Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 52

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 52
---
484 1,484 Total$1,849 $1,484 $3,333 Financial LiabilitiesNon-qualified compensation plans (2)$— $3,818 $3,818 Total$— $3,818 $3,818  April 30, 2024Financial AssetsLevel 1Level 2TotalTrading securities held in non-qualified compensation plans (1)$1,565 $— $1,565 Cash surrender value of life insurance policies (1)— 1,077 1,077 Total$1,565 $1,077 $2,642 Financial LiabilitiesNon-qualified compensation plans (2)$— $3,009 $3,009 Total$— $3,009 $3,009 (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. See Note C, Nu Aire Acquisition for additional information. No impairment losses on goodwill were recorded during the three months ended January 31, 2025. The ending balance of goodwill at January 31, 2025 was approximately $14.2 million.Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Condensed Consolidated Balance Sheet. See Note C, Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of January 31, 2025 were as follows:January 31, 2025($ in thousands)Estimated Useful LifeGross Carrying AmountAccumulated AmortizationNet Book ValueCustomer relationships10 years$9,800 $(245)$9,555 Trade names and trademarksindefinite4,900 — 4,900 Developed technology7 years3,900 (139)3,761 Total$