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BENEFIT PLANS: (Tables)

12 Months Ended

Apr. 30, 2020

The Company recognized a non-cash pre-tax pension settlement charge of $2,929,000 in 2020. This charge resulted from the Company's defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to 309 former employees. There were no such charges in 2019.

Pension assets and liabilities are measured at fair value (measured in accordance with the guidance described in Note 10) and are subject to fair value adjustment in certain circumstances (for example, when there is evidence of impairment). There were no impairments resulting in a change in fair value during 2020 and 2019.

Net periodic pension cost for 2020 and 2019 was comprised of the following components (in thousands):


	Year Ended April 30,
	2020		2019
Interest cost on projected benefit obligation	$	716	$	1,183
Expected return on assets		(1,591)		(1,854)
Plan expenses		410		415
Recognized net actuarial loss		563		905
Settlement loss		2,929		—
Net periodic pension cost	$	3,027	$	649

Schedule of assumptions used in determining net periodic pension cost

The estimated net loss, transition obligation and prior service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over fiscal year 2021 are $529,000, $0 and $0. Assumptions used in determining net periodic pension cost and the benefit obligation were:


	Year Ended April 30,
	2020		2019
Discount rate used to determine net periodic pension cost	3.54	%	3.82	%
Discount rate used to determine pension benefit obligation	2.29	%	3.54	%
Expected long-term rate of return on assets used for pension cost	7.75	%	8.00	%

Schedule of pension plan's benefit obligation and assets

The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands):


	April 30,
	2020		2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	30,304	$	32,423
Interest cost		716		1,183
Actuarial loss (gain)		1,550		(966)
Benefits paid		(2,050)		(2,336)
Settlement paid		(7,246)		—
Benefit obligation at end of year	$	23,274	$	30,304
Change in plan assets:
Fair value of plan assets at beginning of year	$	23,903	$	23,372
Actual return on plan assets		393		1,277
Company contributions		3,600		2,000
Benefits paid		(2,050)		(2,336)
Settlement paid		(7,246)		—
Plan expenses		(340)		(410)
Fair value of plan assets at end of year	$	18,260	$	23,903
Underfunded status	$	(5,014)	$	(6,401)
Recognition of underfunded status:
Accrued pension cost	$	(5,014)	$	(6,401)

Schedule of accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs

The funded status of the pension plan is equal to the net liability recognized in the consolidated balance sheets. The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands):

Schedule of changes in accumulated other comprehensive loss related to the pension plan

The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2020 and 2019 (in thousands):


	Pension Benefits
	Pretax		Net of Tax
Accumulated comprehensive loss, May 1, 2018	$	13,184	$	7,934
Net actuarial gain		(383)		(274)
Amortization of net loss		(905)		(629)
Accumulated comprehensive loss, April 30, 2019		11,896		7,031
Net actuarial loss (gain)		2,678		1,868
Recognized settlement gain		(2,929)		(2,049)
Amortization of net loss		(563)		(383)
Accumulated comprehensive loss, April 30, 2020	$	11,082	$	6,467

Schedule of asset allocation for the pension plan by asset category

The asset allocation for the pension plan by asset category was as follows:


	April 30,
	2020		2019
Equity securities	27	%	52	%
Fixed income securities	59		45
Other (principally cash and cash equivalents)	14		3
Total	100	%	100	%

Schedule of fair value hierarchy the pension plan's assets

The following table sets forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2020 and 2019 (in thousands):

2020:


	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,655	$	2,655	$	—	$	—
Investments at fair value:
Equity securities		4,880		4,880		—		—
Fixed income securities		10,725		—		10,725		—
Total assets at fair value	$	18,260	$	7,535	$	10,725	$	—

2019:


	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	631	$	631	$	—	$	—
Investments at fair value:
Equity securities		12,473		12,473		—		—
Fixed income securities		10,799		—		10,799		—
Total assets at fair value	$	23,903	$	13,104	$	10,799	$	—

Schedule of restricted share award activity

The summary of the 2019 and 2020 restricted share award activity presented below represents the maximum number of shares issued to employees that could be vested:


		Weighted Average
		Grant Date
Restricted share awards	Number of Shares	Fair Value
Non-vested at April 30, 2018	34,750	$	6.35
Granted during 2019	29,200		7.05
Vested during 2019	(21,283)		6.25
Forfeited during 2019	—		—
Non-vested at April 30, 2019	42,667		6.87

Granted during 2020	9,000		6.35
Vested during 2020	(14,833)		6.59
Forfeited during 2020	(4,000)		6.76
Non-vested at April 30, 2020	32,834	$	6.86

Year Ended April 30,

Pretax accumulated comprehensive loss