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Retirement Benefits (Tables)

12 Months Ended

Apr. 30, 2022

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						2022						2021
Accumulated Benefit Obligation, April 30						$	20,022					$	22,942
Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year						$	22,942					$	23,720
Interest cost						710						723
Actuarial loss						(2,218)						(97)
Actual benefits paid						(1,412)						(1,404)
Projected benefit obligations, end of year						$	20,022					$	22,942
Change in Plan Assets
Fair value of plan assets, beginning of year						$	21,459					$	17,316
Actual return on plan assets						(1,180)						5,517
Employer contributions						—						30
Actual benefits paid						(1,412)						(1,404)
Fair value of plan assets, end of year						$	18,867					$	21,459
Funded status—under						$	(1,155)					$	(1,483)
Amounts Recognized in the Consolidated Balance Sheets consist of:
Non-current liabilities						$	(1,155)					$	(1,483)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of:
Net actual loss						$	5,116					$	5,089
Deferred tax benefit						(1,202)						(1,196)
After-tax actuarial loss						$	3,914					$	3,893
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rate						4.40		%				3.20		%
Rate of compensation increase						N/A						N/A
Mortality table						Pri-2012						Pri-2012
Projection scale						MP-2020						MP-2020

						Year Ended April 30,
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost						2022						2021
Discount rate						4.40		%				3.20		%
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 (income) expense for each of the fiscal years ended April 30 are as follows:

$ in thousands						2022						2021
Interest cost						$	710					$	723
Expected return on plan assets						(1,604)						(1,284)
Recognition of net loss						539						1,714
Net periodic pension (income) expense						$	(355)					$	1,153

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
2023						$	1,570
2024						1,610
2025						1,590
2026						1,580
2027						1,540
2028 & Beyond						7,230

Summary of Plan Assets by Asset Categories

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

$ in thousands						2022												2021
Asset Category						Amount						%						Amount						%
Equity Securities						$	13,856					73						$	14,814					69
Fixed Income Securities						4,703						25						6,314						29
Cash and Cash Equivalents						308						2						331						2
Totals						$	18,867					100						$	21,459					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:

						2022
Asset Category						Level 1						Level 2						Level 3
Large Cap						$	7,382					$	—					$	—
Small/Mid Cap						2,775						—						—
International						2,008						—						—
Emerging Markets						794						—						—
Fixed Income						4,703						—						—
Liquid Alternatives						897						—						—
Cash and Cash Equivalents						308						—						—
Totals						$	18,867					$	—					$	—

						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					$	—					$	—

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
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

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-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

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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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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-Topic 715
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