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Powell Industries Inc. – ‘10-Q’ for 6/30/20 – ‘R16’

On:  Wednesday, 8/5/20, at 2:17pm ET   ·   For:  6/30/20   ·   Accession #:  80420-20-27   ·   File #:  1-12488

Previous ‘10-Q’:  ‘10-Q’ on 5/6/20 for 3/31/20   ·   Next:  ‘10-Q’ on 2/3/21 for 12/31/20   ·   Latest:  ‘10-Q’ on 5/1/24 for 3/31/24   ·   2 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 8/05/20  Powell Industries Inc.            10-Q        6/30/20   66:5.4M

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    733K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     24K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     24K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     20K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     20K 
12: R1          Cover Page                                          HTML     71K 
13: R2          Condensed Consolidated Balance Sheets (Unaudited)   HTML    128K 
14: R3          Condensed Consolidated Balance Sheets (Unaudited)   HTML     36K 
                (Parenthetical)                                                  
15: R4          Condensed Consolidated Statements of Operations     HTML     93K 
                (Unaudited)                                                      
16: R5          Condensed Consolidated Statements of Comprehensive  HTML     33K 
                Income (Loss) (Unaudited)                                        
17: R6          Condensed Consolidated Statements of Stockholders'  HTML     86K 
                Equity (Unaudited)                                               
18: R7          Condensed Consolidated Statements of Cash Flows     HTML     91K 
                (Unaudited)                                                      
19: R8          Overview and Summary of Significant Accounting      HTML     34K 
                Policies                                                         
20: R9          Earnings Per Share                                  HTML     49K 
21: R10         Detail of Selected Balance Sheet Accounts           HTML     66K 
22: R11         Revenue                                             HTML     92K 
23: R12         Long-Term Debt                                      HTML     33K 
24: R13         Commitments and Contingencies                       HTML     24K 
25: R14         Stock-Based Compensation                            HTML     34K 
26: R15         Fair Value Measurements                             HTML     62K 
27: R16         Leases                                              HTML     52K 
28: R17         Income Taxes                                        HTML     50K 
29: R18         Separation Costs                                    HTML     20K 
30: R19         Subsequent Events                                   HTML     21K 
31: R20         Overview and Summary of Significant Accounting      HTML     51K 
                Policies (Policies)                                              
32: R21         Earnings Per Share (Tables)                         HTML     48K 
33: R22         Detail of Selected Balance Sheet Accounts (Tables)  HTML     71K 
34: R23         Revenue (Tables)                                    HTML     72K 
35: R24         Long-Term Debt (Tables)                             HTML     29K 
36: R25         Stock-Based Compensation (Tables)                   HTML     29K 
37: R26         Fair Value Measurements (Tables)                    HTML     56K 
38: R27         Leases (Tables)                                     HTML     54K 
39: R28         Income Taxes (Tables)                               HTML     42K 
40: R29         Overview and Summary of Significant Accounting      HTML     25K 
                Policies - New Accounting Standard (Details)                     
41: R30         Earnings Per Share (Details)                        HTML     51K 
42: R31         Detail of Selected Balance Sheet Accounts -         HTML     28K 
                Activity in Allowance for Doubtful Accounts                      
                Receivable (Details)                                             
43: R32         Detail of Selected Balance Sheet Accounts -         HTML     25K 
                Components of Inventories (Details)                              
44: R33         Detail of Selected Balance Sheet Accounts -         HTML     28K 
                Activity in Product Warranty Accrual (Details)                   
45: R34         Revenue - Narrative (Details)                       HTML     31K 
46: R35         Revenue - Performance Obligations (Details)         HTML     26K 
47: R36         Revenue - Contract Balances (Details)               HTML     36K 
48: R37         Revenue - Disaggregation of Revenue (Details)       HTML     46K 
49: R38         Long-Term Debt - Components of Long-Term Debt       HTML     25K 
                (Details)                                                        
50: R39         Long-Term Debt - Narrative (Details)                HTML     65K 
51: R40         Commitments and Contingencies (Details)             HTML     31K 
52: R41         Stock-Based Compensation - Narrative (Details)      HTML     50K 
53: R42         Stock-Based Compensation - Schedule of Restricted   HTML     42K 
                Stock Units Activity (Details)                                   
54: R43         Fair Value Measurements (Details)                   HTML     37K 
55: R44         Leases - Lease Costs (Details)                      HTML     29K 
56: R45         Leases - Narrative (Details)                        HTML     24K 
57: R46         Leases - Summary of Operating Lease Assets and      HTML     27K 
                Liabilities (Details)                                            
58: R47         Leases - Maturities of Operating Lease Liabilities  HTML     36K 
                (Details)                                                        
59: R48         Income Taxes - Schedule of Calculation of the       HTML     38K 
                Effective Tax Rate (Details)                                     
60: R49         Income Taxes - Narrative (Details)                  HTML     25K 
61: R50         Separation Costs (Details)                          HTML     21K 
62: R51         Subsequent Events (Details)                         HTML     23K 
64: XML         IDEA XML File -- Filing Summary                      XML    113K 
11: XML         XBRL Instance -- powl10-qq32020_htm                  XML   1.26M 
63: EXCEL       IDEA Workbook of Financial Reports                  XLSX     73K 
 7: EX-101.CAL  XBRL Calculations -- powl-20200630_cal               XML    178K 
 8: EX-101.DEF  XBRL Definitions -- powl-20200630_def                XML    281K 
 9: EX-101.LAB  XBRL Labels -- powl-20200630_lab                     XML   1.09M 
10: EX-101.PRE  XBRL Presentations -- powl-20200630_pre              XML    615K 
 6: EX-101.SCH  XBRL Schema -- powl-20200630                         XSD    105K 
65: JSON        XBRL Instance as JSON Data -- MetaLinks              287±   399K 
66: ZIP         XBRL Zipped Folder -- 0000080420-20-000027-xbrl      Zip    178K

