10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000065270-17-000029`
Period End Date	20170731
Filing Date	20170831
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	mei-20170729.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 92 Income Statement 32 Cash Flow Statement 50 Comprehensive Income 6

Balance Sheet 92 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`	$294.00M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$249.30M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$297.90M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$227.80M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.13M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.16M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$164.50M	USD	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$165.30M	USD	Point-in-time
Finished Products	`InventoryFinishedGoodsNetOfReserves`	$10.90M	USD	Point-in-time
Finished Products	`InventoryFinishedGoodsNetOfReserves`	$15.70M	USD	Point-in-time
Work in Process	`InventoryWorkInProcessNetOfReserves`	$8.70M	USD	Point-in-time
Work in Process	`InventoryWorkInProcessNetOfReserves`	$8.50M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$40.60M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$38.30M	USD	Point-in-time
Total Inventories	`InventoryNet`	$57.90M	USD	Point-in-time
Total Inventories	`InventoryNet`	$64.80M	USD	Point-in-time
Prepaid and Refundable Income Taxes	`IncomeTaxesReceivable`	$600.00K	USD	Point-in-time
Prepaid and Refundable Income Taxes	`IncomeTaxesReceivable`	$600.00K	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.50M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.10M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$530.30M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$546.90M	USD	Point-in-time
Land	`Land`	$600.00K	USD	Point-in-time
Land	`Land`	$600.00K	USD	Point-in-time
Buildings and Building Improvements	`BuildingsAndImprovementsGross`	$48.20M	USD	Point-in-time
Buildings and Building Improvements	`BuildingsAndImprovementsGross`	$62.00M	USD	Point-in-time
Machinery and Equipment	`MachineryAndEquipmentGross`	$313.90M	USD	Point-in-time
Machinery and Equipment	`MachineryAndEquipmentGross`	$287.90M	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$376.50M	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$336.70M	USD	Point-in-time
Less Allowances for Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$259.10M	USD	Point-in-time
Less Allowances for Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$246.10M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$90.60M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$117.40M	USD	Point-in-time
Goodwill	`Goodwill`	$1.60M	USD	Point-in-time
Goodwill	`Goodwill`	$18.00M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$6.60M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$18.10M	USD	Point-in-time
Cash Surrender Value of Life Insurance	`CashSurrenderValueOfLifeInsurance`	$8.10M	USD	Point-in-time
Cash Surrender Value of Life Insurance	`CashSurrenderValueOfLifeInsurance`	$7.80M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxAssetsLiabilitiesNet`	$40.40M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxAssetsLiabilitiesNet`	$44.70M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$15.50M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$19.20M	USD	Point-in-time
Other	`OtherAssetsMiscellaneousNoncurrent`	$11.00M	USD	Point-in-time
Other	`OtherAssetsMiscellaneousNoncurrent`	$11.20M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$119.10M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$83.10M	USD	Point-in-time
Total Assets	`Assets`	$704.00M	USD	Point-in-time
Total Assets	`Assets`	$783.40M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$75.30M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$81.20M	USD	Point-in-time
Salaries, Wages and Payroll Taxes	`EmployeeRelatedLiabilitiesCurrent`	$18.70M	USD	Point-in-time
Salaries, Wages and Payroll Taxes	`EmployeeRelatedLiabilitiesCurrent`	$17.50M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$17.70M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$17.90M	USD	Point-in-time
Short-term Debt	`ShortTermBorrowings`	$3.80M	USD	Point-in-time
Short-term Debt	`ShortTermBorrowings`	-	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$6.10M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$12.70M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$126.50M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$124.40M	USD	Point-in-time
Long-term Debt	`LongTermDebt`	$47.60M	USD	Point-in-time
Long-term Debt	`LongTermDebt`	$27.00M	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$2.60M	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$6.40M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilities`	-	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilities`	$4.30M	USD	Point-in-time
Deferred Compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$9.20M	USD	Point-in-time
Deferred Compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$8.90M	USD	Point-in-time
Total Liabilities	`Liabilities`	$194.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$162.90M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,157,477 and 38,133,925 shares issued as of July 29, 2017 and April 29, 2017, respectively	`CommonStockValue`	$19.10M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,157,477 and 38,133,925 shares issued as of July 29, 2017 and April 29, 2017, respectively	`CommonStockValue`	$19.10M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$136.30M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$132.20M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.10M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-25.70M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of July 29, 2017 and April 29, 2017	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of July 29, 2017 and April 29, 2017	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$427.00M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$446.60M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$589.40M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$541.10M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$783.40M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$704.00M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$201.20M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$191.90M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsSold`	$137.80M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsSold`	$145.60M	USD	1 Quarter
Gross Profit	`GrossProfit`	$55.60M	USD	1 Quarter
Gross Profit	`GrossProfit`	$54.10M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$26.80M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$29.60M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$25.40M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$26.70M	USD	1 Quarter
Interest Income, Net	`InterestExpenseIncomeNet`	$-200.00K	USD	1 Quarter
Interest Income, Net	`InterestExpenseIncomeNet`	-	USD	1 Quarter
Other Expense, Net	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Other Expense, Net	`NonoperatingIncomeExpense`	$-800.00K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$26.70M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.80M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$4.30M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$5.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$20.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$21.20M	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.57	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.55	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.57	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.55	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.25M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.32M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.56M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.47M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$20.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$21.20M	USD	1 Quarter
Provision for Depreciation	`Depreciation`	$5.00M	USD	1 Quarter
Provision for Depreciation	`Depreciation`	$5.20M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$3.60M	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$4.10M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.10M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-17.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$600.00K	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.30M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$9.10M	USD	1 Quarter
Accounts Payable and Other Expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.10M	USD	1 Quarter
Accounts Payable and Other Expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.90M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$34.40M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$23.60M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.20M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00M	USD	1 Quarter
Acquisition of Business, Net of Cash Received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of Business, Net of Cash Received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$22.20M	USD	1 Quarter
Sale of Business/Investment/Property	`ProceedsFromSalesOfAssetsInvestingActivities`	$300.00K	USD	1 Quarter
Sale of Business/Investment/Property	`ProceedsFromSalesOfAssetsInvestingActivities`	-	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.20M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.90M	USD	1 Quarter
Taxes Paid Related to Net Share Settlement of Equity Awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$300.00K	USD	1 Quarter
Taxes Paid Related to Net Share Settlement of Equity Awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$300.00K	USD	1 Quarter
Proceeds from Exercise of Stock Options	`ProceedsFromStockOptionsExercised`	$900.00K	USD	1 Quarter
Proceeds from Exercise of Stock Options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Tax Benefit from Stock Option Exercises	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$300.00K	USD	1 Quarter
Tax Benefit from Stock Option Exercises	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$3.30M	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$3.40M	USD	1 Quarter
Repayment of Borrowings	`RepaymentsOfLinesOfCredit`	$3.00M	USD	1 Quarter
Repayment of Borrowings	`RepaymentsOfLinesOfCredit`	$2.00M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.70M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.40M	USD	1 Quarter
Effect of Foreign Currency Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$15.90M	USD	1 Quarter
Effect of Foreign Currency Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.30M	USD	1 Quarter
Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.90M	USD	1 Quarter
Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$21.50M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$294.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$249.30M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$297.90M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$227.80M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$294.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$249.30M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$297.90M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$227.80M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$20.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$21.20M	USD	1 Quarter
Foreign Currency Translation Adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$24.60M	USD	1 Quarter
Foreign Currency Translation Adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.70M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$14.50M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$45.10M	USD	1 Quarter

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