Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 260

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 260
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30, 2025 with future minimum lease payments in aggregate of approximately $267,000 that are not yet reflected on the Condensed Consolidated Balance Sheet. This lease is expected to commence in the second quarter of fiscal year 2026 with a lease term of 5 years.The Company is involved in certain claims and legal proceedings in the normal course of business which management believes will not have a material adverse effect on the Company's consolidated financial condition or results of operations.

Note 13 - Retirement Benefits

Defined Benefit PlansDuring the year ended April 30, 2024, the Company settled its non-contributory defined benefit plans by transferring approximately $17.8 million of pension obligations through the purchase of group annuity contracts for all remaining liabilities under the pension plan. In connection with the transfer, the Company contributed $287,000 in cash to the pension plan, which was intended to fully fund the Company’s remaining defined benefit pension liabilities. These non-contributory defined benefit pension plans, which covered some domestic employees, were amended as of April 30, 2005. Following this amendment, no further benefits have been earned under the plans, and no additional participants have been added. The defined benefit plan for salaried employees provides pension benefits that are based on each employee's years of service and average annual compensation during the last ten consecutive calendar years of employment as of April 30, 2005. The benefit plan for hourly employees provides benefits at stated amounts based on years of service as of April 30, 2005. 

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The change in projected benefit obligations and the change in fair value of plan assets for the non-contributory defined benefit pension plans for the year ended April 30, 2024 is summarized as follows: $ in thousands2024Accumulated Benefit Obligation, April 30$— Change in Projected Benefit ObligationsProjected benefit obligations, beginning of year$18,368 Interest cost890 Actuarial gain (loss)53 Actual benefits paid(1,558)Transfer to insurer(17,753)Projected benefit obligations, end of year$— Change in Plan AssetsFair value of plan assets, beginning of year$17,732 Actual return on plan assets1,292 Employer contributions287 Actual benefits paid(1,558)Transfer to insurer(17,753)Fair value of plan assets, end of year$— Funded status—under$— Amounts Recognized in the Consolidated Balance Sheets consist of: