Employee Benefit and Retirement Plans

12 Months Ended

Apr. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit and Retirement Plans

Employee Benefit and Retirement Plans

Under the American Woodmark Corporation Retirement Savings Plan (the "Plan"), essentially all employees are immediately eligible to participate in the Plan. Participants are eligible for 401(k) matching contributions based upon the employee’s contribution to the Plan. All participants employed at the end of the fiscal year and hired prior to November 2 of the fiscal year are eligible for a discretionary profit-sharing contribution.

Prior to February 1, 2024, discretionary profit-sharing contributions ranging from 0-5% of net income, based on predetermined net income levels of the Company, may be made annually in the form of Company stock. Effective February 1, 2024, the profit-sharing contributions are limited to 3% of net income. The Company contributed 5% of net income for the first nine months of fiscal 2024 and 3% of net income for the last three months of fiscal 2024. The Company recognized expenses for profit-sharing contributions of $5.3 million, $4.7 million, and $0.8 million in fiscal years 2024, 2023, and 2022, respectively.

For the first eight months of fiscal 2024, the Company matched 100% of an employee's annual 401(k) contributions to the Plan up to 4% of annual compensation. Effective January 1, 2024, the matching contribution was increased to the first 4% of annual compensation plus an additional 50% of the next 2% of annual compensation, thus providing a 5% match. The expense for 401(k) matching contributions for the plan was $12.9 million, $12.4 million, and $11.7 million, in fiscal years 2024, 2023, and 2022, respectively.