Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 28, 2018 | Jun. 19, 2018 | Oct. 28, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | METHODE ELECTRONICS INC | ||
Entity Central Index Key | 65,270 | ||
Current Fiscal Year End Date | --04-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,005,449 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 29, 2017 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 246.1 | $ 294 |
Accounts Receivable, Less Allowance (2018 - $0.5 and 2017 - $0.6) | 202.6 | 165.3 |
Inventories: | ||
Finished Products | 15.4 | 10.9 |
Work in Process | 14.6 | 8.7 |
Materials | 54.1 | 38.3 |
Total Inventories | 84.1 | 57.9 |
Prepaid and Refundable Income Taxes | 2.4 | 0.6 |
Prepaid Expenses and Other Current Assets | 14.8 | 12.5 |
TOTAL CURRENT ASSETS | 550 | 530.3 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 0.8 | 0.6 |
Buildings and Building Improvements | 69.2 | 48.2 |
Machinery and Equipment | 364.7 | 287.9 |
Property, Plant and Equipment, Gross | 434.7 | 336.7 |
Less: Allowances for Depreciation | 272.5 | 246.1 |
PROPERTY, PLANT AND EQUIPMENT, NET | 162.2 | 90.6 |
OTHER ASSETS | ||
Goodwill | 59.2 | 1.6 |
Other Intangibles, Less Accumulated Amortization | 61 | 6.6 |
Cash Surrender Value of Life Insurance | 8.2 | 7.8 |
Deferred Income Taxes | 42.3 | 40.4 |
Pre-production Costs | 20.5 | 15.5 |
Other | 12.5 | 11.2 |
TOTAL OTHER ASSETS | 203.7 | 83.1 |
TOTAL ASSETS | 915.9 | 704 |
CURRENT LIABILITIES | ||
Accounts Payable | 89.5 | 75.3 |
Salaries, Wages and Payroll Taxes | 22.8 | 18.7 |
Other Accrued Expenses | 21.6 | 17.7 |
Short-term Debt | 4.4 | 0 |
Deferred Tax Liabilities, Net | 18.3 | 0 |
Income Tax Payable | 18.7 | 12.7 |
TOTAL CURRENT LIABILITIES | 157 | 124.4 |
LONG-TERM DEBT | 53.4 | 27 |
LONG-TERM INCOME TAX PAYABLE | 42.6 | 0 |
OTHER LIABILITIES | 4.6 | 2.6 |
DEFERRED COMPENSATION | 10 | 8.9 |
SHAREHOLDERS’ EQUITY | ||
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,198,353 shares and 38,133,925 shares issued as of April 28, 2018 and April 29, 2017, respectively | 19.1 | 19.1 |
Additional Paid-in Capital | 136.5 | 132.2 |
Accumulated Other Comprehensive Loss | 13.9 | (25.7) |
Treasury Stock, 1,346,624 shares as of April 28, 2018 and April 29, 2017 | (11.5) | (11.5) |
Retained Earnings | 472 | 427 |
TOTAL EQUITY | 630 | 541.1 |
TOTAL LIABILITIES AND EQUITY | $ 915.9 | $ 704 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 29, 2017 |
CURRENT ASSETS | ||
Allowance, accounts receivable | $ 0.5 | $ 0.6 |
Common Stock: | ||
par value (in dollars per share) | $ 0.50 | $ 0.50 |
shares authorized (in shares) | 100,000,000 | 100,000,000 |
shares issued (in shares) | 38,198,353 | 38,133,925 |
Treasury Stock: | ||
shares issued (in shares) | 1,346,624 | 1,346,624 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | |||
Net Sales | $ 908.3 | $ 816.5 | $ 809.1 |
Cost of Products Sold | 668.7 | 598.2 | 596.2 |
Gross Profit | 239.6 | 218.3 | 212.9 |
Selling and Administrative Expenses | 115.7 | 105.2 | 100.8 |
Amortization of Intangibles | 5.6 | 2.3 | 2.4 |
Income from Operations | 118.3 | 110.8 | 109.7 |
Interest (Income) Expense, Net | 0.9 | (0.4) | (0.7) |
Other Income, Net | (6.4) | (4.7) | (0.5) |
Income before Income Taxes | 123.8 | 115.9 | 110.9 |
Income Tax Expense | 66.6 | 23 | 26.3 |
Net Income | $ 57.2 | $ 92.9 | $ 84.6 |
Basic and Diluted Income per Share: | |||
Basic income per share (in dollars per share) | $ 1.54 | $ 2.49 | $ 2.21 |
Diluted income per share (in dollars per share) | 1.52 | 2.48 | 2.20 |
Cash Dividends per Share: | |||
Common stock (in dollars per share) | $ 0.40 | $ 0.36 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 57.2 | $ 92.9 | $ 84.6 |
Other Comprehensive Income (Loss): | |||
Foreign Currency Translation Adjustments | 39.6 | (17.3) | (0.1) |
Total Comprehensive Income | $ 96.8 | $ 75.6 | $ 84.5 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings | Non-Controlling Interest |
Beginning Balance (in shares) at May. 02, 2015 | 39,702,036 | ||||||
Ending Balance at Apr. 30, 2016 | $ 470,100,000 | $ 19,100,000 | $ 112,300,000 | $ (8,400,000) | $ (11,500,000) | $ 358,600,000 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Earned portion of restricted stock awards (in shares) | 430,245 | ||||||
Earned Portion of Restricted Stock Awards | 100,000 | $ 100,000 | |||||
Stock Award and Stock Option Amortization Expense | 7,400,000 | 7,400,000 | 0 | ||||
Exercise of options (in shares) | 47,002 | ||||||
Exercise of Options | $ (7,100,000) | $ (100,000) | (500,000) | (7,700,000) | |||
Purchase of common stock (in shares) | (1,997,298) | (1,997,298) | |||||
Purchase of Common Stock | $ (62,300,000) | $ (1,000,000) | (61,300,000) | ||||
Tax Benefit from Stock Option Exercises | 2,200,000 | 2,200,000 | |||||
Foreign Currency Translation Adjustments | (300,000) | (100,000) | (200,000) | ||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 0 | ||||||
Net Income | 84,600,000 | 84,600,000 | |||||
Cash Dividends on Common Stock | (13,500,000) | (13,500,000) | |||||
Ending Balance (in shares) at Apr. 30, 2016 | 38,181,985 | ||||||
Beginning Balance at May. 02, 2015 | 459,000,000 | $ 19,900,000 | 102,200,000 | (8,300,000) | (11,500,000) | 356,500,000 | 200,000 |
Ending Balance at Apr. 29, 2017 | 541,100,000 | $ 19,100,000 | 132,200,000 | (25,700,000) | (11,500,000) | 427,000,000 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Earned portion of restricted stock awards (in shares) | 146,192 | ||||||
Earned Portion of Restricted Stock Awards | (1,100,000) | $ 100,000 | (1,200,000) | ||||
Stock Award and Stock Option Amortization Expense | 12,400,000 | 12,400,000 | |||||
Exercise of options (in shares) | 147,829 | ||||||
Exercise of Options | $ (2,700,000) | $ (100,000) | (2,600,000) | 0 | |||
Purchase of common stock (in shares) | (280,168) | (342,081) | |||||
Purchase of Common Stock | $ (9,800,000) | $ (200,000) | (9,600,000) | ||||
Tax Benefit from Stock Option Exercises | 4,900,000 | 4,900,000 | |||||
Foreign Currency Translation Adjustments | (17,300,000) | (17,300,000) | 0 | ||||
Net Income | 92,900,000 | 92,900,000 | |||||
Cash Dividends on Common Stock | (13,700,000) | (13,700,000) | |||||
Ending Balance (in shares) at Apr. 29, 2017 | 38,133,925 | ||||||
Ending Balance at Apr. 28, 2018 | 630,000,000 | $ 19,100,000 | 136,500,000 | 13,900,000 | $ (11,500,000) | 472,000,000 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Earned portion of restricted stock awards (in shares) | 51,095 | ||||||
Earned Portion of Restricted Stock Awards | (200,000) | $ 0 | (200,000) | ||||
Stock Award and Stock Option Amortization Expense | 4,000,000 | 4,000,000 | |||||
Exercise of options (in shares) | 13,333 | ||||||
Exercise of Options | $ (300,000) | $ 0 | $ (300,000) | 0 | |||
Purchase of common stock (in shares) | 0 | ||||||
Foreign Currency Translation Adjustments | $ 39,600,000 | $ 39,600,000 | $ 0 | ||||
Net Income | 57,200,000 | 57,200,000 | |||||
Cash Dividends on Common Stock | $ (14,700,000) | $ (14,700,000) | |||||
Ending Balance (in shares) at Apr. 28, 2018 | 38,198,353 |
Condensed Consolidated Statemen
Condensed Consolidated Statement Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
OPERATING ACTIVITIES: | |||
Net Income | $ 57.2 | $ 92.9 | $ 84.6 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Gain on Sale of Fixed Assets | 0 | 0 | (0.7) |
Gain on Sale of Licensing Agreement | (1.6) | 0 | 0 |
Provision for Depreciation | 22.5 | 22 | 21.5 |
Amortization of Intangibles | 5.6 | 2.3 | 2.4 |
Stock-based Compensation | 4 | 12.4 | 7.4 |
Provision for Bad Debt | 0 | 0.2 | 0 |
Change in Deferred Income Taxes | (12.7) | (3.9) | 8.2 |
Changes in Operating Assets and Liabilities: | |||
Accounts Receivable | 2.8 | 5.6 | (6) |
Inventories | (7.2) | 7.4 | 4.5 |
Prepaid Expenses and Other Assets | 7.4 | (4.8) | 0.1 |
Accounts Payable and Other Expenses | 39.8 | 11.1 | (11.3) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 117.8 | 145.2 | 110.7 |
INVESTING ACTIVITIES: | |||
Purchases of Property, Plant and Equipment | (47.7) | (22.4) | (23.2) |
Acquisition of Businesses | (130.9) | 0 | 0 |
Acquisition of Technology Licenses | (0.7) | 0 | 0 |
Sale of Business/Investment/Property | 0.3 | 0.7 | 1.6 |
NET CASH USED IN INVESTING ACTIVITIES | (179) | (21.7) | (21.6) |
FINANCING ACTIVITIES: | |||
Taxes Paid Related to Net Share Settlement of Equity Awards | (0.3) | (1.1) | (7.7) |
Purchase of Common Stock | 0 | (9.8) | (62.3) |
Proceeds from Exercise of Stock Options | 0.3 | 2.7 | 0.6 |
Tax Benefit from Stock Option Exercises | 0 | 4.9 | 2.2 |
Cash Dividends | (14.7) | (13.7) | (13.5) |
Proceeds from Borrowings | 81.4 | 0 | 71 |
Repayment of Borrowings | (79.4) | (30) | (19) |
NET CASH USED IN FINANCING ACTIVITIES | (12.7) | (47) | (28.7) |
Effect of Foreign Currency Exchange Rate Changes on Cash | 26 | (10.3) | (0.7) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (47.9) | 66.2 | 59.7 |
Cash and Cash Equivalents at Beginning of Year | 294 | 227.8 | 168.1 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 246.1 | $ 294 | $ 227.8 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Apr. 28, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Principles of Consolidation. The consolidated financial statements include the accounts and operations of Methode Electronics, Inc. and its subsidiaries. As used herein, “we,” “us,” “our,” the “Company” or “Methode” means Methode Electronics, Inc. and its subsidiaries. Financial Reporting Periods. We maintain our financial records on the basis of a fifty-two or fifty-three weeks fiscal year ending on the Saturday closest to April 30. Fiscal 2018 , fiscal 2017 and fiscal 2016 represent fifty-two weeks of results. Cash Equivalents. All highly liquid investments with a maturity of three months or less when purchased are classified in the Consolidated Balance Sheets as cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts. We carry accounts receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, we record an allowance for uncollectible receivables based upon past transaction history with customers, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for uncollectible amounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account. We do not require collateral for our accounts receivable balances. Accounts are written off against the allowance account when they are determined to be no longer collectible. Inventories. Inventories are stated at the lower-of-cost (first-in, first-out method) or market, including direct material costs and direct and indirect manufacturing costs. Property, Plant and Equipment. Properties are stated on the basis of cost. We amortize such costs by annual charges to income, computed on the straight-line method using estimated useful lives of 5 to 40 years for buildings and improvements and 3 to 15 years for machinery and equipment for financial reporting purposes. Accelerated methods are generally used for income tax purposes. Income Taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Revenue Recognition. We recognize revenue on product sales when i) persuasive evidence of an agreement exists, ii) the price is fixed or determinable, iii) delivery has occurred or services have been rendered, and iv) collection of the sales proceeds is reasonably assured. Revenue from our product sales not requiring installation, net of trade discounts and estimated sales allowances, is recognized when title passes, which is generally upon shipment. We do not have any additional obligations or customer acceptance provisions after shipment of such products. We handle returns by replacing, repairing or issuing credit for defective products when returned. Return costs were not significant in fiscal 2018 , fiscal 2017 or fiscal 2016 . The Company collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with a revenue-producing transaction between the Company and the Company’s customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. The Company reports the collection of these taxes on a net basis (excluded from revenues). Shipping and Handling Fees and Costs . Shipping and handling fees billed to customers are included in net sales, and the related costs are included in cost of products sold. Foreign Currency Translation. The functional currencies of the majority of our foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average exchange rates during the year, while the assets and liabilities are translated using period-end exchange rates. Adjustments from the translation process are classified as a component of shareholders’ equity. Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the foreign subsidiary are included in the Consolidated Statements of Income in other income. In fiscal 2018 , we had foreign exchange losses of $2.6 million . In fiscal 2017 and fiscal 2016 , we had foreign exchange gains of $0.4 million and $0.5 million , respectively. Long-Lived Assets. We continually evaluate whether events and circumstances have occurred which indicate that the remaining estimated useful lives of our intangible assets, excluding goodwill, and other long-lived assets, may warrant revision or that the remaining balance of such assets may not be recoverable. In the event that the undiscounted cash flows resulting from the use of the asset group is less than the carrying amount, an impairment loss equal to the excess of the asset’s carrying amount over its fair value is recorded. Business Combinations. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Goodwill and Other Intangibles. Goodwill represents the excess of cost over fair market value of identifiable net assets acquired through business purchases. We review goodwill for impairment on an annual basis or more frequently if indicators of impairment are identified. We evaluate goodwill using a qualitative assessment to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If we determine that the fair value of the reporting unit may be less than its carrying amount, we evaluate goodwill using a quantitative impairment test. Otherwise, we conclude that no impairment is indicated and we do not perform the quantitative impairment test. Our qualitative screen includes an assessment of certain factors including, but not limited to, the results of prior year fair value calculations, the movement of our share price and market capitalization, the reporting unit and overall financial performance, and macroeconomic and industry conditions. We consider the qualitative factors and weight of the evidence obtained to determine if it is more likely than not that the reporting units' fair value is less than the carrying amount. Although we believe the factors considered in the impairment analysis are reasonable, significant changes in any one of the assumptions used could produce a different result. If, after assessing the qualitative factors, we were to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we would perform a quantitative impairment test. We may also elect to proceed directly to the quantitative impairment analysis without considering such qualitative factors. For the quantitative analysis, fair values are primarily established using a discounted cash flow methodology (specifically, the income and market approach). The determination of discounted cash flows is based on our long-range forecasts and requires assumptions related to revenue and operating income growth, asset-related expenditures, working capital levels, and other market participant assumptions. The revenue growth rates included in the forecasts are our best estimates based on current and anticipated market conditions, and the profitability assumptions are projected based on current and anticipated cost structures. Long-range forecasting involves uncertainty which increases with each successive period. Key assumptions, such as revenue growth rates and profitability, especially in the outer years, involve a greater degree of uncertainty. In the fiscal 2018 first quarter, the Company early adopted ASU No. 2017-04 (issued by the FASB in January 2017), "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" on a prospective basis. This removed Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. Under the new guidance, a goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. Research and Development Costs . Costs associated with the enhancement of existing products and the development of new products are charged to expense when incurred. Research and development expenses primarily relate to product engineering and design and development expenses and are classified as a component of our cost of goods sold on the Company's Consolidated Statements of Income. Research and development costs were $37.9 million for the fiscal year ended April 28, 2018 and $27.8 million for both the fiscal years ended April 29, 2017 and April 30, 2016 . Stock-Based Compensation. See Note 4, Shareholders’ Equity for a description of our stock-based compensation plans. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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. Fair Value of Other Financial Instruments. The carrying values of our short-term financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. We have no material assets or liabilities measured at fair value on a recurring basis. Recently Issued Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this update are intended to address a specific consequence of U.S. Tax Reform by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform’s reduction of the U.S. federal corporate income tax rate. The ASU is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. Management does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The standard will be effective for us in fiscal years beginning April 29, 2018. This ASU is not expected to have a material effect on the Company's financial statements. If, in the future, Methode makes modifications to its existing share-based payment awards, those modifications will need to be evaluated based on the criteria detailed in this ASU and accounted for accordingly. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update provide guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. The issues include, but are not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination, and proceeds from the settlement of insurance claims. The amendments in this ASU, where practicable, are to be applied retrospectively. The standard will be effective for us in fiscal years beginning April 29, 2018. We do not believe this pronouncement will have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle is that a company should recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net)," which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing," which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. The standards will be effective for us in the fiscal year beginning April 29, 2018. We have evaluated the impact this guidance will have on our consolidated financial statements. Our evaluation process has been conducted by our project management team, in conjunction with third-party consultants who have assisted in the process. Our project management team has analyzed the impact of these standards by reviewing our current accounting policies and practices and our customer contracts and arrangements to identify potential differences that would result from the application of this standard. The main types of provisions that have been evaluated which could impact the allocation and timing of revenue include contractually guaranteed price reductions and over-time recognition of revenue due to the manufacturing of goods with no alternative use in which the Company has a right to payment. The contractually guaranteed price reductions could result in revenue being deferred as it relates to those material rights, which would be a change from current practice. Also, the over-time recognition of revenue could result in accelerated revenue recognition for products where revenue is currently being recognized upon transfer of title at either shipment or delivery. After performing both quantitative and qualitative analyses of the potential impacts discussed above, the Company does not expect the impact of this standard to be material upon adoption. The Company will continue to monitor the effect of the standard on our ongoing financial reporting. Further, the Company concluded that pre-production engineering and engineering costs do not represent a promised good or service under ASC 606. This conclusion will result in a change from current accounting practices, in which these activities are treated as revenue generating activity. Going forward, the Company will recognize customer reimbursements related to pre-production costs as net within the cost of products sold line item. Given that tooling sales were only $10.4 million for both fiscal 2017 and 2018, this change in accounting treatment will have an immaterial impact on the financial statements on a go-forward basis. We intend to elect the accounting policy election to treat shipping and handling costs as fulfillment activities, rather than performance obligations. Further, we will elect the practical expedient for significant financing components for all contracts under twelve months. We will adopt the standard utilizing the modified retrospective method. We expect enhanced disclosures and controls beginning in the first quarter of fiscal 2019. In February 2016, the FASB issued ASU No. 2016-02, "Leases (ASC 842)," which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The amendments in this update are effective for fiscal years beginning after December 15, 2018, which is our fiscal 2020, beginning on April 28, 2019. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The new standard requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December 15, 2017, which is our fiscal 2019, beginning on April 29, 2018. We do not expect any impact from the adoption of this guidance on our consolidated financial statements. Recently Adopted Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350).” The amendments in this ASU simplify goodwill impairment testing by removing the requirement of Step 2 to determine the implied fair value of the goodwill of a business which fails Step 1. The effects of this update result in the amount by which a carrying amount exceeds the business' fair value to be recognized as an impairment charge in the period identified. The standard is effective for us for annual and interim goodwill impairment tests in fiscal years beginning May 3, 2020, with early adoption permitted. The Company has adopted this ASU on a prospective basis effective as of April 30, 2017 and has concluded that this pronouncement has no material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this update clarify the definition of a business, with the objective of assisting entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The clarified definition requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. To be considered a business, an asset must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The amendments are effective for us in fiscal years beginning April 29, 2018, with early adoption permitted. The Company has adopted this ASU effective as of April 30, 2017 on a prospective basis and has concluded that this pronouncement has no material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 impacts the timing of when excess tax benefits are recognized by eliminating the delay in the recognition of a tax benefit until the tax benefit is realized through a reduction to income taxes payable. The amendments in this update are effective for annual periods beginning after December 15, 2016, which is our fiscal 2018, which began on April 30, 2017. The Company applied the modified retrospective transition method and recognized an increase to deferred tax assets and retained earnings of $2.7 million as of April 30, 2017 to recognize excess tax benefits that had been previously delayed. On a prospective basis, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the statement of operations. As a result of applying the modified retrospective transition method, prior periods were not adjusted. Further, the Company will continue to estimate the number of awards that are expected to vest. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations Simplifying the Accounting for Measurement-Period Adjustments." The standard requires that an acquirer recognize measurement-period adjustments in the period in which the adjustments are determined. The income effects of such measurement-period adjustments are to be recorded in the same period’s financial statements but calculated as if the accounting had been completed as of the acquisition date. The impact of measurement-period adjustments to earnings that relate to prior period financial statements are to be presented separately on the income statement or disclosed by line item. The Company has adopted this ASU effective April 30, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." This ASU requires an entity to measure inventory at the lower of cost or net realizable value, rather than at the lower of cost or market. The Company has adopted this ASU effective April 30, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Apr. 28, 2018 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Fiscal 2018 Acquisitions Procoplast S.A. On July 27, 2017 , we acquired 100% of the stock of Procoplast for $22.2 million in cash, net of cash acquired. The business, located near the Belgian-German border, is an independent manufacturer of automotive assemblies. The accounts and transactions of Procoplast have been included in the Automotive segment in the consolidated financial statements from the effective date of the acquisition. For goodwill impairment testing purposes, Procoplast will be included in the Company's European Automotive reporting unit. During the fourth quarter of fiscal 2018, the Company completed the allocation of the purchase price to the assets acquired and liabilities assumed. Based on the final allocation, goodwill decreased $1.3 million from the preliminary amount reported in the Company's condensed consolidated financial statements at January 27, 2018. The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 1.3 Accounts Receivable 7.4 Inventory 3.5 Intangible Assets 19.2 Goodwill 6.8 Pre-production Costs 2.3 Property, Plant and Equipment 23.8 Accounts Payable (4.9 ) Salaries, Wages and Payroll Taxes (0.8 ) Other Accrued Expenses (0.7 ) Income Taxes Payable (0.6 ) Short-term Debt (3.2 ) Other Liabilities (2.1 ) Long-term Debt (20.6 ) Deferred Income Tax Liability (7.9 ) Total Purchase Price $ 23.5 The Company's condensed consolidated statements of income for the three and nine months ended January 27, 2018 were prepared based on provisional amounts for other income and income tax expense. During the fourth quarter of fiscal 2018, the Company recognized measurement period adjustments to these provisional amounts. These adjustments were included in earnings for the three months ended April 28, 2018. If the Company had completed the purchase price allocation as of the acquisition date and recognized these measurement period adjustments in its condensed consolidated statements of income for the three and nine months ended January 27, 2018, the impact would have been a decrease to other income of $0.2 million and $0.5 million , respectively, and a decrease to income tax expense of $0.1 million and $0.2 million , respectively. The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Significant Customer $ 12.3 17.0 years Customer Relationships and Agreements - All Other Customers 2.8 11.5 years Technology Licenses 2.1 8.5 years Trade Names 2.0 8.5 years Total $ 19.2 Acquisition-related costs of $1.3 million were incurred in relation to the acquisition of Procoplast for the fiscal year ended April 28, 2018 , of which $1.1 million have been reported in selling and administrative expenses and $0.2 million have been reported in costs of products sold on the consolidated statements of income. Pacific Insight Electronics Corp. On October 3, 2017 , we acquired 100% of the outstanding common shares of Pacific Insight in a cash transaction for $108.7 million , net of cash acquired. Pacific Insight, headquartered in Vancouver, British Columbia, Canada, is a global solutions provider offering design, development, manufacturing and delivery of lighting and electronic products and full-service solutions to the automotive and commercial vehicle markets, and has manufacturing facilities in both Canada and Mexico. Its technology in LED-based ambient and direct lighting will expand our presence within the automotive interior, as well as augment our efforts in overhead console and other areas. The accounts and transactions of Pacific Insight have been included in the Automotive segment in the consolidated financial statements from the effective date of the acquisition. For goodwill impairment testing purposes, Pacific Insight will be included in the Company's North American Automotive reporting unit. During the fourth quarter of fiscal 2018, the Company completed the allocation of the purchase price to the assets acquired and liabilities assumed. Based on the final allocation, goodwill increased $1.9 million from the preliminary amount reported in the Company's condensed consolidated financial statements at January 27, 2018. The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 4.9 Accounts Receivable 18.3 Inventory 13.0 Prepaid Expenses and Other Current Assets 0.3 Income Taxes Receivable 1.2 Intangible Assets 40.1 Goodwill 50.4 Pre-production Costs 0.8 Property, Plant and Equipment 13.2 Accounts Payable (7.9 ) Salaries, Wages and Payroll Taxes (0.8 ) Other Accrued Expenses (2.9 ) Short-term Debt (0.8 ) Long-term Debt (3.4 ) Deferred Income Tax Liability (12.8 ) Total Purchase Price $ 113.6 The Company's provisional amounts were prepared based on estimated amounts for depreciation of fixed assets, amortization of intangibles and income tax expense. During the fourth quarter of fiscal 2018, the Company recognized insignificant measurement period adjustments to these provisional amounts. The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Automotive $ 22.6 11.0 years Customer Relationships and Agreements - Commercial 9.6 13.0 years Trade Names 6.2 7.5 years Technology Licenses 1.7 5.5 years Total $ 40.1 The Company's results of operations for the fiscal year ended April 28, 2018 included approximately seven months of the operating results of Pacific Insight, which were comprised of revenues of $54.4 million and net income of $1.5 million . The following table presents the unaudited pro forma results for the fiscal years ended April 28, 2018 and April 29, 2017 . The unaudited pro forma financial information combines the results of operations of Methode and Pacific Insight as though the companies had been combined as of the beginning of fiscal 2017, and the pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at such time. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, adjustments for certain acquisition-related charges, and related tax effects. Year Ended (Dollars in Millions) April 28, April 29, Revenues $ 947.3 $ 910.0 Net Income $ 62.2 $ 97.6 Acquisition-related costs of $5.5 million were incurred in relation to the acquisition of Pacific Insight for the year ended April 28, 2018 , of which $4.9 million have been reported in selling and administrative expenses and $0.6 million have been reported in costs of products sold on the consolidated statements of income. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Apr. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill For goodwill, the Company performs impairment reviews by reporting unit. At the beginning of the fourth quarter of fiscal 2018 , the Company performed a quantitative goodwill impairment test on our North American Automotive and European Automotive reporting units in the Automotive segment, Power Systems Group in the Power Products segment and Hetronic in our Interface segment. In determining the estimated fair values of the reporting units, the Company was required to estimate a number of factors, including future cash flows, operating results, discount rates and market conditions. On the basis of these estimates, the analysis indicated the following: Fair Value of Reporting Unit Carrying Value of Reporting Unit Excess (Deficiency) North American Automotive $ 708.5 $ 215.3 $ 493.2 European Automotive $ 386.5 $ 302.1 $ 84.4 Power Systems Group $ 44.0 $ 13.1 $ 30.9 Hetronic $ 77.5 $ 32.0 $ 45.5 Since the fair value of each reporting unit listed above exceeded the reporting unit carrying value, there were no goodwill impairment losses reported in the fiscal year ended April 28, 2018 . At the beginning of the fourth quarter of fiscal 2017, we performed a qualitative goodwill screening test of goodwill impairment on our Power Systems Group in the Power Products segment and Hetronic in our Interface segment. We considered the qualitative factors and weighed the evidence obtained and we determined that it is more likely than not that the fair value of the two reporting units is greater than the carrying value, and therefore concluded that the assets were not impaired. At the beginning of the fourth quarter of fiscal 2016, we performed "step one" of the goodwill test on our two reporting units with goodwill. Based on this test, we determined that the fair value for these reporting units exceeded their carrying values by approximately 135% and 163% . Therefore, management concluded, based on the results, that goodwill was not impaired for either of the reporting units. As part of the acquisitions of Procoplast and Pacific Insight in fiscal 2018, the Company recorded estimated goodwill of $6.8 million and $50.4 million , respectively, of which none is expected to be deductible for income taxes. The following table shows the roll-forward of goodwill. Automotive Interface Power Products Total Balance as of May 2, 2015 $ — $ 0.7 $ 1.0 $ 1.7 Goodwill Acquired — — — — Impairment — — — — Foreign Currency Translation — — — — Balance as of April 30, 2016 — 0.7 1.0 1.7 Goodwill Acquired — — — — Impairment — — — — Foreign Currency Translation — (0.1 ) — (0.1 ) Balance as of April 29, 2017 — 0.6 1.0 1.6 Goodwill Acquired 57.2 — — 57.2 Impairment — — — — Foreign Currency Translation 0.3 0.1 — 0.4 Balance as of April 28, 2018 $ 57.5 $ 0.7 $ 1.0 $ 59.2 Intangible Assets The fair value of our indefinite-lived trade names are estimated and compared to the carrying value. We estimate the fair value of the intangible assets using the relief-from-royalty method, which requires assumptions related to projected revenues from our annual operating budgets; assumed royalty rates that could be payable if we did not own the trademarks; and a discount rate which are considered level 3 inputs in the fair value hierarchy. An impairment loss would be recognized if the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. The fair values of the trademarks tested exceeded their carrying value by approximately 44% , 28% and 17% for fiscal 2018 , fiscal 2017 and fiscal 2016 , respectively. As part of the acquisitions of Procoplast and Pacific Insight in fiscal 2018, the Company acquired estimated intangible assets of $19.2 million and $40.1 million , respectively. The following tables present details of the Company's identifiable intangible assets: As of April 28, 2018 Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Customer Relationships and Agreements $ 64.4 $ 18.1 $ 46.3 12.3 Trade Names, Patents and Technology Licenses 37.7 23.0 14.7 5.3 Total $ 102.1 $ 41.1 $ 61.0 As of April 29, 2017 Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Customer Relationships and Agreements $ 16.3 $ 15.6 $ 0.7 6.8 Trade Names, Patents and Technology Licenses 25.8 19.9 5.9 1.4 Covenants Not to Compete 0.1 0.1 — 0.4 Total $ 42.2 $ 35.6 $ 6.6 The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows: 2019 $ 7.5 2020 $ 5.5 2021 $ 5.4 2022 $ 5.4 2023 $ 5.4 As of April 28, 2018 and April 29, 2017 , the trade names, patents and technology licenses included $1.8 million of trade names that are not subject to amortization. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Apr. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Plan to Repurchase Common Stock In September 2015, the Board of Directors authorized the repurchase of up to $100.0 million of the Company's outstanding common stock through September 1, 2017. The Company purchased and retired no shares of outstanding common stock in fiscal 2018 , 280,168 shares of outstanding common stock for $9.8 million in fiscal 2017 and 1,997,298 shares for $62.3 million in fiscal 2016 , for a total under the repurchase plan of 2,277,466 shares for $71.9 million . The program expired on September 1, 2017. Dividends We paid dividends totaling $14.7 million , $13.7 million and $13.5 million during fiscal 2018 , 2017 and 2016 , respectively. 2014 Incentive Plan On July 15, 2014, our Board of Directors, on the recommendation of our Compensation Committee, adopted the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (the “2014 Incentive Plan”). The stockholders approved the 2014 Incentive Plan in September 2014. The 2014 Incentive Plan provides for discretionary grants of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and performance units to key employees and directors. The 2014 Incentive Plan is intended to align the interests of our eligible directors and employees with the interests of our shareholders, recognize the contributions made by our directors and employees, provide additional incentives to our directors and employees to promote the success of our businesses, and improve our ability to attract and retain qualified employees and directors. The number of shares of our common stock that may be issued under the 2014 Incentive Plan is 3,000,000 , less one share for every one share of common stock issued or issuable pursuant to awards made after May 3, 2014 under the 2007 Stock Plan or 2010 Stock Plan. Awards that may be settled only in cash will not reduce the number of shares available for issuance under the 2014 Incentive Plan. Shares issuable under the 2014 Incentive Plan may be authorized but unissued shares or treasury shares. If any award granted under the 2014 Incentive Plan (or, after May 3, 2014, an award under the 2007 Stock Plan or 2010 Stock Plan) expires, terminates, is forfeited or canceled, is settled in cash in lieu of shares of common stock, or is exchanged for a non-stock award under certain circumstances, the shares subject to the award will again be available for issuance under the 2014 Incentive Plan. As of April 28, 2018 , there were 1,186,034 shares available for award under the 2014 Incentive Plan. Restricted Stock Awards ("RSAs") In fiscal 2016, the Compensation Committee of the Board of Directors authorized a new long-term incentive program (the “LTIP”) for key employees consisting of performance-based RSAs and time-based restricted stock units (“RSUs”). Additionally, in fiscal 2018, the Compensation Committee awarded a maximum of 128,738 RSAs to additional key members of management under the LTIP. In the aggregate, the number of RSAs earned will vary based on performance relative to established goals for fiscal 2020 EBITDA, with 50% of the target shares earned for threshold performance (representing 390,413 shares), 100% of the target shares earned for target performance (representing 780,825 shares) and 150% of the target shares earned for maximum performance (representing 1,171,238 shares). Prior to the third quarter of fiscal 2018, the Company had been recording the RSA compensation expense based on target performance. Per ASC 718 accounting guidance, management is required in each reporting period to determine the fiscal 2020 EBITDA level that is "probable" ( 70% confidence) for which a performance condition will be achieved. During the third quarter of fiscal 2018, management determined that, mainly due to lower projections for our Dabir business, it is currently not probable that the Company will meet the fiscal 2020 target consolidated EBITDA performance level of $221.0 million . The adverse timing of revenue is a result of hospital adoption patterns (initial care setting penetration and expansion) being slower and more gradual than originally planned for our Dabir Surfaces business. In the third quarter of fiscal 2018, the Company began recording the RSA compensation expense based on the threshold EBITDA performance level of $198.9 million . As a result, the Company recorded a $6.0 million compensation expense reversal in the third quarter of fiscal 2018 related to prior periods for these performance-based RSAs. This reversal of compensation expense had the effect of increasing basic and diluted earnings per share for fiscal 2018 by $0.12 . At the threshold level of performance, the expected expense for the RSAs is $12.2 million through fiscal 2020. In the fiscal year ended April 28, 2018 , the Company recorded a net reversal of expense of $2.0 million related to the RSAs based on threshold levels. These amounts are inclusive of the $6.0 million compensation expense reversal discussed above. During the fiscal year ended April 29, 2017 , the Company recorded $5.7 million in compensation expense related to the RSAs, based on target levels. During the fiscal year ended April 30, 2016 , the Company recorded $2.8 million in compensation expense related to the RSAs, based on target levels. In future reporting periods, if management makes a determination that exceeding the threshold level is probable for fiscal 2020, an appropriate adjustment to compensation expense will be recorded in that period. In addition, if management makes a determination that it is not probable the Company will meet the threshold level for fiscal 2020, a reversal of compensation expense will be recorded in that period. The adjustments could be material to the financial statements. Restricted Stock Units In fiscal 2018, the Compensation Committee awarded 30,925 RSUs to Methode management. In the aggregate, the Company has granted 638,925 RSUs to key employees, of which 382,372 are still outstanding. The RSUs are subject to a vesting period, with 30% which vested on April 28, 2018, 30% vesting on April 27, 2019 and 40% vesting on May 2, 2020. The total expense for the RSUs is expected to be $18.4 million through fiscal 2020. During the fiscal years ended April 28, 2018 , April 29, 2017 and April 30, 2016 , the Company recorded $5.0 million , $5.5 million and $2.8 million , respectively, of compensation expense related to the RSUs. Director Awards During fiscal 2018 , the Company issued 24,000 shares of common stock to our independent directors, all of which vested immediately upon grant. We recorded $1.0 million of compensation expense related to these shares during the fiscal year ended April 28, 2018 . The following table summarizes the RSA and RSU activity for fiscal 2016 , fiscal 2017 and fiscal 2018 under the 2014 Incentive Plan: RSA Shares RSU Shares Unvested and Unissued at May 2, 2015 — — Awarded 1,185,000 576,000 Vested (24,000 ) — Forfeited and Canceled — — Unvested and Unissued at April 30, 2016 1,161,000 576,000 Awarded 99,000 32,000 Vested (27,000 ) (11,333 ) Forfeited and Canceled (64,500 ) (28,667 ) Unvested and Unissued at April 29, 2017 1,168,500 568,000 Awarded 152,738 30,925 Vested (24,000 ) (160,553 ) Forfeited and Canceled (126,000 ) (56,000 ) Unvested and Unissued at April 28, 2018 1,171,238 382,372 Grant Fiscal Year Number of Shares Unvested Vesting Period Weighted Average Value Probable Unearned Compensation Expense at April 28, 2018 Target Unearned Compensation Expense at April 28, 2018 2016, 2017 and 2018 363,413 (1) Five-year RSA cliff, performance-based $ 34.11 $ 5.5 $ 11.0 2016, 2017 and 2018 382,372 Five-year RSU, 30% in fiscal 2018, 30% in fiscal 2019 and 40% in fiscal 2020 $ 35.85 $ 5.1 $ 5.1 (1) RSA shares based on fiscal 2020 EBITDA threshold levels 2010 Stock Plan The 2010 Stock Plan permits a total of 2,000,000 shares of our common stock to be awarded to participants in the form of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, and performance share units. The 2010 Stock Plan is designed to allow for "performance-based compensation" under Section 162(m) of the Internal Revenue Code of 1986, as amended. As such, qualified awards payable pursuant to the 2010 Stock Plan should be deductible for federal income tax purposes under most circumstances. In the event of a change in control, the vesting of all outstanding option awards will be accelerated. With the approval of the 2014 Incentive Plan, no further awards shall be granted under the 2010 Stock Plan. Stock Options Awarded Under the 2010 Stock Plan There were no options awarded in fiscal 2016 , fiscal 2017 or fiscal 2018 under the 2010 Stock Plan. The previously awarded stock options have a ten -year term and vested 33.3% each year over a three -year period. The exercise price is the closing price on the date granted. The following tables summarize the stock option activity and related information for fiscal 2018 , 2017 and 2016 for the stock options granted under the 2010 Stock Plan: Summary of Option Activity Shares Wtd. Avg. Exercise Price Outstanding at May 2, 2015 242,667 $ 24.50 Awarded — — Exercised (18,668 ) 12.96 Canceled (26,667 ) 32.07 Outstanding at April 30, 2016 197,332 24.55 Awarded — — Exercised (125,332 ) 17.40 Canceled — — Outstanding at April 29, 2017 72,000 37.01 Awarded — — Exercised — — Canceled — — Outstanding at April 28, 2018 72,000 $ 37.01 Options Outstanding Shares Exercise Price Avg. Remaining Life (Years) 72,000 $ 37.01 6.3 Options Exercisable Shares Exercise Price Avg. Remaining Life (Years) 72,000 $ 37.01 6.3 The options outstanding had an intrinsic value of $0.3 million at April 28, 2018 . The intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of fiscal 2018 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on April 28, 2018 . We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions: 2010 Stock Plan Fiscal 2015 Awards Average Expected Volatility 51.00 % Average Risk-free Interest Rate 1.00 % Dividend Yield 1.66 % Expected Life of Options (in years) 4.12 Weighted-average Grant-date Fair Value $ 14.99 Expected volatility was based on the monthly changes in our historical common stock prices over the expected life of the award. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant corresponding to the expected life of the options. Our dividend yield is based on the average dividend yield for the previous two years from the date of grant. The expected life of options is based on historical stock option exercise patterns and the terms of the options. Restricted Stock and Restricted Stock Units Awarded Under the 2010 Stock Plan During fiscal 2012, our Compensation Committee awarded 100,000 shares of common stock subject to performance-based restricted stock awards ("RSAs") to certain non-executive members of management. The performance measure was the Company's internal enterprise value at the end of fiscal 2015. The internal enterprise value was equal to the product of (i) fiscal 2015 EBITDA and (ii) 7.5 (the historic multiple of EBITDA), subject to an adjustment for cash, short-term investments, debt, preferred stock, certain equity issuances, certain acquisitions and the changes in the dividend rate. The restricted stock awards vested one-third as of the end of fiscal 2015, one-third as of the end of fiscal 2016 and the final one-third as of the end of fiscal 2017, based on the enterprise value as of the end of fiscal 2015, to the extent the performance goals have been achieved and provided the employee remained employed. The Company exceeded the targeted internal enterprise value measure for fiscal 2015. During fiscal 2011, our Compensation Committee awarded 320,000 shares of common stock subject to time-based restricted stock units to certain executive officers. The restricted stock units vested 20% each year on the last day of our fiscal year and were fully vested on the last day of fiscal 2015, provided the executive remained employed. The shares of common stock underlying the vested RSUs will not be delivered to the employee until after the employee terminates employment from the Company. As of April 28, 2018, 210,000 shares of common stock have not yet been delivered to the employees, due to their continued employment with the Company. The following table summarizes the RSA activity for fiscal years 2018 , 2017 and 2016 under the 2010 Stock Plan: RSA Shares Unvested and Unissued at May 2, 2015 66,667 Awarded — Vested (33,333 ) Forfeited and Canceled — Unvested and Unissued at April 30, 2016 33,334 Awarded — Vested (33,334 ) Forfeited and Canceled — Unvested and Unissued at April 29, 2017 — Awarded — Vested — Forfeited and Canceled — Unvested and Unissued at April 28, 2018 — 2007 Stock Plan The 2007 Stock Plan permitted a total of 1,250,000 shares of our common stock to be awarded to participants. Shares issued under the Stock Plan may be either authorized but unissued shares, or treasury shares. With the approval of the 2014 Incentive Plan, no further awards shall be granted under the 2007 Stock Plan. Stock Options Awarded Under the 2007 Stock Plan There were no shares awarded for the 2007 Stock Plan in fiscal 2018 , fiscal 2017 or fiscal 2016 . The stock options awarded under the 2007 Stock Plan have a ten -year term. The exercise price is the closing price on the date granted. The following tables summarize the stock option activity and related information for the stock options granted under the 2007 Stock Plan for fiscal year 2018 , 2017 and 2016 : Summary of Option Activity Shares Wtd. Avg. Exercise Price Outstanding at May 2, 2015 108,000 $ 24.21 Awarded — — Exercised (28,334 ) 10.99 Canceled — — Outstanding at April 30, 2016 79,666 28.91 Awarded — — Exercised (22,497 ) 21.52 Canceled — — Outstanding at April 29, 2017 57,169 31.82 Awarded — — Exercised (13,333 ) 24.67 Canceled (1,668 ) 37.01 Outstanding at April 28, 2018 42,168 $ 33.87 Options Outstanding Shares Exercise Price Avg. Life (Years) 5,000 $ 10.55 2.2 37,168 $ 37.01 6.3 42,168 $ 33.87 Options Exercisable Shares Exercise Price Avg. Life (Years) 5,000 $ 10.55 2.2 37,168 $ 37.01 6.3 42,168 $ 33.87 We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Fiscal 2015 Awards Average Expected Volatility 51.00 % Average Risk-free Interest Rate 1.00 % Dividend Yield 1.66 % Expected Life of Options (in years) 4.12 Weighted-average Grant-date Fair Value $ 14.99 The options outstanding had an intrinsic value of $0.3 million at April 28, 2018 . Restricted Stock Awards Awarded Under the 2007 Stock Plan In April 2007, 225,000 shares of common stock subject to performance-based RSAs granted to our CEO in fiscal 2006 and 2007 were converted to RSUs. The RSUs were subject to the same vesting schedule and other major provisions of the RSAs they replaced, except the shares of stock underlying the RSUs will not be issued and delivered until the earlier of: (1) thirty days after the CEO’s date of termination of employment with the Company and all of its subsidiaries and affiliates; or (2) the last day of our fiscal year in which the payment of common stock in satisfaction of the RSUs becomes deductible to the Company under Section 162(m) of the Code. The RSUs are not entitled to voting rights or dividends, however a bonus in lieu of dividends is paid. The RSU’s were fully vested as of April 28, 2018 . As of April 28, 2018 , 29,945 shares have been delivered in connection with the RSUs with a remaining balance to be delivered of 195,055 shares. Stock-based Compensation We recognize pre-tax compensation expense for stock options, RSA's and RSU's under our 2014 Incentive Plan and our 2010 and 2007 Stock Plans in the selling and administrative section of our Consolidated Statements of Income. Our awards subject to graded vesting are recognized using the accelerated recognition method. As of April 28, 2018 , we had 10.6 million of unrecognized equity-based compensation cost that we expect to recognize over a weighted average period of 2.0 years . The table below summarizes the expense related to the equity awards for fiscal 2018 , 2017 and 2016 . Compensation Expense Fiscal 2018 Fiscal 2017 Fiscal 2016 2014 Incentive Plan: RSAs $ (1.0 ) $ 6.6 $ 3.6 RSUs 5.0 5.5 2.8 Total 2014 Incentive Plan 4.0 12.1 6.4 2010 Stock Plan: RSUs — 0.1 0.1 Stock Options — 0.1 0.3 Total 2010 Stock Plan — 0.2 0.4 2007 Stock Plan: Stock Options — 0.1 0.6 Total 2007 Stock Plan — 0.1 0.6 Total Compensation Expense $ 4.0 $ 12.4 $ 7.4 |
Employee 401(k) Savings Plan
Employee 401(k) Savings Plan | 12 Months Ended |
Apr. 28, 2018 | |
Retirement Benefits [Abstract] | |
Employee 401(k) Savings Plan | Employee 401(k) Savings Plan We have an employee 401(k) Savings Plan covering substantially all U.S. employees to which we make contributions equal to 3% of eligible compensation. Our contribution to the employee 401(k) Savings Plan was $1.4 million in fiscal 2018 and $1.3 million in both fiscal 2017 and 2016 . |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (“U.S. Tax Reform”) which incorporates significant changes to U.S. corporate income tax laws. This included a reduction in the statutory federal corporate income tax rate from 35% to 21% , which resulted in a blended statutory federal rate of 30.5% for the fiscal year ended April 28, 2018, an exemption for dividends received from certain foreign subsidiaries, a one-time repatriation tax on deemed repatriated earnings from foreign subsidiaries, immediate expensing of certain depreciable tangible assets, and limiting the deductibility of certain executive compensation. Under ASC Topic 740 ("ASC 740"), a company is generally required to recognize the effect of changes in tax laws in its financial statements in the period in which the legislation is enacted. The U.S. Tax Reform legislation was signed into law on December 22, 2017. As such, the Company included such results into its financial statements for the year ending April 28, 2018. The SEC staff issued Staff Accounting Bulletin ("SAB") 118 to provide certain guidance in determining the accounting for income tax effects of the legislation in the accounting period of enactment as well as provide a one-year measurement period to finalize the effects associated with U.S. Tax Reform. The Company recognized an estimated net income tax charge with respect to U.S. Tax Reform of $53.7 million . This net income tax charge includes $48.5 million associated with the one-time repatriation tax from the earnings of the Company’s foreign subsidiaries, which is payable over 8 years , and a re-measurement of the Company’s net U.S. deferred tax assets of $5.2 million . Due to the timing and complexity of the various technical provisions provided for under U.S. Tax Reform, the financial statement impacts recorded in fiscal 2018 relating to U.S. Tax Reform are not deemed to be complete but rather are deemed to be reasonable, provisional estimates based upon the current available information. The Company did make a provisional adjustment of $3.1 million to reduce the overall impact of U.S. Tax Reform to $53.7 million due to actual amounts as of April 28, 2018 that were previously estimated. This provisional adjustment reduced the effective tax rate for fiscal 2018 by 2.5% . As such, the Company will update and finalize the accounting for the tax effect of the enactment of U.S. Tax Reform in future quarters in accordance with the guidance as outlined in SAB 118, as deemed necessary. U.S. Tax Reform includes a new global intangible low-taxed income (“GILTI”) provision which requires the Company to include foreign subsidiary earnings in its U.S. tax return starting in fiscal year 2019. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse in future years or provide for the tax expense in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred and therefore has not included any deferred tax impacts of GILTI in its consolidated financial statements for its fiscal year ending 2018. Significant components of our deferred tax assets and liabilities were as follows: April 28, April 29, Deferred Tax Liabilities: Accelerated Tax Depreciation $ 6.3 $ 2.0 Accelerated Book Amortization 11.4 — Foreign Tax Withheld 4.8 4.2 Deferred Income 0.2 0.4 Deferred Tax Liabilities, Gross 22.7 6.6 Deferred Tax Assets: Deferred Compensation and Stock Award Amortization 7.5 10.1 Inventory Valuation Differences 1.8 2.9 Property Valuation Differences 2.0 1.9 Accelerated Book Amortization — 7.2 Environmental Reserves 0.2 0.5 Bad Debt Reserves 0.1 0.1 Vacation Accruals 1.0 1.0 Foreign Investment Tax Credit 29.3 17.9 Net Operating Loss Carryovers 5.8 4.7 Other Accruals 1.5 2.6 Deferred Tax Assets, Gross 49.2 48.9 Less Valuation Allowance 2.5 1.9 Deferred Tax Assets, Net of Valuation Allowance 46.7 47.0 Net Deferred Tax Assets $ 24.0 $ 40.4 Balance Sheet Classification: Non-current Asset 42.3 40.4 Non-current Liability (18.3 ) — Net Deferred Tax Assets $ 24.0 $ 40.4 The Company evaluated all available positive and negative evidence, including past operating results and the projection of future taxable income and determined it is more likely than not that expected future taxable income will be sufficient to utilize substantially all of our state net deferred tax assets. We will continue to maintain a valuation allowance of $2.5 million related to certain state, federal, and foreign net operating loss carryovers and other credits until determined that these deferred tax assets are more likely than not realizable. At April 28, 2018 , we had available $2.1 million of federal, $78.2 million of state and $0.3 million of foreign net operating loss carryforwards (having a tax benefit of $0.4 million , $5.2 million and $0.1 million , respectively). If unused, the U.S. federal net operating loss carryforwards will expire in the years 2019 through 2031. The state net operating loss carryforwards will expire in the years 2019 through 2037. The tax laws of Malta provide for investment tax credits of 30.0% of certain qualified expenditures. Total unused credits are $29.3 million as of April 28, 2018 , of which $27.6 million can be carried forward indefinitely and $1.7 million expire in 2020. We record investment tax credits using the "flow through" method. Components of income before income taxes are as follows: Fiscal Year Ended April 28, April 29, April 30, Domestic Source $ 11.4 $ 21.6 $ 25.3 Foreign Source 112.4 94.3 85.6 Income before Income Tax $ 123.8 $ 115.9 $ 110.9 Income taxes consisted of the following: Fiscal Year Ended April 28, April 29, April 30, Current Federal $ 46.5 $ 9.2 $ 2.8 Foreign 18.8 17.0 14.7 State 0.3 0.7 0.6 Subtotal 65.6 26.9 18.1 Deferred Federal and State 11.6 (1.2 ) 5.5 Foreign (10.6 ) (2.7 ) 2.7 Subtotal 1.0 (3.9 ) 8.2 Total Income Tax Expense $ 66.6 $ 23.0 $ 26.3 A reconciliation of the consolidated provisions for income taxes from continuing operations to amounts determined by applying the prevailing statutory federal income tax rate to pre-tax earnings is as follows: Fiscal Year Ended April 28, April 29, April 30, Income Tax at Statutory Rate $ 37.7 30.5 % $ 40.5 35.0 % $ 38.9 35.0 % Effect of: State Income Taxes, Net of Federal Benefit 0.1 0.1 % 0.9 0.8 % 0.4 0.4 % U.S. Tax Reform Repatriation 48.5 39.2 % — — % — — % Foreign Operations with Lower Statutory Rates (15.3 ) (12.4 )% (14.5 ) (12.5 )% (11.9 ) (10.7 )% Foreign Investment Tax Credit (9.8 ) (7.9 )% (4.7 ) (4.1 )% (2.1 ) (1.9 )% Change in Tax Reserve 0.1 — % 0.1 0.1 % 0.1 0.1 % Change in Valuation Allowance 0.4 0.3 % 0.3 0.3 % 0.1 0.1 % Tax Rate Change, Foreign (1.5 ) (1.2 )% — — % — — % U.S. Tax Reform Re-measurements 5.2 4.2 % — — % — — % Other, Net 1.2 1.0 % 0.4 0.3 % 0.8 0.8 % Income Tax Provision (Benefit) $ 66.6 53.8 % $ 23.0 19.9 % $ 26.3 23.8 % We paid income taxes of $20.2 million in fiscal 2018 , $19.0 million in fiscal 2017 and $10.0 million in fiscal 2016 . No U.S. provision has been made for income taxes on undistributed earnings on foreign operations other than the one-time repatriation tax. Other than specifically identified amounts, the remaining foreign earnings are expected to be indefinitely reinvested within our foreign operations. If the undistributed net income of $306.6 million were distributed as dividends, the Company would not be subject to material additional U.S. income tax expense on these future distributions. In certain jurisdictions, these distributions may be subject to foreign tax withholdings. However, it is not practicable to estimate the amount of foreign tax withholdings at this time. As of April 28, 2018 , our gross unrecognized tax benefits totaled $1.4 million , which would favorably affect the effective tax rate if resolved in our favor. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: Balance as of April 29, 2017 $ 1.3 Increases for Positions Related to the Prior Years — Increases for Positions Related to the Current Year 0.1 Decreases for Positions Related to the Prior Years — Lapsing of Statutes of Limitations — Balance as of April 28, 2018 $ 1.4 The U.S. federal statute of limitations remains open for fiscal years ended on or after 2015 and for state tax purposes on or after fiscal year 2013. Tax authorities may have the ability to review and adjust net operating losses or tax credits that were generated prior to these fiscal years. In the major foreign jurisdictions, fiscal year 2012 and subsequent periods remain open and subject to examination by taxing authorities. The continuing practice of the Company is to recognize interest and penalties related to income tax matters in the provision for income taxes. We had $0.1 million accrued for interest and no accrual for penalties at April 28, 2018 . |
Income Per Share Attributable t
Income Per Share Attributable to Methode Shareholders | 12 Months Ended |
Apr. 28, 2018 | |
Earnings Per Share [Abstract] | |
Income Per Share Attributable to Methode Shareholders | Income Per Share Basic income per share is calculated by dividing net earnings by the weighted average number of common shares outstanding for the applicable period. Diluted income per share is calculated after adjusting the denominator of the basic income per share calculation for the effect of all potential dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted income per share: Fiscal Year Ended April 28, April 29, April 30, Numerator: Net Income $ 57.2 $ 92.9 $ 84.6 Denominator: Denominator for Basic Earnings Per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Awards 37,281,630 37,283,096 38,333,484 Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units 260,269 202,605 138,128 Denominator for Diluted Earnings Per Share 37,541,899 37,485,701 38,471,612 Basic and Diluted Income Per Share: Basic Income Per Share $ 1.54 $ 2.49 $ 2.21 Diluted Income Per Share $ 1.52 $ 2.48 $ 2.20 Options to purchase 138,500 shares of common stock were outstanding at April 30, 2016 , but were not included in the computation of diluted earnings per share because the exercise price was greater than the average market price of the common shares; therefore, the effect would have been anti-dilutive. RSAs for 363,413 shares, 779,000 shares and 774,000 shares have been excluded in the computation of diluted net income per share for fiscal 2018 , fiscal 2017 and fiscal 2016 , respectively, as these awards are contingent on the Company's full year performance in fiscal 2020. |
Environmnetal Matters
Environmnetal Matters | 12 Months Ended |
