10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-042429`
Period End Date	20200731
Filing Date	20200903
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	mei-10q_20200801_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 28 Cash Flow Statement 56 Stockholders Equity 19 Comprehensive Income 5

Balance Sheet 83 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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.44M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$211.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.88M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$217.30M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$188.50M	USD	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$233.00M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Inventories	`InventoryNet`	$124.00M	USD	Point-in-time
Inventories	`InventoryNet`	$131.00M	USD	Point-in-time
Income Tax Receivable	`IncomeTaxesReceivable`	$12.90M	USD	Point-in-time
Income Tax Receivable	`IncomeTaxesReceivable`	$13.60M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.40M	USD	Point-in-time
Prepaid Expenses and Other Current Assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.90M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$598.00M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$565.60M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$208.60M	USD	Point-in-time
Property, Plant and Equipment, Net	`PropertyPlantAndEquipmentNet`	$201.90M	USD	Point-in-time
Goodwill	`Goodwill`	$231.60M	USD	Point-in-time
Goodwill	`Goodwill`	$233.30M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$242.10M	USD	Point-in-time
Other Intangible Assets, Net	`IntangibleAssetsNetExcludingGoodwill`	$244.80M	USD	Point-in-time
Operating Lease Assets, Net	`OperatingLeaseRightOfUseAsset`	$23.50M	USD	Point-in-time
Operating Lease Assets, Net	`OperatingLeaseRightOfUseAsset`	$22.10M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$31.40M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$41.00M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$37.10M	USD	Point-in-time
Pre-production Costs	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$36.00M	USD	Point-in-time
Other Long-term Assets	`OtherAssetsMiscellaneousNoncurrent`	$34.70M	USD	Point-in-time
Other Long-term Assets	`OtherAssetsMiscellaneousNoncurrent`	$37.10M	USD	Point-in-time
TOTAL LONG-TERM ASSETS	`OtherAssetsNoncurrent`	$805.00M	USD	Point-in-time
TOTAL LONG-TERM ASSETS	`OtherAssetsNoncurrent`	$820.20M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.37B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.42B	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$83.20M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$73.80M	USD	Point-in-time
Accrued Employee Liabilities	`EmployeeRelatedLiabilitiesCurrent`	$19.10M	USD	Point-in-time
Accrued Employee Liabilities	`EmployeeRelatedLiabilitiesCurrent`	$20.00M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$18.50M	USD	Point-in-time
Other Accrued Expenses	`OtherAccruedLiabilitiesCurrent`	$28.30M	USD	Point-in-time
Short-term Operating Lease Liability	`OperatingLeaseLiabilityCurrent`	$5.50M	USD	Point-in-time
Short-term Operating Lease Liability	`OperatingLeaseLiabilityCurrent`	$5.50M	USD	Point-in-time
Short-term Debt	`LongTermDebtCurrent`	$15.40M	USD	Point-in-time
Short-term Debt	`LongTermDebtCurrent`	$15.30M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$7.60M	USD	Point-in-time
Income Tax Payable	`AccruedIncomeTaxesCurrent`	$11.60M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$143.80M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$160.00M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$336.80M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$334.40M	USD	Point-in-time
Long-term Operating Lease Liability	`OperatingLeaseLiabilityNoncurrent`	$18.40M	USD	Point-in-time
Long-term Operating Lease Liability	`OperatingLeaseLiabilityNoncurrent`	$20.40M	USD	Point-in-time
Long-term Income Tax Payable	`AccruedIncomeTaxesNoncurrent`	$29.30M	USD	Point-in-time
Long-term Income Tax Payable	`AccruedIncomeTaxesNoncurrent`	$29.30M	USD	Point-in-time
Other Long-term Liabilities	`OtherLiabilitiesNoncurrent`	$15.30M	USD	Point-in-time
Other Long-term Liabilities	`OtherLiabilitiesNoncurrent`	$20.00M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$41.60M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$42.30M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$443.40M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$444.40M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$587.20M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$604.40M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,876,362 shares and 38,438,111 shares issued as of August 1, 2020 and May 2, 2020, respectively	`CommonStockValue`	$19.40M	USD	Point-in-time
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,876,362 shares and 38,438,111 shares issued as of August 1, 2020 and May 2, 2020, respectively	`CommonStockValue`	$19.20M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$150.70M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapital`	$151.50M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.20M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.90M	USD	Point-in-time
Accumulated Other Comprehensive Loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.20M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of August 1, 2020 and May 2, 2020	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Treasury Stock, 1,346,624 shares as of August 1, 2020 and May 2, 2020	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$664.60M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$651.90M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$689.70M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$783.40M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$813.80M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$714.30M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.42B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.37B	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`	$190.90M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsAndServicesSold`	$145.80M	USD	1 Quarter
Cost of Products Sold	`CostOfGoodsAndServicesSold`	$194.40M	USD	1 Quarter
Gross Profit	`GrossProfit`	$75.80M	USD	1 Quarter
Gross Profit	`GrossProfit`	$45.10M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$26.60M	USD	1 Quarter
Selling and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$32.40M	USD	1 Quarter
Amortization of Intangibles	`AmortizationOfIntangibleAssets`	$4.70M	USD	1 Quarter
