Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
May 01, 2021 | Jun. 17, 2021 | Oct. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | METHODE ELECTRONICS, INC. | ||
Entity Central Index Key | 0000065270 | ||
Document Type | 10-K | ||
Document Period End Date | May 1, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --05-01 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | MEI | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 0.8 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 38,302,350 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, $0.50 Par Value | ||
Security Exchange Name | NYSE | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2021 annual shareholders' meeting to be held on September 15, 2021 are incorporated by reference into Part III of this Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 233.2 | $ 217.3 |
Accounts receivable, net | 282.5 | 188.5 |
Inventories | 124.2 | 131 |
Income taxes receivable | 11.5 | 12.9 |
Prepaid expenses and other current assets | 22.6 | 15.9 |
Total current assets | 674 | 565.6 |
Long-term assets: | ||
Property, plant and equipment, net | 204 | 201.9 |
Goodwill | 235.6 | 231.6 |
Other intangible assets, net | 229.4 | 244.8 |
Operating lease right-of-use assets, net | 22.3 | 23.5 |
Deferred tax assets | 41.2 | 31.4 |
Pre-production costs | 25 | 37.1 |
Other long-term assets | 35.5 | 34.7 |
Total long-term assets | 793 | 805 |
Total assets | 1,467 | 1,370.6 |
Current liabilities: | ||
Accounts payable | 122.9 | 73.8 |
Accrued employee liabilities | 33.5 | 19.1 |
Other accrued liabilities | 25 | 18.5 |
Short-term operating lease liabilities | 6.1 | 5.5 |
Short-term debt | 14.9 | 15.3 |
Income tax payable | 20.3 | 11.6 |
Total current liabilities | 222.7 | 143.8 |
Long-term liabilities: | ||
Long-term debt | 225.2 | 336.8 |
Long-term operating lease liabilities | 17.5 | 20.4 |
Long-term income taxes payable | 24.8 | 29.3 |
Other long-term liabilities | 20.5 | 15.3 |
Deferred tax liabilities | 38.3 | 41.6 |
Total long-term liabilities | 326.3 | 443.4 |
Total liabilities | 549 | 587.2 |
Shareholders' equity: | ||
Common stock, $0.50 par value, 100,000,000 shares authorized, 39,644,913 shares and 38,438,111 shares issued as of May 1, 2021 and May 2, 2020, respectively | 19.8 | 19.2 |
Additional paid-in capital | 157.6 | 150.7 |
Accumulated other comprehensive income (loss) | 6.1 | (26.9) |
Treasury stock, 1,346,624 shares as of May 1, 2021 and May 2, 2020 | (11.5) | (11.5) |
Retained earnings | 746 | 651.9 |
Total shareholders' equity | 918 | 783.4 |
Total liabilities and shareholders' equity | $ 1,467 | $ 1,370.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | May 01, 2021 | May 02, 2020 |
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) | 39,644,913 | 38,438,111 |
Treasury stock (in shares) | 1,346,624 | 1,346,624 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,088 | $ 1,023.9 | $ 1,000.3 |
Cost of products sold | 813.9 | 741 | 734.5 |
Gross profit | 274.1 | 282.9 | 265.8 |
Selling and administrative expenses | 126.9 | 116.8 | 142.9 |
Amortization of intangibles | 19.3 | 19 | 16.1 |
Income from operations | 127.9 | 147.1 | 106.8 |
Interest expense, net | 5.2 | 10.1 | 8.3 |
Other income, net | (12.2) | (11.7) | (5.1) |
Income before income taxes | 134.9 | 148.7 | 103.6 |
Income tax expense | 12.6 | 25.3 | 12 |
Net income | $ 122.3 | $ 123.4 | $ 91.6 |
Basic and diluted income per share: | |||
Basic (in dollars per share) | $ 3.22 | $ 3.28 | $ 2.45 |
Diluted (in dollars per share) | 3.19 | 3.26 | 2.43 |
Cash dividends per share | $ 0.44 | $ 0.44 | $ 0.44 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 122.3 | $ 123.4 | $ 91.6 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 37.4 | (12.3) | (27.5) |
Derivative financial instruments | (4.4) | (1) | 0 |
Total comprehensive income | $ 155.3 | $ 110.1 | $ 64.1 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings |
Beginning balance at Apr. 28, 2018 | $ 630 | $ 19.1 | $ 136.5 | $ 13.9 | $ (11.5) | $ 472 |
Beginning balance (Accounting Standards Update 2016-09) at Apr. 28, 2018 | 0.1 | 0.1 | ||||
Beginning balance (in shares) at Apr. 28, 2018 | 38,198,353 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock, net of tax withholding | (1.7) | $ 0.1 | (0.1) | $ (1.7) | ||
Issuance of restricted stock, net of tax withholding (in shares) | 135,223 | |||||
Stock-based compensation expense | $ 14 | 14 | ||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-09 | Accounting Standards Update 2016-09 | ||||
Other comprehensive income (loss) | $ (27.5) | (27.5) | ||||
Net income | 91.6 | $ 91.6 | ||||
Dividends on common stock | (16.8) | (16.8) | ||||
Ending balance at Apr. 27, 2019 | 689.7 | $ 19.2 | 150.4 | (13.6) | (11.5) | 545.2 |
Ending balance (in shares) at Apr. 27, 2019 | 38,333,576 | |||||
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) | 104,535 | |||||
Stock-based compensation expense | 0.3 | 0.3 | ||||
Other comprehensive income (loss) | (13.3) | (13.3) | ||||
Net income | 123.4 | 123.4 | ||||
Dividends on common stock | (16.3) | (16.3) | ||||
Ending balance at May. 02, 2020 | 783.4 | $ 19.2 | 150.7 | (26.9) | (11.5) | 651.9 |
Ending balance (in shares) at May. 02, 2020 | 38,438,111 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock, net of tax withholding | (3.9) | $ 0.7 | (0.7) | (3.9) | ||
Issuance of restricted stock, net of tax withholding (in shares) | 1,350,251 | |||||
Stock-based compensation expense | 6.8 | 6.8 | ||||
Exercise of stock options | 0.8 | 0.8 | ||||
Exercise of Stock Options (in shares) | 24,500 | |||||
Purchase of common stock | (7.5) | $ (0.1) | (7.4) | |||
Purchase of common stock (in shares) | (167,949) | |||||
Other comprehensive income (loss) | 33 | 33 | ||||
Net income | 122.3 | 122.3 | ||||
Dividends on common stock | (16.9) | (16.9) | ||||
Ending balance at May. 01, 2021 | $ 918 | $ 19.8 | $ 157.6 | $ 6.1 | $ (11.5) | $ 746 |
Ending balance (in shares) at May. 01, 2021 | 39,644,913 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Operating activities: | |||
Net income | $ 122.3 | $ 123.4 | $ 91.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 51.5 | 48.3 | 43.3 |
Stock-based compensation expense | 6.8 | 0.3 | 14 |
Change in cash surrender value of life insurance | (2) | (0.6) | |
Amortization of debt issuance costs | 0.7 | 0.7 | 0.5 |
Loss (gain) on sale of business/investment/property | 1.3 | (0.4) | (0.4) |
Change in deferred income taxes | (9.6) | 8 | (4.4) |
Other | 2 | (0.2) | 0.2 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (81.9) | 27.4 | 1.5 |
Inventories | 11.3 | (15.8) | (3.9) |
Prepaid expenses and other assets | 17.9 | (3.6) | (16.7) |
Accounts payable and other liabilities | 59.5 | (47.5) | (23.1) |
Net cash provided by operating activities | 179.8 | 140.6 | 102 |
Investing activities: | |||
Purchases of property, plant and equipment | (24.9) | (45.1) | (49.8) |
Acquisition of businesses, net of cash acquired | (422.1) | ||
Sale of business/investment/property | 0.1 | 0.6 | 1.1 |
Net cash used in investing activities | (24.8) | (44.5) | (470.8) |
Financing activities: | |||
Taxes paid related to net share settlement of equity awards | (3.9) | (0.4) | (1.7) |
Repayments of finance leases | (0.5) | (0.7) | |
Debt issuance costs | (3.1) | ||
Proceeds from exercise of stock options | 0.8 | ||
Purchase of common stock | (6.7) | ||
Cash dividends | (17.4) | (16.3) | (16.3) |
Proceeds from borrowings | 1.5 | 157.5 | 359 |
Repayments of borrowings | (116.7) | (98.4) | (120.5) |
Net cash (used in) provided by financing activities | (142.9) | 41.7 | 217.4 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 3.8 | (3.7) | (11.5) |
Increase (decrease) in cash and cash equivalents | 15.9 | 134.1 | (162.9) |
Cash and cash equivalents at beginning of the year | 217.3 | 83.2 | 246.1 |
Cash and cash equivalents at end of the year | 233.2 | 217.3 | 83.2 |
Cash paid during the period for: | |||
Interest | 5.3 | 9.9 | 8.8 |
Income taxes, net of refunds | $ 16 | $ 21.1 | $ 27.8 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
May 01, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1. 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, consumer appliance and medical devices. Impact of the COVID-19 pandemic. The COVID-19 pandemic has negatively affected the global economy, disrupted global supply chains, and created significant volatility and disruptions to capital and credit markets in the global financial markets. The Company began to see the impacts of the COVID-19 pandemic at the beginning of its fourth quarter of fiscal 2020 at its China manufacturing facilities, which were initially closed after the Chinese New Year. The Company’s manufacturing facilities in China resumed operations later in the fourth quarter of fiscal 2020, but at lower capacity utilization. However, the major impact to the Company’s business from the COVID-19 pandemic began in mid-March 2020, as the Company’s operations in North America and Europe were adversely impacted by many customers suspending their manufacturing operations due to the COVID-19 pandemic. In the first quarter of fiscal 2021, the Company’s operations in North America and Europe gradually resumed operations, however production levels were still significantly reduced, resulting in lower capacity utilization. In the second quarter of fiscal 2021, production levels returned to pre-COVID levels as a result of increased demand from customers, which continued through the fourth quarter of fiscal 2021. However, towards the end of the Company’s third quarter of fiscal 2021, many automotive companies announced a slowdown in their production schedules due to a worldwide semiconductor supply shortage. The semiconductor supply shortage is also impacting the Company’s supply chain and its ability to meet demand at some of its customers as well. The Company expects this semiconductor shortage will impact its operating results and financial condition in fiscal 2022. Various government programs have been enacted to provide assistance to businesses impacted by the COVID-19 pandemic. The amount of assistance the Company received was $11.1 million and $1.7 million in fiscal 2021 and fiscal 2020, respectively, and has been reported in other income, net in the consolidated statements of income. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its allowance for credit losses, the carrying value of the Company’s goodwill, identifiable intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of the COVID-19 pandemic as of May 1, 2021 and through the date of this report. As a result of these assessments, the Company concluded that there were no impairments or material increases in credit allowances or valuation allowances that impacted the Company’s consolidated financial statements as of May 1, 2021 and for the year ended May 1, 2021. However, the Company’s future assessment of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in material impacts to its consolidated financial statements in future reporting periods. At this time, the ultimate impact of the COVID-19 pandemic cannot be reasonably estimated due to the uncertainty about the extent and duration of the spread of the virus. Therefore, it is possible the COVID-19 pandemic could still have an adverse impact on the Company’s future business, operating results and financial condition. Basis of presentation. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Principles of consolidation. The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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. Fiscal 2021 and 2019 represented 52 weeks and ended on May 1, 2021 and April 27, 2019, respectively. Fiscal 2020 represented 53 weeks and ended on May 2, 2020. The following discussions of comparative results among periods should be reviewed in that context. Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents. Cash and cash equivalents include all highly liquid investments with a maturity of three months or less. 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 (“CECL”). The Company elected to apply 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 $0.7 million and $0.7 million as of May 1, 2021 and May 2, 2020, respectively. Sales to General Motors Company (“GM”) and Ford Motor Company (“Ford”) in the Automotive segment, either directly or through their tiered suppliers, represented a significant portion of the Company's business. As of May 1, 2021 and May 2, 2020, combined accounts receivable from GM and Ford (including tiered suppliers) were approximately $79.4 million and $32.4 million, 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. See Note 5, “Inventory” for additional information. Property, plant and equipment: Property, plant and equipment are recorded at cost less accumulated depreciation, with the exception of assets acquired through acquisitions, which are initially recorded at fair value. Equipment acquired under a finance lease is recorded at the present value of the future minimum lease payments. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. Costs of additions and major improvements are capitalized, whereas maintenance and repairs that do not improve or extend the life of the asset are charged to expense as incurred. See Note 6, “Property, Plant and Equipment” for additional information. Business combinations. The Company accounts for business combinations using the acquisition method. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. In performing the goodwill impairment test, the Company may first assess qualitative factors to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. See Note 7, “Goodwill and Other Intangible Assets” for additional information regarding the Company’s goodwill impairment assessment for fiscal 2021. Amortizable intangible assets . Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Amortization is recognized over the useful lives of the intangible assets, generally up to 20 years, using the straight-line method. See Note 7, “Goodwill and Other Intangible Assets” for additional information. Impairment of long-lived assets. The Company evaluates whether events and circumstances have occurred which indicate that the remaining estimated useful lives of its intangible assets, excluding goodwill, and other long-lived assets, may warrant revision or that the remaining balance of such assets may not be recoverable. If impairment indicators exist, the Company performs an impairment analysis by comparing the undiscounted cash flows resulting from the use of the asset group to the carrying amount. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized based on the excess of the asset’s carrying amount over its fair value. Pre-production 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 May 1, 2021 and May 2, 2020, the Company had $25.0 million and $37.1 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 over the estimated useful life of the assets. Company owned tooling was $17.0 million and $19.0 million as of May 1, 2021 and May 2, 2020, respectively. Leases. The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company estimates the incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company utilizes certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. The Company elects to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. Lease expense is recognized on a straight-line basis over the lease term. See Note 3, “Leases” for additional information. Derivative financial instruments. The Company uses derivative financial instruments, including swaps and forward contracts, to manage exposures to changes in currency exchange rates and interest rates. The Company does not enter into or hold derivative financial instruments for trading or speculative purposes. See Note 8, “Derivative Financial Instruments and Hedging Activities” for additional information. Income taxes. Income taxes are calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. See Note 11, “Income Taxes” for additional information. Revenue recognition. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a 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). 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. See Note 2, “Revenue” for further information. Shipping and handling fees and costs . Shipping and handling fees billed to customers are included in net sales, and the related costs are included in cost of products sold. Restructuring expense. Restructuring expense includes costs directly associated with exit or disposal activities. Such costs include employee severance and termination benefits, asset impairment charges, contract termination fees, and other exit or disposal costs. 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 ROU lease assets and equipment. Contract termination costs are recorded when notification of termination is given to the other party. See Note 4, “Restructuring” for additional information. Foreign currency translation. The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the consolidated statements of income in other income, net. Government grants. The Company recognizes grant income in other income, net in the consolidated statements of income when it is considered that there is reasonable assurance that the grant will be received and the necessary qualifying conditions, as stated in the grant agreement, are met. The international government grants are generally paid over a period of years and are recorded at amortized cost on the Company’s consolidated balance sheets. As of May 1, 2021 and May 2, 2020, grant receivables outstanding were $18.6 million and $18.7 million, respectively. The short-term and long-term portion of grant receivables are recorded on the consolidated balance sheets within accounts receivable and other current assets and other long-term assets, respectively. Additionally, as of May 1, 2021 and May 2, 2020, the Company has no deferred grant income. Research and development costs . Costs associated with the enhancement of existing products and the development of new products are charged to expense when incurred. Research and development expenses primarily relate to product engineering and design and development expenses and are classified as a component of cost of goods sold on the consolidated statements of income. Research and development costs were $37.1 million, $34.9 million and $41.2 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively Stock-based compensation. The Company recognizes compensation expense for the cost of awards of equity compensation using a fair value method in accordance with ASC 718, “ .” See Note 13, “Shareholders’ Equity” for additional information. Product warranty. The Company’s warranties are standard, assurance-type warranties only. The Company does not offer any additional service or extended term warranties to its customers. As such, warranty obligations are accrued when its probable that a liability has been incurred and the related amounts are reasonably estimable. Fair value measurement. ASC 820, “ ,” provides a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under ASC 820 requires an entity to maximize the use of observable inputs. The Company groups assets and liabilities at fair value in three levels as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities; • Level 2 - Observable inputs other than quoted prices in active markets for identical assets or liabilities; • Level 3 - Unobservable inputs in which little or no market activity exists, requiring the Company to develop its own assumptions that market participants would use to value the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes to the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments impairment In August 2018, the FASB issued ASU 2018-15, “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Custome r’ s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ” The guidance in ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted this guidance prospectively as of May 3, 2020, and the impact was immaterial to i ts consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “ Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) |
Revenue
Revenue | 12 Months Ended |
May 01, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 2. The Company generates revenue from the manufacturing of products for customers in diversified global markets. The majority of the Company’s revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, 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. Estimating total contract revenue may require judgment as certain contracts contain pricing discount structures, early payment discounts or other provisions that can impact the transaction price. The Company generally estimates variable consideration utilizing the most likely amount to which it expects to be entitled. When the contract provides the customer with the right to return eligible products, the Company reduces revenue at the point of sale using current facts and historical experience by using an estimate for expected product returns. The Company adjusts these estimates at the earlier of when the most likely amount of consideration that is expected to be received changes or when the consideration becomes fixed. Accordingly, an increase or decrease to revenue is recognized at that time. The Company’s payment terms with its customers are typically 30-45 days from the time control transfers. As the Company’s standard payments terms are less than one year, the Company has elected the practical expedient under ASC 606 to not assess whether a contract has a significant financing component. Costs to f ulfill/ o btain a c ontract The Company incurs pre-production tooling costs related to products produced for customers under long-term supply arrangements. These costs are capitalized and recognized into income upon acceptance. The Company concluded that pre-production tooling and engineering costs do not represent a promised good or service under ASC 606, and as such, reimbursements received are accounted for as a reimbursement of the expense, not revenue. The Company has not historically incurred material costs to obtain a contract. In the instances that costs to obtain contracts are incurred, the Company will capitalize and amortize those over the life of the contract. Contract balances The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when the Company has received consideration, or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in other current assets and other liabilities, respectively, in the Company's consolidated balance sheets. Unbilled receivables (contract assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized over time. Unbilled receivables were $0.6 million and $0.5 million as of May 1, 2021 and May 2, 2020, respectively. During fiscal 2021, $0.5 million of previously unbilled receivables were recorded into accounts receivable. There were no impairments of contract assets as of May 1, 2021. Deferred revenue (contract liabilities) - For certain of the price reductions offered by the Company, the amount of the reduction cannot be attributed entirely to production efficiencies gained. In these cases, the annual price-downs are considered to be material rights as the customer, as part of their current contract, are purchasing an option that they would not have received without the contract to purchase future product. When a contract contains a material right, a portion of the transaction price is allocated to the material right for which revenue recognition is deferred until the customer exercises its option. Deferred revenue was $0.3 million as of both May 1, 2021 and May 2, 2020, respectively. Previously deferred revenue of $0.1 million was recorded into revenue during fiscal 2021. 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. Fiscal Year Ended May 1, 2021 (52 Weeks) (in millions) Auto Industrial Interface Medical Total Geographic net sales: North America $ 406.4 $ 142.9 $ 61.0 $ 2.7 $ 613.0 Europe & Africa 212.3 68.2 — — 280.5 Asia 137.0 56.8 0.6 0.1 194.5 Total net sales $ 755.7 $ 267.9 $ 61.6 $ 2.8 $ 1,088.0 Timing of revenue recognition: Goods transferred at a point in time $ 722.1 $ 267.9 $ 61.6 $ 2.8 $ 1,054.4 Goods transferred over time 33.6 — — — 33.6 Total net sales $ 755.7 $ 267.9 $ 61.6 $ 2.8 $ 1,088.0 Fiscal Year Ended May 2, 2020 (53 Weeks) (in millions) Auto Industrial Interface Medical Total Geographic net sales: North America $ 435.6 $ 160.6 $ 57.9 $ 1.6 $ 655.7 Europe & Africa 202.1 48.4 0.3 — 250.8 Asia 74.4 42.4 0.6 — 117.4 Total net sales $ 712.1 $ 251.4 $ 58.8 $ 1.6 $ 1,023.9 Timing of revenue recognition: Goods transferred at a point in time $ 675.4 $ 251.4 $ 58.8 $ 1.6 $ 987.2 Goods transferred over time 36.7 — — — 36.7 Total net sales $ 712.1 $ 251.4 $ 58.8 $ 1.6 $ 1,023.9 Customer Concentration Sales to GM and Ford in the Automotive segment, either directly or through their tiered suppliers, are shown below. Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 Percentage of Net Sales: GM 27.5 % 26.8 % 35.5 % Ford 8.8 % 10.7 % 11.6 % |
Leases
Leases | 12 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Leases | Note 3. The Company leases real estate, automobiles and certain equipment under both operating and finance leases. The Company does not have any significant arrangements where it is the lessor. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. As of May 1, 2021, the Company's leases have remaining lease terms of up to 10.3 years, some of which include optional renewals or terminations, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. Any variable payments related to the lease will be recorded as lease expense when and as incurred. The Company’s lease payments are largely fixed. As of May 1, 2021, the operating leases that the Company has signed but have not yet commenced are immaterial. In addition to the operating lease assets presented on the consolidated balance sheets, assets under finance leases of $0.7 million and $1.0 million are included in property, plant and equipment, net on the consolidated balance sheets as of May 1, 2021 and May 2, 2020, respectively. Finance lease obligations were $1.0 million and $1.4 million as of May 1, 2021 and May 2, 2020, respectively, and are split between other accrued expenses for the short-term portion and other long-term liabilities for the long-term portion on the consolidated balance sheets. The Company had an immaterial amount of finance lease expense in the years ended May 1, 2021 and May 2, 2020. The components of lease expense were as follows: Fiscal Year Ended May 1, 2021 May 2, 2020 (in millions) (52 Weeks) (53 Weeks) Lease cost: Operating lease cost $ 8.4 $ 9.0 Variable lease cost 1.6 1.3 Total lease cost $ 10.0 $ 10.3 Supplemental cash flow and other information related to operating leases was as follows: Fiscal Year Ended May 1, 2021 May 2, 2020 (in millions) (52 Weeks) (53 Weeks) Operating cash flows: Cash paid related to operating lease obligations $ 9.3 $ 8.7 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 5.7 $ 5.5 Weighted-average remaining lease term 5.0 years 5.7 years Weighted-average discount rate 4.6 % 4.7 % Maturities of operating lease liabilities as of May 1, 2021, are shown below: (in millions) Fiscal Year: 2022 $ 6.9 2023 6.0 2024 4.5 2025 3.0 2026 2.3 Thereafter 3.9 Total lease payments 26.6 Less: imputed interest (3.0 ) Present value of lease liabilities $ 23.6 |
Restructuring
Restructuring | 12 Months Ended |
May 01, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | Note 4. Restructuring The Company continually monitors market factors and industry trends and takes necessary actions to reduce overall costs and improve operational profitability. In fiscal 2021 , the Company initiated certain restructuring actions in response to the adverse impacts from the COVID-19 pandemic. These actions included plant consolidations and workforce reductions in the Automotive, Industrial and Interface segments. In fiscal 2021 , the Company recognized $ million of restructuring costs. These charges consist ed of $ million recorded in cost of products sold and $ 3.4 million recorded in selling and administrative expenses. The table below presents restructuring costs by reportable segment: Fiscal Year Ended May 1, 2021 May 2, 2020 (in millions) (52 Weeks) (53 Weeks) Automotive $ 6.2 $ 0.8 Industrial 1.0 0.5 Interface 0.7 — Medical — 0.1 Eliminations/Corporate 0.3 0.4 Total restructuring costs $ 8.2 $ 1.8 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. The Company may take additional restructuring actions in future periods based upon market conditions and industry trends. The following is a rollforward of the Company’s restructuring activity in fiscal 2021: Utilization (in millions) Accrual as of May 2, 2020 YTD charges Cash Non-cash Accrual as of May 1, 2021 Employee termination benefits $ 0.2 $ 7.1 $ (6.6 ) $ — $ 0.7 Asset impairment charges — 0.6 — (0.6 ) — Contract termination costs — 0.5 — — 0.5 Total $ 0.2 $ 8.2 $ (6.6 ) $ (0.6 ) $ 1.2 |
Inventory
Inventory | 12 Months Ended |
May 01, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5. Inventory A summary of inventories is shown below: (in millions) May 1, 2021 May 2, 2020 Finished products $ 24.8 $ 45.7 Work in process 14.0 10.8 Raw materials 85.4 74.5 Total inventories $ 124.2 $ 131.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
May 01, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 6. A summary of property, plant and equipment is shown below: (in millions) May 1, 2021 May 2, 2020 Land $ 3.3 $ 3.3 Buildings and building improvements 88.9 87.3 Machinery and equipment 408.0 367.1 Construction in progress 24.8 45.2 Total property, plant and equipment, gross 525.0 502.9 Less: accumulated depreciation (321.0 ) (301.0 ) Property, plant and equipment, net $ 204.0 $ 201.9 Depreciation expense was $32.2 million, $29.3 million and $27.2 million in fiscal 2021, fiscal 2020 and fiscal 2019, respectively. As of May 1, 2021 and May 2, 2020, capital expenditures recorded in accounts payable totaled $5.5 million and $5.8 million, respectively. Property, plant and equipment with a net book value of $ 6.2 million was disposed subsequent to May 1, 2021. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
May 01, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill The Company tests goodwill for impairment on an annual basis as of the beginning of the fourth quarter each year, or more frequently if indicators of potential impairment exist. Goodwill impairment testing is conducted at the reporting unit level, which is generally defined as an operating segment or one level below an operating segment (also known as a reporting unit), for which discrete financial information is available and segment management regularly reviews the operating results of that reporting unit. At the beginning of the fourth quarter of fiscal 2021, the annual goodwill impairment assessment was completed. The Company performed a qualitative assessment for each reporting unit except for one within the Industrial segment where a quantitative assessment was performed. The qualitative assessments indicated that it was more likely than not that the fair value of each reporting unit exceeded its respective carrying value. For the quantitative assessment, the Company utilized a combination of the income approach and market approach to estimate the fair value of the reporting unit. Cash flow projections were 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. The market approach is based on appropriate valuation multiples observed for the reporting unit’s guideline public companies. The quantitative assessment of the reporting unit indicated that the fair value exceeded the carrying value. The Company does not believe that any of its reporting units are at risk for impairment. While the Company considered the impact from the COVID-19 pandemic may have on its future cash flows when preparing its annual goodwill impairment test, the full extent of the impact that the COVID-19 pandemic or the semiconductor supply shortage will have on the Company’s business, operations and financial condition is currently unknown. The Company will continue to assess its goodwill for impairment as events and circumstances change. Any deterioration in the Company’s forecasted revenue and EBITDA margins, could result in an impairment of a portion or all of its goodwill. The amount of such impairment would be recognized as an expense in the period the goodwill is impaired. A summary of the changes in goodwill by reportable segment is as follows: (in millions) Automotive Industrial Total Balance as of April 28, 2018 $ 57.5 $ 1.7 $ 59.2 Acquisitions 49.4 125.9 175.3 Foreign currency translation (0.6 ) (0.6 ) (1.2 ) Balance as of April 27, 2019 106.3 127.0 233.3 Acquisitions — (0.2 ) (0.2 ) Foreign currency translation (0.1 ) (1.4 ) (1.5 ) Balance as of May 2, 2020 106.2 125.4 231.6 Foreign currency translation 0.5 3.5 4.0 Balance as of May 1, 2021 $ 106.7 $ 128.9 $ 235.6 A summary of goodwill by reporting unit is as follows: (in millions) May 1, 2021 May 2, 2020 Grakon Industrial $ 127.2 $ 123.8 North American Automotive 99.8 99.8 European Automotive 6.9 6.4 Other 1.7 1.6 Total $ 235.6 $ 231.6 Other intangible assets, net The following tables present details of the Company’s identifiable intangible assets: As of May 1, 2021 (in millions) Gross Accumulated amortization Net Weighted average useful life (years) Amortized intangible assets: Customer relationships and agreements $ 235.3 $ (42.7 ) $ 192.6 15.6 Trade names, patents and technology licenses 58.7 (23.7 ) 35.0 7.0 Total amortized intangible assets 294.0 (66.4 ) 227.6 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 295.8 $ (66.4 ) $ 229.4 As of May 2, 2020 (in millions) Gross Accumulated amortization Net Weighted average useful life (years) Amortized intangible assets: Customer relationships and agreements $ 243.5 $ (40.8 ) $ 202.7 16.5 Trade names, patents and technology licenses 75.3 (35.0 ) 40.3 7.8 Total amortized intangible assets 318.8 (75.8 ) 243.0 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 320.6 $ (75.8 ) $ 244.8 The Company performed an impairment test for its indefinite-lived trade name intangible asset and determined that no impairment existed as of May 1, 2021. 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: 2022 $ 19.2 2023 19.1 2024 18.8 2025 18.2 2026 17.3 Thereafter 135.0 Total $ 227.6 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
May 01, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 8. Derivative Financial 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 AOCI in the 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 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 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 consolidated balance sheets. Net investment hedges In April 2020, the Company The fair value of the cross-currency swap is classified within Level 2 of the fair value hierarchy. Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter, under the spot-to-spot method. The Company amortizes the impact of all other changes in fair value of the derivative through interest expense, which was not material in either fiscal 2021 or fiscal 2020. As of May 1, 2021 and May 2, 2020, the cross-currency swap was in a net liability position with an aggregate fair value of $6.8 million and $1.3 million, respectively, and is recorded within other long-term liabilities in the consolidated balance sheets. Interest rate swaps In April 2021, the Company entered into interest rate swaps, maturing on August 31, 2023, with a notional value of $100.0 million, to manage its exposure and to mitigate the impact of interest rate variability. The interest rate swaps are designated as cash flow hedges. The fair value of the interest rate swap is classified within Level 2 of the fair value hierarchy. 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. Subsequently, the accumulated gains and losses recorded in equity 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. As of May 1, 2021, the interest rate swap was in a net liability position with an aggregate fair value of $0.2 million and is recorded within other long-term liabilities in the consolidated balance sheets. Derivatives not designated as hedges In January 2021, the Company began to use 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 consolidated statements of income. As of May 1, 2021, the Company held foreign currency forward contracts with a notional value of $ 14.8 million. The forward contracts were in a liability position with an aggregate fair value of $ 22 thousand as of May 1, 2021 and are recorded within other accrued liabilities in the consolidated balance sheets. In fiscal 2021, losses of $ million were recorded in earnings within other income, net in the consolidated statements of income. |
Employee 401(k) Savings and Def
Employee 401(k) Savings and Deferred Compensation Plans | 12 Months Ended |
May 01, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee 401(k) Savings and Deferred Compensation Plans | Note 9. Retirement Benefits Defined contribution plans The Company has an employee 401(k) Savings Plan covering substantially all U.S. employees to which it makes contributions equal to 3% of eligible compensation. In addition, certain of the Company’s foreign subsidiaries also have defined contribution savings plans. Company contributions to these plans were $1.2 million, $1.7 million and $1.5 million, in fiscal 2021, fiscal 2020 and fiscal 2019, respectively. Non-qualified deferred compensation plan The Company maintains a non-qualified deferred compensation plan (“NQDC Plan”) for certain eligible employees and members of the Board of Directors. Under the NQDC Plan, employees may elect to defer up to 75% of their annual base salary and 100% of their annual cash incentive compensation, with an aggregate minimum deferral of $3,000. Directors may defer all or a portion of their annual directors’ fees or annual stock awards. The minimum period of deferral is three years. Participants are immediately 100% vested. The Company does not make any contributions to the NQDC Plan. The deferred compensation liability for the NDQC Plan was $6.5 million and $5.4 million as of May 1, 2021 and May 2, 2020, respectively. The Company has purchased life insurance policies on certain employees, which are held in a Rabbi trust, to potentially offset these unsecured obligations. These life insurance policies are recorded at their cash surrender value of $8.3 million and $6.6 million as of May 1, 2021 and May 2, 2020, respectively, and are included in other long-term assets in the consolidated balance sheets. The Company also owns and is the beneficiary of a number of life insurance policies on the lives of former key executives that are unrestricted as to use. These life insurance policies are recorded at their cash surrender value of $9.5 million and $9.0 million as of May 1, 2021 and May 2, 2020, respectively, and are included in other long-term assets in the consolidated balance sheets. The cash surrender value of the life insurance policies approximates its fair value and are classified within Level 2 of the fair value hierarchy. |
Debt
Debt | 12 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 10. Debt A summary of debt is shown below: (in millions) May 1, 2021 May 2, 2020 Revolving credit facility $ 9.9 $ 108.5 Term loan 218.7 231.2 Other debt 13.0 14.6 Unamortized debt issuance costs (1.5 ) (2.2 ) Total debt 240.1 352.1 Less: current maturities (14.9 ) (15.3 ) Total long-term debt $ 225.2 $ 336.8 Revolving credit facility/term loan In September 2018, the Company entered into five-year On March 23, 2020, the Company borrowed $100.0 million under its Revolving Credit Facility as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the uncertainty in the global markets resulting from the COVID-19 pandemic. This amount was repaid in the third quarter of fiscal 2021. As of May 1, 2021, the Company has $190.1 million of availability under the Revolving Credit Facility. Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The weighted-average interest rate on outstanding borrowings under the Credit Agreement was approximately 1.4% as of May 1, 2021. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of May 1, 2021, the Company was in compliance with all the covenants in the Credit Agreement. The fair value of borrowings under the Credit Agreement approximates book value because the interest rate is variable. Other debt One of the Company’s European subsidiaries has debt that consists of 12 notes with maturities ranging from 2021 to 2031. The weighted-average interest rate was approximately 1.5% as of May 1, 2021 and $2.4 million of the debt was classified as short-term. The fair value of other debt was $13.1 million at May 1, 2021 and was based on Level 2 inputs on a non-recurring basis. Scheduled maturities As of May 1, 2021, scheduled principal payments of debt are as follows: (in millions) Fiscal Year: 2022 $ 14.9 2023 13.9 2024 209.3 2025 0.5 2026 0.5 Thereafter 2.5 Total $ 241.6 |
Income Taxes
Income Taxes | 12 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes Income tax provision The U.S. and foreign components of income before income taxes and the provision for income taxes are as follows: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Income (loss) before income taxes: U.S. $ 28.3 $ 47.3 $ (0.6 ) Foreign 106.6 101.4 104.2 Total income before income taxes $ 134.9 $ 148.7 $ 103.6 Income tax expense: Current: U.S. (federal and state) $ 5.8 $ 5.1 $ (5.7 ) Foreign 15.9 12.8 21.5 Total current expense 21.7 17.9 15.8 Deferred: U.S. (federal and state) 1.3 6.1 2.5 Foreign (10.4 ) 1.3 (6.3 ) Total deferred (benefit) expense (9.1 ) 7.4 (3.8 ) Total income tax expense $ 12.6 $ 25.3 $ 12.0 A reconciliation of income tax expense to the U.S. statutory federal income tax rate of 21% is as follows: Fiscal Year Ended (in millions) May 1, 2021 May 2, 2020 April 27, 2019 Income tax at statutory rate $ 28.3 $ 31.2 $ 21.8 Effect of: State income taxes, net of federal benefit 0.1 1.5 (0.8 ) Withholding taxes 2.7 2.3 1.8 U.S. Tax Reform transition tax — — (4.8 ) Foreign tax differential (12.9 ) (8.3 ) (9.6 ) U.S. tax on foreign income 2.8 (1.0 ) 3.4 Foreign investment tax credit (7.2 ) (0.8 ) (2.0 ) Change in tax reserve 0.1 2.2 (0.1 ) Change in valuation allowance 1.8 0.8 — Tax rate change, foreign (0.1 ) (0.1 ) — Other, net (3.0 ) (2.5 ) 2.3 Income tax expense $ 12.6 $ 25.3 $ 12.0 Effective income tax rate 9.3 % 17.0 % 11.6 % In fiscal 2021, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates, tax credits and various deductions allowed in foreign jurisdictions. The Company received a benefit of approximately $7.2 million related to a favorable tax ruling in a foreign jurisdiction. In fiscal 2020, the effective income tax rate was primarily affected by the amount of income earned in foreign jurisdictions with lower tax rates, the amount of tax credits earned, withholding taxes, tax reserves, and the current taxation of foreign earnings. The Company had a favorable impact from operations in foreign countries with tax rates lower than the U.S. statutory tax rate. The Company earned $0.8 million in investment tax credits primarily related to an investment in qualified expenditures. This was offset by a change in tax reserves of $2.2 million and foreign withholding taxes of $2.3 million. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, includes various income and payroll tax provisions, modifications to federal net operating loss rules, business interest deduction limitations, and bonus depreciation eligibility for qualified improvement property. The CARES Act did not significantly impact the fiscal 2021 consolidated financial statements. In fiscal 2019, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates and a beneficial adjustment related to the finalization of The Tax Cuts and Jobs Act (“U.S. Tax Reform”) of $4.8 million. This adjustment under SAB 118 primarily consists of changes in interpretations and assumptions the Company made, additional regulatory guidance that was issued, and actions the Company took as a result of U.S. Tax Reform. U.S. Tax Reform includes a new global intangible low-taxed income (“GILTI”) provision which requires the Company to include foreign subsidiary earnings in its U.S. tax return starting in fiscal 2019. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Deferred income taxes and valuation allowances Significant components of the Company's deferred income tax assets and liabilities were as follows: (in millions) May 1, 2021 May 2, 2020 Deferred tax liabilities: Fixed Assets $ (2.9 ) $ (3.7 ) Amortization (49.1 ) (47.8 ) Foreign tax (2.0 ) (1.8 ) Lease assets (4.9 ) (5.2 ) Other liabilities (0.4 ) (1.3 ) Deferred tax liabilities, gross (59.3 ) (59.8 ) Deferred tax assets: Deferred compensation and stock award amortization 6.9 7.0 Inventory 2.7 2.7 Lease liabilities 5.3 5.7 Derivative financial instruments 1.6 0.3 Foreign investment tax credit 34.7 25.9 Net operating loss carryforwards 15.6 14.1 Foreign tax credits 1.4 — Other 3.3 1.4 Deferred tax assets, gross 71.5 57.1 Less valuation allowance (9.3 ) (7.5 ) Deferred tax assets, net of valuation allowance 62.2 49.6 Net deferred tax liabilities $ 2.9 $ (10.2 ) Balance sheet classification: Long-term asset 41.2 31.4 Long-term liability (38.3 ) (41.6 ) Net deferred tax asset (liability) $ 2.9 $ (10.2 ) The Company recorded a net deferred tax asset for U.S. and foreign income taxes of $2.9 million for fiscal 2021 and recorded a net deferred tax liability of $10.2 million for fiscal 2020. In assessing the realizability of the deferred tax assets, the Company considers whether it is more likely than not that some portion or the entire deferred tax asset will be realized. Ultimately, the realization of the deferred tax asset is dependent upon the generation of sufficient earnings in future periods in which these temporary items can be utilized. In that regard, the Company has a valuation allowance of $9.3 million related to certain state, federal, and foreign net operating loss carryovers and other credits and determined that these deferred tax assets did not reach the more likely than not realizable standard. As of May 1, 2021, the Company had available $38.4 million of federal, $68.9 million of state and $6.8 million of foreign gross operating loss carryforwards with a valuation allowance of $25.2 million for federal, $47.2 million for state and $0 for foreign. If unused, the U.S. federal net operating loss carryforwards will expire in the years 2021 through 2034. The state net operating loss carryforwards will expire in the years 2021 through 2037. Total unused credits are $36.1 million as of May 1, 2021, all of which can be carried forward indefinitely. Indefinite reinvestment The Company has not provided for deferred income taxes on the undistributed earnings of foreign subsidiaries except for certain identified amounts. The amount the Company expects to repatriate is based on a variety of factors including current year earnings of the foreign subsidiaries, foreign investment needs, and U.S. cash flow considerations. The Company considers the remaining undistributed foreign earnings that are not specifically identified to be indefinitely reinvested of $376.2 million. It is not practicable to determine the amount of deferred tax liability on such foreign earnings as the actual tax liability is dependent on circumstances that exist when the remittance occurs. Unrecognized tax benefits The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various jurisdictions are subject to periodic examination by the tax authorities. The Company regularly assesses the status of these examinations and the various outcomes to determine the adequacy of its provision for income taxes. The amount of gross unrecognized tax benefits totaled $5.3 million and $5.2 million as of May 1, 2021 and May 2, 2020, respectively. These amounts represent the amount of unrecognized benefits that, if recognized, would favorably impact the effective tax rate if resolved in the Company’s favor. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties as of May 1, 2021 and May 2, 2020 were $0.2 million and $0.1 million, respectively. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: (in millions) May 1, 2021 May 2, 2020 Balance at beginning of period $ 5.2 $ 3.1 Increases for positions related to the prior years — 1.9 Increases for positions related to the current year 0.2 0.3 Lapsing of statutes of limitations (0.1 ) (0.1 ) Balance at end of period $ 5.3 $ 5.2 At May 1, 2021, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. The U.S. federal statute of limitations remains open for fiscal years ended on or after 2018 and for state tax purposes on or after fiscal year 2012. Tax authorities may have the ability to review and adjust net operating losses or tax credits that were generated prior to these fiscal years. In the major foreign jurisdictions, fiscal 2015 and subsequent periods remain open and subject to examination by taxing authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
May 01, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Environmental matters The Company is not aware of any potential unasserted environmental claims that may be brought against us. As of May 1, 2021 and May 2, 2020, the Company had accruals, primarily based upon independent estimates, for environmental matters of $0.9 million and $0.9 million, respectively. The accrual as of May 1, 2021 consists of $0.6 million classified in other accrued expenses and the remainder was included in other long-term liabilities on the consolidated balance sheet. The accrual as of May 2, 2020 consists of $0.6 million classified in other accrued expenses and the remainder was included in other long-term liabilities on the consolidated balance sheet. The Company believes the provisions made for environmental matters are adequate to satisfy liabilities relating to such matters, however it is reasonably possible that costs could exceed accrued amounts if the selected methods of remediation do not reduce the contaminates at the sites to levels acceptable to federal and state regulatory agencies. In fiscal 2021, the Company spent $0.5 million on remediation cleanups and related studies, compared with $0.5 million in fiscal 2020 and $0.1 million in fiscal 2019. The costs associated with environmental matters as they relate to day-to-day activities were not material in fiscal 2021, fiscal 2020 or fiscal 2019. Litigation The Company, from time to time, is subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, patent infringement claims, employment-related matters and environmental 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 opinion of the Company's management, based on the information available, that the Company has adequate reserves for these liabilities and that the ultimate resolution of these matters will not have a material adverse effect on the Company's consolidated financial statements. Hetronic Germany-GmbH Matters For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. The Company became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, the Company 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 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 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 have been consolidated into a single appeal. That appeal is fully briefed and was argued on March 8, 2021. There is no deadline for the Court to issue its decision. Like any judgment, particularly any judgment involving defendants outside of the United States, there is no guarantee that the Company will be able to collect the judgment. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
May 01, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shareholders' Equity | Note 13. Shareholders’ Equity Share repurchase program On March 31, 2021, the Board of Directors authorized the purchase of up to $100.0 million of the Company’s outstanding common stock through March 31, 2023. Such purchases may be made on the open market, in private transactions or pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934. The Company purchased 167,949 shares at a cost of $7.5 million as of May 1, 2021. All purchased shares were retired and are reflected as a reduction of common stock for the par value of the shares, with the excess applied as a reduction to retained earnings. Dividends The Company paid dividends totaling $17.4 million in fiscal 2021 and $16.3 million in both fiscal 2020 and 2019. Dividends paid in fiscal 2021 include $0.9 million of dividends on restricted stock that vested during the period. 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 sources. A summary of changes in accumulated other comprehensive income (loss), net of tax is shown below: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Currency Translation Adjustments: Balance at beginning of period $ (25.9 ) $ (13.6 ) $ 13.9 Other comprehensive income (loss) recognized during the period, net of tax (expense) benefit of $(1.2) million; $0.6 million; $0.0 million 37.4 (12.3 ) (27.5 ) Balance at end of period 11.5 (25.9 ) (13.6 ) Derivative Financial Instruments: Balance at beginning of period (1.0 ) — — Other comprehensive loss recognized during the period, net of tax benefit of $1.3 million; $0.3 million; $— (4.4 ) (1.0 ) — Balance at end of period (5.4 ) (1.0 ) — Accumulated other comprehensive income (loss) $ 6.1 $ (26.9 ) $ (13.6 ) Stock-based compensation The Company has granted stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (“2014 Plan”), the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”), the Methode Electronics, Inc. 2007 Stock Plan (“2007 Plan”) and the Methode Electronics, Inc. 2004 Stock Plan (“2004 Plan”). The Company’s stockholders approved the 2014 Plan in September 2014. The Company can no longer make grants under the 2010 Plan, 2007 Plan and 2004 Plan. The number of shares of common stock originally authorized under the 2014 Plan is 3,000,000. As of May 1, 2021, there were 203,431 shares available for award under the 2014 Plan. Stock-based compensation expense All stock-based payments to employees and directors are recognized in selling and administrative expenses on the 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 (benefit) related to the equity awards: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) RSAs $ — $ (2.1 ) $ 10.9 RSUs 5.9 1.5 2.2 Director awards 0.9 0.9 0.9 Total stock-based compensation expense $ 6.8 $ 0.3 $ 14.0 2014 Plan The 2014 Plan provides for discretionary grants of stock options, stock appreciation rights, RSAs, RSUs and performance units to key employees and directors. The 2014 Plan is intended to promote the success of the Company and to increase stockholder value by providing an additional means to attract, motivate, retain and reward selected employees and eligible directors through the grant of equity awards. Restricted Stock Awards and Performance Units (“PUs”) In the second quarter of fiscal 2021, the Company granted 917,000 RSAs to executive officers and certain non-executives which will be earned based on the achievement of an 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, an additional 458,500 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 earn dividend equivalents during the vesting period, which are forfeitable if the RSAs do not vest. Compensation expense for RSAs are recognized when it is probable the minimum threshold performance criteria will be achieved. Compensation expense for the PUs are 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, “ Compensation - Stock Compensation,” In fiscal 2020, previously granted performance-based RSAs vested at 69% of target, which was determined in the fourth quarter of fiscal 2020. The target hurdle was not achieved because of among other factors, the impact of the COVID-19 pandemic. The result was a reversal of previously recognized stock-based compensation expense related to prior years of $5.2 million. Stock-based compensation expense for these awards in fiscal 2020 was a credit of $2.1 million. The following table summarizes the RSA activity under the 2014 Incentive Plan: Restricted Stock Awards Weighted average grant date fair value Non-vested at April 28, 2018 1,171,238 $ 34.13 Awarded 11,625 $ 38.75 Vested — $ — Forfeited (151,455 ) $ 34.79 Non-vested at April 27, 2019 1,031,408 $ 34.09 Awarded — $ — Vested (455,750 ) $ 33.89 Forfeited (575,658 ) $ 34.25 Non-vested at May 2, 2020 — $ — Awarded 917,000 $ 28.30 Vested — $ — Forfeited — $ — Non-vested at May 1, 2021 917,000 $ 28.30 Restricted Stock RSUs granted under the 2014 Plan vest over a pre-determined period of time, up to five years from the date of grant. The fair value of RSUs granted was based on the closing stock price on the date of grant. RSUs granted in fiscal 2021 earn dividend equivalents during the vesting period, which are forfeitable if the RSUs do not vest. The following table summarizes RSU activity granted under the 2014 Plan: Restricted Stock Units Weighted average grant date fair value Non-vested at April 28, 2018 382,372 $ 33.87 Awarded 7,750 $ 38.75 Vested (152,328 ) $ 33.75 Forfeited (49,950 ) $ 32.42 Non-vested at April 27, 2019 187,844 $ 34.55 Awarded — $ — Vested (176,994 ) $ 34.25 Forfeited (7,750 ) $ 38.75 Non-vested at May 2, 2020 3,100 $ 41.20 Awarded 938,300 $ 28.30 Vested (25,201 ) $ 29.87 Forfeited — $ — Non-vested at May 1, 2021 916,199 $ 28.30 As of May 1, 2021, there were 25,201 RSUs that were vested for which shares were issued in the first quarter of fiscal 2022. As of May 1, 2021 Director awards During fiscal 2021, fiscal 2020 and fiscal 2019, the Company issued 33,000 shares, 30,000 shares and 24,000 shares, respectively, of common stock to its independent directors, all of which vested immediately upon grant. Stock options The following table summarizes combined stock option activity under the 2010 Plan and 2007 Plan: Shares Weighted average exercise price Weighted- average life (years) Aggregate intrinsic value (in millions) Outstanding and exercisable at April 28, 2018 114,168 $ 35.85 6.1 $ 0.6 Exercised — $ — Forfeited (7,500 ) $ 37.01 Outstanding and exercisable at April 27, 2019 106,668 $ 35.76 5.0 $ 0.1 Exercised — $ — Forfeited — $ — Outstanding and exercisable at May 2, 2020 106,668 $ 35.76 4.0 $ 0.1 Exercised (24,500 ) $ 31.61 Forfeited (9,168 ) $ 37.01 Outstanding and exercisable at May 1, 2021 73,000 $ 37.01 3.2 $ 0.6 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 fiscal year 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. The total intrinsic value of options exercised in fiscal 2021 was $0.3 million. Deferred RSUs Under the 2014 Plan and 2010 Plan, RSUs that have vested for certain executives, including the Company’s CEO, will not be delivered in common stock until after the executive terminates employment from the Company or upon a change of control. As of May 1, 2021, shares to be delivered to these executives were 121,200 shares under the 2014 Plan and 180,000 shares under the 2010 Plan. Under the 2004 Plan, 225,000 shares of common stock subject to performance based RSAs granted to the Company’s CEO in fiscal 2006 and 2007 were converted to RSUs. The shares of common stock underlying the RSUs will not be issued and delivered until the earlier of: (1) thirty days after the CEO’s date of termination of employment with the Company and all of its subsidiaries and affiliates; or (2) the last day of the Company’s fiscal year in which the payment of common stock in satisfaction of the RSUs becomes deductible to the Company under Section 162(m) of the Code. As of May 1, 2021, 29,945 shares have been delivered in connection with these RSUs with a remaining balance to be delivered of 195,055 shares. The RSUs are not entitled to voting rights or dividends, however a bonus in lieu of dividends are paid. The vested deferred RSUs are considered outstanding for earnings per share calculations. |
Income Per Share
Income Per Share | 12 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Income Per Share | Note 14. Income Per Share Basic income per share is calculated by dividing net income by the number of weighted average common shares outstanding for the applicable period. The weighted average number of common shares used in the diluted 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 income per share: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (52 Weeks) (53 Weeks) (52 Weeks) Numerator: Net income (in millions) $ 122.3 $ 123.4 $ 91.6 Denominator: Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs 38,038,615 37,574,671 37,405,298 Dilutive potential common shares - stock options, RSAs and RSUs 267,671 269,799 264,262 Denominator for diluted income per share 38,306,286 37,844,470 37,669,560 Basic and diluted income per share: Basic income per share $ 3.22 $ 3.28 $ 2.45 Diluted income per share $ 3.19 $ 3.26 $ 2.43 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 738,167 566,620 678,321 |
Segment Information and Geograp
Segment Information and Geographic Area Information | 12 Months Ended |
May 01, 2021 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Area Information | Note 15. Segment Information and Geographic Area Information An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). 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 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 based transceivers and related accessories for the cloud computing hardware equipment and telecommunications broadband equipment markets, user interface solutions for the appliance, commercial food service, and point-of-sale equipment markets, and fluid-level sensors for the marine/recreational vehicle and sump pump markets. 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 has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The CODM allocates resources to and evaluates the performance of each operating segments based on operating income. Transfers between segments are recorded using internal transfer prices set by the Company. The tables below present information about the Company’s reportable segments. Fiscal Year Ended May 1, 2021 (52 Weeks) (in millions) Automotive Industrial Interface Medical Eliminations/ Corporate Consolidated Net sales $ 761.8 $ 273.2 $ 61.6 $ 2.8 $ (11.4 ) $ 1,088.0 Transfers between segments (6.1 ) (5.3 ) — — 11.4 — Net sales to unaffiliated customers $ 755.7 $ 267.9 $ 61.6 $ 2.8 $ — $ 1,088.0 Income/(loss) from operations $ 107.6 $ 64.3 $ 8.9 $ (4.6 ) $ (48.3 ) $ 127.9 Interest expense, net 5.2 Other income, net (12.2 ) Income before income taxes $ 134.9 Purchases of property, plant and equipment $ 22.5 $ 2.1 $ — $ — $ 0.3 $ 24.9 Depreciation and amortization $ 34.3 $ 14.3 $ 0.3 $ 0.9 $ 1.7 $ 51.5 Identifiable assets $ 739.5 $ 461.6 $ 90.4 $ 7.6 $ 167.9 $ 1,467.0 Fiscal Year Ended May 2, 2020 (53 Weeks) (in millions) Automotive Industrial Interface Medical Eliminations/ Corporate Consolidated Net sales $ 716.8 $ 253.9 $ 58.9 $ 1.6 $ (7.3 ) $ 1,023.9 Transfers between segments (4.7 ) (2.5 ) (0.1 ) — 7.3 — Net sales to unaffiliated customers $ 712.1 $ 251.4 $ 58.8 $ 1.6 $ — $ 1,023.9 Income/(loss) from operations $ 124.4 $ 59.4 $ 5.6 $ (6.0 ) $ (36.3 ) $ 147.1 Interest expense, net 10.1 Other income, net (11.7 ) Income before income taxes $ 148.7 Purchases of property, plant and equipment $ 37.5 $ 5.7 $ 0.3 $ 0.7 $ 0.9 $ 45.1 Depreciation and amortization $ 31.0 $ 13.7 $ 0.9 $ 1.1 $ 1.6 $ 48.3 Identifiable assets $ 670.9 $ 421.8 $ 71.0 $ 8.8 $ 198.1 $ 1,370.6 Fiscal Year Ended April 27, 2019 (52 Weeks) (in millions) Automotive Industrial Interface Medical Eliminations/ Corporate Consolidated Net sales $ 741.6 $ 210.0 $ 57.9 $ 1.1 $ (10.3 ) $ 1,000.3 Transfers between segments (6.9 ) (3.2 ) (0.2 ) — 10.3 — Net sales to unaffiliated customers $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ — $ 1,000.3 Income/(loss) from operations $ 126.3 $ 37.4 $ (0.3 ) $ (8.6 ) $ (48.0 ) $ 106.8 Interest expense, net 8.3 Other income, net (5.1 ) Income before income taxes $ 103.6 Purchases of property, plant and equipment $ 38.9 $ 2.6 $ 0.5 $ 1.9 $ 5.9 $ 49.8 Depreciation and amortization $ 25.2 $ 11.7 $ 3.2 $ 1.0 $ 2.2 $ 43.3 Identifiable assets $ 677.4 $ 404.3 $ 88.6 $ 9.4 $ 52.0 $ 1,231.7 The following tables set forth net sales and tangible long-lived assets by geographic area where the Company operates. Tangible long-lived assets include property, plant and equipment and operating lease assets. Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Net sales: U.S. $ 510.8 $ 531.5 $ 540.5 China 193.7 116.9 113.7 Malta 173.5 143.9 148.5 Mexico 87.4 104.7 — Canada 14.9 19.5 101.6 Other 107.7 107.4 96.0 Total net sales $ 1,088.0 $ 1,023.9 $ 1,000.3 (in millions) May 1, 2021 May 2, 2020 Tangible long-lived assets, net: U.S. $ 75.0 $ 89.8 Malta 43.0 40.1 China 27.2 24.1 Belgium 24.8 21.4 Mexico 24.6 24.0 Other 31.7 26.0 Total tangible long-lived assets, net $ 226.3 $ 225.4 |
Acquisitions
Acquisitions | 12 Months Ended |
May 01, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | N ote 16. Acquisitions On September 12, 2018, the Company acquired 100% of the stock of Grakon Parent, Inc. (“Grakon) for $422.1 million in cash, net of cash acquired. The business, headquartered in Seattle, Washington, is a manufacturer of custom designed lighting solutions and highly styled engineered components. Grakon’s manufacturing capabilities and products help diversify the Company's product offerings and expand the Industrial segment, which is a key component of the Company's strategic direction. The accounts and transactions of Grakon have been included in the Automotive and Industrial segments in the consolidated financial statements from the effective date of the acquisition. For goodwill impairment testing purposes, Grakon has been included in the Company's North American Automotive and Grakon Industrial reporting units. The acquisition was accounted for as a business combination. The final purchase price allocation to the acquired net assets of Grakon based on the fair values of assets acquired and liabilities assumed is shown below: (in millions) Current assets $ 68.5 Property, plant, and equipment 16.2 Intangible assets 221.9 Goodwill 175.1 Other non-current assets 1.5 Current liabilities (31.7 ) Other non-current liabilities (29.4 ) Total purchase consideration, net of cash acquired $ 422.1 Intangible assets acquired consisted of customer relationships, technology licenses and trademarks. The amortization period for the acquired intangible assets were 19.5 years, 11.7 years and 8.5 years, respectively. In fiscal 2019, acquisition-related costs of $15.4 million were incurred in relation to the acquisition of Grakon, of which $9.8 million was reported in selling and administrative expenses and $5.6 million was reported in costs of products sold on the consolidated statements of income. The following table presents unaudited supplemental pro forma results as if the Grakon acquisition had occurred as of the beginning of fiscal 2019. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at such time. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects. Fiscal Year Ended (in millions) April 27, 2019 Revenues $ 1,073.3 Net income 106.4 |
Summary of Quarterly Results of
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended |
May 01, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations (Unaudited) | Note 17. Summary of Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations for fiscal 2021 and fiscal 2020: Fiscal 2021 Quarter Ended August 1, 2020 October 31, 2020 January 30, 2021 May 1, 2021 (in millions, except per share data) (13 Weeks) (13 Weeks) (13 Weeks) (13 Weeks) Net sales $ 190.9 $ 300.8 $ 295.3 $ 301.0 Gross profit $ 45.1 $ 80.8 $ 72.6 $ 75.6 Net income $ 20.7 $ 38.6 $ 31.9 $ 31.1 Net income per basic common share $ 0.55 $ 1.01 $ 0.84 $ 0.82 Net income per diluted common share $ 0.54 $ 1.01 $ 0.83 $ 0.81 Fiscal 2020 Quarter Ended July 27, 2019 October 26, 2019 February 1, 2020 May 2, 2020 (in millions, except per share data) (13 Weeks) (13 Weeks) (14 Weeks) (13 Weeks) Net sales $ 270.2 $ 257.2 $ 285.9 $ 210.6 Gross profit $ 75.8 $ 68.6 $ 79.3 $ 59.2 Net income $ 28.3 $ 23.8 $ 41.2 $ 30.1 Net income per basic common share $ 0.75 $ 0.63 $ 1.10 $ 0.80 Net income per diluted common share $ 0.75 $ 0.63 $ 1.09 $ 0.79 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
May 01, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS METHODE ELECTRONICS, INC. AND SUBSIDIARIES (in millions) Description Balance at beginning of period (Benefits)/ charges to income Deductions Other Balance at end of period Year Ended May 1, 2021 Allowance for uncollectible accounts $ 0.7 $ — $ — $ — $ 0.7 Deferred tax valuation allowance $ 7.5 $ 1.8 $ — $ — $ 9.3 Year Ended May 2, 2020 Allowance for uncollectible accounts $ 0.9 $ (0.2 ) $ — $ — $ 0.7 Deferred tax valuation allowance $ 6.6 $ 0.9 $ — $ — $ 7.5 Year Ended April 27, 2019 Allowance for uncollectible accounts $ 0.5 $ 0.2 $ — $ 0.2 (1) $ 0.9 Deferred tax valuation allowance $ 3.0 $ — $ (1.2 ) $ 4.8 (1) $ 6.6 (1) Represents business acquisitions. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May 01, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). |
Principles of consolidation | Principles of consolidation. The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Fiscal 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. Fiscal 2021 and 2019 represented 52 weeks and ended on May 1, 2021 and April 27, 2019, respectively. Fiscal 2020 represented 53 weeks and ended on May 2, 2020. The following discussions of comparative results among periods should be reviewed in that context. |
Use of estimates | Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include all highly liquid investments with a maturity of three months or less. |
Accounts receivable and allowance for doubtful 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 (“CECL”). The Company elected to apply 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 $0.7 million and $0.7 million as of May 1, 2021 and May 2, 2020, respectively. Sales to General Motors Company (“GM”) and Ford Motor Company (“Ford”) in the Automotive segment, either directly or through their tiered suppliers, represented a significant portion of the Company's business. As of May 1, 2021 and May 2, 2020, combined accounts receivable from GM and Ford (including tiered suppliers) were approximately $79.4 million and $32.4 million, respectively. |
Inventories | 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. See Note 5, “Inventory” for additional information. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are recorded at cost less accumulated depreciation, with the exception of assets acquired through acquisitions, which are initially recorded at fair value. Equipment acquired under a finance lease is recorded at the present value of the future minimum lease payments. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. Costs of additions and major improvements are capitalized, whereas maintenance and repairs that do not improve or extend the life of the asset are charged to expense as incurred. See Note 6, “Property, Plant and Equipment” for additional information. |
Business combinations | Business combinations. The Company accounts for business combinations using the acquisition method. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. |
Goodwill | Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. In performing the goodwill impairment test, the Company may first assess qualitative factors to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. See Note 7, “Goodwill and Other Intangible Assets” for additional information regarding the Company’s goodwill impairment assessment for fiscal 2021. |
Amortizable intangible assets | Amortizable intangible assets . Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Amortization is recognized over the useful lives of the intangible assets, generally up to 20 years, using the straight-line method. See Note 7, “Goodwill and Other Intangible Assets” for additional information. |
Impairment of long-lived assets | Impairment of long-lived assets. The Company evaluates whether events and circumstances have occurred which indicate that the remaining estimated useful lives of its intangible assets, excluding goodwill, and other long-lived assets, may warrant revision or that the remaining balance of such assets may not be recoverable. If impairment indicators exist, the Company performs an impairment analysis by comparing the undiscounted cash flows resulting from the use of the asset group to the carrying amount. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized based on the excess of the asset’s carrying amount over its fair value. |
Pre-production costs related to long-term supply arrangements | Pre-production 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 May 1, 2021 and May 2, 2020, the Company had $25.0 million and $37.1 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 over the estimated useful life of the assets. Company owned tooling was $17.0 million and $19.0 million as of May 1, 2021 and May 2, 2020, respectively. |
Leases | Leases. The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company estimates the incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company utilizes certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. The Company elects to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. Lease expense is recognized on a straight-line basis over the lease term. See Note 3, “Leases” for additional information. |
Derivative financial instruments | Derivative financial instruments. The Company uses derivative financial instruments, including swaps and forward contracts, to manage exposures to changes in currency exchange rates and interest rates. The Company does not enter into or hold derivative financial instruments for trading or speculative purposes. See Note 8, “Derivative Financial Instruments and Hedging Activities” for additional information. |
Income taxes | Income taxes. Income taxes are calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. See Note 11, “Income Taxes” for additional information. |
Revenue recognition | Revenue recognition. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a 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). 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. See Note 2, “Revenue” for further information. |
Shipping and handling fees and costs | Shipping and handling fees and costs . Shipping and handling fees billed to customers are included in net sales, and the related costs are included in cost of products sold. |
Restructuring expense | Restructuring expense. Restructuring expense includes costs directly associated with exit or disposal activities. Such costs include employee severance and termination benefits, asset impairment charges, contract termination fees, and other exit or disposal costs. 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 ROU lease assets and equipment. Contract termination costs are recorded when notification of termination is given to the other party. See Note 4, “Restructuring” for additional information. |
Foreign currency translation | Foreign currency translation. The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the consolidated statements of income in other income, net. |
Government grants | Government grants. The Company recognizes grant income in other income, net in the consolidated statements of income when it is considered that there is reasonable assurance that the grant will be received and the necessary qualifying conditions, as stated in the grant agreement, are met. The international government grants are generally paid over a period of years and are recorded at amortized cost on the Company’s consolidated balance sheets. As of May 1, 2021 and May 2, 2020, grant receivables outstanding were $18.6 million and $18.7 million, respectively. The short-term and long-term portion of grant receivables are recorded on the consolidated balance sheets within accounts receivable and other current assets and other long-term assets, respectively. Additionally, as of May 1, 2021 and May 2, 2020, the Company has no deferred grant income. |
Research and development costs | Research and development costs . Costs associated with the enhancement of existing products and the development of new products are charged to expense when incurred. Research and development expenses primarily relate to product engineering and design and development expenses and are classified as a component of cost of goods sold on the consolidated statements of income. Research and development costs were $37.1 million, $34.9 million and $41.2 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively |
Stock-based compensation | Stock-based compensation. The Company recognizes compensation expense for the cost of awards of equity compensation using a fair value method in accordance with ASC 718, “ .” See Note 13, “Shareholders’ Equity” for additional information. |
Product warranty | Product warranty. The Company’s warranties are standard, assurance-type warranties only. The Company does not offer any additional service or extended term warranties to its customers. As such, warranty obligations are accrued when its probable that a liability has been incurred and the related amounts are reasonably estimable. |
Fair value | Fair value measurement. ASC 820, “ ,” provides a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under ASC 820 requires an entity to maximize the use of observable inputs. The Company groups assets and liabilities at fair value in three levels as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities; • Level 2 - Observable inputs other than quoted prices in active markets for identical assets or liabilities; • Level 3 - Unobservable inputs in which little or no market activity exists, requiring the Company to develop its own assumptions that market participants would use to value the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes to the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. |
Recently issued/adopted accounting pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments impairment In August 2018, the FASB issued ASU 2018-15, “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Custome r’ s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ” The guidance in ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted this guidance prospectively as of May 3, 2020, and the impact was immaterial to i ts consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “ Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
May 01, 2021 | |
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. Fiscal Year Ended May 1, 2021 (52 Weeks) (in millions) Auto Industrial Interface Medical Total Geographic net sales: North America $ 406.4 $ 142.9 $ 61.0 $ 2.7 $ 613.0 Europe & Africa 212.3 68.2 — — 280.5 Asia 137.0 56.8 0.6 0.1 194.5 Total net sales $ 755.7 $ 267.9 $ 61.6 $ 2.8 $ 1,088.0 Timing of revenue recognition: Goods transferred at a point in time $ 722.1 $ 267.9 $ 61.6 $ 2.8 $ 1,054.4 Goods transferred over time 33.6 — — — 33.6 Total net sales $ 755.7 $ 267.9 $ 61.6 $ 2.8 $ 1,088.0 Fiscal Year Ended May 2, 2020 (53 Weeks) (in millions) Auto Industrial Interface Medical Total Geographic net sales: North America $ 435.6 $ 160.6 $ 57.9 $ 1.6 $ 655.7 Europe & Africa 202.1 48.4 0.3 — 250.8 Asia 74.4 42.4 0.6 — 117.4 Total net sales $ 712.1 $ 251.4 $ 58.8 $ 1.6 $ 1,023.9 Timing of revenue recognition: Goods transferred at a point in time $ 675.4 $ 251.4 $ 58.8 $ 1.6 $ 987.2 Goods transferred over time 36.7 — — — 36.7 Total net sales $ 712.1 $ 251.4 $ 58.8 $ 1.6 $ 1,023.9 |
Customer Concentration | Sales to GM and Ford in the Automotive segment, either directly or through their tiered suppliers, are shown below. Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 Percentage of Net Sales: GM 27.5 % 26.8 % 35.5 % Ford 8.8 % 10.7 % 11.6 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Lease Costs | The components of lease expense were as follows: Fiscal Year Ended May 1, 2021 May 2, 2020 (in millions) (52 Weeks) (53 Weeks) Lease cost: Operating lease cost $ 8.4 $ 9.0 Variable lease cost 1.6 1.3 Total lease cost $ 10.0 $ 10.3 |
Supplemental Cash Flow | Supplemental cash flow and other information related to operating leases was as follows: Fiscal Year Ended May 1, 2021 May 2, 2020 (in millions) (52 Weeks) (53 Weeks) Operating cash flows: Cash paid related to operating lease obligations $ 9.3 $ 8.7 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 5.7 $ 5.5 Weighted-average remaining lease term 5.0 years 5.7 years Weighted-average discount rate 4.6 % 4.7 % |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of May 1, 2021, are shown below: (in millions) Fiscal Year: 2022 $ 6.9 2023 6.0 2024 4.5 2025 3.0 2026 2.3 Thereafter 3.9 Total lease payments 26.6 Less: imputed interest (3.0 ) Present value of lease liabilities $ 23.6 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
May 01, 2021 | |
Restructuring And Related Activities [Abstract] | |
Schedule Of Restructuring Costs By Reportable Segment | The table below presents restructuring costs by reportable segment: Fiscal Year Ended May 1, 2021 May 2, 2020 (in millions) (52 Weeks) (53 Weeks) Automotive $ 6.2 $ 0.8 Industrial 1.0 0.5 Interface 0.7 — Medical — 0.1 Eliminations/Corporate 0.3 0.4 Total restructuring costs $ 8.2 $ 1.8 |
Schedule of Restructuring Activity | The following is a rollforward of the Company’s restructuring activity in fiscal 2021: Utilization (in millions) Accrual as of May 2, 2020 YTD charges Cash Non-cash Accrual as of May 1, 2021 Employee termination benefits $ 0.2 $ 7.1 $ (6.6 ) $ — $ 0.7 Asset impairment charges — 0.6 — (0.6 ) — Contract termination costs — 0.5 — — 0.5 Total $ 0.2 $ 8.2 $ (6.6 ) $ (0.6 ) $ 1.2 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
May 01, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | A summary of inventories is shown below: (in millions) May 1, 2021 May 2, 2020 Finished products $ 24.8 $ 45.7 Work in process 14.0 10.8 Raw materials 85.4 74.5 Total inventories $ 124.2 $ 131.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
May 01, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | A summary of property, plant and equipment is shown below: (in millions) May 1, 2021 May 2, 2020 Land $ 3.3 $ 3.3 Buildings and building improvements 88.9 87.3 Machinery and equipment 408.0 367.1 Construction in progress 24.8 45.2 Total property, plant and equipment, gross 525.0 502.9 Less: accumulated depreciation (321.0 ) (301.0 ) Property, plant and equipment, net $ 204.0 $ 201.9 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 01, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | A summary of the changes in goodwill by reportable segment is as follows: (in millions) Automotive Industrial Total Balance as of April 28, 2018 $ 57.5 $ 1.7 $ 59.2 Acquisitions 49.4 125.9 175.3 Foreign currency translation (0.6 ) (0.6 ) (1.2 ) Balance as of April 27, 2019 106.3 127.0 233.3 Acquisitions — (0.2 ) (0.2 ) Foreign currency translation (0.1 ) (1.4 ) (1.5 ) Balance as of May 2, 2020 106.2 125.4 231.6 Foreign currency translation 0.5 3.5 4.0 Balance as of May 1, 2021 $ 106.7 $ 128.9 $ 235.6 |
Summary of Goodwill by Reporting Unit | A summary of goodwill by reporting unit is as follows: (in millions) May 1, 2021 May 2, 2020 Grakon Industrial $ 127.2 $ 123.8 North American Automotive 99.8 99.8 European Automotive 6.9 6.4 Other 1.7 1.6 Total $ 235.6 $ 231.6 |
Schedule of Other Intangible Assets, Net | The following tables present details of the Company’s identifiable intangible assets: As of May 1, 2021 (in millions) Gross Accumulated amortization Net Weighted average useful life (years) Amortized intangible assets: Customer relationships and agreements $ 235.3 $ (42.7 ) $ 192.6 15.6 Trade names, patents and technology licenses 58.7 (23.7 ) 35.0 7.0 Total amortized intangible assets 294.0 (66.4 ) 227.6 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 295.8 $ (66.4 ) $ 229.4 As of May 2, 2020 (in millions) Gross Accumulated amortization Net Weighted average useful life (years) Amortized intangible assets: Customer relationships and agreements $ 243.5 $ (40.8 ) $ 202.7 16.5 Trade names, patents and technology licenses 75.3 (35.0 ) 40.3 7.8 Total amortized intangible assets 318.8 (75.8 ) 243.0 Unamortized trade name 1.8 — 1.8 Total other intangible assets $ 320.6 $ (75.8 ) $ 244.8 |
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: 2022 $ 19.2 2023 19.1 2024 18.8 2025 18.2 2026 17.3 Thereafter 135.0 Total $ 227.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | A summary of debt is shown below: (in millions) May 1, 2021 May 2, 2020 Revolving credit facility $ 9.9 $ 108.5 Term loan 218.7 231.2 Other debt 13.0 14.6 Unamortized debt issuance costs (1.5 ) (2.2 ) Total debt 240.1 352.1 Less: current maturities (14.9 ) (15.3 ) Total long-term debt $ 225.2 $ 336.8 |
Scheduled Principal Payments of Debt | As of May 1, 2021, scheduled principal payments of debt are as follows: (in millions) Fiscal Year: 2022 $ 14.9 2023 13.9 2024 209.3 2025 0.5 2026 0.5 Thereafter 2.5 Total $ 241.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The U.S. and foreign components of income before income taxes and the provision for income taxes are as follows: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Income (loss) before income taxes: U.S. $ 28.3 $ 47.3 $ (0.6 ) Foreign 106.6 101.4 104.2 Total income before income taxes $ 134.9 $ 148.7 $ 103.6 Income tax expense: Current: U.S. (federal and state) $ 5.8 $ 5.1 $ (5.7 ) Foreign 15.9 12.8 21.5 Total current expense 21.7 17.9 15.8 Deferred: U.S. (federal and state) 1.3 6.1 2.5 Foreign (10.4 ) 1.3 (6.3 ) Total deferred (benefit) expense (9.1 ) 7.4 (3.8 ) Total income tax expense $ 12.6 $ 25.3 $ 12.0 |
Schedule of Reconciliation of Income Tax Expense | A reconciliation of income tax expense to the U.S. statutory federal income tax rate of 21% is as follows: Fiscal Year Ended (in millions) May 1, 2021 May 2, 2020 April 27, 2019 Income tax at statutory rate $ 28.3 $ 31.2 $ 21.8 Effect of: State income taxes, net of federal benefit 0.1 1.5 (0.8 ) Withholding taxes 2.7 2.3 1.8 U.S. Tax Reform transition tax — — (4.8 ) Foreign tax differential (12.9 ) (8.3 ) (9.6 ) U.S. tax on foreign income 2.8 (1.0 ) 3.4 Foreign investment tax credit (7.2 ) (0.8 ) (2.0 ) Change in tax reserve 0.1 2.2 (0.1 ) Change in valuation allowance 1.8 0.8 — Tax rate change, foreign (0.1 ) (0.1 ) — Other, net (3.0 ) (2.5 ) 2.3 Income tax expense $ 12.6 $ 25.3 $ 12.0 Effective income tax rate 9.3 % 17.0 % 11.6 % |
Schedule of Deferred Income Tax Assets and Liabilities | Significant components of the Company's deferred income tax assets and liabilities were as follows: (in millions) May 1, 2021 May 2, 2020 Deferred tax liabilities: Fixed Assets $ (2.9 ) $ (3.7 ) Amortization (49.1 ) (47.8 ) Foreign tax (2.0 ) (1.8 ) Lease assets (4.9 ) (5.2 ) Other liabilities (0.4 ) (1.3 ) Deferred tax liabilities, gross (59.3 ) (59.8 ) Deferred tax assets: Deferred compensation and stock award amortization 6.9 7.0 Inventory 2.7 2.7 Lease liabilities 5.3 5.7 Derivative financial instruments 1.6 0.3 Foreign investment tax credit 34.7 25.9 Net operating loss carryforwards 15.6 14.1 Foreign tax credits 1.4 — Other 3.3 1.4 Deferred tax assets, gross 71.5 57.1 Less valuation allowance (9.3 ) (7.5 ) Deferred tax assets, net of valuation allowance 62.2 49.6 Net deferred tax liabilities $ 2.9 $ (10.2 ) Balance sheet classification: Long-term asset 41.2 31.4 Long-term liability (38.3 ) (41.6 ) Net deferred tax asset (liability) $ 2.9 $ (10.2 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: (in millions) May 1, 2021 May 2, 2020 Balance at beginning of period $ 5.2 $ 3.1 Increases for positions related to the prior years — 1.9 Increases for positions related to the current year 0.2 0.3 Lapsing of statutes of limitations (0.1 ) (0.1 ) Balance at end of period $ 5.3 $ 5.2 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
May 01, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | A summary of changes in accumulated other comprehensive income (loss), net of tax is shown below: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Currency Translation Adjustments: Balance at beginning of period $ (25.9 ) $ (13.6 ) $ 13.9 Other comprehensive income (loss) recognized during the period, net of tax (expense) benefit of $(1.2) million; $0.6 million; $0.0 million 37.4 (12.3 ) (27.5 ) Balance at end of period 11.5 (25.9 ) (13.6 ) Derivative Financial Instruments: Balance at beginning of period (1.0 ) — — Other comprehensive loss recognized during the period, net of tax benefit of $1.3 million; $0.3 million; $— (4.4 ) (1.0 ) — Balance at end of period (5.4 ) (1.0 ) — Accumulated other comprehensive income (loss) $ 6.1 $ (26.9 ) $ (13.6 ) |
Summary of Stock-based Compensation Expense (Benefit) Related to Equity Awards | The table below summarizes the stock-based compensation expense (benefit) related to the equity awards: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) RSAs $ — $ (2.1 ) $ 10.9 RSUs 5.9 1.5 2.2 Director awards 0.9 0.9 0.9 Total stock-based compensation expense $ 6.8 $ 0.3 $ 14.0 |
2014 Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of RSA and RSU Activity | The following table summarizes the RSA activity under the 2014 Incentive Plan: Restricted Stock Awards Weighted average grant date fair value Non-vested at April 28, 2018 1,171,238 $ 34.13 Awarded 11,625 $ 38.75 Vested — $ — Forfeited (151,455 ) $ 34.79 Non-vested at April 27, 2019 1,031,408 $ 34.09 Awarded — $ — Vested (455,750 ) $ 33.89 Forfeited (575,658 ) $ 34.25 Non-vested at May 2, 2020 — $ — Awarded 917,000 $ 28.30 Vested — $ — Forfeited — $ — Non-vested at May 1, 2021 917,000 $ 28.30 The following table summarizes RSU activity granted under the 2014 Plan: Restricted Stock Units Weighted average grant date fair value Non-vested at April 28, 2018 382,372 $ 33.87 Awarded 7,750 $ 38.75 Vested (152,328 ) $ 33.75 Forfeited (49,950 ) $ 32.42 Non-vested at April 27, 2019 187,844 $ 34.55 Awarded — $ — Vested (176,994 ) $ 34.25 Forfeited (7,750 ) $ 38.75 Non-vested at May 2, 2020 3,100 $ 41.20 Awarded 938,300 $ 28.30 Vested (25,201 ) $ 29.87 Forfeited — $ — Non-vested at May 1, 2021 916,199 $ 28.30 |
2010 Plan and 2007 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of combined stock option activity and related information for stock options granted | The following table summarizes combined stock option activity under the 2010 Plan and 2007 Plan: Shares Weighted average exercise price Weighted- average life (years) Aggregate intrinsic value (in millions) Outstanding and exercisable at April 28, 2018 114,168 $ 35.85 6.1 $ 0.6 Exercised — $ — Forfeited (7,500 ) $ 37.01 Outstanding and exercisable at April 27, 2019 106,668 $ 35.76 5.0 $ 0.1 Exercised — $ — Forfeited — $ — Outstanding and exercisable at May 2, 2020 106,668 $ 35.76 4.0 $ 0.1 Exercised (24,500 ) $ 31.61 Forfeited (9,168 ) $ 37.01 Outstanding and exercisable at May 1, 2021 73,000 $ 37.01 3.2 $ 0.6 |
Income Per Share (Tables)
Income Per Share (Tables) | 12 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Income per Share | The following table sets forth the computation of basic and diluted income per share: Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (52 Weeks) (53 Weeks) (52 Weeks) Numerator: Net income (in millions) $ 122.3 $ 123.4 $ 91.6 Denominator: Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs 38,038,615 37,574,671 37,405,298 Dilutive potential common shares - stock options, RSAs and RSUs 267,671 269,799 264,262 Denominator for diluted income per share 38,306,286 37,844,470 37,669,560 Basic and diluted income per share: Basic income per share $ 3.22 $ 3.28 $ 2.45 Diluted income per share $ 3.19 $ 3.26 $ 2.43 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 738,167 566,620 678,321 |
Segment Information and Geogr_2
Segment Information and Geographic Area Information (Tables) | 12 Months Ended |
May 01, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments | The tables below present information about the Company’s reportable segments. Fiscal Year Ended May 1, 2021 (52 Weeks) (in millions) Automotive Industrial Interface Medical Eliminations/ Corporate Consolidated Net sales $ 761.8 $ 273.2 $ 61.6 $ 2.8 $ (11.4 ) $ 1,088.0 Transfers between segments (6.1 ) (5.3 ) — — 11.4 — Net sales to unaffiliated customers $ 755.7 $ 267.9 $ 61.6 $ 2.8 $ — $ 1,088.0 Income/(loss) from operations $ 107.6 $ 64.3 $ 8.9 $ (4.6 ) $ (48.3 ) $ 127.9 Interest expense, net 5.2 Other income, net (12.2 ) Income before income taxes $ 134.9 Purchases of property, plant and equipment $ 22.5 $ 2.1 $ — $ — $ 0.3 $ 24.9 Depreciation and amortization $ 34.3 $ 14.3 $ 0.3 $ 0.9 $ 1.7 $ 51.5 Identifiable assets $ 739.5 $ 461.6 $ 90.4 $ 7.6 $ 167.9 $ 1,467.0 Fiscal Year Ended May 2, 2020 (53 Weeks) (in millions) Automotive Industrial Interface Medical Eliminations/ Corporate Consolidated Net sales $ 716.8 $ 253.9 $ 58.9 $ 1.6 $ (7.3 ) $ 1,023.9 Transfers between segments (4.7 ) (2.5 ) (0.1 ) — 7.3 — Net sales to unaffiliated customers $ 712.1 $ 251.4 $ 58.8 $ 1.6 $ — $ 1,023.9 Income/(loss) from operations $ 124.4 $ 59.4 $ 5.6 $ (6.0 ) $ (36.3 ) $ 147.1 Interest expense, net 10.1 Other income, net (11.7 ) Income before income taxes $ 148.7 Purchases of property, plant and equipment $ 37.5 $ 5.7 $ 0.3 $ 0.7 $ 0.9 $ 45.1 Depreciation and amortization $ 31.0 $ 13.7 $ 0.9 $ 1.1 $ 1.6 $ 48.3 Identifiable assets $ 670.9 $ 421.8 $ 71.0 $ 8.8 $ 198.1 $ 1,370.6 Fiscal Year Ended April 27, 2019 (52 Weeks) (in millions) Automotive Industrial Interface Medical Eliminations/ Corporate Consolidated Net sales $ 741.6 $ 210.0 $ 57.9 $ 1.1 $ (10.3 ) $ 1,000.3 Transfers between segments (6.9 ) (3.2 ) (0.2 ) — 10.3 — Net sales to unaffiliated customers $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ — $ 1,000.3 Income/(loss) from operations $ 126.3 $ 37.4 $ (0.3 ) $ (8.6 ) $ (48.0 ) $ 106.8 Interest expense, net 8.3 Other income, net (5.1 ) Income before income taxes $ 103.6 Purchases of property, plant and equipment $ 38.9 $ 2.6 $ 0.5 $ 1.9 $ 5.9 $ 49.8 Depreciation and amortization $ 25.2 $ 11.7 $ 3.2 $ 1.0 $ 2.2 $ 43.3 Identifiable assets $ 677.4 $ 404.3 $ 88.6 $ 9.4 $ 52.0 $ 1,231.7 |
Schedule of Geographic Financial Information | The following tables set forth net sales and tangible long-lived assets by geographic area where the Company operates. Tangible long-lived assets include property, plant and equipment and operating lease assets. Fiscal Year Ended May 1, 2021 May 2, 2020 April 27, 2019 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Net sales: U.S. $ 510.8 $ 531.5 $ 540.5 China 193.7 116.9 113.7 Malta 173.5 143.9 148.5 Mexico 87.4 104.7 — Canada 14.9 19.5 101.6 Other 107.7 107.4 96.0 Total net sales $ 1,088.0 $ 1,023.9 $ 1,000.3 (in millions) May 1, 2021 May 2, 2020 Tangible long-lived assets, net: U.S. $ 75.0 $ 89.8 Malta 43.0 40.1 China 27.2 24.1 Belgium 24.8 21.4 Mexico 24.6 24.0 Other 31.7 26.0 Total tangible long-lived assets, net $ 226.3 $ 225.4 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
May 01, 2021 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The acquisition was accounted for as a business combination. The final purchase price allocation to the acquired net assets of Grakon based on the fair values of assets acquired and liabilities assumed is shown below: (in millions) Current assets $ 68.5 Property, plant, and equipment 16.2 Intangible assets 221.9 Goodwill 175.1 Other non-current assets 1.5 Current liabilities (31.7 ) Other non-current liabilities (29.4 ) Total purchase consideration, net of cash acquired $ 422.1 |
Unaudited Pro Forma Results | The following table presents unaudited supplemental pro forma results as if the Grakon acquisition had occurred as of the beginning of fiscal 2019. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at such time. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects. Fiscal Year Ended (in millions) April 27, 2019 Revenues $ 1,073.3 Net income 106.4 |
Summary of Quarterly Results _2
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
May 01, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of unaudited quarterly results of operations | The following is a summary of unaudited quarterly results of operations for fiscal 2021 and fiscal 2020: Fiscal 2021 Quarter Ended August 1, 2020 October 31, 2020 January 30, 2021 May 1, 2021 (in millions, except per share data) (13 Weeks) (13 Weeks) (13 Weeks) (13 Weeks) Net sales $ 190.9 $ 300.8 $ 295.3 $ 301.0 Gross profit $ 45.1 $ 80.8 $ 72.6 $ 75.6 Net income $ 20.7 $ 38.6 $ 31.9 $ 31.1 Net income per basic common share $ 0.55 $ 1.01 $ 0.84 $ 0.82 Net income per diluted common share $ 0.54 $ 1.01 $ 0.83 $ 0.81 Fiscal 2020 Quarter Ended July 27, 2019 October 26, 2019 February 1, 2020 May 2, 2020 (in millions, except per share data) (13 Weeks) (13 Weeks) (14 Weeks) (13 Weeks) Net sales $ 270.2 $ 257.2 $ 285.9 $ 210.6 Gross profit $ 75.8 $ 68.6 $ 79.3 $ 59.2 Net income $ 28.3 $ 23.8 $ 41.2 $ 30.1 Net income per basic common share $ 0.75 $ 0.63 $ 1.10 $ 0.80 Net income per diluted common share $ 0.75 $ 0.63 $ 1.09 $ 0.79 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Fiscal period duration | 364 days | 371 days | 364 days |
Covid19 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Income | $ 11.1 | $ 1.7 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | ||
Allowance For Doubtful Accounts Receivable | $ 0.7 | $ 0.7 |
Automotive | Material customers | ||
Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | ||
Accounts Receivable, Net | $ 79.4 | $ 32.4 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
May 01, 2021 | |
Buildings and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Buildings and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Pre-production Tooling Costs Related to Long-term Supply Arrangements (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Accounting Policies [Abstract] | ||
Pre-production costs | $ 25 | $ 37.1 |
Preproduction costs related to long-term supply arrangements, asset for molds dies and tools owned | $ 17 | $ 19 |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Government Grants (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Accounting Policies [Abstract] | ||
Grants Receivable | $ 18.6 | $ 18.7 |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Accounting Policies [Abstract] | |||
Research and development costs | $ 37.1 | $ 34.9 | $ 41.2 |
Revenue (Details)
Revenue (Details) | 12 Months Ended |
May 01, 2021 | |
Minimum | |
Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | |
Accounts receivable collection terms | 30 days |
Maximum | |
Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | |
Accounts receivable collection terms | 45 days |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Contract With Customer Asset And Liability [Abstract] | ||
Unbilled receivables | $ 600,000 | $ 500,000 |
Unbilled receivables recorded into accounts receivable | (500,000) | |
Impairment of contract assets | 0 | |
Deferred revenue | 300,000 | $ 300,000 |
Deferred revenue recorded into revenue | $ (100,000) |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 301 | $ 295.3 | $ 300.8 | $ 190.9 | $ 210.6 | $ 285.9 | $ 257.2 | $ 270.2 | $ 1,088 | $ 1,023.9 | $ 1,000.3 |
Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,054.4 | 987.2 | |||||||||
Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 33.6 | 36.7 | |||||||||
North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 613 | 655.7 | |||||||||
Europe & Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 280.5 | 250.8 | |||||||||
Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 194.5 | 117.4 | |||||||||
Automotive | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 755.7 | 712.1 | 734.7 | ||||||||
Automotive | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 722.1 | 675.4 | |||||||||
Automotive | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 33.6 | 36.7 | |||||||||
Automotive | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 406.4 | 435.6 | |||||||||
Automotive | Europe & Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 212.3 | 202.1 | |||||||||
Automotive | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 137 | 74.4 | |||||||||
Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 267.9 | 251.4 | 206.8 | ||||||||
Industrial | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 267.9 | 251.4 | |||||||||
Industrial | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Industrial | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 142.9 | 160.6 | |||||||||
Industrial | Europe & Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 68.2 | 48.4 | |||||||||
Industrial | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 56.8 | 42.4 | |||||||||
Interface | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 61.6 | 58.8 | 57.7 | ||||||||
Interface | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 61.6 | 58.8 | |||||||||
Interface | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Interface | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 61 | 57.9 | |||||||||
Interface | Europe & Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0.3 | |||||||||
Interface | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0.6 | 0.6 | |||||||||
Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2.8 | 1.6 | $ 1.1 | ||||||||
Medical | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2.8 | 1.6 | |||||||||
Medical | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Medical | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2.7 | 1.6 | |||||||||
Medical | Europe & Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Medical | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 0.1 | $ 0 |
Revenue - Customer Concentratio
Revenue - Customer Concentration (Details) - Automotive - Customer Concentration Risk | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
GM | |||
Concentration Risk [Line Items] | |||
Percentage of Net Sales | 27.50% | 26.80% | 35.50% |
Ford | |||
Concentration Risk [Line Items] | |||
Percentage of Net Sales | 8.80% | 10.70% | 11.60% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Lessee, Lease, Description [Line Items] | ||
Finance lease, right-of-use asset | $ 0.7 | $ 1 |
Finance lease obligations | $ 1 | $ 1.4 |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 10 years 3 months 18 days |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 8.4 | $ 9 |
Variable lease cost | 1.6 | 1.3 |
Total lease cost | $ 10 | $ 10.3 |
Leases - Supplemental Lessee In
Leases - Supplemental Lessee Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Leases [Abstract] | ||
Cash paid related to operating lease obligations | $ 9.3 | $ 8.7 |
Right-of-use assets obtained in exchange for lease obligations | $ 5.7 | $ 5.5 |
Weighted-average remaining lease term | 5 years | 5 years 8 months 12 days |
Weighted-average discount rate | 4.60% | 4.70% |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity (Details) $ in Millions | May 01, 2021USD ($) |
Fiscal Year: | |
2022 | $ 6.9 |
2023 | 6 |
2024 | 4.5 |
2025 | 3 |
2026 | 2.3 |
Thereafter | 3.9 |
Total lease payments | 26.6 |
Less: imputed interest | (3) |
Present value of lease liabilities | $ 23.6 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 | May 01, 2021 | May 02, 2020 |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ 1.2 | $ 0.2 | $ 8.2 | $ 1.8 |
Selling and Administrative Expenses [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 3.4 | |||
Cost of Products Sold [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ 4.8 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Costs by Reportable Segment (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 | May 01, 2021 | May 02, 2020 |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ 1.2 | $ 0.2 | $ 8.2 | $ 1.8 |
Automotive | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 6.2 | 0.8 | ||
Industrial | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 1 | 0.5 | ||
Interface | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 0.7 | |||
Medical | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 0.1 | |||
Eliminations/Corporate [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ 0.3 | $ 0.4 |
Restructuring - Schedule of R_2
Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 | May 01, 2021 | May 02, 2020 |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ 1.2 | $ 0.2 | $ 8.2 | $ 1.8 |
Employee Termination Benefits [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 0.7 | $ 0.2 | 7.1 | |
Asset Impairment Charges [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | 0.6 | |||
Contract Termination [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ 0.5 | 0.5 | ||
Cash [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | (6.6) | |||
Cash [Member] | Employee Termination Benefits [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | (6.6) | |||
Non Cash [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | (0.6) | |||
Non Cash [Member] | Asset Impairment Charges [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring Costs | $ (0.6) |
Inventory - Summary of Inventor
Inventory - Summary of Inventories (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Inventory Net Items Net Of Reserve Alternative [Abstract] | ||
Finished products | $ 24.8 | $ 45.7 |
Work in process | 14 | 10.8 |
Raw materials | 85.4 | 74.5 |
Total inventories | $ 124.2 | $ 131 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment, Gross | $ 525 | $ 502.9 |
Less: accumulated depreciation | (321) | (301) |
Property, plant and equipment, net | 204 | 201.9 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment, Gross | 3.3 | 3.3 |
Buildings and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment, Gross | 88.9 | 87.3 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment, Gross | 408 | 367.1 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment, Gross | $ 24.8 | $ 45.2 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 32.2 | $ 29.3 | $ 27.2 |
Capital expenditures recorded in accounts payable | 5.5 | $ 5.8 | |
Property, plant and equipment disposals | $ 6.2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill Roll-forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Goodwill [Line Items] | |||
Beginning balance | $ 231.6 | $ 233.3 | $ 59.2 |
Acquisitions | (0.2) | 175.3 | |
Foreign currency translation | 4 | (1.5) | (1.2) |
Ending balance | 235.6 | 231.6 | 233.3 |
Automotive | |||
Goodwill [Line Items] | |||
Beginning balance | 106.2 | 106.3 | 57.5 |
Acquisitions | 49.4 | ||
Foreign currency translation | 0.5 | (0.1) | (0.6) |
Ending balance | 106.7 | 106.2 | 106.3 |
Industrial | |||
Goodwill [Line Items] | |||
Beginning balance | 125.4 | 127 | 1.7 |
Acquisitions | (0.2) | 125.9 | |
Foreign currency translation | 3.5 | (1.4) | (0.6) |
Ending balance | $ 128.9 | $ 125.4 | $ 127 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Goodwill by Reporting Unit (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | Apr. 28, 2018 |
Goodwill [Line Items] | ||||
Goodwill | $ 235.6 | $ 231.6 | $ 233.3 | $ 59.2 |
Grakon Industrial | ||||
Goodwill [Line Items] | ||||
Goodwill | 127.2 | 123.8 | ||
North America | ||||
Goodwill [Line Items] | ||||
Goodwill | 99.8 | 99.8 | ||
European Automotive | ||||
Goodwill [Line Items] | ||||
Goodwill | 6.9 | 6.4 | ||
Other | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 1.7 | $ 1.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 294 | $ 318.8 |
Accumulated Amortization | (66.4) | (75.8) |
Net/Total | 227.6 | 243 |
Other intangible assets, gross | 295.8 | 320.6 |
Other intangible assets, accumulated amortization | (66.4) | (75.8) |
Other intangible assets, net | 229.4 | 244.8 |
Trade Names, Patents and Technology Licenses | ||
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 | 235.3 | 243.5 |
Accumulated Amortization | (42.7) | (40.8) |
Net/Total | $ 192.6 | $ 202.7 |
Weighted average useful life (years) | 15 years 7 months 6 days | 16 years 6 months |
Trade Names, Patents and Technology Licenses | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross | $ 58.7 | $ 75.3 |
Accumulated Amortization | (23.7) | (35) |
Net/Total | $ 35 | $ 40.3 |
Weighted average useful life (years) | 7 years | 7 years 9 months 18 days |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 | $ 19.2 | |
2023 | 19.1 | |
2024 | 18.8 | |
2025 | 18.2 | |
2026 | 17.3 | |
Thereafter | 135 | |
Net/Total | $ 227.6 | $ 243 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | May 01, 2021USD ($) | May 02, 2020USD ($) | Apr. 30, 2020EUR (€) | |
Cross-Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, maturity date | Aug. 31, 2023 | ||||
Derivative, notional amount | $ 60,000 | € 54.8 | |||
Other long-term liabilities, fair value | $ 6,800 | $ 1,300 | |||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, maturity date | Aug. 31, 2023 | ||||
Derivative, notional amount | $ 100,000 | ||||
Other long-term liabilities, fair value | 200 | ||||
Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 14,800 | ||||
Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Other long-term liabilities, fair value | 22 | ||||
Foreign Exchange Forward [Member] | Other Income [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) on foreign currency derivatives recorded in earnings, net | $ 100 |
Employee 401(k) Savings and D_2
Employee 401(k) Savings and Deferred Compensation Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer matching contribution, percent | 3.00% | ||
Employer 401(k) contribution | $ 1,200,000 | $ 1,700,000 | $ 1,500,000 |
Deferred Compensation Plan, maximum deferral percentage, annual base salary | 75.00% | ||
Deferred Compensation Plan, maximum deferral percentage, annual cash incentive | 100.00% | ||
Deferred Compensation Plan, aggregate minimum deferral | $ 3,000 | ||
Deferred Compensation Plan, minimum deferral period | 3 years | ||
Deferred Compensation Plan, vesting percentage | 100.00% | ||
Deferred Compensation Plan, employer discretionary contribution amount | $ 0 | ||
Deferred compensation | 6,500,000 | 5,400,000 | |
Asset Held in Trust | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | 8,300,000 | 6,600,000 | |
Key Individual Life Insurance | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | $ 9,500,000 | $ 9,000,000 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (1.5) | $ (2.2) |
Total debt | 240.1 | 352.1 |
Less: current maturities | (14.9) | (15.3) |
Long-term debt | 225.2 | 336.8 |
Line of credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | 9.9 | 108.5 |
Term loan | ||
Debt Instrument [Line Items] | ||
Debt | 218.7 | 231.2 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Debt | 13 | $ 14.6 |
Less: current maturities | $ (2.4) |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility/Term Loan (Details) - Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] - Revolving Credit Facility - USD ($) | Mar. 23, 2020 | Sep. 30, 2018 | May 01, 2021 |
Debt Instrument [Line Items] | |||
Debt term | 5 years | ||
Borrowing capacity, increase limit | $ 200,000,000 | ||
Interest rate (as a percent) | 1.40% | ||
Term loan | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 250,000,000 | ||
Periodic payment, principal, proportion of total borrowing (as a percent) | 1.25% | ||
Periodic payment, principal | $ 3,100,000 | ||
Line of credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 200,000,000 | ||
Revolving credit facility borrowed | $ 100,000,000 | ||
Revolving credit facility available | $ 190,100,000 |
Debt - Other Debt (Details)
Debt - Other Debt (Details) $ in Millions | 12 Months Ended | |
May 01, 2021USD ($)note | May 02, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Debt, short-term | $ 14.9 | $ 15.3 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Number of notes | note | 12 | |
Weighted-average interest rate (as a percent) | 1.50% | |
Debt, short-term | $ 2.4 | |
Debt, fair value | $ 13.1 |
Debt - Scheduled Principal Paym
Debt - Scheduled Principal Payments of Debt (Details) $ in Millions | May 01, 2021USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 14.9 |
2023 | 13.9 |
2024 | 209.3 |
2025 | 0.5 |
2026 | 0.5 |
Thereafter | 2.5 |
Total | $ 241.6 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Income Tax Contingency [Line Items] | |||
Income before Income Taxes | $ 134.9 | $ 148.7 | $ 103.6 |
Current Income Tax Expense (Benefit) | 21.7 | 17.9 | 15.8 |
Deferred Income Tax Expense (Benefit) | (9.1) | 7.4 | (3.8) |
Total income tax expense | 12.6 | 25.3 | 12 |
Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Income before Income Taxes | 28.3 | 47.3 | (0.6) |
Current Income Tax Expense (Benefit) | 5.8 | 5.1 | (5.7) |
Deferred Income Tax Expense (Benefit) | 1.3 | 6.1 | 2.5 |
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Income before Income Taxes | 106.6 | 101.4 | 104.2 |
Current Income Tax Expense (Benefit) | 15.9 | 12.8 | 21.5 |
Deferred Income Tax Expense (Benefit) | $ (10.4) | $ 1.3 | $ (6.3) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rate (as a percent) | 21.00% | 21.00% | 21.00% |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income tax at statutory rate | $ 28.3 | $ 31.2 | $ 21.8 |
State income taxes, net of federal benefit | 0.1 | 1.5 | (0.8) |
Withholding taxes | 2.7 | 2.3 | 1.8 |
U.S. Tax Reform transition tax | (4.8) | ||
Foreign tax differential | (12.9) | (8.3) | (9.6) |
U.S. tax on foreign income | 2.8 | (1) | 3.4 |
Foreign investment tax credit | (7.2) | (0.8) | (2) |
Change in tax reserve | 0.1 | 2.2 | (0.1) |
Change in valuation allowance | 1.8 | 0.8 | |
Tax rate change, foreign | (0.1) | (0.1) | |
Other, net | (3) | (2.5) | 2.3 |
Total income tax expense | $ 12.6 | $ 25.3 | $ 12 |
Effective income tax rate | 9.30% | 17.00% | 11.60% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Tax Credit Carryforward [Line Items] | |||
Income tax expense (benefit) | $ 7.2 | $ 0.8 | $ 2 |
Change in tax reserve | 0.1 | 2.2 | (0.1) |
Foreign withholding taxes | 2.3 | ||
Income tax expense (benefit) | 12.6 | 25.3 | 12 |
Net deferred tax asset (liability) | 2.9 | ||
Deferred Tax Liabilities, Net | 10.2 | ||
Valuation allowance | 9.3 | 7.5 | |
Undistributed Earnings of Foreign Subsidiaries | 376.2 | ||
Gross unrecognized tax benefits | 5.3 | 5.2 | 3.1 |
Income tax penalties and interest accrued | 0.2 | $ 0.1 | |
Federal | |||
Tax Credit Carryforward [Line Items] | |||
Gross operating loss carryforwards | 38.4 | ||
Federal income tax benefit | 25 | ||
State | |||
Tax Credit Carryforward [Line Items] | |||
Gross operating loss carryforwards | 68.9 | ||
Federal income tax benefit | 47.2 | ||
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Gross operating loss carryforwards | 6.8 | ||
Federal income tax benefit | 0 | ||
Foreign Tax Authority | Tax Credit Carryforward, Period, Indefinite | Investment Tax Credit Carryforward | MALTA | |||
Tax Credit Carryforward [Line Items] | |||
Total unused credits | $ 36.1 | ||
Impact of U.S. Tax Reform | |||
Tax Credit Carryforward [Line Items] | |||
Income tax expense (benefit) | $ (4.8) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Deferred tax liabilities: | ||
Fixed Assets | $ (2.9) | $ (3.7) |
Amortization | (49.1) | (47.8) |
Foreign tax | (2) | (1.8) |
Lease assets | (4.9) | (5.2) |
Other liabilities | (0.4) | (1.3) |
Deferred tax liabilities, gross | (59.3) | (59.8) |
Deferred tax assets: | ||
Deferred compensation and stock award amortization | 6.9 | 7 |
Inventory | 2.7 | 2.7 |
Lease liabilities | 5.3 | 5.7 |
Derivative financial instruments | 1.6 | 0.3 |
Foreign investment tax credit | 34.7 | 25.9 |
Net operating loss carryforwards | 15.6 | 14.1 |
Foreign tax credits | 1.4 | |
Other | 3.3 | 1.4 |
Deferred tax assets, gross | 71.5 | 57.1 |
Less valuation allowance | (9.3) | (7.5) |
Deferred tax assets, net of valuation allowance | 62.2 | 49.6 |
Net deferred tax asset (liability) | 2.9 | |
Net deferred tax asset (liability) | (10.2) | |
Balance sheet classification: | ||
Long-term asset | 41.2 | 31.4 |
Long-term liability | (38.3) | (41.6) |
Net deferred tax asset (liability) | $ 2.9 | |
Net deferred tax asset (liability) | $ (10.2) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 5.2 | $ 3.1 |
Increases for positions related to the prior years | 1.9 | |
Increases for positions related to the current year | 0.2 | 0.3 |
Lapsing of statutes of limitations | (0.1) | (0.1) |
Ending balance | $ 5.3 | $ 5.2 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | |||
May 01, 2021USD ($)site | May 02, 2020USD ($) | Apr. 27, 2019USD ($) | Mar. 02, 2020USD ($) | |
Loss Contingencies [Line Items] | ||||
Site contingency, number of sites subject to environmental investigation or remediation | site | 2 | |||
Accrual for environmental loss contingencies | $ 0.9 | $ 0.9 | ||
Environmental remediation expense | 0.5 | 0.5 | $ 0.1 | |
Compensatory Damages | ||||
Loss Contingencies [Line Items] | ||||
Gain Contingency, Unrecorded Amount | $ 102 | |||
Punitive Damages | ||||
Loss Contingencies [Line Items] | ||||
Gain Contingency, Unrecorded Amount | $ 11 | |||
Other accrued expenses | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental loss contingencies | $ 0.6 | $ 0.6 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Program (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 01, 2021 | Mar. 31, 2021 | |
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchased | 167,949 | |
Stock repurchase cost | $ 7.5 | |
Maximum | ||
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchase program, Authorized amount | $ 100 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Cash dividends | $ (17.4) | $ (16.3) | $ (16.3) |
RSAs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Cash dividends | $ (0.9) |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 783.4 | $ 689.7 | $ 630 |
