10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000065270-18-000029`
Period End Date	20180731
Filing Date	20180830
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	mei-20180728.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 94 Income Statement 32 Cash Flow Statement 48 Comprehensive Income 6

Balance Sheet 94 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`	$246.10M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$228.50M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$297.90M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.20M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$294.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.33M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$202.60M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$181.10M	USD	Point-in-time
Finished Products	`InventoryFinishedGoodsNetOfReserves`	$15.40M	USD	Point-in-time
Finished Products	`InventoryFinishedGoodsNetOfReserves`	$21.10M	USD	Point-in-time
Work in Process	`InventoryWorkInProcessNetOfReserves`	$9.10M	USD	Point-in-time
Work in Process	`InventoryWorkInProcessNetOfReserves`	$14.60M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$58.30M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$54.10M	USD	Point-in-time
Total Inventories	`InventoryNet`	$88.50M	USD	Point-in-time
Total Inventories	`InventoryNet`	$84.10M	USD	Point-in-time
Prepaid and Refundable Income Taxes	`IncomeTaxesReceivable`	$2.40M	USD	Point-in-time
Prepaid and Refundable Income Taxes	`IncomeTaxesReceivable`	$9.90M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.90M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.80M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$550.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$523.90M	USD	Point-in-time
Land	`Land`	$800.00K	USD	Point-in-time
Land	`Land`	$800.00K	USD	Point-in-time
Buildings and Building Improvements	`BuildingsAndImprovementsGross`	$74.00M	USD	Point-in-time
Buildings and Building Improvements	`BuildingsAndImprovementsGross`	$69.20M	USD	Point-in-time
Machinery and Equipment	`MachineryAndEquipmentGross`	$362.90M	USD	Point-in-time
Machinery and Equipment	`MachineryAndEquipmentGross`	$364.70M	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$437.70M	USD	Point-in-time
Property, Plant and Equipment, Gross	`PropertyPlantAndEquipmentGross`	$434.70M	USD	Point-in-time
Less: Allowances for Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$272.50M	USD	Point-in-time
Less: Allowances for Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$272.40M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$162.20M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$165.30M	USD	Point-in-time
Goodwill	`Goodwill`	$59.20M	USD	Point-in-time
Goodwill	`Goodwill`	$58.80M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$58.20M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$61.00M	USD	Point-in-time
Cash Surrender Value of Life Insurance	`CashSurrenderValueOfLifeInsurance`	$8.50M	USD	Point-in-time
Cash Surrender Value of Life Insurance	`CashSurrenderValueOfLifeInsurance`	$8.20M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxAssetsLiabilitiesNet`	$42.30M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxAssetsLiabilitiesNet`	$41.50M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$20.50M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$23.40M	USD	Point-in-time
Other	`OtherAssetsMiscellaneousNoncurrent`	$12.50M	USD	Point-in-time
Other	`OtherAssetsMiscellaneousNoncurrent`	$13.20M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$203.60M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$203.70M	USD	Point-in-time
Total Assets	`Assets`	$915.90M	USD	Point-in-time
Total Assets	`Assets`	$892.80M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$79.00M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$89.50M	USD	Point-in-time
Salaries, Wages and Payroll Taxes	`EmployeeRelatedLiabilitiesCurrent`	$22.80M	USD	Point-in-time
Salaries, Wages and Payroll Taxes	`EmployeeRelatedLiabilitiesCurrent`	$17.60M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$21.40M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$21.60M	USD	Point-in-time
Short-term Debt	`ShortTermBorrowings`	$3.90M	USD	Point-in-time
Short-term Debt	`ShortTermBorrowings`	$4.40M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$14.90M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$18.70M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$136.80M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$157.00M	USD	Point-in-time
Long-term Debt	`LongTermDebt`	$49.20M	USD	Point-in-time
Long-term Debt	`LongTermDebt`	$53.40M	USD	Point-in-time
Long-term Income Taxes Payable	`AccruedIncomeTaxesNoncurrent`	$42.60M	USD	Point-in-time
Long-term Income Taxes Payable	`AccruedIncomeTaxesNoncurrent`	$42.60M	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$4.40M	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$4.60M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilities`	$18.30M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilities`	$17.60M	USD	Point-in-time
Deferred Compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$10.00M	USD	Point-in-time
Deferred Compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$10.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$285.90M	USD	Point-in-time
Total Liabilities	`Liabilities`	$260.60M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,333,576 and 38,198,353 shares issued as of July 28, 2018 and April 28, 2018, respectively	`CommonStockValue`	$19.10M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,333,576 and 38,198,353 shares issued as of July 28, 2018 and April 28, 2018, respectively	`CommonStockValue`	$19.20M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$136.50M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$138.50M	USD	Point-in-time
