Methode Electronics (MEI) 10-Q 5 Dec 19 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Oct. 26, 2019	Dec. 03, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 26, 2019
Document Transition Report	false
Entity File Number	0-2816
Entity Registrant Name	METHODE ELECTRONICS, INC.
Entity Central Index Key	0000065270
Current Fiscal Year End Date	--05-02
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2090085
Entity Address, Address Line One	8750 West Bryn Mawr Avenue,
Entity Address, Address Line Two	Suite 1000,
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631-3518
City Area Code	708
Local Phone Number	867-6777
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	MEI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,091,487

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Income Statement [Abstract]
Net Sales	$ 257.2	$ 264	$ 527.4	$ 487.4
Cost of Products Sold	188.6	193.2	383	356.5
Gross Profit	68.6	70.8	144.4	130.9
Selling and Administrative Expenses	33.2	48	65.6	77.5
Amortization of Intangible Assets	4.7	3.7	9.5	5.6
Income from Operations	30.7	19.1	69.3	47.8
Interest Expense, Net	2.7	1.6	5.6	1.8
Other (Income) Expense, Net	(1)	(0.1)	(0.9)	0.2
Income before Income Taxes	29	17.6	64.6	45.8
Income Tax Expense	5.2	3	12.5	7.5
Net Income	$ 23.8	$ 14.6	$ 52.1	$ 38.3
Basic and Diluted Income per Share:
Basic (in dollars per share)	$ 0.63	$ 0.39	$ 1.39	$ 1.02
Diluted (in dollars per share)	0.63	0.39	1.38	1.02
Cash Dividends per Share (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 23.8	$ 14.6	$ 52.1	$ 38.3
Foreign Currency Translation Adjustments	(2.8)	(7.7)	(4.4)	(25.6)
Total Comprehensive Income	$ 21	$ 6.9	$ 47.7	$ 12.7

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
CURRENT ASSETS
Cash and Cash Equivalents	$ 95.6	$ 83.2
Accounts Receivable, Net	205.3	219.3
Inventories	133.8	116.7
Income Tax Receivable	12	14.3
Prepaid Expenses and Other Current Assets	18.7	20
TOTAL CURRENT ASSETS	465.4	453.5
LONG-TERM ASSETS
Property, Plant and Equipment, Net	198.1	191.9
Goodwill	233.6	233.3
Other Intangible Assets, Net	255.8	264.9
Operating Lease Assets, Net	28.6
Deferred Tax Assets	34.1	34.3
Pre-production Costs	39	32.8
Other Long-term Assets	28.1	21
TOTAL LONG-TERM ASSETS	817.3	778.2
TOTAL ASSETS	1,282.7	1,231.7
CURRENT LIABILITIES
Accounts Payable	97.1	91.9
Accrued Employee Liabilities	22.5	20.1
Other Accrued Expenses	27.8	33.9
Short-term Operating Lease Liability	6.5
Short-term Debt	15.2	15.7
Income Tax Payable	15.2	19.3
TOTAL CURRENT LIABILITIES	184.3	180.9
LONG-TERM LIABILITIES
Long-term Debt	259.9	276.9
Long-term Operating Lease Liability	22.8
Long-term Income Tax Payable	29.3	33
Other Long-term Liabilities	17	14.8
Deferred Tax Liabilities	36.8	36.4
TOTAL LONG-TERM LIABILITIES	365.8	361.1
TOTAL LIABILITIES	550.1	542
SHAREHOLDERS' EQUITY
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,438,111 shares and 38,333,576 shares issued as of October 26, 2019 and April 27, 2019, respectively	19.2	19.2
Additional Paid-in Capital	154.4	150.4
Accumulated Other Comprehensive Loss	(18)	(13.6)
Treasury Stock, 1,346,624 shares as of October 26, 2019 and April 27, 2019	(11.5)	(11.5)
Retained Earnings	588.5	545.2
TOTAL SHAREHOLDERS' EQUITY	732.6	689.7
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,282.7	$ 1,231.7

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 26, 2019	Apr. 27, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	38,438,111	38,333,576
Treasury stock (in shares)	1,346,624	1,346,624

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Apr. 28, 2018		38,198,353
Beginning balance at Apr. 28, 2018	$ 630	$ 19.1	$ 136.5	$ 13.9	$ (11.5)	$ 472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Earned Portion of Restricted Stock, Net of Tax Withholding (in shares)		135,223
Earned Portion of Restricted Stock, Net of Tax Withholding	(1.7)	$ 0.1	(0.1)			(1.7)
Stock-based Compensation Expense	10.9		10.9
Foreign Currency Translation Adjustments	(25.6)			(25.6)
Net Income	38.3					38.3
Dividends on Common Stock	(8.7)					(8.7)
Ending balance (in shares) at Oct. 27, 2018		38,333,576
Ending balance at Oct. 27, 2018	643.3	$ 19.2	147.3	(11.7)	(11.5)	500
Beginning balance (in shares) at Jul. 28, 2018		38,333,576
Beginning balance at Jul. 28, 2018	632.2	$ 19.2	138.5	(4)	(11.5)	490
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based Compensation Expense	8.8		8.8
Foreign Currency Translation Adjustments	(7.7)			(7.7)
Net Income	14.6					14.6
Dividends on Common Stock	(4.6)					(4.6)
Ending balance (in shares) at Oct. 27, 2018		38,333,576
Ending balance at Oct. 27, 2018	643.3	$ 19.2	147.3	(11.7)	(11.5)	500
Beginning balance (in shares) at Apr. 27, 2019		38,333,576
Beginning balance at Apr. 27, 2019	689.7	$ 19.2	150.4	(13.6)	(11.5)	545.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Earned Portion of Restricted Stock, Net of Tax Withholding (in shares)		104,535
Earned Portion of Restricted Stock, Net of Tax Withholding	(0.4)	$ 0	0			(0.4)
Stock-based Compensation Expense	4		4
Foreign Currency Translation Adjustments	(4.4)			(4.4)
Net Income	52.1					52.1
Dividends on Common Stock	(8.4)					(8.4)
Ending balance (in shares) at Oct. 26, 2019		38,438,111
Ending balance at Oct. 26, 2019	732.6	$ 19.2	154.4	(18)	(11.5)	588.5
Beginning balance (in shares) at Jul. 27, 2019		38,438,111
Beginning balance at Jul. 27, 2019	714.3	$ 19.2	152.9	(15.2)	(11.5)	568.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based Compensation Expense	1.5		1.5
Foreign Currency Translation Adjustments	(2.8)			(2.8)
Net Income	23.8					23.8
Dividends on Common Stock	(4.2)					(4.2)
Ending balance (in shares) at Oct. 26, 2019		38,438,111
Ending balance at Oct. 26, 2019	$ 732.6	$ 19.2	$ 154.4	$ (18)	$ (11.5)	$ 588.5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018
OPERATING ACTIVITIES
Net Income	$ 52.1	$ 38.3
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Change in Cash Surrender Value of Life Insurance	(0.3)	0
Amortization of Debt Issuance Costs	0.3	0.2
Gain on Sale of Fixed Assets	0	(0.7)
Gain on Sale of Business	(0.5)	0
Depreciation	14.2	12.8
Amortization of Intangible Assets	9.5	5.6
Stock-based Compensation Expense	4	10.9
Provision for Bad Debt	0	0.1
Change in Deferred Income Taxes	0.4	(0.4)
Changes in Operating Assets and Liabilities:
Accounts Receivable	10.7	(8.2)
Inventories	(18.1)	(5.2)
Prepaid Expenses and Other Assets	(10.2)	(13.2)
Accounts Payable and Other Liabilities	5.7	(4)
NET CASH PROVIDED BY OPERATING ACTIVITIES	67.8	36.2
INVESTING ACTIVITIES
Purchases of Property, Plant and Equipment	(26.8)	(28.6)
Acquisitions of Businesses, Net of Cash Acquired	0	(421.6)
Sale of Business/Investment/Property	0.6	0.7
NET CASH USED IN INVESTING ACTIVITIES	(26.2)	(449.5)
FINANCING ACTIVITIES
Taxes Paid Related to Net Share Settlement of Equity Awards	(0.4)	(1.7)
Repayments of Finance Leases	(0.3)	0
Cash Dividends	(8.2)	(8.6)
Proceeds from Borrowings	26.4	348
Repayments of Borrowings	(44.2)	(46.6)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(26.7)	291.1
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	(2.5)	(13)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12.4	(135.2)
Cash and Cash Equivalents at Beginning of the Year	83.2	246.1
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	95.6	110.9
SUPPLEMENTAL CASH FLOW INFORMATION
Interest	5.6	1.6
Income Taxes, Net of Refunds	$ 10.9	$ 14.9

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Oct. 26, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Methode Electronics, Inc. (the "Company" or "Methode") is a global manufacturer of component and subsystem devices with manufacturing, design and testing facilities in Belgium, Canada, China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, the Netherlands, Singapore, Switzerland, the United Kingdom and the United States. The Company's primary manufacturing facilities are located in Dongguan and Shanghai, China; Cairo, Egypt; Mriehel, Malta; and Fresnillo and Monterrey, Mexico. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, LED lighting, wireless and sensing technologies. Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. These financial statements should be read in conjunction with the consolidated financial statements included in the Company's Form 10-K for the year ended April 27, 2019 , filed with the SEC on June 20, 2019 . Results may vary from quarter-to-quarter for reasons other than seasonality. Financial Reporting Periods The Company maintains its financial records on the basis of a 52 or 53 week fiscal year ending on the Saturday closest to April 30. The three months ended October 26, 2019 and October 27, 2018 were both 13-week periods, and the six months ended October 26, 2019 and October 27, 2018 were both 26-week periods. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. Change in Presentation During the second quarter of fiscal 2019, the Company changed its reportable segments. Refer to Note 11 “Segment Information,” for further discussion on the impact of the change. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 1, "Description of Business and Summary of Significant Accounting Policies," to the consolidated financial statements included in the Company's Form 10-K for the year ended April 27, 2019 . There have been no material changes to the significant accounting policies in the six months ended October 26, 2019 other than those noted below. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, “ Leases ,” which amended authoritative guidance on leases and is codified in Accounting Standards Codification ("ASC") 842. The amended guidance requires entities to record most leased assets and liabilities on the balance sheet, and also retains a dual model approach for assessing lease classification and recognizing expense. The FASB subsequently issued updates to provide clarification on specific topics, including adoption guidance, practical expedients and interim transition disclosure requirements. The Company adopted the standard on April 28, 2019, by applying the modified retrospective method without restatement of comparative periods' financial information, as permitted by the transition guidance . Accordingly, the Company has provided disclosures required by prior lease guidance for comparative periods. The adoption of this standard resulted in the recognition of right-of-use assets of $27.6 million and related lease obligations of $28.1 million as of April 28, 2019. The standard did not have a significant impact on the Company's operating results or cash flows. The Company elected certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. Lastly, the Company elected to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. The Company determines if an arrangement contains a lease at inception. Operating lease expense is recognized on a straight-line basis over the lease term. For purposes of calculating operating lease obligations under the standard, the Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. Refer to Note 3, "Leases," for additional information. 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 allow 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 Company adopted ASU 2018-02 as of April 28, 2019 and the adoption had no impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments .” The guidance in ASU 2016-13 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. This guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. Management is currently assessing the impact of the new standard, but does not anticipate that the adoption of this standard will have a material impact on the manner in which it estimates the allowance for doubtful accounts on its trade accounts receivable. In August 2018, the FASB issued ASU 2018-15, " Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The guidance in ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ." The guidance in ASU 2018-13 changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the provisions of the updated guidance and assessing the impact on its consolidated financial statements.

Revenue

Revenue	6 Months Ended
	Oct. 26, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of the Company's revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, with the exception of consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenues associated with products which the Company believes have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. The Company believes the most faithful depiction of the transfer of goods to the customer is based on progress to date, which is typically smooth throughout the production process. As such, the Company recognizes revenue evenly over the production process through transfer of control to the customer. In addition, customers typically negotiate annual price downs. Management has evaluated these price downs and determined that in some instances, these price downs give rise to a material right. In instances that a material right exists, a portion of the transaction price is allocated to the material right and recognized over the life of the contract. The Company treats shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter-end in proportion to revenue recognized for transactions where actual costs are not yet known. Across all products, the amount of revenue recognized corresponds to the related purchase order. Revenue is adjusted for variable consideration (such as discounts) as described further below. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Contract Balances The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when the Company has received consideration or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in prepaid expenses and other current assets and other long-term liabilities, respectively, in the Company's condensed consolidated balance sheets. Unbilled Receivables (Contract Assets) - Unbilled receivables were $0.9 million as of October 26, 2019 and $0.8 million as of April 27, 2019 . In the six months ended October 26, 2019 , $0.8 million of previously unbilled receivables were recorded into accounts receivable. There were no impairments of contract assets as of October 26, 2019 . Deferred Revenue (Contract Liabilities) - Deferred revenue was $0.3 million as of both October 26, 2019 and April 27, 2019 . No previously deferred revenue was recorded into revenue in the six months ended October 26, 2019 . Disaggregated Revenue Information The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods. Geographic net sales are determined based on our sales from the Company's various operational locations. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors. Three Months Ended October 26, 2019 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 84.2 $ 40.6 $ 11.8 $ 0.3 $ 136.9 Malta 27.2 7.6 0.1 — 34.9 Canada 22.6 5.3 — — 27.9 China 20.7 7.0 — — 27.7 Other 25.4 4.4 — — 29.8 Total Net Sales $ 180.1 $ 64.9 $ 11.9 $ 0.3 $ 257.2 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 168.7 $ 64.9 $ 11.9 $ 0.3 $ 245.8 Goods Transferred Over Time 11.4 — — — 11.4 Total Net Sales $ 180.1 $ 64.9 $ 11.9 $ 0.3 $ 257.2 Three Months Ended October 27, 2018 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 96.7 $ 24.9 $ 14.4 $ 0.3 $ 136.3 Malta 29.6 7.4 — — 37.0 China 22.5 9.1 0.1 — 31.7 Canada 24.3 2.5 — — 26.8 Other 28.5 3.5 0.2 — 32.2 Total Net Sales $ 201.6 $ 47.4 $ 14.7 $ 0.3 $ 264.0 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 193.6 $ 47.4 $ 14.7 $ 0.3 $ 256.0 Goods Transferred Over Time 8.0 — — — 8.0 Total Net Sales $ 201.6 $ 47.4 $ 14.7 $ 0.3 $ 264.0 Six Months Ended October 26, 2019 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 184.2 $ 83.1 $ 24.3 $ 0.6 $ 292.2 Malta 54.7 15.1 0.2 — 70.0 Canada 44.1 11.7 — — 55.8 China 36.3 16.5 — — 52.8 Other 47.0 9.3 0.3 — 56.6 Total Net Sales $ 366.3 $ 135.7 $ 24.8 $ 0.6 $ 527.4 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 347.7 $ 135.7 $ 24.8 $ 0.6 $ 508.8 Goods Transferred Over Time 18.6 — — — 18.6 Total Net Sales $ 366.3 $ 135.7 $ 24.8 $ 0.6 $ 527.4 Six Months Ended October 27, 2018 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 174.0 $ 37.0 $ 29.4 $ 0.6 $ 241.0 Malta 60.1 15.7 0.1 — 75.9 China 42.5 17.9 0.1 — 60.5 Canada 45.1 2.5 — — 47.6 Other 55.2 6.5 0.7 — 62.4 Total Net Sales $ 376.9 $ 79.6 $ 30.3 $ 0.6 $ 487.4 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 359.1 $ 79.6 $ 30.3 $ 0.6 $ 469.6 Goods Transferred Over Time 17.8 — — — 17.8 Total Net Sales $ 376.9 $ 79.6 $ 30.3 $ 0.6 $ 487.4

Leases

Leases	6 Months Ended
	Oct. 26, 2019
Leases [Abstract]
Leases	Leases The Company leases real estate, automobiles and certain equipment under both operating and finance leases. The Company does not have any significant arrangements where it is the lessor. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. As of October 26, 2019 , the Company's leases have remaining lease terms up to 11.8 years , some of which include optional renewals or terminations, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. Any variable payments related to the lease will be recorded as lease expense when and as incurred. The Company’s lease payments are largely fixed. As of October 26, 2019 , the operating leases that the Company has signed but have not yet commenced are immaterial. In addition to the operating lease assets presented on the condensed consolidated balance sheets, assets under finance leases of $0.8 million are included in property, plant and equipment, net on the condensed consolidated balance sheets as of October 26, 2019 . The finance lease obligation is split between other accrued expenses for the short-term portion and other long-term liabilities for the long-term portion on the condensed consolidated balance sheets. The Company had an immaterial amount of finance lease expense in the three and six months ended October 26, 2019 . The components of lease expense were as follows: (Dollars in Millions) Three Months Ended October 26, 2019 Six Months Ended October 26, 2019 Lease Cost: Operating Lease Cost $ 2.3 $ 4.8 Variable Lease Cost 0.2 0.4 Total Lease Cost $ 2.5 $ 5.2 Supplemental cash flow and other information related to operating leases was as follows: (Dollars in Millions) Six Months Ended October 26, 2019 Operating Cash Flows: Cash Paid Related to Operating Lease Obligations $ 4.3 Non-cash Activity: Right-of-use Assets Obtained in Exchange for Lease Obligations $ 5.1 Weighted-average Remaining Lease Term 5.8 years Weighted-average Discount Rate 4.67 % Maturities of operating lease liabilities as of October 26, 2019 , are shown below: (Dollars in Millions) Operating Leases Fiscal Year: Remainder of 2020 $ 4.2 2021 6.4 2022 5.9 2023 5.2 2024 4.0 Thereafter 8.0 Total Lease Payments 33.7 Less: Imputed Interest (4.4 ) Present Value of Lease Liabilities $ 29.3 Disclosures related to periods prior to the adoption of ASC 842 Total rent expense was $1.5 million and $3.1 million in the three and six months ended October 27, 2018 , respectively. Future minimum lease payments for assets under operating leases as of April 27, 2019 were as follows: (Dollars in Millions) Operating Leases Fiscal Years: 2020 $ 7.8 2021 5.6 2022 4.9 2023 4.2 2024 3.3 Thereafter 8.4 Net Minimum Lease Payments $ 34.2
Leases	Leases The Company leases real estate, automobiles and certain equipment under both operating and finance leases. The Company does not have any significant arrangements where it is the lessor. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. As of October 26, 2019 , the Company's leases have remaining lease terms up to 11.8 years , some of which include optional renewals or terminations, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. Any variable payments related to the lease will be recorded as lease expense when and as incurred. The Company’s lease payments are largely fixed. As of October 26, 2019 , the operating leases that the Company has signed but have not yet commenced are immaterial. In addition to the operating lease assets presented on the condensed consolidated balance sheets, assets under finance leases of $0.8 million are included in property, plant and equipment, net on the condensed consolidated balance sheets as of October 26, 2019 . The finance lease obligation is split between other accrued expenses for the short-term portion and other long-term liabilities for the long-term portion on the condensed consolidated balance sheets. The Company had an immaterial amount of finance lease expense in the three and six months ended October 26, 2019 . The components of lease expense were as follows: (Dollars in Millions) Three Months Ended October 26, 2019 Six Months Ended October 26, 2019 Lease Cost: Operating Lease Cost $ 2.3 $ 4.8 Variable Lease Cost 0.2 0.4 Total Lease Cost $ 2.5 $ 5.2 Supplemental cash flow and other information related to operating leases was as follows: (Dollars in Millions) Six Months Ended October 26, 2019 Operating Cash Flows: Cash Paid Related to Operating Lease Obligations $ 4.3 Non-cash Activity: Right-of-use Assets Obtained in Exchange for Lease Obligations $ 5.1 Weighted-average Remaining Lease Term 5.8 years Weighted-average Discount Rate 4.67 % Maturities of operating lease liabilities as of October 26, 2019 , are shown below: (Dollars in Millions) Operating Leases Fiscal Year: Remainder of 2020 $ 4.2 2021 6.4 2022 5.9 2023 5.2 2024 4.0 Thereafter 8.0 Total Lease Payments 33.7 Less: Imputed Interest (4.4 ) Present Value of Lease Liabilities $ 29.3 Disclosures related to periods prior to the adoption of ASC 842 Total rent expense was $1.5 million and $3.1 million in the three and six months ended October 27, 2018 , respectively. Future minimum lease payments for assets under operating leases as of April 27, 2019 were as follows: (Dollars in Millions) Operating Leases Fiscal Years: 2020 $ 7.8 2021 5.6 2022 4.9 2023 4.2 2024 3.3 Thereafter 8.4 Net Minimum Lease Payments $ 34.2

Acquisition

Acquisition	6 Months Ended
	Oct. 26, 2019
Business Combinations [Abstract]
Acquisition	Acquisition Acquisition of Grakon On September 12, 2018 , the Company acquired 100% of the stock of Grakon Parent, Inc. ("Grakon") for $422.1 million in cash, net of cash acquired. The business, headquartered in Seattle, Washington, is a manufacturer of custom designed lighting solutions and highly styled engineered components. Grakon’s manufacturing capabilities and products help diversify the Company's product offerings and expand the Industrial segment, which is a key component of the Company's strategic direction. The accounts and transactions of Grakon have been included in the Automotive and Industrial segments in the condensed consolidated financial statements from the effective date of the acquisition. During the second quarter of fiscal 2020, the Company completed the allocation of the purchase price to the assets acquired and liabilities assumed. Based on the final allocation, goodwill decreased $0.2 million from the preliminary amount reported in the Company's consolidated financial statements as of April 27, 2019 . The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 6.9 Accounts Receivable 36.1 Inventory 30.8 Prepaid Expenses and Other Current Assets 1.6 Other Intangible Assets 221.9 Goodwill 175.1 Pre-production Costs 1.5 Property, Plant and Equipment 16.2 Accounts Payable (19.4 ) Accrued Employee Liabilities (4.4 ) Other Accrued Expenses (7.6 ) Income Tax Payable (0.3 ) Deferred Income Tax Liability (29.4 ) Total Purchase Price $ 429.0 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 $ 57.0 19.5 years Customer Relationships and Agreements - All Other Customers 125.0 19.5 years Technology Licenses 17.7 11.7 years Trade Names 22.2 8.5 years Total $ 221.9 Acquisition-related costs of $10.9 million and $11.5 million were incurred in relation to the acquisition of Grakon in the three and six months ended October 27, 2018 , respectively. Acquisition-related costs for the three months ended October 27, 2018 included $8.3 million of costs which have been reported in selling and administrative expenses and $2.6 million of costs which have been reported in costs of products sold on the condensed consolidated statements of income. Acquisition-related costs for the six months ended October 27, 2018 included $8.9 million of costs which have been reported in selling and administrative expenses and $2.6 million of costs which have been reported in costs of products sold on the condensed consolidated statements of income. The following table presents unaudited supplemental pro forma results for the three and six months ended October 27, 2018 as if the Grakon acquisition had occurred as of the beginning of fiscal 2018. The unaudited 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, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects. (Unaudited) (Dollars in Millions) Three Months Ended October 27, 2018 Six Months Ended October 27, 2018 Net Sales $ 285.5 $ 556.2 Net Income $ 26.1 $ 55.8

Income Taxes

Income Taxes	6 Months Ended
	Oct. 26, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for an interim period is based on an estimated effective income tax rate for the full fiscal year and applies that rate to ordinary year-to-date earnings or loss. The estimated annual effective income tax rate is determined excluding the effects of unusual or significant discrete items that are reported net of the related tax effects and in the period in which they occur. In addition, any effects of enacted tax law or rate changes as well as the Company’s ability to utilize various tax assets is recognized in the period in which the change occurs. Three Months Ended Six Months Ended (Dollars in Millions) October 26, October 27, October 26, October 27, Income before Income Taxes $ 29.0 $ 17.6 $ 64.6 $ 45.8 Income Tax Expense $ 5.2 $ 3.0 $ 12.5 $ 7.5 Effective Tax Rate 17.9 % 17.0 % 19.3 % 16.4 % The income tax provision in both the three and six months ended October 26, 2019 was lower than the U.S. statutory tax rate primarily due to foreign investment tax credits and foreign operations with lower statutory rates. The income tax provision in both the three and six months ended October 27, 2018 was lower than the U.S. statutory tax rate primarily due to foreign investment tax credits, foreign operations with lower statutory rates and the deduction for stock-based compensation. The Company's unrecognized income tax benefits were $5.2 million and $3.1 million as of October 26, 2019 and April 27, 2019 , respectively. If any portion of the Company's unrecognized tax benefits is recognized, it could impact the Company's effective tax rate. The tax reserves are reviewed periodically and adjusted considering changing facts and circumstances, such as progress of tax audits, lapse of applicable statutes of limitations and changes in tax law.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Oct. 26, 2019
Balance Sheet Components [Abstract]
Balance Sheet Components	Balance Sheet Components Inventories Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. A summary of inventories is shown below: (Dollars in Millions) October 26, April 27, Raw Materials $ 80.4 $ 67.1 Work in Process 11.8 9.4 Finished Products 41.6 40.2 Total Inventories $ 133.8 $ 116.7 Property, Plant and Equipment Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below: (Dollars in Millions) October 26, April 27, Land $ 3.4 $ 3.7 Buildings and Building Improvements 83.9 81.2 Machinery and Equipment 404.2 390.7 Total Property, Plant and Equipment, Gross 491.5 475.6 Less: Accumulated Depreciation 293.4 283.7 Property, Plant and Equipment, Net $ 198.1 $ 191.9 Depreciation expense was $7.2 million and $6.3 million in the three months ended October 26, 2019 and October 27, 2018 , respectively. Depreciation expense was $14.2 million and $12.8 million in the six months ended October 26, 2019 and October 27, 2018 , respectively. As of October 26, 2019 and April 27, 2019 , capital expenditures recorded in accounts payable totaled $1.5 million and $6.4 million , respectively. Pre-Production Tooling Costs Related to Long-term Supply Arrangements The Company incurs pre-production tooling costs related to certain products produced for its customers under long-term supply arrangements. As of October 26, 2019 and April 27, 2019 , the Company had $39.0 million and $32.8 million , 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. As of October 26, 2019 and April 27, 2019 , the Company had $16.3 million and $15.0 million , respectively, of Company owned pre-production tooling, which is capitalized within property, plant and equipment.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Oct. 26, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table shows goodwill by segment: (Dollars in Millions) October 26, April 27, Automotive $ 106.3 $ 106.3 Industrial 127.3 127.0 Total $ 233.6 $ 233.3 Intangible Assets The following tables present details of the Company's identifiable intangible assets: October 26, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.8 $ 34.3 $ 210.5 17.0 Trade Names, Patents and Technology Licenses 75.6 32.1 43.5 7.9 Total Definite-lived Intangible Assets 320.4 66.4 254.0 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 322.2 $ 66.4 $ 255.8 April 27, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.5 $ 27.7 $ 216.8 17.4 Trade Names, Patents and Technology Licenses 75.5 29.2 46.3 8.4 Total Definite-lived Intangible Assets 320.0 56.9 263.1 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 321.8 $ 56.9 $ 264.9 Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: (Dollars in Millions) Fiscal Year: Remainder of 2020 $ 9.6 2021 19.0 2022 19.0 2023 19.0 2024 18.6 Thereafter 168.8 Total $ 254.0