‘R16’   —   Leases

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.2
Leases
 9 Months Ended
Leases [Abstract]  
Leases Leases

Our leases consist primarily of office and manufacturing space, construction equipment and office equipment. All of our future lease obligations are related to non-cancelable operating leases. The most significant portion of our lease portfolio relates to leases of office and manufacturing facilities in Canada which we no longer occupy. We currently sublease the majority of these Canadian facilities. The following table provides a summary of lease cost components for the three and nine months ended June 30, 2020 (in thousands):

Lease Cost
 
Three months ended June 30, 2020
 
Nine months ended June 30, 2020
Operating lease cost
 
$
571

 
$
1,779

     Less: sublease income
 
(156
)
 
(393
)
Variable lease cost(1)
 
86

 
265

Short-term lease cost(2)
 
148

 
496

Total lease cost
 
$
649

 
$
2,147


(1) Variable lease cost represents common area maintenance charges related to our Canadian office space leases.
(2) Short-term lease cost includes leases and rentals with initial terms of one year or less.

We recognize operating lease assets and operating lease liabilities representing the present value of the remaining lease payments for leases with initial terms greater than twelve months. Leases with initial terms of twelve months or less are not recorded in our Condensed Consolidated Balance Sheets. Our operating lease assets have been reduced by a lease accrual of $0.6 million related to certain unused facility leases in Canada. The following table provides a summary of the operating lease assets and operating lease liabilities included in our Condensed Consolidated Balance Sheets as of June 30, 2020 (in thousands):

Operating Leases
 
Assets:
 
 
Operating lease assets, net
 
$
5,542

 
 
 
Liabilities:
 
 
Current operating lease liabilities
 
2,306

Long-term operating lease liabilities
 
3,870

Total lease liabilities
 
$
6,176



The following table provides the maturities of our operating lease liabilities as of June 30, 2020 (in thousands):

 
 
Operating Leases
Remainder of 2020
 
$
773

2021
 
2,414

2022
 
2,140

2023
 
1,109

2024
 
85

Thereafter
 
—

Total future minimum lease payments
 
6,521

Less: present value discount (imputed interest)
 
(345
)
Present value of lease liabilities
 
$
6,176



The weighted average discount rate as of June 30, 2020 was 4.22%. The weighted average remaining lease term was 2.7 years at June 30, 2020.

Dates Referenced Herein

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/5/20None on these Dates
For Period end:6/30/20
 List all Filings 

2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/12/12  Powell Industries Inc.            8-K:3,5,9  10/09/12    2:150K                                   Donnelley … Solutions/FA
11/01/04  Powell Industries Inc.            8-A12B/A               4:412K
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Filing Submission 0000080420-20-000027   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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