Company: KEQU
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0000055529-25-000040
Chunk: 19

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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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 three months ended July 31, 2025. The ending balance of goodwill at July 31, 2025 and April 30, 2025 was approximately $12.5 million.Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Condensed Consolidated Balance Sheet. See Note C, Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of July 31, 2025 and April 30, 2025 were as follows:July 31, 2025($ in thousands)Estimated Useful LifeGross Carrying AmountAccumulated AmortizationNet Book ValueCustomer relationships10 years$9,800 $(735)$9,065 Trade names and trademarksindefinite4,900 — 4,900 Developed technology7 years3,900 (418)3,482 Total$18,600 $(1,153)$17,447 

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April 30, 2025($ in thousands)Estimated Useful LifeGross Carrying AmountAccum