Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 288

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 288
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 (in thousands):2025Level 1Level 2Level 3TotalFinancial AssetsTrading securities held in non-qualified compensation plans (1)$1,861 $— $— $1,861 Cash surrender value of life insurance policies (1)— 1,403 — 1,403 Total$1,861 $1,403 $— $3,264 Financial LiabilitiesNon-qualified compensation plans (2)$— $3,708 $— $3,708 Total$— $3,708 $— $3,708 2024Level 1Level 2Level 3TotalFinancial AssetsTrading securities held in non-qualified compensation plans (1)$1,565 $— $— $1,565 Cash surrender value of life insurance policies (1)— 1,077 — 1,077 Total$1,565 $1,077 $— $2,642 Financial LiabilitiesNon-qualified compensation plans (2)$— $3,009 $— $3,009 Total$— $3,009 $— $3,009 (1)The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value.(2)Plan liabilities are equal to the individual participants' account balances and other earned retirement benefits.Revenue Recognition Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company's revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company's revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. Sales taxes that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Certain customers' cash discounts and volume rebates are offered as sales incentives. The discounts and volume