Apr. 28, 2018 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters We are not aware of any potential unasserted environmental claims that may be brought against us. We are involved in environmental investigations and/or remediation at two of our plant sites no longer used for operations. We use environmental consultants to assist us in evaluating our environmental liabilities in order to establish appropriate accruals in our financial statements. Accruals are recorded when environmental remediation is probable and the costs can be reasonably estimated. A number of factors affect the cost of environmental remediation, including the determination of the extent of contamination, the length of time remediation may require, the complexity of environmental regulations and the advancement of remediation technology. Considering these factors, we have estimated (without discounting) the costs of remediation, which will be incurred over a period of several years. Recovery from insurance or other third parties is not anticipated. We are not yet able to determine when such remediation activity will be complete, but estimates for certain remediation efforts are projected through fiscal 2019. At April 28, 2018 and April 29, 2017 , we had accruals, primarily based upon independent engineering studies, for environmental matters of $1.1 million and $1.3 million , respectively, of which $0.8 million was classified in other accrued expenses and the remainder was included in other long-term liabilities on our Consolidated Balance Sheets. We believe the provisions made for environmental matters are adequate to satisfy liabilities relating to such matters, however it is reasonably possible that costs could exceed accrued amounts if the selected methods of remediation do not reduce the contaminates at the sites to levels acceptable to federal and state regulatory agencies. In fiscal 2018 , we spent $0.3 million on remediation cleanups and related studies, compared with $1.2 million in fiscal 2017 and $1.0 million in fiscal 2016 . The costs associated with environmental matters as they relate to day-to-day activities were not material in fiscal 2018 , fiscal 2017 or fiscal 2016 . |
Pending Litigation
Pending Litigation | 12 Months Ended |
Apr. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pending Litigation | Pending Litigation Certain litigation arising in the normal course of business is pending against us. We, from time to time, are subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, patent infringements claims, employment-related matters and environmental matters. We consider insurance coverage and third party indemnification when determining required accruals for pending litigation and claims. Although the outcome of potential legal actions and claims cannot be determined, it is the opinion of our management, based on the information available, that we have adequate reserves for these liabilities and that the ultimate resolution of these matters will not have a material adverse effect on our consolidated financial statements. Hetronic Germany-GmbH Matters For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. We became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, we terminated all of our agreements with the Fuchs companies. On June 20, 2014, we filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements and seeking damages, as well as various forms of injunctive relief. The defendants have filed counterclaims alleging breach of contract, interference with business relations and business slander, and an affiliated company has filed a suit in front of the European Union Intellectual Property Office seeking to invalidate the company’s NOVA trademark in the EU. On April 2, 2015, we amended our complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional affiliated parties. As of April 28, 2018 , discovery has been closed, and the parties are briefing summary judgment. |
Material Customers
Material Customers | 12 Months Ended |
Apr. 28, 2018 | |
Risks and Uncertainties [Abstract] | |
Material Customers | Material Customers Sales to two customers in the Automotive segment, either directly or through their tiered suppliers, represented a significant portion of our business. Net sales to these two customers approximated 43.3% and 12.3% of consolidated net sales, respectively, in fiscal 2018 ; these two customers accounted for 49.6% and 9.3% of consolidated net sales, respectively, in fiscal 2017 and these two customers accounted for 49.5% and 11.5% of consolidated net sales, respectively, in fiscal 2016 . At April 28, 2018 and April 29, 2017 , accounts receivable from these two customers in the automotive industry were approximately $83.8 million and $90.6 million , respectively, which included $53.4 million and $55.3 million , respectively, at our North American Automotive reporting unit. Accounts receivable are generally due within 30 days to 60 days . Credit losses relating to all customers have not been material. |
Line of Credit
Line of Credit | 12 Months Ended |
Apr. 28, 2018 | |
Debt Disclosure [Abstract] | |
Line of Credit | We are party to a Credit Agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association, as L/C Issuer, and the Lenders named therein (the “Credit Agreement”). The Credit Agreement has a maturity date of November 18, 2021. The credit facility is in the maximum principal amount of $150.0 million , with an option to increase the principal amount by up to an additional $100.0 million , subject to customary conditions and approval of the lender(s) providing new commitment(s). The credit facility is available for general corporate purposes, including working capital and acquisitions. The credit facility provides for variable rates of interest based on the type of borrowing and the Company's debt to EBITDA financial ratio. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. At April 28, 2018 , the interest rate on the credit facility was 1.25% plus LIBOR and we were in compliance with the covenants of the agreement. During the year ended April 28, 2018 , we had $80.0 million of borrowings and payments of $78.9 million , which includes interest of $1.9 million , under this credit facility. As of April 28, 2018 , there were outstanding balances against the credit facility of $30.0 million . We believe the fair value approximates the carrying amount as of April 28, 2018 . Methode's newly acquired subsidiary, Pacific Insight, is party to two separate credit agreements, one with the Bank of Montreal and one with Roynat. The credit agreement with the Bank of Montreal has a maturity date of December 21, 2019 and provides a credit facility in the maximum principal amount of C$10.0 million , with an option to increase the principal amount by up to an additional C$5.0 million . Availability under the facility is determined based upon a percentage of eligible accounts receivable and finished goods inventory balances. Funds are available in either Canadian or U.S. currency and any borrowings are fully secured by a mix of current and long-lived assets. Interest is calculated at either the Canadian Dollar Offered Rate plus 1.25% , the Federal Funds Rate plus 1.25% or LIBOR plus 1.75% . As of April 28, 2018 , there were no outstanding balances against this credit facility and Pacific Insight was in compliance with the covenants of the agreement. The credit agreement between Pacific Insight and Roynat has a maturity date of May 24, 2020 and provides a credit facility in the maximum principal amount of $10.0 million , with an option to increase the principal amount by up to an additional $3.5 million . The interest rate on the credit facility is 2.25% plus LIBOR . During the seven-month period that Methode has owned Pacific Insight, we have had no borrowings and repayments of $0.4 million under this credit facility. As of April 28, 2018 , there were outstanding balances against the credit facility of $3.6 million , of which $0.7 million is due within the next twelve months, and Pacific Insight was in compliance with the covenants of the agreement. All borrowings under this credit facility are fully secured by real estate owned by Pacific Insight. We believe the fair value approximates the carrying amount as of April 28, 2018 . Excluding credit facilities, the Company also holds debt that was assumed in the acquisitions of Procoplast and Pacific Insight. As of April 28, 2018 , Procoplast holds short-term debt totaling $3.6 million , with a weighted average interest rate of 1.65% . As of April 28, 2018 , Procoplast holds long-term debt that consists of nineteen notes totaling $20.5 million , with a weighted-average interest rate of 1.46% and maturities ranging from 2019 to 2031. Pacific Insight holds debt in the form of an interest-free loan from the Canadian government that matures in 2019. As of April 28, 2018 , the $0.1 million remaining liability for this debt is classified as short-term. |
Segment Information and Geograp
Segment Information and Geographic Area Information | 12 Months Ended |
Apr. 28, 2018 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Area Information | Segment Information and Geographic Area Information We are a global manufacturer of component and subsystem devices. We design, manufacture and market devices employing electrical, electronic, wireless, sensing and optical technologies. Our components are found in the primary end-markets of the automotive, appliance, communications (including information processing and storage, networking equipment, wireless and terrestrial voice/data systems), consumer and industrial equipment, aerospace, rail and other transportation industries. ASC No. 280, “Segment Reporting” establishes annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM, as defined by ASC No. 280, is the Company’s President and Chief Executive Officer (“CEO”). We have multiple operating segments that are aggregated into four reportable segments. Those segments are Automotive, Interface, Power Products and Other. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. Our products include integrated center consoles, hidden switches, ergonomic switches, transmission lead-frames, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other technologies that monitor the operation or status of a component or system. The Interface segment provides a variety of copper and fiber-optic interface and interface solutions for the aerospace, appliance, commercial food service, construction, consumer, material handling, medical, military, mining, point-of-sale, and telecommunications markets. Solutions include conductive polymers, industrial safety radio remote controls, optical and copper transceivers, and solid-state field-effect consumer touch panels. Services include the design and installation of fiber optic and copper infrastructure systems and manufacturing active and passive optical components. Through fiscal 2018, the interface segment included our Methode Development Company business, which provided conductive ink products for the automotive market. The business was shuttered at the end of fiscal 2018 due to a management-driven strategic change in direction. Through fiscal 2017, the Interface segment included our Connectivity reporting unit, which provided solutions for computer and networking markets, including connectors and custom cable assemblies. This reporting unit was shuttered at the end of fiscal 2017 due to market conditions. The Power Products segment manufactures braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as our PowerRail® solution, high-current low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, computers, industrial, power conversion, military, telecommunications and transportation. The Other segment is primarily made up of our medical device business, Dabir Surfaces, our surface support technology aimed at pressure injury prevention. Methode is developing the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. Through fiscal 2017, the Other segment included our Active Energy Solutions business, which provided inverters, battery systems and insulated-gate bipolar transistor solutions. Due to market conditions, this business was shuttered at the end of fiscal 2017. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 above. We allocate resources to and evaluate performance of segments based on operating income. Transfers between segments are recorded using internal transfer prices set by us. The tables below present information about our reportable segments. Year Ended April 28, 2018 Automotive Interface Power Products Other Eliminations/Corporate Consolidated Net Sales $ 738.4 $ 116.1 $ 63.4 $ 0.3 $ (9.9 ) $ 908.3 Transfers between Segments (9.7 ) (0.3 ) (0.2 ) — 10.2 — Net Sales to Unaffiliated Customers $ 728.7 $ 115.8 $ 63.2 $ 0.3 $ 0.3 $ 908.3 Income/(Loss) from Operations $ 156.3 $ 5.0 $ 14.0 $ (11.4 ) $ (45.6 ) $ 118.3 Interest Expense, Net 0.9 Other Income, Net (6.4 ) Income before Income Taxes $ 123.8 Depreciation and Amortization $ 21.3 $ 3.5 $ 1.6 $ 0.8 $ 0.9 $ 28.1 Identifiable Assets $ 632.7 $ 251.4 $ 48.5 $ 8.1 $ (24.8 ) $ 915.9 Year Ended April 29, 2017 Automotive Interface Power Products Other Eliminations/Corporate Consolidated Net Sales $ 641.0 $ 128.2 $ 56.5 $ 2.2 $ (11.4 ) $ 816.5 Transfers between Segments (8.8 ) (0.8 ) (0.2 ) (1.9 ) 11.7 — Net Sales to Unaffiliated Customers $ 632.2 $ 127.4 $ 56.3 $ 0.3 $ 0.3 $ 816.5 Income/(Loss) from Operations $ 148.3 $ (0.9 ) $ 11.5 $ (12.4 ) $ (35.7 ) $ 110.8 Interest Income, Net (0.4 ) Other Income, Net (4.7 ) Income before Income Taxes $ 115.9 Depreciation and Amortization $ 15.5 $ 4.2 $ 2.8 $ 1.0 $ 0.8 $ 24.3 Identifiable Assets $ 462.3 $ 202.5 $ 46.2 $ 5.2 $ (12.2 ) $ 704.0 Year Ended April 30, 2016 Automotive Interface Power Products Other Eliminations/Corporate Consolidated Net Sales $ 623.1 $ 142.6 $ 54.1 $ 0.6 $ (11.3 ) $ 809.1 Transfers between Segments (8.8 ) (1.8 ) (0.6 ) (0.3 ) 11.5 — Net Sales to Unaffiliated Customers $ 614.3 $ 140.8 $ 53.5 $ 0.3 $ 0.2 $ 809.1 Income/(Loss) from Operations $ 136.8 $ 2.7 $ 9.4 $ (8.8 ) $ (30.4 ) $ 109.7 Interest Income, Net (0.7 ) Other Income, Net (0.5 ) Income before Income Taxes $ 110.9 Depreciation and Amortization $ 15.6 $ 4.3 $ 2.3 $ 0.6 $ 1.1 $ 23.9 Identifiable Assets $ 418.4 $ 184.8 $ 46.4 $ 5.0 $ 1.3 $ 655.9 The following table sets forth certain geographic financial information for fiscal years ended April 28, 2018 , April 29, 2017 and April 30, 2016 . Geographic net sales and income are determined based on our sales and income from our various operational locations. Fiscal Year Ended April 28, April 29, April 30, Net Sales: U.S. $ 487.5 $ 506.9 $ 491.9 Malta 184.0 155.5 167.1 China 117.3 127.7 124.8 Canada 54.4 — — Belgium 26.2 — — Other 38.9 26.4 25.3 Total Net Sales $ 908.3 $ 816.5 $ 809.1 Property, Plant and Equipment, Net: U.S. $ 63.3 $ 44.9 $ 44.0 Malta 36.8 26.4 28.7 Belgium 25.0 — — Canada 13.9 — — Egypt 10.7 8.4 8.2 China 7.2 5.9 7.4 Mexico 4.6 4.3 3.9 Other 0.7 0.7 0.8 Total Property, Plant and Equipment, Net $ 162.2 $ 90.6 $ 93.0 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Apr. 28, 2018 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments We have lease commitments expiring at various dates, principally for manufacturing equipment and warehouse and office space. Rental expense under non-cancelable operating leases amounted to $5.9 million , $4.9 million and $5.0 million in fiscal 2018 , 2017 and 2016 , respectively. In fiscal 2018, we acquired capital leases of $2.7 million in the acquisition of Procoplast. Amortization of assets recorded under capital leases is recorded in depreciation expense. Assets held under capitalized leases and included in property, plant and equipment are as follows: 2018 2017 Manufacturing Equipment $ 1.6 $ — Accumulated Amortization (0.2 ) — Net Capital Leases $ 1.4 $ — At April 28, 2018 , future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2019 $ 0.9 $ 6.7 2020 0.8 5.3 2021 0.5 3.3 2022 0.5 2.3 2023 0.2 1.4 Later Years — 1.3 Net Minimum Lease Payments 2.9 $ 20.3 Less Amount Representing Interest (0.1 ) Present Value of Net Minimum Lease Payments 2.8 Less Current Portion (0.9 ) Long-term Obligations at April 28, 2018 $ 1.9 |
Pre-production Costs Related to
Pre-production Costs Related to Long-Term Supply Arrangements | 12 Months Ended |
Apr. 28, 2018 | |
Preproduction Costs Related to Long-term Supply Arrangements [Abstract] | |
Pre-production Costs Related to Long-Term Supply Arrangements | Pre-Production Costs Related to Long-Term Supply Arrangements We incur pre-production tooling costs related to products produced for our customers under long-term supply agreements. We had $20.5 million and $15.5 million for fiscal year ended April 28, 2018 and April 29, 2017 , respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract. We had $10.1 million and $7.1 million for the fiscal year ended April 28, 2018 and April 29, 2017 , respectively, of Company owned pre-production tooling, which is capitalized within property, plant and equipment. |
Summary of Quarterly Results of
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Apr. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations (Unaudited) | Summary of Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended April 28, 2018 and April 29, 2017 : Fiscal 2018 Quarter Ended July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Net Sales $ 201.2 $ 230.1 $ 228.0 $ 249.0 Gross Profit $ 55.6 $ 62.0 $ 60.1 $ 61.9 Net Income (Loss) $ 20.5 $ 24.2 $ (24.3 ) $ 36.8 Net Income (Loss) per Basic Common Share $ 0.55 $ 0.65 $ (0.65 ) $ 0.99 Net Income (Loss) per Diluted Common Share $ 0.55 $ 0.64 $ (0.65 ) $ 0.98 Fiscal 2017 Quarter Ended July 30, 2016 October 29, 2016 January 28, 2017 April 29, 2017 Net Sales $ 191.9 $ 209.3 $ 195.6 $ 219.7 Gross Profit $ 54.1 $ 55.6 $ 53.4 $ 55.2 Net Income $ 21.2 $ 24.9 $ 23.7 $ 23.1 Net Income per Basic Common Share $ 0.57 $ 0.66 $ 0.64 $ 0.62 Net Income per Diluted Common Share $ 0.57 $ 0.66 $ 0.63 $ 0.62 Significant Items for Fiscal 2018 The table below contains items included in fiscal 2018 : Fiscal 2018 Quarter Ended July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Legal Fees Related to the Hetronic lawsuit $ 2.9 $ 1.6 $ 1.5 $ 2.1 Acquisition-related Expenses $ 2.6 $ 4.2 $ — $ — Grant Income from Foreign Government for Maintaining Certain Employment Levels $ — $ (1.5 ) $ (3.6 ) $ (2.2 ) Compensation Expense Reversal Related to the Re-estimation of RSA Performance Level $ — $ — $ (6.0 ) $ — Discrete Estimated Net Income Tax Charge with Respect to U.S. Tax Reform $ — $ — $ 56.8 $ (3.1 ) Foreign Investment Tax Credit $ (0.4 ) $ (0.4 ) $ (0.3 ) $ (8.7 ) Significant Items for Fiscal 2017 Fiscal 2017 Quarter Ended July 30, 2016 October 29, 2016 January 28, 2017 April 29, 2017 Legal Fees Related to the Hetronic lawsuit $ 4.3 $ 2.3 $ 1.6 $ 2.8 Shut-down Costs for Two Reporting Units $ — $ — $ — $ 2.2 Acquisition Expenses * $ — $ — $ — $ 1.5 Grant Income from Foreign Government for Maintaining Certain Employment Levels $ — $ (1.5 ) $ (1.5 ) $ (1.5 ) * Related to a Potential Acquisition We Elected Not to Undertake. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 28, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS METHODE ELECTRONICS, INC. AND SUBSIDIARIES (in millions) COL. A COL. B COL. C COL. D. COL. E Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts— Describe Deductions— Describe Balance at End of Period YEAR ENDED APRIL 28, 2018: Reserves and allowances deducted from asset accounts: Allowance for uncollectible accounts $ 0.6 $ — $ — $ 0.1 (2) $ 0.5 Deferred tax valuation allowance $ 1.9 $ — $ — $ (0.6 ) (5) $ 2.5 YEAR ENDED APRIL 29, 2017: Reserves and allowances deducted from asset accounts: Allowance for uncollectible accounts $ 0.5 $ 0.1 $ — $ — (2) $ 0.6 Deferred tax valuation allowance $ 1.3 $ (0.6 ) (5) $ 1.9 YEAR ENDED APRIL 30, 2016: Reserves and allowances deducted from asset accounts: Allowance for uncollectible accounts $ 0.5 $ 0.1 $ — $ 0.1 (2) $ 0.5 Deferred tax valuation allowance $ 2.0 $ 0.7 (5) $ 1.3 ______________________________________ (1) Impact of foreign currency translation and other reclassifications. (2) Uncollectible accounts written off, net of recoveries. (3) Primarily represents changes in Malta valuation allowance and changes in temporary items. (4) Represents release of the U.S. valuation allowance. (5) Represents change in temporary items. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 28, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts and operations of Methode Electronics, Inc. and its subsidiaries. As used herein, “we,” “us,” “our,” the “Company” or “Methode” means Methode Electronics, Inc. and its subsidiaries. |
Fiscal Reporting Periods | Financial Reporting Periods. We maintain our financial records on the basis of a fifty-two or fifty-three weeks fiscal year ending on the Saturday closest to April 30. Fiscal 2018 , fiscal 2017 and fiscal 2016 represent fifty-two weeks of results. |
Cash Equivalents | Cash Equivalents. All highly liquid investments with a maturity of three months or less when purchased are classified in the Consolidated Balance Sheets as cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts. We carry accounts receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, we record an allowance for uncollectible receivables based upon past transaction history with customers, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for uncollectible amounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account. We do not require collateral for our accounts receivable balances. Accounts are written off against the allowance account when they are determined to be no longer collectible. |
