10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000065270-19-000028`
Period End Date	20190731
Filing Date	20190829
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	mei0727201910qq1_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 28 Cash Flow Statement 52 Stockholders Equity 18 Comprehensive Income 6

Balance Sheet 79 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`	$73.80M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.44M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.20M	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`	$233.10M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$219.30M	USD	Point-in-time
Inventories	`InventoryNet`	$116.70M	USD	Point-in-time
Inventories	`InventoryNet`	$122.00M	USD	Point-in-time
Income Tax Receivable	`IncomeTaxesReceivable`	$13.40M	USD	Point-in-time
Income Tax Receivable	`IncomeTaxesReceivable`	$14.30M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.00M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$20.00M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$461.30M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$453.50M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$191.90M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$196.40M	USD	Point-in-time
Goodwill	`Goodwill`	$233.30M	USD	Point-in-time
Goodwill	`Goodwill`	$233.00M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$260.40M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$264.90M	USD	Point-in-time
Operating Lease Assets, Net	`OperatingLeaseRightOfUseAsset`	$26.10M	USD	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsLiabilitiesNet`	$34.10M	USD	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsLiabilitiesNet`	$34.30M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$32.80M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$36.50M	USD	Point-in-time
Other Long-term Assets	`OtherAssetsMiscellaneousNoncurrent`	$21.00M	USD	Point-in-time
Other Long-term Assets	`OtherAssetsMiscellaneousNoncurrent`	$21.10M	USD	Point-in-time
TOTAL LONG-TERM ASSETS	`OtherAssetsNoncurrent`	$778.20M	USD	Point-in-time
TOTAL LONG-TERM ASSETS	`OtherAssetsNoncurrent`	$807.60M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.23B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.27B	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$91.90M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$90.70M	USD	Point-in-time
Accrued Employee Liabilities	`EmployeeRelatedLiabilitiesCurrent`	$17.90M	USD	Point-in-time
Accrued Employee Liabilities	`EmployeeRelatedLiabilitiesCurrent`	$20.10M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$33.90M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$35.80M	USD	Point-in-time
Short-term Operating Lease Liability	`OperatingLeaseLiabilityCurrent`	$6.20M	USD	Point-in-time
Short-term Debt	`LongTermDebtCurrent`	$15.70M	USD	Point-in-time
Short-term Debt	`LongTermDebtCurrent`	$15.40M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$14.80M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$19.30M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$180.80M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$180.90M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$267.70M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$276.90M	USD	Point-in-time
Long-term Operating Lease Liability	`OperatingLeaseLiabilityNoncurrent`	$20.60M	USD	Point-in-time
Long-term Income Tax Payable	`AccruedIncomeTaxesNoncurrent`	$33.00M	USD	Point-in-time
Long-term Income Tax Payable	`AccruedIncomeTaxesNoncurrent`	$32.40M	USD	Point-in-time
Other Long-term Liabilities	`OtherLiabilitiesNoncurrent`	$14.80M	USD	Point-in-time
Other Long-term Liabilities	`OtherLiabilitiesNoncurrent`	$16.70M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredTaxLiabilities`	$36.40M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredTaxLiabilities`	$36.40M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$361.10M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$373.80M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$554.60M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$542.00M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,438,111 shares and 38,333,576 shares issued as of July 27, 2019 and April 27, 2019, respectively	`CommonStockValue`	$19.20M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,438,111 shares and 38,333,576 shares issued as of July 27, 2019 and April 27, 2019, respectively	`CommonStockValue`	$19.20M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$152.90M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$150.40M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.60M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.20M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of July 27, 2019 and April 27, 2019	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of July 27, 2019 and April 27, 2019	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$545.20M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$568.90M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$714.30M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$630.00M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$632.20M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$689.70M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.27B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.23B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$270.20M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$223.40M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsAndServicesSold`	$194.40M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsAndServicesSold`	$163.30M	USD	1 Quarter
Gross Profit	`GrossProfit`	$60.10M	USD	1 Quarter
Gross Profit	`GrossProfit`	$75.80M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$32.40M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$29.50M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$1.90M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$4.80M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$28.70M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$38.60M	USD	1 Quarter
Interest Expense, Net	`InterestIncomeExpenseNet`	$-2.90M	USD	1 Quarter
Interest Expense, Net	`InterestIncomeExpenseNet`	$-200.00K	USD	1 Quarter
Other Expense, Net	`NonoperatingIncomeExpense`	$-100.00K	USD	1 Quarter
