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Revenue Recognition (Tables)

3 Months Ended

Jul. 31, 2018

Summary of Net Sales Transferred to Customers at a Point in Time and Over Time

A summary of net sales transferred to customers at a point in time and over time for the three months ended July 31, 2018 is as follows (in thousands):

		Domestic				International				Total
Over Time		$	34,248			$	6,082			$	40,330
Point in Time			1,822				—				1,822
		$	36,070			$	6,082			$	42,152

ASU 2014-09 [Member]

Summary of Impact of Adopting ASC 606 on Company's Condensed Consolidated Statements

The following table summarizes the impact of adopting ASC 606 on the condensed consolidated statements of operations:

		Three Months Ended July 31, 2018
		($ in thousands)
		As Reported				Adjustments				Balance Without Adoption of ASC 606
Net sales		$	42,152			$	(1,169	)		$	40,983
Costs of products sold			34,678				(685	)			33,993
Gross profit			7,474				(484	)			6,990
Operating expenses			5,763				2				5,765
Operating earnings			1,711				(486	)			1,225
Other income			164				—				164
Interest expense			(91	)			—				(91	)
Earnings before income taxes			1,784				(486	)			1,298
Income tax expense			368				(117	)			251
Net earnings			1,416				(369	)			1,047
Net earnings attributable to the noncontrolling interest			9				—				9
Net earnings attributable to Kewaunee Scientific Corporation			1,407				(369	)			1,038
Basic Earnings Per Share		$	0.51			$	(0.13	)		$	0.38
Diluted Earnings Per Share		$	0.50			$	(0.13	)		$	0.37

The following table summarizes the impact of adopting ASC 606 on the Company’s condensed consolidated balance sheets:

		Three months Ended July 31, 2018
		($ in thousands)
		As Reported				Adjustments				Balance Without Adoption of ASC 606
Assets
Cash and cash equivalents		$	9,064							$	9,064
Restricted Cash			1,023								1,023
Receivables, less allowances			36,048				(1,169	)			34,879
Inventories			15,006				685				15,691
Prepaid expenses and other assets			3,387								3,387
Total Current Assets			64,528				(484	)			64,044
Net property, plant and equipment			14,642								14,642
Other assets			5,756								5,756
Total Assets		$	84,926			$	(484	)		$	84,442
Liabilities and Equity
Short-term borrowings and interest rate swaps		$	7,528			$	—			$	7,528
Current portion of long-term debt			1 ,167				—				1,167
Accounts payable			13,153				2				13,155
Other current liabilities			7,048				(117	)			6,931
Total Current Liabilities			28,896				(115	)			28,781
Other non-current liabilities			7,633				—				7,633
Total Liabilities			36,529				(115	)			36,414
Noncontrolling interest			457				—				457
Kewaunee Scientific Corporation Equity			47,940				(369	)			47,571
Total Equity			48,397				—				48,028
Total Liabilities and Equity		$	84,926			$	(484	)		$	84,442

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045

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