Amortization of Intangibles	`AmortizationOfIntangibleAssets`	$4.80M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$13.80M	USD	1 Quarter
Income from Operations	`OperatingIncomeLoss`	$38.60M	USD	1 Quarter
Interest Expense, Net	`InterestIncomeExpenseNet`	$-1.60M	USD	1 Quarter
Interest Expense, Net	`InterestIncomeExpenseNet`	$-2.90M	USD	1 Quarter
Other (Income) Expense, Net	`NonoperatingIncomeExpense`	$3.40M	USD	1 Quarter
Other (Income) Expense, Net	`NonoperatingIncomeExpense`	$-100.00K	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.60M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.60M	USD	1 Quarter
Income Tax (Benefit) Expense	`IncomeTaxExpenseBenefit`	$-5.10M	USD	1 Quarter
Income Tax (Benefit) Expense	`IncomeTaxExpenseBenefit`	$7.30M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$20.70M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.55	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.75	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.54	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.75	USD	1 Quarter
Cash Dividends per Share	`CommonStockDividendsPerShareCashPaid`	$0.11	USD	1 Quarter
Cash Dividends per Share	`CommonStockDividendsPerShareCashPaid`	$0.11	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$20.70M	USD	1 Quarter
Depreciation and Amortization	`DepreciationDepletionAndAmortization`	$11.80M	USD	1 Quarter
Depreciation and Amortization	`DepreciationDepletionAndAmortization`	$12.10M	USD	1 Quarter
Stock-based Compensation Expense	`ShareBasedCompensation`	$2.50M	USD	1 Quarter
Stock-based Compensation Expense	`ShareBasedCompensation`	$900.00K	USD	1 Quarter
Change in Cash Surrender Value of Life Insurance	`ChangeinCashSurrenderValueofLifeInsurance`	$600.00K	USD	1 Quarter
Change in Cash Surrender Value of Life Insurance	`ChangeinCashSurrenderValueofLifeInsurance`	$300.00K	USD	1 Quarter
Amortization of Debt Issuance Costs	`AmortizationOfFinancingCosts`	$200.00K	USD	1 Quarter
Amortization of Debt Issuance Costs	`AmortizationOfFinancingCosts`	$200.00K	USD	1 Quarter
Change in Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$6.20M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$12.80M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$37.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-9.10M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.50M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-700.00K	USD	1 Quarter
Accounts Payable and Other Liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.60M	USD	1 Quarter
Accounts Payable and Other Liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.00M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$19.10M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$16.40M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.60M	USD	1 Quarter
Purchases of Property, Plant and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.20M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-11.60M	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`	$3.90M	USD	1 Quarter
Taxes Paid Related to Net Share Settlement of Equity Awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$400.00K	USD	1 Quarter
Proceeds from Exercise of Stock Options	`ProceedsFromStockOptionsExercised`	$100.00K	USD	1 Quarter
Repayments of Finance Leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$200.00K	USD	1 Quarter
Repayments of Finance Leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$100.00K	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$4.10M	USD	1 Quarter
Cash Dividends	`PaymentsOfDividendsCommonStock`	$5.00M	USD	1 Quarter
Proceeds from Borrowings	`ProceedsFromLinesOfCredit`	$1.00M	USD	1 Quarter
Repayments of Borrowings	`RepaymentsOfLinesOfCredit`	$4.10M	USD	1 Quarter
Repayments of Borrowings	`RepaymentsOfLinesOfCredit`	$10.70M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-13.00M	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`	$1.90M	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`	$-6.30M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.40M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of the Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$217.30M	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 Beginning of the Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$211.00M	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 END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$217.30M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$83.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$211.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.80M	USD	Point-in-time
Interest	`InterestPaidNet`	$1.50M	USD	1 Quarter
Interest	`InterestPaidNet`	$2.90M	USD	1 Quarter
Income Taxes, Net of Refunds	`IncomeTaxesPaidNet`	$7.80M	USD	1 Quarter
Income Taxes, Net of Refunds	`IncomeTaxesPaidNet`	$4.80M	USD	1 Quarter
Operating Lease Obligations	`OperatingLeasePayments`	$2.10M	USD	1 Quarter
Operating Lease Obligations	`OperatingLeasePayments`	$2.10M	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$689.70M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$783.40M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$813.80M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$714.30M	USD	Point-in-time
Earned Portion of Restricted Stock, Net of Tax Withholding	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-3.90M	USD	1 Quarter
Earned Portion of Restricted Stock, Net of Tax Withholding	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-400.00K	USD	1 Quarter
Exercise of Stock Options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$100.00K	USD	1 Quarter
Stock-based Compensation Expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$900.00K	USD	1 Quarter
Stock-based Compensation Expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.50M	USD	1 Quarter
Other Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$16.70M	USD	1 Quarter
Other Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-1.60M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$20.70M	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`	$689.70M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$783.40M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$813.80M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$714.30M	USD	Point-in-time

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$28.30M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$20.70M	USD	1 Quarter
Foreign Currency Translation Adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$20.30M	USD	1 Quarter
Derivative Financial Instruments	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-3.60M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$37.40M	USD	1 Quarter

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