Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 82

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 1A
Chunk 82
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 and recorded based on past loss history and an overall assessment of past due trade accounts receivable amounts outstanding. Accounts are written off when it is clearly established that the receivable is a bad debt. Recoveries of receivables previously written off are recorded when received. 

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The activity in the allowance for credit losses for each of the years ended April 30 was:$ in thousands20252024Balance at beginning of year$588 $476 Provision for credit losses68 276 Write-offs, net(126)(164)Balance at end of year$530 $588 Unbilled Receivables Accounts receivable include unbilled receivables that represent amounts earned which have not yet been billed in accordance with contractually stated billing terms, excluding retention, which is included in other assets. The amount of unbilled receivables, excluding unbilled retention, at April 30, 2025 and 2024 was $12,693,000 and $11,840,000, respectively.Inventories The Company's inventories are valued at the lower of cost or net realizable value under the first-in, first-out ("FIFO") method. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is determined for financial reporting purposes principally on the straight-line method over the estimated useful lives of the individual assets or, for leaseholds, over the terms of the related leases, if shorter. Property, plant and equipment consisted of the following at April 30:$ in thousands20252024Useful LifeLand$41 $41 N/ABuilding and improvements18,240 17,280 2-40 yearsMachinery and equipment53,702 46,913 2-10 yearsTotal71,983 64,234 Less accumulated depreciation(48,809)(46,585)Net property, plant and equipment$23,174 $17,649 The Company recorded depreciation expense of $3,990,000 and $3,125,000 for the fiscal years ended April 30, 2025 and 2024, respectively.The Company reviews the carrying value of property, plant and equipment for impairment annually or whenever changes in circumstances or events indicate that such carrying value may not be recoverable. If projected undiscounted cash flows are not sufficient to recover the carrying value of the potentially impaired asset, the carrying value is reduced to estimated fair value. There were no impairments in fiscal years