Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 313

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 313
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000 and $7,454,000 at April 30, 2025 and 2024, respectively. Ope

48

rating cash paid to settle lease liabilities was $3,394,000 and $2,594,000 for the fiscal year ended April 30, 2025 and 2024, respectively. The Company's leases have remaining lease terms of up to 7 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $4,433,000 for the twelve months ended April 30, 2025, inclusive of period cost for short-term leases, not included in lease liabilities, of $1,039,000. Operating lease expense was $3,458,000 for the fiscal year ended April 30, 2024, inclusive of period cost for short-term leases, not included in lease liabilities, of $864,000.At April 30, 2025, the weighted average remaining lease term for the capitalized operating leases was 4.1 years and the weighted average discount rate was 6.2%. At April 30, 2024, the weighted average remaining lease term for the capitalized operating leases was 4.2 years and the weighted average discount rate was 5.1%. For the financing leases, the weighted average remaining lease term was 4.2 years and the weighted average discount rate was 8.6% at April 30, 2025 as compared to 4.5 years and 8.3% at April 30, 2024. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable.Future minimum payments under the non-cancelable lease arrangements for the fiscal years ending April 30 are as follows:($ in thousands)OperatingFinancing2026$3,903 $113 20273,367 40 20282,477 40 20292,114 40 20301,635 40 Thereafter164 20 Total Minimum Lease Payments13,660 293 Imputed Interest(1,588)(48)Total$12,072 $245   In April 2025, the Company entered into a new lease that has not yet commenced as of April