Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 50

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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.29 $2.70 

D. Revenue Recognition

The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company's revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company's revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract.

9

Disaggregated RevenueA summary of net sales transferred to customers over time and at a point in time for the periods ended January 31, 2025 and January 31, 2024 is as follows (in thousands):Three Months Ended January 31, 2025January 31, 2024 DomesticInternationalTotalDomesticInternationalTotalOver Time$33,082 $15,191 $48,273 $30,207 $15,004 $45,211 Point in Time18,894 — 18,894 1,567 — 1,567 Total$51,976 $15,191 $67,167 $31,774 $15,004 $46,778 Nine Months Ended January 31, 2025January 31, 2024 DomesticInternationalTotalDomesticInternationalTotalOver Time$102,594 $39,416 $142,010 $96,880 $45,674 $142,554 Point in Time21,314 — 21,314 4,499 — 4,499 Total$123,908 $39,416 $163,324 $101,379 $45,674 $147,053 Contract BalancesThe closing balances of contract assets included $11,320,000 in accounts receivable and $1,000 in other assets at January 31, 2025. The opening balance of contract assets arising from contracts with customers included $11,840,000 in accounts receivable and $312,000 in other assets at April 30, 2024. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $7,773,000 at January 31, 2025 and $