Accumulated Other Comprehensive Income (Loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.00M	USD	Point-in-time
Accumulated Other Comprehensive Income (Loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$13.90M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of July 28, 2018 and April 28, 2018	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of July 28, 2018 and April 28, 2018	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$490.00M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$472.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$632.20M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$630.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$892.80M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$915.90M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$223.40M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$201.20M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsSold`	$163.30M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsSold`	$145.60M	USD	1 Quarter
Gross Profit	`GrossProfit`	$55.60M	USD	1 Quarter
Gross Profit	`GrossProfit`	$60.10M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$29.60M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$29.50M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$1.90M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$25.40M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$28.70M	USD	1 Quarter
Interest Expense (Income), Net	`InterestExpenseIncomeNet`	$200.00K	USD	1 Quarter
Interest Expense (Income), Net	`InterestExpenseIncomeNet`	$-200.00K	USD	1 Quarter
Other Expense, Net	`NonoperatingIncomeExpense`	$-300.00K	USD	1 Quarter
Other Expense, Net	`NonoperatingIncomeExpense`	$-800.00K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.80M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$28.20M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$4.30M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$4.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$20.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$23.70M	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.55	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.63	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.63	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.55	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.11	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`	37.35M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.64M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.56M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$20.50M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$23.70M	USD	1 Quarter
Provision for Depreciation	`Depreciation`	$5.00M	USD	1 Quarter
Provision for Depreciation	`Depreciation`	$6.50M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$1.90M	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$4.10M	USD	1 Quarter
Change in Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Change in Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$400.00K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.10M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.40M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.10M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$9.10M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.30M	USD	1 Quarter
Accounts Payable and Other Expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.10M	USD	1 Quarter
Accounts Payable and Other Expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-10.70M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$23.60M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$20.00M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.20M	USD	1 Quarter
Acquisition of Business, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of Business, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$22.20M	USD	1 Quarter
Sale of Business/Investment/Property	`ProceedsFromSalesOfAssetsInvestingActivities`	-	USD	1 Quarter
Sale of Business/Investment/Property	`ProceedsFromSalesOfAssetsInvestingActivities`	$300.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.20M	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`	$1.70M	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$3.40M	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$4.10M	USD	1 Quarter
Repayment of Borrowings	`RepaymentsOfLinesOfCredit`	$3.60M	USD	1 Quarter
Repayment of Borrowings	`RepaymentsOfLinesOfCredit`	$2.00M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.40M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.70M	USD	1 Quarter
Effect of Foreign Currency Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-10.00M	USD	1 Quarter
Effect of Foreign Currency Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$15.90M	USD	1 Quarter
Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.90M	USD	1 Quarter
Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-17.60M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$246.10M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$228.50M	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`	$294.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$246.10M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$228.50M	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`	$294.00M	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`	$23.70M	USD	1 Quarter
Foreign Currency Translation Adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-17.90M	USD	1 Quarter
Foreign Currency Translation Adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$24.60M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$45.10M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.80M	USD	1 Quarter

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