XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.22.2

Employee Benefit and Retirement Plans | 12 Months Ended
--- | ---
Apr. 30, 2022
Retirement Benefits [Abstract] |
Employee Benefit and Retirement Plans | Employee Benefit and Retirement Plans Retirement Savings Plans Under the American Woodmark Corporation Retirement Savings Plan (the "Plan"), essentially all employees are immediately eligible to participate in the Plan. Participants are eligible for 401(k) matching contributions based upon the employee’s contribution to the Plan. All participants employed at the end of the fiscal year and hired prior to November 2 of the fiscal year are eligible for a discretionary profit-sharing contribution. Discretionary profit-sharing contributions ranging from 0-5% of net income, based on predetermined net income levels of the Company, may be made annually in the form of Company stock. The Company recognized expenses for profit-sharing contributions of $0.8 million, $2.9 million, and $3.7 million in fiscal years 2022, 2021, and 2020, respectively. The Company matches 100% of an employee's annual 401(k) contributions to the Plan up to 4% of annual compensation. The expense for 401(k) matching contributions for both plans was $11.7 million, $11.9 million, and $10.1 million, in fiscal years 2022, 2021, and 2020, respectively. Pension Benefits Prior to April 30, 2020, the Company had two defined benefit pension plans covering many of the Company's employees hired prior to April 30, 2012. Effective April 30, 2012, the Company froze all future benefit accruals under the Company's defined benefit pension plans. Effective April 30, 2020, these plans were merged into one plan (the "Pension Plan"). The Pension Plan provides defined benefits based on years of service and final average earnings (for salaried employees) or benefit rate (for hourly employees). Effective December 31, 2020 (the "Plan Termination Date"), the Pension Plan was terminated in a standard termination and benefits were distributed on December 2, 2021. The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company's non-contributory Pension Plan as of April 30:
| APRIL 30
(in thousands) | 2022 |  | 2021
CHANGE IN PROJECTED BENEFIT OBLIGATION |  |  |
Projected benefit obligation at beginning of year | $ | 196,537 |  |  | $ | 191,184 |
Interest cost | 3,147 |  |  | 4,662 |
Actuarial gains (losses) | (3,738) |  |  | 6,759 |
Benefits paid | (4,214) |  |  | (6,068) |
Settlements | (191,732) |  |  | — |
Projected benefit obligation at end of year | $ | — |  |  | $ | 196,537 |
CHANGE IN PLAN ASSETS |  |  |
Fair value of plan assets at beginning of year | $ | 193,552 |  |  | $ | 190,743 |
Actual return on plan assets | 3,373 |  |  | 8,877 |
Benefits paid | (4,214) |  |  | (6,068) |
Settlements | (191,732) |  |  | — |
Fair value of plan assets at end of year | $ | 979 |  |  | $ | 193,552 |
Funded status of the plan | $ | 979 |  |  | $ | (2,985) |
The accumulated benefit obligation for the Pension Plan was $0.0 million and $196.5 million at April 30, 2022 and 2021, respectively.
| APRIL 30
(in thousands) | 2022 |  | 2021 |  | 2020
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST |  |  |  |  |
Interest cost | $ | 3,147 |  |  | $ | 4,662 |  |  | $ | 5,974 |
Expected return on plan assets | (3,601) |  |  | (8,430) |  |  | (8,327) |
Recognized net actuarial loss | — |  |  | 1,761 |  |  | 1,692 |
Amortization of net loss from prior years | 1,164 |  |  | — |  |  | — |
Settlement charge | 68,473 |  |  | — |  |  | — |
Pension benefit cost | $ | 69,183 |  |  | $ | (2,007) |  |  | $ | (661) |
The components of net periodic pension benefit cost do not include service costs or prior service costs due to the Pension Plan being frozen. Actuarial Assumptions: The discount rate at April 30 was used to measure the year-end benefit obligations and the earnings effects for the subsequent year. Actuarial assumptions used to determine benefit obligations and earnings effects for the Pension Plan follows:
| FISCAL YEARS ENDED APRIL 30
| 2022 |  | 2021
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS |  |  |
Discount rate | — % |  | 2.80 %
| FISCAL YEARS ENDED APRIL 30
| 2022 |  | 2021 |  | 2020
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST |  |  |  |  |
Discount rate | 2.80 % |  | 3.16 % |  | 4.02%
Expected return on plan assets | — % |  | 3.3 % |  | 5.0 %
The Company based the discount rate on a current yield curve developed from a portfolio of high-quality fixed-income investments with maturities consistent with the projected benefit payout period. The long-term rate of return on assets was determined based on consideration of historical and forward-looking returns and the current and expected asset allocation strategy. The method used to determine the service and interest costs is known as the spot rate approach, under which individual spot rates along the yield curve that correspond with the timing of each benefit payment are used. In developing the expected long-term rate of return assumption for the assets of the Pension Plan, the Company evaluated input from its third party pension plan asset managers, including their review of asset class return expectations and long-term inflation assumptions. The Company amortizes experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions, over the average remaining lifetime of employees expected to receive benefits under the Pension Plan. Contributions: The Company funded the Pension Plan in amounts sufficient to meet minimum funding requirements under applicable employee benefit and tax laws plus additional amounts the Company deemed appropriate. The Company made no contributions to its Pension Plan in fiscal 2022 and made contributions of $0.5 million in fiscal 2021. Plan Assets: Pension assets by major category and the type of fair value measurement as of April 30, 2022 and 2021 are presented in the following tables:
FAIR VALUE MEASUREMENTS AT APRIL 30, 2022
(in thousands) | TOTAL |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents | $ | 979 |  |  | $ | 979 |  |  | $ | — |  |  | $ | — |
Total plan assets | 979 |  |  | 979 |  |  | $ | — |  |  | $ | — |
FAIR VALUE MEASUREMENTS AT APRIL 30, 2021
(in thousands) | TOTAL |  | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) |  | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |  | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Cash Equivalents | $ | 80,524 |  |  | $ | 80,524 |  |  | $ | — |  |  | $ | — |
Fixed Income Funds: |  |  |  |  |  |  |
Investment Grade Fixed Income | 113,028 |  |  | 113,028 |  |  | — |  |  | — |
Total plan assets | $ | 193,552 |  |  | $ | 193,552 |  |  | $ | — |  |  | $ | — |

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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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