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Pension
 3 Months Ended
Jul. 29, 2023
Pension  
Pension

17. Pension

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As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung 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 that were 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.

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The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2023. The net fair value of plan assets (in thousands) is recorded in other assets on the unaudited condensed consolidated balance sheet.

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April 30,

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2023

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(In thousands)

Projected benefit obligation

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$

(3,192)

Fair value of plan assets

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3,870

Funded status of the plan

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$

678

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The projected benefit obligation includes assumptions of a discount rate of 2.4% and pension increase for in-payment benefits of 1.5% for July 29, 2023 and April 30, 2023. The accumulated benefit obligation is approximately equal to the Company’s 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 Company assumed expected return on plan assets of 2.9% for July 29, 2023 and April 30, 2023.

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

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​

​

​

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2024

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$

177

2025

​

​

190

2026

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192

2027

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195

2028

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​

197

2029-2033

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1,008

Total expected benefit payments

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$

1,959

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

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Three Months Ended

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Three Months Ended

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July 29,

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July 30,

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2023

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2022

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(In thousands)

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(In thousands)

Expected return on plan assets

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$

—

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$

—

Interest cost

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30

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(17)

Actuarial gain

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​

—

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241

Net periodic benefit cost

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$

30

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$

224

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