Kewaunee Scientific (KEQU) 10-Q 13 Mar 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2020	Mar. 09, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	KEWAUNEE SCIENTIFIC CORP /DE/
Entity Central Index Key	0000055529
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,750,143

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Income Statement [Abstract]
Net sales	$ 34,225	$ 32,372	$ 113,283	$ 111,802
Cost of products sold	28,947	27,142	94,743	91,325
Gross profit	5,278	5,230	18,540	20,477
Operating expenses	7,350	5,232	19,875	16,810
Operating earnings (loss)	(2,072)	(2)	(1,335)	3,667
Other income (loss)	(29)	113	43	279
Interest expense, net	(150)	(76)	(452)	(258)
Earnings (loss) before income taxes	(2,251)	35	(1,744)	3,688
Income tax expense (benefit)	(350)	20	1,822	803
Net earnings (loss)	(1,901)	15	(3,566)	2,885
Less: net earnings attributable to the noncontrolling interest	17	37	59	86
Net earnings (loss) attributable to Kewaunee Scientific Corporation	$ (1,918)	$ (22)	$ (3,625)	$ 2,799
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders
Basic (in dollars per share)	$ (0.70)	$ (0.01)	$ (1.32)	$ 1.02
Diluted (in dollars per share)	$ (0.70)	$ (0.01)	$ (1.32)	$ 1
Weighted average number of common shares outstanding
Basic	2,750	2,744	2,750	2,741
Diluted	2,750	2,794	2,750	2,799

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (1,901)	$ 15	$ (3,566)	$ 2,885
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(26)	496	(9)	(617)
Change in fair value of cash flow hedge	0	(1)	1	4
Other comprehensive income (loss)	(26)	495	(8)	(613)
Comprehensive income (loss), net of tax	(1,927)	510	(3,574)	2,272
Less: comprehensive income attributable to the noncontrolling interest	17	37	59	86
Comprehensive income (loss) attributable to Kewaunee Scientific Corporation	$ (1,944)	$ 473	$ (3,633)	$ 2,186

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Apr. 30, 2018	$ 47,730	$ 6,841	$ 3,006	$ (53)	$ 43,836	$ (5,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	1,489				1,489
Other comprehensive income (loss)	(384)					(384)
Cash dividends paid	(465)				(465)
Stock options exercised		13	(13)
Stock based compensation	106	7	99
Ending balance at Jul. 31, 2018	48,693	6,861	3,092	(53)	45,077	(6,284)
Beginning balance at Apr. 30, 2018	47,730	6,841	3,006	(53)	43,836	(5,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(724)
Ending balance at Oct. 31, 2018	48,920	6,869	3,224	(53)	45,888	(7,008)
Beginning balance at Apr. 30, 2018	47,730	6,841	3,006	(53)	43,836	(5,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	2,799
Other comprehensive income (loss)	(613)
Ending balance at Jan. 31, 2019	48,990	6,869	3,342	(53)	45,345	(6,513)
Beginning balance at Jul. 31, 2018	48,693	6,861	3,092	(53)	45,077	(6,284)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	1,332				1,332
Other comprehensive income (loss)						(724)
Cash dividends paid	(521)				(521)
Stock options exercised		8	(8)
Stock based compensation	140		140
Ending balance at Oct. 31, 2018	48,920	6,869	3,224	(53)	45,888	(7,008)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	(22)				(22)
Other comprehensive income (loss)	495					495
Cash dividends paid					(521)
Stock based compensation	118		118
Ending balance at Jan. 31, 2019	48,990	6,869	3,342	(53)	45,345	(6,513)
Beginning balance at Apr. 30, 2019	47,100	6,875	3,133	(53)	43,552	(6,407)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	471				471
Other comprehensive income (loss)	195					195
Cash dividends paid	(522)				(522)
Stock based compensation	60	9	51
Ending balance at Jul. 31, 2019	47,304	6,884	3,184	(53)	43,501	(6,212)
Beginning balance at Apr. 30, 2019	47,100	6,875	3,133	(53)	43,552	(6,407)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	(3,625)
Other comprehensive income (loss)	(8)
Ending balance at Jan. 31, 2020	42,649	6,885	3,350	(53)	38,882	(6,415)
Beginning balance at Jul. 31, 2019	47,304	6,884	3,184	(53)	43,501	(6,212)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	(2,178)				(2,178)
Other comprehensive income (loss)	(177)					(177)
Cash dividends paid	(523)				(523)
Stock based compensation	42		42
Ending balance at Oct. 31, 2019	44,468	6,884	3,226	(53)	40,800	(6,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	(1,918)				(1,918)
Other comprehensive income (loss)	(26)					(26)
Cash dividends paid	(521)
Stock options exercised		1	(1)
Stock based compensation	125		125
Ending balance at Jan. 31, 2020	$ 42,649	$ 6,885	$ 3,350	$ (53)	$ 38,882	$ (6,415)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends paid (in usd per share)		$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.17
Stock options exercised (in shares)	2,300				5,800	9,250

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Current Assets:
Cash and cash equivalents	$ 3,554	$ 10,647
Restricted cash	2,509	509
Receivables, less allowance; $647; $361, on each respective date	27,409	33,259
Inventories	15,246	17,206
Prepaid expenses and other current assets	4,503	3,736
Total Current Assets	53,221	65,357
Property, plant and equipment, at cost	58,007	56,676
Accumulated depreciation	(42,102)	(40,214)
Net Property, Plant and Equipment	15,905	16,462
Right of use assets	11,130
Deferred income taxes	773	1,829
Other assets	3,332	3,575
Total Other Assets	15,235	5,404
Total Assets	84,361	87,223
Current Liabilities:
Short-term borrowings and interest rate swaps	4,017	9,513
Current portion of long-term debt	0	1,167
Current portion of capital lease liability	19
Current portion of capital lease liability		17
Current portion of operating lease liabilities	2,088
Accounts payable	11,661	15,190
Employee compensation and amounts withheld	3,511	3,737
Deferred revenue	1,800	1,599
Other accrued expenses	2,400	1,510
Total Current Liabilities	25,496	32,733
Long-term debt	0	97
Long-term portion of capital lease liability	118
Long-term portion of capital lease liability		132
Long-term portion of operating lease liabilities	8,887
Accrued pension and deferred compensation costs	5,880	5,878
Other non-current liabilities	1,031	680
Total Liabilities	41,412	39,520
Commitments and Contingencies
Stockholders’ Equity:
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,754 shares; 2,750 shares; – Outstanding – 2,751 shares; 2,747 shares, on each respective date	6,885	6,875
Additional paid-in-capital	3,350	3,133
Retained earnings	38,882	43,552
Accumulated other comprehensive loss	(6,415)	(6,407)
Common stock in treasury, at cost, 3 shares, on each date	(53)	(53)
Total Kewaunee Scientific Corporation Stockholders’ Equity	42,649	47,100
Noncontrolling interest	300	603
Total Stockholders’ Equity	42,949	47,703
Total Liabilities and Stockholders’ Equity	$ 84,361	$ 87,223

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Statement of Financial Position [Abstract]
Allowance for receivables	$ 647	$ 361
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,754,000	2,750,000
Common stock, shares outstanding	2,751,000	2,747,000
Treasury stock, shares	3,000	3,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Cash flows from operating activities:
Net earnings (loss)	$ (3,566)	$ 2,885
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	1,927	1,908
Bad debt provision	321	57
Stock based compensation expense	241	393
Provision for deferred income taxes	1,056	355
Change in assets and liabilities:
Receivables	5,530	4,674
Inventories	1,959	990
Accounts payable and other accrued expenses	(2,512)	(4,879)
Deferred revenue	201	(434)
Other, net	(546)	(1,415)
Net cash provided by operating activities	4,611	4,534
Cash flows from investing activities:
Capital expenditures	(1,371)	(2,290)
Net cash used in investing activities	(1,371)	(2,290)
Cash flows from financing activities:
Dividends paid	(1,045)	(1,507)
Dividends paid to noncontrolling interest in subsidiaries	(324)	(51)
Proceeds from short-term borrowings	44,958	46,103
Repayments on short-term borrowings	(50,454)	(44,870)
Payments on long-term debt and lease obligations	(1,277)	(880)
Net proceeds from exercise of stock options	(14)	(29)
Net cash used in financing activities	(8,156)	(1,234)
Effect of exchange rate changes on cash and cash equivalents	(177)	(591)
Increase (decrease) in cash, cash equivalents and restricted cash	(5,093)	419
Cash, cash equivalents and restricted cash, beginning of period	11,156	10,958
Cash, cash equivalents and restricted cash, end of period	$ 6,063	$ 11,377

Financial Information

Financial Information	9 Months Ended
	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Information	Financial Information The unaudited interim condensed consolidated financial statements of Kewaunee Scientific Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of these financial statements and should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2019 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. The condensed consolidated balance sheet as of April 30, 2019 included in this interim period filing has been derived from the audited financial statements at that date, but does not include all of the information and related notes required by generally accepted accounting principles ("GAAP") for complete financial statements. The preparation of the interim condensed consolidated financial statements requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Jan. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. During the periods ended January 31, 2020 and April 30, 2019 , the Company had cash deposits in excess of FDIC insured limits. The Company has not experienced any losses from such deposits. Restricted cash includes bank deposits of subsidiaries used for performance guarantees against customer orders. In accordance with ASU 2016-18, Statement of Cash Flows: Restricted Cash, the Company includes restricted cash along with the cash balance for presentation in the condensed consolidated statements of cash flows. The reconciliation between the condensed consolidated balance sheet and the condensed consolidated statement of cash flows is as follows: January 31, 2020 April 30, 2019 Cash and cash equivalents $ 3,554 $ 10,647 Restricted cash 2,509 509 Total cash, cash equivalents and restricted cash $ 6,063 $ 11,156

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company’s revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company’s revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. Disaggregated Revenue A summary of net sales transferred to customers at a point in time and over time for the periods ended January 31, 2020 and January 31, 2019 is as follows (in thousands): Three Months Ended January 31, 2020 Three months ended January 31, 2019 Domestic International Total Domestic International Total Over Time $ 25,107 $ 7,526 $ 32,633 $ 24,414 $ 7,155 $ 31,569 Point in Time 1,592 — 1,592 803 — 803 $ 26,699 $ 7,526 $ 34,225 $ 25,217 $ 7,155 $ 32,372 Nine Months Ended January 31, 2020 Nine Months Ended January 31, 2019 Domestic International Total Domestic International Total Over Time $ 83,292 $ 25,713 $ 109,005 $ 86,973 $ 19,893 $ 106,866 Point in Time 4,278 — 4,278 4,936 — 4,936 $ 87,570 $ 25,713 $ 113,283 $ 91,909 $ 19,893 $ 111,802 Contract Balances The closing and opening balances of contract assets arising from contracts with customers which were recorded as unbilled receivables were $ 4,673,000 at January 31, 2020 and $ 4,589,000 at April 30, 2019 . The closing and opening balances of contract liabilities arising from contracts with customers were $ 1,800,000 at January 31, 2020 and $1,599,000 at April 30, 2019 . The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which are disclosed in the condensed consolidated balance sheets and in the notes to the condensed consolidated financial statements. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Unbilled receivables represent amounts earned which have not yet been billed in accordance with contractually stated billing terms. Receivables are recorded when the right to consideration becomes unconditional and the Company has a right to invoice the customer. Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as (or when) the Company performs under the contract. Approximately all of the contract liability balances at April 30, 2019 and January 31, 2020 are expected to be recognized as revenue during the respective succeeding 12 months.

Inventories

Inventories	9 Months Ended
	Jan. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The Company measures inventory using the first-in, first-out ("FIFO") method at the lower of cost and net realizable value. Inventories consisted of the following (in thousands): January 31, 2020 April 30, 2019 Finished products $ 3,135 $ 4,139 Work in process 1,796 2,179 Raw materials 10,315 10,888 $ 15,246 $ 17,206 The Company’s International subsidiaries’ inventories were $2,012,000 at January 31, 2020 and $1,863,000 at April 30, 2019 and are included in the above tables.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jan. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and equivalents, mutual funds, cash surrender value of life insurance policies, term loans and short-term borrowings. The carrying value of these assets and liabilities approximates their fair value. The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2020 and April 30, 2019 (in thousands): January 31, 2020 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,749 $ — $ 2,749 Cash surrender value of life insurance policies (1) — 76 76 Total $ 2,749 $ 76 $ 2,825 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,182 $ 3,182 Total $ — $ 3,182 $ 3,182 April 30, 2019 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,057 $ — $ 3,057 Cash surrender value of life insurance policies (1) — 76 76 Total $ 3,057 $ 76 $ 3,133 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,519 $ 3,519 Interest rate swap derivatives — 1 1 Total $ — $ 3,520 $ 3,520 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Jan. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company records derivatives on the condensed consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of hedging relationships. The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates. The Company does not enter into derivative instruments for speculative purposes. In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $3,450,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 4.875% for the period beginning May 1, 2013 and ending August 1, 2017 . In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $2,600,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 4.37% for the period beginning August 1, 2017 and ending May 1, 2020 . In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $1,218,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 3.07% for the period beginning November 3, 2014 and ending May 1, 2020 . The Company entered into these interest rate swap arrangements to mitigate future interest rate risk associated with its long-term debt and has designated these as cash flow hedges. In September 2019 , the Company terminated the interest rate swap arrangements in conjunction with the payoff of the outstanding long-term debt.

Long-term Debt and Other Credit

Long-term Debt and Other Credit Arrangements	9 Months Ended
	Jan. 31, 2020
Debt Disclosure [Abstract]
Long-term Debt and Other Credit Arrangements	Long-term Debt and Other Credit Arrangements At January 31, 2020 , advances of $ 3.3 million were outstanding under the Company’s revolving credit facility, compared to advances of $ 9.5 million outstanding as of April 30, 2019 . The Company had standby letters of credit outstanding of $ 344,000 at January 31, 2020 compared to standby letters of credit outstanding of $ 5.2 million at April 30, 2019 . Amounts available under the revolving credit facility were $ 10.2 million and $ 5.3 million at January 31, 2020 and April 30, 2019 , respectively. At April 30, 2019 , the Company was not in compliance with all of the financial covenants under the revolving credit facility. The Company received a waiver from its lender with respect to this noncompliance pursuant to a waiver letter executed on June 19, 2019 ("the Waiver Letter"). In connection with the Waiver Letter, the Company entered into a Security Agreement pursuant to which the Company granted a security interest in substantially all of its assets to secure its obligations under the Loan Agreement. On July 9, 2019 , the Company entered into an amendment to the Loan Agreement and the Line of Credit to effect a change in the financial covenants set forth in the Loan Agreement. This amendment did not change the amount of availability provided by the Company’s Line of Credit. In September 2019 , the Company paid off its term loan and terminated its interest rate swap agreements. On December 13, 2019 , the Company entered into an amendment to the Loan Agreement and the Line of Credit to effect a change to an asset based lending arrangement based on eligible accounts receivable and inventory, with the available amount not to exceed $ 20 million through January 31, 2020 , and with such maximum amount reduced to $ 15 million thereafter. This amendment replaced the prior financial covenants with new financial covenants, including minimum monthly liquidity and EBITDA requirements. Additionally, a requirement for the repatriation of foreign cash and restrictions on the payment of dividends were added. At January 31, 2020 , the Company was in compliance with all of the then-applicable financial covenants of the agreement.

Leases

Leases	9 Months Ended
	Jan. 31, 2020
Leases [Abstract]
Leases	Leases On May 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, and all subsequently issued clarifying guidance. Under the new guidance, lessees are required to recognize lease assets and lease liabilities for the rights and obligations created by leased assets previously classified as operating leases. In July 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-11, which permitted entities to record the impact of adoption using a modified retrospective method with any cumulative effect as an adjustment to retained earnings (accumulated deficit) as opposed to restating comparative periods for the effects of applying the new standard. The Company elected this transition approach; therefore, the Company’s prior period reported results are not restated to include the impact of this adoption. In addition, the Company elected the package of three transition practical expedients which alleviate the requirements to reassess embedded leases, lease classification and initial direct costs for leases that commenced prior to the adoption date. The Company has elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize right-of-use ("ROU") assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. The adoption of this standard did not affect the Condensed Consolidated Statements of Operations and therefore, no cumulative effect adjustment was recorded. The adoption of this standard also did not materially affect the Condensed Consolidated Statements of Cash Flows. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and a financing lease for a truck in the U.S. At January 31, 2020 , ROU assets totaled $ 11,130,000 . Included in the ROU assets was a finance lease with a net value of $ 129,000 with accumulated amortization totaling $ 30,000 . Operating cash paid to settle lease liabilities was $ 486,000 for the three months ended January 31, 2020. The Company’s leases have remaining lease terms of up to 10 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $ 645,000 for the three months ended January 31, 2020 , inclusive of period cost for short-term leases, not included in lease liabilities, of $ 215,000 . Operating lease expense was $ 1,770,000 for the nine months ended January 31, 2020, inclusive of period cost for short-term leases, not included in lease liabilities, of $ 673,000 . At January 31, 2020 , the weighted average remaining lease term for the capitalized operating leases was 7.0 years and the weighted average discount rate was 4.1% . For finance leases, the weighted average remaining lease term was 5.7 years and the weighted average discount rate was 10.0% . As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The table sets forth below the future minimum lease payments of non-cancelable leases as of January 31, 2020 : Operating Financing Remainder of fiscal 2020 $ 628 $ 8 2021 2,351 32 2022 2,051 32 2023 1,516 32 2024 1,234 31 Thereafter 5,141 42 Total Minimum Lease Payments $ 12,921 $ 177 Imputed Interest (1,946 ) (42 ) Total $ 10,975 $ 135
Leases	Leases On May 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, and all subsequently issued clarifying guidance. Under the new guidance, lessees are required to recognize lease assets and lease liabilities for the rights and obligations created by leased assets previously classified as operating leases. In July 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-11, which permitted entities to record the impact of adoption using a modified retrospective method with any cumulative effect as an adjustment to retained earnings (accumulated deficit) as opposed to restating comparative periods for the effects of applying the new standard. The Company elected this transition approach; therefore, the Company’s prior period reported results are not restated to include the impact of this adoption. In addition, the Company elected the package of three transition practical expedients which alleviate the requirements to reassess embedded leases, lease classification and initial direct costs for leases that commenced prior to the adoption date. The Company has elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize right-of-use ("ROU") assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. The adoption of this standard did not affect the Condensed Consolidated Statements of Operations and therefore, no cumulative effect adjustment was recorded. The adoption of this standard also did not materially affect the Condensed Consolidated Statements of Cash Flows. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and a financing lease for a truck in the U.S. At January 31, 2020 , ROU assets totaled $ 11,130,000 . Included in the ROU assets was a finance lease with a net value of $ 129,000 with accumulated amortization totaling $ 30,000 . Operating cash paid to settle lease liabilities was $ 486,000 for the three months ended January 31, 2020. The Company’s leases have remaining lease terms of up to 10 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $ 645,000 for the three months ended January 31, 2020 , inclusive of period cost for short-term leases, not included in lease liabilities, of $ 215,000 . Operating lease expense was $ 1,770,000 for the nine months ended January 31, 2020, inclusive of period cost for short-term leases, not included in lease liabilities, of $ 673,000 . At January 31, 2020 , the weighted average remaining lease term for the capitalized operating leases was 7.0 years and the weighted average discount rate was 4.1% . For finance leases, the weighted average remaining lease term was 5.7 years and the weighted average discount rate was 10.0% . As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The table sets forth below the future minimum lease payments of non-cancelable leases as of January 31, 2020 : Operating Financing Remainder of fiscal 2020 $ 628 $ 8 2021 2,351 32 2022 2,051 32 2023 1,516 32 2024 1,234 31 Thereafter 5,141 42 Total Minimum Lease Payments $ 12,921 $ 177 Imputed Interest (1,946 ) (42 ) Total $ 10,975 $ 135

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jan. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the assumed exercise of outstanding options and the conversion of restricted stock units (“RSUs”) under the Company’s various stock compensation plans, except when RSUs and options have an antidilutive effect. There were 95,906 antidilutive RSUs and options outstanding at January 31, 2020 . There were no antidilutive RSUs or options outstanding at January 31, 2019 . The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2020 2019 2020 2019 Basic 2,750 2,744 2,750 2,741 Dilutive effect of stock options and RSUs — 50 — 58 Weighted average common shares outstanding - diluted 2,750 2,794 2,750 2,799

Stock Options and Share-based C

Stock Options and Share-based Compensation	9 Months Ended
	Jan. 31, 2020
Equity [Abstract]
Stock Options and Share-based Compensation	Stock Options and Share-based Compensation Compensation costs related to stock options and other stock awards granted by the Company are charged against operating expenses during their vesting period, under ASC 718, “Compensation-Stock Compensation”. The Company granted 36,534 RSUs under the 2017 Omnibus Incentive Plan in June 2019. The RSUs include both a service and a performance component, vesting over a three -year period. The recognized expense is based upon the vesting period for service criteria and estimated attainment of the performance criteria at the end of the three -year period, based on the ratio of cumulative days incurred to total days over the three -year period. The Company recorded share-based compensation expense during the three and nine months ended January 31, 2020 of $126,000 and $ 208,000 , respectively, with the remaining estimated share-based compensation expense of $478,000 to be recorded over the remaining vesting periods.

