Table of Contents
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 11-K
x
ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 2009
o
TRANSITION REPORT PURSUANT TO 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number: 0-2816
A.
Full title of the plan and
the address of the plan, if different from that of the issuer named below:
Methode Electronics, Inc. 401(k) Savings
Plan
B.
Name of issuer of the
securities held pursuant to the plan and the address of its principal executive
office:
Methode
Electronics, Inc.
7401 West
Wilson Avenue
Chicago, IL
60706-4548
Table
of Contents
FINANCIAL STATEMENTS AND
SUPPLEMENTALSCHEDULE
Methode Electronics, Inc. 401(k) Savings Plan
Years Ended December 31, 2009 and 2008
Table
of Contents
Methode Electronics, Inc.
401(k) Savings Plan
Financial Statements and
Supplemental Schedule
Years Ended December 31,
2009 and 2008
Contents
Table
of Contents
Report of Independent
Registered Public Accounting Firm
The Administration Committee
Methode Electronics, Inc.
401(k) Savings Plan
We have audited the accompanying statements of net assets available for
benefits of Methode Electronics, Inc. 401(k) Savings Plan as of
December 31, 2009 and 2008, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plans management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. We were not engaged
to perform an audit of the Plans internal control over financial reporting.
Our audit included consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plans internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of the
Plan at December 31, 2009 and 2008, and the changes in net assets available
for benefits for the years then ended, in conformity with accounting principles
generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental schedule
of assets (held at end of year) as of December 31, 2009, is presented for
purposes of additional analysis and is not a required part of the financial
statements but is supplementary information required by the Department of Labors
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plans management. The supplemental schedule has been
subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Frank L. Sassetti & Co.
|
|
June 25, 2010
Oak Park, Illinois
1
Table of Contents
Methode Electronics, Inc.
401(k) Savings Plan
Statements of Net Assets
Available for Benefits
|
|
December 31,
|
|
|
|
2009
|
|
2008
|
|
Assets
|
|
|
|
|
|
Cash
|
|
$
|
24,932
|
|
$
|
199,643
|
|
|
|
|
|
|
|
Investments,
at fair value:
|
|
|
|
|
|
Group
annuity investment contracts
|
|
7,444,836
|
|
6,869,428
|
|
Mutual
funds
|
|
28,516,076
|
|
23,093,852
|
|
Common
stock fund
|
|
2,068,470
|
|
1,834,834
|
|
Participant
loans
|
|
771,309
|
|
1,310,348
|
|
Total
investments
|
|
38,800,691
|
|
33,108,462
|
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
Employee
/ employer contributions
|
|
|
|
51,738
|
|
Unsettled
investment sales
|
|
3,635
|
|
4,923
|
|
Accrued
interest / dividends
|
|
19,978
|
|
25,621
|
|
Total
receivables
|
|
23,613
|
|
82,282
|
|
Total
assets
|
|
38,849,236
|
|
33,390,387
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Unsettled
investment purchases
|
|
23,768
|
|
186,876
|
|
Total
liabilities
|
|
23,768
|
|
186,876
|
|
|
|
|
|
|
|
Net
assets available for benefits, at fair value
|
|
38,825,468
|
|
33,203,511
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
|
|
(43,398
|
)
|
782,077
|
|
Net
assets available for benefits
|
|
$
|
38,782,070
|
|
$
|
33,985,588
|
|
See accompanying notes.
2
Table of Contents
Methode Electronics, Inc.
