Pension

3 Months Ended

Jul. 30, 2022

Pension

Pension

19. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung 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 that 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 unaudited condensed consolidated balance sheet.

Projected benefit obligation	$	(3,120)
Fair value of plan assets		3,138
Funded status of the plan	$	18

The projected benefit obligation includes assumptions of a discount rate of 1.7% and pension increase for in-payment benefits of 1.5% for July 30, 2022 and April 30, 2022. The accumulated benefit obligation is approximately equal to the Company’s 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 July 30, 2022 and 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, net.

	Three Months Ended		Three Months Ended
	July 30,		July 31,
	2022		2021
	(In thousands)		(In thousands)
Expected return on plan assets	$	—	$	32
Interest cost		(17)		(15)
Actuarial gain		241		(66)
Net periodic benefit cost	$	224	$	(49)