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes An income tax benefit of $ 350,000 and an income tax expense of $ 20,000 was recorded for the three months ended January 31, 2020 and 2019 , respectively. Income tax expense of $ 1,822,000 and $ 803,000 was recorded for the nine months ended January 31, 2020 and 2019 , respectively. The effective tax rates were 15.5% and 57.1% for the three months ended January 31, 2020 and 2019 , respectively. The effective tax rates were 104.5% and 21.8% for the nine months ended January 31, 2020 and 2019 , respectively. The decrease in the effective tax rate for the three-month period is primarily due to the reduced federal tax liability which was a result of lower foreign subsidiary income inclusions and the recognition of the impact of the Company's assertion regarding the reinvestment of foreign unremitted earnings in the second quarter. The increase for the nine-month period is primarily due to the change in the Company’s assertion regarding the reinvestment of foreign unremitted earnings, the impact of foreign earnings, which are taxed at different tax rates than the US tax rate of 21% , and additional Global Intangible Low-Taxed Income ("GILTI") inclusion in the US. Effective August 1, 2019 , the Company elected to amend the indefinite reinvestment of foreign unremitted earnings position set forth by ASC 740-30-25-17 and dissolve the indefinite reinvestment of unremitted earnings assertion for the Singapore, China, and Kewaunee Labway India Pvt. Ltd. international subsidiaries. The Company recorded a Dividend Distribution Tax withholding expense, imposed by the India Income Tax Department at a rate of 20.6% , in the amounts of $ 50,000 and $ 2,214,000 for the three and nine months ended January 31, 2020 , respectively, related to the unremitted earnings of the subsidiaries paid to the parent company. The Company continues to include a deferred tax liability of $ 1,103,000 for unremitted earnings of the international subsidiaries as of January 31, 2020 . The Company recorded all deferred tax assets and liabilities related to its outside basis differences in its foreign subsidiaries consistent with ASC 740.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	9 Months Ended
	Jan. 31, 2020
Retirement Benefits [Abstract]
Defined Benefit Pension Plans	Defined Benefit Pension Plans The Company has non-contributory defined benefit pension plans covering substantially all domestic salaried and hourly employees. These plans were amended as of April 30, 2005; no further benefits have been, or will be, earned under the plans, subsequent to the amendment date, and no additional participants will be added to the plans. There were no Company contributions paid to the plans during the three and nine months ended January 31, 2020 , and the Company does not expect any contributions to be paid during the remainder of the fiscal year. Contributions of $1,000,000 were paid to the plans during the nine months ended January 31, 2019 . The Company assumed an expected long-term rate of return of 7.75% for the periods ended January 31, 2020 and January 31, 2019 . Pension expense consisted of the following (in thousands): Three Months Ended January 31, 2020 Three Months Ended January 31, 2019 Service cost $ 0 $ 0 Interest cost 208 214 Expected return on plan assets (355 ) (362 ) Recognition of net loss 260 221 Net periodic pension expense $ 113 $ 73 Nine Months Ended January 31, 2020 Nine Months Ended January 31, 2019 Service cost $ 0 $ 0 Interest cost 624 644 Expected return on plan assets (1,065 ) (1,086 ) Recognition of net loss 780 663 Net periodic pension expense $ 339 $ 221

Segment Information

Segment Information	9 Months Ended
	Jan. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations are classified into two business segments: Domestic and International. The Domestic business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, laminate casework, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. The International business segment, which consists of the Company’s foreign subsidiaries, provides products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories. Intersegment transactions are recorded at normal profit margins. All intercompany balances and transactions have been eliminated. Certain corporate expenses shown below have not been allocated to the business segments. The following tables provide financial information by business segments for the periods ended January 31, 2020 and 2019 (in thousands): Domestic Operations International Operations Corporate / Eliminations Total Three months ended January 31, 2020 Revenues from external customers $ 26,699 $ 7,526 $ — $ 34,225 Intersegment revenues 302 659 (961 ) — Earnings (loss) before income taxes $ (867 ) $ 513 $ (1,897 ) $ (2,251 ) Three months ended January 31, 2019 Revenues from external customers $ 25,217 $ 7,155 $ — $ 32,372 Intersegment revenues 612 2,135 (2,747 ) — Earnings (loss) before income taxes $ 60 $ 1,020 $ (1,045 ) $ 35 Domestic Operations International Operations Corporate / Eliminations Total Nine months ended January 31, 2020 Revenues from external customers $ 87,570 $ 25,713 $ — $ 113,283 Intersegment revenues 3,388 2,142 (5,530 ) — Earnings (loss) before income taxes $ 1,439 $ 1,622 $ (4,805 ) $ (1,744 ) Nine months ended January 31, 2019 Revenues from external customers $ 91,909 $ 19,893 $ — $ 111,802 Intersegment revenues 1,490 3,969 (5,459 ) — Earnings (loss) before income taxes $ 6,005 $ 2,174 $ (4,491 ) $ 3,688

Reclassifications

Reclassifications	9 Months Ended
	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications During the second quarter of fiscal year 2019, the Company changed its method of accounting for its Domestic segment’s inventory from the LIFO method to the FIFO method. The Company reclassified certain amounts in the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income, the condensed consolidated statements of stockholders’ equity and the condensed consolidated statements of cash flows for the nine-month period ended January 31, 2019 to conform to the current period format.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Jan. 31, 2020
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards On December 18, 2019, the FASB issued Accounting Standard Update (ASU) 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. Also, the amendments simplify the accounting for income taxes by requiring the following: (1) that an entity recognize a franchise tax that is partially based on income in accordance with Topic 740 and account for any incremental amount incurred as a non-income-based tax; and (2) that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that included the enactment date. For public companies, these amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company’s condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-2, “Leases.” This guidance establishes a ROU model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company adopted this standard effective May 1, 2019. See Note H for a discussion of the impact of adoption of this standard. In August 2018, the Commission adopted final rules pursuant to Commission Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements relating to the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of income is required to be filed. This final rule became effective on November 5, 2018. The Company adopted this final rule effective for the second quarter of fiscal 2019. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In February 2018, the FASB issued ASU 2018-2, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance provides the Company with an option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the "2017 Tax Act") from accumulated other comprehensive income to retained earnings. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted this standard effective May 1, 2019 and did not elect to reclassify tax effects as a result of tax reform; therefore, the adoption did not have a significant impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company will adopt this standard in fiscal year 2024. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations.

Restructuring Costs Restructuri

Restructuring Costs Restructuring Costs (Notes)	9 Months Ended
	Jan. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In December 2019, the Company initiated a restructuring, which included the addition of a new Vice President of Information Technology to lead the transformation and modernization of the Company's information systems, and a reduction in workforce primarily in its domestic operations to reduce operating expenses on an ongoing basis. This restructuring also included a plan for closure of the Company’s subsidiary in China, a commercial sales organization for the Company’s products in China. For the three months ended January 31, 2020 , the Company incurred restructuring expenses of $ 628,000 . The domestic restructuring expenses of $ 374,000 consisted primarily of severance and expenses related to hiring and relocation of the new Vice President of Information Technology. For the three months ended January 31, 2020, the Company incurred expenses in its international operations related to the closure of the China subsidiary of $ 254,000 , which consisted primarily of bad debt expenses of $ 220,000 with a concurring increase in the Company’s allowance for doubtful accounts and severance expenses. The Company reflected substantially all the expenses as operating expenses in the condensed statement of operations and recorded $ 117,000 of accrued employee compensation liabilities related to severance agreements in the condensed consolidated balance sheets.

New Accounting Standards Signif

New Accounting Standards Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2020
Accounting Policies [Abstract]
New Accounting Standards	In February 2016, the FASB issued ASU 2016-2, “Leases.” This guidance establishes a ROU model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company adopted this standard effective May 1, 2019. See Note H for a discussion of the impact of adoption of this standard. In August 2018, the Commission adopted final rules pursuant to Commission Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements relating to the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of income is required to be filed. This final rule became effective on November 5, 2018. The Company adopted this final rule effective for the second quarter of fiscal 2019. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In February 2018, the FASB issued ASU 2018-2, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance provides the Company with an option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the "2017 Tax Act") from accumulated other comprehensive income to retained earnings. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted this standard effective May 1, 2019 and did not elect to reclassify tax effects as a result of tax reform; therefore, the adoption did not have a significant impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company will adopt this standard in fiscal year 2024. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Jan. 31, 2020
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents, and Restricted Cash	The reconciliation between the condensed consolidated balance sheet and the condensed consolidated statement of cash flows is as follows: January 31, 2020 April 30, 2019 Cash and cash equivalents $ 3,554 $ 10,647 Restricted cash 2,509 509 Total cash, cash equivalents and restricted cash $ 6,063 $ 11,156

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Jan. 31, 2020
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 periods ended January 31, 2020 and January 31, 2019 is as follows (in thousands): Three Months Ended January 31, 2020 Three months ended January 31, 2019 Domestic International Total Domestic International Total Over Time $ 25,107 $ 7,526 $ 32,633 $ 24,414 $ 7,155 $ 31,569 Point in Time 1,592 — 1,592 803 — 803 $ 26,699 $ 7,526 $ 34,225 $ 25,217 $ 7,155 $ 32,372 Nine Months Ended January 31, 2020 Nine Months Ended January 31, 2019 Domestic International Total Domestic International Total Over Time $ 83,292 $ 25,713 $ 109,005 $ 86,973 $ 19,893 $ 106,866 Point in Time 4,278 — 4,278 4,936 — 4,936 $ 87,570 $ 25,713 $ 113,283 $ 91,909 $ 19,893 $ 111,802

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jan. 31, 2020
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following (in thousands): January 31, 2020 April 30, 2019 Finished products $ 3,135 $ 4,139 Work in process 1,796 2,179 Raw materials 10,315 10,888 $ 15,246 $ 17,206

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jan. 31, 2020
Fair Value Disclosures [Abstract]
Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis	The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2020 and April 30, 2019 (in thousands): January 31, 2020 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,749 $ — $ 2,749 Cash surrender value of life insurance policies (1) — 76 76 Total $ 2,749 $ 76 $ 2,825 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,182 $ 3,182 Total $ — $ 3,182 $ 3,182 April 30, 2019 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,057 $ — $ 3,057 Cash surrender value of life insurance policies (1) — 76 76 Total $ 3,057 $ 76 $ 3,133 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,519 $ 3,519 Interest rate swap derivatives — 1 1 Total $ — $ 3,520 $ 3,520 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jan. 31, 2020
Leases [Abstract]
Schedule of Operating Lease Maturity	uture minimum lease payments of non-cancelable leases as of January 31, 2020 : Operating Financing Remainder of fiscal 2020 $ 628 $ 8 2021 2,351 32 2022 2,051 32 2023 1,516 32 2024 1,234 31 Thereafter 5,141 42 Total Minimum Lease Payments $ 12,921 $ 177 Imputed Interest (1,946 ) (42 ) Total $ 10,975 $ 135
Schedule of Finance Lease Maturity	uture minimum lease payments of non-cancelable leases as of January 31, 2020 : Operating Financing Remainder of fiscal 2020 $ 628 $ 8 2021 2,351 32 2022 2,051 32 2023 1,516 32 2024 1,234 31 Thereafter 5,141 42 Total Minimum Lease Payments $ 12,921 $ 177 Imputed Interest (1,946 ) (42 ) Total $ 10,975 $ 135

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jan. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2020 2019 2020 2019 Basic 2,750 2,744 2,750 2,741 Dilutive effect of stock options and RSUs — 50 — 58 Weighted average common shares outstanding - diluted 2,750 2,794 2,750 2,799

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	9 Months Ended
	Jan. 31, 2020
Retirement Benefits [Abstract]
Pension Expenses	Pension expense consisted of the following (in thousands): Three Months Ended January 31, 2020 Three Months Ended January 31, 2019 Service cost $ 0 $ 0 Interest cost 208 214 Expected return on plan assets (355 ) (362 ) Recognition of net loss 260 221 Net periodic pension expense $ 113 $ 73 Nine Months Ended January 31, 2020 Nine Months Ended January 31, 2019 Service cost $ 0 $ 0 Interest cost 624 644 Expected return on plan assets (1,065 ) (1,086 ) Recognition of net loss 780 663 Net periodic pension expense $ 339 $ 221

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jan. 31, 2020
Segment Reporting [Abstract]
Segment Information	The following tables provide financial information by business segments for the periods ended January 31, 2020 and 2019 (in thousands): Domestic Operations International Operations Corporate / Eliminations Total Three months ended January 31, 2020 Revenues from external customers $ 26,699 $ 7,526 $ — $ 34,225 Intersegment revenues 302 659 (961 ) — Earnings (loss) before income taxes $ (867 ) $ 513 $ (1,897 ) $ (2,251 ) Three months ended January 31, 2019 Revenues from external customers $ 25,217 $ 7,155 $ — $ 32,372 Intersegment revenues 612 2,135 (2,747 ) — Earnings (loss) before income taxes $ 60 $ 1,020 $ (1,045 ) $ 35 Domestic Operations International Operations Corporate / Eliminations Total Nine months ended January 31, 2020 Revenues from external customers $ 87,570 $ 25,713 $ — $ 113,283 Intersegment revenues 3,388 2,142 (5,530 ) — Earnings (loss) before income taxes $ 1,439 $ 1,622 $ (4,805 ) $ (1,744 ) Nine months ended January 31, 2019 Revenues from external customers $ 91,909 $ 19,893 $ — $ 111,802 Intersegment revenues 1,490 3,969 (5,459 ) — Earnings (loss) before income taxes $ 6,005 $ 2,174 $ (4,491 ) $ 3,688

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019	Jan. 31, 2019	Apr. 30, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 3,554	$ 10,647
Restricted cash	2,509	509
Total cash, cash equivalents and restricted cash	$ 6,063	$ 11,156	$ 11,377	$ 10,958

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Sales Transferred to Customers at a Point in Time and Over Time (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	$ 34,225	$ 32,372	$ 113,283	$ 111,802
Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	32,633	31,569	109,005	106,866
Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	1,592	803	4,278	4,936
Domestic
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	26,699	25,217	87,570	91,909
Domestic | Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	25,107	24,414	83,292	86,973
Domestic | Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	1,592	803	4,278	4,936
International
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	7,526	7,155	25,713	19,893
International | Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	7,526	7,155	25,713	19,893
International | Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 4,673	$ 4,589
Contract liabilities	$ 1,800	$ 1,599

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Inventory Disclosure [Abstract]
Finished products	$ 3,135	$ 4,139
Work in process	1,796	2,179
Raw materials	10,315	10,888
Total inventories	$ 15,246	$ 17,206

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
International Subsidiaries
Inventory [Line Items]
Inventories measured using FIFO method	$ 2,012	$ 1,863

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis (Detail) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 2,825	$ 3,133
Financial Liabilities	3,182	3,520
Interest rate swap derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities		1
Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	3,182	3,519
Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	2,749	3,057
Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	76	76
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	2,749	3,057
Financial Liabilities	0	0
Level 1 | Interest rate swap derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities		0
Level 1 | Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	0	0
Level 1 | Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	2,749	3,057
Level 1 | Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	76	76
Financial Liabilities	3,182	3,520
Level 2 | Interest rate swap derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities		1
Level 2 | Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	3,182	3,519
Level 2 | Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	0	0
Level 2 | Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 76	$ 76

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis, Phantom (Detail) - CompensationPlan	Jan. 31, 2020	Apr. 30, 2019
Fair Value Disclosures [Abstract]
Number of non-qualified compensation plans maintained	2	2

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2020	May 31, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt	$ 3,300
May 1, 2013 to August 1, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt		$ 3,450
Interest rate swap, conversion rate		4.875%
Interest rate swap, beginning date of conversion	May 1, 2013
Interest rate swap, ending date of conversion	Aug. 1, 2017
August 1, 2017 to May 1, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt		$ 2,600
Interest rate swap, conversion rate		4.37%
Interest rate swap, beginning date of conversion	Aug. 1, 2017
Interest rate swap, ending date of conversion	May 1, 2020
November 3, 2014 to May 1, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt		$ 1,218
Interest rate swap, conversion rate		3.07%
Interest rate swap, beginning date of conversion	Nov. 3, 2014
Interest rate swap, ending date of conversion	May 1, 2020

Long-term Debt and Other Cred_2

Long-term Debt and Other Credit Arrangements (Details) - USD ($)	Feb. 01, 2020	Jan. 31, 2020	Dec. 13, 2019	Apr. 30, 2019
Debt Instrument [Line Items]
Outstanding advances under the long-term debt		$ 3,300,000
Remaining borrowing capacity		10,200,000		$ 5,300,000
Collateralized debt instrument, borrowing capacity	$ 15,000,000		$ 20,000,000
Advance Amount One
Debt Instrument [Line Items]
Outstanding advances under the long-term debt				9,500,000
Advance Amount Two
Debt Instrument [Line Items]
Outstanding advances under the long-term debt		$ 344,000		$ 5,200,000

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2020USD ($)	Jan. 31, 2020USD ($)
Leases [Abstract]
Right of use assets	$ 11,130	$ 11,130
Finance lease, net value	129	129
Finance lease, accumulated amortization	30	30
Operating cash paid to settle lease liabilities		$ 486
Remaining lease term		10 years
Option to extend, term		5 years
Option to terminate, term		1 year
Operating lease, expense	645	$ 1,770
Operating lease, short term, expense	$ 215	$ 673
Weighted average remaining lease term, operating lease	7 years	7 years
Weighted average discount rate, operating lease	4.10%	4.10%
Weighted average remaining lease term, finance lease	5 years 8 months 24 days	5 years 8 months 24 days
Weighted average discount rate, finance lease	10.00%	10.00%

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands	Jan. 31, 2020USD ($)
Operating Leases, After Adoption of 842:
Remainder of fiscal 2020	$ 628
2021	2,351
2022	2,051
2023	1,516
2024	1,234
Thereafter	5,141
Total Minimum Lease Payments	12,921
Imputed Interest	(1,946)
Total	10,975
Finance Leases, After Adoption of 842:
Remainder of fiscal 2020	8
2021	32
2022	32
2023	32
2024	31
Thereafter	42
Total Minimum Lease Payments	177
Imputed Interest	(42)
Total	$ 135

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive options exclude from computation of earning per share (in shares)	95,906	0

Earnings Per Share Schedule of

Earnings Per Share Schedule of Earnings Per Common Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Weighted average number of common shares outstanding
Basic	2,750	2,744	2,750	2,741
Dilutive effect of stock options and RSUs	0	50	0	58
Weighted average common shares outstanding - diluted	2,750	2,794	2,750	2,799

Stock Options and Share-Based_2

Stock Options and Share-Based Compensation - Additional Information (Detail) - 2017 Plan - Restricted Stock Units (RSUs) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2019	Jan. 31, 2020	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	36,534
Vesting period			3 years
Stock-based compensation expense		$ 126	$ 208
Remaining estimated compensation expense		$ 478	$ 478

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ (350)	$ 20	$ 1,822	$ 803
Effective income tax rate	15.50%	57.10%	104.50%	21.80%
Deferred tax liability, global tax exposure for unremitted earnings of international subsidiaries	$ 1,100		$ 1,100
Kewaunee Labway India | Ministry of Finance, India
Income Tax Contingency [Line Items]
Effective income tax rate			20.60%
Dividend distribution tax withholding	$ 50		$ 2,214

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Jan. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Retirement Benefits [Abstract]
Employer contributions	$ 0	$ 0	$ 1,000,000
Employer contributions paid during the remainder of fiscal year	$ 0	$ 0
Assumed as expected long-term rate of return		7.75%	7.75%

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Pension Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	208	214	624	644
Expected return on plan assets	(355)	(362)	(1,065)	(1,086)
Recognition of net loss	260	221	780	663
Net periodic pension expense	$ 113	$ 73	$ 339	$ 221

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Jan. 31, 2020Segment
Segment Reporting [Abstract]
Number of business segment	2

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Segment Reporting Information [Line Items]
Revenues from external customers	$ 34,225	$ 32,372	$ 113,283	$ 111,802
Intersegment revenues	0	0	0	0
Earnings (loss) before income taxes	(2,251)	35	(1,744)	3,688
Corporate / Eliminations
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0	0
Intersegment revenues	(961)	(2,747)	(5,530)	(5,459)
Earnings (loss) before income taxes	(1,897)	(1,045)	(4,805)	(4,491)
Domestic Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	26,699	25,217	87,570	91,909
Intersegment revenues	302	612	3,388	1,490
Earnings (loss) before income taxes	(867)	60	1,439	6,005
International Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	7,526	7,155	25,713	19,893
Intersegment revenues	659	2,135	2,142	3,969
Earnings (loss) before income taxes	$ 513	$ 1,020	$ 1,622	$ 2,174

Restructuring Costs Narrative (

Restructuring Costs Narrative (Details)	3 Months Ended
	Jan. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 628,000
Restructuring Reserve	117,000
Employee Severance And Relocation
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	374,000
Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	254,000
Allowance for Doubtful Accounts Receivable	$ 220,000

Uncategorized Items - kequ-2020

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 217,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 217,000