XML 43 R22.htm IDEA: XBRL DOCUMENT
v3.19.2

Revenue Recognition (Tables) | 12 Months Ended
--- | ---
Apr. 30, 2019
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | A summary of net sales transferred to customers at a point in time and over time for the twelve months ended April 30, 2019 is as follows (in thousands):
| Twelve Months Ended April 30, 2019
| Domestic | International |  | Total
Over Time | $ | 110,338 |  |  | $ | 29,964 |  |  | $ | 140,302 |  |
Point in Time |  | 6,248 |  |  |  | — |  |  |  | 6,248 |  |
Total Revenue | $ | 116,586 |  |  | $ | 29,964 |  |  | $ | 146,550 |  |
Schedule of Prospective Adoption of New Accounting Pronouncements | The following table summarizes the impact of adopting ASC 606 on the Company's consolidated statement of operations:
| Twelve Months Ended April 30, 2019
| ($ in thousands, except per share amounts)
| As Reported |  | Adjustments |  | Balance Without Adoption of ASC 606
Net sales | $ | 146,550 |  |  | $ | (1,226 | ) |  | $ | 145,324 |
Cost of products sold | 121,231 |  |  |  | (403 | ) |  |  | 120,828 |
Gross profit | 25,319 |  |  |  | (823 | ) |  |  | 24,496 |
Operating expenses | 23,207 |  |  |  | (35 | ) |  |  | 23,172 |
Operating earnings | 2,112 |  |  |  | (788 | ) |  |  | 1,324 |
Other income | 389 |  |  |  | — |  |  |  | 389 |
Interest expense | (367 | ) |  |  | — |  |  |  | (367 | )
Earnings before income taxes | 2,134 |  |  |  | (788 | ) |  |  | 1,346 |
Income tax expense | 446 |  |  |  | (182 | ) |  |  | 264 |
Net earnings | 1,688 |  |  |  | (606 | ) |  |  | 1,082 |
Net earnings attributable to the noncontrolling interest | 159 |  |  |  | — |  |  |  | 159 |
Net earnings attributable to Kewaunee Scientific Corporation | $ | 1,529 |  |  | $ | (606 | ) |  | $ | 923 |
Basic Earnings Per Share | $ | 0.56 |  |  | $ | (0.22 | ) |  | $ | 0.34 |
Diluted Earnings Per Share | $ | 0.55 |  |  | $ | (0.22 | ) |  | $ | 0.33 |
The following table summarizes the impact of adopting ASC 606 on the Company’s consolidated balance sheet:
| April 30, 2019
| ($ in thousands)
| As Reported |  | Adjustments |  | Balance Without Adoption of ASC 606
Assets |  |  |  |  |
Receivables, less allowances |  | 33,259 |  |  |  | (3,354 | ) |  |  | 29,905 |
Inventories |  | 17,206 |  |  |  | 2,331 |  |  |  | 19,537 |
Total Current Assets |  | 65,357 |  |  |  | (1,023 | ) |  |  | 64,334 |
Total Assets | $ | 87,223 |  |  | $ | (1,023 | ) |  | $ | 86,200 |
Liabilities and Stockholders’ Equity |  |  |  |  |
Accounts payable |  | 15,190 |  |  |  | (59 | ) |  |  | 15,131 |
Deferred revenue |  | 1,599 |  |  |  | 117 |  |  |  | 1,716 |
Other accrued expenses |  | 1,510 |  |  |  | (258 | ) |  |  | 1,252 |
Total Current Liabilities |  | 32,733 |  |  |  | (200 | ) |  |  | 32,533 |
Total Liabilities |  | 39,520 |  |  |  | (200 | ) |  |  | 39,320 |
Total Kewaunee Scientific Corporation Stockholders’ Equity |  | 47,100 |  |  |  | (823 | ) |  |  | 46,277 |
Total Stockholders’ Equity |  | 47,703 |  |  |  | (823 | ) |  |  | 46,880 |
Total Liabilities and Stockholders’ Equity | $ | 87,223 |  |  | $ | (1,023 | ) |  | $ | 86,200 |
The following table summarizes the effect of the change in method of accounting on the Company's prior consolidated statement of operations:
| Twelve Months Ended April 30, 2018 |  | Effect of Accounting Change |  | Twelve Months Ended April 30, 2018
(in thousands, except per share data) | As Previously Reported |  | LIFO/FIFO |  | As Adjusted
Cost of products sold |  | 126,030 |  |  | (139 | ) |  | 125,891 |
Gross profit |  | 32,020 |  |  | 139 |  |  | 32,159 |
Earnings from continuing operations before income taxes |  | 9,480 |  |  | 139 |  |  | 9,619 |
Income tax expense |  | 4,115 |  |  | 46 |  |  | 4,161 |
Net earnings |  | 5,365 |  |  | 93 |  |  | 5,458 |
Net earnings attributable to Kewaunee Scientific Corporation | $ | 5,188 |  | $ | 93 |  | $ | 5,281 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |
Basic | $ | 1.91 |  | $ | 0.03 |  | $ | 1.94 |
Diluted | $ | 1.87 |  | $ | 0.03 |  | $ | 1.90 |
The following table summarizes the effect of the change in method of accounting on the Company's prior consolidated balance sheet:
