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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 have 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

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-Name Accounting Standards Codification
-Topic 606
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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.

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