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Pension
 9 Months Ended
Jan. 25, 2025
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, 2024.

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The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2024. 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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2024

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(In thousands)

Projected benefit obligation

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$

(3,246)

Fair value of plan assets

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3,636

Funded status of the plan

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$

390

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The projected benefit obligation includes assumptions of a discount rate of 3.9% and pension increase for in-payment benefits of 2.5% for both January 25, 2025 and April 30, 2024. 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, 2025. The Company assumed expected return on plan assets of 2.9% for January 25, 2025 and April 30, 2024.

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

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​

​

​

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2025

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$

188

2026

​

​

192

2027

​

 

195

2028

​

 

197

2029

​

​

199

2030-2034

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1,014

Total expected benefit payments

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$

1,985

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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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Nine Months Ended

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January 25,

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January 27,

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January 25,

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January 27,

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2025

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2024

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2025

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2024

Expected return on plan assets

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$

—

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$

—

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$

—

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$

—

Interest cost

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28

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30

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85

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89

Actuarial gain

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​

—

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​

—

​

​

—

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​

—

Net periodic benefit cost

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$

28

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$

30

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$

85

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$

89

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