Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 252

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 252
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72,049 20282,090 20292,132 20302,175 Thereafter29,561 Total Minimum Liability Payments40,016 Imputed Interest(12,596)Total$27,420  

Note 8—Income Taxes 

Effective August 1, 2019, the Company elected to revoke the indefinite reinvestment of foreign unremitted earnings position set forth by ASC 740-30-25-17 for multiple foreign subsidiaries. As a result of this election, the Company recorded a tax withholding expense imposed by the India Income Tax Department of $416,000 and $371,000 for the years ended April 30, 2025 and 2024, respectively.The Company's accounting policy with respect to the Global Intangible Low-Taxed Income ("GILTI") tax rules is that GILTI will be treated as a periodic charge in the year in which it arises.Income tax (benefit) expense consisted of the following:$ in thousands20252024Current tax (benefit) expense:Federal$3,043 $2,332 State and local610 65 Foreign1,752 2,661 Total current tax expense5,405 5,058 Deferred tax (benefit) expense:Federal(1,433)(10,378)State and local(650)(893)Foreign(120)275 Total deferred tax (benefit) expense(2,203)(10,996)Net income tax (benefit) expense$3,202 $(5,938)

44

The reasons for the differences between the above net income tax (benefit) expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:$ in thousands20252024Income tax expense at statutory rate$3,105 $2,755 State and local taxes, net of federal income tax benefit (168)575 Tax credits(515)(355)Effects of differing US and foreign tax rates183 243 Non-deductible transaction costs348 — Effect of pension settlement— (3,870)Return to provision adjustment(72)743 Impact of foreign subsidiary income to parent6 96 Increase (decrease) in valuation allowance7 (6,579)Deferred taxes on unremitted earnings416 371 Other items, net(108)83 Net income tax (benefit) expense$3,202 $(5,938)Significant items comprising