Defined Benefit Pension Plans

6 Months Ended

Oct. 31, 2017

G. Defined Benefit Pension Plans

The Company has non-contributory defined benefit pension plans covering substantially all domestic salaried and hourly employees. These plans were amended as of April 30, 2005; no further benefits have been, or will be, earned under the plans, subsequent to the amendment date, and no additional participants will be added to the plans. Company contributions of $600,000 were paid to the plans during the six months ended October 31, 2017, and the Company does not expect any contributions to be paid to the plans during the remainder of the fiscal year. Contributions of $555,000 were paid to the plans during the six months ended October 31, 2016. The Company assumed an expected long-term rate of return of 7.75% for the period ended October 31, 2017 as compared to 8.0% for the period ended October 31, 2016. Pension expense consisted of the following (in thousands):


	Three months ended October 31, 2017			Three months ended October 31, 2016
Service cost	$	-0-		$	-0-
Interest cost		219			232
Expected return on plan assets		(317	)		(311	)
Recognition of net loss		283			318

Net periodic pension expense	$	185		$	239


	Six months ended October 31, 2017			Six months ended October 31, 2016
Service cost	$	-0-		$	-0-
Interest cost		438			463
Expected return on plan assets		(656	)		(621	)
Recognition of net loss		566			628

Net periodic pension expense	$	348		$	470