Other Expense, Net	`NonoperatingIncomeExpense`	$-300.00K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$28.20M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$35.60M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$4.50M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$7.30M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$23.70M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.63	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.75	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.63	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.75	USD	1 Quarter
Cash Dividends per Share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.11	USD	1 Quarter
Cash Dividends per Share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.11	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$23.70M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Change in Cash Surrender Value of Life Insurance	`ChangeinCashSurrenderValueofLifeInsurance`	$300.00K	USD	1 Quarter
Change in Cash Surrender Value of Life Insurance	`ChangeinCashSurrenderValueofLifeInsurance`	$400.00K	USD	1 Quarter
Amortization of Debt Issuance Costs	`AmortizationOfFinancingCosts`	$200.00K	USD	1 Quarter
Amortization of Debt Issuance Costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Depreciation	`Depreciation`	$7.00M	USD	1 Quarter
Depreciation	`Depreciation`	$6.50M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$1.90M	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$4.80M	USD	1 Quarter
Stock-based Compensation Expense	`ShareBasedCompensation`	$2.50M	USD	1 Quarter
Stock-based Compensation Expense	`ShareBasedCompensation`	$2.10M	USD	1 Quarter
Change in Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$400.00K	USD	1 Quarter
Change in Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.40M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$12.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.10M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.90M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-700.00K	USD	1 Quarter
Accounts Payable and Other Liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-10.80M	USD	1 Quarter
Accounts Payable and Other Liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.60M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$20.00M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$19.10M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.20M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.20M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-18.20M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-13.20M	USD	1 Quarter
Taxes Paid Related to Net Share Settlement of Equity Awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$400.00K	USD	1 Quarter
Taxes Paid Related to Net Share Settlement of Equity Awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.70M	USD	1 Quarter
Repayments of Finance Leases	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	1 Quarter
Repayments of Finance Leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$200.00K	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$4.10M	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$4.10M	USD	1 Quarter
Proceeds from Borrowings	`ProceedsFromLinesOfCredit`	$1.00M	USD	1 Quarter
Proceeds from Borrowings	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Repayments of Borrowings	`RepaymentsOfLinesOfCredit`	$10.70M	USD	1 Quarter
Repayments of Borrowings	`RepaymentsOfLinesOfCredit`	$3.60M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-9.40M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-14.40M	USD	1 Quarter
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-10.00M	USD	1 Quarter
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-900.00K	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.40M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-17.60M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of the Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$246.10M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of the Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.80M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of the Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$228.50M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of the Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$83.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$246.10M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.80M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$228.50M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$83.20M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$714.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$630.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$632.20M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$689.70M	USD	Point-in-time
Earned Portion of Restricted Stock, Net of Tax Withholding	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-1.70M	USD	1 Quarter
Earned Portion of Restricted Stock, Net of Tax Withholding	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-400.00K	USD	1 Quarter
Stock-based Compensation Expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.10M	USD	1 Quarter
Stock-based Compensation Expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.50M	USD	1 Quarter
Foreign Currency Translation Adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-17.90M	USD	1 Quarter
Foreign Currency Translation Adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.60M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$23.70M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Dividends on Common Stock	`DividendsCash`	$4.20M	USD	1 Quarter
Dividends on Common Stock	`DividendsCash`	$4.10M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$714.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$630.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$632.20M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$689.70M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$23.70M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Foreign Currency Translation Adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-17.90M	USD	1 Quarter
Foreign Currency Translation Adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.60M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$26.70M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$5.80M	USD	1 Quarter

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