Inventories | Inventories. Inventories are stated at the lower-of-cost (first-in, first-out method) or market, including direct material costs and direct and indirect manufacturing costs. |
Property, Plant and Equipment | Property, Plant and Equipment. Properties are stated on the basis of cost. We amortize such costs by annual charges to income, computed on the straight-line method using estimated useful lives of 5 to 40 years for buildings and improvements and 3 to 15 years for machinery and equipment for financial reporting purposes. Accelerated methods are generally used for income tax purposes. |
Income Taxes | Income Taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. |
Revenue Recognition | Revenue Recognition. We recognize revenue on product sales when i) persuasive evidence of an agreement exists, ii) the price is fixed or determinable, iii) delivery has occurred or services have been rendered, and iv) collection of the sales proceeds is reasonably assured. Revenue from our product sales not requiring installation, net of trade discounts and estimated sales allowances, is recognized when title passes, which is generally upon shipment. We do not have any additional obligations or customer acceptance provisions after shipment of such products. We handle returns by replacing, repairing or issuing credit for defective products when returned. Return costs were not significant in fiscal 2018 , fiscal 2017 or fiscal 2016 . |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs . Shipping and handling fees billed to customers are included in net sales, and the related costs are included in cost of products sold. |
Foreign Currency Translation | Foreign Currency Translation. The functional currencies of the majority of our foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average exchange rates during the year, while the assets and liabilities are translated using period-end exchange rates. Adjustments from the translation process are classified as a component of shareholders’ equity. Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the foreign subsidiary are included in the Consolidated Statements of Income in other income. |
Long-Lived Assets | Long-Lived Assets. We continually evaluate whether events and circumstances have occurred which indicate that the remaining estimated useful lives of our intangible assets, excluding goodwill, and other long-lived assets, may warrant revision or that the remaining balance of such assets may not be recoverable. In the event that the undiscounted cash flows resulting from the use of the asset group is less than the carrying amount, an impairment loss equal to the excess of the asset’s carrying amount over its fair value is recorded. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles. Goodwill represents the excess of cost over fair market value of identifiable net assets acquired through business purchases. We review goodwill for impairment on an annual basis or more frequently if indicators of impairment are identified. We evaluate goodwill using a qualitative assessment to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If we determine that the fair value of the reporting unit may be less than its carrying amount, we evaluate goodwill using a quantitative impairment test. Otherwise, we conclude that no impairment is indicated and we do not perform the quantitative impairment test. Our qualitative screen includes an assessment of certain factors including, but not limited to, the results of prior year fair value calculations, the movement of our share price and market capitalization, the reporting unit and overall financial performance, and macroeconomic and industry conditions. We consider the qualitative factors and weight of the evidence obtained to determine if it is more likely than not that the reporting units' fair value is less than the carrying amount. Although we believe the factors considered in the impairment analysis are reasonable, significant changes in any one of the assumptions used could produce a different result. If, after assessing the qualitative factors, we were to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we would perform a quantitative impairment test. We may also elect to proceed directly to the quantitative impairment analysis without considering such qualitative factors. For the quantitative analysis, fair values are primarily established using a discounted cash flow methodology (specifically, the income and market approach). The determination of discounted cash flows is based on our long-range forecasts and requires assumptions related to revenue and operating income growth, asset-related expenditures, working capital levels, and other market participant assumptions. The revenue growth rates included in the forecasts are our best estimates based on current and anticipated market conditions, and the profitability assumptions are projected based on current and anticipated cost structures. Long-range forecasting involves uncertainty which increases with each successive period. Key assumptions, such as revenue growth rates and profitability, especially in the outer years, involve a greater degree of uncertainty. In the fiscal 2018 first quarter, the Company early adopted ASU No. 2017-04 (issued by the FASB in January 2017), "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" on a prospective basis. This removed Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. Under the new guidance, a goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. |
Research and Development Costs | esearch and Development Costs . Costs associated with the enhancement of existing products and the development of new products are charged to expense when incurred. Research and development expenses primarily relate to product engineering and design and development expenses and are classified as a component of our cost of goods sold on the Company's Consolidated Statements of Income. |
Use of Estimates | se of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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. |
Fair Value of Other Financial Instruments | air Value of Other Financial Instruments. The carrying values of our short-term financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. We have no material assets or liabilities measured at fair value on a recurring basis. |
Recently Issued/Adopted Accounting Pronouncements | ecently Issued Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this update are intended to address a specific consequence of U.S. Tax Reform by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform’s reduction of the U.S. federal corporate income tax rate. The ASU is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. Management does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The standard will be effective for us in fiscal years beginning April 29, 2018. This ASU is not expected to have a material effect on the Company's financial statements. If, in the future, Methode makes modifications to its existing share-based payment awards, those modifications will need to be evaluated based on the criteria detailed in this ASU and accounted for accordingly. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update provide guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. The issues include, but are not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination, and proceeds from the settlement of insurance claims. The amendments in this ASU, where practicable, are to be applied retrospectively. The standard will be effective for us in fiscal years beginning April 29, 2018. We do not believe this pronouncement will have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle is that a company should recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net)," which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing," which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. The standards will be effective for us in the fiscal year beginning April 29, 2018. We have evaluated the impact this guidance will have on our consolidated financial statements. Our evaluation process has been conducted by our project management team, in conjunction with third-party consultants who have assisted in the process. Our project management team has analyzed the impact of these standards by reviewing our current accounting policies and practices and our customer contracts and arrangements to identify potential differences that would result from the application of this standard. The main types of provisions that have been evaluated which could impact the allocation and timing of revenue include contractually guaranteed price reductions and over-time recognition of revenue due to the manufacturing of goods with no alternative use in which the Company has a right to payment. The contractually guaranteed price reductions could result in revenue being deferred as it relates to those material rights, which would be a change from current practice. Also, the over-time recognition of revenue could result in accelerated revenue recognition for products where revenue is currently being recognized upon transfer of title at either shipment or delivery. After performing both quantitative and qualitative analyses of the potential impacts discussed above, the Company does not expect the impact of this standard to be material upon adoption. The Company will continue to monitor the effect of the standard on our ongoing financial reporting. Further, the Company concluded that pre-production engineering and engineering costs do not represent a promised good or service under ASC 606. This conclusion will result in a change from current accounting practices, in which these activities are treated as revenue generating activity. Going forward, the Company will recognize customer reimbursements related to pre-production costs as net within the cost of products sold line item. Given that tooling sales were only $10.4 million for both fiscal 2017 and 2018, this change in accounting treatment will have an immaterial impact on the financial statements on a go-forward basis. We intend to elect the accounting policy election to treat shipping and handling costs as fulfillment activities, rather than performance obligations. Further, we will elect the practical expedient for significant financing components for all contracts under twelve months. We will adopt the standard utilizing the modified retrospective method. We expect enhanced disclosures and controls beginning in the first quarter of fiscal 2019. In February 2016, the FASB issued ASU No. 2016-02, "Leases (ASC 842)," which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The amendments in this update are effective for fiscal years beginning after December 15, 2018, which is our fiscal 2020, beginning on April 28, 2019. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The new standard requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this update are effective for fiscal years beginning after December 15, 2017, which is our fiscal 2019, beginning on April 29, 2018. We do not expect any impact from the adoption of this guidance on our consolidated financial statements. Recently Adopted Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350).” The amendments in this ASU simplify goodwill impairment testing by removing the requirement of Step 2 to determine the implied fair value of the goodwill of a business which fails Step 1. The effects of this update result in the amount by which a carrying amount exceeds the business' fair value to be recognized as an impairment charge in the period identified. The standard is effective for us for annual and interim goodwill impairment tests in fiscal years beginning May 3, 2020, with early adoption permitted. The Company has adopted this ASU on a prospective basis effective as of April 30, 2017 and has concluded that this pronouncement has no material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this update clarify the definition of a business, with the objective of assisting entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The clarified definition requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. To be considered a business, an asset must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The amendments are effective for us in fiscal years beginning April 29, 2018, with early adoption permitted. The Company has adopted this ASU effective as of April 30, 2017 on a prospective basis and has concluded that this pronouncement has no material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 impacts the timing of when excess tax benefits are recognized by eliminating the delay in the recognition of a tax benefit until the tax benefit is realized through a reduction to income taxes payable. The amendments in this update are effective for annual periods beginning after December 15, 2016, which is our fiscal 2018, which began on April 30, 2017. The Company applied the modified retrospective transition method and recognized an increase to deferred tax assets and retained earnings of $2.7 million as of April 30, 2017 to recognize excess tax benefits that had been previously delayed. On a prospective basis, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the statement of operations. As a result of applying the modified retrospective transition method, prior periods were not adjusted. Further, the Company will continue to estimate the number of awards that are expected to vest. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations Simplifying the Accounting for Measurement-Period Adjustments." The standard requires that an acquirer recognize measurement-period adjustments in the period in which the adjustments are determined. The income effects of such measurement-period adjustments are to be recorded in the same period’s financial statements but calculated as if the accounting had been completed as of the acquisition date. The impact of measurement-period adjustments to earnings that relate to prior period financial statements are to be presented separately on the income statement or disclosed by line item. The Company has adopted this ASU effective April 30, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." This ASU requires an entity to measure inventory at the lower of cost or net realizable value, rather than at the lower of cost or market. The Company has adopted this ASU effective April 30, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, adjustments for certain acquisition-related charges, and related tax effects. Year Ended (Dollars in Millions) April 28, April 29, Revenues $ 947.3 $ 910.0 Net Income $ 62.2 $ 97.6 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Automotive $ 22.6 11.0 years Customer Relationships and Agreements - Commercial 9.6 13.0 years Trade Names 6.2 7.5 years Technology Licenses 1.7 5.5 years Total $ 40.1 The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Significant Customer $ 12.3 17.0 years Customer Relationships and Agreements - All Other Customers 2.8 11.5 years Technology Licenses 2.1 8.5 years Trade Names 2.0 8.5 years Total $ 19.2 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 1.3 Accounts Receivable 7.4 Inventory 3.5 Intangible Assets 19.2 Goodwill 6.8 Pre-production Costs 2.3 Property, Plant and Equipment 23.8 Accounts Payable (4.9 ) Salaries, Wages and Payroll Taxes (0.8 ) Other Accrued Expenses (0.7 ) Income Taxes Payable (0.6 ) Short-term Debt (3.2 ) Other Liabilities (2.1 ) Long-term Debt (20.6 ) Deferred Income Tax Liability (7.9 ) Total Purchase Price $ 23.5 The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 4.9 Accounts Receivable 18.3 Inventory 13.0 Prepaid Expenses and Other Current Assets 0.3 Income Taxes Receivable 1.2 Intangible Assets 40.1 Goodwill 50.4 Pre-production Costs 0.8 Property, Plant and Equipment 13.2 Accounts Payable (7.9 ) Salaries, Wages and Payroll Taxes (0.8 ) Other Accrued Expenses (2.9 ) Short-term Debt (0.8 ) Long-term Debt (3.4 ) Deferred Income Tax Liability (12.8 ) Total Purchase Price $ 113.6 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment Test [Table Text Block] | Fair Value of Reporting Unit Carrying Value of Reporting Unit Excess (Deficiency) North American Automotive $ 708.5 $ 215.3 $ 493.2 European Automotive $ 386.5 $ 302.1 $ 84.4 Power Systems Group $ 44.0 $ 13.1 $ 30.9 Hetronic $ 77.5 $ 32.0 $ 45.5 |
Schedule of Goodwill Rollforward | The following table shows the roll-forward of goodwill. Automotive Interface Power Products Total Balance as of May 2, 2015 $ — $ 0.7 $ 1.0 $ 1.7 Goodwill Acquired — — — — Impairment — — — — Foreign Currency Translation — — — — Balance as of April 30, 2016 — 0.7 1.0 1.7 Goodwill Acquired — — — — Impairment — — — — Foreign Currency Translation — (0.1 ) — (0.1 ) Balance as of April 29, 2017 — 0.6 1.0 1.6 Goodwill Acquired 57.2 — — 57.2 Impairment — — — — Foreign Currency Translation 0.3 0.1 — 0.4 Balance as of April 28, 2018 $ 57.5 $ 0.7 $ 1.0 $ 59.2 |
Schedule of Identifiable Intangible Assets | The following tables present details of the Company's identifiable intangible assets: As of April 28, 2018 Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Customer Relationships and Agreements $ 64.4 $ 18.1 $ 46.3 12.3 Trade Names, Patents and Technology Licenses 37.7 23.0 14.7 5.3 Total $ 102.1 $ 41.1 $ 61.0 As of April 29, 2017 Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Customer Relationships and Agreements $ 16.3 $ 15.6 $ 0.7 6.8 Trade Names, Patents and Technology Licenses 25.8 19.9 5.9 1.4 Covenants Not to Compete 0.1 0.1 — 0.4 Total $ 42.2 $ 35.6 $ 6.6 |
Schedule of Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows: 2019 $ 7.5 2020 $ 5.5 2021 $ 5.4 2022 $ 5.4 2023 $ 5.4 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Expense Related to Equity Awards | The table below summarizes the expense related to the equity awards for fiscal 2018 , 2017 and 2016 . Compensation Expense Fiscal 2018 Fiscal 2017 Fiscal 2016 2014 Incentive Plan: RSAs $ (1.0 ) $ 6.6 $ 3.6 RSUs 5.0 5.5 2.8 Total 2014 Incentive Plan 4.0 12.1 6.4 2010 Stock Plan: RSUs — 0.1 0.1 Stock Options — 0.1 0.3 Total 2010 Stock Plan — 0.2 0.4 2007 Stock Plan: Stock Options — 0.1 0.6 Total 2007 Stock Plan — 0.1 0.6 Total Compensation Expense $ 4.0 $ 12.4 $ 7.4 |
2014 Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Awards and Restricted Stock Units Activity | The following table summarizes the RSA and RSU activity for fiscal 2016 , fiscal 2017 and fiscal 2018 under the 2014 Incentive Plan: RSA Shares RSU Shares Unvested and Unissued at May 2, 2015 — — Awarded 1,185,000 576,000 Vested (24,000 ) — Forfeited and Canceled — — Unvested and Unissued at April 30, 2016 1,161,000 576,000 Awarded 99,000 32,000 Vested (27,000 ) (11,333 ) Forfeited and Canceled (64,500 ) (28,667 ) Unvested and Unissued at April 29, 2017 1,168,500 568,000 Awarded 152,738 30,925 Vested (24,000 ) (160,553 ) Forfeited and Canceled (126,000 ) (56,000 ) Unvested and Unissued at April 28, 2018 1,171,238 382,372 |
Schedule of Restricted Stock Awards and Restricted Stock Units by Grant Year and Vesting Period | Grant Fiscal Year Number of Shares Unvested Vesting Period Weighted Average Value Probable Unearned Compensation Expense at April 28, 2018 Target Unearned Compensation Expense at April 28, 2018 2016, 2017 and 2018 363,413 (1) Five-year RSA cliff, performance-based $ 34.11 $ 5.5 $ 11.0 2016, 2017 and 2018 382,372 Five-year RSU, 30% in fiscal 2018, 30% in fiscal 2019 and 40% in fiscal 2020 $ 35.85 $ 5.1 $ 5.1 (1) RSA shares based on fiscal 2020 EBITDA threshold levels |
2010 Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Awards and Restricted Stock Units Activity | The following table summarizes the RSA activity for fiscal years 2018 , 2017 and 2016 under the 2010 Stock Plan: RSA Shares Unvested and Unissued at May 2, 2015 66,667 Awarded — Vested (33,333 ) Forfeited and Canceled — Unvested and Unissued at April 30, 2016 33,334 Awarded — Vested (33,334 ) Forfeited and Canceled — Unvested and Unissued at April 29, 2017 — Awarded — Vested — Forfeited and Canceled — Unvested and Unissued at April 28, 2018 — |
Summary of Stock Option Activity and Related Information for Stock Options Granted | The following tables summarize the stock option activity and related information for fiscal 2018 , 2017 and 2016 for the stock options granted under the 2010 Stock Plan: Summary of Option Activity Shares Wtd. Avg. Exercise Price Outstanding at May 2, 2015 242,667 $ 24.50 Awarded — — Exercised (18,668 ) 12.96 Canceled (26,667 ) 32.07 Outstanding at April 30, 2016 197,332 24.55 Awarded — — Exercised (125,332 ) 17.40 Canceled — — Outstanding at April 29, 2017 72,000 37.01 Awarded — — Exercised — — Canceled — — Outstanding at April 28, 2018 72,000 $ 37.01 |
Summary of Stock Option Activity and Related Information for Stock Options Granted, Options Outstanding and Exercisable | Options Outstanding Shares Exercise Price Avg. Remaining Life (Years) 72,000 $ 37.01 6.3 Options Exercisable Shares Exercise Price Avg. Remaining Life (Years) 72,000 $ 37.01 6.3 |
Schedule of Estimated Fair Value of Stock Options on Date of Grant, Assumptions | We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions: 2010 Stock Plan Fiscal 2015 Awards Average Expected Volatility 51.00 % Average Risk-free Interest Rate 1.00 % Dividend Yield 1.66 % Expected Life of Options (in years) 4.12 Weighted-average Grant-date Fair Value $ 14.99 |
2007 Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Option Activity and Related Information for Stock Options Granted | The following tables summarize the stock option activity and related information for the stock options granted under the 2007 Stock Plan for fiscal year 2018 , 2017 and 2016 : Summary of Option Activity Shares Wtd. Avg. Exercise Price Outstanding at May 2, 2015 108,000 $ 24.21 Awarded — — Exercised (28,334 ) 10.99 Canceled — — Outstanding at April 30, 2016 79,666 28.91 Awarded — — Exercised (22,497 ) 21.52 Canceled — — Outstanding at April 29, 2017 57,169 31.82 Awarded — — Exercised (13,333 ) 24.67 Canceled (1,668 ) 37.01 Outstanding at April 28, 2018 42,168 $ 33.87 |
Summary of Stock Option Activity and Related Information for Stock Options Granted, Options Outstanding and Exercisable | Options Outstanding Shares Exercise Price Avg. Life (Years) 5,000 $ 10.55 2.2 37,168 $ 37.01 6.3 42,168 $ 33.87 Options Exercisable Shares Exercise Price Avg. Life (Years) 5,000 $ 10.55 2.2 37,168 $ 37.01 6.3 42,168 $ 33.87 |
Schedule of Estimated Fair Value of Stock Options on Date of Grant, Assumptions | We estimated the fair value of these stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Fiscal 2015 Awards Average Expected Volatility 51.00 % Average Risk-free Interest Rate 1.00 % Dividend Yield 1.66 % Expected Life of Options (in years) 4.12 Weighted-average Grant-date Fair Value $ 14.99 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows: April 28, April 29, Deferred Tax Liabilities: Accelerated Tax Depreciation $ 6.3 $ 2.0 Accelerated Book Amortization 11.4 — Foreign Tax Withheld 4.8 4.2 Deferred Income 0.2 0.4 Deferred Tax Liabilities, Gross 22.7 6.6 Deferred Tax Assets: Deferred Compensation and Stock Award Amortization 7.5 10.1 Inventory Valuation Differences 1.8 2.9 Property Valuation Differences 2.0 1.9 Accelerated Book Amortization — 7.2 Environmental Reserves 0.2 0.5 Bad Debt Reserves 0.1 0.1 Vacation Accruals 1.0 1.0 Foreign Investment Tax Credit 29.3 17.9 Net Operating Loss Carryovers 5.8 4.7 Other Accruals 1.5 2.6 Deferred Tax Assets, Gross 49.2 48.9 Less Valuation Allowance 2.5 1.9 Deferred Tax Assets, Net of Valuation Allowance 46.7 47.0 Net Deferred Tax Assets $ 24.0 $ 40.4 Balance Sheet Classification: Non-current Asset 42.3 40.4 Non-current Liability (18.3 ) — Net Deferred Tax Assets $ 24.0 $ 40.4 |
Schedule of Components of Income before Income Taxes | Components of income before income taxes are as follows: Fiscal Year Ended April 28, April 29, April 30, Domestic Source $ 11.4 $ 21.6 $ 25.3 Foreign Source 112.4 94.3 85.6 Income before Income Tax $ 123.8 $ 115.9 $ 110.9 |
Schedule of Income Taxes | Income taxes consisted of the following: Fiscal Year Ended April 28, April 29, April 30, Current Federal $ 46.5 $ 9.2 $ 2.8 Foreign 18.8 17.0 14.7 State 0.3 0.7 0.6 Subtotal 65.6 26.9 18.1 Deferred Federal and State 11.6 (1.2 ) 5.5 Foreign (10.6 ) (2.7 ) 2.7 Subtotal 1.0 (3.9 ) 8.2 Total Income Tax Expense $ 66.6 $ 23.0 $ 26.3 |
Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations | A reconciliation of the consolidated provisions for income taxes from continuing operations to amounts determined by applying the prevailing statutory federal income tax rate to pre-tax earnings is as follows: Fiscal Year Ended April 28, April 29, April 30, Income Tax at Statutory Rate $ 37.7 30.5 % $ 40.5 35.0 % $ 38.9 35.0 % Effect of: State Income Taxes, Net of Federal Benefit 0.1 0.1 % 0.9 0.8 % 0.4 0.4 % U.S. Tax Reform Repatriation 48.5 39.2 % — — % — — % Foreign Operations with Lower Statutory Rates (15.3 ) (12.4 )% (14.5 ) (12.5 )% (11.9 ) (10.7 )% Foreign Investment Tax Credit (9.8 ) (7.9 )% (4.7 ) (4.1 )% (2.1 ) (1.9 )% Change in Tax Reserve 0.1 — % 0.1 0.1 % 0.1 0.1 % Change in Valuation Allowance 0.4 0.3 % 0.3 0.3 % 0.1 0.1 % Tax Rate Change, Foreign (1.5 ) (1.2 )% — — % — — % U.S. Tax Reform Re-measurements 5.2 4.2 % — — % — — % Other, Net 1.2 1.0 % 0.4 0.3 % 0.8 0.8 % Income Tax Provision (Benefit) $ 66.6 53.8 % $ 23.0 19.9 % $ 26.3 23.8 % |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: Balance as of April 29, 2017 $ 1.3 Increases for Positions Related to the Prior Years — Increases for Positions Related to the Current Year 0.1 Decreases for Positions Related to the Prior Years — Lapsing of Statutes of Limitations — Balance as of April 28, 2018 $ 1.4 |
Income Per Share Attributable29
Income Per Share Attributable to Methode Shareholders (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of the Computation of Basic and Diluted Income Per Share | The following table sets forth the computation of basic and diluted income per share: Fiscal Year Ended April 28, April 29, April 30, Numerator: Net Income $ 57.2 $ 92.9 $ 84.6 Denominator: Denominator for Basic Earnings Per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Awards 37,281,630 37,283,096 38,333,484 Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units 260,269 202,605 138,128 Denominator for Diluted Earnings Per Share 37,541,899 37,485,701 38,471,612 Basic and Diluted Income Per Share: Basic Income Per Share $ 1.54 $ 2.49 $ 2.21 Diluted Income Per Share $ 1.52 $ 2.48 $ 2.20 |
Segment Information and Geogr30
Segment Information and Geographic Area Information (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The tables below present information about our reportable segments. Year Ended April 28, 2018 Automotive Interface Power Products Other Eliminations/Corporate Consolidated Net Sales $ 738.4 $ 116.1 $ 63.4 $ 0.3 $ (9.9 ) $ 908.3 Transfers between Segments (9.7 ) (0.3 ) (0.2 ) — 10.2 — Net Sales to Unaffiliated Customers $ 728.7 $ 115.8 $ 63.2 $ 0.3 $ 0.3 $ 908.3 Income/(Loss) from Operations $ 156.3 $ 5.0 $ 14.0 $ (11.4 ) $ (45.6 ) $ 118.3 Interest Expense, Net 0.9 Other Income, Net (6.4 ) Income before Income Taxes $ 123.8 Depreciation and Amortization $ 21.3 $ 3.5 $ 1.6 $ 0.8 $ 0.9 $ 28.1 Identifiable Assets $ 632.7 $ 251.4 $ 48.5 $ 8.1 $ (24.8 ) $ 915.9 Year Ended April 29, 2017 Automotive Interface Power Products Other Eliminations/Corporate Consolidated Net Sales $ 641.0 $ 128.2 $ 56.5 $ 2.2 $ (11.4 ) $ 816.5 Transfers between Segments (8.8 ) (0.8 ) (0.2 ) (1.9 ) 11.7 — Net Sales to Unaffiliated Customers $ 632.2 $ 127.4 $ 56.3 $ 0.3 $ 0.3 $ 816.5 Income/(Loss) from Operations $ 148.3 $ (0.9 ) $ 11.5 $ (12.4 ) $ (35.7 ) $ 110.8 Interest Income, Net (0.4 ) Other Income, Net (4.7 ) Income before Income Taxes $ 115.9 Depreciation and Amortization $ 15.5 $ 4.2 $ 2.8 $ 1.0 $ 0.8 $ 24.3 Identifiable Assets $ 462.3 $ 202.5 $ 46.2 $ 5.2 $ (12.2 ) $ 704.0 Year Ended April 30, 2016 Automotive Interface Power Products Other Eliminations/Corporate Consolidated Net Sales $ 623.1 $ 142.6 $ 54.1 $ 0.6 $ (11.3 ) $ 809.1 Transfers between Segments (8.8 ) (1.8 ) (0.6 ) (0.3 ) 11.5 — Net Sales to Unaffiliated Customers $ 614.3 $ 140.8 $ 53.5 $ 0.3 $ 0.2 $ 809.1 Income/(Loss) from Operations $ 136.8 $ 2.7 $ 9.4 $ (8.8 ) $ (30.4 ) $ 109.7 Interest Income, Net (0.7 ) Other Income, Net (0.5 ) Income before Income Taxes $ 110.9 Depreciation and Amortization $ 15.6 $ 4.3 $ 2.3 $ 0.6 $ 1.1 $ 23.9 Identifiable Assets $ 418.4 $ 184.8 $ 46.4 $ 5.0 $ 1.3 $ 655.9 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table sets forth certain geographic financial information for fiscal years ended April 28, 2018 , April 29, 2017 and April 30, 2016 . Geographic net sales and income are determined based on our sales and income from our various operational locations. Fiscal Year Ended April 28, April 29, April 30, Net Sales: U.S. $ 487.5 $ 506.9 $ 491.9 Malta 184.0 155.5 167.1 China 117.3 127.7 124.8 Canada 54.4 — — Belgium 26.2 — — Other 38.9 26.4 25.3 Total Net Sales $ 908.3 $ 816.5 $ 809.1 Property, Plant and Equipment, Net: U.S. $ 63.3 $ 44.9 $ 44.0 Malta 36.8 26.4 28.7 Belgium 25.0 — — Canada 13.9 — — Egypt 10.7 8.4 8.2 China 7.2 5.9 7.4 Mexico 4.6 4.3 3.9 Other 0.7 0.7 0.8 Total Property, Plant and Equipment, Net $ 162.2 $ 90.6 $ 93.0 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Capital Leased Assets [Line Items] | |
Schedule of Capital Leased Assets [Table Text Block] | Assets held under capitalized leases and included in property, plant and equipment are as follows: 2018 2017 Manufacturing Equipment $ 1.6 $ — Accumulated Amortization (0.2 ) — Net Capital Leases $ 1.4 $ — |
Summary of Aggregate Minimum Rental Commitments under all Non-cancelable Operating Leases | Capitalized Leases Operating Leases Year: 2019 $ 0.9 $ 6.7 2020 0.8 5.3 2021 0.5 3.3 2022 0.5 2.3 2023 0.2 1.4 Later Years — 1.3 Net Minimum Lease Payments 2.9 $ 20.3 Less Amount Representing Interest (0.1 ) Present Value of Net Minimum Lease Payments 2.8 Less Current Portion (0.9 ) Long-term Obligations at April 28, 2018 $ 1.9 |
Summary of Quarterly Results 32
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Apr. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results of Operations | The following is a summary of unaudited quarterly results of operations for the years ended April 28, 2018 and April 29, 2017 : Fiscal 2018 Quarter Ended July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Net Sales $ 201.2 $ 230.1 $ 228.0 $ 249.0 Gross Profit $ 55.6 $ 62.0 $ 60.1 $ 61.9 Net Income (Loss) $ 20.5 $ 24.2 $ (24.3 ) $ 36.8 Net Income (Loss) per Basic Common Share $ 0.55 $ 0.65 $ (0.65 ) $ 0.99 Net Income (Loss) per Diluted Common Share $ 0.55 $ 0.64 $ (0.65 ) $ 0.98 Fiscal 2017 Quarter Ended July 30, 2016 October 29, 2016 January 28, 2017 April 29, 2017 Net Sales $ 191.9 $ 209.3 $ 195.6 $ 219.7 Gross Profit $ 54.1 $ 55.6 $ 53.4 $ 55.2 Net Income $ 21.2 $ 24.9 $ 23.7 $ 23.1 Net Income per Basic Common Share $ 0.57 $ 0.66 $ 0.64 $ 0.62 Net Income per Diluted Common Share $ 0.57 $ 0.66 $ 0.63 $ 0.62 Significant Items for Fiscal 2018 The table below contains items included in fiscal 2018 : Fiscal 2018 Quarter Ended July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Legal Fees Related to the Hetronic lawsuit $ 2.9 $ 1.6 $ 1.5 $ 2.1 Acquisition-related Expenses $ 2.6 $ 4.2 $ — $ — Grant Income from Foreign Government for Maintaining Certain Employment Levels $ — $ (1.5 ) $ (3.6 ) $ (2.2 ) Compensation Expense Reversal Related to the Re-estimation of RSA Performance Level $ — $ — $ (6.0 ) $ — Discrete Estimated Net Income Tax Charge with Respect to U.S. Tax Reform $ — $ — $ 56.8 $ (3.1 ) Foreign Investment Tax Credit $ (0.4 ) $ (0.4 ) $ (0.3 ) $ (8.7 ) Significant Items for Fiscal 2017 Fiscal 2017 Quarter Ended July 30, 2016 October 29, 2016 January 28, 2017 April 29, 2017 Legal Fees Related to the Hetronic lawsuit $ 4.3 $ 2.3 $ 1.6 $ 2.8 Shut-down Costs for Two Reporting Units $ — $ — $ — $ 2.2 Acquisition Expenses * $ — $ — $ — $ 1.5 Grant Income from Foreign Government for Maintaining Certain Employment Levels $ — $ (1.5 ) $ (1.5 ) $ (1.5 ) * Related to a Potential Acquisition We Elected Not to Undertake. |
Significant Accounting Polici33
Significant Accounting Policies - Narrative - Financial Reporting Periods (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Financial Reporting Periods [Line Items] | |||||||||||
Fiscal year duration | fifty-two weeks | fifty-two weeks | fifty-two weeks | ||||||||
Research and Development Expense | $ 37.9 | $ 27.8 | $ 27.8 | ||||||||
Net Sales | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 219.7 | $ 195.6 | $ 209.3 | $ 191.9 | $ 908.3 | $ 816.5 | $ 809.1 |
Minimum | |||||||||||
Financial Reporting Periods [Line Items] | |||||||||||
Fiscal year duration | fifty-two weeks | ||||||||||
Maximum | |||||||||||
Financial Reporting Periods [Line Items] | |||||||||||
Fiscal year duration | fifty-three weeks |
Significant Accounting Polici34
Significant Accounting Policies - Narrative - Property, Plant and Equipment (Details) | 12 Months Ended |
Apr. 28, 2018 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 15 years |
Significant Accounting Polici35
Significant Accounting Policies - Narrative - Foreign Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Accounting Policies [Abstract] | |||
Foreign exchange gains | $ (2.6) | $ 0.4 | $ 0.5 |
Significant Accounting Polici36
Significant Accounting Policies - Narrative - Research and Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Accounting Policies [Abstract] | |||
Research and development costs | $ 37.9 | $ 27.8 | $ 27.8 |
Significant Accounting Polici37
Significant Accounting Policies - Narrative - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net Sales | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 219.7 | $ 195.6 | $ 209.3 | $ 191.9 | $ 908.3 | $ 816.5 | $ 809.1 |
Preproduction Tooling [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net Sales | $ 10.4 |
Significant Accounting Polici38
Significant Accounting Policies - Narrative - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 30, 2017 | Apr. 29, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred Income Tax Assets, Net | $ 24 | $ 40.4 | |
Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred Income Tax Assets, Net | $ 2.7 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Oct. 03, 2017 | Jul. 27, 2017 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Jan. 27, 2018 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 |
Business Acquisition [Line Items] | ||||||||||||||
Revenues | $ 908.3 | $ 816.5 | $ 809.1 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 130.9 | 0 | 0 | |||||||||||
Net Income | $ 36.8 | $ (24.3) | $ 24.2 | $ 20.5 | $ 23.1 | $ 23.7 | $ 24.9 | $ 21.2 | 57.2 | $ 92.9 | $ 84.6 | |||
Procoplast [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 1.3 | |||||||||||||
Business Acquisition, Pro Forma Adjustment to Other Income | (0.2) | $ (0.5) | ||||||||||||
Percentage voting interests acquired | 100.00% | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 22.2 | |||||||||||||
Goodwill, Purchase Accounting Adjustments | (1.3) | |||||||||||||
Business Acquisition, Pro Forma Adjustment to Income Tax Expense | $ (0.1) | $ (0.2) | ||||||||||||
Procoplast [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 1.1 | |||||||||||||
Procoplast [Member] | Cost of Sales [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 0.2 | |||||||||||||
Pacific Insight [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenues | 54.4 | |||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 5.5 | |||||||||||||
Percentage voting interests acquired | 100.00% | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 108.7 | |||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 1.9 | |||||||||||||
Net Income | 1.5 | |||||||||||||
Pacific Insight [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 4.9 | |||||||||||||
Pacific Insight [Member] | Cost of Sales [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 0.6 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Apr. 28, 2018 | Oct. 03, 2017 | Jul. 27, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 59.2 | $ 1.6 | $ 1.7 | $ 1.7 | ||
Pre-production Costs | $ 20.5 | $ 15.5 | ||||
Pacific Insight [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 4.9 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 18.3 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 13 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0.3 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Income Taxes Receivable | 1.2 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 40.1 | |||||
Goodwill | 50.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Pre-Production Costs | 0.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13.2 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 7.9 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Salaries, Wages and Payroll Taxes | 0.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 2.9 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Short-term Debt | 0.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 12.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 113.6 | |||||
Procoplast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1.3 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 7.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 3.5 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 19.2 | |||||
Goodwill | 6.8 | |||||
Pre-production Costs | 2.3 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 23.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 4.9 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Salaries, Wages and Payroll Taxes | 0.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0.7 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Income Taxes Payable | 0.6 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Short-term Debt | 3.2 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2.1 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 20.6 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 7.9 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 23.5 |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets Acquired (Details) - USD ($) $ in Millions | Oct. 03, 2017 | Jul. 27, 2017 |
Pacific Insight [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 40.1 | |
Procoplast [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 19.2 | |
Customer Relationships - Automotive [Member] | Pacific Insight [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 22.6 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years | |
Customer Relationships - Commercial [Member] | Pacific Insight [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9.6 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 13 years | |
Customer Relationships - Significant Customer [Member] | Procoplast [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 12.3 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 17 years | |
Customer Relationships - All Other Customers [Member] | Procoplast [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2.8 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years 6 months | |
Technology-Based Intangible Assets [Member] | Pacific Insight [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.7 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 6 months | |
Technology-Based Intangible Assets [Member] | Procoplast [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2.1 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | |
Trade Names [Member] | Pacific Insight [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6.2 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 6 months | |
Trade Names [Member] | Procoplast [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2018 | Apr. 29, 2017 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 947.3 | $ 910 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 62.2 | $ 97.6 |
Intangible Assets and Goodwil43
Intangible Assets and Goodwill - Narrative - Goodwill Impairment Test (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | May 02, 2015 | |
Goodwill [Line Items] | ||||
Goodwill | $ 59.2 | $ 1.6 | $ 1.7 | $ 1.7 |
Goodwill impairment charge | 0 | 0 | 0 | |
Interface | ||||
Goodwill [Line Items] | ||||
Goodwill | 0.7 | 0.6 | 0.7 | $ 0.7 |
Goodwill impairment charge | 0 | $ 0 | $ 0 | |
North American Automotive [Member] | ||||
Goodwill [Line Items] | ||||
Reporting Unit, Fair Value | 708.5 | |||
Reporting Unit, Carrying Value | 215.3 | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | 493.2 | |||
European Automotive [Member] | ||||
Goodwill [Line Items] | ||||
Reporting Unit, Fair Value | 386.5 | |||
Reporting Unit, Carrying Value | 302.1 | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | 84.4 | |||
Power Systems Group [Member] | ||||
Goodwill [Line Items] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 135.00% | |||
Reporting Unit, Fair Value | 44 | |||
Reporting Unit, Carrying Value | 13.1 | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | 30.9 | |||
Hetronic [Member] | ||||
Goodwill [Line Items] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 163.00% | |||
Reporting Unit, Fair Value | 77.5 | |||
Reporting Unit, Carrying Value | 32 | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 45.5 |
Intangible Assets and Goodwil44
Intangible Assets and Goodwill - Narrative - Indefinite-lived Intangibles Excluding Goodwill, Impairment Test (Details) | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 |
Indefinite-lived Intangible Assets [Line Items] | |||
Percentage by which fair value exceeded carrying value | 44.00% | 28.00% | 17.00% |
Intangible Assets and Goodwil45
Intangible Assets and Goodwill - Schedule of Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 57.2 | $ 0 | $ 0 |
Goodwill [Roll Forward] | |||
Beginning balance | 1.6 | 1.7 | 1.7 |
Impairment | 0 | 0 | 0 |
Foreign Currency Translation | 0.4 | (0.1) | 0 |
Ending balance | 59.2 | 1.6 | 1.7 |
Interface | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 0 | 0 | 0 |
Goodwill [Roll Forward] | |||
Beginning balance | 0.6 | 0.7 | 0.7 |
Impairment | 0 | 0 | 0 |
Foreign Currency Translation | 0.1 | (0.1) | 0 |
Ending balance | 0.7 | 0.6 | 0.7 |
Power Products | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 0 | 0 | 0 |
Goodwill [Roll Forward] | |||
Beginning balance | 1 | 1 | 1 |
Impairment | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 |
Ending balance | 1 | 1 | 1 |
Automotive [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 57.2 | 0 | 0 |
Goodwill [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 |
Foreign Currency Translation | 0.3 | 0 | 0 |
Ending balance | $ 57.5 | $ 0 | $ 0 |