| April 30, 2018 |  |  | Effect of Accounting Change |  |  | April 30, 2018
(in thousands) | As Previously Reported |  |  | LIFO/FIFO |  |  | As Adjusted
Inventory | $ | 17,662 |  |  | $ | 887 |  |  | $ | 18,549 |
Total Current Assets |  | 63,504 |  |  |  | 887 |  |  |  | 64,391 |
Deferred income taxes |  | 2,031 |  |  |  | (162 | ) |  |  | 1,869 |
Total Other Assets |  | 6,193 |  |  |  | (162 | ) |  |  | 6,031 |
Total Assets | $ | 84,358 |  |  | $ | 725 |  |  | $ | 85,083 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |
Other accrued expenses | $ | 2,062 |  |  | $ | 54 |  |  | $ | 2,116 |
Total Current Liabilities |  | 27,562 |  |  |  | 54 |  |  |  | 27,616 |
Total Liabilities |  | 36,837 |  |  |  | 54 |  |  |  | 36,891 |
Retained earnings |  | 43,165 |  |  |  | 671 |  |  |  | 43,836 |
Total Kewaunee Scientific Corporation Stockholders' Equity |  | 47,059 |  |  |  | 671 |  |  |  | 47,730 |
Total Equity |  | 47,521 |  |  |  | 671 |  |  |  | 48,192 |
Total Liabilities and Stockholders' Equity | $ | 84,358 |  |  | $ | 725 |  |  | $ | 85,083 |
The following table summarizes the effect of the change in method of accounting on the Company's prior consolidated cash flow:
|  | Twelve Months Ended April 30, |  | Effect of Accounting Change |  | Twelve Months Ended April 30,
|  | 2018 |  |  | 2018
| (in thousands) | As Previously Reported |  | LIFO/FIFO |  | As Adjusted
| Net earnings | $ | 5,365 |  |  | $ | 93 |  |  | $ | 5,458 |
| Change in assets and liabilities: |  |  |  |  |  |  |  |
| Inventories |  | (2,727 | ) |  |  | (139 | ) |  |  | (2,866 | )
| Accounts payable and other accrued expenses |  | 4,560 |  |  |  | 46 |  |  |  | 4,606 |
| Net cash provided by operating activities | $ | 3,183 |  |  | $ | — |  |  | $ | 3,183 |
Certain amounts in the Company’s consolidated statement of operations for the twelve months ended April 30, 2019 under the former LIFO method would have been as follows :
| Twelve Months Ended April 30, 2019
(in thousands, except per share amounts) | As Reported Under FIFO |  | Adjustments |  | As Computed Under LIFO
Cost of products sold | $ | 121,231 |  |  | $ | 444 |  |  | $ | 121,675 |
Income tax expense | 446 |  |  | (104 | ) |  | 342 |
Net earnings | 1,688 |  |  | (340 | ) |  | 1,348 |
Net earnings attributable to Kewaunee Scientific Corporation | $ | 1,529 |  |  | $ | (340 | ) |  | $ | 1,189 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |  |
Basic | $ | 0.56 |  |  | $ | (0.12 | ) |  | $ | 0.44 |
Diluted | $ | 0.55 |  |  | $ | (0.12 | ) |  | $ | 0.43 |
Certain amounts in the Company’s consolidated statement of cash flows for the twelve months ended April 30, 2019 would h ave been as follows under the former LIFO method:
| Twelve Months Ended April 30, 2019
(in thousands) | As Reported Under FIFO |  | Adjustments |  | As Computed Under LIFO
Net earnings | $ | 1,688 |  |  | $ | (340 | ) |  | $ | 1,348 |
Change in assets and liabilities: |  |  |  |  |
Inventories | 456 |  |  | 444 |  |  | 900 |
Other, net | (1,685 | ) |  | (104 | ) |  | (1,789 | )
Net cash provided by operating activities | $ | 2,490 |  |  | $ | — |  |  | $ | 2,490 |
Certain amounts in the Company’s consolidated balance sheet as of April 30, 2019 would have been as follows under the former LIFO method:
| April 30, 2019
(in thousands) | As Reported Under FIFO |  | Adjustments |  | As Computed Under LIFO
Inventories | $ | 17,206 |  |  | $ | (1,331 | ) |  | $ | 15,875 |
Total Current Assets | 65,357 |  |  | (1,331 | ) |  | 64,026 |
Deferred Income Taxes | 1,829 |  |  | 156 |  |  | 1,985 |
Prepaid Expenses and Other Assets | 3,736 |  |  | 164 |  |  | 3,900 |
Total Assets | 87,223 |  |  | (1,011 | ) |  | 86,212 |
Retained Earnings | 43,552 |  |  | (1,011 | ) |  | 42,541 |
Total Kewaunee Scientific Corporation Stockholders’ Equity | 47,100 |  |  | (1,011 | ) |  | 46,089 |
Total Stockholders’ Equity | 47,703 |  |  | (1,011 | ) |  | 46,692 |
Total Liabilities and Stockholders’ Equity | $ | 87,223 |  |  | $ | (1,011 | ) |  | $ | 86,212 |

X
- 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 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration