METHODE ELECTRONICS INC, 10-K filed on 7/9/2025
Annual Report
v3.25.2
Cover Page - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Jun. 26, 2025
Nov. 02, 2024
Cover [Abstract]      
Entity Registrant Name METHODE ELECTRONICS, INC.    
Entity Central Index Key 0000065270    
Document Type 10-K    
Document Period End Date May 03, 2025    
Amendment Flag false    
Current Fiscal Year End Date --05-03    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Trading Symbol MEI    
Entity Filer Category Accelerated Filer    
Entity Public Float     $ 225.7
ICFR Auditor Attestation Flag true    
Entity Common Stock, Shares Outstanding   35,206,813  
Document Fiscal Year Focus 2025    
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    
Document Financial Statement Error Correction [Flag] 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 2025 annual shareholders' meeting to be held on September 17, 2025 are incorporated by reference into Part III of this Form 10-K.

    
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Chicago, Illinois    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Methode Electronics, Inc. and Subsidiaries (the Company) as of May 3, 2025, and April 27, 2024, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended May 3, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at May 3, 2025 and April 27, 2024, and the results of its operations and its cash flows for each of the three years in the period ended May 3, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of May 3, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated July 9, 2025 expressed an unqualified opinion thereon.

    
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Current assets:    
Cash and cash equivalents $ 103.6 $ 161.5
Accounts receivable, net 241.0 262.6
Inventories 194.1 186.2
Income tax receivable 4.1 4.0
Prepaid expenses and other current assets 17.1 18.7
Assets held for sale   4.7
Total current assets 559.9 637.7
Long-term assets:    
Property, plant and equipment, net 221.6 212.1
Goodwill 172.7 169.9
Other intangible assets, net 238.4 256.7
Operating lease right-of-use assets, net 23.7 26.7
Deferred tax assets 37.8 34.7
Pre-production costs 31.7 44.1
Other long-term assets 20.0 21.6
Total long-term assets 745.9 765.8
Total assets 1,305.8 1,403.5
Current liabilities:    
Accounts payable 125.9 132.4
Accrued employee liabilities 32.0 38.0
Other accrued liabilities 50.2 46.0
Short-term operating lease liabilities 7.4 6.7
Short-term debt 0.2 0.2
Income tax payable 17.5 8.1
Total current liabilities 233.2 231.4
Long-term liabilities:    
Long-term debt 317.4 330.7
Long-term operating lease liabilities 18.2 20.6
Long-term income tax payable   9.3
Other long-term liabilities 16.9 16.8
Deferred tax liabilities 26.8 28.7
Total long-term liabilities 379.3 406.1
Total liabilities 612.5 637.5
Shareholders' equity:    
Common stock, $0.50 par value, 100,000,000 shares authorized, 37,151,365 shares and 36,650,909 shares issued as of May 3, 2025 and April 27, 2024, respectively 18.6 18.3
Additional paid-in capital 191.8 183.6
Accumulated other comprehensive loss (29.8) (36.7)
Treasury stock, 1,346,624 shares as of May 3, 2025 and April 27, 2024 (11.5) (11.5)
Retained earnings 524.2 612.3
Total shareholders' equity 693.3 766.0
Total liabilities and shareholders' equity $ 1,305.8 $ 1,403.5
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
May 03, 2025
Apr. 27, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.50 $ 0.50
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 37,151,365 36,650,909
Treasury stock (in shares) 1,346,624 1,346,624
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Income Statement [Abstract]      
Net sales $ 1,048.1 $ 1,114.5 $ 1,179.6
Cost of products sold 884.7 935.7 915.5
Gross profit 163.4 178.8 264.1
Selling and administrative expenses 163.9 160.9 154.9
Goodwill impairment   105.9  
Amortization of intangibles 23.4 24.0 18.8
(Loss) income from operations (23.9) (112.0) 90.4
Interest expense, net 22.0 16.7 2.7
Other expense (income), net 4.2 (0.6) (2.4)
Pre-tax (loss) income (50.1) (128.1) 90.1
Income tax expense (benefit) 12.5 (4.8) 13.0
Net (loss) income attributable to Methode $ (62.6) $ (123.3) $ 77.1
(Loss) income per share attributable to Methode:      
Basic $ (1.77) $ (3.48) $ 2.14
Diluted (1.77) (3.48) 2.10
Cash dividends per share $ 0.56 $ 0.56 $ 0.56
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ (62.6) $ (123.3) $ 77.1
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments 8.3 (16.7) 10.7
Derivative financial instruments (1.4) (1.0) (2.9)
Other comprehensive income (loss) 6.9 (17.7) 7.8
Comprehensive (loss) income attributable to Methode $ (55.7) $ (141.0) $ 84.9
v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Treasury stock
Retained Earnings
Beginning balance at Apr. 30, 2022 $ 913.8 $ 19.2 $ 169.0 $ (26.8) $ (11.5) $ 763.9
Beginning balance (in shares) at Apr. 30, 2022   38,276,968        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of restricted stock, net of tax withholding (0.5)         (0.5)
Issuance of restricted stock, net of tax withholding (in shares)   63,643        
Cancellation of restricted stock (in shares)   (16,000)        
Stock-based compensation expense 10.5   10.5      
Exercise of stock options 1.5   1.5      
Exercise of Stock Options (in shares)   40,000        
Purchases of common stock (48.1) $ (0.6)       (47.5)
Purchases of common stock (in shares)   (1,197,236)        
Other comprehensive income (loss) 7.8     7.8    
Net income (loss) 77.1         77.1
Dividends on common stock (20.3)         (20.3)
Ending balance at Apr. 29, 2023 941.8 $ 18.6 181.0 (19.0) (11.5) 772.7
Ending balance (in shares) at Apr. 29, 2023   37,167,375        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of restricted stock, net of tax withholding (3.8) $ 0.1 (0.1)     (3.8)
Issuance of restricted stock, net of tax withholding (in shares)   255,120        
Cancellation of restricted stock   $ (0.1) 0.1      
Cancellation of restricted stock (in shares)   (144,000)        
Stock-based compensation expense 2.6   2.6      
Purchases of common stock (13.9) $ (0.3)       (13.6)
Purchases of common stock (in shares)   (627,586)        
Other comprehensive income (loss) (17.7)     (17.7)    
Net income (loss) (123.3)         (123.3)
Dividends on common stock (19.7)         (19.7)
Ending balance at Apr. 27, 2024 766.0 $ 18.3 183.6 (36.7) (11.5) 612.3
Ending balance (in shares) at Apr. 27, 2024   36,650,909        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of restricted stock, net of tax withholding (4.1) $ 0.4 (0.2)     (4.3)
Issuance of restricted stock, net of tax withholding (in shares)   715,781        
Cancellation of restricted stock (0.2)   (0.2)      
Cancellation of restricted stock (in shares)   (79,325)        
Stock-based compensation expense 6.5   6.5      
Purchases of common stock (1.6) $ (0.1)       (1.5)
Purchases of common stock (in shares)   (136,000)        
Conversion of cash bonus to RSUs 2.1   2.1      
Other comprehensive income (loss) 6.9     6.9    
Net income (loss) (62.6)         (62.6)
Dividends on common stock (19.7)         (19.7)
Ending balance at May. 03, 2025 $ 693.3 $ 18.6 $ 191.8 $ (29.8) $ (11.5) $ 524.2
Ending balance (in shares) at May. 03, 2025   37,151,365        
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Operating activities:      
Net Income (Loss) $ (62.6) $ (123.3) $ 77.1
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 58.5 57.9 49.5
Stock-based compensation expense 7.4 3.6 11.5
Amortization of debt issuance costs 1.1 0.8 0.7
Partial write-off of unamortized debt issuance costs 1.2    
(Gain) loss on sale of property, plant and equipment (0.5) (1.9) 0.6
Impairment of long-lived assets 1.1 2.3 0.7
Inventory obsolescence 20.4 10.4 7.8
Goodwill impairment   105.9  
Change in deferred income taxes (5.8) (20.8) (4.6)
Other 1.9 (0.8) 0.8
Changes in operating assets and liabilities:      
Accounts receivable 22.7 48.0 (21.0)
Inventories (25.7) (41.1) 1.1
Prepaid expenses and other assets 17.3 6.9 (25.4)
Accounts payable (5.4) (4.7) 19.8
Other liabilities (5.2) 4.3 14.2
Net cash provided by operating activities 26.4 47.5 132.8
Investing activities:      
Purchases of property, plant and equipment (41.6) (50.2) (42.0)
Proceeds from redemption of life insurance   10.8  
Proceeds from settlement of net investment hedge 3.1 0.6  
Proceeds from disposition of assets 5.6 21.3 3.5
Acquisition of business, net of cash acquired     (114.6)
Net cash used in investing activities (32.9) (17.5) (153.1)
Financing activities:      
Taxes paid related to net share settlement of equity awards (4.3) (3.8) (0.5)
Repayments of finance leases (0.2) (0.2) (0.4)
Debt issuance costs (1.8) (1.1) (3.2)
Proceeds from exercise of stock options     1.5
Purchases of common stock (1.6) (13.7) (48.1)
Cash dividends (20.4) (19.9) (19.8)
Purchase of redeemable noncontrolling interest   (10.9)  
Proceeds from borrowings 138.0 237.9 344.7
Repayments of borrowings (168.6) (207.2) (271.0)
Net cash (used in) provided by financing activities (58.9) (18.9) 3.2
Effect of foreign currency exchange rate changes on cash and cash equivalents 7.5 (6.6) 2.1
(Decrease) increase in cash and cash equivalents (57.9) 4.5 (15.0)
Cash and cash equivalents at beginning of the year 161.5 157.0 172.0
Cash and cash equivalents at end of the year 103.6 161.5 157.0
Cash paid during the period for:      
Interest 23.4 17.0 5.6
Income taxes, net of refunds $ 22.3 $ 15.0 $ 25.6
v3.25.2
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
May 03, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Risk management and strategy

We depend on information systems and technology in substantially all aspects of our business, including running our manufacturing operations and communicating among our employees, suppliers and customers. Such uses of information systems and technology give rise to cybersecurity risks, including risk of system disruption, security breach, ransomware, theft, espionage and inadvertent release of information. We have a risk-based cybersecurity program, dedicated to protecting our data and information technology systems. These cybersecurity threats and related risks make it imperative that we remain vigilant and apprised of developments in the information security field, and we expend considerable resources on cybersecurity. With Board of Directors and Audit Committee oversight, we assess and manage the material risks associated with cybersecurity as part of our risk management process.

We work with industry-leading third parties that assist us to identify, assess, and manage cybersecurity risks, including professional services firms, legal advisors, threat intelligence service providers, and penetration testing firms. We conduct periodic internal and third-party assessments to evaluate our cybersecurity posture and test and assess our incident response plan, incident roles and responsibilities, material impact evaluation, and decision-making processes in the event of a cybersecurity incident. We use our risk and security assessments to enhance our information security capabilities.

We rely heavily on our supply chain to deliver our products and services to our customers, and a cybersecurity incident at a supplier, subcontractor or third-party partner could materially adversely impact us. To address this, our vendor management process involves different levels of assessment depending on the services provided by the vendor, the sensitivity of the related information systems and data, and the identity of the provider. It is designed to help identify cybersecurity risks associated with a vendor and work with the vendor to address or mitigate those risks.

While we have experienced threats to our data and systems, to date, we have not experienced a cybersecurity incident that has materially affected our business strategy, results of operations, or financial condition. That said, a significant cybersecurity incident may materially impact our business strategy, results of operations and financial condition in the future. For further information regarding cybersecurity risks, see Item 1A, “Risk Factors” in this Annual Report.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

Our Board of Directors, as a whole, has oversight responsibility for our strategic and operational risks, including cybersecurity. The Board of Directors is responsible for regularly reviewing with management our cybersecurity practices and policies. As part of its oversight role, the Board of Directors receives regular reporting about our strategy, programs, incidents and threats, and other developments and action items related to cybersecurity regularly throughout the year, including through quarterly updates from the Chief Information Officer (“CIO”) who is also our Chief Information Security Officer (“CISO”).

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors is responsible for regularly reviewing with management our cybersecurity practices and policies. As part of its oversight role, the Board of Directors receives regular reporting about our strategy, programs, incidents and threats, and other developments and action items related to cybersecurity regularly throughout the year
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] including through quarterly updates from the Chief Information Officer (“CIO”) who is also our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Role of Management [Text Block]

Our cybersecurity program and related initiatives are managed by the CIO/CISO, and our IT team is responsible for enterprise-wide informational technology, coordinating with various functions and business groups to ensure they are following best practices.

Our CIO/CISO, who has more than 25 years of experience in technology and information security risk management across a number of organizations, is responsible for overseeing the risks related to cybersecurity. He is responsible for cybersecurity incident preparedness, approving cybersecurity processes, reviewing security assessments and other security-related reports, and providing senior leadership with regular updates on cybersecurity-related matters.

Our security operation center monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.

In the event of a suspected incident, we intend to follow our incident response plan, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying the CIO/CISO and functional areas (e.g. legal) as appropriate. The CIO/CISO will make any required communications to the Chief Executive Officer (CEO) and other senior leadership, with the CIO/CISO making any required communications to the Board and Audit Committee. Our CEO, Chief Financial Officer, General Counsel and CIO/CISO are responsible for assessing such incidents for materiality, ensuring that any required notification, disclosure or communication occurs and determining, among other things, whether any prohibition on the trading of our common stock by insiders should be imposed prior to the disclosure of information about a material cybersecurity event.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] CIO/CISO, and our IT team is responsible for enterprise-wide informational technology, coordinating with various functions and business groups to ensure they are following best practices.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO/CISO, who has more than 25 years of experience in technology and information security risk management across a number of organizations, is responsible for overseeing the risks related to cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] He is responsible for cybersecurity incident preparedness, approving cybersecurity processes, reviewing security assessments and other security-related reports, and providing senior leadership with regular updates on cybersecurity-related matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ (62.6) $ (123.3) $ 77.1
v3.25.2
Insider Trading Arrangements
 3 Months Ended
May 03, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
May 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of Significant Accounting Policies

Methode Electronics, Inc. (the “Company” or “Methode”) is a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. The Company designs, engineers and produces mechatronic products for Original Equipment Manufacturers (“OEMs”) utilizing its broad range of technologies for user interface, light-emitting diode (“LED”) lighting system, power distribution and sensor applications.

The Company’s solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment and consumer appliance.

Financial reporting periods. The Company’s fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The fiscal year ended May 3, 2025 was a 53-week fiscal year. Fiscal 2024 ended on April 27, 2024 and fiscal 2023 ended on April 29, 2023, and each represented 52 weeks of results.

Basis of presentation. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts and operations of the Company and its wholly and majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Reclassifications. Certain prior period amounts have been reclassified to conform to the current year presentation.

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. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with a maturity of three months or less. Highly liquid investments include money market funds which are classified within Level 1 of the fair value hierarchy. As of May 3, 2025 and April 27, 2024, the Company had a balance of $0.2 million and $73.2 million, respectively, in money market accounts.

Accounts receivable and allowance for doubtful accounts. Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts based on the current expected credit loss impairment model. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $3.0 million and $1.4 million as of May 3, 2025 and April 27, 2024, respectively.

Concentration of credit risk. Financial assets that subject the Company to concentration of credit risk consist primarily of cash equivalents, derivative contracts, and accounts receivable. The Company’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet the Company’s requirement of high credit standing. However, the balances with U.S. financial institutions often exceed the amount of insurance provided on such accounts by the Federal Deposit Insurance Corporation.

For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers. The Company generally does not require collateral, but rather performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customers’ current credit worthiness. The following customers in the Automotive segment accounted for more than 10% of net sales:

 

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

April 27, 2024

 

 

April 29, 2023

 

Customer A

 

*

 

 

14.6

%

 

 

18.7

%

Customer B

 

*

 

*

 

 

 

10.8

%

* less than 10%

At May 3, 2025 and April 27, 2024, no customer accounted for greater than 10% of the Company’s accounts receivable.

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, 7 to 15 years for machinery and equipment and 3 years for computer 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.

Assets held for sale. The Company classifies long-lived assets to be sold as held for sale in the period in which all of the required criteria under Accounting Standards Codification (“ASC”) 360 “Impairment or disposal of long-lived assets” are met. The Company initially measures a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset until the date of sale. Upon determining that a long-lived asset meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets as “Assets held for sale” on the consolidated balance sheets. Assets held for sale at April 27, 2024 consisted of three non-core real assets which were sold in fiscal 2025. The Company recognized a net gain of $0.5 million from these sales.

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. See Note 3, “Acquisition and Disposition” for additional information.

Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis as of the beginning of the fourth quarter each year, or more frequently if indicators of potential impairment exists. 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 2025.

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. Fair value is determined using either the market approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. See Note 4, “Restructuring and Asset Impairment Charges” for additional information.

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 3, 2025 and April 27, 2024, the Company had $31.7 million and $44.1 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 depreciated over the shorter of the life of the arrangement or over the estimated useful life of the assets. Company owned tooling was $12.9 million and $14.0 million as of May 3, 2025 and April 27, 2024, 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 16, “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 ASC 606, “Revenue from Contracts with Customers.” 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 selling and administrative 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 and Asset Impairment Charges” 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 loss (“AOCL”). 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 operations in other expense (income), net. Net foreign exchange losses were $5.5 million, $2.2 million and $7.1 million in fiscal 2025, fiscal 2024 and fiscal 2023, respectively.

Government incentives and grants. From time to time, the Company receives government grants in the form of cash grants and other incentives in return for past or future compliance with certain conditions. The Company accounts for funds received from government grants by analogy to International Accounting Standards 20, “Accounting for Government Grants and Disclosure of Government Assistance.” Accordingly, the Company recognizes government grants in the consolidated statements of operations when there is reasonable assurance that it will comply with the conditions associated with the grant and the grants will be received.

Government grants are recorded in the consolidated financial statements in accordance with their purpose as a reduction of expenses, a reduction of asset costs, or other income. Incentives related to specific operating activities are offset against the related expense in the period the expense is incurred. The Company recorded $2.2 million, $0.5 million and $9.7 million of government grants as other income, net in fiscal 2025, fiscal 2024, and fiscal 2023, respectively. The Company recorded $0.1 million, $0.3 million and $0.6 million of government grants as a reduction of cost of goods sold and selling and administrative expense in fiscal 2025, fiscal 2024, and fiscal 2023, respectively.

Some government grants are paid over a period of years and are recorded at amortized cost on the consolidated balance sheets. As of May 3, 2025 and April 27, 2024, grant receivables outstanding were $13.6 million and $12.3 million, respectively. The short-term and long-term portion of grant receivables are recorded on the consolidated balance sheets within accounts receivable, net and other long-term assets, respectively.

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 operations. Research and development costs were $41.8 million, $49.1 million and $35.0 million for fiscal 2025, fiscal 2024 and fiscal 2023, 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, “Stock-based Compensation.” 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 it’s probable that a liability has been incurred and the related amounts are reasonably estimable.

Related party transactions. The Company identifies related party transactions for disclosure in accordance with ASC 850, “Related Party Disclosures.” See Note 17, “Related Party Transactions” for additional information.

Fair value measurement. ASC 820, “Fair Value Measurement,” 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 for similar assets or liabilities adjusted for terms specific to the asset or liability;
•
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 assets and liabilities 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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The Company adopted this ASU retrospectively on May 3, 2025. Refer to Note 15, “Segment Reporting” for the new required disclosures.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for the Company in the first quarter of fiscal 2026 and will be applied on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on its income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures.” ASU 2024-03 requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU 2024-03 will become effective for the Company’s annual periods beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statement disclosures.

There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s consolidated financial statements. Further, at May 3, 2025, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements.
v3.25.2
Revenue
 12 Months Ended
May 03, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2. Revenue

The Company generates revenue from manufacturing of products for customers in diversified global markets under multi-year programs. Typically, these programs do not contain a firm commitment by the customer for volume or price and do not reach the level of a performance obligation until the Company receives either a purchase order and/or a materials release from the customer for a specific quantity at a specified price, at which point an enforceable contract exists. Contracts may also provide for annual price reductions over the production life of a program, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors.

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. The Company’s revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs associated with spot purchases of raw materials and premium freight incurred in fulfilling its performance obligation to the customer. Given these cost recoveries are generally negotiated after contract inception, the Company accounts for these cost recoveries as a modification to the existing contract. The Company recognizes cost recoveries as revenue when (or as) the remaining performance obligations per the contract are satisfied, or on the modification date if all performance obligations under the contract have been previously satisfied.

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.

The Company’s payment terms with its customers are typically 30-60 days from the time control transfers. As the Company’s standard payment 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 fulfill/obtain a contract

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 the payment as an asset and amortize the asset as a reduction of revenue 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 an entity 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 accrued liabilities, respectively in the consolidated balance sheets and were immaterial as of May 3, 2025 and April 27, 2024.

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 3, 2025 (53 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

237.1

 

 

$

179.3

 

 

$

51.8

 

 

$

—

 

 

$

468.2

 

Europe, the Middle East & Africa ("EMEA")

 

 

239.5

 

 

 

177.8

 

 

 

—

 

 

 

—

 

 

 

417.3

 

Asia

 

 

32.3

 

 

 

130.3

 

 

 

—

 

 

 

—

 

 

 

162.6

 

Total net sales

 

$

508.9

 

 

$

487.4

 

 

$

51.8

 

 

$

—

 

 

$

1,048.1

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

498.2

 

 

$

487.4

 

 

$

51.8

 

 

$

—

 

 

$

1,037.4

 

Goods transferred over time

 

 

10.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10.7

 

Total net sales

 

$

508.9

 

 

$

487.4

 

 

$

51.8

 

 

$

—

 

 

$

1,048.1

 

 

 

 

Fiscal Year Ended April 27, 2024 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

265.6

 

 

$

186.2

 

 

$

53.8

 

 

$

2.3

 

 

$

507.9

 

EMEA

 

 

216.2

 

 

 

174.2

 

 

 

—

 

 

 

—

 

 

 

390.4

 

Asia

 

 

116.4

 

 

 

99.7

 

 

 

—

 

 

 

0.1

 

 

 

216.2

 

Total net sales

 

$

598.2

 

 

$

460.1

 

 

$

53.8

 

 

$

2.4

 

 

$

1,114.5

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

583.4

 

 

$

460.1

 

 

$

53.8

 

 

$

2.4

 

 

$

1,099.7

 

Goods transferred over time

 

 

14.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14.8

 

Total net sales

 

$

598.2

 

 

$

460.1

 

 

$

53.8

 

 

$

2.4

 

 

$

1,114.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended April 29, 2023 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

349.0

 

 

$

160.5

 

 

$

54.7

 

 

$

3.6

 

 

$

567.8

 

EMEA

 

 

231.2

 

 

 

139.9

 

 

 

—

 

 

 

—

 

 

 

371.1

 

Asia

 

 

156.0

 

 

 

84.5

 

 

 

0.2

 

 

 

—

 

 

 

240.7

 

Total net sales

 

$

736.2

 

 

$

384.9

 

 

$

54.9

 

 

$

3.6

 

 

$

1,179.6

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

717.4

 

 

$

384.9

 

 

$

54.9

 

 

$

3.6

 

 

$

1,160.8

 

Goods transferred over time

 

 

18.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18.8

 

Total net sales

 

$

736.2

 

 

$

384.9

 

 

$

54.9

 

 

$

3.6

 

 

$

1,179.6

 
v3.25.2
Acquisition and Disposition
 12 Months Ended
May 03, 2025
Business Combinations [Abstract]  
Acquisition and Disposition

Note 3. Acquisition and Disposition

Acquisition

On April 20, 2023, the Company acquired 92.2% of the outstanding shares in Nordic Lights Group Corporation (“Nordic Lights”), a premium provider of high-quality lighting solutions for heavy duty equipment headquartered in Finland, for €121.8 million ($134.2 million) in cash. Between May 2023 and July 2023, the Company acquired an additional 7.2% of the outstanding shares of Nordic Lights for €9.2 million ($10.1 million), increasing the Company’s ownership to 99.4%. On October 10, 2023, the Company acquired the remaining 0.6% of the outstanding shares in Nordic Lights for €0.8 million ($0.8 million), as determined by the Finnish arbitral tribunal administering the redemption proceedings for the shares not tendered to the Company. Accordingly, the Company owned 100% of the outstanding shares in Nordic Lights as of October 10, 2023. The acquisition of Nordic Lights complements the Company’s existing LED lighting solution offerings.

The acquisition was funded through a combination of borrowings under the Company’s revolving credit facility and cash on hand. The results of the operations of Nordic Lights are reported within the Industrial segment from the date of acquisition. The acquisition was accounted for as a business combination. The Company finalized the allocation of the purchase price in fiscal 2024.

The following table summarizes the final purchase price allocation in fiscal 2024 of the fair value of the assets acquired and liabilities assumed, including a reconciliation to the total purchase price.

(in millions)

 

As of April 27, 2024

 

Cash and cash equivalents

 

$

19.6

 

Accounts receivable

 

 

17.1

 

Inventories

 

 

9.4

 

Property, plant and equipment

 

 

16.8

 

Identifiable intangible assets

 

 

95.3

 

Accounts payable

 

 

(10.8

)

Long-term debt

 

 

(24.4

)

Other assets and liabilities, net

 

 

(3.3

)

Deferred tax liabilities

 

 

(19.5

)

Total identifiable net assets acquired

 

 

100.2

 

Goodwill

 

 

45.3

 

Total fair value of net assets acquired

 

 

145.5

 

Less: redeemable noncontrolling interest

 

 

(11.3

)

Total purchase price

 

$

134.2

 

The noncontrolling interest was recognized at fair value, which was determined to be the noncontrolling interest’s proportionate share of the fair value of net assets acquired, as of the acquisition date. The noncontrolling interest was classified as a redeemable noncontrolling interest on the consolidated balance sheets as minority shareholders owning less than 10% of the outstanding shares in a company in Finland had the right to require the Company to redeem their shares. As noted above, in October 2023, the Company acquired the entire redeemable noncontrolling interest.

Goodwill arising from the acquisition was included in the Industrial segment and was attributable to potential synergies and an assembled workforce. Goodwill from this acquisition will not be deductible for income tax purposes.

The following table presents details of the intangible assets acquired:

 

 

Fair value ($m)

 

 

Weighted average useful life (Years)

 

Customer relationships

 

$

77.3

 

 

 

20.0

 

Trade Name

 

 

11.5

 

 

 

10.0

 

Technology

 

 

6.5

 

 

 

10.0

 

Total

 

$

95.3

 

 

 

 

The intangible assets were valued using the income approach. The Company used the relief-from-royalty method to value the trade name and technology, and it used the multi-period excess earnings method to value customer relationships. The fair value measurement of intangible assets were based on significant unobservable inputs, and thus represent Level 3 inputs. These valuation methods incorporate assumptions including the discount rate, customer attrition rate, the expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the trade name or technology, or the future earnings related to existing customer relationships.

The pro-forma effects of this acquisition would not have materially impacted the Company’s operating results for fiscal 2023, and as a result no pro-forma financial statements are presented. Acquisition costs of $0.5 million and $6.8 million were incurred in fiscal 2024 and fiscal 2023, respectively, and reported in selling and administrative expenses.

Disposition

In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of its Dabir Surfaces business in the Medical segment. On October 13, 2023, the Company sold certain assets and contracts of its Dabir Surfaces business to a third party for consideration of $1.5 million. In the second quarter of fiscal 2024, the Company recorded a loss on the sale, including transaction costs, of $0.6 million, which was included in other expense (income), net on the Company’s consolidated statements of operations. The discontinuation of the Dabir Surfaces business does not qualify as a discontinued operation as it does not represent a strategic shift that would have a major effect on the Company’s operations or financial results.

v3.25.2
Restructuring and Asset Impairment Charges
 12 Months Ended
May 03, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairment Charges

Note 4. Restructuring and Asset Impairment Charges

Restructuring and impairment charges includes costs related to restructuring actions taken by the Company as well as long-lived asset impairments.

The Company continually monitors market factors and industry trends and takes restructuring actions to reduce overall costs and improve operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments and contract termination costs.

Components of restructuring and asset impairment charges were as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Employee termination benefits

 

$

1.6

 

 

$

1.3

 

 

$

0.3

 

Asset impairment charges

 

 

1.1

 

 

 

2.4

 

 

 

0.7

 

Total

 

$

2.7

 

 

$

3.7

 

 

$

1.0

 

The table below presents restructuring and asset impairment charges by reportable segment:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Automotive

 

$

0.9

 

 

$

0.7

 

 

$

0.4

 

Industrial

 

 

0.8

 

 

 

0.7

 

 

 

0.5

 

Interface

 

 

—

 

 

 

0.1

 

 

 

—

 

Medical

 

 

—

 

 

 

1.1

 

 

 

—

 

Eliminations/Corporate

 

 

1.0

 

 

 

1.1

 

 

 

0.1

 

Total

 

$

2.7

 

 

$

3.7

 

 

$

1.0

 

Recognized in:

 

 

 

 

 

 

 

 

 

Cost of products sold

 

$

1.1

 

 

$

1.7

 

 

$

0.5

 

Selling and administrative expenses

 

 

1.6

 

 

 

2.0

 

 

 

0.5

 

 

 

$

2.7

 

 

$

3.7

 

 

$

1.0

 

The Company’s restructuring liability was $0.7 million and $0.7 million as of May 3, 2025 and April 27, 2024, respectively. 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.
v3.25.2
Inventory
 12 Months Ended
May 03, 2025
Inventory Disclosure [Abstract]  
Inventory

Note 5. Inventory

A summary of inventories is shown below:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Finished products

 

$

44.3

 

 

$

50.7

 

Work in process

 

 

20.7

 

 

 

16.6

 

Raw materials

 

 

158.0

 

 

 

144.8

 

Gross inventories

 

 

223.0

 

 

 

212.1

 

Inventory reserves

 

 

(28.9

)

 

 

(25.9

)

Total inventories, net

 

$

194.1

 

 

$

186.2

 
v3.25.2
Property, Plant and Equipment
 12 Months Ended
May 03, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 6. Property, Plant and Equipment

A summary of property, plant and equipment is shown below:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Land

 

$

3.3

 

 

$

3.3

 

Buildings and building improvements

 

 

104.6

 

 

 

98.5

 

Machinery and equipment

 

 

424.2

 

 

 

394.6

 

Construction in progress

 

 

47.9

 

 

 

50.4

 

Total property, plant and equipment, gross

 

 

580.0

 

 

 

546.8

 

Less: accumulated depreciation

 

 

(358.4

)

 

 

(334.7

)

Property, plant and equipment, net

 

$

221.6

 

 

$

212.1

 

Depreciation expense was $35.1 million, $33.9 million and $30.7 million in fiscal 2025, fiscal 2024 and fiscal 2023, respectively. As of May 3, 2025, April 27, 2024 and April 29, 2023, capital expenditures recorded in accounts payable totaled $3.3 million, $6.1 million and $4.5 million, respectively.

In fiscal 2024, the Company sold the company aircraft for a sales price of $19.4 million, generating a gain on sale of $2.4 million. The gain on sale was included in other income, net on the consolidated statements of operations.
v3.25.2
Goodwill and Other Intangible Assets
 12 Months Ended
May 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 7. Goodwill and Other Intangible Assets

Goodwill

A summary of the changes in goodwill by reportable segment is as follows:

(in millions)

 

Automotive

 

 

Industrial

 

 

Total

 

Balance as of April 30, 2022

 

$

105.9

 

 

$

127.1

 

 

$

233.0

 

Acquisition (Note 3)

 

 

—

 

 

 

69.6

 

 

 

69.6

 

Foreign currency translation

 

 

0.3

 

 

 

(1.0

)

 

 

(0.7

)

Balance as of April 29, 2023

 

 

106.2

 

 

 

195.7

 

 

 

301.9

 

Acquisition (Note 3)

 

 

—

 

 

 

(24.3

)

 

 

(24.3

)

Impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Foreign currency translation

 

 

(0.3

)

 

 

(1.5

)

 

 

(1.8

)

Gross balance

 

 

105.9

 

 

 

169.9

 

 

 

275.8

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of April 27, 2024

 

 

—

 

 

 

169.9

 

 

 

169.9

 

Foreign currency translation

 

 

—

 

 

 

2.8

 

 

 

2.8

 

Gross balance

 

 

105.9

 

 

 

172.7

 

 

 

278.6

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of May 3, 2025

 

$

—

 

 

$

172.7

 

 

$

172.7

 

 

A summary of goodwill by reporting unit is as follows:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Grakon Industrial

 

$

124.7

 

 

$

124.4

 

Nordic Lights

 

 

46.4

 

 

 

43.9

 

Other

 

 

1.6

 

 

 

1.6

 

Total

 

$

172.7

 

 

$

169.9

 

Fiscal 2024 Impairment Assessment

 

October 28, 2023 interim goodwill impairment assessment

During the three months ended October 28, 2023, the Company identified an impairment triggering event associated with a sustained decrease in the Company’s publicly quoted share price, market capitalization and lower than expected operating results. These factors suggested that the fair value of one or more of the Company’s reporting units may have fallen below their carrying amounts, and accordingly the Company performed a quantitative assessment. The reporting units that were quantitatively assessed were North American Automotive (“NAA”) and European Automotive (“EA”).

For the quantitative assessment, the Company engaged a third-party valuation specialist to assist management. The fair value of the NAA and EA reporting units were estimated using a combination of the income approach and market approach, weighted accordingly for specific circumstances of the reporting unit. The income approach uses a discounted cash flow method and the market approach uses appropriate valuation multiples observed for the reporting unit’s guidelines public companies. The determination of discounted cash flows are based on management’s estimates of revenue growth rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) margin, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size, geography and other factors specific to the reporting unit. Long-range forecasting involves uncertainty which increases with each successive period. Revenue growth rates and EBITDA margin, especially in the outer years, involve a greater degree of uncertainty. Further, a change in the discount rate, as a result of a change in economic conditions or otherwise, could result in the carrying values of the reporting units exceeding their respective fair values.

Based upon the results of the quantitative impairment test, the Company determined the carrying value of the NAA and EA reporting units each exceeded their fair value at October 28, 2023. As a result, the Company recognized a non-cash goodwill impairment charge of $56.5 million ($50.4 million for NAA and $6.1 million for EA) in the three months ended October 28, 2023, which was determined as the excess carrying value over fair value of the respective reporting unit up to the carrying value of the goodwill immediately prior to the impairment.

April 27, 2024 goodwill impairment assessment

In March and April 2024, subsequent to the annual goodwill impairment assessment, there was a further decline in the Company’s publicly quoted share price and market capitalization. In addition, operating results for NAA were lower than expected and future cash flow projections were lowered. As a result, the Company determined that a triggering event occurred requiring another quantitative impairment test for NAA as of April 27, 2024. Based upon the results of the quantitative impairment test, the Company determined the carrying value of the NAA reporting unit exceeded its fair value at April 27, 2024. As a result, the Company recognized a non-cash goodwill impairment charge of $49.4 million in the three months ended April 27, 2024, which was determined as the excess carrying value over fair value of the NAA reporting unit up to the carrying value of the goodwill immediately prior to the impairment. As of April 27, 2024, the NAA reporting unit had no remaining goodwill.

Fiscal 2025 Impairment Assessment

At the beginning of the fourth quarter of fiscal 2025, the annual goodwill impairment assessment was completed. The Company performed a quantitative assessment for its Grakon Industrial and Nordic Lights reporting units.

The Company engaged a third-party valuation specialist to assist management in performing the annual goodwill impairment assessments. The fair value of these reporting units were estimated using a combination of the income approach and market approach, weighted accordingly for the specific circumstances of the reporting unit.

Based upon the results of the quantitative impairment test, the Company determined that the fair value exceeded its carrying value for both Grakon Industrial and Nordic Lights. However, the fair value of the Nordic Lights reporting unit exceeded its carrying value by less than 10%. For the Nordic Lights reporting unit, if all other assumptions are held constant, a hypothetical increase of more than 100 basis points in the discount rate could have resulted in a partial goodwill impairment.

 

Other intangible assets, net

Details of identifiable intangible assets are shown below:

 

 

As of May 3, 2025

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

311.8

 

 

$

(102.3

)

 

$

209.5

 

 

 

14.0

 

Trade names, patents and technology licenses

 

 

76.5

 

 

 

(49.4

)

 

 

27.1

 

 

 

6.4

 

Total amortized intangible assets

 

 

388.3

 

 

 

(151.7

)

 

 

236.6

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

390.1

 

 

$

(151.7

)

 

$

238.4

 

 

 

 

 

 

 

As of April 27, 2024

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

306.6

 

 

$

(84.7

)

 

$

221.9

 

 

 

14.8

 

Trade names, patents and technology licenses

 

 

75.3

 

 

 

(42.3

)

 

 

33.0

 

 

 

6.9

 

Total amortized intangible assets

 

 

381.9

 

 

 

(127.0

)

 

 

254.9

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

383.7

 

 

$

(127.0

)

 

$

256.7

 

 

 

 

 

The Company performed an impairment test for its indefinite-lived trade name intangible asset and determined that no impairment existed as of May 3, 2025. 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:

 

 

 

2026

 

$

22.9

 

2027

 

 

22.2

 

2028

 

 

20.0

 

2029

 

 

18.7

 

2030

 

 

17.7

 

Thereafter

 

 

135.1

 

Total

 

$

236.6

 
v3.25.2
Derivative Financial Instruments and Hedging Activities
 12 Months Ended
May 03, 2025
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 using various pricing models that incorporate observable market parameters, such as interest rate yield curves and foreign currency rates and are classified as Level 2 within the fair value hierarchy.

For a designated cash flow hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded in AOCL in the consolidated balance sheets. When the underlying hedged transaction is realized, the gain or loss previously included in AOCL is recorded in earnings and reflected in the consolidated statements of operations 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 operations 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 AOCL in the consolidated balance sheets.

Net investment hedges

The Company is exposed to the risk that adverse changes in foreign currency exchange rates could impact its net investment in non-U.S. subsidiaries. To manage this risk, the Company designates certain qualifying derivative and non-derivative instruments, including cross-currency swaps and foreign currency-denominated debt, as net investment hedges of certain non-U.S. subsidiaries.

The Company had a fixed-rate, cross-currency swap, with a notional value of $60.0 million (€54.8 million), that settled in December 2024 with a gross gain of approximately $3.1 million. The cross-currency swap was designated as a hedge of the Company’s net investment in its euro-denominated subsidiaries. The gain will remain in AOCL until the hedged net investment is sold or substantially liquidated.

The Company had a variable-rate, cross-currency swap, with a notional value of $60.0 million (€54.8 million), that matured on August 31, 2023 with a gross gain of approximately $0.6 million. The cross-currency swap was designated as a hedge of the Company’s net investment in its euro-denominated subsidiaries. The gain will remain in AOCL until the hedged net investment is sold or substantially liquidated.

Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter, under the spot-to-spot method. The Company recognizes the impact of all other changes in fair value of the derivative, which represents the interest rate differential of the cross-currency swap, through interest expense. In fiscal 2025, fiscal 2024, and fiscal 2023, the Company recorded gains of $0.7 million, $0.7 million and $1.3 million, respectively, in interest expense, net in the consolidated statements of operations.

The Company had €275.0 million of long-term borrowings under its Amended Credit Agreement (see Note 10 “Debt”) which was designated as a net investment hedge of the foreign currency exposure of its investment in its euro-denominated subsidiaries. On December 18, 2024, the Company de-designated these long-term borrowings as a net investment hedge. As of December 18, 2024, the cumulative gain, net of tax, was $9.0 million which will remain in AOCL until there is a substantial liquidation of the Company’s net investment of its euro-denominated subsidiaries. Due to changes in the value of the euro-denominated long-term borrowings designated as a net investment hedge, in fiscal 2025 (through the date of de-designation) and fiscal 2024, a gain, net of tax, of $4.8 million and $4.8 million, respectively, were recognized within the currency translation section of other comprehensive loss. Included in AOCL related to this net investment hedge were cumulative gains of $9.0 million and $4.2 million, respectively, as of May 3, 2025 and April 27, 2024. The Company is now managing the related foreign exchange risk of its euro-denominated long-term borrowings not designated as a net investment hedge through certain Euro denominated financial assets.

Interest rate swaps

The Company utilizes interest rate swaps to limit its exposure to market fluctuations on its variable-rate borrowings. The interest rate swaps effectively convert a portion of the Company’s variable rate borrowings to a fixed rate based upon a determined notional amount. The Company has an interest rate swap, maturing on October 31, 2027, with a notional value of $149.2 million (€132.0 million) and had two interest rate swaps that matured on August 31, 2023, with a notional value of $100.0 million. The interest rate swaps are designated as cash flow hedges.

Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter. The effective portion of the periodic changes in fair value is recognized in AOCL. Subsequently, the accumulated gains and losses recorded in AOCL are reclassified to income in the period during which the hedged cash flow impacts earnings, which are expected to be immaterial over the next 12 months. No ineffectiveness was recognized in fiscal 2025, fiscal 2024, or fiscal 2023.

Derivatives not designated as hedges

The Company uses short-term foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. These forward contracts are not designated as hedging instruments. Gains and losses on these forward contracts are recognized in other expense (income), net, along with the foreign currency gains and losses on monetary assets and liabilities in the consolidated statements of operations.

As of May 3, 2025 and April 27, 2024, the Company held foreign currency forward contracts with a notional value of $107.2 million and $110.9 million, respectively. In fiscal 2025, fiscal 2024, and fiscal 2023, the Company recognized a gain of $1.7 million, a loss of $4.1 million and a loss of $4.1 million, respectively, related to foreign currency forward contracts in the consolidated statements of operations.

Fair value of derivative instruments on the balance sheet

The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the consolidated balance sheets as follows:

 

 

 

 

Asset/(Liability)

 

(in millions)

 

Financial Statement Caption

 

May 3, 2025

 

 

April 27, 2024

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Net investment hedges

 

Prepaid expenses and other current assets

 

$

—

 

 

$

1.3

 

Interest rate swaps

 

Other long-term liabilities

 

$

(5.7

)

 

$

(2.1

)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

$

0.7

 

 

$

—

 

Foreign currency forward contracts

 

Other accrued liabilities

 

$

—

 

 

$

(0.2

)

 

Effect of derivative instruments on comprehensive income (loss)

The pre-tax effects of derivative financial instruments recorded in other comprehensive loss were as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Net investment hedges

 

$

1.8

 

 

$

2.4

 

 

$

(2.4

)

Interest rate swaps

 

 

(3.6

)

 

 

(3.7

)

 

 

(1.4

)

Total

 

$

(1.8

)

 

$

(1.3

)

 

$

(3.8

)
v3.25.2
Retirement Benefits
 12 Months Ended
May 03, 2025
Retirement Benefits [Abstract]  
Retirement Benefits

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 $1.5 million, $1.5 million and $1.2 million in fiscal 2025, fiscal 2024 and fiscal 2023, 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 $9.7 million and $9.7 million as of May 3, 2025 and April 27, 2024, 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 $9.3 million and $8.7 million as of May 3, 2025 and April 27, 2024, respectively, and are included in other long-term assets in the consolidated balance sheets.

The Company also owned and was the beneficiary of a number of life insurance policies on the lives of former key executives that were unrestricted as to use. These life insurance policies, which were recorded at their cash surrender value, were redeemed for $10.8 million in fiscal 2024.

The cash surrender value of the life insurance policies approximates its fair value and is classified within Level 2 of the fair value hierarchy.
v3.25.2
Debt
 12 Months Ended
May 03, 2025
Debt Disclosure [Abstract]  
Debt

Note 10. Debt

A summary of debt is shown below:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Revolving credit facility

 

$

319.4

 

 

$

333.0

 

Other debt

 

 

1.3

 

 

 

1.5

 

Unamortized debt issuance costs

 

 

(3.1

)

 

 

(3.6

)

Total debt

 

 

317.6

 

 

 

330.9

 

Less: current maturities

 

 

(0.2

)

 

 

(0.2

)

Total long-term debt

 

$

317.4

 

 

$

330.7

 

Revolving credit facility

On October 31, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein. On March 6, 2024, the Company entered into a First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”) and on July 9, 2024, the Company entered into a Second Amendment to Second Amended and Restated Credit Agreement and First Amendment to Second Amended and Restated Guaranty (the “Second Amendment”) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the other Lenders party thereto and other parties thereto.

Among other things, the Second Amendment (i) reduced the revolving credit commitments from $750 million to $500 million (which commitments were subsequently further reduced, as discussed below), (ii) granted a security interest in substantially all of the personal property of the Company and its U.S. subsidiaries that are guarantors, including 100% of the equity interests of their respective U.S. subsidiaries and 65% of the equity interests of their respective foreign subsidiaries (or such greater amount to the extent such pledge could not reasonably cause adverse tax consequences), (iii) amended the consolidated interest coverage ratio covenant for each quarter in fiscal 2025 to relax that covenant to some extent for each of those quarters, (iv) amended the consolidated leverage ratio covenant for the quarter ending July 27, 2024 and each subsequent fiscal quarter to relax that covenant to some extent for each of those quarters, (v) amended certain interest rate provisions, (vi) added a requirement to provide monthly financial statements to the lenders through the period ending August 2, 2025, (vii) decreased the general basket exceptions to certain covenants restricting certain investments by, liens on and indebtedness of the Company and its subsidiaries for specified periods of time, (viii) increased, for fiscal 2025, the general basket exception to a covenant restricting certain dispositions of property by the Company and its subsidiaries, (ix) added an “anti-cash hoarding” requirement, applicable during the period from the effective date of the Second Amendment until the earlier to occur of (a) the delivery of financial statements and a compliance certificate for the fiscal quarter ending August 2, 2025 and (b) the delivery of compliance certificates for two consecutive fiscal quarters demonstrating that the Company’s consolidated leverage ratio as of the last day of such fiscal quarters was less than 3.00:1.00, that if the Company has cash on hand in the U.S. (subject to certain exceptions) of more than $65 million for 10 consecutive business days, the Company shall prepay the indebtedness under the credit facility by the amount of such excess and (x) made certain other changes to the investment, restricted payment and indebtedness baskets.

As of May 3, 2025, the Company was not in compliance with the consolidated leverage ratio and interest coverage ratio covenants contained in the Credit Agreement (as amended by the First Amendment and the Second Amendment) for the quarter ended May 3, 2025. On July 7, 2025, the Company entered into a Third Amendment to Second Amended and Restated Credit Agreement (the “Third Amendment”) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the other Lenders party thereto and other parties thereto. Among other things, the Third Amendment (i) reduced the revolving credit commitments from $500 million to $400 million, (ii) eliminated the Company’s option to increase the revolving credit commitments and/or add one or more tranches of term loans under the credit facility from time to time subject to certain limitations and conditions including approval of certain lenders, (iii) amended the consolidated interest coverage ratio covenant for the quarters ending August 2, 2025, November 1, 2025, January 31, 2026 and May 2, 2026 to relax that covenant to some extent for each of those quarters, (iv) amended the consolidated leverage ratio covenant for the quarters ending August 2, 2025, November 1, 2025, January 31, 2026, May 2, 2026 and August 1, 2026 to relax that covenant to some extent for each of those quarters, (v) amended the definition of “Consolidated EBITDA,” to include an add back for a portion of the inventory write-down taken in the fourth quarter of fiscal 2025, (vi) increased the interest rate during the period from July 7, 2025 to the date that financial statements and a compliance certificate are delivered for the fiscal quarter ending October 31, 2026 (such period, the “Third Amendment Period”), (vii) changed the commitment fee payment during the Third Amendment Period, (viii) extended, through the maturity date, the requirement to provide monthly financial statements to the lenders, (ix) restricted or decreased, during the Third Amendment Period, the amount of certain exceptions to covenants restricting liens on, investments by and indebtedness of the Company and its subsidiaries, (x) limited to $2.5 million, in any fiscal quarter during the Third Amendment Period, the general basket exception to a covenant restricting certain restricted payments (including dividends) by the Company and its subsidiaries, while allowing under that general basket exceptions up to an aggregate of $25 million of restricted payments during any other period, (xi) extended, through the maturity date, the “anti-cash hoarding” requirement (described above), (xii) eliminated, during the Third Amendment Period, the investment, restricted payment and indebtedness baskets that had allowed for unlimited investments, restricted payments and indebtedness, as applicable, so long as (among other requirements) the Company met certain pro forma consolidated leverage ratio tests and (xiii) waived any default or event of default that may have occurred due to non-compliance with the consolidated interest coverage ratio covenant and the consolidated leverage ratio covenant for the quarter ended May 3, 2025 as calculated using the definition of “Consolidated EBITDA” that was in effect before giving effect to the Third Amendment. Following the effectiveness of the Third Amendment, the Company was in compliance with its consolidated interest coverage ratio covenant and its consolidated leverage ratio covenant for the quarter ended May 3, 2025.

The Credit Agreement, as amended by the First Amendment, the Second Amendment and the Third Amendment is referred to herein as the “Amended Credit Agreement.”

The Amended Credit Agreement provides for a secured multicurrency revolving credit facility of $400 million. The Amended Credit Agreement matures on October 31, 2027.

Loans denominated in U.S. dollars under the Amended Credit Agreement bear interest at either (a) an adjusted base rate or (b) an adjusted term Secured Overnight Financing Rate (“SOFR”) rate or term SOFR daily floating rate (in each case, as determined in accordance with the provisions of the Amended Credit Agreement) in each case plus an additional applicable rate (the “Applicable Rate”) ranging (subject to the last sentence of this paragraph) between 0.375% and 2.00%, in the case of adjusted base rate loans, and between 1.375% and 3.00%, in the case of adjusted term SOFR rate loans and term SOFR daily floating rate loans. Loans denominated (a) in euros will bear interest at the Euro Interbank Offered Rate, (b) in pounds sterling will bear interest at the Sterling Overnight Index Average Reference Rate, (c) in Singapore dollars will bear interest at the Singapore Interbank Offered Rate, (d) in Canadian dollars will bear interest at the forward-looking term rate based on the Canadian Overnight Repo Rate Average and (e) in Hong Kong dollars will bear interest at the Hong Kong Interbank Offered Rate (in each case, as determined in accordance with the provisions of the Amended Credit Agreement), in each case plus an Applicable Rate ranging (subject to the last sentence of this paragraph) between 1.375% and 3.00%. The Applicable Rate is set based on the Company’s consolidated leverage ratio, except that during the Third Amendment Period, the Applicable Rate shall be (x) 3.50% in the case of adjusted term SOFR rate loans, term SOFR daily floating rate loans and any loans denominated in a foreign currency and (y) 2.50% in the case of adjusted base rate loans, in each case regardless of the Company’s consolidated leverage ratio.

As of May 3, 2025, the outstanding balance under the revolving credit facility was $319.4 million, which included $226.4 million (€200.3 million) of euro-denominated borrowings and $93.0 million of U.S. dollar denominated borrowings.

The Second Amendment was accounted for as a debt modification, which resulted in a non-cash loss of $1.2 million in fiscal 2025 related to the partial write-off of unamortized debt issuance costs as a result of the reduction in the credit facility size. The non-cash loss was recognized in other expense, net in the Company’s consolidated statement of operations. Additionally, the Company incurred debt issuance costs of approximately $1.8 million associated with the Second Amendment which were capitalized and, along with the current unamortized debt issuance costs, are being amortized to interest expense on a straight-line basis over remaining term of the Amended Credit Agreement.

The weighted-average interest rate on outstanding U.S. dollar and euro-denominated borrowings under the revolving credit facility was approximately 7.4% and 5.2%, respectively, as of May 3, 2025.

The Amended Credit Agreement contains various representations and warranties, financial covenants (including covenants requiring the Company to maintain compliance with a minimum consolidated interest coverage ratio and a maximum consolidated leverage ratio, in each case as of the end of each fiscal quarter), restrictive and other covenants, and events of default. The covenants in the Amended Credit Agreement include an “anti-cash hoarding” requirement, as discussed above.

As of May 3, 2025, after giving effect to the Third Amendment, the Company was in compliance with all the covenants in the Amended Credit Agreement. The fair value of borrowings under the Amended 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 one note with a maturity in 2031. The weighted-average interest rate was approximately 1.8% as of May 3, 2025 and $0.2 million of the debt was classified as short-term. The fair value of other debt was $1.3 million at May 3, 2025 and was based on Level 2 inputs on a non-recurring basis.

Scheduled maturities

As of May 3, 2025, scheduled principal payments of debt are as follows:

(in millions)

 

 

 

Fiscal Year:

 

 

 

2026

 

$

0.2

 

2027

 

 

0.2

 

2028

 

 

319.6

 

2029

 

 

0.2

 

2030

 

 

0.2

 

Thereafter

 

 

0.3

 

Total

 

$

320.7

 
v3.25.2
Income Taxes
 12 Months Ended
May 03, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 11. Income Taxes

Income tax provision

The U.S. and foreign components of pre-tax (loss) income and income tax expense (benefit) are as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Pre-tax (loss) income:

 

 

 

 

 

 

 

 

 

U.S.

 

$

(118.3

)

 

$

(199.4

)

 

$

(3.6

)

Foreign

 

 

68.2

 

 

 

71.3

 

 

 

93.7

 

Total pre-tax (loss) income

 

$

(50.1

)

 

$

(128.1

)

 

$

90.1

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

U.S. (federal and state)

 

$

(4.0

)

 

$

0.1

 

 

$

0.1

 

Foreign

 

 

22.0

 

 

 

16.6

 

 

 

16.9

 

Total current expense

 

 

18.0

 

 

 

16.7

 

 

 

17.0

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. (federal and state)

 

 

(0.9

)

 

 

(17.9

)

 

 

(5.7

)

Foreign

 

 

(4.6

)

 

 

(3.6

)

 

 

1.7

 

Total deferred benefit

 

 

(5.5

)

 

 

(21.5

)

 

 

(4.0

)

Total income tax expense (benefit)

 

$

12.5

 

 

$

(4.8

)

 

$

13.0

 

 

A reconciliation of income tax expense (benefit) to the U.S. statutory federal income tax rate of 21% is as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Income tax at statutory rate

 

$

(10.5

)

 

$

(26.9

)

 

$

18.9

 

Effect of:

 

 

 

 

 

 

 

 

 

State income taxes, net of federal benefit

 

 

(2.0

)

 

 

(1.0

)

 

 

—

 

Reorganization of a foreign owned subsidiary

 

 

—

 

 

 

—

 

 

 

(7.3

)

Goodwill impairment

 

 

—

 

 

 

22.7

 

 

 

—

 

Interest

 

 

2.3

 

 

 

—

 

 

 

0.2

 

Withholding taxes

 

 

2.0

 

 

 

3.2

 

 

 

3.4

 

Non-deductible compensation

 

 

3.7

 

 

 

0.3

 

 

 

1.6

 

Foreign tax differential

 

 

(2.6

)

 

 

(5.1

)

 

 

(11.6

)

U.S. tax on foreign income

 

 

11.5

 

 

 

3.5

 

 

 

2.9

 

Foreign investment tax credit

 

 

—

 

 

 

0.1

 

 

 

5.0

 

Research and development

 

 

(1.4

)

 

 

(1.5

)

 

 

(1.5

)

Change in tax reserve

 

 

(4.0

)

 

 

—

 

 

 

(0.6

)

Change in valuation allowance

 

 

13.5

 

 

 

(1.0

)

 

 

—

 

Tax rate change, foreign

 

 

—

 

 

 

—

 

 

 

0.2

 

Other, net

 

 

—

 

 

 

0.9

 

 

 

1.8

 

Income tax expense (benefit)

 

$

12.5

 

 

$

(4.8

)

 

$

13.0

 

Effective income tax rate

 

 

(25.0

)%

 

 

3.7

%

 

 

14.4

%

 

The effective tax rate for fiscal 2025 differs from the U.S. federal statutory tax rate of 21% primarily due to an increase in a valuation allowance for deferred tax assets of $13.5 million and an unfavorable impact of U.S. tax on foreign income of $11.5 million primarily from global intangible low-tax income (“GILTI”), partially offset by a favorable decrease in tax reserves of $4.0 million. The valuation allowance was recorded as the Company determined that based on the evaluation of all available evidence that the recovery of some of its deferred tax assets was not more likely than not.

The Organization for Economic Cooperation and Development’s (“OECD”) Pillar II Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. Some countries in which the Company operates have enacted legislation adopting the minimum tax effective January 1, 2024. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain countries in which the Company operates have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. For fiscal 2025, the Company performed a calculation of an additional top-up tax under the safe harbor Pillar 2 Framework to determine the jurisdictions where the effective tax rate fell below the minimum threshold of 15%. This amount was not significant to the fiscal 2025 income tax provision for the Company.

In fiscal 2024, the effective income tax rate was favorably impacted by pre-tax losses in operations, the amount of income earned in foreign jurisdictions with lower tax rates of $5.1 million and research and development expenditures of $1.5 million. These are offset by non-deductible goodwill impairment of $22.7 million, withholding taxes of $3.2 million, and U.S. tax on foreign income of $3.5 million of which GILTI is the main component.

In fiscal 2023, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates. In addition, the Company received a benefit of approximately $7.3 million related to the reorganization of a foreign owned subsidiary. These benefits were partially offset by a reduction in foreign investment tax credits of $5.0 million and non-deductible acquisition costs of $1.4 million.

Deferred income taxes and valuation allowances

Significant components of the Company’s deferred income tax assets and liabilities were as follows:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Deferred tax liabilities:

 

 

 

 

 

 

Amortization

 

$

(51.9

)

 

$

(56.5

)

Foreign tax

 

 

(2.9

)

 

 

(3.2

)

Lease assets

 

 

(5.7

)

 

 

(5.8

)

Derivative financial instruments

 

 

—

 

 

 

(0.2

)

Unrealized foreign exchange gain/loss

 

 

(1.9

)

 

 

(0.5

)

Deferred tax liabilities, gross

 

 

(62.4

)

 

 

(66.2

)

Deferred tax assets:

 

 

 

 

 

 

Deferred compensation and stock award amortization

 

 

6.9

 

 

 

9.0

 

Fixed assets

 

 

1.6

 

 

 

1.3

 

Inventory

 

 

8.6

 

 

 

5.9

 

Lease liabilities

 

 

6.4

 

 

 

5.9

 

Derivative financial instruments

 

 

0.9

 

 

 

—

 

Foreign investment tax credit

 

 

25.6

 

 

 

24.4

 

Research expenditures

 

 

8.3

 

 

 

6.3

 

Net operating loss carryforwards

 

 

14.8

 

 

 

13.2

 

Foreign tax credits

 

 

3.4

 

 

 

1.7

 

Interest carryforwards

 

 

12.3

 

 

 

7.9

 

Other

 

 

5.3

 

 

 

2.4

 

Deferred tax assets, gross

 

 

94.1

 

 

 

78.0

 

Less valuation allowance

 

 

(20.7

)

 

 

(5.8

)

Deferred tax assets, net of valuation allowance

 

 

73.4

 

 

 

72.2

 

Net deferred tax asset

 

$

11.0

 

 

$

6.0

 

Balance sheet classification:

 

 

 

 

 

 

Long-term asset

 

$

37.8

 

 

$

34.7

 

Long-term liability

 

 

(26.8

)

 

 

(28.7

)

Net deferred tax asset

 

$

11.0

 

 

$

6.0

 

 

The Company recorded a net deferred tax asset for U.S. and foreign income taxes of $11.0 million and $6.0 million as of May 3, 2025 and April 27, 2024, respectively. 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 recorded a valuation allowance of $20.7 million related to federal, state, and foreign net operating loss carryovers and other credits as it determined that these deferred tax assets are not more likely than not to be realized.

As of May 3, 2025, the Company had available $31.6 million of federal, $98.0 million of state and $0.6 million of foreign gross operating loss carryforwards with a valuation allowance of $25.9 million for federal, $90.0 million for state and $0.0 million for foreign. The U.S. federal net operating loss carryforwards will substantially start to expire in 2028 and beyond. The state net operating loss carryforwards will substantially start to expire in 2036 and beyond. Total unused credits are $29.2 million as of May 3, 2025, the majority 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 of approximately $332.1 million to be indefinitely reinvested. 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 $0.8 million and $4.4 million as of May 3, 2025 and April 27, 2024, respectively. The amount for May 3, 2025, of unrecognized benefits that, if recognized, would favorably impact the effective tax rate if resolved in the Company’s favor is $0.6 million. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties were $0.1 million and $0.4 million at May 3, 2025 and April 27, 2024, respectively.

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Balance at beginning of period

 

$

4.4

 

 

$

4.5

 

Increases for positions related to the current year

 

 

0.3

 

 

 

0.2

 

Lapsing of statutes of limitations

 

 

(3.9

)

 

 

(0.3

)

Balance at end of period

 

$

0.8

 

 

$

4.4

 

 

At May 3, 2025, the expected change to the total amount of unrecognized tax benefits in the next twelve months is approximately $0.2 million due to potential expiration of statute of limitations.

The U.S. federal statute of limitations remains open for fiscal years ended on or after 2022 and for state tax purposes on or after fiscal year 2021. 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 2021 and subsequent periods remain open and subject to examination by taxing authorities.
v3.25.2
Commitments and Contingencies
 12 Months Ended
May 03, 2025
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. The Company is involved in environmental investigations and/or remediation at two of its United States plant sites no longer used for operations and one currently operating site in Mexico. The Company uses environmental consultants to assist us in evaluating its environmental liabilities in order to establish appropriate accruals in its consolidated financial statements. Accruals are recorded when environmental remediation is probable and the costs can be reasonably estimated. A number of factors affect the cost of environmental remediation, including the determination of the extent of contamination, the length of time remediation may require, the complexity of environmental regulations and the advancement of remediation technology. Considering these factors, the Company has estimated (without discounting) the costs of remediation. Recovery from insurance or other third parties is not anticipated. The Company is not yet able to determine when such remediation activity will be complete, but estimates for certain remediation efforts are projected through fiscal 2026.

As of May 3, 2025 and April 27, 2024, the Company had accruals, primarily based upon independent estimates, for environmental matters of $1.0 million and $0.9 million, respectively. The accrual as of May 3, 2025 consists of $0.7 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 April 27, 2024 consists of $0.6 million classified in other accrued expenses and the remainder was included in other long-term liabilities on the consolidated balance sheets. 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 2025, fiscal 2024 and fiscal 2023, the Company spent $0.6 million, $0.9 million and $1.1 million, respectively, on remediation cleanups and related studies. The costs associated with environmental matters as they relate to day-to-day activities were not material in fiscal 2025, fiscal 2024 or fiscal 2023.

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 terminated all of its agreements with the Fuchs companies. On June 20, 2014, the Company filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements and seeking damages, as well as various forms of injunctive relief. The defendants filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, the Company amended its complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional affiliated parties.

A trial with respect to the matter began in February 2020. During the trial, the defendants dismissed their one remaining counterclaim with prejudice. On March 2, 2020, the jury returned a verdict in favor of the Company. The verdict included approximately $102 million in compensatory damages and $11 million in punitive damages. On April 22, 2020, the District Court entered a permanent injunction barring defendants from selling infringing products and ordering them to return Hetronic’s confidential information. Defendants appealed entry of the permanent injunction. On May 29, 2020, the District Court held defendants in contempt for violating the permanent injunction and entered the final judgment. Defendants appealed entry of the final monetary judgment as well. The appeal of the permanent injunction and the appeal of the final judgment were consolidated into a single appeal before the U.S. Court of Appeals for the Tenth Circuit. On August 24, 2021, the Tenth Circuit issued a decision affirming the lower court’s ruling with the exception that it instructed the District Court to modify the injunction from the entire world to all of the countries in which Hetronic sells its products. On April 20 and 21, 2022, the District Court held a hearing related to modifying the injunction pursuant to the Tenth Circuit’s opinion, and the parties have filed post-hearing briefs. The defendants also filed a petition for certiorari with the United States Supreme Court seeking to further appeal the extraterritorial application of the Lanham Act in this case. The Company opposed that petition. The Supreme Court requested the views of the Solicitor General on the petition for certiorari, and the Solicitor General recommended granting the petition. On November 4, 2022, the Supreme Court granted the petition. The Supreme Court heard arguments in this matter on March 21, 2023. On June 29, 2023, the Supreme Court vacated the Tenth Circuit’s August 2021 decision and remanded the matter back to the Tenth Circuit for further proceedings. On September 1, 2023, the Tenth Circuit requested supplemental briefing from the parties regarding the effect of the Supreme Court’s decision on the appeal and the proper course of further proceedings. That briefing was thereafter submitted, and the Tenth Circuit heard argument in this matter on January 24, 2024. On April 23, 2024, the Tenth Circuit issued an opinion affirming the District Court’s final judgment on the state law breach of contract and tort claims (this affirmed final judgment amount represents only approximately $22.5 million of the vacated original $113 million final judgment that had been entered in 2020) and remanding for further non-trial proceedings with respect to the appropriate remedies for the Lanham Act claims in light of the Supreme’s Court ruling that the Lanham Act does not apply extraterritorially. On August 5, 2024, the District Court entered an amended permanent injunction and amended final judgment. The amended permanent injunction limited the geographic reach of the permanent injunction barring defendants from selling infringing products so that it only applies in the United States and reaffirmed the court’s prior order requiring defendants to return Hetronic’s confidential information. The amended final judgment reaffirmed the final judgment of approximately $22.5 million plus interest for the state law breach of contract and tort claims and entered judgment in an amended amount of approximately $0.3 million plus interest for the infringing U.S. sales under the Lanham Act. The deadline for any appeals of the District Court’s orders was September 4, 2024 and no appeal of those orders was filed before that deadline.

The Company has not received payment of any portion of the judgment from the defendants. Like any judgment, particularly a judgment involving defendants outside of the United States, there is no guarantee that the Company will be able to collect all or any portion of the judgment. Furthermore, defendants Abitron Germany and Hetronic Germany filed for insolvency in German court in September and October 2023 respectively, and the Germany insolvency court then appointed a receiver. These insolvency proceedings could potentially adversely impact our ability to enforce or collect upon the judgment or portions of the judgment or otherwise pursue or enforce claims or rights against those defendants.

Stockholder Litigation

On August 26, 2024, a putative class action lawsuit on behalf of purchasers of Company common stock between June 23, 2022 and March 6, 2024, inclusive, entitled Marie Salem v. Methode Electronics, Inc. et al. was filed in the U.S. District Court for the Northern District of Illinois against the Company, a former Chief Executive Officer, President and director of the Company and a former Chief Financial Officer of the Company. The complaint alleges, among other things, that the defendants made false and/or misleading statements relating to the Company’s business, operations and prospects, including in respect of the Company’s transition to production of more specialized components for manufacturers of electric vehicles and the Company’s operations at its facility in Monterrey, Mexico, in violation of Sections 10(b) and 20 of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint seeks, among other things, unspecified money damages along with equitable relief and costs and expenses, including counsel fees and expert fees. Another purported shareholder filed a substantially similar action in the U.S. District Court for the Northern District of Illinois on October 7, 2024 against the same defendants and a former Chief Operating Officer of the Company, in a case entitled City of Cape Coral Municipal General Employees Retirement Plan v. Methode Electronics, Inc., et al. The second securities class action was filed on behalf of a broader putative class of purchasers of Company common stock between December 2, 2021 and March 6, 2024. In addition, two purported shareholders filed derivative lawsuits on November 26, 2024 and February 4, 2025, respectively. The derivative lawsuits were filed on behalf of the Company in the U.S. District Court for the Northern District of Illinois against the current members of the Company’s Board of Directors, as well as certain former directors and executives, alleging that the defendants breached their fiduciary duties by allowing the Company to issue various statements that are alleged to have been false or misleading for the same reasons alleged in the securities class action complaints. The derivative lawsuits are entitled Ray Homsi v. Donald Duda, et al. and Kevin D. Murphy v. Mark D. Schwabero, et al. (collectively with the Salem and City of Cape Coral matters, the “Stockholder Actions”).

The Company disagrees with and intends to vigorously defend against the Stockholder Actions. The Stockholder Actions could result in costs and losses to the Company, including potential costs associated with the indemnification of the other defendants. At this time, given the current status of the Stockholder Actions, the Company is unable to reasonably estimate an amount or range of reasonably possible loss, if any, that may result from the Stockholder Actions.

SEC Investigation

The Company received subpoenas from the SEC dated November 1, 2024 and March 12, 2025 seeking documents and information relating to, among other things, the Company’s operations in certain foreign countries, certain financial and accounting matters relating thereto, compliance with the Foreign Corrupt Practices Act and other anti-corruption laws, material weaknesses in the Company’s internal control over financial reporting previously reported in its public filings, deficiencies and significant deficiencies in the Company’s internal control over financial reporting, accounting and finance policies and procedures and other accounting and finance matters including new business bookings, certain financial metrics and performance indicators, performance relative to targets and guidance for certain periods, executive compensation policies and amounts, hotline tips and complaints, and terminations or resignations of company executives. The Company is cooperating with the SEC. The subpoenas and related investigation or other future requests for information have resulted and could result in future costs to the Company, including the expenditure of financial and managerial resources. In addition, this request may lead to the assertion of claims or the commencement of legal proceedings against the Company, which in turn may lead to material fines, penalties or other liabilities. However, at this time, the Company is unable to reasonably estimate an amount or range of reasonably possible loss, if any, that may result from these matters.

 
v3.25.2
Shareholders' Equity
 12 Months Ended
May 03, 2025
Share-Based Payment Arrangement [Abstract]  
Shareholders' Equity

Note 13. Shareholders’ Equity

Share buyback programs

On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of the Company’s outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors authorized a new share buyback authorization, that commenced on June 17, 2024, for the purchase of up to $200.0 million (the “2024 Buyback Authorization”) of the Company’s outstanding common stock through June 17, 2026. Purchases may be made in private transactions or on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934.The Company has not made any purchases under the 2024 Buyback Authorization.

The following table summarizes the activity under the 2021 Buyback Authorization:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

Shares purchased

 

 

136,000

 

 

 

627,586

 

 

 

1,197,236

 

Average price per share

 

$

11.55

 

 

$

21.93

 

 

$

40.14

 

Total cost (in millions)

 

$

1.6

 

 

$

13.8

 

 

$

48.1

 

Prior to its expiration, a total of 3,553,961 shares were purchased under the 2021 Buyback Program at a total cost of $134.6 million. All purchased shares were retired and are reflected as a reduction of common stock for the par value of shares, with the excess applied as a reduction to retained earnings. No further shares can be purchased under the 2021 Buyback Authorization. No shares have been purchased under the 2024 Buyback Authorization. As of May 3, 2025, the dollar value of shares that remained available to be purchased by the Company under the 2024 Buyback Program was $200.0 million.

Dividends

The Company paid dividends totaling $20.4 million in fiscal 2025, $19.9 million in fiscal 2024 and $19.8 million in fiscal 2023. Dividends paid in fiscal 2025 and fiscal 2024 include $0.9 million and $0.4 million of dividend equivalent payments for restricted stock units that vested.

Accumulated other comprehensive income (loss)

Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. A summary of changes in accumulated other comprehensive income (loss), net of tax is shown below:

(in millions)

 

Currency translation adjustments (1)

 

 

Derivative
instruments

 

 

Total

 

Balance as of April 30, 2022

 

$

(30.5

)

 

$

3.7

 

 

$

(26.8

)

Other comprehensive income (loss) before reclassifications

 

 

12.9

 

 

 

(3.8

)

 

 

9.1

 

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

(2.1

)

 

 

—

 

 

 

(2.1

)

Tax benefit (expense)

 

 

(0.1

)

 

 

0.9

 

 

 

0.8

 

Net current period other comprehensive income (loss)

 

 

10.7

 

 

 

(2.9

)

 

 

7.8

 

Balance as of April 29, 2023

 

 

(19.8

)

 

 

0.8

 

 

 

(19.0

)

Other comprehensive loss before reclassifications

 

 

(18.1

)

 

 

(1.3

)

 

 

(19.4

)

Tax benefit

 

 

1.4

 

 

 

0.3

 

 

 

1.7

 

Net current period other comprehensive loss

 

 

(16.7

)

 

 

(1.0

)

 

 

(17.7

)

Balance as of April 27, 2024

 

 

(36.5

)

 

 

(0.2

)

 

 

(36.7

)

Other comprehensive income (loss)

 

 

9.7

 

 

 

(1.8

)

 

 

7.9

 

Tax (expense) benefit

 

 

(1.4

)

 

 

0.4

 

 

 

(1.0

)

Net current period other comprehensive income (loss)

 

 

8.3

 

 

 

(1.4

)

 

 

6.9

 

Balance as of May 3, 2025

 

$

(28.2

)

 

$

(1.6

)

 

$

(29.8

)

 

 

 

 

 

 

 

 

 

 

(1) Includes foreign currency gains and losses related to debt designated as a net investment hedge. See Note 8, "Derivative Financial Instruments and Hedging Activities" for additional information.

 

 

Stock-based compensation

The Company has granted stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (“2022 Plan”), the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (“2014 Plan”) and the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”). The Company’s stockholders approved the 2022 Plan on September 14, 2022. The Company can no longer make grants under the 2014 Plan and 2010 Plan.

Subject to adjustment as provided in the 2022 Plan and the 2022 Plan’s share counting provisions, the number of shares of the Company’s common stock that are available for all awards under the 2022 Plan is 5,550,000, less one share for every one share of common stock subject to an option or SAR award granted after April 30, 2022 under the 2014 Plan and 2.28 shares for every one share that was subject to an award other than an option or SAR granted after April 30, 2022 under the 2014 Plan. As of May 3, 2025, there were approximately 3.5 million shares available for award under the 2022 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 operations. Awards subject to graded vesting are recognized using the accelerated recognition method over the requisite service period. The table below summarizes the stock-based compensation expense related to the equity awards:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

RSUs

 

$

5.2

 

 

$

2.0

 

 

$

9.9

 

PSUs

 

 

0.7

 

 

 

—

 

 

 

—

 

Deferred non-employee director awards

 

 

0.9

 

 

 

1.0

 

 

 

1.0

 

Non-employee director awards

 

 

0.6

 

 

 

0.6

 

 

 

0.6

 

Total stock-based compensation expense

 

$

7.4

 

 

$

3.6

 

 

$

11.5

 

 

Restricted stock awards (RSAs)

As of May 3, 2025, the Company had 710,349 RSAs outstanding which were subject to the achievement of an EBITDA measure for fiscal 2025. Since the grant of these RSAs, no compensation expense had been recognized as the performance conditions were not probable of being met. The following table summarizes the RSA activity:

 

 

 

Restricted
stock
awards

 

 

Weighted
average grant
date fair value

 

Non-vested at April 30, 2022

 

 

928,412

 

 

$

28.50

 

Awarded

 

 

21,262

 

 

$

38.41

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(16,000

)

 

$

28.28

 

Non-vested at April 29, 2023

 

 

933,674

 

 

$

28.73

 

Awarded

 

 

—

 

 

$

—

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(144,000

)

 

$

28.28

 

Non-vested at April 27, 2024

 

 

789,674

 

 

$

28.81

 

Awarded

 

 

—

 

 

$

—

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(79,325

)

 

$

28.28

 

Non-vested at May 3, 2025

 

 

710,349

 

 

$

28.87

 

The EBITDA performance measure for fiscal 2025 was not met and the outstanding RSAs were cancelled in June 2025.

 

Restricted stock units (RSUs)

RSUs granted vest over a pre-determined period of time, up to five years from the date of grant. The fair value of the RSUs granted are based on the closing stock price on the date of grant and earn dividend equivalents during the vesting periods, which are forfeitable if the RSUs don’t vest. The following table summarizes RSU activity:

 

 

 

Restricted
stock
units

 

 

Weighted
average grant
date fair value

 

Non-vested at April 30, 2022

 

 

936,391

 

 

$

29.16

 

Awarded

 

 

127,277

 

 

$

40.11

 

Vested

 

 

(264,133

)

 

$

30.14

 

Forfeited

 

 

(28,868

)

 

$

33.53

 

Non-vested at April 29, 2023

 

 

770,667

 

 

$

30.47

 

Awarded

 

 

389,966

 

 

$

21.48

 

Vested

 

 

(36,221

)

 

$

42.72

 

Forfeited

 

 

(182,772

)

 

$

29.65

 

Non-vested at April 27, 2024

 

 

941,640

 

 

$

26.43

 

Awarded

 

 

441,353

 

 

$

11.09

 

Conversion of cash bonus to RSUs

 

 

160,401

 

 

$

12.87

 

Vested

 

 

(735,309

)

 

$

24.28

 

Forfeited

 

 

(187,535

)

 

$

22.71

 

Non-vested at May 3, 2025

 

 

620,550

 

 

$

15.31

 

 

In July 2024, 160,401 RSUs were awarded in exchange for cash bonuses earned by certain employees. These RSUs vested in March 2025. As the expense associated with the cash bonuses was previously recognized in fiscal 2024, there was no incremental expense to be recognized for these RSUs. The Company reclassified $2.1 million from accrued employee liabilities to additional paid-in capital on its consolidated balance sheets related to the conversion of the cash bonuses to RSUs.

As of May 3, 2025, there were 147,329 RSUs that vested for which shares were issued in the first quarter of fiscal 2026. As of May 3, 2025, unrecognized share-based compensation expense for RSUs was $4.1 million which will be recognized over a weighted-average amortization period of 1.4 years.

Performance stock units (PSUs)

In fiscal 2025, the Company granted 208,661 PSUs which will vest upon the achievement of a total stockholder return (“TSR”) measure based on the growth in the Company’s stock price over a three-year performance period that ends April 30, 2027. The number of shares to be issued may range from 0% to a maximum of 200% of the PSUs granted. The Company estimated the grant date fair value of the PSUs using the Monte Carlo simulation model, as the TSR metric and changes in stock price are considered market conditions under ASC 718. The following table provides a summary of the weighted-average assumptions for the PSUs granted:

 

 

Assumptions

 

Expected volatility

 

 

52.40

%

Risk free interest rate

 

 

4.07

%

Expected term (in years)

 

 

2.72

 

Grant date fair value

 

$

14.09

 

The PSUs earn dividend equivalents during the vesting periods, which are forfeitable if the PSUs do not vest. As of May 3, 2025, unrecognized share-based compensation expense for the PSUs was $2.2 million, which is expected to be recognized over a weighted average period of approximately 2.2 years. The following table summarizes PSU activity:

 

 

Performance
stock
units

 

 

Weighted
average grant
date fair value

 

Non-vested at April 27, 2024

 

 

—

 

 

$

—

 

Awarded

 

 

208,661

 

 

$

14.09

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Non-vested at May 3, 2025

 

 

208,661

 

 

$

14.09

 

 

 

Non-employee director stock awards

The Company grants stock awards to its non-employee directors as a component of their compensation. The stock awards vest immediately upon grant. Non-employee directors may elect to defer receipt of their shares under the Company’s non-qualified deferred compensation plan. The following table summarizes awards granted to non-employee directors:

 

 

 

Non-employee director awards

 

 

Deferred non-employee director awards

 

 

Total

 

 

Weighted
average grant
date fair value

 

Outstanding at April 30, 2022

 

 

—

 

 

 

17,956

 

 

 

17,956

 

 

$

47.35

 

Awarded

 

 

15,540

 

 

 

27,794

 

 

 

43,334

 

 

$

36.13

 

Issued

 

 

(15,540

)

 

 

—

 

 

 

(15,540

)

 

$

36.04

 

Outstanding at April 29, 2023

 

 

—

 

 

 

45,750

 

 

 

45,750

 

 

$

40.56

 

Awarded

 

 

16,804

 

 

 

31,569

 

 

 

48,373

 

 

$

32.72

 

Issued

 

 

(16,804

)

 

 

—

 

 

 

(16,804

)

 

$

33.33

 

Outstanding at April 27, 2024

 

 

—

 

 

 

77,319

 

 

 

77,319

 

 

$

37.23

 

Awarded

 

 

56,680

 

 

 

93,749

 

 

 

150,429

 

 

$

9.86

 

Issued

 

 

(56,680

)

 

 

(23,756

)

 

 

(80,436

)

 

$

10.49

 

Non-vested at May 3, 2025

 

 

—

 

 

 

147,312

 

 

 

147,312

 

 

$

22.39

 

Stock options

The following table summarizes stock option activity:

 

 

Stock
options

 

 

Weighted average exercise price

 

 

Weighted-
average life
(years)

 

 

Aggregate
intrinsic value
(in millions)

 

Outstanding and exercisable at April 30, 2022

 

 

60,000

 

 

$

37.01

 

 

 

2.2

 

 

$

0.5

 

Exercised

 

 

(40,000

)

 

$

37.01

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding and exercisable at April 29, 2023

 

 

20,000

 

 

$

37.01

 

 

 

1.2

 

 

$

0.1

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(12,000

)

 

$

37.01

 

 

 

 

 

 

 

Outstanding and exercisable at April 27, 2024

 

 

8,000

 

 

$

37.01

 

 

 

0.2

 

 

$

0.0

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(8,000

)

 

$

37.01

 

 

 

 

 

 

 

Outstanding and exercisable at May 3, 2025

 

 

—

 

 

$

—

 

 

 

0.0

 

 

$

0.0

 
v3.25.2
(Loss) Income Per Share
 12 Months Ended
May 03, 2025
Earnings Per Share [Abstract]  
(Loss) Income Per Share

Note 14. (Loss) Income Per Share

Basic (loss) income per share attributable to Methode is calculated by dividing net (loss) income attributable to Methode, by the number of weighted average common shares outstanding for the applicable period, but excludes any contingently issued shares where the contingency has not been resolved. The weighted average number of common shares used in the diluted (loss) income per share calculation is determined using the treasury stock method which includes the effect of all potential dilutive common shares outstanding during the period.

The following table sets forth the computation of basic and diluted (loss) income per share:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

 

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Methode (in millions)

 

$

(62.6

)

 

$

(123.3

)

 

$

77.1

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs

 

 

35,330,586

 

 

 

35,470,471

 

 

 

36,016,686

 

Dilutive potential common shares

 

 

—

 

 

 

—

 

 

 

758,749

 

Denominator for diluted income per share

 

 

35,330,586

 

 

 

35,470,471

 

 

 

36,775,435

 

 

 

 

 

 

 

 

 

 

(Loss) income per share attributable to Methode:

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.77

)

 

$

(3.48

)

 

$

2.14

 

Diluted

 

$

(1.77

)

 

$

(3.48

)

 

$

2.10

 

 

 

 

 

 

 

 

 

 

Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding

 

 

1,156,752

 

 

 

1,429,229

 

 

 

938,281

 

In fiscal 2025 and 2024, all potential common shares issuable for stock options, PSUs and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been approximately 230,000 and 535,378 common shares, respectively, for fiscal 2025 and 2024.

v3.25.2
Segment Information and Geographic Area Information
 12 Months Ended
May 03, 2025
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 overhead and center consoles, hidden and ergonomic switches, transmission lead-frames, insert molded components, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other sensing technologies that monitor the operation or status of a component or system.

The Industrial segment manufactures exterior and interior 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 high-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, data centers, industrial equipment, power conversion, military, telecommunications and transportation.

The Interface segment provides a variety of high-speed digital communication over copper media solutions for the data center and broadband markets, and interface panel solutions for the appliance market. Solutions include copper transceivers, distribution point units, and solid-state field-effect consumer touch panels.

The Medical segment was made up of the Company’s medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of Dabir Surfaces. In October 2023, the Company sold certain assets of its Dabir Surfaces business. See Note 3, “Acquisition and Disposition” for more information.

Corporate and intersegment eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as accounting/finance, executive administration, human resources, information technology and legal.

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 segment based on operating income. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. 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 3, 2025 (53 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

522.3

 

 

$

527.1

 

 

$

51.8

 

 

$

—

 

 

$

(53.1

)

 

$

1,048.1

 

Transfers between segments

 

 

(13.4

)

 

 

(39.7

)

 

 

—

 

 

 

—

 

 

 

53.1

 

 

 

—

 

Net sales to unaffiliated customers

 

 

508.9

 

 

 

487.4

 

 

 

51.8

 

 

 

—

 

 

 

—

 

 

 

1,048.1

 

Cost of products sold

 

 

504.2

 

 

 

343.2

 

 

 

39.1

 

 

 

—

 

 

 

(1.8

)

 

 

884.7

 

Selling and administrative expenses

 

 

43.3

 

 

 

39.9

 

 

 

2.4

 

 

 

—

 

 

 

78.3

 

 

 

163.9

 

Amortization of intangibles

 

 

9.1

 

 

 

14.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.4

 

Income (loss) from operations

 

$

(47.7

)

 

$

90.0

 

 

$

10.3

 

 

$

—

 

 

$

(76.5

)

 

$

(23.9

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.0

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.2

 

Pre-tax loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(50.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

33.2

 

 

$

8.3

 

 

$

—

 

 

$

—

 

 

$

0.1

 

 

$

41.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

24.9

 

 

$

8.8

 

 

$

0.2

 

 

$

—

 

 

$

1.2

 

 

$

35.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets

 

$

596.0

 

 

$

594.6

 

 

$

62.4

 

 

$

—

 

 

$

52.8

 

 

$

1,305.8

 

 

 

 

Fiscal Year Ended April 27, 2024 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

610.6

 

 

$

493.4

 

 

$

53.9

 

 

$

2.4

 

 

$

(45.8

)

 

$

1,114.5

 

Transfers between segments

 

 

(12.4

)

 

 

(33.3

)

 

 

(0.1

)

 

 

—

 

 

 

45.8

 

 

 

—

 

Net sales to unaffiliated customers

 

 

598.2

 

 

 

460.1

 

 

 

53.8

 

 

 

2.4

 

 

 

—

 

 

 

1,114.5

 

Cost of products sold

 

 

567.8

 

 

 

322.4

 

 

 

43.5

 

 

 

2.6

 

 

 

(0.6

)

 

 

935.7

 

Selling and administrative expenses

 

 

55.5

 

 

 

34.1

 

 

 

3.4

 

 

 

2.8

 

 

 

65.1

 

 

 

160.9

 

Goodwill impairment

 

 

105.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

105.9

 

Amortization of intangibles

 

 

9.2

 

 

 

14.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24.0

 

Income (loss) from operations

 

$

(140.2

)

 

$

88.8

 

 

$

6.9

 

 

$

(3.0

)

 

$

(64.5

)

 

$

(112.0

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.7

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

Pre-tax loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(128.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

41.4

 

 

$

7.4

 

 

$

0.8

 

 

$

—

 

 

$

0.6

 

 

$

50.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

23.2

 

 

$

7.9

 

 

$

0.3

 

 

$

0.2

 

 

$

2.3

 

 

$

33.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets

 

$

592.7

 

 

$

604.5

 

 

$

67.1

 

 

$

0.2

 

 

$

139.0

 

 

$

1,403.5

 

 

 

 

Fiscal Year Ended April 29, 2023 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

742.1

 

 

$

403.2

 

 

$

55.1

 

 

$

3.6

 

 

$

(24.4

)

 

$

1,179.6

 

Transfers between segments

 

 

(5.9

)

 

 

(18.3

)

 

 

(0.2

)

 

 

—

 

 

 

24.4

 

 

 

—

 

Net sales to unaffiliated customers

 

 

736.2

 

 

 

384.9

 

 

 

54.9

 

 

 

3.6

 

 

 

—

 

 

 

1,179.6

 

Cost of products sold

 

 

610.0

 

 

 

257.1

 

 

 

45.6

 

 

 

4.1

 

 

 

(1.3

)

 

 

915.5

 

Selling and administrative expenses

 

 

49.8

 

 

 

25.3

 

 

 

3.8

 

 

 

5.6

 

 

 

70.4

 

 

 

154.9

 

Amortization of intangibles

 

 

9.4

 

 

 

9.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18.8

 

Income (loss) from operations

 

$

67.0

 

 

$

93.1

 

 

$

5.5

 

 

$

(6.1

)

 

$

(69.1

)

 

$

90.4

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.7

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.4

)

Pre-tax income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

90.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

31.8

 

 

$

7.7

 

 

$

0.1

 

 

$

0.1

 

 

$

2.3

 

 

$

42.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

22.3

 

 

$

5.1

 

 

$

0.2

 

 

$

1.0

 

 

$

2.1

 

 

$

30.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets

 

$

700.2

 

 

$

672.3

 

 

$

127.2

 

 

$

6.2

 

 

$

73.2

 

 

$

1,579.1

 

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 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Net sales:

 

 

 

 

 

 

 

 

 

U.S.

 

$

445.2

 

 

$

475.6

 

 

$

472.6

 

Malta

 

 

202.0

 

 

 

179.5

 

 

 

201.2

 

Finland

 

 

58.2

 

 

 

66.5

 

 

 

—

 

China

 

 

125.9

 

 

 

196.3

 

 

 

239.9

 

Egypt

 

 

99.9

 

 

 

73.5

 

 

 

72.6

 

Other

 

 

116.9

 

 

 

123.1

 

 

 

193.3

 

Total net sales

 

$

1,048.1

 

 

$

1,114.5

 

 

$

1,179.6

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

 

 

 

Tangible long-lived assets, net:

 

 

 

 

 

 

 

 

 

U.S.

 

$

71.7

 

 

$

65.2

 

 

 

 

Malta

 

 

42.5

 

 

 

42.8

 

 

 

 

Egypt

 

 

45.9

 

 

 

43.8

 

 

 

 

China

 

 

22.6

 

 

 

22.5

 

 

 

 

Mexico

 

 

19.6

 

 

 

21.7

 

 

 

 

Belgium

 

 

20.3

 

 

 

19.3

 

 

 

 

Other

 

 

22.7

 

 

 

23.5

 

 

 

 

Total tangible long-lived assets, net

 

$

245.3

 

 

$

238.8

 

 

 

 
v3.25.2
Leases
 12 Months Ended
May 03, 2025
Leases [Abstract]  
Leases

Note 16. Leases

The Company leases real estate, automobiles and certain equipment under both operating and finance leases. The Company does not have any significant arrangements where it is the lessor. The majority of the Company’s global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. As of May 3, 2025, the Company’s leases have remaining lease terms of up to 28.3 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 3, 2025, 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 $0.5 million and $0.5 million are included in property, plant and equipment, net on the consolidated balance sheets as of May 3, 2025 and April 27, 2024, respectively. Finance lease obligations were $0.5 million and $0.5 million as of May 3, 2025 and April 27, 2024, 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 3, 2025 and April 27, 2024.

The components of lease expense were as follows:

 

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

9.9

 

 

$

10.6

 

 

$

9.5

 

Variable lease cost

 

 

2.0

 

 

 

1.7

 

 

 

0.7

 

Total lease cost

 

$

11.9

 

 

$

12.3

 

 

$

10.2

 

Supplemental cash flow and other information related to operating leases was as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

 

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Operating cash flows:

 

 

 

 

 

 

 

 

 

Cash paid related to operating lease obligations, including lease termination payment (in millions)

 

$

9.3

 

 

$

9.6

 

 

$

8.8

 

Non-cash activity:

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations (in millions)

 

$

6.4

 

 

$

6.7

 

 

$

11.7

 

Weighted-average remaining lease term (years)

 

 

3.9

 

 

4.6

 

 

 

5.1

 

Weighted-average discount rate

 

 

5.5

%

 

 

5.4

%

 

 

5.2

%

 

Maturities of operating lease liabilities as of May 3, 2025, are shown below:

(in millions)

 

 

 

Fiscal Year:

 

 

 

2026

 

$

8.3

 

2027

 

 

7.7

 

2028

 

 

5.4

 

2029

 

 

2.8

 

2030

 

 

1.4

 

Thereafter

 

 

3.0

 

Total lease payments

 

 

28.6

 

Less: imputed interest

 

 

(3.0

)

Present value of lease liabilities

 

$

25.6

 
v3.25.2
Related Party Transactions
 12 Months Ended
May 03, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

Note 17. Related Party Transactions

The Company’s former Interim Chief Executive Officer, Kevin Nystrom, is a partner and managing director of AlixPartners, LLP (“AlixPartners”), a business advisory firm that currently provides a number of consulting services to the Company. The Company’s former Interim Chief Financial Officer, David Rawden, is a director of AlixPartners. In the year ended May 3, 2025 and April 27, 2024, the Company recognized $9.8 million and $1.4 million, respectively, of expense in selling and administrative expenses for consulting services provided by AlixPartners.

v3.25.2
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
May 03, 2025
SEC Schedule, 12-09, 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

 

 

 

Foreign exchange translation

 

 

 

Balance at
end of
period

 

Fiscal Year Ended May 3, 2025 (53 Weeks)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for uncollectible accounts

 

$

1.4

 

 

$

2.7

 

 

$

(1.1

)

 

 

$

—

 

 

 

$

3.0

 

Inventory obsolescence reserves

 

$

25.9

 

 

$

20.4

 

 

$

(17.8

)

 

 

$

0.4

 

 

 

$

28.9

 

Deferred tax valuation allowance

 

$

5.8

 

 

$

14.9

 

 

$

—

 

 

 

$

—

 

 

 

$

20.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended April 27, 2024 (52 Weeks)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for uncollectible accounts

 

$

1.3

 

 

$

0.3

 

 

$

(0.2

)

 

 

$

—

 

 

 

$

1.4

 

Inventory obsolescence reserves

 

$

20.8

 

 

$

10.4

 

 

$

(5.7

)

 

 

$

0.4

 

 

 

$

25.9

 

Deferred tax valuation allowance

 

$

6.8

 

 

$

(1.0

)

 

$

—

 

 

 

$

—

 

 

 

$

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended April 29, 2023 (52 Weeks)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for uncollectible accounts

 

$

1.0

 

 

$

0.3

 

 

$

—

 

 

 

$

—

 

 

 

$

1.3

 

Inventory obsolescence reserves

 

$

16.9

 

 

$

7.8

 

 

$

(3.9

)

 

 

$

—

 

 

 

$

20.8

 

Deferred tax valuation allowance

 

$

6.8

 

 

$

—

 

 

$

—

 

 

 

$

—

 

 

 

$

6.8

 

 
v3.25.2
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
May 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Reporting Periods

Financial reporting periods. The Company’s fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The fiscal year ended May 3, 2025 was a 53-week fiscal year. Fiscal 2024 ended on April 27, 2024 and fiscal 2023 ended on April 29, 2023, and each represented 52 weeks of results.
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”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts and operations of the Company and its wholly and majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Reclassifications

Reclassifications. Certain prior period amounts have been reclassified to conform to the current year presentation.
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. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Cash and Cash Equivalents

Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with a maturity of three months or less. Highly liquid investments include money market funds which are classified within Level 1 of the fair value hierarchy. As of May 3, 2025 and April 27, 2024, the Company had a balance of $0.2 million and $73.2 million, respectively, in money market accounts.

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. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $3.0 million and $1.4 million as of May 3, 2025 and April 27, 2024, respectively.

Concentration of Credit Risk

Concentration of credit risk. Financial assets that subject the Company to concentration of credit risk consist primarily of cash equivalents, derivative contracts, and accounts receivable. The Company’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet the Company’s requirement of high credit standing. However, the balances with U.S. financial institutions often exceed the amount of insurance provided on such accounts by the Federal Deposit Insurance Corporation.

For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers. The Company generally does not require collateral, but rather performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customers’ current credit worthiness. The following customers in the Automotive segment accounted for more than 10% of net sales:

 

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

April 27, 2024

 

 

April 29, 2023

 

Customer A

 

*

 

 

14.6

%

 

 

18.7

%

Customer B

 

*

 

*

 

 

 

10.8

%

* less than 10%

At May 3, 2025 and April 27, 2024, no customer accounted for greater than 10% of the Company’s accounts receivable.

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, 7 to 15 years for machinery and equipment and 3 years for computer 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.

Assets Held for Sale

Assets held for sale. The Company classifies long-lived assets to be sold as held for sale in the period in which all of the required criteria under Accounting Standards Codification (“ASC”) 360 “Impairment or disposal of long-lived assets” are met. The Company initially measures a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset until the date of sale. Upon determining that a long-lived asset meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets as “Assets held for sale” on the consolidated balance sheets. Assets held for sale at April 27, 2024 consisted of three non-core real assets which were sold in fiscal 2025. The Company recognized a net gain of $0.5 million from these sales.

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. See Note 3, “Acquisition and Disposition” for additional information.
Goodwill

Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis as of the beginning of the fourth quarter each year, or more frequently if indicators of potential impairment exists. 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 2025.
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. Fair value is determined using either the market approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. See Note 4, “Restructuring and Asset Impairment Charges” for additional information.
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 3, 2025 and April 27, 2024, the Company had $31.7 million and $44.1 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 depreciated over the shorter of the life of the arrangement or over the estimated useful life of the assets. Company owned tooling was $12.9 million and $14.0 million as of May 3, 2025 and April 27, 2024, 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 16, “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 ASC 606, “Revenue from Contracts with Customers.” 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 selling and administrative expense.
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 and Asset Impairment Charges” 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 loss (“AOCL”). 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 operations in other expense (income), net. Net foreign exchange losses were $5.5 million, $2.2 million and $7.1 million in fiscal 2025, fiscal 2024 and fiscal 2023, respectively.
Government Incentives and Grants

Government incentives and grants. From time to time, the Company receives government grants in the form of cash grants and other incentives in return for past or future compliance with certain conditions. The Company accounts for funds received from government grants by analogy to International Accounting Standards 20, “Accounting for Government Grants and Disclosure of Government Assistance.” Accordingly, the Company recognizes government grants in the consolidated statements of operations when there is reasonable assurance that it will comply with the conditions associated with the grant and the grants will be received.

Government grants are recorded in the consolidated financial statements in accordance with their purpose as a reduction of expenses, a reduction of asset costs, or other income. Incentives related to specific operating activities are offset against the related expense in the period the expense is incurred. The Company recorded $2.2 million, $0.5 million and $9.7 million of government grants as other income, net in fiscal 2025, fiscal 2024, and fiscal 2023, respectively. The Company recorded $0.1 million, $0.3 million and $0.6 million of government grants as a reduction of cost of goods sold and selling and administrative expense in fiscal 2025, fiscal 2024, and fiscal 2023, respectively.

Some government grants are paid over a period of years and are recorded at amortized cost on the consolidated balance sheets. As of May 3, 2025 and April 27, 2024, grant receivables outstanding were $13.6 million and $12.3 million, respectively. The short-term and long-term portion of grant receivables are recorded on the consolidated balance sheets within accounts receivable, net and other long-term assets, respectively.

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 operations. Research and development costs were $41.8 million, $49.1 million and $35.0 million for fiscal 2025, fiscal 2024 and fiscal 2023, 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, “Stock-based Compensation.” 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 it’s probable that a liability has been incurred and the related amounts are reasonably estimable.
Related Party Transactions

Related party transactions. The Company identifies related party transactions for disclosure in accordance with ASC 850, “Related Party Disclosures.” See Note 17, “Related Party Transactions” for additional information.
Fair Value

Fair value measurement. ASC 820, “Fair Value Measurement,” 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 for similar assets or liabilities adjusted for terms specific to the asset or liability;
•
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 assets and liabilities 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 and New Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The Company adopted this ASU retrospectively on May 3, 2025. Refer to Note 15, “Segment Reporting” for the new required disclosures.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for the Company in the first quarter of fiscal 2026 and will be applied on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on its income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures.” ASU 2024-03 requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU 2024-03 will become effective for the Company’s annual periods beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statement disclosures.

There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s consolidated financial statements. Further, at May 3, 2025, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements.
(Loss) Income Per Share

Basic (loss) income per share attributable to Methode is calculated by dividing net (loss) income attributable to Methode, by the number of weighted average common shares outstanding for the applicable period, but excludes any contingently issued shares where the contingency has not been resolved. The weighted average number of common shares used in the diluted (loss) income per share calculation is determined using the treasury stock method which includes the effect of all potential dilutive common shares outstanding during the period.
v3.25.2
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
May 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Customer Concentration The following customers in the Automotive segment accounted for more than 10% of net sales:

 

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

April 27, 2024

 

 

April 29, 2023

 

Customer A

 

*

 

 

14.6

%

 

 

18.7

%

Customer B

 

*

 

*

 

 

 

10.8

%

* less than 10%
v3.25.2
Revenue (Tables)
 12 Months Ended
May 03, 2025
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 3, 2025 (53 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

237.1

 

 

$

179.3

 

 

$

51.8

 

 

$

—

 

 

$

468.2

 

Europe, the Middle East & Africa ("EMEA")

 

 

239.5

 

 

 

177.8

 

 

 

—

 

 

 

—

 

 

 

417.3

 

Asia

 

 

32.3

 

 

 

130.3

 

 

 

—

 

 

 

—

 

 

 

162.6

 

Total net sales

 

$

508.9

 

 

$

487.4

 

 

$

51.8

 

 

$

—

 

 

$

1,048.1

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

498.2

 

 

$

487.4

 

 

$

51.8

 

 

$

—

 

 

$

1,037.4

 

Goods transferred over time

 

 

10.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10.7

 

Total net sales

 

$

508.9

 

 

$

487.4

 

 

$

51.8

 

 

$

—

 

 

$

1,048.1

 

 

 

 

Fiscal Year Ended April 27, 2024 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

265.6

 

 

$

186.2

 

 

$

53.8

 

 

$

2.3

 

 

$

507.9

 

EMEA

 

 

216.2

 

 

 

174.2

 

 

 

—

 

 

 

—

 

 

 

390.4

 

Asia

 

 

116.4

 

 

 

99.7

 

 

 

—

 

 

 

0.1

 

 

 

216.2

 

Total net sales

 

$

598.2

 

 

$

460.1

 

 

$

53.8

 

 

$

2.4

 

 

$

1,114.5

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

583.4

 

 

$

460.1

 

 

$

53.8

 

 

$

2.4

 

 

$

1,099.7

 

Goods transferred over time

 

 

14.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14.8

 

Total net sales

 

$

598.2

 

 

$

460.1

 

 

$

53.8

 

 

$

2.4

 

 

$

1,114.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended April 29, 2023 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

349.0

 

 

$

160.5

 

 

$

54.7

 

 

$

3.6

 

 

$

567.8

 

EMEA

 

 

231.2

 

 

 

139.9

 

 

 

—

 

 

 

—

 

 

 

371.1

 

Asia

 

 

156.0

 

 

 

84.5

 

 

 

0.2

 

 

 

—

 

 

 

240.7

 

Total net sales

 

$

736.2

 

 

$

384.9

 

 

$

54.9

 

 

$

3.6

 

 

$

1,179.6

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

717.4

 

 

$

384.9

 

 

$

54.9

 

 

$

3.6

 

 

$

1,160.8

 

Goods transferred over time

 

 

18.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18.8

 

Total net sales

 

$

736.2

 

 

$

384.9

 

 

$

54.9

 

 

$

3.6

 

 

$

1,179.6

 
v3.25.2
Acquisition and Disposition (Tables)
 12 Months Ended
May 03, 2025
Business Combinations [Abstract]  
Summary of Fair Value and Subsequent Measurement Period Adjustments of Assets Acquired and Liabilities Assumed, Including Reconciliation to Total Purchase Price

The following table summarizes the final purchase price allocation in fiscal 2024 of the fair value of the assets acquired and liabilities assumed, including a reconciliation to the total purchase price.

(in millions)

 

As of April 27, 2024

 

Cash and cash equivalents

 

$

19.6

 

Accounts receivable

 

 

17.1

 

Inventories

 

 

9.4

 

Property, plant and equipment

 

 

16.8

 

Identifiable intangible assets

 

 

95.3

 

Accounts payable

 

 

(10.8

)

Long-term debt

 

 

(24.4

)

Other assets and liabilities, net

 

 

(3.3

)

Deferred tax liabilities

 

 

(19.5

)

Total identifiable net assets acquired

 

 

100.2

 

Goodwill

 

 

45.3

 

Total fair value of net assets acquired

 

 

145.5

 

Less: redeemable noncontrolling interest

 

 

(11.3

)

Total purchase price

 

$

134.2

 
Schedule of Intangible Assets Acquired

The following table presents details of the intangible assets acquired:

 

 

Fair value ($m)

 

 

Weighted average useful life (Years)

 

Customer relationships

 

$

77.3

 

 

 

20.0

 

Trade Name

 

 

11.5

 

 

 

10.0

 

Technology

 

 

6.5

 

 

 

10.0

 

Total

 

$

95.3

 

 

 

 
v3.25.2
Restructuring and Asset Impairment Charges (Tables)
 12 Months Ended
May 03, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Components of Restructuring and Asset Impairment Charges

Components of restructuring and asset impairment charges were as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Employee termination benefits

 

$

1.6

 

 

$

1.3

 

 

$

0.3

 

Asset impairment charges

 

 

1.1

 

 

 

2.4

 

 

 

0.7

 

Total

 

$

2.7

 

 

$

3.7

 

 

$

1.0

 
Schedule of Restructuring and Asset Impairment Charges by Reportable Segment

The table below presents restructuring and asset impairment charges by reportable segment:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Automotive

 

$

0.9

 

 

$

0.7

 

 

$

0.4

 

Industrial

 

 

0.8

 

 

 

0.7

 

 

 

0.5

 

Interface

 

 

—

 

 

 

0.1

 

 

 

—

 

Medical

 

 

—

 

 

 

1.1

 

 

 

—

 

Eliminations/Corporate

 

 

1.0

 

 

 

1.1

 

 

 

0.1

 

Total

 

$

2.7

 

 

$

3.7

 

 

$

1.0

 

Recognized in:

 

 

 

 

 

 

 

 

 

Cost of products sold

 

$

1.1

 

 

$

1.7

 

 

$

0.5

 

Selling and administrative expenses

 

 

1.6

 

 

 

2.0

 

 

 

0.5

 

 

 

$

2.7

 

 

$

3.7

 

 

$

1.0

 
v3.25.2
Inventory (Tables)
 12 Months Ended
May 03, 2025
Inventory Disclosure [Abstract]  
Summary of Inventories

A summary of inventories is shown below:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Finished products

 

$

44.3

 

 

$

50.7

 

Work in process

 

 

20.7

 

 

 

16.6

 

Raw materials

 

 

158.0

 

 

 

144.8

 

Gross inventories

 

 

223.0

 

 

 

212.1

 

Inventory reserves

 

 

(28.9

)

 

 

(25.9

)

Total inventories, net

 

$

194.1

 

 

$

186.2

 
v3.25.2
Property, Plant and Equipment (Tables)
 12 Months Ended
May 03, 2025
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment

A summary of property, plant and equipment is shown below:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Land

 

$

3.3

 

 

$

3.3

 

Buildings and building improvements

 

 

104.6

 

 

 

98.5

 

Machinery and equipment

 

 

424.2

 

 

 

394.6

 

Construction in progress

 

 

47.9

 

 

 

50.4

 

Total property, plant and equipment, gross

 

 

580.0

 

 

 

546.8

 

Less: accumulated depreciation

 

 

(358.4

)

 

 

(334.7

)

Property, plant and equipment, net

 

$

221.6

 

 

$

212.1

 
v3.25.2
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
May 03, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of the Changes in Goodwill by Reportable Segment

A summary of the changes in goodwill by reportable segment is as follows:

(in millions)

 

Automotive

 

 

Industrial

 

 

Total

 

Balance as of April 30, 2022

 

$

105.9

 

 

$

127.1

 

 

$

233.0

 

Acquisition (Note 3)

 

 

—

 

 

 

69.6

 

 

 

69.6

 

Foreign currency translation

 

 

0.3

 

 

 

(1.0

)

 

 

(0.7

)

Balance as of April 29, 2023

 

 

106.2

 

 

 

195.7

 

 

 

301.9

 

Acquisition (Note 3)

 

 

—

 

 

 

(24.3

)

 

 

(24.3

)

Impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Foreign currency translation

 

 

(0.3

)

 

 

(1.5

)

 

 

(1.8

)

Gross balance

 

 

105.9

 

 

 

169.9

 

 

 

275.8

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of April 27, 2024

 

 

—

 

 

 

169.9

 

 

 

169.9

 

Foreign currency translation

 

 

—

 

 

 

2.8

 

 

 

2.8

 

Gross balance

 

 

105.9

 

 

 

172.7

 

 

 

278.6

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of May 3, 2025

 

$

—

 

 

$

172.7

 

 

$

172.7

 

 
Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Grakon Industrial

 

$

124.7

 

 

$

124.4

 

Nordic Lights

 

 

46.4

 

 

 

43.9

 

Other

 

 

1.6

 

 

 

1.6

 

Total

 

$

172.7

 

 

$

169.9

 
Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

 

 

As of May 3, 2025

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

311.8

 

 

$

(102.3

)

 

$

209.5

 

 

 

14.0

 

Trade names, patents and technology licenses

 

 

76.5

 

 

 

(49.4

)

 

 

27.1

 

 

 

6.4

 

Total amortized intangible assets

 

 

388.3

 

 

 

(151.7

)

 

 

236.6

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

390.1

 

 

$

(151.7

)

 

$

238.4

 

 

 

 

 

 

 

As of April 27, 2024

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

306.6

 

 

$

(84.7

)

 

$

221.9

 

 

 

14.8

 

Trade names, patents and technology licenses

 

 

75.3

 

 

 

(42.3

)

 

 

33.0

 

 

 

6.9

 

Total amortized intangible assets

 

 

381.9

 

 

 

(127.0

)

 

 

254.9

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

383.7

 

 

$

(127.0

)

 

$

256.7

 

 

 

 
Schedule of Estimated Aggregate Amortization Expense of Intangible Assets Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

 

(in millions)

 

 

 

Fiscal Year:

 

 

 

2026

 

$

22.9

 

2027

 

 

22.2

 

2028

 

 

20.0

 

2029

 

 

18.7

 

2030

 

 

17.7

 

Thereafter

 

 

135.1

 

Total

 

$

236.6

 
v3.25.2
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
May 03, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Consolidated Balance Sheet

The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the consolidated balance sheets as follows:

 

 

 

 

Asset/(Liability)

 

(in millions)

 

Financial Statement Caption

 

May 3, 2025

 

 

April 27, 2024

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Net investment hedges

 

Prepaid expenses and other current assets

 

$

—

 

 

$

1.3

 

Interest rate swaps

 

Other long-term liabilities

 

$

(5.7

)

 

$

(2.1

)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

$

0.7

 

 

$

—

 

Foreign currency forward contracts

 

Other accrued liabilities

 

$

—

 

 

$

(0.2

)
Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss)

The pre-tax effects of derivative financial instruments recorded in other comprehensive loss were as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Net investment hedges

 

$

1.8

 

 

$

2.4

 

 

$

(2.4

)

Interest rate swaps

 

 

(3.6

)

 

 

(3.7

)

 

 

(1.4

)

Total

 

$

(1.8

)

 

$

(1.3

)

 

$

(3.8

)
v3.25.2
Debt (Tables)
 12 Months Ended
May 03, 2025
Debt Disclosure [Abstract]  
Summary of Debt

A summary of debt is shown below:

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

Revolving credit facility

 

$

319.4

 

 

$

333.0

 

Other debt

 

 

1.3

 

 

 

1.5

 

Unamortized debt issuance costs

 

 

(3.1

)

 

 

(3.6

)

Total debt

 

 

317.6

 

 

 

330.9

 

Less: current maturities

 

 

(0.2

)

 

 

(0.2

)

Total long-term debt

 

$

317.4

 

 

$

330.7

 
Scheduled Principal Payments of Debt

As of May 3, 2025, scheduled principal payments of debt are as follows:

(in millions)

 

 

 

Fiscal Year:

 

 

 

2026

 

$

0.2

 

2027

 

 

0.2

 

2028

 

 

319.6

 

2029

 

 

0.2

 

2030

 

 

0.2

 

Thereafter

 

 

0.3

 

Total

 

$

320.7

 
v3.25.2
Income Taxes (Tables)
 12 Months Ended
May 03, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The U.S. and foreign components of pre-tax (loss) income and income tax expense (benefit) are as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Pre-tax (loss) income:

 

 

 

 

 

 

 

 

 

U.S.

 

$

(118.3

)

 

$

(199.4

)

 

$

(3.6

)

Foreign

 

 

68.2

 

 

 

71.3

 

 

 

93.7

 

Total pre-tax (loss) income

 

$

(50.1

)

 

$

(128.1

)

 

$

90.1

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

U.S. (federal and state)

 

$

(4.0

)

 

$

0.1

 

 

$

0.1

 

Foreign

 

 

22.0

 

 

 

16.6

 

 

 

16.9

 

Total current expense

 

 

18.0

 

 

 

16.7

 

 

 

17.0

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. (federal and state)

 

 

(0.9

)

 

 

(17.9

)

 

 

(5.7

)

Foreign

 

 

(4.6

)

 

 

(3.6

)

 

 

1.7

 

Total deferred benefit

 

 

(5.5

)

 

 

(21.5

)

 

 

(4.0

)

Total income tax expense (benefit)

 

$

12.5

 

 

$

(4.8

)

 

$

13.0

 

 
Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense (benefit) to the U.S. statutory federal income tax rate of 21% is as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Income tax at statutory rate

 

$

(10.5

)

 

$

(26.9

)

 

$

18.9

 

Effect of:

 

 

 

 

 

 

 

 

 

State income taxes, net of federal benefit

 

 

(2.0

)

 

 

(1.0

)

 

 

—

 

Reorganization of a foreign owned subsidiary

 

 

—

 

 

 

—

 

 

 

(7.3

)

Goodwill impairment

 

 

—

 

 

 

22.7

 

 

 

—

 

Interest

 

 

2.3

 

 

 

—

 

 

 

0.2

 

Withholding taxes

 

 

2.0

 

 

 

3.2

 

 

 

3.4

 

Non-deductible compensation

 

 

3.7

 

 

 

0.3

 

 

 

1.6

 

Foreign tax differential

 

 

(2.6

)

 

 

(5.1

)

 

 

(11.6

)

U.S. tax on foreign income

 

 

11.5

 

 

 

3.5

 

 

 

2.9

 

Foreign investment tax credit

 

 

—

 

 

 

0.1

 

 

 

5.0

 

Research and development

 

 

(1.4

)

 

 

(1.5

)

 

 

(1.5

)

Change in tax reserve

 

 

(4.0

)

 

 

—

 

 

 

(0.6

)

Change in valuation allowance

 

 

13.5

 

 

 

(1.0

)

 

 

—

 

Tax rate change, foreign

 

 

—

 

 

 

—

 

 

 

0.2

 

Other, net

 

 

—

 

 

 

0.9

 

 

 

1.8

 

Income tax expense (benefit)

 

$

12.5

 

 

$

(4.8

)

 

$

13.0

 

Effective income tax rate

 

 

(25.0

)%

 

 

3.7

%

 

 

14.4

%
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 3, 2025

 

 

April 27, 2024

 

Deferred tax liabilities:

 

 

 

 

 

 

Amortization

 

$

(51.9

)

 

$

(56.5

)

Foreign tax

 

 

(2.9

)

 

 

(3.2

)

Lease assets

 

 

(5.7

)

 

 

(5.8

)

Derivative financial instruments

 

 

—

 

 

 

(0.2

)

Unrealized foreign exchange gain/loss

 

 

(1.9

)

 

 

(0.5

)

Deferred tax liabilities, gross

 

 

(62.4

)

 

 

(66.2

)

Deferred tax assets:

 

 

 

 

 

 

Deferred compensation and stock award amortization

 

 

6.9

 

 

 

9.0

 

Fixed assets

 

 

1.6

 

 

 

1.3

 

Inventory

 

 

8.6

 

 

 

5.9

 

Lease liabilities

 

 

6.4

 

 

 

5.9

 

Derivative financial instruments

 

 

0.9

 

 

 

—

 

Foreign investment tax credit

 

 

25.6

 

 

 

24.4

 

Research expenditures

 

 

8.3

 

 

 

6.3

 

Net operating loss carryforwards

 

 

14.8

 

 

 

13.2

 

Foreign tax credits

 

 

3.4

 

 

 

1.7

 

Interest carryforwards

 

 

12.3

 

 

 

7.9

 

Other

 

 

5.3

 

 

 

2.4

 

Deferred tax assets, gross

 

 

94.1

 

 

 

78.0

 

Less valuation allowance

 

 

(20.7

)

 

 

(5.8

)

Deferred tax assets, net of valuation allowance

 

 

73.4

 

 

 

72.2

 

Net deferred tax asset

 

$

11.0

 

 

$

6.0

 

Balance sheet classification:

 

 

 

 

 

 

Long-term asset

 

$

37.8

 

 

$

34.7

 

Long-term liability

 

 

(26.8

)

 

 

(28.7

)

Net deferred tax asset

 

$

11.0

 

 

$

6.0

 
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 3, 2025

 

 

April 27, 2024

 

Balance at beginning of period

 

$

4.4

 

 

$

4.5

 

Increases for positions related to the current year

 

 

0.3

 

 

 

0.2

 

Lapsing of statutes of limitations

 

 

(3.9

)

 

 

(0.3

)

Balance at end of period

 

$

0.8

 

 

$

4.4

 
v3.25.2
Shareholders' Equity (Tables)
 12 Months Ended
May 03, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity under 2021 Buyback Program

The following table summarizes the activity under the 2021 Buyback Authorization:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

Shares purchased

 

 

136,000

 

 

 

627,586

 

 

 

1,197,236

 

Average price per share

 

$

11.55

 

 

$

21.93

 

 

$

40.14

 

Total cost (in millions)

 

$

1.6

 

 

$

13.8

 

 

$

48.1

 
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:

(in millions)

 

Currency translation adjustments (1)

 

 

Derivative
instruments

 

 

Total

 

Balance as of April 30, 2022

 

$

(30.5

)

 

$

3.7

 

 

$

(26.8

)

Other comprehensive income (loss) before reclassifications

 

 

12.9

 

 

 

(3.8

)

 

 

9.1

 

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

(2.1

)

 

 

—

 

 

 

(2.1

)

Tax benefit (expense)

 

 

(0.1

)

 

 

0.9

 

 

 

0.8

 

Net current period other comprehensive income (loss)

 

 

10.7

 

 

 

(2.9

)

 

 

7.8

 

Balance as of April 29, 2023

 

 

(19.8

)

 

 

0.8

 

 

 

(19.0

)

Other comprehensive loss before reclassifications

 

 

(18.1

)

 

 

(1.3

)

 

 

(19.4

)

Tax benefit

 

 

1.4

 

 

 

0.3

 

 

 

1.7

 

Net current period other comprehensive loss

 

 

(16.7

)

 

 

(1.0

)

 

 

(17.7

)

Balance as of April 27, 2024

 

 

(36.5

)

 

 

(0.2

)

 

 

(36.7

)

Other comprehensive income (loss)

 

 

9.7

 

 

 

(1.8

)

 

 

7.9

 

Tax (expense) benefit

 

 

(1.4

)

 

 

0.4

 

 

 

(1.0

)

Net current period other comprehensive income (loss)

 

 

8.3

 

 

 

(1.4

)

 

 

6.9

 

Balance as of May 3, 2025

 

$

(28.2

)

 

$

(1.6

)

 

$

(29.8

)

 

 

 

 

 

 

 

 

 

 

(1) Includes foreign currency gains and losses related to debt designated as a net investment hedge. See Note 8, "Derivative Financial Instruments and Hedging Activities" for additional information.

 

 
Summary of Stock-based Compensation Expense Related to Equity Awards The table below summarizes the stock-based compensation expense related to the equity awards:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

RSUs

 

$

5.2

 

 

$

2.0

 

 

$

9.9

 

PSUs

 

 

0.7

 

 

 

—

 

 

 

—

 

Deferred non-employee director awards

 

 

0.9

 

 

 

1.0

 

 

 

1.0

 

Non-employee director awards

 

 

0.6

 

 

 

0.6

 

 

 

0.6

 

Total stock-based compensation expense

 

$

7.4

 

 

$

3.6

 

 

$

11.5

 
Summary of RSA and RSU Activity The following table summarizes the RSA activity:

 

 

 

Restricted
stock
awards

 

 

Weighted
average grant
date fair value

 

Non-vested at April 30, 2022

 

 

928,412

 

 

$

28.50

 

Awarded

 

 

21,262

 

 

$

38.41

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(16,000

)

 

$

28.28

 

Non-vested at April 29, 2023

 

 

933,674

 

 

$

28.73

 

Awarded

 

 

—

 

 

$

—

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(144,000

)

 

$

28.28

 

Non-vested at April 27, 2024

 

 

789,674

 

 

$

28.81

 

Awarded

 

 

—

 

 

$

—

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(79,325

)

 

$

28.28

 

Non-vested at May 3, 2025

 

 

710,349

 

 

$

28.87

 
The following table summarizes RSU activity:

 

 

 

Restricted
stock
units

 

 

Weighted
average grant
date fair value

 

Non-vested at April 30, 2022

 

 

936,391

 

 

$

29.16

 

Awarded

 

 

127,277

 

 

$

40.11

 

Vested

 

 

(264,133

)

 

$

30.14

 

Forfeited

 

 

(28,868

)

 

$

33.53

 

Non-vested at April 29, 2023

 

 

770,667

 

 

$

30.47

 

Awarded

 

 

389,966

 

 

$

21.48

 

Vested

 

 

(36,221

)

 

$

42.72

 

Forfeited

 

 

(182,772

)

 

$

29.65

 

Non-vested at April 27, 2024

 

 

941,640

 

 

$

26.43

 

Awarded

 

 

441,353

 

 

$

11.09

 

Conversion of cash bonus to RSUs

 

 

160,401

 

 

$

12.87

 

Vested

 

 

(735,309

)

 

$

24.28

 

Forfeited

 

 

(187,535

)

 

$

22.71

 

Non-vested at May 3, 2025

 

 

620,550

 

 

$

15.31

 
Summary of the Weighted-Average Assumptions for the PSUs Granted The following table provides a summary of the weighted-average assumptions for the PSUs granted:

 

 

Assumptions

 

Expected volatility

 

 

52.40

%

Risk free interest rate

 

 

4.07

%

Expected term (in years)

 

 

2.72

 

Grant date fair value

 

$

14.09

 
Summary of PSU Activity The following table summarizes PSU activity:

 

 

Performance
stock
units

 

 

Weighted
average grant
date fair value

 

Non-vested at April 27, 2024

 

 

—

 

 

$

—

 

Awarded

 

 

208,661

 

 

$

14.09

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Non-vested at May 3, 2025

 

 

208,661

 

 

$

14.09

 

 
Summary of Awards Granted to Non-employee Directors The following table summarizes awards granted to non-employee directors:

 

 

 

Non-employee director awards

 

 

Deferred non-employee director awards

 

 

Total

 

 

Weighted
average grant
date fair value

 

Outstanding at April 30, 2022

 

 

—

 

 

 

17,956

 

 

 

17,956

 

 

$

47.35

 

Awarded

 

 

15,540

 

 

 

27,794

 

 

 

43,334

 

 

$

36.13

 

Issued

 

 

(15,540

)

 

 

—

 

 

 

(15,540

)

 

$

36.04

 

Outstanding at April 29, 2023

 

 

—

 

 

 

45,750

 

 

 

45,750

 

 

$

40.56

 

Awarded

 

 

16,804

 

 

 

31,569

 

 

 

48,373

 

 

$

32.72

 

Issued

 

 

(16,804

)

 

 

—

 

 

 

(16,804

)

 

$

33.33

 

Outstanding at April 27, 2024

 

 

—

 

 

 

77,319

 

 

 

77,319

 

 

$

37.23

 

Awarded

 

 

56,680

 

 

 

93,749

 

 

 

150,429

 

 

$

9.86

 

Issued

 

 

(56,680

)

 

 

(23,756

)

 

 

(80,436

)

 

$

10.49

 

Non-vested at May 3, 2025

 

 

—

 

 

 

147,312

 

 

 

147,312

 

 

$

22.39

 
Summary of combined stock option activity and related information for stock options granted

The following table summarizes stock option activity:

 

 

Stock
options

 

 

Weighted average exercise price

 

 

Weighted-
average life
(years)

 

 

Aggregate
intrinsic value
(in millions)

 

Outstanding and exercisable at April 30, 2022

 

 

60,000

 

 

$

37.01

 

 

 

2.2

 

 

$

0.5

 

Exercised

 

 

(40,000

)

 

$

37.01

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding and exercisable at April 29, 2023

 

 

20,000

 

 

$

37.01

 

 

 

1.2

 

 

$

0.1

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(12,000

)

 

$

37.01

 

 

 

 

 

 

 

Outstanding and exercisable at April 27, 2024

 

 

8,000

 

 

$

37.01

 

 

 

0.2

 

 

$

0.0

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(8,000

)

 

$

37.01

 

 

 

 

 

 

 

Outstanding and exercisable at May 3, 2025

 

 

—

 

 

$

—

 

 

 

0.0

 

 

$

0.0

 
v3.25.2
(Loss) Income Per Share (Tables)
 12 Months Ended
May 03, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted (Loss) Income per Share

The following table sets forth the computation of basic and diluted (loss) income per share:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

 

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Methode (in millions)

 

$

(62.6

)

 

$

(123.3

)

 

$

77.1

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs

 

 

35,330,586

 

 

 

35,470,471

 

 

 

36,016,686

 

Dilutive potential common shares

 

 

—

 

 

 

—

 

 

 

758,749

 

Denominator for diluted income per share

 

 

35,330,586

 

 

 

35,470,471

 

 

 

36,775,435

 

 

 

 

 

 

 

 

 

 

(Loss) income per share attributable to Methode:

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.77

)

 

$

(3.48

)

 

$

2.14

 

Diluted

 

$

(1.77

)

 

$

(3.48

)

 

$

2.10

 

 

 

 

 

 

 

 

 

 

Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding

 

 

1,156,752

 

 

 

1,429,229

 

 

 

938,281

 

In fiscal 2025 and 2024, all potential common shares issuable for stock options, PSUs and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been approximately 230,000 and 535,378 common shares, respectively, for fiscal 2025 and 2024.

v3.25.2
Segment Information and Geographic Area Information (Tables)
 12 Months Ended
May 03, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segments

The tables below present information about the Company’s reportable segments.

 

 

Fiscal Year Ended May 3, 2025 (53 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

522.3

 

 

$

527.1

 

 

$

51.8

 

 

$

—

 

 

$

(53.1

)

 

$

1,048.1

 

Transfers between segments

 

 

(13.4

)

 

 

(39.7

)

 

 

—

 

 

 

—

 

 

 

53.1

 

 

 

—

 

Net sales to unaffiliated customers

 

 

508.9

 

 

 

487.4

 

 

 

51.8

 

 

 

—

 

 

 

—

 

 

 

1,048.1

 

Cost of products sold

 

 

504.2

 

 

 

343.2

 

 

 

39.1

 

 

 

—

 

 

 

(1.8

)

 

 

884.7

 

Selling and administrative expenses

 

 

43.3

 

 

 

39.9

 

 

 

2.4

 

 

 

—

 

 

 

78.3

 

 

 

163.9

 

Amortization of intangibles

 

 

9.1

 

 

 

14.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.4

 

Income (loss) from operations

 

$

(47.7

)

 

$

90.0

 

 

$

10.3

 

 

$

—

 

 

$

(76.5

)

 

$

(23.9

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.0

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.2

 

Pre-tax loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(50.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

33.2

 

 

$

8.3

 

 

$

—

 

 

$

—

 

 

$

0.1

 

 

$

41.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

24.9

 

 

$

8.8

 

 

$

0.2

 

 

$

—

 

 

$

1.2

 

 

$

35.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets

 

$

596.0

 

 

$

594.6

 

 

$

62.4

 

 

$

—

 

 

$

52.8

 

 

$

1,305.8

 

 

 

 

Fiscal Year Ended April 27, 2024 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

610.6

 

 

$

493.4

 

 

$

53.9

 

 

$

2.4

 

 

$

(45.8

)

 

$

1,114.5

 

Transfers between segments

 

 

(12.4

)

 

 

(33.3

)

 

 

(0.1

)

 

 

—

 

 

 

45.8

 

 

 

—

 

Net sales to unaffiliated customers

 

 

598.2

 

 

 

460.1

 

 

 

53.8

 

 

 

2.4

 

 

 

—

 

 

 

1,114.5

 

Cost of products sold

 

 

567.8

 

 

 

322.4

 

 

 

43.5

 

 

 

2.6

 

 

 

(0.6

)

 

 

935.7

 

Selling and administrative expenses

 

 

55.5

 

 

 

34.1

 

 

 

3.4

 

 

 

2.8

 

 

 

65.1

 

 

 

160.9

 

Goodwill impairment

 

 

105.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

105.9

 

Amortization of intangibles

 

 

9.2

 

 

 

14.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24.0

 

Income (loss) from operations

 

$

(140.2

)

 

$

88.8

 

 

$

6.9

 

 

$

(3.0

)

 

$

(64.5

)

 

$

(112.0

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.7

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

Pre-tax loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(128.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

41.4

 

 

$

7.4

 

 

$

0.8

 

 

$

—

 

 

$

0.6

 

 

$

50.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

23.2

 

 

$

7.9

 

 

$

0.3

 

 

$

0.2

 

 

$

2.3

 

 

$

33.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets

 

$

592.7

 

 

$

604.5

 

 

$

67.1

 

 

$

0.2

 

 

$

139.0

 

 

$

1,403.5

 

 

 

 

Fiscal Year Ended April 29, 2023 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

742.1

 

 

$

403.2

 

 

$

55.1

 

 

$

3.6

 

 

$

(24.4

)

 

$

1,179.6

 

Transfers between segments

 

 

(5.9

)

 

 

(18.3

)

 

 

(0.2

)

 

 

—

 

 

 

24.4

 

 

 

—

 

Net sales to unaffiliated customers

 

 

736.2

 

 

 

384.9

 

 

 

54.9

 

 

 

3.6

 

 

 

—

 

 

 

1,179.6

 

Cost of products sold

 

 

610.0

 

 

 

257.1

 

 

 

45.6

 

 

 

4.1

 

 

 

(1.3

)

 

 

915.5

 

Selling and administrative expenses

 

 

49.8

 

 

 

25.3

 

 

 

3.8

 

 

 

5.6

 

 

 

70.4

 

 

 

154.9

 

Amortization of intangibles

 

 

9.4

 

 

 

9.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18.8

 

Income (loss) from operations

 

$

67.0

 

 

$

93.1

 

 

$

5.5

 

 

$

(6.1

)

 

$

(69.1

)

 

$

90.4

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.7

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.4

)

Pre-tax income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

90.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

31.8

 

 

$

7.7

 

 

$

0.1

 

 

$

0.1

 

 

$

2.3

 

 

$

42.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

22.3

 

 

$

5.1

 

 

$

0.2

 

 

$

1.0

 

 

$

2.1

 

 

$

30.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets

 

$

700.2

 

 

$

672.3

 

 

$

127.2

 

 

$

6.2

 

 

$

73.2

 

 

$

1,579.1

 
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 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Net sales:

 

 

 

 

 

 

 

 

 

U.S.

 

$

445.2

 

 

$

475.6

 

 

$

472.6

 

Malta

 

 

202.0

 

 

 

179.5

 

 

 

201.2

 

Finland

 

 

58.2

 

 

 

66.5

 

 

 

—

 

China

 

 

125.9

 

 

 

196.3

 

 

 

239.9

 

Egypt

 

 

99.9

 

 

 

73.5

 

 

 

72.6

 

Other

 

 

116.9

 

 

 

123.1

 

 

 

193.3

 

Total net sales

 

$

1,048.1

 

 

$

1,114.5

 

 

$

1,179.6

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

May 3, 2025

 

 

April 27, 2024

 

 

 

 

Tangible long-lived assets, net:

 

 

 

 

 

 

 

 

 

U.S.

 

$

71.7

 

 

$

65.2

 

 

 

 

Malta

 

 

42.5

 

 

 

42.8

 

 

 

 

Egypt

 

 

45.9

 

 

 

43.8

 

 

 

 

China

 

 

22.6

 

 

 

22.5

 

 

 

 

Mexico

 

 

19.6

 

 

 

21.7

 

 

 

 

Belgium

 

 

20.3

 

 

 

19.3

 

 

 

 

Other

 

 

22.7

 

 

 

23.5

 

 

 

 

Total tangible long-lived assets, net

 

$

245.3

 

 

$

238.8

 

 

 

 
v3.25.2
Leases (Tables)
 12 Months Ended
May 03, 2025
Leases [Abstract]  
Lease Costs

The components of lease expense were as follows:

 

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

(in millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

9.9

 

 

$

10.6

 

 

$

9.5

 

Variable lease cost

 

 

2.0

 

 

 

1.7

 

 

 

0.7

 

Total lease cost

 

$

11.9

 

 

$

12.3

 

 

$

10.2

 
Supplemental Cash Flow

Supplemental cash flow and other information related to operating leases was as follows:

 

 

Fiscal Year Ended

 

 

 

May 3, 2025

 

 

April 27, 2024

 

 

April 29, 2023

 

 

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Operating cash flows:

 

 

 

 

 

 

 

 

 

Cash paid related to operating lease obligations, including lease termination payment (in millions)

 

$

9.3

 

 

$

9.6

 

 

$

8.8

 

Non-cash activity:

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations (in millions)

 

$

6.4

 

 

$

6.7

 

 

$

11.7

 

Weighted-average remaining lease term (years)

 

 

3.9

 

 

4.6

 

 

 

5.1

 

Weighted-average discount rate

 

 

5.5

%

 

 

5.4

%

 

 

5.2

%
Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of May 3, 2025, are shown below:

(in millions)

 

 

 

Fiscal Year:

 

 

 

2026

 

$

8.3

 

2027

 

 

7.7

 

2028

 

 

5.4

 

2029

 

 

2.8

 

2030

 

 

1.4

 

Thereafter

 

 

3.0

 

Total lease payments

 

 

28.6

 

Less: imputed interest

 

 

(3.0

)

Present value of lease liabilities

 

$

25.6

 
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 103.6 $ 161.5  
Fiscal period duration 371 days 364 days 364 days
Money Market Accounts      
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 0.2 $ 73.2  
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Allowance for Credit Loss [Abstract]    
Allowance for doubtful accounts receivable $ 3.0 $ 1.4
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk - Customer Concentration (Details) - Net Sales - Product Concentration Risk - Automotive
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Customer A    
Concentration Risk [Line Items]    
Percentage of net sales 14.60% 18.70%
Customer B    
Concentration Risk [Line Items]    
Percentage of net sales   10.80%
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Accounts Receivable - Credit Concentration Risk - USD ($)
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Concentration Risk [Line Items]    
Accounts receivable, net $ 0 $ 0
Minimum    
Concentration Risk [Line Items]    
Percentage of net sales 10.00% 10.00%
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)
May 03, 2025
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 7 years
Machinery and Equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 15 years
Computer Equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Assets held for sale (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Accounting Policies [Abstract]      
Gain on sale of assets $ 0.5 $ 1.9 $ (0.6)
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Amortizable Intangible Assets (Details)
May 03, 2025
Customer Relationships and Trade Names | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets useful life 20 years
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Pre-production Tooling Costs Related to Long-term Supply Arrangements (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Accounting Policies [Abstract]    
Pre-production costs $ 31.7 $ 44.1
Preproduction costs related to long-term supply arrangements, asset for molds dies and tools owned $ 12.9 $ 14.0
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Accounting Policies [Abstract]      
Net foreign exchange gains (losses) $ (5.5) $ (2.2) $ (7.1)
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Government Incentives and Grants (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Accounting Policies [Abstract]      
Grants receivable $ 13.6 $ 12.3  
Government Grants Income 2.2 0.5 $ 9.7
Reduction of government grants cost of goods sold and selling and administrative expense $ (0.1) $ (0.3) $ (0.6)
v3.25.2
Description of Business and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Accounting Policies [Abstract]      
Research and development costs $ 41.8 $ 49.1 $ 35.0
v3.25.2
Revenue (Details)
 12 Months Ended
May 03, 2025
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 60 days
v3.25.2
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Disaggregation of Revenue [Line Items]      
Net sales $ 1,048.1 $ 1,114.5 $ 1,179.6
Goods Transferred at a Point in Time      
Disaggregation of Revenue [Line Items]      
Net sales 1,037.4 1,099.7 1,160.8
Goods Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Net sales 10.7 14.8 18.8
North America      
Disaggregation of Revenue [Line Items]      
Net sales 468.2 507.9 567.8
EMEA      
Disaggregation of Revenue [Line Items]      
Net sales 417.3 390.4 371.1
Asia      
Disaggregation of Revenue [Line Items]      
Net sales 162.6 216.2 240.7
Automotive      
Disaggregation of Revenue [Line Items]      
Net sales 508.9 598.2 736.2
Automotive | Goods Transferred at a Point in Time      
Disaggregation of Revenue [Line Items]      
Net sales 498.2 583.4 717.4
Automotive | Goods Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Net sales 10.7 14.8 18.8
Automotive | North America      
Disaggregation of Revenue [Line Items]      
Net sales 237.1 265.6 349.0
Automotive | EMEA      
Disaggregation of Revenue [Line Items]      
Net sales 239.5 216.2 231.2
Automotive | Asia      
Disaggregation of Revenue [Line Items]      
Net sales 32.3 116.4 156.0
Industrial      
Disaggregation of Revenue [Line Items]      
Net sales 487.4 460.1 384.9
Industrial | Goods Transferred at a Point in Time      
Disaggregation of Revenue [Line Items]      
Net sales 487.4 460.1 384.9
Industrial | Goods Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 0.0 0.0
Industrial | North America      
Disaggregation of Revenue [Line Items]      
Net sales 179.3 186.2 160.5
Industrial | EMEA      
Disaggregation of Revenue [Line Items]      
Net sales 177.8 174.2 139.9
Industrial | Asia      
Disaggregation of Revenue [Line Items]      
Net sales 130.3 99.7 84.5
Interface      
Disaggregation of Revenue [Line Items]      
Net sales 51.8 53.8 54.9
Interface | Goods Transferred at a Point in Time      
Disaggregation of Revenue [Line Items]      
Net sales 51.8 53.8 54.9
Interface | Goods Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 0.0 0.0
Interface | North America      
Disaggregation of Revenue [Line Items]      
Net sales 51.8 53.8 54.7
Interface | EMEA      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 0.0 0.0
Interface | Asia      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 0.0 0.2
Medical      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 2.4 3.6
Medical | Goods Transferred at a Point in Time      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 2.4 3.6
Medical | Goods Transferred Over Time      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 0.0 0.0
Medical | North America      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 2.3 3.6
Medical | EMEA      
Disaggregation of Revenue [Line Items]      
Net sales 0.0 0.0 0.0
Medical | Asia      
Disaggregation of Revenue [Line Items]      
Net sales $ 0.0 $ 0.1 $ 0.0
v3.25.2
Acquisition and Disposition - Narrative (Details)
€ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Oct. 10, 2023
EUR (€)
Oct. 10, 2023
USD ($)
Apr. 20, 2023
EUR (€)
Apr. 20, 2023
USD ($)
Jul. 31, 2023
EUR (€)
Jul. 31, 2023
USD ($)
Oct. 28, 2023
USD ($)
Apr. 27, 2024
USD ($)
Apr. 29, 2023
USD ($)
Oct. 13, 2023
USD ($)
Dabir Surfaces Business                    
Acquisitions and Dispositions [Line Items]                    
Consideration from sale of business                   $ 1,500,000
Loss on the sale of business, including transaction costs             $ 600,000      
Finland | Nordic Lights                    
Acquisitions and Dispositions [Line Items]                    
Ownership percentage in subsidiary 100.00% 100.00%                
Finland | Nordic Lights | Maximum                    
Acquisitions and Dispositions [Line Items]                    
Ownership percentage of minority shareholders       10.00%            
Nordic Lights | Finland                    
Acquisitions and Dispositions [Line Items]                    
Percentage acquired       92.20% 99.40% 99.40%        
Payments to acquire business in cash € 0.8 $ 800,000 € 121.8 $ 134,200,000 € 9.2 $ 10,100,000        
Goodwill recognized to be deductible for income tax purposes       $ 0            
Acquisition cost incurred               $ 500,000 $ 6,800,000  
Additional percentage acquired 0.60% 0.60%     7.20% 7.20%        
v3.25.2
Acquisition and Disposition - Summary of Fair Value and Subsequent Measurement Period Adjustments of Assets Acquired and Liabilities Assumed, Including Reconciliation to Total Purchase Price (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Apr. 20, 2023
Apr. 30, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]          
Goodwill $ 172.7 $ 169.9 $ 301.9   $ 233.0
Nordic Lights          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]          
Identifiable intangible assets       $ 95.3  
Nordic Lights | Finland          
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]          
Cash and cash equivalents   19.6      
Accounts receivable   17.1      
Inventories   9.4      
Property, plant and equipment   16.8      
Identifiable intangible assets   95.3      
Accounts payable   (10.8)      
Long-term debt   (24.4)      
Other assets and liabilities, net   (3.3)      
Deferred tax liabilities   (19.5)      
Total identifiable net assets acquired   100.2      
Goodwill   45.3      
Total fair value of net assets acquired   145.5      
Less: redeemable noncontrolling interest   (11.3)      
Total purchase price   $ 134.2      
v3.25.2
Acquisition and Disposition - Schedule of Intangible Assets Acquired (Details) - Nordic Lights
$ in Millions
Apr. 20, 2023
USD ($)
Business Acquisition [Line Items]  
Fair value $ 95.3
Customer relationships  
Business Acquisition [Line Items]  
Fair value $ 77.3
Weighted average useful life (Years) 20 years
Trade Name  
Business Acquisition [Line Items]  
Fair value $ 11.5
Weighted average useful life (Years) 10 years
Technology  
Business Acquisition [Line Items]  
Fair value $ 6.5
Weighted average useful life (Years) 10 years
v3.25.2
Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Restructuring and Related Activities [Abstract]    
Restructuring liability $ 0.7 $ 0.7
v3.25.2
Restructuring and Asset Impairment Charges - Schedule of Components of Restructuring and Asset Impairment Charges (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges $ 2.7 $ 3.7 $ 1.0
Employee Termination Benefits      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 1.6 1.3 0.3
Asset Impairment Charges      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges $ 1.1 $ 2.4 $ 0.7
v3.25.2
Restructuring and Asset Impairment Charges - Schedule of Restructuring and Asset Impairment Charges by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges $ 2.7 $ 3.7 $ 1.0
Cost of Products Sold      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 1.1 1.7 0.5
Selling and Administrative Expenses      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 1.6 2.0 0.5
Automotive      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 0.9 0.7 0.4
Industrial      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 0.8 0.7 0.5
Interface      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 0.0 0.1 0.0
Medical      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges 0.0 1.1 0.0
Eliminations/Corporate      
Restructuring Cost And Reserve [Line Items]      
Restructuring and asset impairment charges $ 1.0 $ 1.1 $ 0.1
v3.25.2
Inventory - Summary of Inventories (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Inventory, Net, Items Net of Reserve Alternative [Abstract]    
Finished products $ 44.3 $ 50.7
Work in process 20.7 16.6
Raw materials 158.0 144.8
Gross inventories 223.0 212.1
Inventory reserves (28.9) (25.9)
Total inventories, net $ 194.1 $ 186.2
v3.25.2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Property, Plant and Equipment [Line Items]    
Total Property, Plant and Equipment, Gross $ 580.0 $ 546.8
Less: accumulated depreciation (358.4) (334.7)
Property, plant and equipment, net 221.6 212.1
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 104.6 98.5
Machinery and Equipment    
Property, Plant and Equipment [Line Items]    
Total Property, Plant and Equipment, Gross 424.2 394.6
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Total Property, Plant and Equipment, Gross $ 47.9 $ 50.4
v3.25.2
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Property, Plant and Equipment [Line Items]      
Depreciation $ 35.1 $ 33.9 $ 30.7
Capital expenditures recorded in accounts payable $ 3.3 6.1 $ 4.5
Proceeds from sale of flight equipment   19.4  
Aircraft | Other Income, Net      
Property, Plant and Equipment [Line Items]      
Gain on sale of aircraft   $ 2.4  
v3.25.2
Goodwill and Other Intangible Assets - Summary of the Changes in Goodwill by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Oct. 28, 2023
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Goodwill [Line Items]          
Beginning balance     $ 169.9 $ 301.9 $ 233.0
Acquisitions       (24.3) 69.6
Impairment $ (49.4) $ (56.5)   (105.9)  
Foreign currency translation     2.8 (1.8) (0.7)
Gross balance 275.8   278.6 275.8  
Accumulated impairment (105.9)   (105.9) (105.9)  
Ending balance 169.9   172.7 169.9 301.9
Automotive          
Goodwill [Line Items]          
Beginning balance       106.2 105.9
Impairment       (105.9)  
Foreign currency translation       (0.3) 0.3
Gross balance 105.9   105.9 105.9  
Accumulated impairment (105.9)   (105.9) (105.9)  
Ending balance         106.2
Industrial          
Goodwill [Line Items]          
Beginning balance     169.9 195.7 127.1
Acquisitions       (24.3) 69.6
Impairment       0.0  
Foreign currency translation     2.8 (1.5) (1.0)
Gross balance 169.9   172.7 169.9  
Ending balance $ 169.9   $ 172.7 $ 169.9 $ 195.7
v3.25.2
Goodwill and Other Intangible Assets - Summary of Goodwill by Reporting Unit (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Apr. 30, 2022
Goodwill [Line Items]        
Goodwill $ 172.7 $ 169.9 $ 301.9 $ 233.0
Grakon Industrial        
Goodwill [Line Items]        
Goodwill 124.7 124.4    
Nordic Lights        
Goodwill [Line Items]        
Goodwill 46.4 43.9    
Other        
Goodwill [Line Items]        
Goodwill $ 1.6 $ 1.6    
v3.25.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Oct. 28, 2023
May 03, 2025
Apr. 27, 2024
Goodwill [Line Items]        
Goodwill impairment $ 49.4 $ 56.5   $ 105.9
Maximum        
Goodwill [Line Items]        
Percentage of fair value in excess of carrying amount     10.00%  
Discount rate in goodwill impairment     1.00%  
North American Automotive        
Goodwill [Line Items]        
Goodwill impairment   50.4    
European Automotive        
Goodwill [Line Items]        
Goodwill impairment   $ 6.1    
v3.25.2
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Finite-lived Intangible Assets [Roll Forward]    
Gross $ 388.3 $ 381.9
Accumulated Amortization (151.7) (127.0)
Net/Total 236.6 254.9
Other intangible assets, gross 390.1 383.7
Other intangible assets, accumulated amortization (151.7) (127.0)
Other intangible assets, net 238.4 256.7
Unamortized Trade Name    
Finite-lived Intangible Assets [Roll Forward]    
Gross 1.8 1.8
Net 1.8 1.8
Customer Relationships and Agreements    
Finite-lived Intangible Assets [Roll Forward]    
Gross 311.8 306.6
Accumulated Amortization (102.3) (84.7)
Net/Total $ 209.5 $ 221.9
Weighted average remaining useful life (years) 14 years 14 years 9 months 18 days
Trade Names, Patents and Technology Licenses    
Finite-lived Intangible Assets [Roll Forward]    
Gross $ 76.5 $ 75.3
Accumulated Amortization (49.4) (42.3)
Net/Total $ 27.1 $ 33.0
Weighted average remaining useful life (years) 6 years 4 months 24 days 6 years 10 months 24 days
v3.25.2
Goodwill and Other Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 22.9  
2027 22.2  
2028 20.0  
2029 18.7  
2030 17.7  
Thereafter 135.1  
Net/Total $ 236.6 $ 254.9
v3.25.2
Derivative Financial Instruments and Hedging Activities - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
May 03, 2025
USD ($)
Apr. 27, 2024
USD ($)
Apr. 29, 2023
USD ($)
May 03, 2025
EUR (€)
Dec. 18, 2024
USD ($)
Derivatives, Fair Value [Line Items]            
Gains on derivative   $ 0.7 $ 0.7 $ 1.3    
Euro-denominated long-term borrowings under amended credit agreement as net investment hedge | €         € 275.0  
Other Comprehensive Income Loss Net Investment Hedge Cumulative Gain Loss           $ 9.0
Cumulative gain associated with net investment hedge reported in AOCI   9.0 4.2      
Gain (loss) on foreign currency derivatives recorded in earnings, net     4.1 $ 4.1    
Euro-denominated long-term borrowings designated as a net investment hedge, gains (losses), net of tax   $ 4.8 4.8      
Cross-Currency Swap | Derivatives Designated as Hedging Instruments | Variable Rate            
Derivatives, Fair Value [Line Items]            
Derivative, maturity date   Aug. 31, 2023        
Derivative, notional amount   $ 60.0     54.8  
Gains on derivative   0.6        
Cross-Currency Swap | Derivatives Designated as Hedging Instruments | Fixed Rate            
Derivatives, Fair Value [Line Items]            
Derivative, notional amount   $ 60.0     54.8  
Gains on derivative $ 3.1          
Interest Rate Swap            
Derivatives, Fair Value [Line Items]            
Derivative, maturity date   Oct. 31, 2027        
Derivative, notional amount   $ 149.2     € 132.0  
Interest Rate Swap Two            
Derivatives, Fair Value [Line Items]            
Derivative, maturity date   Aug. 31, 2023        
Derivative, notional amount   $ 100.0        
Foreign Exchange Forward            
Derivatives, Fair Value [Line Items]            
Derivative, notional amount   107.2 $ 110.9      
Gain (loss) on foreign currency derivatives recorded in earnings, net   $ 1.7        
v3.25.2
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Consolidated Balance Sheets (Details) - Level 2 - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Derivatives Designated as Hedging Instruments | Net Investment Hedges | Prepaid Expenses and Other Current Assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivative instruments assets (liabilities) net   $ 1.3
Derivatives Designated as Hedging Instruments | Interest Rate Swap | Other Long-term Liabilities    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivative instruments assets (liabilities) net $ (5.7) (2.1)
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Forward | Other Accrued Liabilities    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivative instruments assets (liabilities) net   $ (0.2)
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Forward | Prepaid Expenses and Other Current Assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivative instruments assets (liabilities) net $ 0.7  
v3.25.2
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Gross amounts recorded in other comprehensive income (loss) Net $ (1.8) $ (1.3) $ (3.8)
Interest Rate Swap      
Derivative Instruments, Gain (Loss) [Line Items]      
Gross amounts recorded in other comprehensive income (loss) Net (3.6) (3.7) (1.4)
Net Investment Hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Gross amounts recorded in other comprehensive income (loss) Net $ 1.8 $ 2.4 $ (2.4)
v3.25.2
Retirement Benefits - Narrative (Details) - USD ($)
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Employer matching contribution, percent 3.00%    
Employer 401(k) contribution $ 1,500,000 $ 1,500,000 $ 1,200,000
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 9,700,000 9,700,000  
Asset Held in Trust      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Cash surrender value of life insurance $ 9,300,000 8,700,000  
Key Individual Life Insurance      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Cash surrender value of life insurance   $ 10,800,000  
v3.25.2
Debt - Summary of Debt (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ (3.1) $ (3.6)
Total debt 317.6 330.9
Less: current maturities (0.2) (0.2)
Long-term debt 317.4 330.7
Revolving Credit Facility    
Debt Instrument [Line Items]    
Debt 319.4 333.0
Other Debt    
Debt Instrument [Line Items]    
Debt 1.3 $ 1.5
Less: current maturities $ (0.2)  
v3.25.2
Debt - Revolving Credit Facility/Term Loan (Details)
€ in Millions, $ in Millions
 12 Months Ended
Jul. 09, 2024
USD ($)
Oct. 31, 2022
USD ($)
May 03, 2025
USD ($)
Apr. 27, 2024
USD ($)
Apr. 29, 2023
USD ($)
Jul. 07, 2025
USD ($)
Jul. 06, 2025
USD ($)
May 03, 2025
EUR (€)
Jul. 08, 2024
USD ($)
Debt Instrument [Line Items]                  
Partial write-off of unamortized debt issuance costs     $ 1.2            
Debt issuance costs     1.8 $ 1.1 $ 3.2        
Revolving Credit Facility | Nordic Lights                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity     319.4            
Euro-denominated outstanding borrowings under revolving credit facility     $ 226.4            
Revolving Credit Facility | U.S. dollar borrowings                  
Debt Instrument [Line Items]                  
Interest rate (as a percent)     7.40%         7.40%  
Revolving Credit Facility | U.S. dollar borrowings | Nordic Lights                  
Debt Instrument [Line Items]                  
Euro-denominated outstanding borrowings under revolving credit facility     $ 93.0            
Revolving Credit Facility | Euro denominated borrowings                  
Debt Instrument [Line Items]                  
Interest rate (as a percent)     5.20%         5.20%  
Revolving Credit Facility | Euro denominated borrowings | Nordic Lights                  
Debt Instrument [Line Items]                  
Euro-denominated outstanding borrowings under revolving credit facility | €               € 200.3  
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Subsequent Event                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity           $ 500.0 $ 400.0    
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity $ 750.0               $ 500.0
Consolidated leverage ratio 3                
Restricted payments     $ 25.0            
Line of credit facility covenant restricted payments     2.5            
Cash on hand $ 65.0                
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility | U.S. Subsidiaries                  
Debt Instrument [Line Items]                  
Percentage of stock of subsidiaries to grant a security interest 100.00%                
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility | Foreign Subsidiaries                  
Debt Instrument [Line Items]                  
Percentage of stock of subsidiaries to grant a security interest 65.00%                
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Secured Multicurrency Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   $ 400.0              
Line of credit | Bank of America, N.A. | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Partial write-off of unamortized debt issuance costs     1.2            
Debt issuance costs     $ 1.8            
Credit agreement termination date   Oct. 31, 2027              
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Base Rate                  
Debt Instrument [Line Items]                  
Adjusted interest rate 2.50%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Base Rate | Maximum                  
Debt Instrument [Line Items]                  
Adjusted interest rate 2.00%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Base Rate | Minimum                  
Debt Instrument [Line Items]                  
Adjusted interest rate 0.375%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | SOFR Daily Floating Rate Loans                  
Debt Instrument [Line Items]                  
Adjusted interest rate 3.50%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | SOFR Daily Floating Rate Loans | Maximum                  
Debt Instrument [Line Items]                  
Adjusted interest rate 3.00%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | SOFR Daily Floating Rate Loans | Minimum                  
Debt Instrument [Line Items]                  
Adjusted interest rate 1.375%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Hong Kong Interbank Offered Rate | Maximum                  
Debt Instrument [Line Items]                  
Adjusted interest rate 3.00%                
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Hong Kong Interbank Offered Rate | Minimum                  
Debt Instrument [Line Items]                  
Adjusted interest rate 1.375%                
v3.25.2
Debt - Other Debt (Details)
$ in Millions
 12 Months Ended
May 03, 2025
USD ($)
Note
Apr. 27, 2024
USD ($)
Debt Instrument [Line Items]    
Number of notes | Note 1  
Debt, short-term $ 0.2 $ 0.2
Other Debt    
Debt Instrument [Line Items]    
Weighted-average interest rate (as a percent) 1.80%  
Debt, short-term $ 0.2  
Debt, fair value $ 1.3  
v3.25.2
Debt - Scheduled Principal Payments of Debt (Details)
$ in Millions
May 03, 2025
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2026 $ 0.2
2027 0.2
2028 319.6
2029 0.2
2030 0.2
Thereafter 0.3
Total $ 320.7
v3.25.2
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Income Tax Contingency [Line Items]      
Pre-tax (loss) income $ (50.1) $ (128.1) $ 90.1
Current Income Tax Expense 18.0 16.7 17.0
Deferred Income Tax Benefit (5.5) (21.5) (4.0)
Total income tax expense (benefit) 12.5 (4.8) 13.0
Domestic Tax Authority      
Income Tax Contingency [Line Items]      
Pre-tax (loss) income (118.3) (199.4) (3.6)
Current Income Tax Expense (4.0) 0.1 0.1
Deferred Income Tax Benefit (0.9) (17.9) (5.7)
Foreign Tax Authority      
Income Tax Contingency [Line Items]      
Pre-tax (loss) income 68.2 71.3 93.7
Current Income Tax Expense 22.0 16.6 16.9
Deferred Income Tax Benefit $ (4.6) $ (3.6) $ 1.7
v3.25.2
Income Taxes - Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
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 $ (10.5) $ (26.9) $ 18.9
State income taxes, net of federal benefit (2.0) (1.0)  
Reorganization of a foreign owned subsidiary     (7.3)
Goodwill impairment   22.7  
Interest 2.3   0.2
Withholding taxes 2.0 3.2 3.4
Non-deductible compensation 3.7 0.3 1.6
Foreign tax differential (2.6) (5.1) (11.6)
U.S. tax on foreign income 11.5 3.5 2.9
Foreign investment tax credit   0.1 5.0
Research and development (1.4) (1.5) (1.5)
Change in tax reserve (4.0)   (0.6)
