XML 48 R36.htm IDEA: XBRL DOCUMENT

BENEFIT PLANS: (Tables)

12 Months Ended

Apr. 30, 2021

The Company made voluntary contributions to the pension plan of $1,847,000 and $3,600,000 during 2021 and 2020. The Company recognized a non-cash pre-tax pension settlement loss of $2,929,000 in 2020 due to the Company's defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to former employees. There were no such charges in 2021.

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 2021 and 2020.

Net periodic pension cost for 2021 and 2020 was comprised of the following components (in thousands):


	Year Ended April 30,
	2021		2020
Interest cost on projected benefit obligation	$	504	$	716
Expected return on assets		(1,409)		(1,591)
Plan expenses		340		410
Recognized net actuarial loss		529		563
Settlement loss		—		2,929
Net periodic pension cost	$	(36)	$	3,027

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 2022 are $392,000, $0 and $0. Assumptions used in determining net periodic pension cost and the benefit obligation were:


	Year Ended April 30,
	2021		2020
Discount rate used to determine net periodic pension cost	2.29	%	3.54	%
Discount rate used to determine pension benefit obligation	2.48	%	2.29	%
Expected long-term rate of return on assets used for pension cost on assets	7.75	%	7.75	%

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,
	2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	23,274	$	30,304
Interest cost		504		716
Actuarial loss (gain)		(537)		1,550
Benefits paid		(1,663)		(2,016)
Settlement paid		—		(7,280)
Benefit obligation at end of year	$	21,578	$	23,274
Change in plan assets:
Fair value of plan assets at beginning of year	$	18,260	$	23,903
Actual return on plan assets		2,808		393
Company contributions		1,847		3,600
Benefits paid		(1,663)		(2,016)
Settlement paid		—		(7,280)
Plan expenses		(150)		(340)
Fair value of plan assets at end of year	$	21,102	$	18,260
Underfunded status	$	(476)	$	(5,014)

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, 2021 and 2020 (in thousands):


	Pension Benefits
	Pretax		Net of Tax
Accumulated comprehensive loss, May 1, 2019	$	11,896	$	7,031
Net actuarial loss		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
Net actuarial gain		(2,127)		(1,483)
Amortization of net loss		(529)		(361)
Accumulated comprehensive loss, April 30, 2021	$	8,426	$	4,623

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,
	2021		2020
Equity securities	51	%	27	%
Fixed income securities	39		59
Other (principally cash and cash equivalents)	10		14
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, 2021 and 2020 (in thousands):

2021:


	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,215	$	2,215	$	—	$	—
Investments at fair value:
Equity securities		10,707		10,707		—		—
Fixed income securities		8,180		8,180		—		—
Total assets at fair value	$	21,102	$	21,102	$	—	$	—

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	$	18,260	$	—	$	—

Schedule of restricted share award activity

The summary of the 2020 and 2021 restricted share award activity presented below represents the maximum number of shares issued to employees that could be vested:


		Weighted Average
	Number of	Grant Date Fair Value
Restricted share awards	Shares	Per Share
Non-vested at May 1, 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 as of April 30, 2020	32,834	$	6.86
Granted during 2021	9,000		4.63
Vested during 2021	(12,834)		6.86
Forfeited during 2021	—		—
Non-vested as of April 30, 2021	29,000	$	6.18

Year Ended April 30,

Pretax accumulated comprehensive loss