401(k) Savings Plan
Statements of Changes in Net Assets Available for Benefits
|
|
Years Ended December 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Additions:
|
|
|
|
|
|
Additions
to net assets attributed to:
|
|
|
|
|
|
Investment
Income:
|
|
|
|
|
|
Interest
and dividends
|
|
$
|
879,358
|
|
$
|
1,209,043
|
|
Net
appreciation / (depreciation) in fair value of investments
|
|
6,763,288
|
|
(15,120,176
|
)
|
Total
investment gain / (loss)
|
|
7,642,646
|
|
(13,911,133
|
)
|
|
|
|
|
|
|
Contributions:
|
|
|
|
|
|
Participants
|
|
2,397,772
|
|
3,242,853
|
|
Employer
|
|
1,624,145
|
|
2,121,229
|
|
Rollovers
|
|
155,991
|
|
254,953
|
|
|
|
4,177,908
|
|
5,619,035
|
|
Total
additions, net
|
|
11,820,554
|
|
(8,292,098
|
)
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
Deductions
from net assets attributed to:
|
|
|
|
|
|
Benefits
paid to participants
|
|
7,002,308
|
|
6,493,573
|
|
Administrative
expenses
|
|
21,764
|
|
9,042
|
|
Total
deductions
|
|
7,024,072
|
|
6,502,615
|
|
|
|
|
|
|
|
Net
increase / (decrease)
|
|
4,796,482
|
|
(14,794,713
|
)
|
Net
assets available for benefits:
|
|
|
|
|
|
Beginning
of year
|
|
33,985,588
|
|
48,780,301
|
|
End
of year
|
|
$
|
38,782,070
|
|
$
|
33,985,588
|
|
See accompanying notes.
3
Table of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes to Financial
Statements
Years Ended December 31, 2009 and 2008
1. Description of the Plan
The following description of the Methode Electronics, Inc. 401(k) Savings
Plan (Plan) provides only general information. Participants should refer to the
Summary Plan Description (SPD) for a more complete description of the Plans
provisions. Copies of the SPD are available from Methode Electronics, Inc.
General
The Plan is a defined-contribution plan established to provide
additional retirement and other benefits for eligible employees, to enable
eligible employees, through systematic savings, to accumulate funds on a tax-advantageous
basis, and to provide a vehicle through which the plan sponsor, Methode
Electronics, Inc. and its subsidiaries (the Company), can attract and
retain qualified employees.
Participation
Employees who are employed by the Company for three full calendar
months are eligible to participate in the Plan on the first day of the
following calendar month.
Contributions
Participants may elect to contribute a minimum of 2% of their annual
compensation (as defined in the Plan) on a pre-tax, after tax Roth 401(k) or
any combination, up to the maximum annual dollar limit allowable by the
Internal Revenue Service (IRS).
The Company contributes to the Plan, on behalf of each participant, a safe-harbor
non-elective contribution of 3% of each participants eligible compensation (as
defined by the Plan), subject to the IRS maximum amount, for the portion of the
Plan year in which the employee was a participant in the Plan.
Participants may direct contributions into various investment options
offered by the Plan.
4
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
1. Description of Plan (continued)
Participant Withdrawals
Withdrawals are permitted in the event of termination of employment,
disability, death, retirement, attainment of age 59 1/2, or financial hardship.
A financial hardship withdrawal is currently permitted by the IRS for certain
authorized purposes. Such withdrawals must be approved by the 401(k) Hardship
Committee. Withdrawals prior to the attainment of age 59 1/2 may be
subject to an additional 10% tax penalty.
Vesting
Participants are immediately vested in Company contributions, their
contributions, and actual earnings (losses) thereon.
Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000 up
to a maximum equal to the lesser of $50,000 or 50% of their account balance.
Loan terms range from 1 to 5 years or up to 15 years for the purchase of a
primary residence. The loans are secured by the balance in the participants
account and bear interest at the prime rate plus 1%. Principal and interest are
paid ratably through payroll deductions.
Participant Accounts
Each participants account is credited with the participants
contributions and allocations of Company contributions and Plan earnings
(losses). Allocations are based on participant earnings or account balances as
defined. The benefit to which a participant is entitled is the benefit that can
be provided from the participants account.
Plan Termination
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of the Employee Retirement Income
Security Act of 1974.
