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Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2021

Retirement Benefits [Abstract]

Summary of Change in Projected Benefit Obligations and Change in Fair Value of Plan Assets

The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for each of the years ended April 30 are summarized as follows:

$ in thousands						2021						2020
Accumulated Benefit Obligation, April 30						$	22,942					$	23,720
Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year						$	23,720					$	21,394
Interest cost						723						832
Actuarial (loss) gain						(97)						2,769
Actual benefits paid						(1,404)						(1,275)
Projected benefit obligations, end of year						$	22,942					$	23,720
Change in Plan Assets
Fair value of plan assets, beginning of year						$	17,316					$	19,035
Actual return on plan assets						5,517						(444)
Employer contributions						30						—
Actual benefits paid						(1,404)						(1,275)
Fair value of plan assets, end of year						21,459						$	17,316
Funded status—under						$	(1,483)					$	(6,404)
Amounts Recognized in the Consolidated Balance Sheets consist of:
Non-current liabilities						$	(1,483)					$	(6,404)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of:
Net actual loss						$	5,089					$	11,133
Deferred tax benefit						(1,196)						(2,616)
After-tax actuarial loss						$	3,893					$	8,517
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate						3.20		%				3.10		%
Rate of compensation increase						N/A						N/A
Mortality table						Pri-2012						Pri-2012
Projection scale						MP-2020						MP-2019

						Year Ended April 30,
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost						2021						2020
Discount rate						3.20		%				3.10		%
Expected long-term return on plan assets						7.75		%				7.75		%
Rate of compensation increase						N/A						N/A

Summary of Components of Net Periodic Pension Cost

The components of the net periodic pension expense for each of the fiscal years ended April 30 are as follows:

$ in thousands						2021						2020
Interest cost						$	723					$	832
Expected return on plan assets						(1,284)						(1,421)
Recognition of net loss						1,714						1,043
Net periodic pension expense						$	1,153					$	454

Summary of Expected Benefit Payments

The following benefit payments are expected to be paid from the benefit plans in the fiscal years ending April 30:

$ in thousands						Amount
2022						$	1,540
2023						1,580
2024						1,620
2025						1,590
2026						1,570
2027 & Beyond						7,390

Summary of Plan Assets by Asset Categories

Plan assets by asset categories as of April 30 were as follows:

$ in thousands						2021												2020
Asset Category						Amount						%						Amount						%
Equity Securities						$	14,814					69						$	10,797					62
Fixed Income Securities						6,314						29						5,377						31
Cash and Cash Equivalents						331						2						1,142						7
Totals						$	21,459					100						$	17,316					100

Summary of Fair Value Assets in Defined Benefit Pension Plans

The following tables present the fair value of the assets in the Company's defined benefit pension plans at April 30:

						2021
Asset Category						Level 1						Level 2						Level 3
Large Cap						$	7,726					$	—					$	—
Small/Mid Cap						3,128						—						—
International						2,173						—						—
Emerging Markets						862						—						—
Fixed Income						6,314						—						—
Liquid Alternatives						925						—						—
Cash and Cash Equivalents						331						—						—
Totals						$	21,459					$	—					$	—

						2020
Asset Category						Level 1						Level 2						Level 3
Large Cap						$	5,831					$	—					$	—
Small/Mid Cap						2,121						—						—
International						1,850						—						—
Emerging Markets						483						—						—
Fixed Income						5,377						—						—
Liquid Alternatives						512						—						—
Cash and Cash Equivalents						1,142						—						—
Totals						$	17,316					$	—					$	—

X

- Definition

Fair value of plan assets by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), Significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Disclosure of additional asset categories and amounts within a category that is useful in understanding the risks associated with each asset category.

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Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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