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Revenue Recognition (Tables)

9 Months Ended

Jan. 31, 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 three and nine months ended January 31, 2019 is as follows (in thousands):

	Three Months Ended January 31, 2019
	Domestic				International				Total
Over Time	$	24,414			$	7,155			$	31,569
Point in Time	803				—				803
	$	25,217			$	7,155			$	32,372

	Nine Months Ended January 31, 2019
	Domestic				International				Total
Over Time	$	86,973			$	19,893			$	106,866
Point in Time	4,936				—				4,936
	$	91,909			$	19,893			$	111,802

Schedule of Prospective Adoption of New Accounting Pronouncements

The following tables summarize the impact of adopting ASC 606 on the condensed consolidated statements of operations:

	Three Months Ended January 31, 2019
	($ in thousands, except per share amounts)
	As Reported				Adjustments				Balance Without Adoption of ASC 606
Net sales	$	32,372			$	(1,668	)		$	30,704
Costs of products sold	27,142				(1,519		)		25,623
Gross profit	5,230				(149		)		5,081
Operating expenses	5,305				6				5,311
Operating loss	(75		)		(155		)		(230		)
Other income	186				—				186
Interest expense	(76		)		—				(76		)
Earnings (loss) before income taxes	35				(155		)		(120		)
Income tax expense (benefit)	20				(46		)		(26		)
Net earnings (loss)	15				(109		)		(94		)
Net earnings attributable to the noncontrolling interest	37				—				37
Net earnings (loss) attributable to Kewaunee Scientific Corporation	$	(22	)		$	(109	)		$	(131	)
Basic Loss Per Share	$	(0.01	)		$	(0.04	)		$	(0.05	)
Diluted Loss Per Share	$	(0.01	)		$	(0.04	)		$	(0.05	)

	Nine Months Ended January 31, 2019
	($ in thousands, except per share amounts)
	As Reported				Adjustments				Balance Without Adoption of ASC 606
Net sales	$	111,802			$	(1,720	)		$	110,082
Costs of products sold	91,325				(1,169		)		90,156
Gross profit	20,477				(551		)		19,926
Operating expenses	17,031				11				17,042
Operating earnings	3,446				(562		)		2,884
Other income	500				—				500
Interest expense	(258		)		—				(258		)
Earnings before income taxes	3,688				(562		)		3,126
Income tax expense	803				(138		)		665
Net earnings	2,885				(424		)		2,461
Net earnings attributable to the noncontrolling interest	86				—				86
Net earnings attributable to Kewaunee Scientific Corporation	$	2,799			$	(424	)		$	2,375
Basic Earnings Per Share	$	1.02			$	(0.15	)		$	0.87
Diluted Earnings Per Share	$	1.00			$	(0.15	)		$	0.85

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

	January 31, 2019
	($ in thousands)
	As Reported				Adjustments				Balance Without Adoption of ASC 606
Assets
Cash and cash equivalents	$	10,771			$	—			$	10,771
Restricted cash	606				—				606
Receivables, less allowances	27,929				(3,304		)		24,625
Inventories	16,672				3,106				19,778
Prepaid expenses and other assets	3,778				—				3,778
Total Current Assets	59,756				(198		)		59,558
Net property, plant and equipment	15,202				—				15,202
Other assets	4,604				—				4,604
Total Assets	$	79,562			$	(198	)		$	79,364
Liabilities and Stockholders’ Equity
Short-term borrowings and interest rate swaps	$	5,118			$	—			$	5,118
Current portion of long-term debt and lease obligations	1,184				—				1,184
Accounts payable	11,106				(4		)		11,102
Deferred revenue	1,450				661				2,111
Other current liabilities	4,848				(214		)		4,634
Total Current Liabilities	23,706				443				24,149
Other non-current liabilities	6,345				—				6,345
Total Liabilities	30,051				443				30,494
Noncontrolling interest	521				—				521
Total Kewaunee Scientific Corporation Stockholders’ Equity	48,990				(641		)		48,349
Total Stockholders’ Equity	49,511				(641		)		48,870
Total Liabilities and Stockholders’ Equity	$	79,562			$	(198	)		$	79,364

Certain amounts in the Company’s condensed consolidated balance sheet as of April 30, 2018 were adjusted as follows (in thousands):

	April 30, 2018
	As Originally Reported				Adjustments				As Adjusted
Inventories	$	17,662			$	887			$	18,549
Total Current Assets	63,504				887				64,391
Deferred Income Taxes	2,031				(162		)		1,869
Total Assets	84,358				725				85,083
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 Stockholders’ Equity	47,521				671				48,192
Total Liabilities and Stockholders’ Equity	$	84,358			$	725			$	85,083

