KEWAUNEE SCIENTIFIC CORP /DE/KEQU

KEWAUNEE SCIENTIFIC CORP /DE/ Goodwill & Intangibles Disclosure

10-KFiled Jun 26, 20262 min read
Goodwill & Other Intangible Assets
In connection with the Nu Aire Acquisition, on November 1, 2024, the Company recorded goodwill of $14.2 million on its Consolidated Balance Sheet. See Note 4, Nu Aire Acquisition for additional information. No impairment losses on goodwill were recorded during the twelve months ended April 30, 2026 or 2025. The ending balance of goodwill at April 30, 2026 was approximately $12.5 million after the impact of the measurement adjustment discussed in Note 4, Nu Aire Acquisition. See Note 4, Nu Aire Acquisition, for further information.
Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Consolidated Balance Sheet. See Note 4, Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of April 30, 2026 and April 30, 2025, respectively, were as follows:
April 30, 2026
($ in thousands)Estimated Useful LifeGross Carrying AmountAccumulated Amortization
Net Carrying Amount
Customer relationships10 years$9,800 $(1,470)$8,330 
Trade names and trademarksIndefinite4,900 — 4,900 
Developed technology7 years3,900 (836)3,064 
Total$18,600 $(2,306)$16,294 
April 30, 2025
($ in thousands)Estimated Useful LifeGross Carrying AmountAccumulated Amortization
Net Carrying Amount
Customer relationships10 years$9,800 $(490)$9,310 
Trade names and trademarksIndefinite4,900 — 4,900 
Developed technology7 years3,900 (279)3,621 
Total$18,600 $(769)$17,831 
The Company recorded amortization expense of $1.5 million and $0.8 million for the fiscal year ended April 30, 2026 and 2025, respectively. Expected future amortization expense related to intangible assets, net as of April 30, 2026, excluding trade names and trademarks, are as follows:
($ in thousands)
2027$1,537 
20281,537 
20291,537 
20301,537 
20311,537 
Thereafter3,709 
Total$11,394 
No impairment losses on intangible assets, net were recorded during the fiscal year ended April 30, 2026 or 2025.
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Historical Timeline

Fiscal YearFiled
2026Jun 26, 2026Showing above
2025Jul 2, 2025

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

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