Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 98

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 1A
Chunk 98
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 discussed in Note 4, Nu Aire Acquisition. See Note 4, Nu Aire Acquisition, for further information.Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Condensed Consolidated Balance Sheet. See Note 4, Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of April 30, 2025 were as follows:April 30, 2025($ in thousands)Estimated Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountCustomer relationships10 years$9,800 $(490)$9,310 Trade names and trademarksIndefinite4,900 — 4,900 Developed technology7 years3,900 (279)3,621 Total$18,600 $(769)$17,831 The Company recorded amortization expense of $0.8 million for the fiscal year ended April 30, 2025. Expected future amortization expense related to intangible assets, net as of April 30, 2025, excluding trade names and trademarks, are as follows:($ in thousands)2026$1,537 20271,537 20281,537 20291,537 20301,537 Thereafter5,246 Total$12,931 No impairment losses on intangible assets, net were recorded during the fiscal year ended April 30, 2025.

Note 6—Long-term Debt and Other Credit Arrangements

The components of the Company's long-term debt, excluding lease, deferred financing costs of $0.8 million related to the debt, and sale-leaseback related activity, as presented on the Condensed Consolidated Balance Sheet were as follows:($ in thousands)April 30, 2025PNC Loan Agreement$13,750 Seller Notes23,935 Total long-term debt$37,685 Current portion of long-term debt$3,000 Non-current portion of long-term debt34,685 Total long-term debt$37,685 See Note 12, Leases, Commitments and Contingencies, for more information on any long-term debt related to the Company's lease portfolio and Note 7, Sale-Leaseback Financing Transaction, for more information on any long-term debt related to the Company's sale-leaseback