Certain amounts in the Company’s condensed consolidated statement of operations for the three and nine months ended January 31, 2018 under the FIFO method would have been as follows (in thousands, except per share amounts):

	Three Months Ended January 31, 2018
	As Reported Under LIFO			Adjustments			As Adjusted  Under FIFO
Cost of products sold	$	29,836		$	(45	)	$	29,791
Income tax expense	1,566			15			1,581
Net earnings	918			30			948
Net earnings attributable to Kewaunee Scientific Corporation	$	883		$	30		$	913
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic	$	0.32		$	0.01		$	0.33
Diluted	$	0.31		$	0.01		$	0.32

	Nine Months Ended January 31, 2018
	As Reported Under LIFO			Adjustments			As Adjusted  Under FIFO
Cost of products sold	$	90,456		$	(45	)	$	90,411
Income tax expense	3,149			15			3,164
Net earnings	3,875			30			3,905
Net earnings attributable to Kewaunee Scientific Corporation	$	3,755		$	30		$	3,785
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic	$	1.38		$	0.01		$	1.39
Diluted	$	1.35		$	0.01		$	1.36

Certain amounts in the Company’s condensed consolidated statement of cash flows as of January 31, 2018 would have been as follows under the FIFO method (in thousands):

	Nine Months Ended January 31, 2018
	As Reported Under LIFO			Adjustments			As Adjusted Under FIFO
Net earnings	$	3,875		$	30		$	3,905
Decrease in inventories	(2,745		)	(45		)	(2,790		)
Increase in accounts payable and other accrued expenses	2,020			15			2,035
Net cash used in operating activities	$	(645	)	$	—		$	(645	)

Certain amounts in the Company’s condensed consolidated statement of operations for the three and nine months ended January 31, 2019 under the former LIFO method would have been as follows (in thousands, except per share amounts):

	Three Months Ended January 31, 2019
	As Reported  Under FIFO				Adjustments				As Computed Under LIFO
Cost of products sold	$	27,142			$	(49	)		$	27,093
Income tax expense	20				12				32
Net earnings	15				37				52
Net earnings (loss) attributable to Kewaunee Scientific Corporation	$	(22	)		$	37			$	15
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders
Basic	$	(0.01	)		$	0.01			$	—
Diluted	$	(0.01	)		$	0.01			$	—

	Nine Months Ended January 31, 2019
	As Reported  Under FIFO				Adjustments				As Computed Under LIFO
Cost of products sold	$	91,325			$	151			$	91,476
Income tax expense	803				(37		)		766
Net earnings	2,885				(114		)		2,771
Net earnings attributable to Kewaunee Scientific Corporation	$	2,799			$	(114	)		$	2,685
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic	$	1.02			$	(0.04	)		$	0.98
Diluted	$	1.00			$	(0.04	)		$	0.96

Certain amounts in the Company’s condensed consolidated statement of cash flows as of January 31, 2019 would have been as follows under the former LIFO method (in thousands):

	Nine Months Ended January 31, 2019
	As Reported  Under FIFO				Adjustments				As Computed Under LIFO
Net earnings	$	2,885			$	(114	)		$	2,771
Decrease in inventories	990				151				1,141
Decrease in accounts payable and other accrued expenses	(4,879		)		(37		)		(4,916		)
Net cash provided by operating activities	$	4,534			$	—			$	4,534

Certain amounts in the Company’s condensed consolidated balance sheet as of January 31, 2019 would have been as follows under the former LIFO method (in thousands):

	January 31, 2019
	As Reported Under FIFO				Adjustment				As Computed Under LIFO
Inventories	$	16,672			$	(1,038	)		$	15,634
Total Current Assets	59,756				(1,038		)		58,718
Deferred Income Taxes	1,676				162				1,838
Total Assets	79,562				(876		)		78,686
Other Accrued Expenses	2,894				(91		)		2,803
Total Current Liabilities	23,706				(91		)		23,615
Total Liabilities	30,051				(91		)		29,960
Retained Earnings	45,345				(785		)		44,560
Total Kewaunee Scientific Corporation Stockholders’ Equity	48,990				(785		)		48,205
Total Stockholders’ Equity	49,511				(785		)		48,726
Total Liabilities and Stockholders’ Equity	$	79,562			$	(876	)		$	78,686

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
-SubTopic 10
-Section 50
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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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