Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 295

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 295
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 as differing types of laboratory furniture and installation services. For these arrangements, each good or service is evaluated to determine whether it represents a distinct performance obligation. The total transaction price is then allocated to the distinct performance obligations based on their relative standalone selling price at the inception of the arrangement. If available, the Company utilizes observable prices for goods or services sold separately to similar customers in similar circumstances to determine its relative standalone selling price. Otherwise, list prices are used if they are determined to be representative of standalone selling prices. If neither of these methods are available at contract inception, such as when the Company does not sell the product or service separately, judgment may be required and the Company determines the standalone selling price using one, or a combination of, the adjusted market assessment or expected cost-plus margin approaches.Practical Expedients UsedThe Company has elected the following practical expedients:•The portfolio approach was applied in evaluating the accounting for the cost of obtaining a contract.•Payment terms with the Company's customers which are one year or less are not considered a significant financing component.

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•The Company excludes from revenues taxes it collects from customers that are assessed by a government authority. This is primarily relevant to domestic sales but also includes taxes on some international sales which are also excluded from the transaction price.•The Company's incremental cost to obtain a contract is limited to sales commissions. The Company applies the practical expedient to expense commissions as incurred for contracts having a duration of one year or less. Sales commissions related to contracts with a duration of greater than one year are immaterial to the Company's consolidated financial position and results of operations and are also expensed as incurred.Disaggregated RevenueA summary of net sales transferred to customers at a point in time and over time for the twelve months ended April 30 is as follows (in thousands): 2025DomesticInternationalTotalOver Time$132,723 $61,074 $193,797 Point in Time46,675 — 46,675 Total Revenue$179,398 $61,074 $240,472 2024DomesticInternationalTotalOver Time$131,798 $66,517 $198,315 Point in Time5,440 — 5,440 Total Revenue$137,238 $66,517 $203,755 Contract BalancesThe closing balances of contract assets included $12,693,000 in accounts receivable at April 30, 2025. The opening balance of contract assets arising from contracts with customers included $