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Retirement Benefits
 12 Months Ended
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 thousands20242023
Accumulated Benefit Obligation, April 30$— $18,368 
Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year$18,368 $20,022 
Interest cost890 845 
Actuarial gain (loss)
53 (1,113)
Actual benefits paid(1,558)(1,386)
Transfer to insurer
(17,753)— 
Projected benefit obligations, end of year$— $18,368 
Change in Plan Assets
Fair value of plan assets, beginning of year$17,732 $18,867 
Actual return on plan assets1,292 251 
Employer contributions287 — 
Actual benefits paid(1,558)(1,386)
Transfer to insurer
(17,753)— 
Fair value of plan assets, end of year$— $17,732 
Funded status—under$— $(636)
Amounts Recognized in the Consolidated Balance Sheets consist of:
Non-current liabilities$— $(636)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of:
Net actual loss$— $4,526 
Deferred tax benefit— (1,064)
After-tax actuarial loss$— $3,462 
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rateN/A5.10 %
Rate of compensation increaseN/AN/A
Mortality tableN/APri-2012
Projection scaleN/AMP-2021
Year Ended April 30,
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost20242023
Discount rateN/A5.10 %
Expected long-term return on plan assetsN/A7.75 %
Rate of compensation increaseN/AN/A
The components of the net periodic pension (income) expense for each of the fiscal years ended April 30 are as follows:
$ in thousands20242023
Interest cost$890 $845 
Expected return on plan assets(1,312)(1,402)
Recognition of net loss580 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 thousands2023
Asset CategoryAmount%
Equity Securities$12,724 72 
Fixed Income Securities4,845 27 
Cash and Cash Equivalents163 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 CategoryLevel 1Level 2Level 3
Large Cap$7,326 $— $— 
Small/Mid Cap2,326 — — 
International1,743 — — 
Emerging Markets702 — — 
Fixed Income4,845 — — 
Liquid Alternatives627 — — 
Cash and Cash Equivalents163 — — 
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.