Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 35

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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5. 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.There were no Company contributions paid to the plans for the three and nine months ended January 31, 2024. The Company assumed an expected long-term rate of return of 7.75% for the period ended January 31, 2024. 

16

Pension expense consisted of the following (in thousands):Three Months EndedJanuary 31, 2024Service cost$— Interest cost223 Expected return on plan assets(328)Recognition of net loss146 Net periodic pension expense$41 Nine Months EndedJanuary 31, 2024Service cost$— Interest cost670 Expected return on plan assets(984)Recognition of net loss436 Net periodic pension expense$122 

P. Segment Information

The Company's operations are classified into two business segments: Domestic and International. The Domestic business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. On November 1, 2024, the Company completed its acquisition of Nu Aire, whose operating results are reflected in the Domestic Operations segment, expanding the Company's Domestic capabilities through its manufacturing of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products. See Note C, Nu Aire Acquisition for further information.  The International business segment, which consists of the Company's foreign subsidiaries, provides products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories. Intersegment transactions are recorded at normal profit margins. All intercompany balances and transactions have been eliminated. Certain corporate expenses shown below have not been allocated to the business segments.The following tables provide financial information by business segment and unallocated corporate expenses for the periods ended January 31, 2025 and 2024 (in thousands):DomesticOperationsInternationalOperationsCorporate /EliminationsTotalThree Months Ended January 31, 2025