Debt

Debt	6 Months Ended
	Oct. 26, 2019
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes components of the Company's debt: (Dollars in Millions) October 26, April 27, Revolving Credit Facility $ 24.6 $ 35.0 Term Loan 237.5 243.7 Other Debt 15.6 16.8 Unamortized Debt Issuance Costs (2.6 ) (2.9 ) Total Debt 275.1 292.6 Less: Current Maturities (15.2 ) (15.7 ) Total Long-term Debt $ 259.9 $ 276.9 Revolving Credit Facility/Term Loan On September 12, 2018, the Company entered into a five-year Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement amends and restates the credit agreement, dated November 18, 2016, among the Company, Bank of America, N.A. and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million . In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million , subject to customary conditions and approval of the lenders providing new commitments. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ( $3.1 million ) through maturity, with the remaining balance due on September 12, 2023. Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The interest rate on outstanding borrowings under the Credit Agreement was 3.32% at October 26, 2019 . The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of October 26, 2019 , the Company was in compliance with all the covenants in the Credit Agreement. Other Debt The Company’s subsidiary, Procoplast, has debt that consists of 17 notes with maturities ranging from 2020 to 2031. The weighted-average interest rate was approximately 1.52% at October 26, 2019 and $2.7 million of the debt was classified as short-term.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Oct. 26, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation The Company has granted stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2014 Incentive Plan (“2014 Plan”), the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”) and the Methode Electronics, Inc. 2007 Stock Plan (“2007 Plan”). The Company’s stockholders approved the 2014 Plan in September 2014. The Company can no longer make grants under the 2010 Plan or 2007 Plan. The number of shares of common stock originally authorized under the 2014 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 Plan or 2010 Plan. Restricted Stock Awards The RSAs granted under the 2014 Plan are performance-based awards that are scheduled to vest at the end of fiscal 2020 based on the achievement of an EBITDA hurdle. The number of shares ultimately earned could range from 0% to 150% of the target award based on the achievement of the EBITDA performance condition. The fair value of the RSAs granted was based on the closing stock price on the date of grant. All non-vested RSAs accrue dividend equivalents, which are subject to vesting and paid in cash upon release. Accrued dividends are forfeitable to the extent that the underlying awards do not vest. Per ASC 718, " Compensation - Stock Compensation," compensation expense is recognized for these awards over the vesting period based on the projected probability ( 70% confidence) of achievement of the EBITDA hurdle in fiscal 2020. In each period, the stock-based compensation expense may be adjusted, as necessary, in response to any changes in the Company’s forecast with respect to achieving the fiscal 2020 EBITDA hurdle. Prior to the second quarter of fiscal 2019, the Company was recognizing stock-based compensation at threshold. During the second quarter of fiscal 2019, the Company determined that the target hurdle would be achieved based on the recent acquisition of Grakon and adjusted its stock-based compensation expense for these awards. The result was an additional expense of $7.4 million . The Company is currently recognizing stock-based compensation at target. The following table summarizes the RSA activity under the 2014 Plan in the six months ended October 26, 2019 : RSA Shares Wtd. Avg. Grant Date Fair Value Non-vested and Unissued at April 27, 2019 1,031,408 $ 34.09 Awarded — $ — Vested (11,250 ) $ 33.78 Forfeited (5,670 ) $ 33.78 Non-vested and Unissued at October 26, 2019 1,014,488 $ 34.10 The shares vested and forfeited in the six months ended October 26, 2019 relate to a deceased employee. Under the terms of the RSA award agreements, awards vest immediately at the target level upon the death of an employee. Restricted Stock Units RSUs granted under the 2014 Plan vest over a pre-determined period of time, generally between three to five years from the date of grant. The fair value of the RSUs are based on the closing stock price on the date of grant. The following table summarizes the RSU activity under the 2014 Plan in the six months ended October 26, 2019 : RSU Shares Wtd. Avg. Grant Date Fair Value Non-vested at April 27, 2019 187,844 $ 34.55 Awarded — $ — Vested (4,500 ) $ 33.78 Forfeited — $ — Non-vested at October 26, 2019 183,344 $ 34.57 The shares vested in the six months ended October 26, 2019 relate to a deceased employee. Under the terms of the RSU award agreements, awards vest immediately upon the death of an employee. Director Awards In the six months ended October 26, 2019 and October 27, 2018 , the Company granted 30,000 shares and 24,000 shares, respectively of common stock to its non-employee directors under the 2014 Plan. The shares vested immediately upon grant. The fair value was determined based on the closing price of the Company’s stock on the date of grant. Stock Options As of October 26, 2019 , the Company has 72,000 stock options outstanding and exercisable under the 2010 Plan at a weighted average exercise price of $37.01 per share and 34,668 stock options outstanding and exercisable under the 2007 Plan at a weighted average exercise price of $33.20 per share. There were no awards, exercises or forfeitures of stock options in the six months ended October 26, 2019 . Stock-based Compensation Expense All stock-based awards to employees and non-employee directors are recognized in selling and administrative expenses on the condensed consolidated statements of income. The table below summarizes the stock-based compensation expense related to the equity awards: Three Months Ended Six Months Ended (Dollars in Millions) October 26, 2019 October 27, 2018 October 26, 2019 October 27, 2018 RSAs $ 1.1 $ 8.0 $ 2.3 $ 9.1 RSUs 0.4 0.8 0.8 0.9 Director Awards — — 0.9 0.9 Total Stock-based Compensation Expense $ 1.5 $ 8.8 $ 4.0 $ 10.9

Income per Share

Income per Share	6 Months Ended
	Oct. 26, 2019
Earnings Per Share [Abstract]
Income per Share	Income per Share Basic income per share is calculated by dividing net income 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 potentially dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted income per share: Three Months Ended Six Months Ended October 26, October 27, October 26, October 27, Numerator: Net Income (in millions) $ 23.8 $ 14.6 $ 52.1 $ 38.3 Denominator: Denominator for Basic Income per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Units 37,587,742 37,405,550 37,561,098 37,377,997 Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units 151,446 268,172 142,025 270,051 Denominator for Diluted Income per Share 37,739,188 37,673,722 37,703,123 37,648,048 Basic and Diluted Income per Share: Basic Income per Share $ 0.63 $ 0.39 $ 1.39 $ 1.02 Diluted Income per Share $ 0.63 $ 0.39 $ 1.38 $ 1.02 In the three months ended October 26, 2019 , options and RSUs of 101,668 were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive. In the six months ended October 26, 2019 , options and RSUs of 105,543 were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive. All RSAs have been excluded in the computation of diluted net income per share in the three and six months ended October 26, 2019 as these awards contain performance conditions that would not have been achieved for the periods presented. In the three months ended October 27, 2018 , options and RSUs of 116,918 were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive. In the six months ended October 27, 2018 , the Company had no options or RSUs that were excluded from the computation of diluted net income per shares. All RSAs have been excluded in the computation of diluted net income per share in the three and six months ended October 27, 2018 , as these awards contain performance conditions that would not have been achieved for the periods presented.

Segment Information

Segment Information	6 Months Ended
	Oct. 26, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information 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 is the Company’s President and Chief Executive Officer (“CEO”). Effective October 27, 2018, the Company reorganized its reportable segments upon the acquisition of Grakon. Prior to the acquisition, the Company's reportable segments were Automotive, Power, Interface and Other. As a result of this change, the Company's reportable segments are now Automotive, Industrial, Interface and Medical. Historical information has been revised to reflect the new reportable segments. A summary of the significant reportable segment changes is as follows: • Grakon's automotive business has been included in the Automotive segment, while Grakon's non-automotive business has been included in the Industrial segment. • The busbar business, previously included in the Power segment, is now part of the Industrial segment. • The radio-remote control business, previously included in the Interface segment, is now part of the Industrial segment. • The medical devices business, previously included in the Other segment, now makes up the Medical segment. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. 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 Industrial segment manufactures external lighting solutions, industrial safety radio remote controls, 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 Interface segment provides a variety of copper and fiber-optic interface and interface solutions for the appliance, commercial food service, construction, consumer, material handling, point-of-sale and telecommunications markets. Solutions include copper transceivers and solid-state field-effect consumer touch panels. The Medical segment is made up of the Company's medical device business, Dabir Surfaces, its surface support technology aimed at pressure injury prevention. Methode has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. The tables below present information about the Company's reportable segments. Three Months Ended October 26, 2019 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 181.3 $ 65.4 $ 12.0 $ 0.3 $ (1.8 ) $ 257.2 Transfers between Segments (1.2 ) (0.5 ) (0.1 ) — 1.8 — Net Sales to Unaffiliated Customers $ 180.1 $ 64.9 $ 11.9 $ 0.3 $ — $ 257.2 Income (Loss) from Operations $ 28.9 $ 15.1 $ (0.2 ) $ (1.8 ) $ (11.3 ) $ 30.7 Interest Expense, Net 2.7 Other Income, Net (1.0 ) Income before Income Taxes $ 29.0 Three Months Ended October 27, 2018 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 203.5 $ 47.9 $ 14.7 $ 0.3 $ (2.4 ) $ 264.0 Transfers between Segments (1.9 ) (0.5 ) — — 2.4 — Net Sales to Unaffiliated Customers $ 201.6 $ 47.4 $ 14.7 $ 0.3 $ — $ 264.0 Income (Loss) from Operations $ 36.8 $ 5.1 $ (0.6 ) $ (2.5 ) $ (19.7 ) $ 19.1 Interest Expense, Net 1.6 Other Income, Net (0.1 ) Income before Income Taxes $ 17.6 Six Months Ended October 26, 2019 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 368.8 $ 137.0 $ 24.9 $ 0.6 $ (3.9 ) $ 527.4 Transfers between Segments (2.5 ) (1.3 ) (0.1 ) — 3.9 — Net Sales to Unaffiliated Customers $ 366.3 $ 135.7 $ 24.8 $ 0.6 $ — $ 527.4 Income (Loss) from Operations $ 62.0 $ 31.6 $ — $ (3.3 ) $ (21.0 ) $ 69.3 Interest Expense, Net 5.6 Other Income, Net (0.9 ) Income before Income Taxes $ 64.6 Six Months Ended October 27, 2018 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 381.0 $ 80.9 $ 30.4 $ 0.6 $ (5.5 ) $ 487.4 Transfers between Segments (4.1 ) (1.3 ) (0.1 ) — 5.5 — Net Sales to Unaffiliated Customers $ 376.9 $ 79.6 $ 30.3 $ 0.6 $ — $ 487.4 Income (Loss) from Operations $ 69.7 $ 12.2 $ 0.2 $ (4.6 ) $ (29.7 ) $ 47.8 Interest Expense, Net 1.8 Other Expense, Net 0.2 Income before Income Taxes $ 45.8

Contingencies

Contingencies	6 Months Ended
	Oct. 26, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Certain litigation arising in the normal course of business is pending against us. The Company is, from time-to-time, subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters, environmental matters and intellectual property matters. The Company considers 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 Company's opinion, based on the information available, that it has adequate reserves for these liabilities. Hetronic Germany-GmbH Matters For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as the Company's distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. The Company became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, the Company terminated all of its agreements with the Fuchs companies. On June 20, 2014, the Company 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. On April 2, 2015, the Company amended its complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional affiliated parties. The matter has been set for trial in February 2020.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 26, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, “ Leases ,” which amended authoritative guidance on leases and is codified in Accounting Standards Codification ("ASC") 842. The amended guidance requires entities to record most leased assets and liabilities on the balance sheet, and also retains a dual model approach for assessing lease classification and recognizing expense. The FASB subsequently issued updates to provide clarification on specific topics, including adoption guidance, practical expedients and interim transition disclosure requirements. The Company adopted the standard on April 28, 2019, by applying the modified retrospective method without restatement of comparative periods' financial information, as permitted by the transition guidance . Accordingly, the Company has provided disclosures required by prior lease guidance for comparative periods. The adoption of this standard resulted in the recognition of right-of-use assets of $27.6 million and related lease obligations of $28.1 million as of April 28, 2019. The standard did not have a significant impact on the Company's operating results or cash flows. The Company elected certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. Lastly, the Company elected to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. The Company determines if an arrangement contains a lease at inception. Operating lease expense is recognized on a straight-line basis over the lease term. For purposes of calculating operating lease obligations under the standard, the Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. Refer to Note 3, "Leases," for additional information. 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 allow 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 Company adopted ASU 2018-02 as of April 28, 2019 and the adoption had no impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments .” The guidance in ASU 2016-13 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. This guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. Management is currently assessing the impact of the new standard, but does not anticipate that the adoption of this standard will have a material impact on the manner in which it estimates the allowance for doubtful accounts on its trade accounts receivable. In August 2018, the FASB issued ASU 2018-15, " Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The guidance in ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact of adopting this new accounting guidance on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ." The guidance in ASU 2018-13 changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the provisions of the updated guidance and assessing the impact on its consolidated financial statements.
Revenue	The majority of the Company's revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, with the exception of consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenues associated with products which the Company believes have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. The Company believes the most faithful depiction of the transfer of goods to the customer is based on progress to date, which is typically smooth throughout the production process. As such, the Company recognizes revenue evenly over the production process through transfer of control to the customer. In addition, customers typically negotiate annual price downs. Management has evaluated these price downs and determined that in some instances, these price downs give rise to a material right. In instances that a material right exists, a portion of the transaction price is allocated to the material right and recognized over the life of the contract. The Company treats shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter-end in proportion to revenue recognized for transactions where actual costs are not yet known. Across all products, the amount of revenue recognized corresponds to the related purchase order. Revenue is adjusted for variable consideration (such as discounts) as described further below. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue.
Leases	The Company elected certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. Lastly, the Company elected to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. The Company determines if an arrangement contains a lease at inception. Operating lease expense is recognized on a straight-line basis over the lease term. For purposes of calculating operating lease obligations under the standard, the Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. Refer to Note 3, "Leases," for additional information.
Inventory	Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand.
Property, Plant and Equipment	Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15
Income per Share	Basic income per share is calculated by dividing net income 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 potentially dilutive common shares outstanding during the period.
Contingencies	Certain litigation arising in the normal course of business is pending against us. The Company is, from time-to-time, subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters, environmental matters and intellectual property matters. The Company considers 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 Company's opinion, based on the information available, that it has adequate reserves for these liabilities.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Oct. 26, 2019
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue Information	The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods. Geographic net sales are determined based on our sales from the Company's various operational locations. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors. Three Months Ended October 26, 2019 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 84.2 $ 40.6 $ 11.8 $ 0.3 $ 136.9 Malta 27.2 7.6 0.1 — 34.9 Canada 22.6 5.3 — — 27.9 China 20.7 7.0 — — 27.7 Other 25.4 4.4 — — 29.8 Total Net Sales $ 180.1 $ 64.9 $ 11.9 $ 0.3 $ 257.2 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 168.7 $ 64.9 $ 11.9 $ 0.3 $ 245.8 Goods Transferred Over Time 11.4 — — — 11.4 Total Net Sales $ 180.1 $ 64.9 $ 11.9 $ 0.3 $ 257.2 Three Months Ended October 27, 2018 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 96.7 $ 24.9 $ 14.4 $ 0.3 $ 136.3 Malta 29.6 7.4 — — 37.0 China 22.5 9.1 0.1 — 31.7 Canada 24.3 2.5 — — 26.8 Other 28.5 3.5 0.2 — 32.2 Total Net Sales $ 201.6 $ 47.4 $ 14.7 $ 0.3 $ 264.0 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 193.6 $ 47.4 $ 14.7 $ 0.3 $ 256.0 Goods Transferred Over Time 8.0 — — — 8.0 Total Net Sales $ 201.6 $ 47.4 $ 14.7 $ 0.3 $ 264.0 Six Months Ended October 26, 2019 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 184.2 $ 83.1 $ 24.3 $ 0.6 $ 292.2 Malta 54.7 15.1 0.2 — 70.0 Canada 44.1 11.7 — — 55.8 China 36.3 16.5 — — 52.8 Other 47.0 9.3 0.3 — 56.6 Total Net Sales $ 366.3 $ 135.7 $ 24.8 $ 0.6 $ 527.4 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 347.7 $ 135.7 $ 24.8 $ 0.6 $ 508.8 Goods Transferred Over Time 18.6 — — — 18.6 Total Net Sales $ 366.3 $ 135.7 $ 24.8 $ 0.6 $ 527.4 Six Months Ended October 27, 2018 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 174.0 $ 37.0 $ 29.4 $ 0.6 $ 241.0 Malta 60.1 15.7 0.1 — 75.9 China 42.5 17.9 0.1 — 60.5 Canada 45.1 2.5 — — 47.6 Other 55.2 6.5 0.7 — 62.4 Total Net Sales $ 376.9 $ 79.6 $ 30.3 $ 0.6 $ 487.4 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 359.1 $ 79.6 $ 30.3 $ 0.6 $ 469.6 Goods Transferred Over Time 17.8 — — — 17.8 Total Net Sales $ 376.9 $ 79.6 $ 30.3 $ 0.6 $ 487.4

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 26, 2019
Leases [Abstract]
Lease Costs	The components of lease expense were as follows: (Dollars in Millions) Three Months Ended October 26, 2019 Six Months Ended October 26, 2019 Lease Cost: Operating Lease Cost $ 2.3 $ 4.8 Variable Lease Cost 0.2 0.4 Total Lease Cost $ 2.5 $ 5.2
Supplemental Cash Flow	Supplemental cash flow and other information related to operating leases was as follows: (Dollars in Millions) Six Months Ended October 26, 2019 Operating Cash Flows: Cash Paid Related to Operating Lease Obligations $ 4.3 Non-cash Activity: Right-of-use Assets Obtained in Exchange for Lease Obligations $ 5.1 Weighted-average Remaining Lease Term 5.8 years Weighted-average Discount Rate 4.67 %
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of October 26, 2019 , are shown below: (Dollars in Millions) Operating Leases Fiscal Year: Remainder of 2020 $ 4.2 2021 6.4 2022 5.9 2023 5.2 2024 4.0 Thereafter 8.0 Total Lease Payments 33.7 Less: Imputed Interest (4.4 ) Present Value of Lease Liabilities $ 29.3
Future Minimum Lease Payments	Future minimum lease payments for assets under operating leases as of April 27, 2019 were as follows: (Dollars in Millions) Operating Leases Fiscal Years: 2020 $ 7.8 2021 5.6 2022 4.9 2023 4.2 2024 3.3 Thereafter 8.4 Net Minimum Lease Payments $ 34.2