5
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
2. Significant Accounting Policies
Basis of Accounting
The financial statements have been prepared on the accrual basis of
accounting.
Valuation of Investments
The shares of mutual funds are valued at quoted market prices, which
represent the net asset values of shares on the last business day of the Plan
year. The fair value of common stock is determined by quoted market prices.
Participant loans are valued at their outstanding balances, which approximate
fair value.
Purchases and sales are recorded on a trade-date basis. Interest is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
In December, 2005, the Financial Accounting Standards Board (FASB)
issued certain authoritative literature with respect to the definition of fully
benefit-responsive investment contracts and the presentation and disclosure of
fully benefit-responsive investment contracts in plan financial statements. The
literature requires that investments in common/collective trusts that include
benefit-responsive investment contracts be presented at fair value in the
statement of net assets available for benefits and that the amount representing
the difference between fair value and contract value of these investments also
be presented on the face of the statement of net assets available for benefits.
The Plan has group annuity investment contracts with the Hartford Life
Insurance Company (Hartford) and Lincoln National Life Insurance Company (Lincoln).
The Hartford group annuity contract fair value and contract value are
estimated by Hartford Life Insurance Company. Contract value represents
contributions made, plus interest at the contract rate, less funds used to pay
participants benefits. The Plan does not allow for new investment in this
contract. There are significant penalties if the entire contract were
prematurely terminated.
6
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
2. Significant Accounting Policies (continued)
The Hartford group annuity contract had an average yield of 3.09%
(annualized) for each of the years ended December 31, 2009 and 2008,
respectively. The crediting interest rate was 3.00% at December 31, 2009
and 2008, respectively. The crediting interest rate is set at the beginning of
the calendar year and is periodically reviewed for adjustment.
The Lincoln Stable Value Account is a fixed group annuity issued by The
Lincoln National Life Insurance Company. Contract value represents
contributions made, plus interest at the contract rate, less funds used to pay
participants benefits. There are penalties or delays in payments if
significant withdrawals are made prior to August 2011.
The Lincoln contract had an average yield of 4.15% and 4.41%
(annualized) for the years ended December 31, 2009 and 2008, respectively.
The crediting interest rate was 3.90% and 4.40% at December 31, 2009 and
2008, respectively. The crediting interest rate is set at the beginning of each
calendar quarter and is periodically reviewed for adjustment.
Use of Estimates
The preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan invests in various investment
securities. Investment securities are exposed to various risks such as interest
rate, market, and credit risks. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that changes in the
values of investment securities will occur in the near term and that such
changes could materially affect participants account balances and the amounts
reported in the statements of net assets available for benefits.
Administrative Expenses
Generally, expenses of the Plan are paid by the Company.
Future Adoption of Accounting Standards
In January 2010, The FASB issued ASU No. 2010-06, Improving
Disclosures about Fair Value Measurements (ASU 2010-06), which primarily
requires new disclosures related to the levels within the fair value hierarchy.
An entity will be required to disclose significant transfers in and
7
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes to Financial
Statements (continued)
out of Levels 1 and 2 of the fair value hierarchy, and separately
present information related to purchases, sales issuances and settlements in
the reconciliation of fair value measurements classified as Level 3. In
addition, ASU 2010-06 will amend the fair value disclosure requirement for
pension and postretirement benefit plan assets to require this disclosure at
the investment class level. ASU 2010-06 will be effective for interim and
annual reporting periods beginning after December 15, 2009, except for the
disclosures related to purchases, sales, issuances and settlements for Level 3
fair value measurements, which are effective for reporting periods beginning
after December 15, 2010. The adoption of this standard is not expected to
have a material impact on the Plan.
