)		​	(In thousands)
Projected benefit obligation	​	$	(3,192)	​	$	(3,322)
Fair value of plan assets	​		3,870	​		3,395
Funded status of the plan	​	$	678	​	$	73

​

Change in projected benefit obligation (in thousands):

​

​	​	​	​	​	​	​
Pension benefit obligation balance as of April 30, 2022 and May 3, 2021, respectively	​	$	(3,322)	​	$	(4,126)
Interest cost	​		(70)	​		(39)
Actuarial gain	​	​	167	​	​	179
Benefits paid	​	​	167	​	​	176
Foreign currency exchange rate changes	​	​	(134)	​	​	488
Pension benefit obligation balance as of April 30, 2023 and April 30, 2022, respectively	​	$	(3,192)	​	$	(3,322)

​

Change in plan assets (in thousands):

​

​	​	​	​	​	​	​
Fair value of plan assets as of April 30, 2022 and May 3, 2021, respectively	​	$	3,395	​	$	3,951
Expected return on plan assets	​	​	472	​	​	108
Benefits paid	​	​	(167)	​	​	(176)
Foreign currency exchange rate changes	​	​	170	​	​	(488)
Fair value of plan assets as of April 30, 2023 and April 30, 2022, respectively	​	$	3,870	​	$	3,395

​

The accumulated benefit obligation is approximately equal to the 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, 2024. The projected benefit obligation and projected fair value of plan assets include the assumptions in the table below.

​	​	​	​	​	​	​
​	​	​	Year Ended	​	​	Year Ended
​	​	​	April 30,	​	​	April 30,
​	​	​	2023	​	​	2022
Discount rate	​	​	2.4%	​	​	1.7%
In-payment benefits	​		1.5%	​		1.5%
Expected return on plan assets	​	​	2.9%	​	​	2.9%

​

Expected benefits payments as of April 30, 2023 (in thousands):

​

​	​	​	​
2024	​	$	177
2025	​	​	190
2026	​		192
2027	​		195
2028	​	​	197
2029-2033	​		1,008
Total expected benefit payments	​	$	1,959

​

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

​

​	​	​	​	​	​	​
​	​	Year Ended		​	Year Ended
​	​	April 30,		​	April 30,
​	​	2023		​	2022
​	​	(In thousands)		​	(In thousands)
Expected return on plan assets	​	$	472	​	$	108
Interest cost	​		(70)	​		(39)
Actuarial gain	​	​	167	​	​	179
Net periodic benefit cost	​	$	569	​	$	248

​

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration