10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0000065270-16-000076`
Period End Date	20161031
Filing Date	20161208
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	mei-20161029.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 60 Cash Flow Statement 48 Comprehensive Income 12

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$249.60M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.09M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.18M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$227.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$168.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.60M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$175.50M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$172.00M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$11.90M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$11.60M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$7.30M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$9.60M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$44.70M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$41.70M	USD	Point-in-time
Net inventory	`InventoryNet`	$66.20M	USD	Point-in-time
Net inventory	`InventoryNet`	$60.60M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$11.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$14.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$14.90M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$497.10M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$496.20M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$325.90M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$326.60M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$237.80M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$232.90M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$93.00M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$88.80M	USD	Point-in-time
GOODWILL	`Goodwill`	$1.60M	USD	Point-in-time
GOODWILL	`Goodwill`	$1.70M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$8.90M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$7.80M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$16.00M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$9.50M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredIncomeTaxAssetsNet`	$36.30M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$27.70M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$18.90M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$18.90M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$80.60M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$66.70M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$666.50M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$655.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$68.20M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$49.70M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$38.00M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$117.90M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$113.90M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$57.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$49.00M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$2.90M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$2.40M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$8.40M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$8.00M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,090,262 and 38,181,985 shares issued as of October 29, 2016 and April 30, 2016, respectively	`CommonStockValue`	$19.10M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,090,262 and 38,181,985 shares issued as of October 29, 2016 and April 30, 2016, respectively	`CommonStockValue`	$19.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$121.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$112.30M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-23.10M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.40M	USD	Point-in-time
Treasury stock, 1,346,624 shares as of October 29, 2016 and April 30, 2016	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Treasury stock, 1,346,624 shares as of October 29, 2016 and April 30, 2016	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$358.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$387.20M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquity`	$492.80M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquity`	$470.10M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$655.90M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$666.50M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$208.40M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$209.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$401.10M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$411.70M	USD	2 Qtrs
Cost of products sold	`CostOfGoodsSold`	$157.50M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$291.50M	USD	2 Qtrs
Cost of products sold	`CostOfGoodsSold`	$153.70M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$307.20M	USD	2 Qtrs
Gross profit	`GrossProfit`	$55.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$104.50M	USD	2 Qtrs
Gross profit	`GrossProfit`	$109.60M	USD	2 Qtrs
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$24.50M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$26.50M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.60M	USD	2 Qtrs
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$54.00M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$29.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$56.90M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$55.60M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$26.40M	USD	1 Quarter
Interest income, net	`InterestExpenseIncomeNet`	$-100.00K	USD	1 Quarter
Interest income, net	`InterestExpenseIncomeNet`	$-100.00K	USD	2 Qtrs
Interest income, net	`InterestExpenseIncomeNet`	$-500.00K	USD	2 Qtrs
Interest income, net	`InterestExpenseIncomeNet`	$-300.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$1.90M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$500.00K	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.90M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$200.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$57.90M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$57.60M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$26.90M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$31.10M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.20M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$11.70M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$5.70M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.10M	USD	2 Qtrs
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$21.20M	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$45.90M	USD	2 Qtrs
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$44.80M	USD	2 Qtrs
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$24.90M	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$1.15	USD	2 Qtrs
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.66	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.55	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$1.23	USD	2 Qtrs
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$1.23	USD	2 Qtrs
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.66	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$1.15	USD	2 Qtrs
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.54	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.18	USD	2 Qtrs
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.18	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	38.91M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.35M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	38.97M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.34M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.49M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.08M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.03M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.54M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$24.90M	USD	1 Quarter
Net income	`ProfitLoss`	$45.90M	USD	2 Qtrs
Net income	`ProfitLoss`	$44.80M	USD	2 Qtrs
Net income	`ProfitLoss`	$21.20M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$10.50M	USD	2 Qtrs
Provision for depreciation	`Depreciation`	$10.80M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.20M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.20M	USD	2 Qtrs
Amortization of stock awards and stock options	`ShareBasedCompensation`	$7.00M	USD	2 Qtrs
Amortization of stock awards and stock options	`ShareBasedCompensation`	$2.20M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$1.00M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$9.90M	USD	2 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	-	USD	2 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	$100.00K	USD	2 Qtrs
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$63.70M	USD	2 Qtrs
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$49.10M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.50M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.50M	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-9.50M	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-9.50M	USD	2 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.10M	USD	2 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$7.60M	USD	2 Qtrs
Purchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$22.80M	USD	2 Qtrs
Purchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$9.80M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$400.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.50M	USD	2 Qtrs
Tax benefit from stock option exercises	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$4.00M	USD	2 Qtrs
Tax benefit from stock option exercises	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$500.00K	USD	2 Qtrs
Cash dividends	`PaymentsOfDividendsCommonStock`	$6.90M	USD	2 Qtrs
Cash dividends	`PaymentsOfDividendsCommonStock`	$6.60M	USD	2 Qtrs
Proceeds from borrowings	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Proceeds from borrowings	`ProceedsFromLinesOfCredit`	$25.00M	USD	2 Qtrs
Repayment of borrowings	`RepaymentsOfLinesOfCredit`	$8.00M	USD	2 Qtrs
Repayment of borrowings	`RepaymentsOfLinesOfCredit`	$8.00M	USD	2 Qtrs
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-15.90M	USD	2 Qtrs
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-23.50M	USD	2 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.20M	USD	2 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-8.90M	USD	2 Qtrs
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$18.50M	USD	2 Qtrs
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$21.80M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$249.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$227.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$168.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$186.60M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$249.60M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$227.80M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$168.10M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$186.60M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$24.90M	USD	1 Quarter
Net income	`ProfitLoss`	$45.90M	USD	2 Qtrs
Net income	`ProfitLoss`	$44.80M	USD	2 Qtrs
Net income	`ProfitLoss`	$21.20M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.10M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-14.70M	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00M	USD	1 Quarter
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$16.90M	USD	1 Quarter
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$31.20M	USD	2 Qtrs
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$19.20M	USD	1 Quarter
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$36.70M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.