Pension

12 Months Ended

Apr. 30, 2022

Pension

Pension

22. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies were taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2022.

The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2022. The net projected benefit obligation (in thousands) is recorded in other assets on the consolidated balance sheet.

Projected benefit obligation	$	(3,322)
Fair value of plan assets		3,395
Funded status of the plan	$	73

Change in projected benefit obligation (in thousands):

Pension benefit obligation balance as of May 3, 2021	$	(4,126)
Interest cost		(39)
Actuarial gain		179
Benefits paid		176
Foreign currency exchange rate changes		488
Pension benefit obligation balance as of April 30, 2022	$	(3,322)

Change in plan assets (in thousands):

Fair value of plan assets as of May 3, 2021	$	3,951
Expected return on plan assets		108
Benefits paid		(176)
Foreign currency exchange rate changes		(488)
Fair value of plan assets as of April 30, 2022	$	3,395

The projected benefit obligation includes assumptions of a discount rate of 1.7% and pension increase for in-payment benefits of 1.5% for April 30, 2022. The accumulated benefit obligation is approximately equal to the projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the Plan in the fiscal year ending April 30, 2023. The Company assumed expected return on plan assets of 2.9% for April 30, 2022.

Expected benefits payments as of April 30, 2022 (in thousands):

2023	$	161
2024		164
2025		165
2026		165
2027		166
2028-2032		828
Total expected benefit payments	$	1,649

Net periodic benefit cost (in thousands) is recorded in interest (expense) income, net.

	Year Ended
	April 30,
	2022
	(In thousands)
Expected return on plan assets	$	108
Interest cost		(39)
Actuarial gain		179
Net periodic benefit cost	$	248