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Oct. 26, 2019
Business Combinations [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 6.9 Accounts Receivable 36.1 Inventory 30.8 Prepaid Expenses and Other Current Assets 1.6 Other Intangible Assets 221.9 Goodwill 175.1 Pre-production Costs 1.5 Property, Plant and Equipment 16.2 Accounts Payable (19.4 ) Accrued Employee Liabilities (4.4 ) Other Accrued Expenses (7.6 ) Income Tax Payable (0.3 ) Deferred Income Tax Liability (29.4 ) Total Purchase Price $ 429.0
Schedule of Intangible Assets Acquired	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 $ 57.0 19.5 years Customer Relationships and Agreements - All Other Customers 125.0 19.5 years Technology Licenses 17.7 11.7 years Trade Names 22.2 8.5 years Total $ 221.9
Unaudited Pro Forma Results	The following table presents unaudited supplemental pro forma results for the three and six months ended October 27, 2018 as if the Grakon acquisition had occurred as of the beginning of fiscal 2018. The unaudited 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, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects. (Unaudited) (Dollars in Millions) Three Months Ended October 27, 2018 Six Months Ended October 27, 2018 Net Sales $ 285.5 $ 556.2 Net Income $ 26.1 $ 55.8

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Oct. 26, 2019
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Income Tax Expense, and Effective Income Tax Rate	Three Months Ended Six Months Ended (Dollars in Millions) October 26, October 27, October 26, October 27, Income before Income Taxes $ 29.0 $ 17.6 $ 64.6 $ 45.8 Income Tax Expense $ 5.2 $ 3.0 $ 12.5 $ 7.5 Effective Tax Rate 17.9 % 17.0 % 19.3 % 16.4 %

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Oct. 26, 2019
Balance Sheet Components [Abstract]
Summary of Inventories	A summary of inventories is shown below: (Dollars in Millions) October 26, April 27, Raw Materials $ 80.4 $ 67.1 Work in Process 11.8 9.4 Finished Products 41.6 40.2 Total Inventories $ 133.8 $ 116.7
Summary of Property, Plant and Equipment	A summary of property, plant and equipment is shown below: (Dollars in Millions) October 26, April 27, Land $ 3.4 $ 3.7 Buildings and Building Improvements 83.9 81.2 Machinery and Equipment 404.2 390.7 Total Property, Plant and Equipment, Gross 491.5 475.6 Less: Accumulated Depreciation 293.4 283.7 Property, Plant and Equipment, Net $ 198.1 $ 191.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Oct. 26, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table shows goodwill by segment: (Dollars in Millions) October 26, April 27, Automotive $ 106.3 $ 106.3 Industrial 127.3 127.0 Total $ 233.6 $ 233.3
Schedule of Intangible Assets	The following tables present details of the Company's identifiable intangible assets: October 26, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.8 $ 34.3 $ 210.5 17.0 Trade Names, Patents and Technology Licenses 75.6 32.1 43.5 7.9 Total Definite-lived Intangible Assets 320.4 66.4 254.0 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 322.2 $ 66.4 $ 255.8 April 27, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.5 $ 27.7 $ 216.8 17.4 Trade Names, Patents and Technology Licenses 75.5 29.2 46.3 8.4 Total Definite-lived Intangible Assets 320.0 56.9 263.1 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 321.8 $ 56.9 $ 264.9
Schedule of Intangible Assets	The following tables present details of the Company's identifiable intangible assets: October 26, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.8 $ 34.3 $ 210.5 17.0 Trade Names, Patents and Technology Licenses 75.6 32.1 43.5 7.9 Total Definite-lived Intangible Assets 320.4 66.4 254.0 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 322.2 $ 66.4 $ 255.8 April 27, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.5 $ 27.7 $ 216.8 17.4 Trade Names, Patents and Technology Licenses 75.5 29.2 46.3 8.4 Total Definite-lived Intangible Assets 320.0 56.9 263.1 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 321.8 $ 56.9 $ 264.9
Schedule of Estimated Aggregate Amortization Expense of Intangible Assets	Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: (Dollars in Millions) Fiscal Year: Remainder of 2020 $ 9.6 2021 19.0 2022 19.0 2023 19.0 2024 18.6 Thereafter 168.8 Total $ 254.0

Debt (Tables)

Debt (Tables)	6 Months Ended
	Oct. 26, 2019
Debt Disclosure [Abstract]
Summary of Debt	The following table summarizes components of the Company's debt: (Dollars in Millions) October 26, April 27, Revolving Credit Facility $ 24.6 $ 35.0 Term Loan 237.5 243.7 Other Debt 15.6 16.8 Unamortized Debt Issuance Costs (2.6 ) (2.9 ) Total Debt 275.1 292.6 Less: Current Maturities (15.2 ) (15.7 ) Total Long-term Debt $ 259.9 $ 276.9

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Oct. 26, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Stock-based Compensation Expense Related tof Equity Awards	The table below summarizes the stock-based compensation expense related to the equity awards: Three Months Ended Six Months Ended (Dollars in Millions) October 26, 2019 October 27, 2018 October 26, 2019 October 27, 2018 RSAs $ 1.1 $ 8.0 $ 2.3 $ 9.1 RSUs 0.4 0.8 0.8 0.9 Director Awards — — 0.9 0.9 Total Stock-based Compensation Expense $ 1.5 $ 8.8 $ 4.0 $ 10.9
2014 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of RSA and RSU Activity	The following table summarizes the RSA activity under the 2014 Plan in the six months ended October 26, 2019 : RSA Shares Wtd. Avg. Grant Date Fair Value Non-vested and Unissued at April 27, 2019 1,031,408 $ 34.09 Awarded — $ — Vested (11,250 ) $ 33.78 Forfeited (5,670 ) $ 33.78 Non-vested and Unissued at October 26, 2019 1,014,488 $ 34.10 The following table summarizes the RSU activity under the 2014 Plan in the six months ended October 26, 2019 : RSU Shares Wtd. Avg. Grant Date Fair Value Non-vested at April 27, 2019 187,844 $ 34.55 Awarded — $ — Vested (4,500 ) $ 33.78 Forfeited — $ — Non-vested at October 26, 2019 183,344 $ 34.57

Income per Share (Tables)

Income per Share (Tables)	6 Months Ended
	Oct. 26, 2019
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Income per Share	The following table sets forth the computation of basic and diluted income per share: Three Months Ended Six Months Ended October 26, October 27, October 26, October 27, Numerator: Net Income (in millions) $ 23.8 $ 14.6 $ 52.1 $ 38.3 Denominator: Denominator for Basic Income per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Units 37,587,742 37,405,550 37,561,098 37,377,997 Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units 151,446 268,172 142,025 270,051 Denominator for Diluted Income per Share 37,739,188 37,673,722 37,703,123 37,648,048 Basic and Diluted Income per Share: Basic Income per Share $ 0.63 $ 0.39 $ 1.39 $ 1.02 Diluted Income per Share $ 0.63 $ 0.39 $ 1.38 $ 1.02

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Oct. 26, 2019
Segment Reporting [Abstract]
Schedule of Reportable Segments	The tables below present information about the Company's reportable segments. Three Months Ended October 26, 2019 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 181.3 $ 65.4 $ 12.0 $ 0.3 $ (1.8 ) $ 257.2 Transfers between Segments (1.2 ) (0.5 ) (0.1 ) — 1.8 — Net Sales to Unaffiliated Customers $ 180.1 $ 64.9 $ 11.9 $ 0.3 $ — $ 257.2 Income (Loss) from Operations $ 28.9 $ 15.1 $ (0.2 ) $ (1.8 ) $ (11.3 ) $ 30.7 Interest Expense, Net 2.7 Other Income, Net (1.0 ) Income before Income Taxes $ 29.0 Three Months Ended October 27, 2018 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 203.5 $ 47.9 $ 14.7 $ 0.3 $ (2.4 ) $ 264.0 Transfers between Segments (1.9 ) (0.5 ) — — 2.4 — Net Sales to Unaffiliated Customers $ 201.6 $ 47.4 $ 14.7 $ 0.3 $ — $ 264.0 Income (Loss) from Operations $ 36.8 $ 5.1 $ (0.6 ) $ (2.5 ) $ (19.7 ) $ 19.1 Interest Expense, Net 1.6 Other Income, Net (0.1 ) Income before Income Taxes $ 17.6 Six Months Ended October 26, 2019 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 368.8 $ 137.0 $ 24.9 $ 0.6 $ (3.9 ) $ 527.4 Transfers between Segments (2.5 ) (1.3 ) (0.1 ) — 3.9 — Net Sales to Unaffiliated Customers $ 366.3 $ 135.7 $ 24.8 $ 0.6 $ — $ 527.4 Income (Loss) from Operations $ 62.0 $ 31.6 $ — $ (3.3 ) $ (21.0 ) $ 69.3 Interest Expense, Net 5.6 Other Income, Net (0.9 ) Income before Income Taxes $ 64.6 Six Months Ended October 27, 2018 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 381.0 $ 80.9 $ 30.4 $ 0.6 $ (5.5 ) $ 487.4 Transfers between Segments (4.1 ) (1.3 ) (0.1 ) — 5.5 — Net Sales to Unaffiliated Customers $ 376.9 $ 79.6 $ 30.3 $ 0.6 $ — $ 487.4 Income (Loss) from Operations $ 69.7 $ 12.2 $ 0.2 $ (4.6 ) $ (29.7 ) $ 47.8 Interest Expense, Net 1.8 Other Expense, Net 0.2 Income before Income Taxes $ 45.8

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Apr. 28, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 28.6
Operating Lease, Liability	$ 29.3
Fiscal period duration	182 days	182 days
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets			$ 27.6
Operating Lease, Liability			$ 28.1

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities (Details) - USD ($)	6 Months Ended
	Oct. 26, 2019	Apr. 27, 2019
Contract with Customer, Asset and Liability [Abstract]
Unbilled receivables	$ 900,000	$ 800,000
Unbilled receivables recorded into accounts receivable	(800,000)
Impairment of contract assets	0
Deferred revenue	300,000	$ 300,000
Deferred revenue recorded into revenue	$ 0

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Disaggregation of Revenue [Line Items]
Net Sales	$ 257.2	$ 264	$ 527.4	$ 487.4
Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net Sales	245.8	256	508.8	469.6
Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net Sales	11.4	8	18.6	17.8
U.S.
Disaggregation of Revenue [Line Items]
Net Sales	136.9	136.3	292.2	241
Malta
Disaggregation of Revenue [Line Items]
Net Sales	34.9	37	70	75.9
Canada
Disaggregation of Revenue [Line Items]
Net Sales	27.9	26.8	55.8	60.5
China
Disaggregation of Revenue [Line Items]
Net Sales	27.7	31.7	52.8	47.6
Other
Disaggregation of Revenue [Line Items]
Net Sales	29.8	32.2	56.6	62.4
Auto
Disaggregation of Revenue [Line Items]
Net Sales	180.1	201.6	366.3	376.9
Auto | Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net Sales	168.7	193.6	347.7	359.1
Auto | Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net Sales	11.4	8	18.6	17.8
Auto | U.S.
Disaggregation of Revenue [Line Items]
Net Sales	84.2	96.7	184.2	174
Auto | Malta
Disaggregation of Revenue [Line Items]
Net Sales	27.2	29.6	54.7	60.1
Auto | Canada
Disaggregation of Revenue [Line Items]
Net Sales	22.6	24.3	44.1	42.5
Auto | China
Disaggregation of Revenue [Line Items]
Net Sales	20.7	22.5	36.3	45.1
Auto | Other
Disaggregation of Revenue [Line Items]
Net Sales	25.4	28.5	47	55.2
Industrial
Disaggregation of Revenue [Line Items]
Net Sales	64.9	47.4	135.7	79.6
Industrial | Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net Sales	64.9	47.4	135.7	79.6
Industrial | Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0
Industrial | U.S.
Disaggregation of Revenue [Line Items]
Net Sales	40.6	24.9	83.1	37
Industrial | Malta
Disaggregation of Revenue [Line Items]
Net Sales	7.6	7.4	15.1	15.7
Industrial | Canada
Disaggregation of Revenue [Line Items]
Net Sales	5.3	2.5	11.7	17.9
Industrial | China
Disaggregation of Revenue [Line Items]
Net Sales	7	9.1	16.5	2.5
Industrial | Other
Disaggregation of Revenue [Line Items]
Net Sales	4.4	3.5	9.3	6.5
Interface
Disaggregation of Revenue [Line Items]
Net Sales	11.9	14.7	24.8	30.3
Interface | Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net Sales	11.9	14.7	24.8	30.3
Interface | Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0
Interface | U.S.
Disaggregation of Revenue [Line Items]
Net Sales	11.8	14.4	24.3	29.4
Interface | Malta
Disaggregation of Revenue [Line Items]
Net Sales	0.1	0	0.2	0.1
Interface | Canada
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0.1
Interface | China
Disaggregation of Revenue [Line Items]
Net Sales	0	0.1	0	0
Interface | Other
Disaggregation of Revenue [Line Items]
Net Sales	0	0.2	0.3	0.7
Medical
Disaggregation of Revenue [Line Items]
Net Sales	0.3	0.3	0.6	0.6
Medical | Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net Sales	0.3	0.3	0.6	0.6
Medical | Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0
Medical | U.S.
Disaggregation of Revenue [Line Items]
Net Sales	0.3	0.3	0.6	0.6
Medical | Malta
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0
Medical | Canada
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0
Medical | China
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	0
Medical | Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 0	$ 0	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Oct. 26, 2019USD ($)
Lessee, Lease, Description [Line Items]
Finance lease, right-of-use asset	$ 0.8
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years 9 months 18 days

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 26, 2019	Oct. 26, 2019
Lease, Cost [Abstract]
Operating Lease Cost	$ 2.3	$ 4.8
Variable Lease Cost	0.2	0.4
Total Lease Cost	$ 2.5	$ 5.2

Leases - Supplemental Lessee In

Leases - Supplemental Lessee Information (Details) $ in Millions	6 Months Ended
	Oct. 26, 2019USD ($)
Leases [Abstract]
Cash Paid Related to Operating Lease Obligations	$ 4.3
Right-of-use Assets Obtained in Exchange for Lease Obligations	$ 5.1
Weighted-average Remaining Lease Term	5 years 9 months 18 days
Weighted-average Discount Rate	4.67%

Leases - Operating Lease Maturi

Leases - Operating Lease Maturity (Details) $ in Millions	Oct. 26, 2019USD ($)
Operating Lease Liabilities, Payments Due [Abstract]
Remainder of 2020	$ 4.2
2021	6.4
2022	5.9
2023	5.2
2024	4
Thereafter	8
Total Lease Payments	33.7
Less: Imputed Interest	(4.4)
Present Value of Lease Liabilities	$ 29.3

Leases - Operating Leases under

Leases - Operating Leases under ASC 840 (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 27, 2018	Oct. 27, 2018	Apr. 27, 2019
Leases [Abstract]
Rent expense	$ 1.5	$ 3.1
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020			$ 7.8
2021			5.6
2022			4.9
2023			4.2
2024			3.3
Thereafter			8.4
Net Minimum Lease Payments			$ 34.2

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Millions	Sep. 12, 2018	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired			$ 0	$ 421.6
Grakon
Business Acquisition [Line Items]
Percentage acquired	100.00%
Payments to acquire businesses, net of cash acquired	$ 422.1
Goodwill, increase (decrease)			(0.2)
Acquisition-related costs incurred			$ 10.9	11.5
Grakon | Selling and administrative expenses
Business Acquisition [Line Items]
Acquisition-related costs incurred		$ 8.3		8.9
Grakon | Cost of Sales [Member]
Business Acquisition [Line Items]
Acquisition-related costs incurred		$ 2.6		$ 2.6

Acquisition - Assets and Liabil

Acquisition - Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019	Sep. 12, 2018
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 233.6	$ 233.3
Grakon
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash			$ 6.9
Accounts Receivable			36.1
Inventory			30.8
Prepaid Expenses and Other Current Assets			1.6
Other Intangible Assets			221.9
Goodwill			175.1
Pre-production Costs			1.5
Property, Plant and Equipment			16.2
Accounts Payable			(19.4)
Salaries, Wages and Payroll Taxes			(4.4)
Other Accrued Expenses			(7.6)
Income Tax Payable			(0.3)
Deferred Income Tax Liability			(29.4)
Total Purchase Price			$ 429

Acquisition - Intangible Assets

Acquisition - Intangible Assets Acquired (Details) - Grakon $ in Millions	Sep. 12, 2018USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 221.9
Customer Relationships and Agreements - Significant Customer
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 57
Amortization period	19 years 6 months
Customer Relationships and Agreements - All Other Customers
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 125
Amortization period	19 years 6 months
Technology Licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 17.7
Amortization period	11 years 8 months 12 days
Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 22.2
Amortization period	8 years 6 months

Acquisition - Pro Forma Calcula

Acquisition - Pro Forma Calculations (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 27, 2018	Oct. 27, 2018
Business Combinations [Abstract]
Net Sales	$ 285.5	$ 556.2
Net Income	$ 26.1	$ 55.8

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income before Income Taxes, Income Tax Expense and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Income Tax Disclosure [Abstract]
Income before Income Taxes	$ 29	$ 17.6	$ 64.6	$ 45.8
Income Tax Expense	$ 5.2	$ 3	$ 12.5	$ 7.5
Effective Tax Rate	17.90%	17.00%	19.30%	16.40%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 5.2	$ 3.1

Balance Sheet Components - Inve

Balance Sheet Components - Inventories (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Inventory, Net [Abstract]
Raw Materials	$ 80.4	$ 67.1
Work in Process	11.8	9.4
Finished Products	41.6	40.2
Total Inventories	$ 133.8	$ 116.7

Balance Sheet Components - Prop

Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018	Apr. 27, 2019
Property, Plant and Equipment, Net [Abstract]
Total Property, Plant and Equipment, Gross	$ 491.5		$ 491.5		$ 475.6
Less: Accumulated Depreciation	293.4		293.4		283.7
Property, Plant and Equipment, Net	198.1		198.1		191.9
Depreciation	7.2	$ 6.3	14.2	$ 12.8
Capital expenditures recorded in accounts payable			1.5		6.4
Land
Property, Plant and Equipment, Net [Abstract]
Total Property, Plant and Equipment, Gross	3.4		3.4		3.7
Buildings and Building Improvements
Property, Plant and Equipment, Net [Abstract]
Total Property, Plant and Equipment, Gross	83.9		$ 83.9		81.2
Buildings and Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life			5 years
Buildings and Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life			40 years
Machinery and Equipment
Property, Plant and Equipment, Net [Abstract]
Total Property, Plant and Equipment, Gross	$ 404.2		$ 404.2		$ 390.7
Machinery and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life			3 years
Machinery and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life			15 years

Balance Sheet Components - Pre-

Balance Sheet Components - Pre-production Tooling Costs Related to Long-term Supply Arrangements (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Pre-production Tooling Costs Related to Long-term Supply Arrangements [Abstract]
Pre-production costs	$ 39	$ 32.8
Pre-production costs, capitalized	$ 16.3	$ 15

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill Roll-forward (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Goodwill [Line Items]
Goodwill	$ 233.6	$ 233.3
Automotive
Goodwill [Line Items]
Goodwill	106.3	106.3
Industrial
Goodwill [Line Items]
Goodwill	$ 127.3	$ 127

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Oct. 26, 2019	Apr. 27, 2019
Indefinite-lived Intangible Assets [Line Items]
Gross	$ 1.8	$ 1.8
Net	1.8	1.8
Finite-lived Intangible Assets [Roll Forward]
Gross	320.4	320
Accumulated Amortization	66.4	56.9
Net / Total	254	263.1
Intangible assets, gross	322.2	321.8
Intangible assets, net	255.8	264.9
Trade Names, Patents and Technology Licenses
Indefinite-lived Intangible Assets [Line Items]
Gross	1.8	1.8
Net	1.8	1.8
Customer Relationships and Agreements
Finite-lived Intangible Assets [Roll Forward]
Gross	244.8	244.5
Accumulated Amortization	34.3	27.7
Net / Total	$ 210.5	$ 216.8
Wtd. Avg. Remaining Amortization Periods (Years)	17 years	17 years 4 months 24 days
Trade Names, Patents and Technology Licenses
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 75.6	$ 75.5
Accumulated Amortization	32.1	29.2
Net / Total	$ 43.5	$ 46.3
Wtd. Avg. Remaining Amortization Periods (Years)	7 years 10 months 24 days	8 years 4 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2020	$ 9.6
2021	19
2022	19
2023	19
2024	18.6
Thereafter	168.8
Net / Total	$ 254	$ 263.1

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Oct. 26, 2019	Apr. 27, 2019
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (2.6)	$ (2.9)
Total Debt	275.1	292.6
Less: Current Maturities	(15.2)	(15.7)
Total Long-term Debt	259.9	276.9
Term loan
Debt Instrument [Line Items]
Debt	237.5	243.7
Other Debt
Debt Instrument [Line Items]
Debt	15.6	16.8
Revolving Credit Facility | Line of credit
Debt Instrument [Line Items]
Debt	$ 24.6	$ 35

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility/Term Loan (Details) - Revolving Credit Facility - Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] - USD ($)	Sep. 12, 2018	Oct. 26, 2019
Debt Instrument [Line Items]
Debt term	5 years
Borrowing capacity, increase limit	$ 200,000,000
Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000,000
Interest rate		3.32%
Term loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000
Periodic payment, principal, percentage of total borrowing	1.25%
Periodic payment, principal	$ 3,100,000

Debt - Other Debt (Details)

Debt - Other Debt (Details) $ in Millions	6 Months Ended
	Oct. 26, 2019USD ($)note	Apr. 27, 2019USD ($)
Debt Instrument [Line Items]
Debt, short-term	$ 15.2	$ 15.7
Procoplast
Debt Instrument [Line Items]
Number of notes | note	17
Weighted-average interest rate	1.52%
Debt, short-term	$ 2.7

Stock-based Compensation - Gene

Stock-based Compensation - General (Details)	Oct. 26, 2019shares
2014 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	3,000,000

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Awards and Restricted Stock Units (Details) - 2014 Stock Plan $ / shares in Units, $ in Millions	6 Months Ended
	Oct. 26, 2019USD ($)$ / sharesshares
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EBITDA goal, percentage of likelihood	70.00%
RSAs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares earned range, percent	0.00%
RSAs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares earned range, percent	150.00%
RSAs | Management
Wtd. Avg. Grant Date Fair Value
Non-vested and unissued, beginning balance (in dollars per share) | $ / shares	$ 34.09
Awarded (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	33.78
Forfeited (in dollars per share) | $ / shares	33.78
Non-vested and unissued, ending balance (in dollars per share) | $ / shares	$ 34.10
Allocated share-based compensation expense, amount recorded to true-up prior periods | $	$ 7.4
RSAs | Management | 2020 EBITDA Maximum Performance
Shares
Non-vested and unissued, beginning balance (in shares) | shares	1,031,408
Awarded (in shares) | shares	0
Vested (in shares) | shares	(11,250)
Forfeited (in shares) | shares	(5,670)
Non-vested and unissued, ending balance (in shares) | shares	1,014,488
RSUs
Shares
Non-vested and unissued, beginning balance (in shares) | shares	187,844
Awarded (in shares) | shares	0
Vested (in shares) | shares	(4,500)
Forfeited (in shares) | shares	0
Non-vested and unissued, ending balance (in shares) | shares	183,344
Wtd. Avg. Grant Date Fair Value
Non-vested and unissued, beginning balance (in dollars per share) | $ / shares	$ 34.55
Awarded (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	33.78
Forfeited (in dollars per share) | $ / shares	0
Non-vested and unissued, ending balance (in dollars per share) | $ / shares	$ 34.57
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

Stock-based Compensation - Dire

Stock-based Compensation - Director Awards (Details) - shares	6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018
Director | 2014 Stock Plan | RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	30,000	24,000

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details)	6 Months Ended
	Oct. 26, 2019$ / sharesshares
2010 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	72,000
Stock options weighted average exercise price (in dollars per share) | $ / shares	$ 37.01
2007 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	34,668
Stock options weighted average exercise price (in dollars per share) | $ / shares	$ 33.20
Stock option | 2010 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0
Exercises in period (in shares)	0
Forfeitures in period (in shares)	0

Stock-based Compensation - St_2

Stock-based Compensation - Stock-based Compensation Expense (Details) - 2014 Stock Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.5	$ 8.8	$ 4	$ 10.9
RSAs | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1.1	8	2.3	9.1
RSAs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	0	0.9	0.9
RSUs | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.4	$ 0.8	$ 0.8	$ 0.9

Income per Share - Schedule of

Income per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Earnings Per Share [Abstract]
Net Income	$ 23.8	$ 14.6	$ 52.1	$ 38.3
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for Basic Income per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Units (in shares)	37,587,742	37,405,550	37,561,098	37,377,997
Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units (in shares)	151,446	268,172	142,025	270,051
Denominator for Diluted Income per Share (in shares)	37,739,188	37,673,722	37,703,123	37,648,048
Basic and Diluted Income per Share:
Basic Income per Share (in dollars per share)	$ 0.63	$ 0.39	$ 1.39	$ 1.02
Diluted Income per Share (in dollars per share)	$ 0.63	$ 0.39	$ 1.38	$ 1.02

Income per Share - Narrative (D

Income per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	101,668	116,918	105,543	0

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 26, 2019	Oct. 27, 2018	Oct. 26, 2019	Oct. 27, 2018
Segment Reporting Information [Line Items]
Net Sales	$ 257.2	$ 264	$ 527.4	$ 487.4
Income (Loss) from Operations	30.7	19.1	69.3	47.8
Interest Expense, Net	2.7	1.6	5.6	1.8
Other (Income) Expense, Net	(1)	(0.1)	(0.9)	0.2
Income before Income Taxes	29	17.6	64.6	45.8
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	257.2	264	527.4	487.4
Transfers between Segments
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Automotive
Segment Reporting Information [Line Items]
Net Sales	180.1	201.6	366.3	376.9
Income (Loss) from Operations	28.9	36.8	62	69.7
Automotive | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	181.3	203.5	368.8	381
Automotive | Transfers between Segments
Segment Reporting Information [Line Items]
Net Sales	(1.2)	(1.9)	(2.5)	(4.1)
Industrial
Segment Reporting Information [Line Items]
Net Sales	64.9	47.4	135.7	79.6
Income (Loss) from Operations	15.1	5.1	31.6	12.2
Industrial | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	65.4	47.9	137	80.9
Industrial | Transfers between Segments
Segment Reporting Information [Line Items]
Net Sales	(0.5)	(0.5)	(1.3)	(1.3)
Interface
Segment Reporting Information [Line Items]
Net Sales	11.9	14.7	24.8	30.3
Income (Loss) from Operations	(0.2)	(0.6)	0	0.2
Interface | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	12	14.7	24.9	30.4
Interface | Transfers between Segments
Segment Reporting Information [Line Items]
Net Sales	(0.1)	0	(0.1)	(0.1)
Medical
Segment Reporting Information [Line Items]
Net Sales	0.3	0.3	0.6	0.6
Income (Loss) from Operations	(1.8)	(2.5)	(3.3)	(4.6)
Medical | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	0.3	0.3	0.6	0.6
Medical | Transfers between Segments
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Eliminations/Corporate
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Income (Loss) from Operations	(11.3)	(19.7)	(21)	(29.7)
Eliminations/Corporate | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	(1.8)	(2.4)	(3.9)	(5.5)
Eliminations/Corporate | Transfers between Segments
Segment Reporting Information [Line Items]
Net Sales	$ 1.8	$ 2.4	$ 3.9	$ 5.5

Uncategorized Items - mei102620

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 100,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 100,000