CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Apr. 30, 2022 |
May 01, 2021 |
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| 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) | 38,276,968 | 39,644,913 |
| Treasury stock (in shares) | 1,346,624 | 1,346,624 |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions |
12 Months Ended | ||
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Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
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| Income Statement [Abstract] | |||
| Net sales | $ 1,163.6 | $ 1,088.0 | $ 1,023.9 |
| Cost of products sold | 898.7 | 813.9 | 741.0 |
| Gross profit | 264.9 | 274.1 | 282.9 |
| Selling and administrative expenses | 134.1 | 126.9 | 116.8 |
| Amortization of intangibles | 19.1 | 19.3 | 19.0 |
| Income from operations | 111.7 | 127.9 | 147.1 |
| Interest expense, net | 3.5 | 5.2 | 10.1 |
| Other income, net | (10.3) | (12.2) | (11.7) |
| Income before income taxes | 118.5 | 134.9 | 148.7 |
| Income tax expense | 16.3 | 12.6 | 25.3 |
| Net income | $ 102.2 | $ 122.3 | $ 123.4 |
| Basic and diluted income per share: | |||
| Basic (in dollars per share) | $ 2.74 | $ 3.22 | $ 3.28 |
| Diluted (in dollars per share) | 2.70 | 3.19 | 3.26 |
| Cash dividends per share | $ 0.56 | $ 0.44 | $ 0.44 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
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| Statement Of Income And Comprehensive Income [Abstract] | |||
| Net income | $ 102.2 | $ 122.3 | $ 123.4 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation adjustments | (42.0) | 37.4 | (12.3) |
| Derivative financial instruments | 9.1 | (4.4) | (1.0) |
| Total comprehensive income | $ 69.3 | $ 155.3 | $ 110.1 |
Description of Business and Summary of Significant Accounting Policies |
12 Months Ended |
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Apr. 30, 2022 | |
| 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, consumer appliance and medical devices. Financial reporting periods. The Company maintains its financial records on the basis of a 52 or 53-week fiscal year ending on the Saturday closest to April 30. Fiscal 2022 and 2021 represented 52 weeks and ended on April 30, 2022 and May 1, 2021, respectively. Fiscal 2020 represented 53 weeks and ended on May 2, 2020. The following discussions of comparative results among periods should be reviewed in that context. Impact of the COVID-19 pandemic. The COVID-19 pandemic and the ongoing measures to reduce its spread have negatively impacted the global economy, disrupted consumer and customer demand and global supply chains, and resulted in manufacturing inefficiencies and increased freight costs due to global capacity constraints. The Company expects that the global health crisis caused by the COVID-19 pandemic will continue to negatively impact its business and results of operations for the foreseeable future. The extent of the impact will depend on a number of evolving and uncertain factors, including the duration and spread of COVID-19 (and its variants), the rate of vaccinations, actions taken by governmental authorities to further restrict business operations and social activity and impose travel restrictions, shifting consumer demand, the ability of the Company’s supply chain to deliver in a timely and cost-effective manner, the ability of the Company’s employees and manufacturing facilities to operate efficiently and effectively, the continued viability and financial stability of the Company’s customers and suppliers and future access to capital. The Company continues to experience business interruptions, including customer shutdowns and increased material and logistics costs, labor shortages, and most significantly, impacts from the worldwide semiconductor supply shortage. The semiconductor supply shortage is due, in part, to increased demand across multiple industries, including the automotive industry, resulting in a slowdown in their production schedules. The semiconductor supply shortage is also impacting the Company’s supply chain and its ability to meet demand at some of its non-automotive customers. The Company expects this semiconductor shortage will have a continued impact on its operating results and financial condition in fiscal 2023. Various government programs have been enacted to provide assistance to businesses impacted by the COVID-19 pandemic. The amount of assistance the Company received was $10.0 million, $11.1 million and $1.7 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively, and has been reported in other income, net in the consolidated statements of income. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its allowance for credit losses, the carrying value of the Company’s goodwill, identifiable intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of the COVID-19 pandemic as of April 30, 2022 and through the date of this report. As a result of these assessments, the Company concluded that there were no impairments or material increases in credit allowances or valuation allowances that impacted the Company’s consolidated financial statements as of April 30, 2022 and for the year ended April 30, 2022. However, the Company’s future assessment of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in material impacts to its consolidated financial statements in future reporting periods. Basis of presentation. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Principles of consolidation. The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents. Cash and cash equivalents 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 April 30, 2022, the Company had a balance of $40.0 million in money market accounts. The Company did not have any money market accounts as of May 1, 2021. Accounts receivable and allowance for doubtful accounts. Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts based on the current expected credit loss impairment model. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $1.0 million and $0.7 million as of April 30, 2022 and May 1, 2021, 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. For accounts receivable, the Company generally does not require collateral. Sales to General Motors Company (“GM”) in the Automotive segment, either directly or through its tiered suppliers, represented a significant portion of the Company's business. As of April 30, 2022 and May 1, 2021, accounts receivable from GM (including tiered suppliers) were approximately $42.0 million and $54.9 million, respectively. Inventories. Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. See Note 5, “Inventory” for additional information. Property, plant and equipment. Property, plant and equipment are recorded at cost less accumulated depreciation, with the exception of assets acquired through acquisitions, which are initially recorded at fair value. Equipment acquired under a finance lease is recorded at the present value of the future minimum lease payments. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. Costs of additions and major improvements are capitalized, whereas maintenance and repairs that do not improve or extend the life of the asset are charged to expense as incurred. See Note 6, “Property, Plant and Equipment” for additional information. Business combinations. The Company accounts for business combinations using the acquisition method. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. In performing the goodwill impairment test, the Company may first assess qualitative factors to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. See Note 7, “Goodwill and Other Intangible Assets” for additional information regarding the Company’s goodwill impairment assessment for fiscal 2022. Amortizable intangible assets. Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Amortization is recognized over the useful lives of the intangible assets, generally up to 20 years, using the straight-line method. See Note 7, “Goodwill and Other Intangible Assets” for additional information. Impairment of long-lived assets. The Company evaluates whether events and circumstances have occurred which indicate that the remaining estimated useful lives of its intangible assets, excluding goodwill, and other long-lived assets, may warrant revision or that the remaining balance of such assets may not be recoverable. If impairment indicators exist, the Company performs an impairment analysis by comparing the undiscounted cash flows resulting from the use of the asset group to the carrying amount. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized based on the excess of the asset’s carrying amount over its fair value. Pre-production costs related to long-term supply arrangements. The Company incurs pre-production tooling costs related to products produced for its customers under long-term supply arrangements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable by the customer. As of April 30, 2022 and May 1, 2021, the Company had $27.2 million and $25.0 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling. Costs for molds, dies and other tools used in products produced for its customers under long-term supply arrangements for which the Company has title are capitalized in property, plant and equipment and amortized over the shorter of the life of the arrangement or over the estimated useful life of the assets. Company owned tooling was $14.6 million and $17.0 million as of April 30, 2022 and May 1, 2021, respectively. Leases. The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company estimates the incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company utilizes certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. The Company elects to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. Lease expense is recognized on a straight-line basis over the lease term. See Note 3, “Leases” for additional information. Derivative financial instruments. The Company uses derivative financial instruments, including swaps and forward contracts, to manage exposures to changes in currency exchange rates and interest rates. The Company does not enter into or hold derivative financial instruments for trading or speculative purposes. See Note 8, “Derivative Financial Instruments and Hedging Activities” for additional information. Income taxes. Income taxes are calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. See Note 11, “Income Taxes” for additional information. Revenue recognition. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue 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 cost of products sold. Restructuring expense. Restructuring expense includes costs directly associated with exit or disposal activities. Such costs include employee severance and termination benefits, asset impairment charges, contract termination fees, and other exit or disposal costs. Employee termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable. Asset impairment charges relate to the impairment of ROU lease assets and equipment. Contract termination costs are recorded when notification of termination is given to the other party. See Note 4, “Restructuring” for additional information. Foreign currency translation. The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the consolidated statements of income in other income, net. Government grants. The Company recognizes grant income in other income, net in the consolidated statements of income when it is considered that there is reasonable assurance that the grant will be received and the necessary qualifying conditions, as stated in the grant agreement, are met. The international government grants are generally paid over a period of years and are recorded at amortized cost on the Company’s consolidated balance sheets. As of April 30, 2022 and May 1, 2021, grant receivables outstanding were $12.7 million and $18.6 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. Additionally, as of April 30, 2022 and May 1, 2021, the Company has no deferred grant income. Research and development costs. Costs associated with the enhancement of existing products and the development of new products are charged to expense when incurred. Research and development expenses primarily relate to product engineering and design and development expenses and are classified as a component of cost of goods sold on the consolidated statements of income. Research and development costs were $35.7 million, $37.1 million and $34.9 million for fiscal 2022, fiscal 2021 and fiscal 2020, 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 its probable that a liability has been incurred and the related amounts are reasonably estimable. 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 securities within the fair value hierarchy. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles in ASC 740, such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted ASU 2019-12 as of May 2, 2021, and the impact on its consolidated financial statements was not material. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships that reference LIBOR or another rate that is expected to be discontinued, subject to meeting certain criteria. ASU 2020-04 was effective upon issuance and the adoption of this update did not have a material impact on the Company's consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832),” which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy (for example, International Financial Reporting Standards guidance in International Accounting Standard 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions in the scope of the new standard, business entities will need to provide information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021. The Company does not expect that the adoption of this standard will have an impact on its consolidated financial statements; however the Company expects to increase its disclosures with respect to government assistance beginning in fiscal 2023. |
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| Revenue | Note 2. Revenue The Company generates revenue from manufacturing of products for customers in diversified global markets. The majority of the Company’s revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, except for consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer. Estimating total contract revenue may require judgment as certain contracts contain pricing discount structures, early payment discounts or other provisions that can impact the transaction price. The Company generally estimates variable consideration utilizing the most likely amount to which it expects to be entitled. When the contract provides the customer with the right to return eligible products, the Company reduces revenue at the point of sale using current facts and historical experience by using an estimate for expected product returns. The Company adjusts these estimates at the earlier of when the most likely amount of consideration that is expected to be received changes or when the consideration becomes fixed. Accordingly, an increase or decrease to revenue is recognized at that time. The Company’s payment terms with its customers are typically 30-45 days from the time control transfers. As the Company’s standard 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 and amortize those over the life of the contract. Contract balances The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when the Company has received consideration, or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in other current assets and other liabilities, respectively, in the Company's consolidated balance sheets. Unbilled receivables (contract assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized over time. Unbilled receivables were $0.4 million and $0.6 million as of April 30, 2022 and May 1, 2021, respectively. During fiscal 2022, $0.6 million of previously unbilled receivables were recorded into accounts receivable. There were no impairments of contract assets as of April 30, 2022. Deferred revenue (contract liabilities) - For certain of the price reductions offered by the Company, the amount of the reduction cannot be attributed entirely to production efficiencies gained. In these cases, the annual price-downs are considered to be material rights as the customer, as part of their current contract, are purchasing an option that they would not have received without the contract to purchase future product. When a contract contains a material right, a portion of the transaction price is allocated to the material right for which revenue recognition is deferred until the customer exercises its option. Deferred revenue was $0.2 million and $0.3 million as of April 30, 2022 and May 1, 2021, respectively. Previously deferred revenue of $0.1 million was recorded into revenue during fiscal 2022. 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.
Customer Concentration Sales to GM in the Automotive segment, either directly or through its tiered suppliers, are shown below.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 3. 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 April 30, 2022, the Company's leases have remaining lease terms of up to 10.3 years, some of which include optional renewals or terminations, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. Any variable payments related to the lease will be recorded as lease expense when and as incurred. The Company’s lease payments are largely fixed. As of April 30, 2022, the operating leases that the Company has signed but have not yet commenced are immaterial. In addition to the operating lease assets presented on the consolidated balance sheets, assets under finance leases of $0.7 million and $0.7 million are included in on the consolidated balance sheets as of April 30, 2022 and May 1, 2021, respectively. Finance lease obligations were $0.8 million and $1.0 million as of April 30, 2022 and May 1, 2021, respectively, and are split between for the short-term portion and for the long-term portion on the consolidated balance sheets. The Company had an immaterial amount of finance lease expense in the years ended April 30, 2022 and May 1, 2021. The components of lease expense were as follows:
Supplemental cash flow and other information related to operating leases was as follows:
Maturities of operating lease liabilities as of April 30, 2022, are shown below:
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Restructuring |
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| Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Note 4. Restructuring The Company continually monitors market factors and industry trends and takes restructuring actions to reduce overall costs and improve future operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments and contract termination costs. In fiscal 2022, the Company initiated a restructuring plan to consolidate one of its operations within the Industrial segment in response to logistics and tariff issues. This action resulted in a facility shutdown and consolidation of activities into an existing location. In fiscal 2022, the Company recognized $3.6 million of restructuring costs, of which $1.3 million was recorded in cost of products sold and $2.3 million was recorded in selling and administrative expenses. In fiscal 2021, the Company initiated certain restructuring actions in response to the adverse impacts from the COVID-19 pandemic. These actions included plant consolidations and workforce reductions in the Automotive, Industrial and Interface segments. In fiscal 2021, the Company recognized $8.2 million of restructuring costs, of which $4.8 million was recorded in cost of products sold and $3.4 million was recorded in selling and administrative expenses. 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. The following is a rollforward of the Company’s restructuring activity in fiscal 2022:
The table below presents restructuring costs by reportable segment:
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. |
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Inventory |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory | Note 5. Inventory A summary of inventories is shown below:
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Property, Plant and Equipment |
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| 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:
Depreciation expense was $33.5 million, $32.2 million and $29.3 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. As of April 30, 2022 and May 1, 2021, capital expenditures recorded in accounts payable totaled $4.4 million and $5.5 million, respectively. |
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Goodwill and Other Intangible Assets |
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| Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill The Company tests goodwill for impairment on an annual basis as of the beginning of the fourth quarter each year, or more frequently if indicators of potential impairment exist. Goodwill impairment testing is conducted at the reporting unit level, which is generally defined as an operating segment or one level below an operating segment (also known as a reporting unit), for which discrete financial information is available and segment management regularly reviews the operating results of that reporting unit. At the beginning of the fourth quarter of fiscal 2022, the annual goodwill impairment assessment was completed. The Company performed a qualitative assessment for each reporting unit except for two within the Automotive segment where a quantitative assessment was performed. The qualitative assessments indicated that it was more likely than not that the fair value of each reporting unit exceeded its respective carrying value. For the quantitative assessment, the Company utilized the income approach to estimate the fair value of the reporting units. Cash flow projections were based on management’s estimates of revenue growth rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size, geography and other factors specific to the reporting unit. The quantitative assessment of the reporting units indicated that the fair value exceeded the carrying value. The Company does not believe that any of its reporting units are at risk for impairment. While the Company considered the impact the COVID-19 pandemic may have on its future cash flows when preparing its annual goodwill impairment test, the full extent of the impact that the COVID-19 pandemic, the semiconductor supply shortage and inflationary impact on materials, labor and freight costs will have on the Company’s business, operations and financial condition is currently unknown. The Company will continue to assess its goodwill for impairment as events and circumstances change. Any deterioration in the Company’s forecasted revenue and EBITDA margins, could result in an impairment of a portion or all of its goodwill. The amount of such impairment would be recognized as an expense in the period the goodwill is impaired. A summary of the changes in goodwill by reportable segment is as follows:
A summary of goodwill by reporting unit is as follows:
Other intangible assets, net Details of identifiable intangible assets are shown below:
The Company performed an impairment test for its indefinite-lived trade name intangible asset and determined that no impairment existed as of April 30, 2022. 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:
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Derivative Financial Instruments and Hedging Activities |
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments and Hedging Activities | Note 8. Derivative Financial Instruments and Hedging Activities The Company is exposed to various market risks including, but not limited to, foreign currency exchange rates and market interest rates. The Company strives to control its exposure to these risks through our normal operating activities and, where appropriate, through the use of derivative financial instruments. Derivative financial instruments are measured at fair value on a recurring basis. For a designated cash flow hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded in AOCI in the consolidated balance sheets. When the underlying hedged transaction is realized, the gain or loss previously included in AOCI is recorded in earnings and reflected in the consolidated statements of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. The gain or loss associated with changes in the fair value of derivatives not designated as hedges are recorded immediately in the consolidated statements of income on the same line as the associated risk. For a designated net investment hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded as a cumulative translation adjustment in AOCI in the consolidated balance sheets. Net investment hedges The Company has a variable-rate, cross-currency swap, maturing on August 31, 2023, with a notional value of $60.0 million (€54.8 million). The Company entered into the cross-currency swap to mitigate changes in net assets due to changes in U.S. dollar-euro spot exchange rates. The cross-currency swap is designated as a hedge of the Company’s net investment in a euro-based 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 through interest expense, which was not material in either fiscal 2022 or fiscal 2021. Interest rate swaps In April 2021, the Company entered into interest rate swaps, maturing on August 31, 2023, with a notional value of $100.0 million, to manage its exposure and to mitigate the impact of interest rate variability. The interest rate swaps are designated as cash flow hedges. Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter. The effective portion of the periodic changes in fair value is recognized in AOCI. Subsequently, the accumulated gains and losses recorded in equity are reclassified to income in the period during which the hedged cash flow impacts earnings, which are expected to be immaterial over the next 12 months. No ineffectiveness was recognized in fiscal 2022 or fiscal 2021. Derivatives not designated as hedges The Company uses short-term foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. These forward contracts are not designated as hedging instruments. Gains and losses on these forward contracts are recognized in other income, net, along with the foreign currency gains and losses on monetary assets and liabilities in the consolidated statements of income. As of April 30, 2022 and May 1, 2021, the Company held foreign currency forward contracts with a notional value of $38.6 million and $14.8 million, respectively. In fiscal 2022 and fiscal 2021, gains of $0.1 million and losses of $0.1 million, respectively, were recorded in earnings within other income, net in the consolidated statements of income. Fair value of derivative instruments on the balance sheet The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the balance sheets as follows:
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Retirement Benefits |
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Apr. 30, 2022 | |
| Compensation And Retirement Disclosure [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 $1.2 million, $1.2 million and $1.7 million, in fiscal 2022, fiscal 2021 and fiscal 2020, 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 $7.6 million and $6.5 million as of April 30, 2022 and May 1, 2021, 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 $7.8 million and $8.3 million as of April 30, 2022 and May 1, 2021, respectively, and are included in other long-term assets in the consolidated balance sheets. The Company also owns and is the beneficiary of a number of life insurance policies on the lives of former key executives that are unrestricted as to use. These life insurance policies are recorded at their cash surrender value of $9.9 million and $9.5 million as of April 30, 2022 and May 1, 2021, respectively, and are included in other long-term assets in the consolidated balance sheets. The cash surrender value of the life insurance policies approximates its fair value and is classified within Level 2 of the fair value hierarchy. |
Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 10. Debt A summary of debt is shown below:
Revolving credit facility/term loan The Company is a party to an Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement terminates in September 2023 and consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million. In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million, subject to customary conditions and approval of the lenders providing new commitments. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ($3.1 million) through maturity, with the remaining balance due on September 12, 2023. On December 10, 2021, the Company entered into a First Amendment to the Credit Agreement (“First Amendment”). The First Amendment amended and restated the Credit Agreement to provide, among other things, that upon the occurrence of certain events, the interest rate calculation method will generally transition from the London Interbank Offered Rate (“LIBOR”) to an alternate reference rate, including the Secured Overnight Financing Rate (“SOFR”) for U.S. dollar denominated borrowings. Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined in the Credit Agreement. The weighted-average interest rate on outstanding borrowings under the Credit Agreement was approximately 2.0% as of April 30, 2022. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of April 30, 2022, the Company was in compliance with all the covenants in the Credit Agreement. The fair value of borrowings under the Credit Agreement approximates book value because the interest rate is variable. Other debt One of the Company’s European subsidiaries has debt that consists of 3 notes with maturities ranging from 2023 to 2031. The weighted-average interest rate was approximately 1.4% as of April 30, 2022 and $0.5 million of the debt was classified as short-term. The fair value of other debt was $4.7 million at April 30, 2022 and was based on Level 2 inputs on a non-recurring basis. Scheduled maturities As of April 30, 2022, scheduled principal payments of debt are as follows:
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 11. Income Taxes Income tax provision The U.S. and foreign components of income before income taxes and the provision for income taxes are as follows:
A reconciliation of income tax expense to the U.S. statutory federal income tax rate of 21% is as follows:
In fiscal 2022, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates and the release of a valuation allowance of $2.0 million due to a tax law change. In addition, the Company benefited from less U.S. tax on foreign income of $1.7 million attributable to lower earnings in non-U.S. jurisdictions which was partially offset with non-deductible compensation of $2.1 million. In fiscal 2021, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates, tax credits and various deductions allowed in foreign jurisdictions. The Company received a benefit of approximately $7.2 million related to a favorable tax ruling in a foreign jurisdiction. In fiscal 2020, the effective income tax rate was primarily affected by the amount of income earned in foreign jurisdictions with lower tax rates, the amount of tax credits earned, withholding taxes, tax reserves, and the current taxation of foreign earnings. The Company had a favorable impact from operations in foreign countries with tax rates lower than the U.S. statutory tax rate. The Company earned $0.8 million in investment tax credits primarily related to an investment in qualified expenditures. This was offset by a change in tax reserves of $2.2 million and foreign withholding taxes of $2.3 million. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. ThCARES Act, among other things, includes various income and payroll tax provisions, modifications to federal net operating loss rules, business interest deduction limitations, and bonus depreciation eligibility for qualified improvement property. The CARES Act did not significantly impact the fiscal 2021 consolidated financial statements.Deferred income taxes and valuation allowances Significant components of the Company's deferred income tax assets and liabilities were as follows:
The Company recorded a net deferred tax liability for U.S. and foreign income taxes of $1.5 million for fiscal 2022 and a net deferred tax asset of $2.9 million for fiscal 2021. In assessing the realizability of the deferred tax assets, the Company considers whether it is more likely than not that some portion or the entire deferred tax asset will be realized. Ultimately, the realization of the deferred tax asset is dependent upon the generation of sufficient earnings in future periods in which these temporary items can be utilized. In that regard, the Company has a valuation allowance of $6.8 million related to federal, state, and foreign net operating loss carryovers and other credits and determined that these deferred tax assets did not reach the more likely than not realizable standard. As of April 30, 2022, the Company had available $36.3 million of federal, $68.9 million of state and $14.9 million of foreign gross operating loss carryforwards with a valuation allowance of $24.2 million for federal, $24.1 