Intangible Assets and Goodwil46
Intangible Assets and Goodwill - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2018 | Apr. 29, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Other Intangibles, Less Accumulated Amortization | $ 61 | $ 6.6 |
Finite-Lived And Indefinite-Lived Intangible Assets, Excluding Goodwill, Gross | 102.1 | 42.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | 41.1 | 35.6 |
Trade Names, Patents And Technology Licences [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other Intangibles, Less Accumulated Amortization | $ 14.7 | $ 5.9 |
Finite-Lived Intangible Assets, Weighted Average Remaining Amortization Period | 5 years 3 months 15 days | 1 year 4 months 24 days |
Finite-Lived Intangible Assets, Gross | $ 37.7 | $ 25.8 |
Finite-Lived Intangible Assets, Accumulated Amortization | 23 | 19.9 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 46.3 | $ 0.7 |
Finite-Lived Intangible Assets, Weighted Average Remaining Amortization Period | 12 years 4 months | 6 years 9 months 18 days |
Finite-Lived Intangible Assets, Gross | $ 64.4 | $ 16.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 18.1 | 15.6 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 0 | |
Finite-Lived Intangible Assets, Weighted Average Remaining Amortization Period | 4 months 24 days | |
Finite-Lived Intangible Assets, Gross | $ 0.1 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0.1 |
Intangible Assets and Goodwil47
Intangible Assets and Goodwill - Schedule of Estimated Aggregate Amortization Expense (Details) $ in Millions | Apr. 28, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 7.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5.4 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5.4 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 5.4 |
Intangible Assets and Goodwil48
Intangible Assets and Goodwill - Narrative - Intangible Assets (Details) - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 29, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trade names not subject to amortization | $ 1.8 | $ 1.8 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018USD ($)shares$ / shares | Jan. 27, 2018USD ($) | Oct. 28, 2017USD ($) | Jul. 29, 2017USD ($) | Apr. 28, 2018USD ($)shares$ / shares | Apr. 29, 2017USD ($)$ / sharesshares | Apr. 30, 2016USD ($)shares | Apr. 28, 2012shares | May 01, 2011shares | May 02, 2015shares | Apr. 30, 2007shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock repurchase program, authorized amount | $ | $ 100,000,000 | $ 100,000,000 | |||||||||
Purchase of common stock (in shares) | 0 | 280,168 | 1,997,298 | ||||||||
Purchase of common stock | $ | $ 9,800,000 | $ 62,300,000 | |||||||||
Dividends paid | $ | $ 14,700,000 | 13,700,000 | 13,500,000 | ||||||||
Compensation expense | $ | $ 4,000,000 | $ 12,400,000 | 7,400,000 | ||||||||
Common stock - par value per share (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 | $ 0.50 | ||||||||
Unrecognized equity-based compensation cost | $ | $ 10,600,000 | $ 10,600,000 | |||||||||
Weighted average period for recognition of unrecognized equity-based compensation cost | 2 years 4 days | ||||||||||
2014 Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized for grant (in shares) | 3,000,000 | 3,000,000 | |||||||||
Number of shares available for award (in shares) | 1,186,034 | 1,186,034 | |||||||||
Compensation expense | $ | $ 4,000,000 | $ 12,100,000 | $ 6,400,000 | ||||||||
2014 Incentive Plan | RSAs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awarded (in shares) | 152,738 | 99,000 | 1,185,000 | ||||||||
Multiplier, threshold performance | 50.00% | ||||||||||
Multiplier, target performance | 100.00% | ||||||||||
Multiplier, maximum performance | 150.00% | ||||||||||
EBITDA goal, percentage of likelihood | 70.00% | ||||||||||
Compensation expense | $ | $ (1,000,000) | $ 6,600,000 | $ 3,600,000 | ||||||||
Number of RSUs outstanding (in shares) | 1,171,238 | 1,171,238 | 1,168,500 | 1,161,000 | 0 | ||||||
Vested (in shares) | 24,000 | 27,000 | 24,000 | ||||||||
2014 Incentive Plan | RSAs | Executives and non-executive members of management | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Allocated share-based compensation expense, amount recorded to true-up prior periods | $ | $ 0 | $ (6,000,000) | $ 0 | $ 0 | |||||||
Allocated share-based compensation expense, amount recorded to true-up prior periods (in dollars per share) | $ / shares | $ 0.12 | ||||||||||
Compensation expense | $ | $ (2,000,000) | $ 5,700,000 | $ 2,800,000 | ||||||||
2014 Incentive Plan | RSAs | Independent directors | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | $ 1,000,000 | ||||||||||
Number of shares issued (in shares) | 24,000 | ||||||||||
2014 Incentive Plan | RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awarded (in shares) | 30,925 | 32,000 | 576,000 | ||||||||
Expected compensation expense | $ | $ 18,400,000 | ||||||||||
Compensation expense | $ | $ 5,000,000 | $ 5,500,000 | $ 2,800,000 | ||||||||
Number of RSUs outstanding (in shares) | 382,372 | 382,372 | 568,000 | 576,000 | 0 | ||||||
Vested (in shares) | 160,553 | 11,333 | 0 | ||||||||
Unearned compensation expense | $ | $ 5,100,000 | $ 5,100,000 | |||||||||
2014 Incentive Plan | RSUs | Vesting 2018 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 30.00% | ||||||||||
2014 Incentive Plan | RSUs | Vesting 2019 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 30.00% | ||||||||||
2014 Incentive Plan | RSUs | Vesting 2020 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 40.00% | ||||||||||
2014 Incentive Plan | RSUs | Executives and non-executive members of management | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awarded (in shares) | 30,925 | ||||||||||
RSUs granted (in shares) | 638,925 | 638,925 | |||||||||
Number of RSUs outstanding (in shares) | 382,372 | 382,372 | |||||||||
2010 Stock Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized for grant (in shares) | 2,000,000 | 2,000,000 | |||||||||
Compensation expense | $ | $ 0 | $ 200,000 | $ 400,000 | ||||||||
2010 Stock Plan | RSAs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awarded (in shares) | 0 | 0 | 0 | 100,000 | 320,000 | ||||||
Number of RSUs outstanding (in shares) | 0 | 0 | 0 | 33,334 | 66,667 | ||||||
Annual vesting percentage | 33.30% | 20.00% | |||||||||
Vested (in shares) | 0 | 33,334 | 33,333 | ||||||||
Historic multiple of EBITDA, used to calculate internal enterprise value for determining size of awards | 7.5 | ||||||||||
2010 Stock Plan | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | $ 0 | $ 100,000 | $ 300,000 | ||||||||
Award vesting period | 3 years | ||||||||||
Awarded options to purchase number of shares (in shares) | 0 | 0 | 0 | ||||||||
Award term | 10 years | ||||||||||
Annual vesting percentage | 33.30% | ||||||||||
Intrinsic value of outstanding options | $ | $ 300,000 | $ 300,000 | |||||||||
2010 Stock Plan | RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | $ 0 | $ 100,000 | $ 100,000 | ||||||||
2007 Stock Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized for grant (in shares) | 1,250,000 | 1,250,000 | |||||||||
Compensation expense | $ | $ 0 | 100,000 | 600,000 | ||||||||
2007 Stock Plan | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense | $ | $ 0 | $ 100,000 | $ 600,000 | ||||||||
Awarded options to purchase number of shares (in shares) | 0 | 0 | 0 | ||||||||
Award term | 10 years | ||||||||||
Annual vesting percentage | 33.30% | ||||||||||
Intrinsic value of outstanding options | $ | $ 300,000 | $ 300,000 | |||||||||
2007 Stock Plan | RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares converted from RSAs to RSUs outstanding (in shares) | 195,055 | 195,055 | |||||||||
Converted RSUs delivered (in shares) | 29,945 | ||||||||||
2007 Stock Plan | Converted from RSAs to RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares converted from RSAs to RSUs outstanding (in shares) | 225,000 | ||||||||||
Threshold Performance | 2014 Incentive Plan | RSAs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of RSAs that may be earned (in shares) | 390,413 | ||||||||||
2020 EBITDA goal | $ | $ 198,900,000 | ||||||||||
Expected compensation expense | $ | $ 12,200,000 | ||||||||||
Number of RSUs outstanding (in shares) | 363,413 | 363,413 | |||||||||
Unearned compensation expense | $ | $ 5,500,000 | $ 5,500,000 | |||||||||
2020 EBITDA Target Performance | 2014 Incentive Plan | RSAs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of RSAs that may be earned (in shares) | 780,825 | ||||||||||
2020 EBITDA goal | $ | $ 221,000,000 | ||||||||||
Maximum Performance | 2014 Incentive Plan | RSAs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of RSAs that may be earned (in shares) | 1,171,238 | ||||||||||
Maximum Performance | 2014 Incentive Plan | RSAs | Executives and non-executive members of management | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awarded (in shares) | 128,738 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Stock by Class (Details) - shares | Apr. 28, 2018 | Apr. 29, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Authorized (in shares) | 100,000,000 | 100,000,000 |
In treasury (in shares) | 1,346,624 | 1,346,624 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Details) - shares | 12 Months Ended | ||||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | Apr. 28, 2012 | May 01, 2011 | |
2014 Incentive Plan | RSAs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested and unissued - beginning balance (in shares) | 1,168,500 | 1,161,000 | 0 | ||
Awarded (in shares) | 152,738 | 99,000 | 1,185,000 | ||
Vested (in shares) | (24,000) | (27,000) | (24,000) | ||
Forfeited and cancelled (in shares) | (126,000) | (64,500) | 0 | ||
Unvested and unissued - ending balance (in shares) | 1,171,238 | 1,168,500 | 1,161,000 | ||
2014 Incentive Plan | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested and unissued - beginning balance (in shares) | 568,000 | 576,000 | 0 | ||
Awarded (in shares) | 30,925 | 32,000 | 576,000 | ||
Vested (in shares) | (160,553) | (11,333) | 0 | ||
Forfeited and cancelled (in shares) | (56,000) | (28,667) | 0 | ||
Unvested and unissued - ending balance (in shares) | 382,372 | 568,000 | 576,000 | ||
2010 Stock Plan | RSAs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested and unissued - beginning balance (in shares) | 0 | 33,334 | 66,667 | ||
Awarded (in shares) | 0 | 0 | 0 | 100,000 | 320,000 |
Vested (in shares) | 0 | (33,334) | (33,333) | ||
Forfeited and cancelled (in shares) | 0 | 0 | 0 | ||
Unvested and unissued - ending balance (in shares) | 0 | 0 | 33,334 |
Shareholders' Equity - Schedu52
Shareholders' Equity - Schedule of Restricted Stock Awards and Restricted Stock Units by Grant Year and Vesting Period (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | Apr. 28, 2012 | May 01, 2011 | May 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Document Fiscal Year Focus | 2,018 | |||||
Document Period End Date | Apr. 28, 2018 | |||||
Current Fiscal Year End Date | --04-28 | |||||
2010 Stock Plan | RSAs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awarded (in shares) | 0 | 0 | 0 | 100,000 | 320,000 | |
Number of Shares Unvested (in shares) | 0 | 0 | 33,334 | 66,667 | ||
Annual vesting percentage | 33.30% | 20.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested Shares Yet to be Awarded | 210,000 | |||||
2014 Incentive Plan | RSAs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awarded (in shares) | 152,738 | 99,000 | 1,185,000 | |||
Number of Shares Unvested (in shares) | 1,171,238 | 1,168,500 | 1,161,000 | 0 | ||
2014 Incentive Plan | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awarded (in shares) | 30,925 | 32,000 | 576,000 | |||
Number of Shares Unvested (in shares) | 382,372 | 568,000 | 576,000 | 0 | ||
Weighted Average Value (in dollars per share) | $ 35.85 | |||||
Unearned compensation expense | $ 5.1 | |||||
2014 Incentive Plan | RSUs | Target | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unearned compensation expense | $ 5.1 | |||||
Threshold Performance | 2014 Incentive Plan | RSAs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Unvested (in shares) | 363,413 | |||||
Weighted Average Value (in dollars per share) | $ 34.11 | |||||
Unearned compensation expense | $ 5.5 | |||||
Threshold Performance | 2014 Incentive Plan | RSAs | Target | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unearned compensation expense | $ 11 |
Shareholders' Equity - Summar53
Shareholders' Equity - Summary of Stock Option Activity and Related Information for Stock Options Granted (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
2010 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding - beginning balance (in shares) | 72,000 | 197,332 | 242,667 |
Awarded (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | (125,332) | (18,668) |
Cancelled (in shares) | 0 | 0 | (26,667) |
Outstanding - ending balance (in shares) | 72,000 | 72,000 | 197,332 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Wtd. Avg. Exercise Price, Outstanding - beginning balance (in dollars per share) | $ 37.01 | $ 24.55 | $ 24.50 |
Wtd. Avg. Exercise Price, Awarded (in dollars per share) | 0 | 0 | 0 |
Wtd. Avg. Exercise Price, Exercised (in dollars per share) | 0 | 17.40 | 12.96 |
Wtd. Avg. Exercise Price, Cancelled (in dollars per share) | 0 | 0 | 32.07 |
Wtd. Avg. Exercise Price, Outstanding - ending balance (in dollars per share) | $ 37.01 | $ 37.01 | $ 24.55 |
2007 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding - beginning balance (in shares) | 57,169 | 79,666 | 108,000 |
Awarded (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (13,333) | (22,497) | (28,334) |
Cancelled (in shares) | (1,668) | 0 | 0 |
Outstanding - ending balance (in shares) | 42,168 | 57,169 | 79,666 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Wtd. Avg. Exercise Price, Outstanding - beginning balance (in dollars per share) | $ 31.82 | $ 28.91 | $ 24.21 |
Wtd. Avg. Exercise Price, Awarded (in dollars per share) | 0 | 0 | 0 |
Wtd. Avg. Exercise Price, Exercised (in dollars per share) | 24.67 | 21.52 | 10.99 |
Wtd. Avg. Exercise Price, Cancelled (in dollars per share) | 37.01 | 0 | 0 |
Wtd. Avg. Exercise Price, Outstanding - ending balance (in dollars per share) | $ 33.87 | $ 31.82 | $ 28.91 |
Shareholders' Equity - Summar54
Shareholders' Equity - Summary of Stock Option Activity and Related Information for Stock Options Granted, Options Outstanding and Exercisable (Details) - Stock Options | 12 Months Ended |
Apr. 28, 2018$ / sharesshares | |
2010 Stock Plan | $37.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | shares | 72,000 |
Options outstanding - exercise price (in dollars per share) | $ / shares | $ 37.01 |
Options outstanding - avg remaining life | 6 years 3 months 12 days |
Options exercisable (in shares) | shares | 72,000 |
Options exercisable - exercise price (in dollars per share) | $ / shares | $ 37.01 |
Options exercisable - avg. remaining life | 6 years 3 months 12 days |
2007 Stock Plan | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | shares | 42,168 |
Options outstanding - exercise price (in dollars per share) | $ / shares | $ 33.87 |
Options exercisable (in shares) | shares | 42,168 |
Options exercisable - exercise price (in dollars per share) | $ / shares | $ 33.87 |
2007 Stock Plan | $10.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | shares | 5,000 |
Options outstanding - exercise price (in dollars per share) | $ / shares | $ 10.55 |
Options outstanding - avg remaining life | 2 years 2 months 27 days |
Options exercisable (in shares) | shares | 5,000 |
Options exercisable - exercise price (in dollars per share) | $ / shares | $ 10.55 |
Options exercisable - avg. remaining life | 2 years 2 months 27 days |
2007 Stock Plan | $17.27 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | shares | 37,168 |
Options outstanding - exercise price (in dollars per share) | $ / shares | $ 37.01 |
Options outstanding - avg remaining life | 6 years 3 months 12 days |
Options exercisable (in shares) | shares | 37,168 |
Options exercisable - exercise price (in dollars per share) | $ / shares | $ 37.01 |
Options exercisable - avg. remaining life | 6 years 3 months 12 days |
Shareholders' Equity - Schedu55
Shareholders' Equity - Schedule of Estimated Fair Value of Stock Options on Date of Grant, Valuation Assumptions (Details) - Stock Options | 12 Months Ended |
Apr. 28, 2018$ / shares | |
2010 Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average Expected Volatility | 51.00% |
Average Risk-free Interest Rate | 1.00% |
Dividend Yield | 1.66% |
Expected Life of Options (in years) | 4 years 1 month 13 days |
Weighted-average grant-date fair value (in dollars per share) | $ 14.99 |
2007 Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average Expected Volatility | 51.00% |
Average Risk-free Interest Rate | 1.00% |
Dividend Yield | 1.66% |
Expected Life of Options (in years) | 4 years 1 month 13 days |
Weighted-average grant-date fair value (in dollars per share) | $ 14.99 |
Shareholders' Equity - Allocate
Shareholders' Equity - Allocated Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 4 | $ 12.4 | $ 7.4 |
2014 Incentive Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 4 | 12.1 | 6.4 |
2014 Incentive Plan | RSAs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | (1) | 6.6 | 3.6 |
2014 Incentive Plan | RSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 5 | 5.5 | 2.8 |
2010 Stock Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0.2 | 0.4 |
2010 Stock Plan | RSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0.1 | 0.1 |
2010 Stock Plan | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0.1 | 0.3 |
2007 Stock Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0.1 | 0.6 |
2007 Stock Plan | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 0 | $ 0.1 | $ 0.6 |
Shareholders' Equity - Stock Re
Shareholders' Equity - Stock Repurchases (Details) | 12 Months Ended | ||
Apr. 28, 2018USD ($)shares | Apr. 29, 2017USD ($)shares | Apr. 30, 2016USD ($)shares | |
Equity [Abstract] | |||
Stock repurchase program, authorized amount | $ 100,000,000 | ||
Purchase of common stock (in shares) | shares | 0 | 280,168 | 1,997,298 |
Stock Repurchased and Retired During Program, Shares | 2,277,466 | ||
Purchase of common stock | $ 9,800,000 | $ 62,300,000 | |
Stock Repurchased and Retired During Program, Value | 71,900,000 |
Employee 401(k) Savings Plan -
Employee 401(k) Savings Plan - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution, percent | 3.00% | ||
Employer 401(k) contribution | $ 1.4 | $ 1.3 | $ 1.3 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 29, 2017 |
Deferred Tax Liabilities: | ||
Accelerated Tax Depreciation | $ 6.3 | $ 2 |
Deferred Tax Liabilities, Intangible Assets | 11.4 | 0 |
Foreign Tax Withheld | 4.8 | 4.2 |
Deferred Income | 0.2 | 0.4 |
Deferred tax liabilities | 22.7 | 6.6 |
Deferred Tax Assets: | ||
Deferred Compensation and Stock Award Amortization | 7.5 | 10.1 |
Inventory Valuation Differences | 1.8 | 2.9 |
Property Valuation Differences | 2 | 1.9 |
Accelerated Book Amortization | 0 | 7.2 |
Environmental Reserves | 0.2 | 0.5 |
Bad Debt Reserves | 0.1 | 0.1 |
Vacation Accruals | 1 | 1 |
Foreign Investment Tax Credit | 29.3 | 17.9 |
Net Operating Loss Carryovers | 5.8 | 4.7 |
Other Accruals | 1.5 | 2.6 |
Deferred tax assets, gross | 49.2 | 48.9 |
Less Valuation Allowance | 2.5 | 1.9 |
Deferred Tax Assets, Net of Valuation Allowance | 46.7 | 47 |
Net Deferred Tax Assets | 24 | 40.4 |
Balance Sheet Classification: | ||
Non-current Asset | 42.3 | 40.4 |
Non-current Liability | $ (18.3) | $ 0 |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforward Narrative (Details) $ in Millions | Apr. 28, 2018USD ($) |
Internal Revenue Service (IRS) [Member] | |
Tax Credit Carryforward [Line Items] | |
Net operating loss carryforwards | $ 2.1 |
Federal income tax benefit | 0.4 |
State | |
Tax Credit Carryforward [Line Items] | |
Net operating loss carryforwards | 78.2 |
Federal income tax benefit | 5.2 |
Foreign tax authority | |
Tax Credit Carryforward [Line Items] | |
Net operating loss carryforwards | 0.3 |
Federal income tax benefit | $ 0.1 |
Foreign tax authority | Investment Tax Credit Carryforward | Malta | |
Tax Credit Carryforward [Line Items] | |
Percentage of qualified expenditures subject to investment tax credit | 30.00% |
Total unused credits | $ 29.3 |
Tax Credit Carryforward, Period, 2020 Expiration | Foreign tax authority | Investment Tax Credit Carryforward | Malta | |
Tax Credit Carryforward [Line Items] | |
Total unused credits | 1.7 |
Tax Credit Carryforward, Period, Indefinite | Foreign tax authority | Investment Tax Credit Carryforward | Malta | |
Tax Credit Carryforward [Line Items] | |
Total unused credits | $ 27.6 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Components of Income/(Loss) Before Income Taxes [Abstract] | |||
Domestic Source | $ 11.4 | $ 21.6 | $ 25.3 |
Foreign Source | 112.4 | 94.3 | 85.6 |
Income before Income Taxes | $ 123.8 | $ 115.9 | $ 110.9 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Current | |||
Federal | $ 46.5 | $ 9.2 | $ 2.8 |
Foreign | 18.8 | 17 | 14.7 |
State | 0.3 | 0.7 | 0.6 |
Subtotal | 65.6 | 26.9 | 18.1 |
Deferred | |||
Federal and State | 11.6 | (1.2) | 5.5 |
Foreign | (10.6) | (2.7) | 2.7 |
Subtotal | 1 | (3.9) | 8.2 |
