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Pension

12 Months Ended

Apr. 30, 2024

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, 2024.

​

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,
​	​	2024
​	​	(In thousands)
Projected benefit obligation	​	$	(3,246)
Fair value of plan assets	​		3,636
Funded status of the plan	​	$	390

​

Change in projected benefit obligation (in thousands):

​

​	​	​	​	​	​	​
Pension benefit obligation balance as of April 30, 2023 and April 30, 2022, respectively	​	$	(3,192)	​	$	(3,322)
Interest cost	​		(119)	​		(70)
Actuarial loss	​	​	(206)	​	​	167
Benefits paid	​	​	190	​	​	167
Foreign currency exchange rate changes	​	​	81	​	​	(134)
Pension benefit obligation balance as of April 30, 2024 and April 30, 2023, respectively	​	$	(3,246)	​	$	(3,192)

​

Change in plan assets (in thousands):

​

​	​	​	​	​	​	​
Fair value of plan assets as of April 30, 2023 and April 30, 2022, respectively	​	$	3,870	​	$	3,395
Expected return on plan assets	​	​	52	​	​	472
Benefits paid	​	​	(190)	​	​	(167)
Foreign currency exchange rate changes	​	​	(96)	​	​	170
Fair value of plan assets as of April 30, 2024 and April 30, 2023, respectively	​	$	3,636	​	$	3,870

​

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, 2025. 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,
​	​	​	2024	​	​	2023
Discount rate	​	​	3.9%	​	​	2.4%
In-payment benefits	​		2.5%	​		1.5%
Expected return on plan assets	​	​	2.9%	​	​	2.9%

​

Expected benefits payments as of April 30, 2024 (in thousands):

​

​	​	​	​
2025	​	$	188
2026	​	​	192
2027	​		195
2028	​		197
2029	​	​	199
2030-2034	​		1,014
Total expected benefit payments	​	$	1,985

​

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

​	​	​	​	​	​	​	​	​	​
​	Year Ended
​	​	April 30,		​	April 30,		​	April 30,
​	​	2024		​	2023		​	2022
​	​	(In thousands)		​	(In thousands)		​	(In thousands)
Expected return on plan assets	​	$	52	​	$	472	​	$	108
Interest cost	​		(119)	​		(70)	​		(39)
Actuarial loss	​	​	(206)	​	​	167	​	​	179
Net periodic benefit cost	​	$	(273)	​	$	569	​	$	248

​

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- Definition

The entire disclosure for retirement benefits.

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