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Retirement Benefits | 12 Months Ended
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Apr. 30, 2024
Retirement Benefits [Abstract] |
Retirement Benefits | Retirement Benefits Defined Benefit Plans During the year ended April 30 ,2024, the Company settled its non-contributory defined benefit plans by transferring approximately $17.8 million of pension obligations through the purchase of group annuity contracts for all remaining liabilities under the pension plan. In connection with the transfer, the Company contributed $287,000 in cash to the pension plan, which was intended to fully fund the Company’s remaining defined benefit pension liabilities. These non-contributory defined benefit pension plans, which covered some domestic employees, were amended as of April 30, 2005. Following this amendment, no further benefits have been earned under the plans, and no additional participants have been added. The defined benefit plan for salaried employees provides pension benefits that are based on each employee's years of service and average annual compensation during the last ten consecutive calendar years of employment as of April 30, 2005. The benefit plan for hourly employees provides benefits at stated amounts based on years of service as of April 30, 2005. 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 |  | 2024 |  | 2023
Accumulated Benefit Obligation, April 30 |  | $ | — |  |  | $ | 18,368 |
Change in Projected Benefit Obligations |  |  |  |
Projected benefit obligations, beginning of year |  | $ | 18,368 |  |  | $ | 20,022 |
Interest cost |  | 890 |  |  | 845 |
Actuarial gain (loss) |  | 53 |  |  | (1,113) |
Actual benefits paid |  | (1,558) |  |  | (1,386) |
Transfer to insurer |  | (17,753) |  |  | — |
Projected benefit obligations, end of year |  | $ | — |  |  | $ | 18,368 |
Change in Plan Assets |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 17,732 |  |  | $ | 18,867 |
Actual return on plan assets |  | 1,292 |  |  | 251 |
Employer contributions |  | 287 |  |  | — |
Actual benefits paid |  | (1,558) |  |  | (1,386) |
Transfer to insurer |  | (17,753) |  |  | — |
Fair value of plan assets, end of year |  | $ | — |  |  | $ | 17,732 |
Funded status—under |  | $ | — |  |  | $ | (636) |
Amounts Recognized in the Consolidated Balance Sheets consist of: |  |  |  |
Non-current liabilities |  | $ | — |  |  | $ | (636) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of: |  |  |  |
Net actual loss |  | $ | — |  |  | $ | 4,526 |
Deferred tax benefit |  | — |  |  | (1,064) |
After-tax actuarial loss |  | $ | — |  |  | $ | 3,462 |
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30 |  |  |  |
Discount rate |  | N/A |  | 5.10 | %
Rate of compensation increase |  | N/A |  | N/A
Mortality table |  | N/A |  | Pri-2012
Projection scale |  | N/A |  | MP-2021
|  | Year Ended April 30,
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost |  | 2024 |  | 2023
Discount rate |  | N/A |  | 5.10 | %
Expected long-term return on plan assets |  | N/A |  | 7.75 | %
Rate of compensation increase |  | N/A |  | N/A
The components of the net periodic pension (income) expense for each of the fiscal years ended April 30 are as follows:
$ in thousands |  | 2024 |  | 2023
Interest cost |  | $ | 890 |  |  | $ | 845 |
Expected return on plan assets |  | (1,312) |  |  | (1,402) |
Recognition of net loss |  | 580 |  |  | 628 |
Net periodic pension expense |  | $ | 158 |  |  | $ | 71 |
Effect of settlement |  | 4,019 |  |  | — |
Total net periodic pension expense plus special events |  | $ | 4,177 |  |  | $ | 71 |
Plan assets by asset categories as of April 30, 2023 were as follows:
$ in thousands |  |  | 2023
Asset Category |  |  | Amount |  | %
Equity Securities |  |  | $ | 12,724 |  |  | 72 |
Fixed Income Securities |  |  | 4,845 |  |  | 27 |
Cash and Cash Equivalents |  |  | 163 |  |  | 1 |
Totals |  |  | $ | 17,732 |  |  | 100 |
The following tables present the fair value of the assets in the Company's defined benefit pension plans at April 30, 2023:
|  | 2023
Asset Category |  | Level 1 |  | Level 2 |  | Level 3
Large Cap |  | $ | 7,326 |  |  | $ | — |  |  | $ | — |
Small/Mid Cap |  | 2,326 |  |  | — |  |  | — |
International |  | 1,743 |  |  | — |  |  | — |
Emerging Markets |  | 702 |  |  | — |  |  | — |
Fixed Income |  | 4,845 |  |  | — |  |  | — |
Liquid Alternatives |  | 627 |  |  | — |  |  | — |
Cash and Cash Equivalents |  | 163 |  |  | — |  |  | — |
Totals |  | $ | 17,732 |  |  | $ | — |  |  | $ | — |
Level 1 retirement plan assets include United States currency held by a designated trustee and equity funds of common and preferred securities issued by domestic and foreign corporations. These equity funds are traded actively on exchanges and price quotes for these shares are readily available. Defined Contribution Plan The Company has a defined contribution plan covering substantially all domestic salaried and hourly employees. The plan provides benefits to all employees who have attained age 21, completed three months of service, and who elect to participate. The plan provides that the Company make matching contributions equal to 100% of the employee's qualifying contribution up to 3% of the employee's compensation, and make matching contributions equal to 50% of the employee's contributions between 3% and 5% of the employee's compensation, resulting in a maximum employer contribution equal to 4% of the employee's compensation. The Company's matching contributions were $957,000 and $932,000 for years ending April 30, 2024 and 2023. Additionally, the plan provides that the Company may elect to make a non-matching contribution for participants employed by the Company on December 31 of each year. The Company did not elect to make a non-matching contribution in fiscal years 2024 and 2023.

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