Other comprehensive income (loss) recognized during the period, net of tax (expense) benefit | 37.4 | (12.3) | (27.5) |
Ending balance | 918 | 783.4 | 689.7 |
Accumulated other comprehensive income (loss) | 6.1 | (26.9) | (13.6) |
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (25.9) | (13.6) | 13.9 |
Other comprehensive income (loss) recognized during the period, net of tax (expense) benefit | 37.4 | (12.3) | (27.5) |
Ending balance | 11.5 | (25.9) | $ (13.6) |
Derivative Financial Instruments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (1) | ||
Other comprehensive loss recognized during the period, net of tax benefit | (4.4) | (1) | |
Ending balance | $ (5.4) | $ (1) |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Equity [Abstract] | |||
Other comprehensive income (loss) recognized during the period, tax (expense) benefit | $ (1.2) | $ 0.6 | $ 0 |
Other comprehensive loss recognized during the period, tax benefit | $ 1.3 | $ 0.3 |
Shareholders' Equity - General
Shareholders' Equity - General (Details) - 2014 Incentive Plan | May 01, 2021shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares authorized (in shares) | 3,000,000 |
Number of shares available for award (in shares) | 203,431 |
Shareholders' Equity - Stock-ba
Shareholders' Equity - Stock-based Compensation Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 0 | ||
2014 Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 6.8 | $ 0.3 | $ 14 |
2014 Incentive Plan | RSAs | Management | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 0 | (2.1) | 10.9 |
2014 Incentive Plan | RSAs | Director | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 0.9 | 0.9 | 0.9 |
2014 Incentive Plan | RSUs | Management | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 5.9 | $ 1.5 | $ 2.2 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 02, 2020 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | Apr. 30, 2007 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 0 | ||||
Compensation expense | 0 | ||||
2014 Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 6.8 | $ 0.3 | $ 14 | ||
Compensation expense | $ 6.8 | 0.3 | 14 | ||
Deferred RSU's | 121,200 | ||||
2010 Stock Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Deferred RSU's | 180,000 | ||||
RSAs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 917,000 | ||||
Additional stock issuable, shares | 458,500 | ||||
Unrecognized stock-based compensation cost | $ 25.9 | ||||
RSAs | 2014 Incentive Plan | Management | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 0 | (2.1) | 10.9 | ||
RSAs vested percentage | 69.00% | ||||
Allocated share-based compensation expense, amount recorded to true-up prior periods | 5.2 | ||||
Compensation expense | $ 0 | $ (2.1) | $ 10.9 | ||
RSAs | 2014 Incentive Plan | Director | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 33,000 | 30,000 | 24,000 | ||
Stock-based compensation expense | $ 0.9 | $ 0.9 | $ 0.9 | ||
Compensation expense | 0.9 | 0.9 | 0.9 | ||
RSUs | 2014 Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation cost | $ 20.7 | ||||
Number of restricted stock vested for which shares issued | 25,201 | ||||
Weighted average amortization period | 2 years 7 months 6 days | ||||
RSUs | 2014 Incentive Plan | Management | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 5.9 | 1.5 | 2.2 | ||
Compensation expense | $ 5.9 | $ 1.5 | $ 2.2 | ||
RSUs | 2004 Stock Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares converted from RSAs to RSUs outstanding (in shares) | 29,945 | ||||
Converted RSUs delivered (in shares) | 195,055 | ||||
Share-based Payment Arrangement, Option | 2010 Plan and 2007 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Intrinsic value of options exercised | $ 0.3 | ||||
Converted from Restricted Stock Awards to Restricted Stock Units | 2004 Stock Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares converted from RSAs to RSUs outstanding (in shares) | 225,000 | ||||
Minimum | RSAs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 0.00% | ||||
Maximum | RSAs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 100.00% | ||||
Maximum | RSUs | 2014 Incentive Plan | |||||
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) - 2014 Incentive Plan - $ / shares | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
RSUs | |||
Shares | |||
Non-vested beginning balance (in shares) | 3,100 | 187,844 | 382,372 |
Awarded (in shares) | 938,300 | 0 | 7,750 |
Vested (in shares) | (25,201) | (176,994) | (152,328) |
Forfeited and cancelled (in shares) | 0 | (7,750) | (49,950) |
Non-vested ending balance (in shares) | 916,199 | 3,100 | 187,844 |
Weighted average grant date fair value | |||
Weighted average value - beginning balance (in dollars per share) | $ 41.20 | $ 34.55 | $ 33.87 |
Weighted average value, awarded (in dollars per share) | 28.30 | 0 | 38.75 |
Weighted average value, vested (in dollars per share) | 29.87 | 34.25 | 33.75 |
Weighted average value, forfeited (in dollars per share) | 0 | 38.75 | 32.42 |
Weighted average value - ending balance (in dollars per share) | 28.30 | 41.20 | 34.55 |
Executives and non-executive members of management | RSAs | |||
Weighted average grant date fair value | |||
Weighted average value - beginning balance (in dollars per share) | 0 | 34.09 | 34.13 |
Weighted average value, awarded (in dollars per share) | 28.30 | 0 | 38.75 |
Weighted average value, vested (in dollars per share) | 0 | 33.89 | 0 |
Weighted average value, forfeited (in dollars per share) | 0 | 34.25 | 34.79 |
Weighted average value - ending balance (in dollars per share) | $ 28.30 | $ 0 | $ 34.09 |
Executives and non-executive members of management | 2020 EBITDA Maximum Performance | RSAs | |||
Shares | |||
Non-vested beginning balance (in shares) | 0 | 1,031,408 | 1,171,238 |
Awarded (in shares) | 917,000 | 0 | 11,625 |
Vested (in shares) | 0 | (455,750) | 0 |
Forfeited and cancelled (in shares) | 0 | (575,658) | (151,455) |
Non-vested ending balance (in shares) | 917,000 | 0 | 1,031,408 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Combined Stock Option Activity and Related Information for Stock Options Granted (Details) - Share-based Payment Arrangement, Option - 2010 Plan and 2007 Plan - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | Apr. 28, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | ||||
Outstanding - beginning balance (in shares) | 106,668 | 106,668 | 114,168 | |
Exercised (in shares) | (24,500) | 0 | 0 | |
Cancelled (in shares) | (9,168) | 0 | (7,500) | |
Outstanding - ending balance (in shares) | 73,000 | 106,668 | 106,668 | 114,168 |
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) | $ 35.76 | $ 35.76 | $ 35.85 | |
Weighted average exercise price, Exercised (in dollars per share) | 31.61 | 0 | 0 | |
Weighted average exercise price, Cancelled (in dollars per share) | 37.01 | 0 | 37.01 | |
Weighted average exercise price, Outstanding - ending balance (in dollars per share) | $ 37.01 | $ 35.76 | $ 35.76 | $ 35.85 |
Weighted-average life of outstanding options | 3 years 2 months 12 days | 4 years | 5 years | 6 years 1 month 6 days |
Intrinsic value of outstanding options | $ 0.6 | $ 0.1 | $ 0.1 | $ 0.6 |
Weighted-average life of outstanding options | 3 years 2 months 12 days | 4 years | 5 years | 6 years 1 month 6 days |
Intrinsic value of outstanding options | $ 0.6 | $ 0.1 | $ 0.1 | $ 0.6 |
Income Per Share - Schedule of
Income Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 31.1 | $ 31.9 | $ 38.6 | $ 20.7 | $ 30.1 | $ 41.2 | $ 23.8 | $ 28.3 | $ 122.3 | $ 123.4 | $ 91.6 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs | 38,038,615 | 37,574,671 | 37,405,298 | ||||||||
Dilutive potential common shares - stock options, RSAs and RSUs (in shares) | 267,671 | 269,799 | 264,262 | ||||||||
Denominator for diluted income per share | 38,306,286 | 37,844,470 | 37,669,560 | ||||||||
Basic and diluted income per share: | |||||||||||
Basic income per share (in dollars per share) | $ 0.82 | $ 0.84 | $ 1.01 | $ 0.55 | $ 0.80 | $ 1.10 | $ 0.63 | $ 0.75 | $ 3.22 | $ 3.28 | $ 2.45 |
Diluted income per share (in dollars per share) | $ 0.81 | $ 0.83 | $ 1.01 | $ 0.54 | $ 0.79 | $ 1.09 | $ 0.63 | $ 0.75 | $ 3.19 | $ 3.26 | $ 2.43 |
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 738,167 | 566,620 | 678,321 |
Segment Information and Geogr_3
Segment Information and Geographic Area Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 301 | $ 295.3 | $ 300.8 | $ 190.9 | $ 210.6 | $ 285.9 | $ 257.2 | $ 270.2 | $ 1,088 | $ 1,023.9 | $ 1,000.3 |
Income/(loss) from operations | 127.9 | 147.1 | 106.8 | ||||||||
Interest expense, net | 5.2 | 10.1 | 8.3 | ||||||||
Other income, net | (12.2) | (11.7) | (5.1) | ||||||||
Income before Income Taxes | 134.9 | 148.7 | 103.6 | ||||||||
Purchases of property, plant and equipment | 24.9 | 45.1 | 49.8 | ||||||||
Depreciation and amortization | 51.5 | 48.3 | 43.3 | ||||||||
Identifiable assets | 1,467 | 1,370.6 | 1,467 | 1,370.6 | 1,231.7 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,088 | 1,023.9 | 1,000.3 | ||||||||
Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Automotive | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 755.7 | 712.1 | 734.7 | ||||||||
Income/(loss) from operations | 107.6 | 124.4 | 126.3 | ||||||||
Interest expense, net | 0 | 0 | |||||||||
Other income, net | 0 | 0 | |||||||||
Income before Income Taxes | 0 | 0 | |||||||||
Purchases of property, plant and equipment | 22.5 | 37.5 | 38.9 | ||||||||
Depreciation and amortization | 34.3 | 31 | 25.2 | ||||||||
Identifiable assets | 739.5 | 670.9 | 739.5 | 670.9 | 677.4 | ||||||
Automotive | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 761.8 | 716.8 | 741.6 | ||||||||
Automotive | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (6.1) | (4.7) | (6.9) | ||||||||
Industrial | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 267.9 | 251.4 | 206.8 | ||||||||
Income/(loss) from operations | 64.3 | 59.4 | 37.4 | ||||||||
Interest expense, net | 0 | 0 | |||||||||
Other income, net | 0 | 0 | |||||||||
Income before Income Taxes | 0 | 0 | |||||||||
Purchases of property, plant and equipment | 2.1 | 5.7 | 2.6 | ||||||||
Depreciation and amortization | 14.3 | 13.7 | 11.7 | ||||||||
Identifiable assets | 461.6 | 421.8 | 461.6 | 421.8 | 404.3 | ||||||
Industrial | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 273.2 | 253.9 | 210 | ||||||||
Industrial | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (5.3) | (2.5) | (3.2) | ||||||||
Interface | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 61.6 | 58.8 | 57.7 | ||||||||
Income/(loss) from operations | 8.9 | 5.6 | (0.3) | ||||||||
Interest expense, net | 0 | 0 | |||||||||
Other income, net | 0 | 0 | |||||||||
Income before Income Taxes | 0 | 0 | |||||||||
Purchases of property, plant and equipment | 0 | 0.3 | 0.5 | ||||||||
Depreciation and amortization | 0.3 | 0.9 | 3.2 | ||||||||
Identifiable assets | 90.4 | 71 | 90.4 | 71 | 88.6 | ||||||
Interface | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 61.6 | 58.9 | 57.9 | ||||||||
Interface | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | (0.1) | (0.2) | ||||||||
Medical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2.8 | 1.6 | 1.1 | ||||||||
Income/(loss) from operations | (4.6) | (6) | (8.6) | ||||||||
Interest expense, net | 0 | 0 | |||||||||
Other income, net | 0 | 0 | |||||||||
Income before Income Taxes | 0 | 0 | |||||||||
Purchases of property, plant and equipment | 0 | 0.7 | 1.9 | ||||||||
Depreciation and amortization | 0.9 | 1.1 | 1 | ||||||||
Identifiable assets | 7.6 | 8.8 | 7.6 | 8.8 | 9.4 | ||||||
Medical | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2.8 | 1.6 | 1.1 | ||||||||
Medical | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Eliminations/Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Income/(loss) from operations | (48.3) | (36.3) | (48) | ||||||||
Interest expense, net | 0 | 0 | |||||||||
Other income, net | 0 | 0 | |||||||||
Income before Income Taxes | 0 | 0 | |||||||||
Purchases of property, plant and equipment | 0.3 | 0.9 | 5.9 | ||||||||
Depreciation and amortization | 1.7 | 1.6 | 2.2 | ||||||||
Identifiable assets | $ 167.9 | $ 198.1 | 167.9 | 198.1 | 52 | ||||||
Eliminations/Corporate | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (11.4) | (7.3) | (10.3) | ||||||||
Eliminations/Corporate | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 11.4 | $ 7.3 | $ 10.3 |
Segment Information and Geogr_4
Segment Information and Geographic Area Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 301 | $ 295.3 | $ 300.8 | $ 190.9 | $ 210.6 | $ 285.9 | $ 257.2 | $ 270.2 | $ 1,088 | $ 1,023.9 | $ 1,000.3 |
Total Tangible Long-lived Assets, Net | 226.3 | 225.4 | 226.3 | 225.4 | |||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 510.8 | 531.5 | 540.5 | ||||||||
Total Tangible Long-lived Assets, Net | 75 | 89.8 | 75 | 89.8 | |||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 193.7 | 116.9 | 113.7 | ||||||||
Total Tangible Long-lived Assets, Net | 27.2 | 24.1 | 27.2 | 24.1 | |||||||
Malta | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 173.5 | 143.9 | 148.5 | ||||||||
Total Tangible Long-lived Assets, Net | 43 | 40.1 | 43 | 40.1 | |||||||
Mexico | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 87.4 | 104.7 | 0 | ||||||||
Total Tangible Long-lived Assets, Net | 24.6 | 24 | 24.6 | 24 | |||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 14.9 | 19.5 | 101.6 | ||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 107.7 | 107.4 | $ 96 | ||||||||
Belgium | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Tangible Long-lived Assets, Net | 24.8 | 21.4 | 24.8 | 21.4 | |||||||
Other Countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total Tangible Long-lived Assets, Net | $ 31.7 | $ 26 | $ 31.7 | $ 26 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Sep. 12, 2018 | Apr. 27, 2019 |
Business Acquisition [Line Items] | ||
Payments to acquire businesses, net of cash acquired | $ 422.1 | |
Grakon | ||
Business Acquisition [Line Items] | ||
Percentage acquired | 100.00% | |
Payments to acquire businesses, net of cash acquired | $ 422.1 | |
Acquisition-related costs incurred | 15.4 | |
Grakon | Selling and Administrative Expenses | ||
Business Acquisition [Line Items] | ||
Acquisition-related costs incurred | 9.8 | |
Grakon | Cost of Products Sold | ||
Business Acquisition [Line Items] | ||
Acquisition-related costs incurred | $ 5.6 | |
Grakon | Customer Relationships and Agreements - Significant Customer | ||
Business Acquisition [Line Items] | ||
Amortization period | 19 years 6 months | |
Grakon | Technology Licenses | ||
Business Acquisition [Line Items] | ||
Amortization period | 11 years 8 months 12 days | |
Grakon | Trademarks | ||
Business Acquisition [Line Items] | ||
Amortization period | 8 years 6 months |
Acquisitions - Assets and Liabi
Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | Sep. 12, 2018 | Apr. 28, 2018 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Goodwill | $ 235.6 | $ 231.6 | $ 233.3 | $ 59.2 | |
Grakon | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Current assets | $ 68.5 | ||||
Property, plant, and equipment | 16.2 | ||||
Intangible assets | 221.9 | ||||
Goodwill | 175.1 | ||||
Other non-current assets | 1.5 | ||||
Current liabilities | (31.7) | ||||
Other non-current liabilities | (29.4) | ||||
Total purchase consideration, net of cash acquired | $ 422.1 |
Acquisitions - Pro Forma Calcul
Acquisitions - Pro Forma Calculations (Details) $ in Millions | 12 Months Ended |
Apr. 27, 2019USD ($) | |
Business Combinations [Abstract] | |
Revenues | $ 1,073.3 |
Net income | $ 106.4 |
Summary of Quarterly Results _3
Summary of Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 | Oct. 26, 2019 | Jul. 27, 2019 | May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 301 | $ 295.3 | $ 300.8 | $ 190.9 | $ 210.6 | $ 285.9 | $ 257.2 | $ 270.2 | $ 1,088 | $ 1,023.9 | $ 1,000.3 |
Gross profit | 75.6 | 72.6 | 80.8 | 45.1 | 59.2 | 79.3 | 68.6 | 75.8 | 274.1 | 282.9 | 265.8 |
Net income | $ 31.1 | $ 31.9 | $ 38.6 | $ 20.7 | $ 30.1 | $ 41.2 | $ 23.8 | $ 28.3 | $ 122.3 | $ 123.4 | $ 91.6 |
Net income per basic common share | $ 0.82 | $ 0.84 | $ 1.01 | $ 0.55 | $ 0.80 | $ 1.10 | $ 0.63 | $ 0.75 | $ 3.22 | $ 3.28 | $ 2.45 |
Net income per diluted common share | $ 0.81 | $ 0.83 | $ 1.01 | $ 0.54 | $ 0.79 | $ 1.09 | $ 0.63 | $ 0.75 | $ 3.19 | $ 3.26 | $ 2.43 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 27, 2019 | |
Allowance for uncollectible accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 0.7 | $ 0.9 | $ 0.5 |
(Benefits)/ charges to income | 0 | (0.2) | 0.2 |
Deductions | 0 | 0 | 0 |
Other | 0 | 0 | 0.2 |
Balance at end of period | 0.7 | 0.7 | 0.9 |
Deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 7.5 | 6.6 | 3 |
(Benefits)/ charges to income | 1.8 | 0.9 | 0 |
Deductions | 0 | 0 | (1.2) |
Other | 0 | 0 | 4.8 |
Balance at end of period | $ 9.3 | $ 7.5 | $ 6.6 |