3. Investments
The Plans investments (including investments purchased, sold, as well
as held during the year) appreciated / (depreciated) in fair value as
determined by quoted market prices as follows:
|
|
Years Ended December 31
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
6,009,447
|
|
$
|
(12,897,749
|
)
|
Common stock fund
|
|
753,841
|
|
(2,222,427
|
)
|
|
|
$
|
6,763,288
|
|
$
|
(15,120,176
|
)
|
Investments that represent 5% or more of the Plans net assets are as
follows:
|
|
December 31,
|
|
|
|
2009
|
|
2008
|
|
Hartford
Life Insurance Company Group Annuity Contract
|
|
$
|
*
|
|
$
|
1,788,477
|
|
Lincoln
Stable Value Fund
|
|
6,159,759
|
|
5,080,951
|
|
American
Funds
|
|
|
|
|
|
American
Balanced Fund
|
|
8,355,345
|
|
7,217,414
|
|
American
Mutual Fund
|
|
4,061,531
|
|
3,427,384
|
|
American
Growth Fund of America
|
|
4,867,235
|
|
3,818,711
|
|
Euro
Pacific Fund
|
|
3,222,585
|
|
2,459,841
|
|
|
|
|
|
|
|
Davis
NY Venture Fund
|
|
3,123,767
|
|
2,551,684
|
|
Methode
Electronics, Inc. Common Stock Fund
|
|
2,068,470
|
|
1,834,834
|
|
|
|
|
|
|
|
|
|
* Investment balance is not greater than 5% of Plans net assets as of December 31,
2009.
8
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
4. Fair Value Measurements
Accounting Standards Codification Topic 820 (ASC 820) defines fair
value as the price that would be received from selling an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. When determining the fair value measurements for assets
and liabilities required to be recorded at fair value, the Plan considers the
principal or most advantageous market in which it would transact and considers
assumptions that market participants would use when pricing the asset or
liability, such as inherent risk, transfer restrictions, and risk of
nonperformance.
ASC 820 also establishes a fair value hierarchy that requires the Plan
to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. A financial Instrumentss categorization
within the fair value hierarchy is based upon the lowest level of input that is
significant to the fair value measurement. The standard establishes three
levels of inputs that may be used to measure fair value:
·
Level 1 : quoted prices in
active markets for identical assets or liabilities;
·
Level 2 : inputs other than
Level 1 that are observable, either directly or indirectly, such as quoted
prices in active markets for similar assets or liabilities, quoted prices for
identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of the
assets or liabilities ; or
·
Level 3 : observable inputs
that are supported by little or no market activity and that are significant to
the fair value of the assets or liabilities.
9
Table of
Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
Investments measured at Fair Value on a recurring
Basis
The following summarizes the classification of Investments by
classification and method of valuation for the years ended December 31,
|
|
2009
Fair Value Measurements Using Input Type
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds
|
|
|
|
|
|
|
|
|
|
Intermediate Term Bond
|
|
$
|
1,518,675
|
|
$
|
|
|
$
|
|
|
$
|
1,518,675
|
|
Moderate Allocation
|
|
8,355,345
|
|
|
|
|
|
8,355,345
|
|
Mid-Cap Blend
|
|
754,567
|
|
|
|
|
|
754,567
|
|
Mid-Cap Growth
|
|
996,295
|
|
|
|
|
|
996,295
|
|
Large Blend
|
|
3,318,629
|
|
|
|
|
|
3,318,629
|
|
Large Growth
|
|
6,288,449
|
|
|
