Methode Electronics (MEI) 10-Q 7 Dec 23 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Oct. 28, 2023	Dec. 04, 2023
Cover [Abstract]
Entity Registrant Name	METHODE ELECTRONICS, INC.
Entity Central Index Key	0000065270
Document Type	10-Q
Document Period End Date	Oct. 28, 2023
Amendment Flag	false
Current Fiscal Year End Date	--04-27
Entity Current Reporting Status	Yes
Trading Symbol	MEI
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		35,599,426
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-33731
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
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.50 Par Value
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Net sales	$ 288	$ 315.9	$ 577.7	$ 598.3
Cost of products sold	235.7	241.8	471.4	462.4
Gross profit	52.3	74.1	106.3	135.9
Selling and administrative expenses	40.9	36.6	85.4	71.9
Goodwill impairment	56.5		56.5
Amortization of intangibles	6.2	4.7	11.9	9.4
(Loss) income from operations	(51.3)	32.8	(47.5)	54.6
Interest expense, net	4.4	0.5	7.2	0.5
Other income, net	(0.2)	(1.1)	(0.2)	(5.2)
Pre-tax (loss) income	(55.5)	33.4	(54.5)	59.3
Income tax (benefit) expense	(0.2)	5.8	(0.1)	10.2
Net (loss) income	(55.3)	27.6	(54.4)	49.1
Net (loss) income attributable to Methode	$ (55.3)	$ 27.6	$ (54.4)	$ 49.1
(Loss) income per share attributable to Methode:
Basic	$ (1.55)	$ 0.76	$ (1.52)	$ 1.35
Diluted	(1.55)	0.75	(1.52)	1.33
Cash dividends per share	$ 0.14	$ 0.14	$ 0.28	$ 0.28

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (55.3)	$ 27.6	$ (54.4)	$ 49.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(20.2)	(19.7)	(22.7)	(30.6)
Derivative financial instruments	0.4	1.6	(1.2)	3.1
Net other comprehensive income (loss)	(19.8)	(18.1)	(23.9)	(27.5)
Comprehensive (loss) income	(75.1)	9.5	(78.3)	21.6
Comprehensive income attributable to redeemable noncontrolling interest	0	0	0	0
Comprehensive (loss) income attributable to Methode	$ (75.1)	$ 9.5	$ (78.3)	$ 21.6

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 122.5	$ 157
Accounts receivable, net	292.3	314.3
Inventories	183.9	159.7
Income tax receivable	16.7	12.9
Prepaid expenses and other current assets	21.1	20.5
Total current assets	636.5	664.4
Long-term assets:
Property, plant and equipment, net	224.6	220.3
Goodwill	220.7	301.9
Other intangible assets, net	264.7	256.7
Operating lease right-of-use assets, net	26.9	28.4
Deferred tax assets	33	33.6
Pre-production costs	44.5	36.1
Other long-term assets	34	37.7
Total long-term assets	848.4	914.7
Total assets	1,484.9	1,579.1
Current liabilities:
Accounts payable	133.5	138.7
Accrued employee liabilities	29	36.7
Other accrued liabilities	38.7	34.5
Short-term operating lease liabilities	6.6	6.8
Short-term debt	3	3.2
Income tax payable	7.5	8.1
Total current liabilities	218.3	228
Long-term liabilities:
Long-term debt	329	303.6
Long-term operating lease liabilities	20.9	21.8
Long-term income tax payable	9.3	16.7
Other long-term liabilities	16.5	14.3
Deferred tax liabilities	46	41.8
Total long-term liabilities	421.7	398.2
Total liabilities	640	626.2
Redeemable noncontrolling interest		11.1
Shareholders' equity:
Common stock, $0.50 par value, 100,000,000 shares authorized, 37,034,050 shares and 37,167,375 shares issued as of October 28, 2023 and April 29, 2023, respectively	18.5	18.6
Additional paid-in capital	183.8	181
Accumulated other comprehensive loss	(42.9)	(19)
Treasury stock, 1,346,624 shares as of October 28, 2023 and April 29, 2023	(11.5)	(11.5)
Retained earnings	697	772.7
Total shareholders' equity	844.9	941.8
Total liabilities and shareholders' equity	$ 1,484.9	$ 1,579.1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 28, 2023	Apr. 29, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	37,034,050	37,167,375
Treasury stock, shares	1,346,624	1,346,624

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Redeemable Noncontrolling Interest	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury stock	Retained Earnings
Beginning balance at Apr. 30, 2022	$ 913.8		$ 19.2	$ 169	$ (26.8)	$ (11.5)	$ 763.9
Beginning balance (in shares) at Apr. 30, 2022			38,276,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net of tax withholding	(0.4)						(0.4)
Issuance of restricted stock, net of tax withholding (in shares)			54,479
Purchases of common stock	$ (31.6)		$ (0.5)				(31.1)
Purchases of common stock (in shares)	(825,814)		(825,814)
Stock-based compensation expense	$ 5.7			5.7
Other comprehensive loss	(27.5)				(27.5)
Net Income (Loss)	49.1						49.1
Dividends on common stock	(10.3)						(10.3)
Ending balance at Oct. 29, 2022	898.8		$ 18.7	174.7	(54.3)	(11.5)	771.2
Ending balance (in shares) at Oct. 29, 2022			37,505,633
Beginning balance at Jul. 30, 2022	911.4		$ 19	172	(36.2)	(11.5)	768.1
Beginning balance (in shares) at Jul. 30, 2022			38,001,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net of tax withholding (in shares)			12,098
Purchases of common stock	$ (19.7)		$ (0.3)				(19.4)
Purchases of common stock (in shares)	(508,179)		(508,179)
Stock-based compensation expense	$ 2.7			2.7
Other comprehensive loss	(18.1)				(18.1)
Net Income (Loss)	27.6						27.6
Dividends on common stock	(5.1)						(5.1)
Ending balance at Oct. 29, 2022	898.8		$ 18.7	174.7	(54.3)	(11.5)	771.2
Ending balance (in shares) at Oct. 29, 2022			37,505,633
Beginning balance at Apr. 29, 2023	941.8		$ 18.6	181	(19)	(11.5)	772.7
Beginning Balance at Apr. 29, 2023		$ 11.1
Beginning balance (in shares) at Apr. 29, 2023			37,167,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net of tax withholding	(3.8)		$ 0.1	(0.1)			(3.8)
Issuance of restricted stock, net of tax withholding (in shares)			189,454
Purchase of redeemable noncontrolling interest		(11.1)
Purchases of common stock	$ (7.8)		$ (0.2)				(7.6)
Purchases of common stock (in shares)	(322,779)		(322,779)
Stock-based compensation expense	$ 2.9			2.9
Other comprehensive loss	(23.9)				(23.9)
Net Income (Loss)	(54.4)						(54.4)
Dividends on common stock	(9.9)						(9.9)
Ending balance at Oct. 28, 2023	844.9		$ 18.5	183.8	(42.9)	(11.5)	697
Ending balance (in shares) at Oct. 28, 2023			37,034,050
Beginning balance at Jul. 29, 2023	931.4		$ 18.7	182.5	(23.1)	(11.5)	764.8
Beginning Balance at Jul. 29, 2023		0.9
Beginning balance (in shares) at Jul. 29, 2023			37,356,156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net of tax withholding (in shares)			673
Purchase of redeemable noncontrolling interest		$ (0.9)
Purchases of common stock	$ (7.8)		$ (0.2)				(7.6)
Purchases of common stock (in shares)	(322,779)		(322,779)
Stock-based compensation expense	$ 1.3			1.3
Other comprehensive loss	(19.8)				(19.8)
Net Income (Loss)	(55.3)						(55.3)
Dividends on common stock	(4.9)						(4.9)
Ending balance at Oct. 28, 2023	$ 844.9		$ 18.5	$ 183.8	$ (42.9)	$ (11.5)	$ 697
Ending balance (in shares) at Oct. 28, 2023			37,034,050

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Operating activities:
Net (loss) income	$ (54.4)	$ 49.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28.4	24.5
Stock-based compensation expense	3.9	6.7
Change in cash surrender value of life insurance	0.2	(0.2)
Amortization of debt issuance costs	0.4	0.3
Loss on sale of property, plant and equipment	0.5	0.1
Impairment of long-lived assets	0.6	0.4
Goodwill impairment	56.5
Change in deferred income taxes	(1)	1
Other	0.8	0.2
Changes in operating assets and liabilities:
Accounts receivable	12.5	(50.6)
Inventories	(29.1)	(19.5)
Prepaid expenses and other assets	(10.8)	(15.7)
Accounts payable	(1.8)	21.5
Other liabilities	(12.5)	10.3
Net cash (used in) provided by operating activities	(6.2)	28.1
Investing activities:
Purchases of property, plant and equipment	(24.5)	(18)
Proceeds from settlement of net investment hedge	0.6
Proceeds from disposition of assets	1.6	3.5
Net cash used in investing activities	(22.3)	(14.5)
Financing activities:
Taxes paid related to net share settlement of equity awards	(3.8)	(0.5)
Repayments of finance leases	(0.1)	(0.2)
Purchases of common stock	(7.8)	(31.6)
Cash dividends	(10.1)	(9.9)
Purchase of redeemable noncontrolling interest	(10.9)
Proceeds from borrowings	213.9
Repayments of borrowings	(179.3)	(6.5)
Net cash provided by (used in) financing activities	1.9	(48.7)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(7.9)	(7.3)
Decrease in cash and cash equivalents	(34.5)	(42.4)
Cash and cash equivalents at beginning of the period	157	172
Cash and cash equivalents at end of the period	122.5	129.6
Cash paid during the period for:
Interest	6.7	1.4
Income taxes, net of refunds	14.5	12.5
Operating lease obligations	$ 4.5	$ 4

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (55.3)	$ 27.6	$ (54.4)	$ 49.1

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Oct. 28, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Description of business Methode Electronics, Inc. (the “Company” or “Methode”) is a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. The Company designs, engineers and produces mechatronic products for Original Equipment Manufacturers (“OEMs”) utilizing its broad range of technologies for user interface, light-emitting diode (“LED”) lighting system, power distribution and sensor applications. The Company’s solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment and consumer appliance. 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 29, 2023, filed with the SEC on June 27, 2023. 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 28, 2023 and October 29, 2022 were both 13 -week periods and the six months ended October 28, 2023 and October 29, 2022 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. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Recently adopted accounting pronouncements In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, “Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Accounting Standards Codification ("ASC") 606, as if the acquirer had originated the contracts. Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. The Company adopted this ASU in the first quarter of fiscal 2024 on a prospective basis. The adoption of this ASU did not have a material impact on its condensed consolidated financial statements or related disclosures and is only applicable to future business acquisitions. New accounting pronouncements not yet adopted In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The adoption of this ASU will result in increased disclosures for the Company's segments. There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. Further, at October 28, 2023, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements. 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 29, 2023. There have been no material changes to the significant accounting policies in the six months ended October 28, 2023 .

Revenue

Revenue	6 Months Ended
	Oct. 28, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 2. Revenue The Company generates revenue from manufacturing products for customers in diversified global markets. The substantial 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, except for 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. Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer. From time to time, customers may 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. Across all products, the amount of revenue recognized corresponds to the related purchase order and is adjusted for variable consideration (such as discounts) and ongoing price adjustments. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption from the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. Contract balances 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 an entity has received consideration, or the amount is due from the customer in advance of revenue recognition. The net changes in the contract asset and contract liability balances for the six months ended October 28, 2023 and October 29, 2022 were not material. Disaggregated revenue information The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. 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 28, 2023 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 70.9 $ 52.0 $ 11.7 $ 1.5 $ 136.1 Europe, the Middle East & Africa ("EMEA") 49.7 42.8 — — 92.5 Asia 33.7 25.6 — 0.1 59.4 Total net sales $ 154.3 $ 120.4 $ 11.7 $ 1.6 $ 288.0 Timing of revenue recognition: Goods transferred at a point in time $ 149.9 $ 120.4 $ 11.7 $ 1.6 $ 283.6 Goods transferred over time 4.4 — — — 4.4 Total net sales $ 154.3 $ 120.4 $ 11.7 $ 1.6 $ 288.0 Three Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 97.8 $ 40.1 $ 14.0 $ 1.1 $ 153.0 EMEA 53.9 37.9 — — 91.8 Asia 45.2 25.8 0.1 — 71.1 Total net sales $ 196.9 $ 103.8 $ 14.1 $ 1.1 $ 315.9 Timing of revenue recognition: Goods transferred at a point in time $ 192.3 $ 103.8 $ 14.1 $ 1.1 $ 311.3 Goods transferred over time 4.6 — — — 4.6 Total net sales $ 196.9 $ 103.8 $ 14.1 $ 1.1 $ 315.9 Six Months Ended October 28, 2023 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 137.7 $ 92.0 $ 26.9 $ 2.3 $ 258.9 EMEA 101.9 93.9 — — 195.8 Asia 73.0 49.9 — 0.1 123.0 Total net sales $ 312.6 $ 235.8 $ 26.9 $ 2.4 $ 577.7 Timing of revenue recognition: Goods transferred at a point in time $ 304.1 $ 235.8 $ 26.9 $ 2.4 $ 569.2 Goods transferred over time 8.5 — — — 8.5 Total net sales $ 312.6 $ 235.8 $ 26.9 $ 2.4 $ 577.7 Six Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 192.5 $ 80.8 $ 27.0 $ 1.8 $ 302.1 EMEA 106.0 66.4 — — 172.4 Asia 75.0 48.7 0.1 — 123.8 Total net sales $ 373.5 $ 195.9 $ 27.1 $ 1.8 $ 598.3 Timing of revenue recognition: Goods transferred at a point in time $ 364.4 $ 195.9 $ 27.1 $ 1.8 $ 589.2 Goods transferred over time 9.1 — — — 9.1 Total net sales $ 373.5 $ 195.9 $ 27.1 $ 1.8 $ 598.3

Acquisition and Disposition

Acquisition and Disposition	6 Months Ended
	Oct. 28, 2023
Acquisitions and Dispositions Disclosure [Abstract]
Acquisition and Disposition	Note 3. Acquisition and Disposition Acquisition On April 20, 2023, the Company acquired 92.2 % of the outstanding shares in Nordic Lights Group Corporation (“Nordic Lights”), a premium provider of high-quality lighting solutions for heavy duty equipment headquartered in Finland, for € 121.8 million ($ 134.2 million) in cash. Between May 2023 and July 2023, the Company acquired an additional 7.2 % of the outstanding shares of Nordic Lights for € 9.2 million ($ 10.2 million), increasing the Company’s ownership to 99.4 %. On October 10, 2023, the Company acquired the remaining 0.6 % of the outstanding shares in Nordic Lights for € 0.8 million ($ 0.9 million), as determined by the Finnish arbitral tribunal administering the redemption proceedings for the shares not tendered to the Company. Accordingly, the Company owned 100 % of the outstanding shares in Nordic Lights as of October 10, 2023. The acquisition of Nordic Lights complements the Company’s existing LED lighting solution offerings. The acquisition was funded through a combination of borrowings under the Company's revolving credit facility and cash on hand. The results of the operations of Nordic Lights are reported within the Industrial segment from the date of acquisition. The acquisition was accounted for as a business combination. The Company has estimated the preliminary fair value of net assets acquired based on information currently available and will continue to adjust those estimates as additional information becomes available, including the refinement of valuation assumptions. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price allocation adjustments will be recorded during the measurement period, but no later than one year from the date of the acquisition. The Company will reflect measurement period adjustments in the period in which the adjustments are determined. Measurement period adjustments recognized in the three months ended October 28, 2023, resulted from the receipt of incremental data utilized in the determination of fair value, including valuation assumptions. The preliminary fair value and subsequent measurement period adjustments of the assets acquired and liabilities assumed, including a reconciliation to the total purchase price, were as follows: As reported as of July 29, 2023 Measurement period adjustments As of October 28, 2023 (in millions) Cash and cash equivalents $ 19.6 $ — $ 19.6 Accounts receivable 17.1 — 17.1 Inventories 9.6 ( 0.2 ) 9.4 Property, plant and equipment 12.9 3.4 16.3 Identifiable intangible assets 68.1 24.5 92.6 Accounts payable ( 10.8 ) — ( 10.8 ) Long-term debt ( 24.4 ) — ( 24.4 ) Other assets and liabilities, net ( 2.8 ) ( 0.5 ) ( 3.3 ) Deferred tax liabilities ( 13.4 ) ( 5.4 ) ( 18.8 ) Total identifiable net assets acquired 75.9 21.8 97.7 Goodwill 69.6 ( 21.8 ) 47.8 Total fair value of net assets acquired 145.5 — 145.5 Less: redeemable noncontrolling interest ( 11.3 ) — ( 11.3 ) Total purchase price $ 134.2 $ — $ 134.2 The noncontrolling interest was recognized at fair value, which was determined to be the noncontrolling interest’s proportionate share of the fair value of net assets acquired, as of the acquisition date. The noncontrolling interest is classified as a redeemable noncontrolling interest on the condensed consolidated balance sheets as minority shareholders owning less than 10 % of the outstanding shares in a company in Finland have the right to require the company to redeem their shares. As noted above, in the six months ended October 28, 2023, the Company acquired the entire redeemable noncontrolling interest. Goodwill arising from the acquisition was included in the Industrial segment as of October 28, 2023 and was attributable to potential synergies and an assembled workforce. The Company does no t expect any recognized goodwill from this acquisition to be deductible for income tax purposes. Intangible assets primarily include customer relationships, technology licenses and trademarks. The weighted average amortization period for the acquired intangible assets is approximately 18.2 years. The pro-forma effects of this acquisition would not materially impact the Company’s operating results for the six months ended October 29, 2022, and as a result no pro-forma financial statements are presented. In the six months ended October 28, 2023, additional acquisition costs of $ 0.5 million were incurred and reported in selling and administrative expenses. Disposition In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of the Dabir business in the Medical segment. On October 13, 2023, the Company sold certain assets and contracts of its Dabir business to a third party for consideration of $ 1.5 million. In the three and six months ended October 28, 2023, the Company recorded a loss on the sale, including transaction costs, of $ 0.6 million, which was included in other income, net on the Company's condensed consolidated statement of operations. The discontinuation of the Dabir business does not qualify as a discontinued operation as it does not represent a strategic shift that would have a major effect on the Company's operations or financial results.

Income Taxes

Income Taxes	6 Months Ended
	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 4. Income Taxes The provision for income taxes for an interim period is based on an estimated annual effective income tax rate applied to ordinary year-to-date earnings or losses. The estimated annual effective income tax rate is determined excluding the effects of unusual or significant one-time items that are reported net of the related tax effects in the period in which they occur. In addition, any material 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. The computation of the estimated annual effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year by jurisdiction, certain book to tax adjustments, and the likelihood of the realizability of deferred tax assets generated in the current year. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or as the Company’s tax environment changes. The Company’s income tax (benefit) expense and effective tax rate for the three and six months ended October 28, 2023 and October 29, 2022 were as follows: Three Months Ended Six Months Ended ($ in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Pre-tax (loss) income $ ( 55.5 ) $ 33.4 $ ( 54.5 ) $ 59.3 Income tax (benefit) expense $ ( 0.2 ) 5.8 $ ( 0.1 ) 10.2 Effective tax rate 0.4 % 17.4 % 0.2 % 17.2 % The effective tax rate for the three and six months ended October 28, 2023 was lower than the U.S. federal statutory tax rate of 21 % primarily due to the impact of an impairment of goodwill which is non-deductible for tax purposes, income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions, offset by global intangible low-tax income. The effective tax rate for the three and six months ended October 29, 2022 was lower than the U.S. federal statutory tax rate of 21 % primarily due to income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions, partially offset by non-deductible expenses. The Company’s gross unrecognized income tax benefits were $ 4.6 million and $ 4.5 million as of October 28, 2023 and April 29, 2023 , respectively. If any portion of the Company’s unrecognized tax benefits is recognized, it would impact the Company’s effective tax rate. The unrecognized tax benefits are reviewed periodically and adjusted for changing facts and circumstances, such as tax audits, the lapsing of applicable statutes of limitations and changes in tax law. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties were $ 0.3 million and $ 0.2 million as of October 28, 2023 and April 29, 2023 , respectively.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Oct. 28, 2023
Balance Sheet Components [Abstract]
Balance Sheet Components	Note 5. Balance Sheet Components Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less. Highly liquid investments include money market funds which are classified within Level 1 of the fair value hierarchy. As of October 28, 2023 and April 29, 2023 , the Company had a balance of $ 0.2 million and $ 1.3 million, respectively, in money market accounts. Accounts receivable and allowance for doubtful accounts Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts based on the current expected credit loss impairment model. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $ 1.5 million and $ 1.3 million at October 28, 2023 and April 29, 2023, respectively. 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: (in millions) October 28, 2023 April 29, 2023 Finished products $ 47.3 $ 36.6 Work in process 17.7 14.4 Raw materials 118.9 108.7 Total inventories $ 183.9 $ 159.7 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: (in millions) October 28, 2023 April 29, 2023 Land $ 3.0 $ 3.0 Buildings and building improvements 99.5 98.8 Machinery and equipment 411.4 414.3 Construction in progress 48.0 40.6 Total property, plant and equipment, gross 561.9 556.7 Less: accumulated depreciation ( 337.3 ) ( 336.4 ) Property, plant and equipment, net $ 224.6 $ 220.3 Depreciation expense was $ 8.2 million and $ 7.5 million in the three months ended October 28, 2023 and October 29, 2022 , respectively. Depreciation expense was $ 16.5 million and $ 15.1 million in the six months ended October 28, 2023 and October 29, 2022, respectively. As of October 28, 2023 and April 29, 2023 , capital expenditures recorded in accounts payable totaled $ 5.6 million and $ 4.5 million, respectively. Pre-production tooling costs related to long-term supply arrangements The Company incurs pre-production tooling costs related to products produced for its customers under long-term supply arrangements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable by the customer. As of October 28, 2023 and April 29, 2023, the Company had $ 44.5 million and $ 36.1 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. Costs for molds, dies and other tools used in products produced for its customers under long-term supply arrangements for which the Company has title are capitalized in property, plant and equipment and amortized over the shorter of the life of the arrangement or the estimated useful life of the assets. As of October 28, 2023 and April 29, 2023 , Company-owned tooling was $ 15.6 million and $ 12.2 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Oct. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 6. Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. A summary of the changes in the carrying amount of goodwill, by segment, is shown below: (in millions) Automotive Industrial Total Balance as of April 29, 2023 $ 106.2 $ 195.7 $ 301.9 Acquisition (Note 3) — ( 21.8 ) ( 21.8 ) Impairment ( 56.5 ) — ( 56.5 ) Foreign currency translation ( 0.3 ) ( 2.6 ) ( 2.9 ) Balance as of October 28, 2023 $ 49.4 $ 171.3 $ 220.7 The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the fourth quarter each fiscal year. In addition, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim goodwill impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. As a result of sustained decreases in the Company’s publicly quoted share price, market capitalization and lower than expected operating results, the Company concluded that a triggering event had occurred requiring an interim goodwill impairment assessment. These factors suggested that the fair value of one or more of the Company's reporting units may have fallen below their carrying amounts. The Company quantitatively assessed its reporting units which have performed substantially below the forecast used in its last quantitative fair value test. The reporting units that were quantitatively assessed were North American Automotive ("NAA") and European Automotive ("EA"). The Company engaged a third-party valuation specialist to assist management in performing the interim goodwill impairment assessment. The fair value of the NAA and EA reporting units were estimated using a combination of the income approach and market approach, weighted accordingly for the specific circumstances of the reporting unit. The income approach uses a discounted cash flow method and the market approach uses appropriate valuation multiples observed for the reporting unit’s guideline public companies. The determination of discounted cash flows are based on management’s estimates of revenue growth rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size, geography and other factors specific to the reporting unit. Long-range forecasting involves uncertainty which increases with each successive period. Revenue growth rates and profitability assumptions, especially in the outer years, involve a greater degree of uncertainty. Based upon the results of the quantitative impairment test, the Company determined the carrying value of the NAA and EA reporting units exceeded their fair value at October 28, 2023. As a result, the Company recognized a non-cash goodwill impairment charge of $ 56.5 million ($ 50.4 million for NAA and $ 6.1 million for EA, respectively) in the three and six months ended October 28, 2023, which was determined as the excess carrying value over fair value of the respective reporting unit up to the carrying value of the goodwill immediately prior to the impairment. Any significant changes to the assumptions regarding future performance, an adverse change to macroeconomic conditions, a further reduction in the Company's market capitalization, or a change to other assumptions could result in impairment losses in the future, which could be significant. A summary of goodwill by reporting unit is as follows: (in millions) October 28, 2023 April 29, 2023 Grakon Industrial $ 123.9 $ 124.5 North American Automotive 49.4 99.8 Nordic Lights 45.8 69.6 European Automotive — 6.4 Other 1.6 1.6 Total $ 220.7 $ 301.9 Other intangible assets, net Details of identifiable intangible assets are shown below: As of October 28, 2023 (in millions) Gross Accumulated Net Weighted average remaining useful life (years) Amortized intangible assets: Customer relationships and agreements $ 303.6 $ ( 76.1 ) $ 227.5 15.2 Trade names, patents and technology licenses 74.0 ( 38.6 ) 35.4 7.1 Total amortized intangible assets 377.6 ( 114.7 ) 262.9 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 379.4 $ ( 114.7 ) $ 264.7 As of April 29, 2023 (in millions) Gross Accumulated Net Weighted average remaining useful life (years) Amortized intangible assets: Customer relationships and agreements $ 286.7 $ ( 68.2 ) $ 218.5 14.8 Trade names, patents and technology licenses 71.6 ( 35.2 ) 36.4 6.0 Total amortized intangible assets 358.3 ( 103.4 ) 254.9 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 360.1 $ ( 103.4 ) $ 256.7 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: (in millions) Fiscal Year: Remainder of 2024 $ 11.8 2025 23.1 2026 22.2 2027 21.6 2028 19.3 Thereafter 164.9 Total $ 262.9

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Oct. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 7. Derivative Instruments and Hedging Activities The Company is exposed to various market risks including, but not limited to, foreign currency exchange rates and market interest rates. The Company strives to control its exposure to these risks through our normal operating activities and, where appropriate, through the use of derivative financial instruments. Derivative financial instruments are measured at fair value on a recurring basis. For a designated cash flow hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded in accumulated other comprehensive income (“AOCI”) in the condensed consolidated balance sheets. When the underlying hedged transaction is realized, the gain or loss previously included in AOCI is recorded in earnings and reflected in the condensed consolidated statements of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. The gain or loss associated with changes in the fair value of derivatives not designated as hedges are recorded immediately in the condensed consolidated statements of income on the same line as the associated risk. For a designated net investment hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded as a cumulative translation adjustment in AOCI in the condensed consolidated balance sheets. Net investment hedges The Company is exposed to the risk that adverse changes in foreign currency exchange rates could impact its net investment in non-U.S. subsidiaries. To manage this risk, the Company designates certain qualifying derivative and non-derivative instruments, including cross-currency swaps and foreign currency-denominated debt, as net investment hedges of certain non-U.S. subsidiaries. The Company had a variable-rate, cross-currency swap, with a notional value of $ 60.0 million (€ 54.8 million), that matured on August 31, 2023 with a gain of approximately $ 0.6 million. The cross-currency swap was designated as a hedge of the Company’s net investment in its euro-denominated subsidiaries. The gain will remain in AOCI until the hedged net investment is sold or substantially liquidated. Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter, under the spot-to-spot method. The Company recognizes the impact of all other changes in fair value of the derivative, which represents the interest rate differential of the cross-currency swap, through interest expense. For the three months ended October 28, 2023 and October 29, 2022 , the Company recorded gains of $ 0.4 million and $ 0.6 million, respectively, in interest expense, net in the condensed consolidated statements of income. For the six months ended October 28, 2023 and October 29, 2022 , the Company recorded gains of $ 1.1 million and $ 0.9 million, respectively, in interest expense, net in the condensed consolidated statements of income. The Company has also designated its euro-denominated long-term borrowings of $ 290.6 million under the Credit Agreement as a hedge of the Company's investment in its euro-denominated subsidiaries. The objective of the designation is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The change in the value of the euro-denominated long-term borrowings, which is due to changes in foreign exchange rates, is recorded as a cumulative translation adjustment in AOCI, net of tax. For the three months ended October 28, 2023 , the transaction gain associated with this net investment hedge reported in AOCI was $ 7.5 million. For the six months ended October 28, 2023 the transaction gain associated with this net investment hedge reported in AOCI was $ 7.3 million. Interest rate swaps The Company utilizes interest rate swaps to limit its exposure to market fluctuations on its variable-rate borrowings. The interest rate swaps effectively convert a portion of the Company's variable rate borrowings to a fixed rate based upon a determined notional amount. The Company has an interest rate swap, maturing on October 31, 2027 , with a notional value of $ 145.5 million (€ 132.0 million) and had two interest rate swaps that matured on August 31, 2023 , with a notional value of $ 100.0 million. The interest rate swaps are designated as cash flow hedges. Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter. The effective portion of the periodic changes in fair value is recognized in AOCI in the condensed consolidated balance sheets. Subsequently, the accumulated gains and losses recorded in AOCI are reclassified to income in the period during which the hedged cash flow impacts earnings, which are expected to be immaterial over the next 12 months. No ineffectiveness was recognized in the three or six months ended October 28, 2023 and October 29, 2022. Derivatives not designated as hedges The Company uses short-term foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. These forward contracts are not designated as hedging instruments. Gains and losses on these forward contracts are recognized in other income, net, along with the foreign currency gains and losses on monetary assets and liabilities, in the condensed consolidated statements of income. As of October 28, 2023 and April 29, 2023 , the Company held foreign currency forward contracts with a notional value of $ 71.9 million and $ 59.9 million, respectively. During the three and six months ended October 28, 2023 , the Company recognized a loss of $ 0.8 million and $ 2.7 million, respectively, related to foreign currency forward contracts in the condensed consolidated statements of income. During the three and six months ended October 29, 2022 , the Company recognized a loss of $ 2.4 million and $ 2.8 million, respectively, related to foreign currency forward contracts in the condensed consolidated statements of income. Fair value of derivative instruments on the balance sheet The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the balance sheets as follows: Asset/(Liability) (in millions) Financial Statement Caption October 28, 2023 April 29, 2023 Derivatives designated as hedging instruments: Net investment hedges Other accrued liabilities $ — $ ( 0.5 ) Interest rate swaps Prepaid expenses and other current assets $ — $ 1.6 Interest rate swaps Other long-term liabilities $ ( 1.1 ) $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts Prepaid expenses and other current assets $ — $ 0.1 Foreign currency forward contracts Other accrued liabilities $ ( 0.1 ) $ ( 0.1 ) Effect of derivative instruments on comprehensive income (loss) Gross amounts recorded in other comprehensive income (loss) were as follows: Three Months Ended Six Months Ended (in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Net investment hedges $ 1.1 $ 1.4 $ 1.2 $ 3.4 Interest rate swaps ( 0.4 ) 0.7 ( 2.7 ) 0.7 Total $ 0.7 $ 2.1 $ ( 1.5 ) $ 4.1

Debt

Debt	6 Months Ended
	Oct. 28, 2023
Debt Disclosure [Abstract]
Debt	Note 8. Debt A summary of debt is shown below: (in millions) October 28, 2023 April 29, 2023 Revolving credit facility $ 330.6 $ 305.4 Other debt 4.4 4.7 Unamortized debt issuance costs ( 3.0 ) ( 3.3 ) Total debt 332.0 306.8 Less: current maturities ( 3.0 ) ( 3.2 ) Total long-term debt $ 329.0 $ 303.6 Revolving credit facility/term loan On October 31, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein. The Credit Agreement amends and restates the Amended and Restated Credit Agreement, dated September 12, 2018 and as previously amended (the “Prior Credit Agreement”), among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender, and L/C Issuer, Wells Fargo Bank, National Association, as L/C Issuer, and the Lenders named therein. Among other things, the Credit Agreement (i) increased the multicurrency revolving credit commitments under the Prior Credit Agreement to $ 750,000,000 , (ii) refinanced in full and terminated the term loan facility under the Prior Credit Agreement, and (iii) made certain other changes to the covenants, terms, and conditions under the Prior Credit Agreement. In addition, the Credit Agreement permits the Company to increase the revolving commitments and/or add one or more tranches of term loans under the Credit Agreement from time to time by up to an amount equal to (i) $ 250,000,000 plus (ii) an additional amount so long as the leverage ratio would not exceed 3.00 :1.00 on a pro forma basis, subject to, among other things, the receipt of additional commitments from existing and/or new lenders. The Credit Agreement matures on October 31, 2027 . Loans denominated in US dollars under the Credit Agreement bear interest at either (a) an adjusted base rate or (b) an adjusted term Secured Overnight Financing Rate (“SOFR”) rate or term SOFR daily floating rate (in each case, as determined in accordance with the provisions of the Credit Agreement) in each case plus an applicable rate (the “Applicable Rate”) ranging between 0.375 % and 1.25 %, in the case of adjusted base rate loans, and between 1.375 % and 2.25 %, in the case of adjusted term SOFR rate loans and term SOFR daily floating rate loans. Loans denominated in euros will bear interest at the Euro Interbank Offered Rate plus an Applicable Rate ranging between 1.375 % and 2.25 %. The Applicable Rate is set based on the Company’s consolidated leverage ratio. As of October 28, 2023 , the outstanding balance under the revolving credit facility included $ 290.6 million (€ 275.0 million) of euro-denominated borrowings. The Company has designated the euro-denominated borrowings as a net investment hedge of the foreign currency exposure of its investments in euro-denominated subsidiaries. Refer to Note 7, "Derivative Financial Instruments and Hedging Activities" for further information. The weighted-average interest rate on outstanding US dollar and euro-denominated borrowings under the Credit Agreement was approximately 7.2 % and 5.6 %, respectively, as of October 28, 2023. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of October 28, 2023, the Company was in compliance with all the covenants in the Credit Agreement. Other debt One of the Company’s European subsidiaries has debt that consists of three notes with maturities ranging from 2023 to 2031. The weighted-average interest rate on this debt was approximately 1.4 % at October 28, 2023 and $ 3.0 million of the debt was classified as short-term.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Oct. 28, 2023
Share-Based Payment Arrangement [Abstract]
Shareholders' Equity	Note 9. Shareholders’ Equity Share buyback program The Board of Directors authorized a program to purchase up to $ 200.0 million of the Company’s outstanding common stock through June 14, 2024. Purchases may be made in private transactions or on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934. The following table summarizes the Company’s stock buyback activity under this share buyback program: Three Months Ended Six Months Ended (in millions, except share and per share data) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Shares purchased 322,779 508,179 322,779 825,814 Average price per share $ 24.03 $ 38.69 $ 24.03 $ 38.21 Total cost $ 7.8 $ 19.7 $ 7.8 31.6 As of October 28, 2023, a total of 3,113,154 shares have been purchased at a total cost of $ 127.1 million since the commencement of the share buyback program. All purchased shares were retired and are reflected as a reduction of common stock for the par value of shares, with the excess applied as a reduction to retained earnings. As of October 28, 2023, the dollar value of shares that remained available to be purchased by the Company under this share buyback program was $ 72.9 million. Dividends The Company paid dividends totaling $ 4.8 million and $ 4.9 million in the three months ended October 28, 2023 and October 29, 2022, respectively. The Company paid dividends totaling $ 10.1 million and $ 9.9 million in the six months ended October 28, 2023 and October 29, 2022, respectively. Dividends paid in the six months ended October 28, 2023 include $ 0.4 million of dividend equivalent payments for restricted stock units that vested at the end of fiscal 2023. Accumulated other comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. A summary of changes in AOCI, net of tax is shown below: Three Months Ended October 28, 2023 Six Months Ended October 28, 2023 (in millions) Currency translation adjustments Derivative instruments Total Currency translation adjustments Derivative instruments Total Balance at beginning of period $ ( 22.3 ) $ ( 0.8 ) $ ( 23.1 ) $ ( 19.8 ) $ 0.8 $ ( 19.0 ) Other comprehensive income (loss) ( 17.6 ) 0.7 ( 16.9 ) ( 20.3 ) ( 1.5 ) ( 21.8 ) Tax (expense) benefit ( 2.6 ) ( 0.3 ) ( 2.9 ) ( 2.4 ) 0.3 ( 2.1 ) Net other comprehensive income (loss) ( 20.2 ) 0.4 ( 19.8 ) ( 22.7 ) ( 1.2 ) ( 23.9 ) Balance at the end of period $ ( 42.5 ) $ ( 0.4 ) $ ( 42.9 ) $ ( 42.5 ) $ ( 0.4 ) $ ( 42.9 ) Three Months Ended October 29, 2022 Six Months Ended October 29, 2022 (in millions) Currency translation adjustments Derivative instruments Total Currency translation adjustments Derivative instruments Total Balance at beginning of period $ ( 41.4 ) $ 5.2 $ ( 36.2 ) $ ( 30.5 ) $ 3.7 $ ( 26.8 ) Other comprehensive income (loss) ( 19.9 ) 2.1 ( 17.8 ) ( 30.8 ) 4.1 ( 26.7 ) Tax (expense) benefit 0.2 ( 0.5 ) ( 0.3 ) 0.2 ( 1.0 ) ( 0.8 ) Net other comprehensive income (loss) ( 19.7 ) 1.6 ( 18.1 ) ( 30.6 ) 3.1 ( 27.5 ) Balance at the end of period $ ( 61.1 ) $ 6.8 $ ( 54.3 ) $ ( 61.1 ) $ 6.8 $ ( 54.3 ) Stock-based compensation The Company has granted stock options, restricted stock awards (“RSAs”), performance units (“PUs”), restricted stock units (“RSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (“2022 Plan”), the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (“2014 Plan”), the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”), and the Methode Electronics, Inc. 2004 Stock Plan (“2004 Plan”). The Company’s stockholders approved the 2022 Plan on September 14, 2022. The Company can no longer make grants under the 2014 Plan, 2010 Plan and 2004 Plan. Subject to adjustment as provided in the 2022 Plan and the 2022 Plan’s share counting provisions, the number of shares of the Company's common stock that will be available for all awards under the 2022 Plan is 5,550,000 , less one share for every one share of common stock subject to an option or SAR award granted after April 30, 2022 under the 2014 Plan and 2.28 shares for every one share that was subject to an award other than an option or SAR granted after April 30, 2022 under the 2014 Plan. As of October 28, 2023 , there were 4,943,780 shares available for award under the 2022 Plan. Restricted stock awards and performance units As of October 28, 2023 , the Company had 933,674 RSAs outstanding which may be earned based on the achievement of an earnings before net interest, taxes, fixed asset depreciation and intangible asset amortization (“EBITDA”) measure for fiscal 2025. The RSAs will vest ranging from 0 % (for performance below threshold) to 100 % (target performance) based on the achievement of the EBITDA performance measure and continued employment. In addition, if the target performance is exceeded, up to an additional 466,837 PUs can be earned that will be settled in cash. At the discretion of the Compensation Committee, the PUs may be settled in shares of common stock. The fair value of the RSAs was based on the closing stock price on the date of grant and the RSAs earn dividend equivalents during the vesting period, which are forfeitable if the RSAs do not vest. Compensation expense for the RSAs is recognized when it is probable the minimum threshold performance criteria will be achieved. Compensation expense for the PUs is recognized when it is probable that the target performance criteria will be exceeded. The Company assesses the probability of vesting at each balance sheet date and adjusts compensation costs based on the probability assessment. The cash-settled PUs represent a non-equity unit with a conversion value equal to the fair market value of a share of the Company’s common stock on the vesting date. The PUs are classified as liability awards due to the cash settlement feature and are re-measured at each balance sheet date. In accordance with ASC 718, based on projections of the Company’s current business portfolio, no compensation expense has been recognized for the RSAs or PUs to date, as the performance conditions are not probable of being met. Unrecognized stock-based compensation expense at target level of performance is $ 26.8 million as of October 28, 2023 , which, subject to the performance conditions being met, will be recognized through fiscal 2025. The following table summarizes RSA activity: Restricted Weighted Non-vested at April 29, 2023 933,674 $ 28.73 Awarded — $ — Vested — $ — Forfeited — $ — Non-vested at October 28, 2023 933,674 $ 28.73 Restricted stock units RSUs granted vest over a pre-determined period of time, up to five years from the date of grant. The fair value of the RSUs granted are based on the closing stock price on the date of grant and earn dividend equivalents during the vesting periods, which are forfeitable if the RSUs don’t vest. The following table summarizes RSU activity: Restricted Weighted Non-vested at April 29, 2023 727,467 $ 30.60 Awarded 207,050 $ 22.83 Vested ( 866 ) $ 38.24 Forfeited ( 13,474 ) $ 41.62 Non-vested at October 28, 2023 920,177 $ 28.68 Under the various stock plans, common stock underlying vested RSUs held by certain executives will not be delivered until termination of employment or a change of control of the Company. As of October 28, 2023 , common stock to be delivered to these executives totaled 577,055 shares. Director awards The Company grants stock awards to its non-employee directors as a component of their compensation. The stock awards vest immediately upon grant. Non-employee directors may elect to defer receipt of their shares under the Company’s non-qualified deferred compensation plan. The following table summarizes awards granted to non-employee directors: Non-employee director awards Deferred non-employee director awards Total Weighted Outstanding at April 29, 2023 — 45,750 45,750 $ 40.56 Awarded 16,804 30,194 46,998 $ 33.22 Issued ( 16,804 ) — ( 16,804 ) $ 33.32 Outstanding at October 28, 2023 — 75,944 75,944 $ 37.62 Stock options The following table summarizes stock option activity: Stock Weighted average exercise price Weighted- Aggregate Outstanding and exercisable at April 29, 2023 20,000 $ 37.01 1.2 $ 0.1 Exercised — $ — Forfeited — $ — Outstanding and exercisable at October 28, 2023 20,000 $ 37.01 0.7 $ 0.0 The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on that date. 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. Awards subject to graded vesting are recognized using the accelerated recognition method over the requisite service period. The table below summarizes the stock-based compensation expense related to the equity awards: Three Months Ended Six Months Ended (in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 RSUs $ 1.3 $ 2.7 $ 2.3 $ 5.1 Deferred non-employee director awards — — 1.0 1.0 Non-employee director awards — — 0.6 0.6 Total stock-based compensation expense $ 1.3 $ 2.7 $ 3.9 $ 6.7

(Loss) Income per Share

(Loss) Income per Share	6 Months Ended
	Oct. 28, 2023
Earnings Per Share [Abstract]
(Loss) Income per Share	Note 10. (Loss) Income per Share Basic (loss) income per share attributable to Methode is calculated by dividing net (loss) income attributable to Methode by the weighted average number of common shares outstanding for the applicable period, but excludes any contingently issued shares where the contingency has not been resolved. The weighted average number of common shares used in the diluted (loss) income per share calculation is determined using the treasury stock method which includes the effect of all potential dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted (loss) income per share attributable to Methode: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Numerator: Net (loss) income attributable to Methode (in millions) $ ( 55.3 ) $ 27.6 $ ( 54.4 ) $ 49.1 Denominator: Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units 35,671,677 36,126,132 35,679,776 36,346,054 Dilutive potential common shares — 715,699 — 682,762 Denominator for diluted income per share 35,671,677 36,841,831 35,679,776 37,028,816 (Loss) income per share attributable to Methode: Basic $ ( 1.55 ) $ 0.76 $ ( 1.52 ) $ 1.35 Diluted $ ( 1.55 ) $ 0.75 $ ( 1.52 ) $ 1.33 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1,543,183 940,510 1,536,206 934,522 In the three and six months ended October 28, 2023 , all potential common shares issuable for stock options and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been approximately 584,000 and 589,000 common shares for the three and six months ended October 28, 2023 , respectively.

Segment Information

Segment Information	6 Months Ended
	Oct. 28, 2023
Segment Reporting [Abstract]
Segment Information	Note 11. 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. The Company has four reporting segments as described below. 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, with its surface support technology aimed at pressure injury prevention. Methode developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of Dabir Surfaces. In October 2023, the Company sold certain assets of its Dabir Surfaces business. See Note 3, "Acquisition and Disposition" for more information. The tables below present information about the Company’s reportable segments: Three Months Ended October 28, 2023 (in millions) Automotive Industrial Interface Medical Eliminations/ Consolidated Net sales $ 158.0 $ 128.0 $ 11.7 $ 1.6 $ ( 11.3 ) $ 288.0 Transfers between segments ( 3.7 ) ( 7.6 ) — — 11.3 — Net sales to unaffiliated customers $ 154.3 $ 120.4 $ 11.7 $ 1.6 $ — $ 288.0 Income (loss) from operations $ ( 61.5 ) $ 25.7 $ 1.0 $ ( 0.7 ) $ ( 15.8 ) $ ( 51.3 ) Interest expense, net 4.4 Other income, net ( 0.2 ) Pre-tax loss $ ( 55.5 ) Goodwill impairment $ 56.5 $ — $ — $ — $ — $ 56.5 Three Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Eliminations Consolidated Net sales $ 198.3 $ 107.8 $ 14.1 $ 1.1 $ ( 5.4 ) $ 315.9 Transfers between segments ( 1.4 ) ( 4.0 ) — — 5.4 — Net sales to unaffiliated customers $ 196.9 $ 103.8 $ 14.1 $ 1.1 $ — $ 315.9 Income (loss) from operations $ 23.4 $ 25.0 $ 1.6 $ ( 1.4 ) $ ( 15.8 ) $ 32.8 Interest expense, net 0.5 Other income, net ( 1.1 ) Pre-tax income $ 33.4 Six Months Ended October 28, 2023 (in millions) Automotive Industrial Interface Medical Eliminations/ Consolidated Net sales $ 319.1 $ 250.6 $ 27.0 $ 2.4 $ ( 21.4 ) $ 577.7 Transfers between segments ( 6.5 ) ( 14.8 ) ( 0.1 ) — 21.4 — Net sales to unaffiliated customers $ 312.6 $ 235.8 $ 26.9 $ 2.4 $ — $ 577.7 Income (loss) from operations $ ( 64.3 ) $ 49.9 $ 3.9 $ ( 2.9 ) $ ( 34.1 ) $ ( 47.5 ) Interest expense, net 7.2 Other income, net ( 0.2 ) Pre-tax loss $ ( 54.5 ) Goodwill impairment $ 56.5 $ — $ — $ — $ — $ 56.5 Six Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Eliminations Consolidated Net sales $ 375.6 $ 201.5 $ 27.1 $ 1.8 $ ( 7.7 ) $ 598.3 Transfers between segments ( 2.1 ) ( 5.6 ) — — 7.7 — Net sales to unaffiliated customers $ 373.5 $ 195.9 $ 27.1 $ 1.8 $ — $ 598.3 Income (loss) from operations $ 38.1 $ 47.4 $ 3.2 $ ( 2.9 ) $ ( 31.2 ) $ 54.6 Interest expense, net 0.5 Other income, net ( 5.2 ) Pre-tax income $ 59.3 (in millions) October 28, 2023 April 29, 2023 Identifiable assets: Automotive $ 643.3 $ 700.2 Industrial 636.8 672.3 Interface 117.5 127.2 Medical 0.8 6.2 Eliminations/Corporate 86.5 73.2 Total identifiable assets $ 1,484.9 $ 1,579.1

Contingencies

Contingencies	6 Months Ended
	Oct. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 12. 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 our 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 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. A trial with respect to the matter began in February 2020. During the trial, the defendants dismissed their one remaining counterclaim with prejudice. On March 2, 2020, the jury returned a verdict in favor of the Company. The verdict included approximately $ 102 million in compensatory damages and $ 11 million in punitive damages. On April 22, 2020, the District Court entered a permanent injunction barring defendants from selling infringing products and ordering them to return Hetronic’s confidential information. Defendants appealed entry of the permanent injunction. On May 29, 2020, the District Court held defendants in contempt for violating the permanent injunction and entered the final judgment. Defendants appealed entry of the final monetary judgment as well. The appeal of the permanent injunction and the appeal of the final judgment were consolidated into a single appeal before the U.S. Court of Appeals for the Tenth Circuit. On August 24, 2021, the Tenth Circuit issued a decision affirming the lower court’s ruling with the exception that it instructed the District Court to modify the injunction from the entire world to all of the countries in which Hetronic sells its products. On April 20 and 21, 2022, the District Court held a hearing related to modifying the injunction pursuant to the Tenth Circuit’s opinion, and the parties have filed post-hearing briefs. The defendants also filed a petition for certiorari with the United States Supreme Court seeking to further appeal the extraterritorial application of the Lanham Act in this case. The Company opposed that petition. The Supreme Court requested the views of the Solicitor General on the petition for certiorari, and the Solicitor General recommended granting the petition. On November 4, 2022, the Supreme Court granted the petition. The Supreme Court heard arguments in this matter on March 21, 2023. On June 29, 2023, the Supreme Court vacated the Tenth Circuit’s August 2021 decision and remanded the matter back to the Tenth Circuit for further proceedings. On September 1, 2023, the Tenth Circuit requested supplemental briefing from the parties regarding the effect of the Supreme Court’s decision on the appeal and the proper course of further proceedings. That briefing was thereafter submitted. Like any judgment, particularly a judgment involving defendants outside of the United States, there is no guarantee that the Company will be able to collect all or any portion of the judgment. Furthermore, defendants Abitron Germany and Hetronic Germany filed for insolvency in German court in September and October 2023 respectively, and the Germany insolvency court then appointed a receiver. These insolvency proceedings could potentially adversely impact our ability to enforce or collect upon the judgment or portions of the judgment or otherwise pursue or enforce claims or rights against those defendants.

Restructuring

Restructuring	6 Months Ended
	Oct. 28, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Note 13. Restructuring The Company continually monitors market factors and industry trends and takes restructuring actions to reduce overall costs and improve operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments and contract termination costs. As noted above, the Company made the decision to initiate the discontinuation of the Dabir business in the Medical segment. The Company recognized $ 0.4 million and $ 0.5 million of severance costs in the three and six months ended October 28, 2023, respectively, in selling and administrative expenses. In addition, in the six months ended October 28, 2023 , the Company recognized fixed asset impairment charges of $ 0.6 million in cost of products sold related to this restructuring action. In the Automotive segment, the Company recognized $ 0.2 million of severance costs in the three and six months ended October 28, 2023. In the three and six months ended October 29, 2022, restructuring costs primarily related to an impairment of an operating lease right-of-use asset. Employee termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable. Asset impairment charges relate to the impairment of right-of-use lease assets and equipment. Components of restructuring costs were as follows: Three Months Ended Six Months Ended (in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Automotive $ 0.2 $ — $ 0.2 $ — Industrial — 0.4 — 0.5 Interface — — — — Medical 0.4 — 1.1 — Eliminations/Corporate — 0.1 — 0.1 Total restructuring costs $ 0.6 $ 0.5 $ 1.3 $ 0.6 Recognized in: Cost of products sold $ 0.2 $ 0.1 $ 0.8 $ 0.1 Selling and administrative expenses 0.4 0.4 0.5 0.5 $ 0.6 $ 0.5 $ 1.3 $ 0.6 The Company's restructuring liability was $ 0.1 million as of October 28, 2023. Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals.

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 28, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events On December 5, 2023, the Board of Directors of the Company removed Joseph Khoury from his position as Chief Operating Officer of the Company, and Mr. Khoury was terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company. Mr. Khoury was placed on leave from that position on July 10, 2023, as previously reported in the Company’s Current Report on Form 8-K filed on July 14, 2023. As previously disclosed, multiple other officers of the Company have assumed Mr. Khoury’s management duties during this period, while remaining in their current positions and as a result, the Company has eliminated the position of Chief Operating Officer for the present time following Mr. Khoury’s departure from Methode. As a result, the Company expects to reverse between $3.5 million and $3.9 million of previously recognized compensation expense in the third quarter of fiscal 2024. On December 6, 2023, the Board of Directors of the Company declared a quarterly dividend of $0.14 per share to be paid on January 26, 2024, to common stockholders of record at the close of business on January 12, 2024.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 29, 2023, filed with the SEC on June 27, 2023. Results may vary from quarter to quarter for reasons other than seasonality.
Financial Reporting Periods	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 28, 2023 and October 29, 2022 were both 13 -week periods and the six months ended October 28, 2023 and October 29, 2022 were both 26 -week periods.
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. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements	Recently adopted accounting pronouncements In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, “Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured at the acquisition date in accordance with Accounting Standards Codification ("ASC") 606, as if the acquirer had originated the contracts. Prior to the issuance of this ASU, contract assets and liabilities were recognized at fair value on the acquisition date. The Company adopted this ASU in the first quarter of fiscal 2024 on a prospective basis. The adoption of this ASU did not have a material impact on its condensed consolidated financial statements or related disclosures and is only applicable to future business acquisitions. New accounting pronouncements not yet adopted In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The adoption of this ASU will result in increased disclosures for the Company's segments. There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. Further, at October 28, 2023, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.
Summary of Significant Accounting Policies	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 29, 2023. There have been no material changes to the significant accounting policies in the six months ended October 28, 2023 .
Revenue	From time to time, customers may 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. Across all products, the amount of revenue recognized corresponds to the related purchase order and is adjusted for variable consideration (such as discounts) and ongoing price adjustments. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption from the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less.
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 years for machinery and equipment.
Income per Share	Basic (loss) income per share attributable to Methode is calculated by dividing net (loss) income attributable to Methode by the weighted average number of common shares outstanding for the applicable period, but excludes any contingently issued shares where the contingency has not been resolved. The weighted average number of common shares used in the diluted (loss) income per share calculation is determined using the treasury stock method which includes the effect of all potential 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. 28, 2023
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue Information	The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. 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 28, 2023 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 70.9 $ 52.0 $ 11.7 $ 1.5 $ 136.1 Europe, the Middle East & Africa ("EMEA") 49.7 42.8 — — 92.5 Asia 33.7 25.6 — 0.1 59.4 Total net sales $ 154.3 $ 120.4 $ 11.7 $ 1.6 $ 288.0 Timing of revenue recognition: Goods transferred at a point in time $ 149.9 $ 120.4 $ 11.7 $ 1.6 $ 283.6 Goods transferred over time 4.4 — — — 4.4 Total net sales $ 154.3 $ 120.4 $ 11.7 $ 1.6 $ 288.0 Three Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 97.8 $ 40.1 $ 14.0 $ 1.1 $ 153.0 EMEA 53.9 37.9 — — 91.8 Asia 45.2 25.8 0.1 — 71.1 Total net sales $ 196.9 $ 103.8 $ 14.1 $ 1.1 $ 315.9 Timing of revenue recognition: Goods transferred at a point in time $ 192.3 $ 103.8 $ 14.1 $ 1.1 $ 311.3 Goods transferred over time 4.6 — — — 4.6 Total net sales $ 196.9 $ 103.8 $ 14.1 $ 1.1 $ 315.9 Six Months Ended October 28, 2023 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 137.7 $ 92.0 $ 26.9 $ 2.3 $ 258.9 EMEA 101.9 93.9 — — 195.8 Asia 73.0 49.9 — 0.1 123.0 Total net sales $ 312.6 $ 235.8 $ 26.9 $ 2.4 $ 577.7 Timing of revenue recognition: Goods transferred at a point in time $ 304.1 $ 235.8 $ 26.9 $ 2.4 $ 569.2 Goods transferred over time 8.5 — — — 8.5 Total net sales $ 312.6 $ 235.8 $ 26.9 $ 2.4 $ 577.7 Six Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 192.5 $ 80.8 $ 27.0 $ 1.8 $ 302.1 EMEA 106.0 66.4 — — 172.4 Asia 75.0 48.7 0.1 — 123.8 Total net sales $ 373.5 $ 195.9 $ 27.1 $ 1.8 $ 598.3 Timing of revenue recognition: Goods transferred at a point in time $ 364.4 $ 195.9 $ 27.1 $ 1.8 $ 589.2 Goods transferred over time 9.1 — — — 9.1 Total net sales $ 373.5 $ 195.9 $ 27.1 $ 1.8 $ 598.3

Acquisition and Disposition (Ta

Acquisition and Disposition (Tables)	6 Months Ended
	Oct. 28, 2023
Acquisitions and Dispositions Disclosure [Abstract]
Preliminary Fair Value and Subsequent Measurement Period Adjustments of Assets Acquired and Liabilities Assumed, Including Reconciliation to Total Purchase Price	The preliminary fair value and subsequent measurement period adjustments of the assets acquired and liabilities assumed, including a reconciliation to the total purchase price, were as follows: As reported as of July 29, 2023 Measurement period adjustments As of October 28, 2023 (in millions) Cash and cash equivalents $ 19.6 $ — $ 19.6 Accounts receivable 17.1 — 17.1 Inventories 9.6 ( 0.2 ) 9.4 Property, plant and equipment 12.9 3.4 16.3 Identifiable intangible assets 68.1 24.5 92.6 Accounts payable ( 10.8 ) — ( 10.8 ) Long-term debt ( 24.4 ) — ( 24.4 ) Other assets and liabilities, net ( 2.8 ) ( 0.5 ) ( 3.3 ) Deferred tax liabilities ( 13.4 ) ( 5.4 ) ( 18.8 ) Total identifiable net assets acquired 75.9 21.8 97.7 Goodwill 69.6 ( 21.8 ) 47.8 Total fair value of net assets acquired 145.5 — 145.5 Less: redeemable noncontrolling interest ( 11.3 ) — ( 11.3 ) Total purchase price $ 134.2 $ — $ 134.2

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax (Benefit) Expense And Effective Tax Rate	The Company’s income tax (benefit) expense and effective tax rate for the three and six months ended October 28, 2023 and October 29, 2022 were as follows: Three Months Ended Six Months Ended ($ in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Pre-tax (loss) income $ ( 55.5 ) $ 33.4 $ ( 54.5 ) $ 59.3 Income tax (benefit) expense $ ( 0.2 ) 5.8 $ ( 0.1 ) 10.2 Effective tax rate 0.4 % 17.4 % 0.2 % 17.2 %

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Oct. 28, 2023
Balance Sheet Components [Abstract]
Summary of Inventories	A summary of inventories is shown below: (in millions) October 28, 2023 April 29, 2023 Finished products $ 47.3 $ 36.6 Work in process 17.7 14.4 Raw materials 118.9 108.7 Total inventories $ 183.9 $ 159.7
Summary of Property, Plant and Equipment	A summary of property, plant and equipment is shown below: (in millions) October 28, 2023 April 29, 2023 Land $ 3.0 $ 3.0 Buildings and building improvements 99.5 98.8 Machinery and equipment 411.4 414.3 Construction in progress 48.0 40.6 Total property, plant and equipment, gross 561.9 556.7 Less: accumulated depreciation ( 337.3 ) ( 336.4 ) Property, plant and equipment, net $ 224.6 $ 220.3

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Oct. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of the Changes in the Carrying Amount of Goodwill by Segment	A summary of the changes in the carrying amount of goodwill, by segment, is shown below: (in millions) Automotive Industrial Total Balance as of April 29, 2023 $ 106.2 $ 195.7 $ 301.9 Acquisition (Note 3) — ( 21.8 ) ( 21.8 ) Impairment ( 56.5 ) — ( 56.5 ) Foreign currency translation ( 0.3 ) ( 2.6 ) ( 2.9 ) Balance as of October 28, 2023 $ 49.4 $ 171.3 $ 220.7
Summary of Goodwill by Reporting Unit	A summary of goodwill by reporting unit is as follows: (in millions) October 28, 2023 April 29, 2023 Grakon Industrial $ 123.9 $ 124.5 North American Automotive 49.4 99.8 Nordic Lights 45.8 69.6 European Automotive — 6.4 Other 1.6 1.6 Total $ 220.7 $ 301.9
Schedule of Other Intangible Assets, Net	Details of identifiable intangible assets are shown below: As of October 28, 2023 (in millions) Gross Accumulated Net Weighted average remaining useful life (years) Amortized intangible assets: Customer relationships and agreements $ 303.6 $ ( 76.1 ) $ 227.5 15.2 Trade names, patents and technology licenses 74.0 ( 38.6 ) 35.4 7.1 Total amortized intangible assets 377.6 ( 114.7 ) 262.9 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 379.4 $ ( 114.7 ) $ 264.7 As of April 29, 2023 (in millions) Gross Accumulated Net Weighted average remaining useful life (years) Amortized intangible assets: Customer relationships and agreements $ 286.7 $ ( 68.2 ) $ 218.5 14.8 Trade names, patents and technology licenses 71.6 ( 35.2 ) 36.4 6.0 Total amortized intangible assets 358.3 ( 103.4 ) 254.9 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 360.1 $ ( 103.4 ) $ 256.7
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: (in millions) Fiscal Year: Remainder of 2024 $ 11.8 2025 23.1 2026 22.2 2027 21.6 2028 19.3 Thereafter 164.9 Total $ 262.9

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Oct. 28, 2023
Text Block [Abstract]
Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Balance Sheet	The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the balance sheets as follows: Asset/(Liability) (in millions) Financial Statement Caption October 28, 2023 April 29, 2023 Derivatives designated as hedging instruments: Net investment hedges Other accrued liabilities $ — $ ( 0.5 ) Interest rate swaps Prepaid expenses and other current assets $ — $ 1.6 Interest rate swaps Other long-term liabilities $ ( 1.1 ) $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts Prepaid expenses and other current assets $ — $ 0.1 Foreign currency forward contracts Other accrued liabilities $ ( 0.1 ) $ ( 0.1 )
Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss)	Gross amounts recorded in other comprehensive income (loss) were as follows: Three Months Ended Six Months Ended (in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Net investment hedges $ 1.1 $ 1.4 $ 1.2 $ 3.4 Interest rate swaps ( 0.4 ) 0.7 ( 2.7 ) 0.7 Total $ 0.7 $ 2.1 $ ( 1.5 ) $ 4.1

Debt (Tables)

Debt (Tables)	6 Months Ended
	Oct. 28, 2023
Debt Disclosure [Abstract]
Summary of Debt	A summary of debt is shown below: (in millions) October 28, 2023 April 29, 2023 Revolving credit facility $ 330.6 $ 305.4 Other debt 4.4 4.7 Unamortized debt issuance costs ( 3.0 ) ( 3.3 ) Total debt 332.0 306.8 Less: current maturities ( 3.0 ) ( 3.2 ) Total long-term debt $ 329.0 $ 303.6

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Oct. 28, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock Buyback Activity Under Share Buyback Program	The following table summarizes the Company’s stock buyback activity under this share buyback program: Three Months Ended Six Months Ended (in millions, except share and per share data) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Shares purchased 322,779 508,179 322,779 825,814 Average price per share $ 24.03 $ 38.69 $ 24.03 $ 38.21 Total cost $ 7.8 $ 19.7 $ 7.8 31.6
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax	A summary of changes in AOCI, net of tax is shown below: Three Months Ended October 28, 2023 Six Months Ended October 28, 2023 (in millions) Currency translation adjustments Derivative instruments Total Currency translation adjustments Derivative instruments Total Balance at beginning of period $ ( 22.3 ) $ ( 0.8 ) $ ( 23.1 ) $ ( 19.8 ) $ 0.8 $ ( 19.0 ) Other comprehensive income (loss) ( 17.6 ) 0.7 ( 16.9 ) ( 20.3 ) ( 1.5 ) ( 21.8 ) Tax (expense) benefit ( 2.6 ) ( 0.3 ) ( 2.9 ) ( 2.4 ) 0.3 ( 2.1 ) Net other comprehensive income (loss) ( 20.2 ) 0.4 ( 19.8 ) ( 22.7 ) ( 1.2 ) ( 23.9 ) Balance at the end of period $ ( 42.5 ) $ ( 0.4 ) $ ( 42.9 ) $ ( 42.5 ) $ ( 0.4 ) $ ( 42.9 ) Three Months Ended October 29, 2022 Six Months Ended October 29, 2022 (in millions) Currency translation adjustments Derivative instruments Total Currency translation adjustments Derivative instruments Total Balance at beginning of period $ ( 41.4 ) $ 5.2 $ ( 36.2 ) $ ( 30.5 ) $ 3.7 $ ( 26.8 ) Other comprehensive income (loss) ( 19.9 ) 2.1 ( 17.8 ) ( 30.8 ) 4.1 ( 26.7 ) Tax (expense) benefit 0.2 ( 0.5 ) ( 0.3 ) 0.2 ( 1.0 ) ( 0.8 ) Net other comprehensive income (loss) ( 19.7 ) 1.6 ( 18.1 ) ( 30.6 ) 3.1 ( 27.5 ) Balance at the end of period $ ( 61.1 ) $ 6.8 $ ( 54.3 ) $ ( 61.1 ) $ 6.8 $ ( 54.3 )
Summary of RSA and RSU Activity	The following table summarizes RSA activity: Restricted Weighted Non-vested at April 29, 2023 933,674 $ 28.73 Awarded — $ — Vested — $ — Forfeited — $ — Non-vested at October 28, 2023 933,674 $ 28.73 The following table summarizes RSU activity: Restricted Weighted Non-vested at April 29, 2023 727,467 $ 30.60 Awarded 207,050 $ 22.83 Vested ( 866 ) $ 38.24 Forfeited ( 13,474 ) $ 41.62 Non-vested at October 28, 2023 920,177 $ 28.68
Summary of Awards Granted to Non-employee Directors	The following table summarizes awards granted to non-employee directors: Non-employee director awards Deferred non-employee director awards Total Weighted Outstanding at April 29, 2023 — 45,750 45,750 $ 40.56 Awarded 16,804 30,194 46,998 $ 33.22 Issued ( 16,804 ) — ( 16,804 ) $ 33.32 Outstanding at October 28, 2023 — 75,944 75,944 $ 37.62
Summary of combined stock option activity and related information for stock options granted	The following table summarizes stock option activity: Stock Weighted average exercise price Weighted- Aggregate Outstanding and exercisable at April 29, 2023 20,000 $ 37.01 1.2 $ 0.1 Exercised — $ — Forfeited — $ — Outstanding and exercisable at October 28, 2023 20,000 $ 37.01 0.7 $ 0.0
Summary of Stock-based Compensation Expense Related to Equity Awards	The table below summarizes the stock-based compensation expense related to the equity awards: Three Months Ended Six Months Ended (in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 RSUs $ 1.3 $ 2.7 $ 2.3 $ 5.1 Deferred non-employee director awards — — 1.0 1.0 Non-employee director awards — — 0.6 0.6 Total stock-based compensation expense $ 1.3 $ 2.7 $ 3.9 $ 6.7

(Loss) Income per Share (Tables

(Loss) Income per Share (Tables)	6 Months Ended
	Oct. 28, 2023
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 (loss) income per share attributable to Methode: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Numerator: Net (loss) income attributable to Methode (in millions) $ ( 55.3 ) $ 27.6 $ ( 54.4 ) $ 49.1 Denominator: Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units 35,671,677 36,126,132 35,679,776 36,346,054 Dilutive potential common shares — 715,699 — 682,762 Denominator for diluted income per share 35,671,677 36,841,831 35,679,776 37,028,816 (Loss) income per share attributable to Methode: Basic $ ( 1.55 ) $ 0.76 $ ( 1.52 ) $ 1.35 Diluted $ ( 1.55 ) $ 0.75 $ ( 1.52 ) $ 1.33 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1,543,183 940,510 1,536,206 934,522

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Oct. 28, 2023
Segment Reporting [Abstract]
Schedule of Reportable Segments	The tables below present information about the Company’s reportable segments: Three Months Ended October 28, 2023 (in millions) Automotive Industrial Interface Medical Eliminations/ Consolidated Net sales $ 158.0 $ 128.0 $ 11.7 $ 1.6 $ ( 11.3 ) $ 288.0 Transfers between segments ( 3.7 ) ( 7.6 ) — — 11.3 — Net sales to unaffiliated customers $ 154.3 $ 120.4 $ 11.7 $ 1.6 $ — $ 288.0 Income (loss) from operations $ ( 61.5 ) $ 25.7 $ 1.0 $ ( 0.7 ) $ ( 15.8 ) $ ( 51.3 ) Interest expense, net 4.4 Other income, net ( 0.2 ) Pre-tax loss $ ( 55.5 ) Goodwill impairment $ 56.5 $ — $ — $ — $ — $ 56.5 Three Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Eliminations Consolidated Net sales $ 198.3 $ 107.8 $ 14.1 $ 1.1 $ ( 5.4 ) $ 315.9 Transfers between segments ( 1.4 ) ( 4.0 ) — — 5.4 — Net sales to unaffiliated customers $ 196.9 $ 103.8 $ 14.1 $ 1.1 $ — $ 315.9 Income (loss) from operations $ 23.4 $ 25.0 $ 1.6 $ ( 1.4 ) $ ( 15.8 ) $ 32.8 Interest expense, net 0.5 Other income, net ( 1.1 ) Pre-tax income $ 33.4 Six Months Ended October 28, 2023 (in millions) Automotive Industrial Interface Medical Eliminations/ Consolidated Net sales $ 319.1 $ 250.6 $ 27.0 $ 2.4 $ ( 21.4 ) $ 577.7 Transfers between segments ( 6.5 ) ( 14.8 ) ( 0.1 ) — 21.4 — Net sales to unaffiliated customers $ 312.6 $ 235.8 $ 26.9 $ 2.4 $ — $ 577.7 Income (loss) from operations $ ( 64.3 ) $ 49.9 $ 3.9 $ ( 2.9 ) $ ( 34.1 ) $ ( 47.5 ) Interest expense, net 7.2 Other income, net ( 0.2 ) Pre-tax loss $ ( 54.5 ) Goodwill impairment $ 56.5 $ — $ — $ — $ — $ 56.5 Six Months Ended October 29, 2022 (in millions) Automotive Industrial Interface Medical Eliminations Consolidated Net sales $ 375.6 $ 201.5 $ 27.1 $ 1.8 $ ( 7.7 ) $ 598.3 Transfers between segments ( 2.1 ) ( 5.6 ) — — 7.7 — Net sales to unaffiliated customers $ 373.5 $ 195.9 $ 27.1 $ 1.8 $ — $ 598.3 Income (loss) from operations $ 38.1 $ 47.4 $ 3.2 $ ( 2.9 ) $ ( 31.2 ) $ 54.6 Interest expense, net 0.5 Other income, net ( 5.2 ) Pre-tax income $ 59.3 (in millions) October 28, 2023 April 29, 2023 Identifiable assets: Automotive $ 643.3 $ 700.2 Industrial 636.8 672.3 Interface 117.5 127.2 Medical 0.8 6.2 Eliminations/Corporate 86.5 73.2 Total identifiable assets $ 1,484.9 $ 1,579.1

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Oct. 28, 2023
Restructuring and Related Activities [Abstract]
Summary of Components of Restructuring Costs	Components of restructuring costs were as follows: Three Months Ended Six Months Ended (in millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Automotive $ 0.2 $ — $ 0.2 $ — Industrial — 0.4 — 0.5 Interface — — — — Medical 0.4 — 1.1 — Eliminations/Corporate — 0.1 — 0.1 Total restructuring costs $ 0.6 $ 0.5 $ 1.3 $ 0.6 Recognized in: Cost of products sold $ 0.2 $ 0.1 $ 0.8 $ 0.1 Selling and administrative expenses 0.4 0.4 0.5 0.5 $ 0.6 $ 0.5 $ 1.3 $ 0.6

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Fiscal period duration	91 days	91 days	182 days	182 days
ASU 2021-08
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 288	$ 315.9	$ 577.7	$ 598.3
Automotive
Disaggregation of Revenue [Line Items]
Net sales	154.3	196.9	312.6	373.5
Industrial
Disaggregation of Revenue [Line Items]
Net sales	120.4	103.8	235.8	195.9
Interface
Disaggregation of Revenue [Line Items]
Net sales	11.7	14.1	26.9	27.1
Medical
Disaggregation of Revenue [Line Items]
Net sales	1.6	1.1	2.4	1.8
Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net sales	283.6	311.3	569.2	589.2
Goods Transferred at a Point in Time | Automotive
Disaggregation of Revenue [Line Items]
Net sales	149.9	192.3	304.1	364.4
Goods Transferred at a Point in Time | Industrial
Disaggregation of Revenue [Line Items]
Net sales	120.4	103.8	235.8	195.9
Goods Transferred at a Point in Time | Interface
Disaggregation of Revenue [Line Items]
Net sales	11.7	14.1	26.9	27.1
Goods Transferred at a Point in Time | Medical
Disaggregation of Revenue [Line Items]
Net sales	1.6	1.1	2.4	1.8
Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net sales	4.4	4.6	8.5	9.1
Goods Transferred Over Time | Automotive
Disaggregation of Revenue [Line Items]
Net sales	4.4	4.6	8.5	9.1
North America
Disaggregation of Revenue [Line Items]
Net sales	136.1	153	258.9	302.1
North America | Automotive
Disaggregation of Revenue [Line Items]
Net sales	70.9	97.8	137.7	192.5
North America | Industrial
Disaggregation of Revenue [Line Items]
Net sales	52	40.1	92	80.8
North America | Interface
Disaggregation of Revenue [Line Items]
Net sales	11.7	14	26.9	27
North America | Medical
Disaggregation of Revenue [Line Items]
Net sales	1.5	1.1	2.3	1.8
EMEA
Disaggregation of Revenue [Line Items]
Net sales	92.5	91.8	195.8	172.4
EMEA | Automotive
Disaggregation of Revenue [Line Items]
Net sales	49.7	53.9	101.9	106
EMEA | Industrial
Disaggregation of Revenue [Line Items]
Net sales	42.8	37.9	93.9	66.4
Asia
Disaggregation of Revenue [Line Items]
Net sales	59.4	71.1	123	123.8
Asia | Automotive
Disaggregation of Revenue [Line Items]
Net sales	33.7	45.2	73	75
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	25.6	25.8	49.9	48.7
Asia | Interface
Disaggregation of Revenue [Line Items]
Net sales		$ 0.1		$ 0.1
Asia | Medical
Disaggregation of Revenue [Line Items]
Net sales	$ 0.1		$ 0.1

Acquisition and Disposition - N

Acquisition and Disposition - Narrative (Details) € in Millions						3 Months Ended		6 Months Ended
	Oct. 13, 2023 USD ($)	Oct. 10, 2023 EUR (€)	Oct. 10, 2023 USD ($)	Apr. 20, 2023 EUR (€)	Apr. 20, 2023 USD ($)	Jul. 31, 2023 EUR (€)	Jul. 31, 2023 USD ($)	Oct. 28, 2023 USD ($)
Dabir Business
Acquisitions and Dispositions [Line Items]
Consideration from sale of business	$ 1,500,000
Loss on the sale of business, including transaction costs	$ (600,000)
Finland | Nordic Lights
Acquisitions and Dispositions [Line Items]
Ownership percentage in subsidiary		100%	100%
Finland | Nordic Lights | Maximum
Acquisitions and Dispositions [Line Items]
Ownership percentage of minority shareholders					10%
Nordic Lights | Finland
Acquisitions and Dispositions [Line Items]
Percentage acquired					92.20%	99.40%	99.40%
Additional percentage acquired		0.60%	0.60%			7.20%	7.20%
Payments to acquire business in cash		€ 0.8	$ 900,000	€ 121.8	$ 134,200,000	€ 9.2	$ 10,200,000
Expected goodwill recognized to be deductible for income tax purposes					$ 0
Weighted average amortization period for acquired intangible assets				18 years 2 months 12 days	18 years 2 months 12 days
Acquisition cost incurred								$ 500,000

Acquisition and Disposition - P

Acquisition and Disposition - Preliminary Fair Value and Subsequent Measurement Period Adjustments of Assets Acquired and Liabilities Assumed, Including Reconciliation to Total Purchase Price (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 220.7		$ 301.9
Nordic Lights | Finland
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	19.6
Accounts receivable	17.1
Inventories	9.4
Property, plant and equipment	16.3
Identifiable intangible assets	92.6
Accounts payable	(10.8)
Long-term debt	(24.4)
Other assets and liabilities, net	(3.3)
Deferred tax liabilities	(18.8)
Total identifiable net assets acquired	97.7
Goodwill	47.8
Total fair value of net assets acquired	145.5
Less: redeemable noncontrolling interest	(11.3)
Total purchase price	134.2
Nordic Lights | Finland | As Reported as of July 29, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		$ 19.6
Accounts receivable		17.1
Inventories		9.6
Property, plant and equipment		12.9
Identifiable intangible assets		68.1
Accounts payable		(10.8)
Long-term debt		(24.4)
Other assets and liabilities, net		(2.8)
Deferred tax liabilities		(13.4)
Total identifiable net assets acquired		75.9
Goodwill		69.6
Total fair value of net assets acquired		145.5
Less: redeemable noncontrolling interest		(11.3)
Total purchase price		$ 134.2
Nordic Lights | Finland | Measurement Period Adjustments
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Inventories	(0.2)
Property, plant and equipment	3.4
Identifiable intangible assets	24.5
Other assets and liabilities, net	(0.5)
Deferred tax liabilities	(5.4)
Total identifiable net assets acquired	21.8
Goodwill	$ (21.8)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income before Income Taxes, Income Tax (Benefit) Expense and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Pre-tax (loss) income	$ (55.5)	$ 33.4	$ (54.5)	$ 59.3
Income tax (benefit) expense	$ (0.2)	$ 5.8	$ (0.1)	$ 10.2
Effective tax rate	0.40%	17.40%	0.20%	17.20%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Income Tax Examination [Line Items]
Income tax at statutory rate	21%	21%	21%	21%
Gross unrecognized income tax benefits	$ 4.6		$ 4.6		$ 4.5
Income tax penalties and interest accrued	$ 0.3		$ 0.3		$ 0.2

Balance Sheet Components - Cash

Balance Sheet Components - Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 122.5	$ 157
Money Market Accounts
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 0.2	$ 1.3

Balance Sheet Components - Acco

Balance Sheet Components - Accounts Receivable and Allowance for Doubtful Accounts - Narrative (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Allowance for doubtful accounts receivable	$ 1.5	$ 1.3

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Inventories (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Finished products	$ 47.3	$ 36.6
Work in process	17.7	14.4
Raw materials	118.9	108.7
Total inventories	$ 183.9	$ 159.7

Balance Sheet Components - Prop

Balance Sheet Components - Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Property Plant And Equipment [Line Items]
Depreciation	$ 8.2	$ 7.5	$ 16.5	$ 15.1
Capital expenditures recorded in accounts payable			$ 5.6		$ 4.5
Minimum | Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years		5 years
Minimum | Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years		3 years
Maximum | Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	40 years		40 years
Maximum | Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	15 years		15 years

Balance Sheet Components - Pr_2

Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	$ 561.9	$ 556.7
Less: accumulated depreciation	(337.3)	(336.4)
Property, plant and equipment, net	224.6	220.3
Land
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	3	3
Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	99.5	98.8
Machinery and Equipment
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	411.4	414.3
Construction In Progress
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	$ 48	$ 40.6

Balance Sheet Components - Pre-

Balance Sheet Components - Pre-production Tooling Costs Related to Long-term Supply Arrangements - Narrative (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Preproduction Tooling Costs Relatedto Longterm Supply Arrangements [Abstract]
Pre-production costs	$ 44.5	$ 36.1
Preproduction costs related to long-term supply arrangements, asset for molds dies and tools owned	$ 15.6	$ 12.2

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Summary of the Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 28, 2023	Oct. 28, 2023
Goodwill [Line Items]
Beginning balance		$ 301.9
Acquisitions		21.8
Impairment	$ (56.5)	(56.5)
Foreign currency translation		(2.9)
Ending balance	220.7	220.7
Automotive
Goodwill [Line Items]
Beginning balance		106.2
Impairment	(56.5)	(56.5)
Foreign currency translation		(0.3)
Ending balance	49.4	49.4
Industrial
Goodwill [Line Items]
Beginning balance		195.7
Acquisitions		21.8
Impairment	0	0
Foreign currency translation		(2.6)
Ending balance	$ 171.3	$ 171.3

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Goodwill by Reporting Unit (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Goodwill [Line Items]
Goodwill	$ 220.7	$ 301.9
Grakon Industrial
Goodwill [Line Items]
Goodwill	123.9	124.5
North American Automotive
Goodwill [Line Items]
Goodwill	49.4	99.8
Nordic Lights
Goodwill [Line Items]
Goodwill	45.8	69.6
European Automotive
Goodwill [Line Items]
Goodwill		6.4
Other
Goodwill [Line Items]
Goodwill	$ 1.6	$ 1.6

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 28, 2023	Oct. 28, 2023
Goodwill [Line Items]
Goodwill impairment	$ 56.5	$ 56.5
North American Automotive
Goodwill [Line Items]
Goodwill impairment	50.4	50.4
European Automotive
Goodwill [Line Items]
Goodwill impairment	$ 6.1	$ 6.1

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Oct. 28, 2023	Apr. 29, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 377.6	$ 358.3
Accumulated Amortization	(114.7)	(103.4)
Net/Total	262.9	254.9
Other intangible assets, gross	379.4	360.1
Other intangible assets, accumulated amortization	(114.7)	(103.4)
Other intangible assets, net	264.7	256.7
Unamortized Trade Name
Finite-lived Intangible Assets [Roll Forward]
Gross	1.8	1.8
Net	1.8	1.8
Customer Relationships and Agreements
Finite-lived Intangible Assets [Roll Forward]
Gross	303.6	286.7
Accumulated Amortization	(76.1)	(68.2)
Net/Total	$ 227.5	$ 218.5
Weighted average remaining useful life (years)	15 years 2 months 12 days	14 years 9 months 18 days
Trade Names, Patents and Technology Licenses
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 74	$ 71.6
Accumulated Amortization	(38.6)	(35.2)
Net/Total	$ 35.4	$ 36.4
Weighted average remaining useful life (years)	7 years 1 month 6 days	6 years

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 11.8
2025	23.1
2026	22.2
2027	21.6
2028	19.3
Thereafter	164.9
Net/Total	$ 262.9	$ 254.9

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative Information (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023 USD ($)	Oct. 29, 2022 USD ($)	Oct. 28, 2023 USD ($)	Oct. 29, 2022 USD ($)	Oct. 28, 2023 EUR (€)	Apr. 29, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Derivative, maturity date			Aug. 31, 2023
Derivative, notional amount	$ 60		$ 60		€ 54.8
Gains on derivative	0.4	$ 0.6	1.1	$ 0.9
Transaction gain associated with net investment hedge reported in AOCI	7.5		7.3
Euro-denominated long-term borrowings under Credit Agreement as hedge	290.6		$ 290.6
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative, maturity date			Oct. 31, 2027
Derivative, notional amount	145.5		$ 145.5		€ 132
Interest Rate Swap Two
Derivatives, Fair Value [Line Items]
Derivative, maturity date			Aug. 31, 2023
Derivative, notional amount	100		$ 100
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, notional amount	71.9		71.9			$ 59.9
Gain (loss) on foreign currency derivatives recorded in earnings, net	$ (0.8)	$ (2.4)	(2.7)	$ (2.8)
Cross-Currency Swap
Derivatives, Fair Value [Line Items]
Gains on derivative			$ 0.6

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Balance Sheet (Details) - Level 2 - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Derivatives Designated as Hedging Instruments | Net Investment Hedges | Other Accrued Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net		$ (0.5)
Derivatives Designated as Hedging Instruments | Interest Rate Swap | Prepaid Expenses and Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net		1.6
Derivatives Designated as Hedging Instruments | Interest Rate Swap | Other Long-term Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net	$ (1.1)
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Forward | Other Accrued Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net	$ (0.1)	(0.1)
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Forward | Prepaid Expenses and Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net		$ 0.1

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gross amounts recorded in other comprehensive income (loss) Net	$ 0.7	$ 2.1	$ (1.5)	$ 4.1
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gross amounts recorded in other comprehensive income (loss) Net	1.1	1.4	1.2	3.4
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gross amounts recorded in other comprehensive income (loss) Net	$ (0.4)	$ 0.7	$ (2.7)	$ 0.7

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Oct. 28, 2023	Apr. 29, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (3)	$ (3.3)
Total debt	332	306.8
Less: current maturities	(3)	(3.2)
Long-term debt	329	303.6
Revolving Credit Facility
Debt Instrument [Line Items]
Debt	330.6	305.4
Other Debt
Debt Instrument [Line Items]
Debt	4.4	$ 4.7
Less: current maturities	$ (3)

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility/Term Loan (Details) - Revolving Credit Facility € in Millions	Oct. 31, 2022 USD ($)	Oct. 28, 2023 USD ($)	Oct. 28, 2023 EUR (€)
Nordic Lights
Debt Instrument [Line Items]
Euro-denominated outstanding borrowings under revolving credit facility		$ 290,600,000	€ 275
Euro denominated borrowings
Debt Instrument [Line Items]
Interest rate (as a percent)		5.60%	5.60%
US dollar borrowings
Debt Instrument [Line Items]
Interest rate (as a percent)		7.20%	7.20%
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000
Line of credit | Bank of America, N.A.
Debt Instrument [Line Items]
Leverage ratio on pro forma basis	3
Credit agreement termination date	Oct. 31, 2027
Line of credit | Bank of America, N.A. | Base Rate | Maximum
Debt Instrument [Line Items]
Adjusted interest rate	1.25%
Line of credit | Bank of America, N.A. | Base Rate | Minimum
Debt Instrument [Line Items]
Adjusted interest rate	0.375%
Line of credit | Bank of America, N.A. | SOFR Daily Floating Rate Loans | Maximum
Debt Instrument [Line Items]
Adjusted interest rate	2.25%
Line of credit | Bank of America, N.A. | SOFR Daily Floating Rate Loans | Minimum
Debt Instrument [Line Items]
Adjusted interest rate	1.375%
Line of credit | Bank of America, N.A. | Euro Interbank Offered Rate Plus | Maximum
Debt Instrument [Line Items]
Adjusted interest rate	2.25%
Line of credit | Bank of America, N.A. | Euro Interbank Offered Rate Plus | Minimum
Debt Instrument [Line Items]
Adjusted interest rate	1.375%
Term loan | Bank of America, N.A.
Debt Instrument [Line Items]
Increase in revolving commitments	$ 250,000,000

Debt - Other Debt (Details)

Debt - Other Debt (Details) $ in Millions	6 Months Ended
	Oct. 28, 2023 USD ($) Note	Apr. 29, 2023 USD ($)
Debt Instrument [Line Items]
Debt, short-term	$ 3	$ 3.2
Other Debt
Debt Instrument [Line Items]
Number of notes | Note	3
Weighted-average interest rate (as a percent)	1.40%
Debt, short-term	$ 3

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase Program (Details) $ in Millions	Oct. 28, 2023 USD ($) shares
Equity Class Of Treasury Stock [Line Items]
Shares purchased | shares	3,113,154
Stock repurchase cost	$ 127.1
Remaining authorized repurchase amount	72.9
Maximum
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, Authorized amount	$ 200

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Stock Buyback Activity Under Share Buyback Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Share-Based Payment Arrangement [Abstract]
Shares purchased	322,779	508,179	322,779	825,814
Average price per share	$ 24.03	$ 38.69	$ 24.03	$ 38.21
Total cost	$ 7.8	$ 19.7	$ 7.8	$ 31.6

Shareholders' Equity - Dividend

Shareholders' Equity - Dividends (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash dividends	$ 4.8	$ 4.9	$ 10.1	$ 9.9
RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash dividends			$ 0.4

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 931.4	$ 911.4	$ 941.8	$ 913.8
Other comprehensive income (loss)	(16.9)	(17.8)	(21.8)	(26.7)
Tax (expense) benefit	(2.9)	(0.3)	(2.1)	(0.8)
Net other comprehensive income (loss)	(19.8)	(18.1)	(23.9)	(27.5)
Ending balance	844.9	898.8	844.9	898.8
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(22.3)	(41.4)	(19.8)	(30.5)
Other comprehensive income (loss)	(17.6)	(19.9)	(20.3)	(30.8)
Tax (expense) benefit	(2.6)	0.2	(2.4)	0.2
Net other comprehensive income (loss)	(20.2)	(19.7)	(22.7)	(30.6)
Ending balance	(42.5)	(61.1)	(42.5)	(61.1)
Derivative Instruments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(0.8)	5.2	0.8	3.7
Other comprehensive income (loss)	0.7	2.1	(1.5)	4.1
Tax (expense) benefit	(0.3)	(0.5)	0.3	(1)
Net other comprehensive income (loss)	0.4	1.6	(1.2)	3.1
Ending balance	(0.4)	6.8	(0.4)	6.8
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(23.1)	(36.2)	(19)	(26.8)
Net other comprehensive income (loss)	(19.8)	(18.1)	(23.9)	(27.5)
Ending balance	$ (42.9)	$ (54.3)	$ (42.9)	$ (54.3)

Shareholders' Equity - General

Shareholders' Equity - General (Details) - shares	6 Months Ended
	Oct. 28, 2023	Sep. 14, 2022
2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares common stock subject an option granted		1
Number of shares common stock subject an other than option granted		2.28
2022 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for award (in shares)	4,943,780	5,550,000
Stock-based compensation, description	the number of shares of the Company's common stock that will be available for all awards under the 2022 Plan is 5,550,000, less one share for every one share of common stock subject to an option or SAR award granted after April 30, 2022 under the 2014 Plan and 2.28 shares for every one share that was subject to an award other than an option or SAR granted after April 30, 2022 under the 2014 Plan. As of October 28, 2023, there were 4,943,780 shares available for award under the 2022 Plan.

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ in Millions	6 Months Ended
	Oct. 28, 2023 USD ($) shares
RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted in period (in shares)	933,674
Additional stock issuable, shares	466,837
Unrecognized stock-based compensation cost | $	$ 26.8
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred RSU's	577,055
Minimum | RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	0%
Maximum | RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	100%
Maximum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Details)	6 Months Ended
	Oct. 28, 2023 $ / shares shares
RSAs | Management | 2020 EBITDA Maximum Performance
Shares
Non-vested Outstanding beginning balance (in shares) | shares	933,674
Non-vested Outstanding ending balance (in shares) | shares	933,674
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 28.73
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 28.73
RSUs
Shares
Non-vested Outstanding beginning balance (in shares) | shares	727,467
Awarded (in shares) | shares	207,050
Vested (in shares) | shares	(866)
Forfeited (in shares) | shares	(13,474)
Non-vested Outstanding ending balance (in shares) | shares	920,177
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 30.6
Weighted average value, awarded (in dollars per share) | $ / shares	22.83
Weighted average value, vested (in dollars per share) | $ / shares	38.24
Weighted average value, forfeited (in dollars per share) | $ / shares	41.62
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 28.68

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Awards Granted to Non-employee Directors (Details) - Non-employee Directors	6 Months Ended
	Oct. 28, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Outstanding beginning balance (in shares)	45,750
Awarded (in shares)	46,998
Issued (in shares)	(16,804)
Non-vested Outstanding ending balance (in shares)	75,944
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 40.56
Weighted average grant date fair value, awarded (in dollars per share) | $ / shares	33.22
Weighted average grant date fair value, issued (in dollars per share) | $ / shares	33.32
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 37.62
Non-Employee Director Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awarded (in shares)	16,804
Issued (in shares)	(16,804)
Deferred Non-Employee Director Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Outstanding beginning balance (in shares)	45,750
Awarded (in shares)	30,194
Non-vested Outstanding ending balance (in shares)	75,944

Shareholders' Equity - Summar_5

Shareholders' Equity - Summary of Combined Stock Option Activity and Related Information for Stock Options Granted (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Oct. 28, 2023	Apr. 29, 2023
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward]
Outstanding - beginning balance (in shares)	20,000
Outstanding - ending balance (in shares)	20,000	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Outstanding - beginning balance (in dollars per share)	$ 37.01
Weighted average exercise price, Outstanding - ending balance (in dollars per share)	$ 37.01	$ 37.01
Weighted-average life of outstanding options	8 months 12 days	1 year 2 months 12 days
Intrinsic value of outstanding options	$ 0	$ 0.1

Shareholders' Equity - Stock-ba

Shareholders' Equity - Stock-based Compensation Expense (Details) - 2014 Incentive Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1.3	$ 2.7	$ 3.9	$ 6.7
RSUs | Management
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1.3	$ 2.7	2.3	5.1
RSUs | Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			0.6	0.6
RSUs | Deferred Non-Employee Director Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 1	$ 1

(Loss) Income per Share - Sched

(Loss) 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. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ (55.3)	$ 27.6	$ (54.4)	$ 49.1
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units	35,671,677	36,126,132	35,679,776	36,346,054
Dilutive potential common shares		715,699		682,762
Denominator for diluted income per share	35,671,677	36,841,831	35,679,776	37,028,816
(Loss) income per share attributable to Methode:
Basic	$ (1.55)	$ 0.76	$ (1.52)	$ 1.35
(Loss) income per share attributable to Methode:
Diluted	$ (1.55)	$ 0.75	$ (1.52)	$ 1.33
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1,543,183	940,510	1,536,206	934,522

(Loss) Income per Share - Narra

(Loss) Income per Share - Narrative (Details) - shares	3 Months Ended	6 Months Ended
	Oct. 28, 2023	Oct. 28, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of potential common shares	584,000	589,000

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Oct. 28, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Segment Reporting Information [Line Items]
Net sales	$ 288	$ 315.9	$ 577.7	$ 598.3
Income (loss) from operations	(51.3)	32.8	(47.5)	54.6
Interest expense, net	4.4	0.5	7.2	0.5
Other expense (income), net	(0.2)	(1.1)	(0.2)	(5.2)
Pre-tax (loss) income	(55.5)	33.4	(54.5)	59.3
Goodwill impairment	56.5		56.5
Identifiable assets	1,484.9		1,484.9		$ 1,579.1
Automotive
Segment Reporting Information [Line Items]
Net sales	154.3	196.9	312.6	373.5
Income (loss) from operations	(61.5)	23.4	(64.3)	38.1
Goodwill impairment	56.5		56.5
Identifiable assets	643.3		643.3		700.2
Industrial
Segment Reporting Information [Line Items]
Net sales	120.4	103.8	235.8	195.9
Income (loss) from operations	25.7	25	49.9	47.4
Goodwill impairment	0		0
Identifiable assets	636.8		636.8		672.3
Interface
Segment Reporting Information [Line Items]
Net sales	11.7	14.1	26.9	27.1
Income (loss) from operations	1	1.6	3.9	3.2
Goodwill impairment	0		0
Identifiable assets	117.5		117.5		127.2
Medical
Segment Reporting Information [Line Items]
Net sales	1.6	1.1	2.4	1.8
Income (loss) from operations	(0.7)	(1.4)	(2.9)	(2.9)
Goodwill impairment	0		0
Identifiable assets	0.8		0.8		6.2
Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Income (loss) from operations	(15.8)	(15.8)	(34.1)	(31.2)
Goodwill impairment	0		0
Identifiable assets	86.5		86.5		$ 73.2
Operating Segments
Segment Reporting Information [Line Items]
Net sales	288	315.9	577.7	598.3
Operating Segments | Automotive
Segment Reporting Information [Line Items]
Net sales	158	198.3	319.1	375.6
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	128	107.8	250.6	201.5
Operating Segments | Interface
Segment Reporting Information [Line Items]
Net sales	11.7	14.1	27	27.1
Operating Segments | Medical
Segment Reporting Information [Line Items]
Net sales	1.6	1.1	2.4	1.8
Operating Segments | Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales	(11.3)	(5.4)	(21.4)	(7.7)
Transfers between Segments
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Transfers between Segments | Automotive
Segment Reporting Information [Line Items]
Net sales	(3.7)	(1.4)	(6.5)	(2.1)
Transfers between Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	(7.6)	(4)	(14.8)	(5.6)
Transfers between Segments | Interface
Segment Reporting Information [Line Items]
Net sales	0	0	(0.1)	0
Transfers between Segments | Medical
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Transfers between Segments | Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales	$ 11.3	$ 5.4	$ 21.4	$ 7.7

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) $ in Millions	Mar. 02, 2020 USD ($)
Compensatory Damages
Loss Contingencies [Line Items]
Gain Contingency, Unrecorded Amount	$ 102
Punitive Damages
Loss Contingencies [Line Items]
Gain Contingency, Unrecorded Amount	$ 11

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 28, 2023	Oct. 28, 2023	Oct. 29, 2022
Restructuring Cost And Reserve [Line Items]
Asset impairment charges		$ 0.6	$ 0.4
Restructuring liability	$ 0.1	0.1
Automotive
Restructuring Cost And Reserve [Line Items]
Severance costs	0.2	0.2
Selling and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Severance costs	$ 0.4	$ 0.5

Restructuring - Summary of Comp

Restructuring - Summary of Components of Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 0.6	$ 0.5	$ 1.3	$ 0.6
Cost of Products Sold
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0.2	0.1	0.8	0.1
Selling and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0.4	0.4	0.5	0.5
Automotive
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0.2		0.2
Industrial
Restructuring Cost and Reserve [Line Items]
Restructuring Costs		0.4		0.5
Medical
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 0.4		$ 1.1
Eliminations/Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Costs		$ 0.1		$ 0.1