Total Income Tax Expense | $ 66.6 | $ 23 | $ 26.3 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Jan. 27, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Dec. 31, 2017 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||
Income Tax at Statutory Rate | $ 37.7 | $ 40.5 | $ 38.9 | ||||||
State Income Taxes, Net of Federal Benefit | 0.1 | 0.9 | 0.4 | ||||||
Foreign Operations with Lower Statutory Rates | (15.3) | (14.5) | (11.9) | ||||||
Foreign Investment Tax Credit | $ (8.7) | $ (0.3) | $ (0.4) | $ (0.4) | (9.8) | (4.7) | (2.1) | ||
Change in Tax Reserve | 0.1 | 0.1 | 0.1 | ||||||
Change in Valuation Allowance | 0.4 | 0.3 | 0.1 | ||||||
Other, Net | 1.2 | 0.4 | 0.8 | ||||||
Total Income Tax Expense | $ 66.6 | $ 23 | $ 26.3 | ||||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||||||
Income tax at statutory rate (as a percent) | 21.00% | 35.00% | 30.50% | 35.00% | 35.00% | ||||
State income taxes, net of federal benefit (as a percent) | 0.10% | 0.80% | 0.40% | ||||||
Foreign operations with lower statutory rates (as a percent) | (12.40%) | (12.50%) | (10.70%) | ||||||
Foreign investment tax credit (as a percent) | (7.90%) | (4.10%) | (1.90%) | ||||||
Change in tax contingency reserve (as a percent) | 0.00% | 0.10% | 0.10% | ||||||
Change in valuation allowance (as a percent) | 0.30% | 0.30% | 0.10% | ||||||
Other, net (as a percent) | 1.00% | 0.30% | 0.80% | ||||||
Income tax provision/(benefit) (as a percent) | 53.80% | 19.90% | 23.80% | ||||||
Effective Income Tax Rate Reconciliation, Tax Rate Change, Foreign, Amount | $ (1.5) | $ 0 | $ 0 | ||||||
Effective Income Tax Rate Reconciliation, Tax Rate Change, Foreign, Percent | (1.20%) | 0.00% | 0.00% | ||||||
Effective Income Tax Rate Reconciliation, U.S. Tax Reform Re-measurements, Amount | $ 5.2 | $ 0 | $ 0 | ||||||
Effective Income Tax Rate Reconciliation, U.S. Tax Reform Re-measurements, Percent | 4.20% | 0.00% | 0.00% | ||||||
Effective Income Tax Rate Reconciliation, U.S. Tax Reform Repatriation, Amount | $ 48.5 | $ 0 | $ 0 | ||||||
Effective Income Tax Rate Reconciliation, U.S. Tax Reform Repatriation, Percent | 39.20% | 0.00% | 0.00% |
Income Taxes - Schedule of Re64
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) $ in Millions | 12 Months Ended |
Apr. 28, 2018USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | $ 1.3 |
Increases for Positions Related to the Prior Years | 0 |
Increases for Positions Related to the Current Year | 0.1 |
Decreases for Positions Related to the Prior Years | 0 |
Lapsing of Statutes of Limitations | 0 |
Ending balance | $ 1.4 |
Income Taxes - Income Tax Narra
Income Taxes - Income Tax Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Jan. 27, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Dec. 31, 2017 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Income tax at statutory rate (as a percent) | 21.00% | 35.00% | 30.50% | 35.00% | 35.00% | ||||
Valuation allowance | $ 2.5 | $ 2.5 | $ 1.9 | ||||||
Income taxes paid | 20.2 | 19 | $ 10 | ||||||
Provisions made for income taxes on undistributed net income of foreign operations | 0 | 0 | |||||||
Undistributed net income | 306.6 | 306.6 | |||||||
Gross unrecognized tax benefits | 1.4 | 1.4 | 1.3 | ||||||
Interest on income taxes accrued | 0.1 | 0.1 | |||||||
Income tax penalties accrued | 0 | 0 | |||||||
Income Tax Expense | $ 66.6 | $ 23 | $ 26.3 | ||||||
Income Taxes - Allowable Period to Pay Repatriation Tax | 8 years | ||||||||
Effective Income Tax Rate Reconciliation, U.S. Tax Reform, Percent | 2.50% | ||||||||
Internal Revenue Service (IRS) [Member] | |||||||||
Net operating loss carryforwards | 2.1 | $ 2.1 | |||||||
Operating Loss Carryforwards, Potential Tax Benefit | 0.4 | 0.4 | |||||||
State | |||||||||
Net operating loss carryforwards | 78.2 | 78.2 | |||||||
Operating Loss Carryforwards, Potential Tax Benefit | 5.2 | 5.2 | |||||||
Foreign tax authority | |||||||||
Net operating loss carryforwards | 0.3 | 0.3 | |||||||
Operating Loss Carryforwards, Potential Tax Benefit | 0.1 | 0.1 | |||||||
Foreign tax authority | Malta | Investment Tax Credit Carryforward | |||||||||
Total unused credits | 29.3 | 29.3 | |||||||
Tax Credit Carryforward, Period, Indefinite | Foreign tax authority | Malta | Investment Tax Credit Carryforward | |||||||||
Total unused credits | 27.6 | 27.6 | |||||||
Tax Credit Carryforward, Period, 2020 Expiration | Foreign tax authority | Malta | Investment Tax Credit Carryforward | |||||||||
Total unused credits | 1.7 | 1.7 | |||||||
Total Impact of U.S. Tax Reform [Member] | |||||||||
Income Tax Expense | $ (3.1) | $ 56.8 | $ 0 | $ 0 | 53.7 | ||||
Repatriation Tax [Member] | |||||||||
Income Tax Expense | 48.5 | ||||||||
Re-measurement of Deferred Income Taxes [Member] | |||||||||
Income Tax Expense | $ 5.2 |
Income Per Share Attributable66
Income Per Share Attributable to Methode Shareholders - Schedule of the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income | $ 36.8 | $ (24.3) | $ 24.2 | $ 20.5 | $ 23.1 | $ 23.7 | $ 24.9 | $ 21.2 | $ 57.2 | $ 92.9 | $ 84.6 |
Denominator for basic earnings per share-weighted average shares outstanding and vested/unissued restricted stock awards (in shares) | 37,281,630 | 37,283,096 | 38,333,484 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 260,269 | 202,605 | |||||||||
Dilutive potential common shares-employee, restricted stock awards and restricted stock units (in shares) | 138,128 | ||||||||||
Denominator for diluted earnings per share (in shares) | 37,541,899 | 37,485,701 | 38,471,612 | ||||||||
Basic income per share (in dollars per share) | $ 1.54 | $ 2.49 | $ 2.21 | ||||||||
Diluted income per share (in dollars per share) | $ 1.52 | $ 2.48 | $ 2.20 |
Income Per Share Attributable67
Income Per Share Attributable to Methode Shareholders - Narrative (Details) - shares | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS (in shares) | 138,500 | ||
RSAs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS (in shares) | 363,413 | 779,000 | 774,000 |
Environmnetal Matters - Narrati
Environmnetal Matters - Narrative (Details) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | Apr. 30, 2016USD ($) | |
Site Contingency [Line Items] | |||
Number of plant sites subject to environmental investigation and/or remediation | 2 | ||
Accruals for environmental matters | $ 1.1 | $ 1.3 | |
Spent on remediation clean-ups and related studies | 0.3 | 1.2 | $ 1 |
Other accrued expenses | |||
Site Contingency [Line Items] | |||
Accruals for environmental matters | $ 0.8 | $ 0.8 |
Material Customers - Narrative
Material Customers - Narrative (Details) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | Apr. 30, 2016 | |
Minimum | |||
Revenue, Major Customer [Line Items] | |||
Accounts receivable - collection terms | 30 days | ||
Maximum | |||
Revenue, Major Customer [Line Items] | |||
Accounts receivable - collection terms | 60 days | ||
Automotive | |||
Revenue, Major Customer [Line Items] | |||
Number of significant customers | 2 | ||
Automotive | Customer 1 | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net sales | 43.30% | 49.60% | 49.50% |
Automotive | Customer 2 | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net sales | 12.30% | 9.30% | 11.50% |
Automotive | Material Customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Accounts receivable | $ 83.8 | $ 90.6 | |
North American Automotive [Member] | Automotive | Material Customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Accounts receivable | $ 53.4 | $ 55.3 |
Line of Credit - Narrative (Det
Line of Credit - Narrative (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | Apr. 30, 2016USD ($) | Apr. 28, 2018CAD ($) | |
Line of Credit Facility [Line Items] | ||||
Proceeds from Borrowings | $ 81.4 | $ 0 | $ 71 | |
Repayments of Lines of Credit | 79.4 | $ 30 | $ 19 | |
Bank of America Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 150 | |||
Optional increase in borrowing capacity, up to | $ 100 | |||
Basis spread on variable rate | 1.25% | |||
Variable rate basis | LIBOR | |||
Proceeds from Borrowings | $ 80 | |||
Repayments in the period | 78.9 | |||
Interest expense | 1.9 | |||
Amount outstanding | 30 | |||
BMO Harris Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 10 | |||
Optional increase in borrowing capacity, up to | 5 | |||
Amount outstanding | 0 | |||
Roynat Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 10 | |||
Optional increase in borrowing capacity, up to | 3.5 | |||
Proceeds from Borrowings | 0 | |||
Repayments of Lines of Credit | 0.4 | |||
Amount outstanding | 3.6 | |||
Line of Credit, Current | $ 0.7 | |||
Pacific Insight [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Number of Credit Agreements | 2 | |||
Canadian Dollar Offered Rate [Member] | BMO Harris Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Variable rate basis | Canadian Dollar Offered Rate | |||
Federal Funds Rate [Member] | BMO Harris Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Variable rate basis | Federal Funds Rate | |||
London Interbank Offered Rate (LIBOR) [Member] | BMO Harris Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Variable rate basis | LIBOR | |||
London Interbank Offered Rate (LIBOR) [Member] | Roynat Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.25% | |||
Variable rate basis | LIBOR |
Line of Credit - Debt other tha
Line of Credit - Debt other than Credit Facilities (Details) $ in Millions | 12 Months Ended | |
Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | |
Short-term Debt | $ 4.4 | $ 0 |
Long-term Debt | 53.4 | $ 27 |
Pacific Insight [Member] | ||
Short-term Debt | 0.1 | |
Procoplast [Member] | ||
Short-term Debt | $ 3.6 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.65% | |
Long-term Debt, Number of Notes | 19 | |
Long-term Debt | $ 20.5 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.46% |
Segment Information and Geogr72
Segment Information and Geographic Area Information - Narrative (Details) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018USD ($)segment | Apr. 29, 2017USD ($) | Apr. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 |
Interface | |||
Segment Reporting Information [Line Items] | |||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 |
Segment Information and Geogr73
Segment Information and Geographic Area Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 908.3 | $ 816.5 | $ 809.1 | ||||||||
Net Sales to Unaffiliated Customers | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 219.7 | $ 195.6 | $ 209.3 | $ 191.9 | 908.3 | 816.5 | 809.1 |
Income/(Loss) from Operations | 118.3 | 110.8 | 109.7 | ||||||||
Interest (Income) Expense, Net | 0.9 | (0.4) | (0.7) | ||||||||
Other Income, Net | (6.4) | (4.7) | (0.5) | ||||||||
Income before Income Taxes | 123.8 | 115.9 | 110.9 | ||||||||
Depreciation and Amortization | 28.1 | 24.3 | 23.9 | ||||||||
Identifiable Assets | 915.9 | 704 | 915.9 | 704 | 655.9 | ||||||
Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0 | 0 | ||||||||
Automotive | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income/(Loss) from Operations | 156.3 | ||||||||||
Depreciation and Amortization | 21.3 | 15.6 | |||||||||
Identifiable Assets | 632.7 | 632.7 | 418.4 | ||||||||
Automotive | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 738.4 | 641 | 623.1 | ||||||||
Net Sales to Unaffiliated Customers | 728.7 | 632.2 | 614.3 | ||||||||
Income/(Loss) from Operations | 148.3 | 136.8 | |||||||||
Depreciation and Amortization | 15.5 | ||||||||||
Identifiable Assets | 462.3 | 462.3 | |||||||||
Automotive | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (9.7) | (8.8) | (8.8) | ||||||||
Interface | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income/(Loss) from Operations | 5 | ||||||||||
Depreciation and Amortization | 3.5 | 4.3 | |||||||||
Identifiable Assets | 251.4 | 251.4 | 184.8 | ||||||||
Interface | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 116.1 | 128.2 | 142.6 | ||||||||
Net Sales to Unaffiliated Customers | 115.8 | 127.4 | 140.8 | ||||||||
Income/(Loss) from Operations | (0.9) | 2.7 | |||||||||
Depreciation and Amortization | 4.2 | ||||||||||
Identifiable Assets | 202.5 | 202.5 | |||||||||
Interface | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (0.3) | (0.8) | (1.8) | ||||||||
Power Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income/(Loss) from Operations | 14 | ||||||||||
Depreciation and Amortization | 1.6 | 2.3 | |||||||||
Identifiable Assets | 48.5 | 48.5 | 46.4 | ||||||||
Power Products | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 63.4 | 56.5 | 54.1 | ||||||||
Net Sales to Unaffiliated Customers | 63.2 | 56.3 | 53.5 | ||||||||
Income/(Loss) from Operations | 11.5 | 9.4 | |||||||||
Depreciation and Amortization | 2.8 | ||||||||||
Identifiable Assets | 46.2 | 46.2 | |||||||||
Power Products | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (0.2) | (0.2) | (0.6) | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income/(Loss) from Operations | (11.4) | ||||||||||
Depreciation and Amortization | 0.8 | 0.6 | |||||||||
Identifiable Assets | 8.1 | 8.1 | 5 | ||||||||
Other | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0.3 | 2.2 | 0.6 | ||||||||
Net Sales to Unaffiliated Customers | 0.3 | 0.3 | 0.3 | ||||||||
Income/(Loss) from Operations | (12.4) | (8.8) | |||||||||
Depreciation and Amortization | 1 | ||||||||||
Identifiable Assets | 5.2 | 5.2 | |||||||||
Other | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | (1.9) | (0.3) | ||||||||
Eliminations/Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (11.3) | ||||||||||
Net Sales to Unaffiliated Customers | 0.3 | 0.3 | 0.2 | ||||||||
Income/(Loss) from Operations | (45.6) | (35.7) | (30.4) | ||||||||
Depreciation and Amortization | 0.9 | 0.8 | 1.1 | ||||||||
Identifiable Assets | $ (24.8) | $ (12.2) | (24.8) | (12.2) | 1.3 | ||||||
Eliminations/Corporate | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (9.9) | (11.4) | |||||||||
Eliminations/Corporate | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 10.2 | $ 11.7 | $ 11.5 |
Segment Information and Geogr74
Segment Information and Geographic Area Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 219.7 | $ 195.6 | $ 209.3 | $ 191.9 | $ 908.3 | $ 816.5 | $ 809.1 |
Property, plant and equipment | 162.2 | 90.6 | 162.2 | 90.6 | 93 | ||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 487.5 | 506.9 | 491.9 | ||||||||
Property, plant and equipment | 63.3 | 44.9 | 63.3 | 44.9 | 44 | ||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 117.3 | 127.7 | 124.8 | ||||||||
Property, plant and equipment | 7.2 | 5.9 | 7.2 | 5.9 | 7.4 | ||||||
Malta | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 184 | 155.5 | 167.1 | ||||||||
Property, plant and equipment | 36.8 | 26.4 | 36.8 | 26.4 | 28.7 | ||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 54.4 | 0 | 0 | ||||||||
Property, plant and equipment | 13.9 | 0 | 13.9 | 0 | 0 | ||||||
BELGIUM | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 26.2 | 0 | 0 | ||||||||
Property, plant and equipment | 25 | 0 | 25 | 0 | 0 | ||||||
EGYPT | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment | 10.7 | 8.4 | 10.7 | 8.4 | 8.2 | ||||||
Mexico | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment | 4.6 | 4.3 | 4.6 | 4.3 | 3.9 | ||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 38.9 | 26.4 | 25.3 | ||||||||
Property, plant and equipment | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.8 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | Jul. 27, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Rental expense under non-cancelable operating leases | $ 5.9 | $ 4.9 | $ 5 | |
Procoplast [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Capital Lease Obligations | $ 2.7 |
Lease Commitments - Summary of
Lease Commitments - Summary of Aggregate Minimum Rental Commitments under all Non-cancelable Operating Leases (Details) $ in Millions | Apr. 28, 2018USD ($) |
Leases [Abstract] | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 0.9 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 6.7 |
Capital Leases, Future Minimum Payments Due in Two Years | 0.8 |
2,019 | 5.3 |
Capital Leases, Future Minimum Payments Due in Three Years | 0.5 |
2,020 | 3.3 |
Capital Leases, Future Minimum Payments Due in Four Years | 0.5 |
2,021 | 2.3 |
Capital Leases, Future Minimum Payments Due in Five Years | 0.2 |
2,022 | 1.4 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 |
Operating Leases, Future Minimum Payments, Due Thereafter | 1.3 |
Operating Leases, Future Minimum Payments Due | 20.3 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (0.1) |
Capital Leases, Future Minimum Payments, Net Minimum Payments | 2.9 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 2.8 |
Capital Lease Obligations, Current | (0.9) |
Capital Lease Obligations, Noncurrent | $ 1.9 |
Lease Commitments - Schedule of
Lease Commitments - Schedule of Capital Leased Assets (Details) - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 29, 2017 |
Capital Leased Assets [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (0.2) | $ 0 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 1.4 | 0 |
Machinery and equipment | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | $ 1.6 | $ 0 |
Pre-production Costs Related 78
Pre-production Costs Related to Long-Term Supply Arrangements - Narrative (Details) - USD ($) $ in Millions | Apr. 28, 2018 | Apr. 29, 2017 |
Preproduction Costs Related to Long-term Supply Arrangements [Abstract] | ||
Pre-production tooling costs | $ 20.5 | $ 15.5 |
Company owned pre-production tooling capitalized within property, plant and equipment | $ 10.1 | $ 7.1 |
Summary of Quarterly Results 79
Summary of Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | $ 0 | $ 0 | $ 4.2 | $ 2.6 | $ 1.5 | $ 0 | $ 0 | $ 0 | |||
Revenue from Grants | (2.2) | (3.6) | (1.5) | 0 | (1.5) | (1.5) | (1.5) | 0 | |||
Income Tax Expense | $ 66.6 | $ 23 | $ 26.3 | ||||||||
Foreign Investment Tax Credit | (8.7) | (0.3) | (0.4) | (0.4) | (9.8) | (4.7) | (2.1) | ||||
Net Sales | 249 | 228 | 230.1 | 201.2 | 219.7 | 195.6 | 209.3 | 191.9 | 908.3 | 816.5 | 809.1 |
Gross Profit | 61.9 | 60.1 | 62 | 55.6 | 55.2 | 53.4 | 55.6 | 54.1 | 239.6 | 218.3 | 212.9 |
Net Income | $ 36.8 | $ (24.3) | $ 24.2 | $ 20.5 | $ 23.1 | $ 23.7 | $ 24.9 | $ 21.2 | 57.2 | $ 92.9 | $ 84.6 |
Net income per diluted common share (in dollars per share) | $ 0.98 | $ (0.65) | $ 0.64 | $ 0.55 | $ 0.62 | $ 0.63 | $ 0.66 | $ 0.57 | |||
Net income per basic common share (in dollars per share) | $ 0.99 | $ (0.65) | $ 0.65 | $ 0.55 | $ 0.62 | $ 0.64 | $ 0.66 | $ 0.57 | |||
Hetronic Lawsuit | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Legal Fees | $ 2.1 | $ 1.5 | $ 1.6 | $ 2.9 | $ 2.8 | $ 1.6 | $ 2.3 | $ 4.3 | |||
RSAs | Executives and non-executive members of management | 2014 Incentive Plan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Allocated share-based compensation expense, amount recorded to true-up prior periods | 0 | (6) | 0 | 0 | |||||||
Total Impact of U.S. Tax Reform [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income Tax Expense | $ (3.1) | $ 56.8 | $ 0 | $ 0 | $ 53.7 |
Summary of Quarterly Results 80
Summary of Quarterly Results of Operations (Unaudited) - Narrative - Significant Items for Fiscal 2016 (Details) - USD ($) $ in Millions | 3 Months Ended | |||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | |
Hetronic Lawsuit | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Legal Fees | $ 2.1 | $ 1.5 | $ 1.6 | $ 2.9 | $ 2.8 | $ 1.6 | $ 2.3 | $ 4.3 |
Summary of Quarterly Results 81
Summary of Quarterly Results of Operations (Unaudited) - Narrative - Significant Items for Fiscal 2015 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 |
Pre-tax gain on sale | 1.6 | 0 | 0 |
Interface | |||
Segment Reporting Information [Line Items] | |||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 |
Summary of Quarterly Results 82
Summary of Quarterly Results of Operations (Unaudited) - Significant Items for Fiscal 2017 (Details) - USD ($) $ in Millions | 3 Months Ended | |||||||
Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | |
Loss Contingencies [Line Items] | ||||||||
Costs Associated with Shutting Down a Business | $ 2.2 | $ 0 | $ 0 | $ 0 | ||||
Business Combination, Acquisition Related Costs | $ 0 | $ 0 | $ 4.2 | $ 2.6 | 1.5 | 0 | 0 | 0 |
Revenue from Grants | (2.2) | (3.6) | (1.5) | 0 | (1.5) | (1.5) | (1.5) | 0 |
Hetronic Lawsuit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Legal Fees | $ 2.1 | $ 1.5 | $ 1.6 | $ 2.9 | $ 2.8 | $ 1.6 | $ 2.3 | $ 4.3 |
Schedule II - Valuation and Q83
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2016 | |
Allowance for uncollectible accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 0.6 | $ 0.5 | $ 0.5 |
Charged to Costs and Expenses | 0 | 0.1 | 0.1 |
Charged to Other Accounts— Describe | 0 | 0 | 0 |
Deductions— Describe | 0.1 | 0 | 0.1 |
Balance at End of Period | 0.5 | 0.6 | 0.5 |
Deferred tax valuation allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 1.9 | 1.3 | 2 |
Charged to Costs and Expenses | 0 | ||
Charged to Other Accounts— Describe | 0 | ||
Deductions— Describe | (0.6) | (0.6) | 0.7 |
Balance at End of Period | $ 2.5 | $ 1.9 | $ 1.3 |
Uncategorized Items - mei-20180
Label | Element | Value |
Accounting Standards Update 2016-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,700,000 |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,700,000 |