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Retirement Benefits
 12 Months Ended
Apr. 30, 2025
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 the year ended April 30, 2024 is summarized as follows:
$ in thousands2024
Accumulated Benefit Obligation, April 30$— 
Change in Projected Benefit Obligations
Projected benefit obligations, beginning of year$18,368 
Interest cost890 
Actuarial gain (loss)
53 
Actual benefits paid(1,558)
Transfer to insurer
(17,753)
Projected benefit obligations, end of year$— 
Change in Plan Assets
Fair value of plan assets, beginning of year$17,732 
Actual return on plan assets1,292 
Employer contributions287 
Actual benefits paid(1,558)
Transfer to insurer
(17,753)
Fair value of plan assets, end of year$— 
Funded status—under$— 
Amounts Recognized in the Consolidated Balance Sheets consist of:
Non-current liabilities$— 
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of:
Net actual loss$— 
Deferred tax benefit— 
After-tax actuarial loss$— 
Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30
Discount rateN/A
Rate of compensation increaseN/A
Mortality tableN/A
Projection scaleN/A
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost2024
Discount rateN/A
Expected long-term return on plan assetsN/A
Rate of compensation increaseN/A
The components of the net periodic pension (income) expense for the fiscal year ended April 30, 2024 are as follows:
$ in thousands
Interest cost$890 
Expected return on plan assets(1,312)
Recognition of net loss580 
Net periodic pension expense
$158 
Effect of settlement
4,019 
Total net periodic pension expense plus special events
$4,177 
Defined Contribution Plan
The Company has two defined contribution plans covering substantially all domestic salaried and hourly employees. These plans provides benefits to all employees who meet minimum age and service requirements. The Company's plans provide for matching contributions based on a percentage of the employee's eligible contributions. Total matching contributions made by the Company for these plans were $1,177,000 and $957,000 for the years ending April 30, 2025 and 2024.
The Company's International subsidiaries also have a defined contribution plan for qualifying employees. Under the International plan, employer contributions are made in accordance with plan rules. Total contributions made by the Company for its International plan was $247,000 and $238,000 for the years ending April 30, 2025 and 2024.