Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 24

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 Total$123,908 $39,416 $163,324 $101,379 $45,674 $147,053 Contract BalancesThe closing balances of contract assets included $11,320,000 in accounts receivable and $1,000 in other assets at January 31, 2025. The opening balance of contract assets arising from contracts with customers included $11,840,000 in accounts receivable and $312,000 in other assets at April 30, 2024. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $7,773,000 at January 31, 2025 and $4,374,000 at April 30, 2024. The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which are disclosed in the Condensed Consolidated Balance Sheets and in the Notes to the Condensed Consolidated Financial Statements. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Unbilled receivables represent amounts earned which have not yet been billed in accordance with contractually stated billing terms and are included in receivables on the Condensed Consolidated Balance Sheets. Receivables are recorded when the right to consideration becomes unconditional and the Company has a right to invoice the customer. Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as (or when) the Company performs under the contract. Approximately 100% of the contract liability balances at April 30, 2024 and January 31, 2025 are expected to be recognized as revenue during the respective succeeding 12 months.

E. Inventories

The Company measures inventory using the first-in, first-out method at the lower of cost or net realizable value. Inventories consisted of the following (in thousands): January 31, 2025April 30, 2024Finished products$5,851 $3,042 Work in process2,470 1,931 Raw materials23,239 15,706 Total$31,560 $20,679 The Company's International subsidiaries' inventories were $2,722,000 at January 31, 2025 and $3,239,000 at April 30, 2024 and are included in the above tables.

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F. Fair Value of Financial Instruments

The