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Defined Benefit Pension Plans | 3 Months Ended
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Jul. 31, 2024
Retirement Benefits [Abstract] |
Defined Benefit Pension Plans | Defined Benefit Pension 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 plans, 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. There were no Company contributions paid to the plans for the three months ended July 31, 2023. The Company assumed an expected long-term rate of return of 7.75% for the period ended July 31, 2023. Pension expense consisted of the following (in thousands):
|  |  | Three Months Ended |
|  |  | July 31, 2023 |
Service cost |  |  | $ | — |  |
Interest cost |  |  | 224 |  |
Expected return on plan assets |  |  | (328) |  |
Recognition of net loss |  |  | 145 |  |
Net periodic pension expense |  |  | $ | 41 |  |

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