|
|
|
6,288,449
|
|
Large Value
|
|
4,061,531
|
|
|
|
|
|
4,061,531
|
|
Foreign Large Blend
|
|
3,222,585
|
|
|
|
|
|
3,222,585
|
|
Total
|
|
28,516,076
|
|
|
|
|
|
28,516,076
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Fund
|
|
2,068,470
|
|
|
|
|
|
2,068,470
|
|
|
|
|
|
|
|
|
|
|
|
Group Annuity / Investment
Contracts
|
|
|
|
|
|
7,444,836
|
|
7,444,836
|
|
|
|
|
|
|
|
|
|
|
|
Participant Loans
|
|
|
|
|
|
771,309
|
|
771,309
|
|
|
|
$
|
30,584,546
|
|
$
|
|
|
$
|
8,216,145
|
|
$
|
38,800,691
|
|
10
Table of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
|
|
2008
Fair Value Measurements Using Input Type
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds
|
|
|
|
|
|
|
|
|
|
Intermediate Term Bond
|
|
$
|
1,240,976
|
|
$
|
|
|
$
|
|
|
$
|
1,240,976
|
|
Moderate Allocation
|
|
7,217,414
|
|
|
|
|
|
7,217,414
|
|
Mid-Cap Blend
|
|
548,616
|
|
|
|
|
|
548,616
|
|
Mid-Cap Growth
|
|
723,218
|
|
|
|
|
|
723,218
|
|
Large Blend
|
|
2,660,337
|
|
|
|
|
|
2,660,337
|
|
Large Growth
|
|
4,816,066
|
|
|
|
|
|
4,816,066
|
|
Large Value
|
|
3,427,384
|
|
|
|
|
|
3,427,384
|
|
Foreign Large Blend
|
|
2,459,841
|
|
|
|
|
|
2,459,841
|
|
Total
|
|
23,093,852
|
|
|
|
|
|
23,093,852
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Fund
|
|
1,834,834
|
|
|
|
|
|
1,834,834
|
|
|
|
|
|
|
|
|
|
|
|
Group Annuity / Investment
Contracts
|
|
|
|
|
|
6,869,428
|
|
6,869,428
|
|
|
|
|
|
|
|
|
|
|
|
Participant Loans
|
|
|
|
|
|
1,310,348
|
|
1,310,348
|
|
|
|
$
|
24,928,686
|
|
$
|
|
|
$
|
8,179,776
|
|
$
|
33,108,462
|
|
The Plans valuation methodology used to measure fair values are as
follows. There have been no changes in the methodologies used at December 31,
2009 or 2008.
Mutual funds:
valued at quoted market
price, which represent the net asset value of the shares held in such funds.
11
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
Methode Electronics, Inc. Common Stock Fund:
the fund
invests primarily in Methode Electronics, Inc. common stock, which is
traded on the New York Stock Exchange (NYSE) under the ticker symbol (MEI) and
is valued at its quoted market price at the daily close of the NYSE. A small
portion of the fund is invested in short-term money market instruments. The
money market portion of the fund provides liquidity, which enables the Plan
participants to transfer money daily among all investment choices.
Group Annuity / Investment Contracts:
are stated at
fair value. The fair value of the contracts are estimated by the carrier, based
on various factors, including current interest rates credited to the respective
contract.
Participant loans:
stated at the outstanding
principal balance plus accrued interest, which approximates fair value.
The table below is a summary of changes in the fair value of the Plans
Level 3 assets for the years ended December 31, 2008 and 2009:
|
|
Level 3 Assets
|
|
|
|
Participant
Loans
|
|
Group Annuity /
Investment Contracts
|
|
|
|
|
|
|
|
Balance as of
January 1, 2008
|
|
$
|
1,524,971
|
|
$
|
6,249,260
|
|
|
|
|
|
|
|
Issuances, repayments and
settlements, net
|
|
(214,623
|
)
|
620,168
|
|
|
|
|
|
|
|
Balance as of
December 31, 2008
|
|
$
|
1,310,348
|
|
$
|
6,869,428
|
|
|
|
|
|
|
|
Issuances, repayments and
settlements, net
|
|
(539,039
|
)
|
575,408
|
|
|
|
|
|
|
|
Balance as of
December 31, 2009
|
|
$
|
771,309
|
|
$
|
7,444,836
|
|
12
Table
of Contents
Methode
Electronics, Inc.