Change in valuation allowance 13.5 (1.0)  
Tax rate change, foreign     0.2
Other, net   0.9 1.8
Total income tax expense (benefit) $ 12.5 $ (4.8) $ 13.0
Effective income tax rate (25.00%) 3.70% 14.40%
v3.25.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Tax Credit Carryforward [Line Items]      
Income tax at statutory rate 21.00% 21.00% 21.00%
Change in valuation allowance $ 13.5 $ (1.0)  
U.S. tax on foreign income 11.5 3.5 $ 2.9
Change in tax reserve $ (4.0)   (0.6)
Global minimum tax, threshold percentage 15.00%    
Income tax pre-tax gain (losses) in operations reconciliation tax credits expense foreign   5.1  
Research and development $ 1.4 1.5 1.5
Non-deductible goodwill impairment   22.7  
Withholding taxes 2.0 3.2 3.4
Reorganization of a foreign owned subsidiary     7.3
Foreign investment tax credit   0.1 5.0
Non-deductible acquisition costs     1.4
Net deferred tax asset 11.0 6.0  
Valuation allowance 20.7 5.8  
Undistributed Earnings of Foreign Subsidiaries 332.1    
Gross unrecognized tax benefits 0.8 4.4 $ 4.5
Unrecognized benefits if recognized, would favorably impact the effective tax rate 0.6    
Income tax penalties and interest accrued 0.1 $ 0.4  
Change to amount of unrecognized tax benefits 0.2    
Federal      
Tax Credit Carryforward [Line Items]      
Gross operating loss carryforwards 31.6    
Federal income tax benefit 25.9    
State      
Tax Credit Carryforward [Line Items]      
Gross operating loss carryforwards 98.0    
Federal income tax benefit 90.0    
Foreign Tax Authority      
Tax Credit Carryforward [Line Items]      
Gross operating loss carryforwards 0.6    
Federal income tax benefit 0.0    
Foreign Tax Authority | Tax Credit Carryforward, Period, Indefinite | Investment Tax Credit Carryforward | MALTA      
Tax Credit Carryforward [Line Items]      
Total unused credits $ 29.2    
v3.25.2
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Deferred tax liabilities:    
Amortization $ (51.9) $ (56.5)
Foreign tax (2.9) (3.2)
Lease assets (5.7) (5.8)
Derivative financial instruments   (0.2)
Unrealized foreign exchange gain/loss (1.9) (0.5)
Deferred tax liabilities, gross (62.4) (66.2)
Deferred tax assets:    
Deferred compensation and stock award amortization 6.9 9.0
Fixed assets 1.6 1.3
Inventory 8.6 5.9
Lease liabilities 6.4 5.9
Derivative financial instruments 0.9  
Foreign investment tax credit 25.6 24.4
Research expenditures 8.3 6.3
Net operating loss carryforwards 14.8 13.2
Foreign tax credits 3.4 1.7
Interest carryforwards 12.3 7.9
Other 5.3 2.4
Deferred tax assets, gross 94.1 78.0
Less valuation allowance (20.7) (5.8)
Deferred tax assets, net of valuation allowance 73.4 72.2
Net deferred tax asset 11.0 6.0
Balance sheet classification:    
Long-term asset 37.8 34.7
Long-term liability (26.8) (28.7)
Net deferred tax asset $ 11.0 $ 6.0
v3.25.2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Beginning balance $ 4.4 $ 4.5
Increases for positions related to the current year 0.3 0.2
Lapsing of statutes of limitations (3.9) (0.3)
Ending balance $ 0.8 $ 4.4
v3.25.2
Commitments and Contingencies - Narrative (Details)
$ in Millions
 12 Months Ended
Aug. 05, 2024
USD ($)
Apr. 23, 2024
USD ($)
May 03, 2025
USD ($)
Site
Apr. 27, 2024
USD ($)
Apr. 29, 2023
USD ($)
Mar. 02, 2020
USD ($)
Loss Contingencies [Line Items]            
Accrual for environmental loss contingencies     $ 1.0 $ 0.9    
Accrued Environmental Loss Contingencies, Current     $ 0.7 $ 0.6    
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]     Other Accrued Liabilities, Current Other Accrued Liabilities, Current    
Environmental remediation expense     $ 0.6 $ 0.9 $ 1.1  
Affirmed final judgment amount $ 22.5 $ 22.5        
Infringing U.S. Sales under Lanham Act [Member]            
Loss Contingencies [Line Items]            
Affirmed final judgment amount $ 0.3          
Settled Litigation [Member]            
Loss Contingencies [Line Items]            
Affirmed final judgment amount   $ 113.0        
United States            
Loss Contingencies [Line Items]            
Site contingency, number of sites subject to environmental investigation or remediation | Site     2      
Mexico            
Loss Contingencies [Line Items]            
Site contingency, number of sites subject to environmental investigation or remediation | Site     1      
Compensatory Damages            
Loss Contingencies [Line Items]            
Gain Contingency, Unrecorded Amount           $ 102.0
Punitive Damages            
Loss Contingencies [Line Items]            
Gain Contingency, Unrecorded Amount           $ 11.0
v3.25.2
Shareholders' Equity - Share Repurchase Program (Details) - USD ($)
$ in Millions
 12 Months Ended 49 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
May 03, 2025
Jun. 13, 2024
Jun. 16, 2022
Equity Class Of Treasury Stock [Line Items]            
Shares purchased 136,000 627,586 1,197,236      
2021 Buyback Program            
Equity Class Of Treasury Stock [Line Items]            
Shares purchased       3,553,961    
Stock repurchase cost       $ 134.6    
2024 Buyback Program            
Equity Class Of Treasury Stock [Line Items]            
Shares purchased 0          
Remaining authorized repurchase amount $ 200.0     $ 200.0    
Maximum | 2021 Buyback Program            
Equity Class Of Treasury Stock [Line Items]            
Stock repurchase program, Authorized amount           $ 200.0
Maximum | 2024 Buyback Program            
Equity Class Of Treasury Stock [Line Items]            
Stock repurchase program, Authorized amount         $ 200.0  
v3.25.2
Shareholders' Equity - Summary of Activity under 2021 Buyback Program (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]      
Shares purchased 136,000 627,586 1,197,236
Average price per share $ 11.55 $ 21.93 $ 40.14
Total cost $ 1.6 $ 13.8 $ 48.1
v3.25.2
Shareholders' Equity - Dividends (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Cash dividends $ 20.4 $ 19.9 $ 19.8
RSAs      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Cash dividends $ 0.9 $ 0.4  
v3.25.2
Shareholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance $ 766.0 $ 941.8 $ 913.8
Other comprehensive income (loss) before reclassifications 7.9 (19.4) 9.1
Amounts reclassified from accumulated other comprehensive income (loss)     (2.1)
Tax benefit (expense) (1.0) 1.7 0.8
Other comprehensive income (loss) 6.9 (17.7) 7.8
Ending balance 693.3 766.0 941.8
Currency Translation Adjustments      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (36.5) (19.8) (30.5)
Other comprehensive income (loss) before reclassifications 9.7 (18.1) 12.9
Amounts reclassified from accumulated other comprehensive income (loss)     (2.1)
Tax benefit (expense) (1.4) 1.4 (0.1)
Other comprehensive income (loss) 8.3 (16.7) 10.7
Ending balance (28.2) (36.5) (19.8)
Derivative Instruments      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (0.2) 0.8 3.7
Other comprehensive income (loss) before reclassifications (1.8) (1.3) (3.8)
Tax benefit (expense) 0.4 0.3 0.9
Other comprehensive income (loss) (1.4) (1.0) (2.9)
Ending balance (1.6) (0.2) 0.8
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (36.7) (19.0) (26.8)
Other comprehensive income (loss) 6.9 (17.7) 7.8
Ending balance $ (29.8) $ (36.7) $ (19.0)
v3.25.2
Shareholders' Equity - General (Details) - shares
 12 Months Ended
May 03, 2025
Sep. 14, 2022
2014 Incentive Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares common stock subject an option granted   1
Number of shares common stock subject an other than option granted   2.28
2022 Incentive Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares available for award (in shares) 3,500,000 5,550,000
Stock-based compensation, description the number of shares of the Company’s common stock that are available for all awards under the 2022 Plan is 5,550,000, less one share for every one share of common stock subject to an option or SAR award granted after April 30, 2022 under the 2014 Plan and 2.28 shares for every one share that was subject to an award other than an option or SAR granted after April 30, 2022 under the 2014 Plan. As of May 3, 2025, there were approximately 3.5 million shares available for award under the 2022 Plan.  
v3.25.2
Shareholders' Equity - Stock-based Compensation Expense (Details) - 2014 Incentive Plan - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 7.4 $ 3.6 $ 11.5
RSUs | Management      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 5.2 2.0 9.9
RSUs | Deferred Non-Employee Director Awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 0.9 1.0 1.0
RSUs | Non-Employee Director Awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 0.6 0.6 0.6
PSUs | Management      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 0.7 $ 0.0 $ 0.0
v3.25.2
Shareholders' Equity - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 31, 2024
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
RSAs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares granted in period (in shares)   710,349    
RSUs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares awarded in exchange for cash bonuses 160,401 160,401    
Additional incremental expense to be recognized   $ 0    
Employee related liabilities current reclassified   $ 2,100,000    
Shares granted   441,353 389,966 127,277
RSUs | 2014 Incentive Plan        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Unrecognized stock-based compensation cost   $ 4,100,000    
Number of restricted stock vested for which shares issued   147,329    
Weighted average amortization period   1 year 4 months 24 days    
PSUs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Unrecognized stock-based compensation cost   $ 2,200,000    
Vesting period   3 years    
Shares granted   208,661    
Weighted average period expected for recognition   2 years 2 months 12 days    
Minimum | PSUs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Vesting percentage   0.00%    
Maximum | RSUs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Vesting period   5 years    
Maximum | PSUs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Vesting percentage   200.00%    
v3.25.2
Shareholders' Equity - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Details) - $ / shares
 1 Months Ended 12 Months Ended
Jul. 31, 2024
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
RSAs | Management | 2020 EBITDA Maximum Performance        
Shares        
Non-vested Outstanding beginning balance (in shares)   789,674 933,674 928,412
Awarded (in shares)   0 0 21,262
Vested (in shares)   0 0 0
Forfeited (in shares)   (79,325) (144,000) (16,000)
Non-vested Outstanding ending balance (in shares)   710,349 789,674 933,674
Weighted average grant date fair value        
Weighted average grant date fair value - beginning balance (in dollars per share)   $ 28.81 $ 28.73 $ 28.5
Weighted average value, awarded (in dollars per share)   0 0 38.41
Weighted average value, vested (in dollars per share)   0 0 0
Weighted average value, forfeited (in dollars per share)   28.28 28.28 28.28
Weighted average grant date fair value - ending balance (in dollars per share)   $ 28.87 $ 28.81 $ 28.73
RSUs        
Shares        
Non-vested Outstanding beginning balance (in shares)   941,640 770,667 936,391
Awarded (in shares)   441,353 389,966 127,277
Conversion of cash bonus to RSUs 160,401 160,401    
Vested (in shares)   (735,309) (36,221) (264,133)
Forfeited (in shares)   (187,535) (182,772) (28,868)
Non-vested Outstanding ending balance (in shares)   620,550 941,640 770,667
Weighted average grant date fair value        
Weighted average grant date fair value - beginning balance (in dollars per share)   $ 26.43 $ 30.47 $ 29.16
Weighted average value, awarded (in dollars per share)   11.09 21.48 40.11
Weighted average value, Conversion of cash bonus to RSUs (in dollars per share)   12.87    
Weighted average value, vested (in dollars per share)   24.28 42.72 30.14
Weighted average value, forfeited (in dollars per share)   22.71 29.65 33.53
Weighted average grant date fair value - ending balance (in dollars per share)   $ 15.31 $ 26.43 $ 30.47
v3.25.2
Shareholders' Equity - Summary of the Weighted-Average Assumptions for the PSUs Granted (Details)
 12 Months Ended
May 03, 2025
$ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Expected volatility 52.40%
Risk free interest rate 4.07%
Expected term (in years) 2 years 8 months 19 days
Grant date fair value $ 14.09
v3.25.2
Shareholders' Equity - Summary of PSU Activity (Details) - PSUs
 12 Months Ended
May 03, 2025
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Non-vested Outstanding beginning balance (in shares) | shares 0
Awarded (in shares) | shares 208,661
Vested (in shares) | shares 0
Forfeited (in shares) | shares 0
Non-vested Outstanding ending balance (in shares) | shares 208,661
Weighted average grant date fair value  
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares $ 0
Weighted average value, awarded (in dollars per share) | $ / shares 14.09
Weighted average value, vested (in dollars per share) | $ / shares 0
Weighted average value, forfeited (in dollars per share) | $ / shares 0
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares $ 14.09
v3.25.2
Shareholders' Equity - Summary of Awards Granted to Non-employee Directors (Details) - Non-employee Directors - $ / shares
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested Outstanding beginning balance (in shares) 77,319 45,750 17,956
Awarded (in shares) 150,429 48,373 43,334
Issued (in shares) (80,436) (16,804) (15,540)
Non-vested Outstanding ending balance (in shares) 147,312 77,319 45,750
Weighted average grant date fair value      
Weighted average grant date fair value - beginning balance (in dollars per share) $ 37.23 $ 40.56 $ 47.35
Weighted average value, awarded (in dollars per share) 9.86 32.72 36.13
Weighted average grant date fair value, issued (in dollars per share) 10.49 33.33 36.04
Weighted average grant date fair value - ending balance (in dollars per share) $ 22.39 $ 37.23 $ 40.56
Non-Employee Director Awards      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested Outstanding beginning balance (in shares) 0 0 0
Awarded (in shares) 56,680 16,804 15,540
Issued (in shares) (56,680) (16,804) (15,540)
Non-vested Outstanding ending balance (in shares) 0 0 0
Deferred Non-Employee Director Awards      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested Outstanding beginning balance (in shares) 77,319 45,750 17,956
Awarded (in shares) 93,749 31,569 27,794
Issued (in shares) (23,756) 0 0
Non-vested Outstanding ending balance (in shares) 147,312 77,319 45,750
v3.25.2
Shareholders' Equity - Summary of Combined Stock Option Activity and Related Information for Stock Options Granted (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Apr. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward]        
Outstanding - beginning balance (in shares) 8,000 20,000 60,000  
Exercised (in shares) 0 0 (40,000)  
Forfeited (in shares) (8,000) (12,000) 0  
Outstanding - ending balance (in shares) 0 8,000 20,000 60,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]        
Weighted average exercise price, Outstanding - beginning balance (in dollars per share) $ 37.01 $ 37.01 $ 37.01  
Weighted average exercise price, Exercised (in dollars per share) 0 0 37.01  
Weighted average exercise price, Forfeited (in dollars per share) 37.01 37.01 0  
Weighted average exercise price, Outstanding - ending balance (in dollars per share) $ 0 $ 37.01 $ 37.01 $ 37.01
Weighted-average life of outstanding options 0 years 2 months 12 days 1 year 2 months 12 days 2 years 2 months 12 days
Intrinsic value of outstanding options $ 0.0 $ 0.0 $ 0.1 $ 0.5
v3.25.2
(Loss) Income Per Share - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Earnings Per Share [Abstract]      
Net income (loss) $ (62.6) $ (123.3) $ 77.1
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]      
Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs 35,330,586 35,470,471 36,016,686
Dilutive potential common shares 0 0 758,749
Denominator for diluted income per share 35,330,586 35,470,471 36,775,435
Basic (loss) income per share attributable to Methode:      
Basic (loss) income per share (in dollars per share) $ (1.77) $ (3.48) $ 2.14
Diluted (loss) income per share attributable to Methode:      
Diluted (loss) income per share (in dollars per share) $ (1.77) $ (3.48) $ 2.10
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1,156,752 1,429,229 938,281
v3.25.2
(Loss) Income per Share - Narrative (Details) - shares
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Earnings Per Share [Abstract]    
Dilutive effect of potential common shares 230,000 535,378
v3.25.2
Segment Information and Geographic Area Information - Additional Information (Details)
 12 Months Ended
May 03, 2025
Segment Reporting [Abstract]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] President And Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM allocates resources to and evaluates the performance of each operating segment based on operating income. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company.
v3.25.2
Segment Information and Geographic Area Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Oct. 28, 2023
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Segment Reporting Information [Line Items]          
Net sales     $ 1,048.1 $ 1,114.5 $ 1,179.6
Cost of products sold     884.7 935.7 915.5
Selling and administrative expenses     163.9 160.9 154.9
Goodwill impairment $ 49.4 $ 56.5   105.9  
Amortization of intangibles     23.4 24.0 18.8
(Loss) income from operations     (23.9) (112.0) 90.4
Interest expense, net     22.0 16.7 2.7
Other expense (income), net     4.2 (0.6) (2.4)
Pre-tax (loss) income     (50.1) (128.1) 90.1
Purchases of property, plant and equipment     41.6 50.2 42.0
Depreciation expense     35.1 33.9 30.7
Identifiable assets 1,403.5   1,305.8 1,403.5 1,579.1
Automotive          
Segment Reporting Information [Line Items]          
Net sales     508.9 598.2 736.2
Cost of products sold     504.2 567.8 610.0
Selling and administrative expenses     43.3 55.5 49.8
Goodwill impairment       105.9  
Amortization of intangibles     9.1 9.2 9.4
(Loss) income from operations     (47.7) (140.2) 67.0
Purchases of property, plant and equipment     33.2 41.4 31.8
Depreciation expense     24.9 23.2 22.3
Identifiable assets 592.7   596.0 592.7 700.2
Industrial          
Segment Reporting Information [Line Items]          
Net sales     487.4 460.1 384.9
Cost of products sold     343.2 322.4 257.1
Selling and administrative expenses     39.9 34.1 25.3
Goodwill impairment       0.0  
Amortization of intangibles     14.3 14.8 9.4
(Loss) income from operations     90.0 88.8 93.1
Purchases of property, plant and equipment     8.3 7.4 7.7
Depreciation expense     8.8 7.9 5.1
Identifiable assets 604.5   594.6 604.5 672.3
Interface          
Segment Reporting Information [Line Items]          
Net sales     51.8 53.8 54.9
Cost of products sold     39.1 43.5 45.6
Selling and administrative expenses     2.4 3.4 3.8
Goodwill impairment       0.0  
Amortization of intangibles     0.0 0.0 0.0
(Loss) income from operations     10.3 6.9 5.5
Purchases of property, plant and equipment     0.0 0.8 0.1
Depreciation expense     0.2 0.3 0.2
Identifiable assets 67.1   62.4 67.1 127.2
Medical          
Segment Reporting Information [Line Items]          
Net sales     0.0 2.4 3.6
Cost of products sold     0.0 2.6 4.1
Selling and administrative expenses     0.0 2.8 5.6
Goodwill impairment       0.0  
Amortization of intangibles     0.0 0.0 0.0
(Loss) income from operations     0.0 (3.0) (6.1)
Purchases of property, plant and equipment     0.0 0.0 0.1
Depreciation expense     0.0 0.2 1.0
Identifiable assets 0.2   0.0 0.2 6.2
Eliminations/Corporate          
Segment Reporting Information [Line Items]          
Net sales     0.0 0.0 0.0
Cost of products sold     (1.8) (0.6) (1.3)
Selling and administrative expenses     78.3 65.1 70.4
Goodwill impairment       0.0  
Amortization of intangibles     0.0 0.0 0.0
(Loss) income from operations     (76.5) (64.5) (69.1)
Purchases of property, plant and equipment     0.1 0.6 2.3
Depreciation expense     1.2 2.3 2.1
Identifiable assets $ 139.0   52.8 139.0 73.2
Operating Segments          
Segment Reporting Information [Line Items]          
Net sales     1,048.1 1,114.5 1,179.6
Operating Segments | Automotive          
Segment Reporting Information [Line Items]          
Net sales     522.3 610.6 742.1
Operating Segments | Industrial          
Segment Reporting Information [Line Items]          
Net sales     527.1 493.4 403.2
Operating Segments | Interface          
Segment Reporting Information [Line Items]          
Net sales     51.8 53.9 55.1
Operating Segments | Medical          
Segment Reporting Information [Line Items]          
Net sales     0.0 2.4 3.6
Operating Segments | Eliminations/Corporate          
Segment Reporting Information [Line Items]          
Net sales     (53.1) (45.8) (24.4)
Transfers between Segments          
Segment Reporting Information [Line Items]          
Net sales     0.0 0.0 0.0
Transfers between Segments | Automotive          
Segment Reporting Information [Line Items]          
Net sales     (13.4) (12.4) (5.9)
Transfers between Segments | Industrial          
Segment Reporting Information [Line Items]          
Net sales     (39.7) (33.3) (18.3)
Transfers between Segments | Interface          
Segment Reporting Information [Line Items]          
Net sales     0.0 (0.1) (0.2)
Transfers between Segments | Medical          
Segment Reporting Information [Line Items]          
Net sales     0.0 0.0 0.0
Transfers between Segments | Eliminations/Corporate          
Segment Reporting Information [Line Items]          
Net sales     $ 53.1 $ 45.8 $ 24.4
v3.25.2
Segment Information and Geographic Area Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,048.1 $ 1,114.5 $ 1,179.6
Total Tangible Long-lived Assets, Net 245.3 238.8  
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 445.2 475.6 472.6
Total Tangible Long-lived Assets, Net 71.7 65.2  
Malta      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 202.0 179.5 201.2
Total Tangible Long-lived Assets, Net 42.5 42.8  
Finland      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 58.2 66.5 0.0
Egypt      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 99.9 73.5 72.6
Total Tangible Long-lived Assets, Net 45.9 43.8  
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 125.9 196.3 239.9
Total Tangible Long-lived Assets, Net 22.6 22.5  
Mexico      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total Tangible Long-lived Assets, Net 19.6 21.7  
Belgium      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total Tangible Long-lived Assets, Net 20.3 19.3  
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 116.9 123.1 $ 193.3
Total Tangible Long-lived Assets, Net $ 22.7 $ 23.5  
v3.25.2
Leases - Narrative (Details) - USD ($)
$ in Millions
May 03, 2025
Apr. 27, 2024
Lessee, Lease, Description [Line Items]    
Finance lease, right-of-use asset $ 0.5 $ 0.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Finance lease obligations $ 0.5 $ 0.5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Maximum    
Lessee, Lease, Description [Line Items]    
Lease term 28 years 3 months 18 days  
v3.25.2
Leases - Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Lease, Cost [Abstract]      
Operating lease cost $ 9.9 $ 10.6 $ 9.5
Variable lease cost 2.0 1.7 0.7
Total lease cost $ 11.9 $ 12.3 $ 10.2
v3.25.2
Leases - Supplemental Lessee Information (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Leases [Abstract]      
Cash paid related to operating lease obligations, including lease termination payment (in millions) $ 9.3 $ 9.6 $ 8.8
Right-of-use assets obtained in exchange for lease obligations (in millions) $ 6.4 $ 6.7 $ 11.7
Weighted-average remaining lease term (years) 3 years 10 months 24 days 4 years 7 months 6 days 5 years 1 month 6 days
Weighted-average discount rate 5.50% 5.40% 5.20%
v3.25.2
Leases - Operating Lease Maturity (Details)
$ in Millions
May 03, 2025
USD ($)
Fiscal Year:  
2026 $ 8.3
2027 7.7
2028 5.4
2029 2.8
2030 1.4
Thereafter 3.0
Total lease payments 28.6
Less: imputed interest (3.0)
Present value of lease liabilities $ 25.6
v3.25.2
Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Alix Partners    
Related Party Transaction [Line Items]    
Consulting services expenses $ 9.8 $ 1.4
v3.25.2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
May 03, 2025
Apr. 27, 2024
Apr. 29, 2023
Allowance for uncollectible accounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 1.4 $ 1.3 $ 1.0
(Benefits)/ charges to income 2.7 0.3 0.3
Deductions (1.1) (0.2) 0.0
Foreign exchange translation 0.0 0.0 0.0
Balance at end of period 3.0 1.4 1.3
Inventory obsolescence reserves      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 25.9 20.8 16.9
(Benefits)/ charges to income 20.4 10.4 7.8
Deductions (17.8) (5.7) (3.9)
Foreign exchange translation 0.4 0.4 0.0
Balance at end of period 28.9 25.9 20.8
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 5.8 6.8 6.8
(Benefits)/ charges to income 14.9 (1.0) 0.0
Deductions 0.0 0.0 0.0
Foreign exchange translation 0.0 0.0 0.0
Balance at end of period $ 20.7 $ 5.8 $ 6.8