Pension Benefits

9 Months Ended

Jan. 31, 2022

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Pension Benefits

Pension Benefits

Prior to April 30, 2020, the Company had two defined benefit pension plans covering many of the Company's employees hired prior to April 30, 2012. Effective April 30, 2012, the Company froze all future benefit accruals under the Company's defined-benefit pension plans. Effective April 30, 2020, these plans were merged into one plan, the American Woodmark Corporation Employee Pension Plan (the "Plan"). Effective December 31, 2020 (the "Plan Termination Date"), the Plan was terminated in a standard termination and benefits were distributed on December 2, 2021.

Net periodic pension benefit cost consisted of the following for the three- and nine-month periods ended January 31, 2022 and 2021: 

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
(in thousands)	2022		2021		2022		2021
Interest cost	$	450	$	1,165	$	3,148	$	3,496
Expected return on plan assets	(515)		(2,107)		(3,601)		(6,322)
Recognized net actuarial loss	167		441		1,164		1,321
Net periodic pension benefit	$	102	$	(501)	$	711	$	(1,505)

The Company did not contribute to the Plan in fiscal 2021 or the first nine months of fiscal 2022 and no additional contributions to the Plan are expected to be required in the future as a result of the settlement. The Company recognized a pension settlement charge of $69.5 million during the third quarter of fiscal 2022.