401(k) Savings
Plan
Notes
to Financial Statements (continued)
5. Income Tax Status
The Plan has received a determination letter from the IRS dated
September 11, 2002, stating that the Plan is qualified under
Section 401(a) of the Internal Revenue Code (the Code) and,
therefore, the related trust is exempt from taxation. Subsequent to this
determination by the IRS, the Plan was amended. Once qualified, the Plan is
required to operate in conformity with the Code to maintain its qualification.
The plan administrator believes the Plan is being operated in compliance with
the applicable requirements of the Code and, therefore, believes that the Plan
is qualified and the related trust is tax-exempt.
6. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of investments at fair value per the
financial statements to the Form 5500 at December 31,
|
|
2009
|
|
2008
|
|
Investments, at fair
value, per the financial statements
|
|
$
|
38,800,691
|
|
$
|
33,108,462
|
|
Adjustment from fair value
to contract value for investments in fully benefit-responsive insurance
contracts
|
|
(43,398
|
)
|
782,077
|
|
Investments, per
Form 5500
|
|
$
|
38,757,293
|
|
$
|
33,890,539
|
|
13
Table of
Contents
Methode
Electronics, Inc.
401(k) Savings Plan
Schedule H, Line 4i Schedule of Assets
(Held
at End of Year)
EIN #36-2090085 Plan #002
December 31,
2009
(a)
|
|
(b)
Identity of Issue
|
|
(c)
Description of
Investment
|
|
Shares
or
Units
|
|
(d)
Cost
|
|
(e)
Current
Value
|
|
|
|
Group
annuity investment contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hartford Life Insurance
Company
|
|
Group Annuity Contract
|
|
N/A
|
|
**
|
|
$
|
1,285,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Lincoln Financial Group
|
|
Lincoln Stable Value Fund
|
|
6,159,759
|
|
**
|
|
6,159,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The American Funds Group
|
|
American Balanced Fund
|
|
515,444
|
|
**
|
|
8,355,345
|
|
|
|
|
|
American Mutual Fund
|
|
175,368
|
|
**
|
|
4,061,531
|
|
|
|
|
|
Europacific Growth Fund
|
|
84,053
|
|
**
|
|
3,222,585
|
|
|
|
|
|
Growth Fund of America
|
|
178,091
|
|
**
|
|
4,867,235
|
|
|
|
|
|
New Economy Fund
|
|
63,193
|
|
**
|
|
1,421,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware Investments
|
|
Delaware Diversified
Income
|
|
162,948
|
|
**
|
|
1,518,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
|
|
Invesco Capital Development
|
|
72,353
|
|
**
|
|
996,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Davis Funds
|
|
Davis NY Venture
|
|
100,572
|
|
**
|
|
3,123,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vanguard
|
|
Total Stock Market Index
|
|
7,099
|
|
**
|
|
194,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Victory
|
|
Victory Special Value
|
|
55,688
|
|
**
|
|
754,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock fund
|
|
|
|
|
|
|
|
|
|
*
|
|
Methode
Electronics, Inc.
|
|
Methode
Electronics, Inc. Common Stock
|
|
258,829
|
|
**
|
|
2,068,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments at fair value
|
|
|
|
|
|
|
|
38,029,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully responsive investment contracts
|
|
|
|
(43,398
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments, as adjusted
|
|
|
|
|
|
|
|
37,985,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant
loans
|
|
Interest rates range from 5.0%
to 9.25%
|
|
|
|
**
|
|
771,309
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,757,293
|
|
|
|
*Party in interest.
|
|
|
|
|
|
|
|
|
|
|
|
**Cost information is not
required for participant directed investments and participant loans and,
therefore, is not included.
|
|
14
Table of Contents
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Plan Administrator has duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
METHODE ELECTRONICS, INC.
|
|
|
|
|
Date: June 25, 2010
|
By:
|
/s/Douglas A. Koman
|
|
|
Douglas A. Koman
|
|
|
Chief Financial Officer
|
15
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