Company: KEQU
Filing Date: 2025-12-12
Form Type: 10-Q
Source: 0000055529-25-000054
Chunk: 48

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-12-12
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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 notes, and short-term borrowings. The carrying value of these assets and liabilities approximates their fair value. The following tables summarize the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2025 and April 30, 2025 (in thousands): October 31, 2025Financial AssetsLevel 1Level 2TotalTrading securities held in non-qualified compensation plans (1)$2,488 $— $2,488 Cash surrender value of life insurance policies (1)— 1,557 1,557 Total$2,488 $1,557 $4,045 Financial LiabilitiesNon-qualified compensation plans (2)$— $4,545 $4,545 Total$— $4,545 $4,545  April 30, 2025Financial AssetsLevel 1Level 2TotalTrading securities held in non-qualified compensation plans (1)$1,861 $— $1,861 Cash surrender value of life insurance policies (1)— 1,403 1,403 Total$1,861 $1,403 $3,264 Financial LiabilitiesNon-qualified compensation plans (2)$— $3,708 $3,708 Total$— $3,708 $3,708 (1)The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value.(2)Plan liabilities are equal to the individual participants' account balances and other earned retirement benefits.

G. Goodwill and Other Intangible Assets

In connection with the Nu Aire Acquisition, on November 1, 2024, the Company recorded goodwill of $14.2 million on its Condensed Consolidated Balance Sheet. During the year ended April 30, 2025, the Company recorded a $1.8 million measurement period adjustment to increase inventory as a result of revised capitalized variances related to work-in-progress as of the acquisition date, with a corresponding decrease to Goodwill, net of the tax impact. See Note C, Nu Aire Acquisition for additional information. No impairment losses on goodwill were recorded during the six months ended October 31, 2025. The ending