Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 112

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 1A
Chunk 112
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 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$— Amounts Recognized in the Consolidated Balance Sheets consist of:Non-current liabilities$— Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Consist of:Net actual loss$— Deferred tax benefit— After-tax actuarial loss$— Weighted-Average Assumptions Used to Determine Benefit Obligations at April 30Discount rateN/ARate of compensation increaseN/AMortality tableN/AProjection scaleN/AWeighted-Average Assumptions Used to Determine Net Periodic Benefit Cost2024Discount rateN/AExpected long-term return on plan assetsN/ARate of compensation increaseN/AThe components of the net periodic pension (income) expense for the fiscal year ended April 30, 2024 are as follows:$ in thousandsInterest cost$890 Expected return on plan assets(1,312)Recognition of net loss580 Net periodic pension expense$158 Effect of settlement4,019 Total net periodic pension expense plus special events$4,177 

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Defined Contribution PlanThe Company has two defined contribution plans covering substantially all domestic salaried and hourly employees. These plans provides benefits to all employees who meet minimum age and service requirements. The Company's plans provide for matching contributions based on a