million for state and $0 for foreign. The U.S. federal net operating loss carryforwards will substantially start to expire in 2026 and beyond. The state net operating loss carryforwards will substantially start to expire in 2032 and beyond. Total unused credits are $31.2 million as of April 30, 2022, 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 to be indefinitely reinvested of $354.3 million. It is not practicable to determine the amount of deferred tax liability on such foreign earnings as the actual tax liability is dependent on circumstances that exist when the remittance occurs. Unrecognized tax benefits The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various jurisdictions are subject to periodic examination by the tax authorities. The Company regularly assesses the status of these examinations and the various outcomes to determine the adequacy of its provision for income taxes. The amount of gross unrecognized tax benefits totaled $5.1 million and $5.3 million as of April 30, 2022 and May 1, 2021, respectively. These amounts represent the amount of unrecognized benefits that, if recognized, would favorably impact the effective tax rate if resolved in the Company’s favor. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties were $0.2 million at both April 30, 2022 and May 1, 2021. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
At April 30, 2022, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. The U.S. federal statute of limitations remains open for fiscal years ended on or after 2019 and for state tax purposes on or after fiscal year 2013. Tax authorities may have the ability to review and adjust net operating losses or tax credits that were generated prior to these fiscal years. In the major foreign jurisdictions, fiscal 2014 and subsequent periods remain open and subject to examination by taxing authorities. |
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Commitments and Contingencies |
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Apr. 30, 2022 | |
| 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 Sates plant sites no longer used for operations. 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, which will be incurred over a period of several years. 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 2023. As of April 30, 2022 and May 1, 2021, 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 April 30, 2022 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 May 1, 2021 consists of $0.6 million classified in other accrued expenses and the remainder was included in other long-term liabilities on the consolidated balance sheet. The 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 each of fiscal 2022, fiscal 2021 and fiscal 2020, the Company spent $0.5 million 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 2022, fiscal 2021 or fiscal 2020. 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 Court entered a permanent injunction barring defendants from selling infringing products and ordering them to return Hetronic’s confidential information. Defendants appealed entry of the permanent injunction. On May 29, 2020, the Court held defendants in contempt for violating the permanent injunction and entered the final judgment. Defendants appealed entry of the final monetary judgment as well. The appeal of the permanent injunction and the appeal of the final judgment 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 currently are preparing 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. Hetronic has opposed that petition. The Supreme Court has requested the views of the Solicitor General on the petition for certiorari. Like any judgment, particularly any judgment involving defendants outside of the United States, there is no guarantee that the Company will be able to collect all or any portion of the judgment. |
Shareholders' Equity |
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | Note 13. Shareholders’ Equity Share buyback program On March 31, 2021, the Board of Directors authorized the purchase of up to $100.0 million of the Company’s outstanding common stock through March 31, 2023. Such purchases may be made on the open market, in private transactions or pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934. The following table summarizes the Company’s stock buyback activity under this share buyback program:
As of April 30, 2022, a total of 1,593,139 shares have been purchased at a total cost of $71.2 million since the commencement of the share buyback program. All purchased shares were retired and are reflected as a reduction of common stock for the par value of shares, with the excess applied as a reduction to retained earnings. As of April 30, 2022, the dollar value of shares that remained available to be purchased by the Company under this share buyback program was approximately $28.8 million. On June 16, 2022, the Board of Directors authorized an increase in the existing share buyback program under which the Company may purchase up to an additional $100.0 million of its outstanding common stock, and also extended the expiration from March 31, 2023 to June 14, 2024. Dividends The Company paid dividends totaling $20.4 million in fiscal 2022, $17.4 million in fiscal 2021 and $16.3 million in fiscal 2020. Dividends paid in fiscal 2021 includes $0.9 million of dividends on restricted stock that vested during the period. The Company increased its quarterly dividend from $0.11 per share to $0.14 per share beginning in the three months ended July 31, 2021. 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:
Stock-based compensation The Company has granted stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (“2014 Plan”), the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”), the Methode Electronics, Inc. 2007 Stock Plan (“2007 Plan”) and the Methode Electronics, Inc. 2004 Stock Plan (“2004 Plan”). The Company’s stockholders approved the 2014 Plan in September 2014. The Company can no longer make grants under the 2010 Plan, 2007 Plan and 2004 Plan. The number of shares of common stock originally authorized under the 2014 Plan is 3,000,000. As of April 30, 2022, there were 112,255 shares available for award under the 2014 Plan. Stock-based compensation expense All stock-based payments to employees and directors are recognized in selling and administrative expenses on the consolidated statements of income. Awards subject to graded vesting are recognized using the accelerated recognition method over the requisite service period. The table below summarizes the stock-based compensation expense (benefit) related to the equity awards:
2014 Plan The 2014 Plan provides for discretionary grants of stock options, stock appreciation rights, RSAs, RSUs and performance units to key employees and directors. The 2014 Plan is intended to promote the success of the Company and to increase stockholder value by providing an additional means to attract, motivate, retain and reward selected employees and eligible directors through the grant of equity awards. Restricted stock awards and performance units As of April 30, 2022, the Company had 928,412 RSAs outstanding which will be earned based on the achievement of an earnings before net interest, taxes, fixed asset depreciation and intangible asset amortization (“EBITDA”) measure for fiscal 2025. The RSAs will vest ranging from 0% (for performance below threshold) to 100% (target performance) based on the achievement of the EBITDA performance measure and continued employment. In addition, if the target performance is exceeded, an additional 464,206 PUs can be earned that will be settled in cash. At the discretion of the Compensation Committee, the PUs may be settled in shares of common stock The fair value of the RSAs was based on the closing stock price on the date of grant and earn dividend equivalents during the vesting period, which are forfeitable if the RSAs do not vest. Compensation expense for RSAs are recognized when it is probable the minimum threshold performance criteria will be achieved. Compensation expense for the PUs are recognized when it is probable that the target performance criteria will be exceeded. The Company assesses the probability of vesting at each balance sheet date and adjusts compensation costs based on the probability assessment. The cash-settled PUs represent a non-equity unit with a conversion value equal to the fair market value of a share of the Company’s common stock on the vesting date. The PUs are classified as liability awards due to the cash settlement feature and are re-measured at each balance sheet date. In accordance with ASC 718, based on projections of the Company’s current business portfolio, compensation expense has not been recognized for the RSAs or PUs in fiscal 2022, as the performance conditions are not probable of being met. Unrecognized stock-based compensation expense for RSAs at target level of performance is $26.5 million as of April 30, 2022. In fiscal 2020, previously granted performance-based RSAs vested at 69% of target, which was determined in the fourth quarter of fiscal 2020. The target hurdle was not achieved because of among other factors, the impact of the COVID-19 pandemic. The result was a reversal of previously recognized stock-based compensation expense related to prior years of $5.2 million. Stock-based compensation expense for these awards in fiscal 2020 was a credit of $2.1 million. The following table summarizes the RSA activity under the 2014 Incentive Plan:
Restricted stock units RSUs granted under the 2014 Plan vest over a pre-determined period of time, up to five years from the date of grant. The fair value of RSUs granted was based on the closing stock price on the date of grant. RSUs granted in fiscal 2021 and fiscal 2022 earn dividend equivalents during the vesting period, which are forfeitable if the RSUs do not vest. The following table summarizes RSU activity granted under the 2014 Plan:
As of April 30, 2022, there were 37,520 RSUs that were vested for which shares were issued in the first quarter of fiscal 2023. As of April 30, 2022, unrecognized share-based compensation expense for RSUs was $13.2 million which will be recognized over a weighted-average amortization period of 1.8 years. Director awards The Company grants stock awards to its non-employee directors as a component of their compensation. The stock awards vest immediately upon grant. Non-employee directors may elect to defer receipt of their shares under the Company’s non-qualified deferred compensation plan. In fiscal 2022, the Company granted 32,505 shares, of which 17,730 shares were deferred. All dividends on deferred shares are reinvested into additional deferred shares based on the closing price of the Company’s common stock on the dividend payment date. Deferred shares will be settled with shares of common stock upon each director’s retirement from the Company’s Board of Directors. As of April 30, 2022, there were 17,956 deferred shares outstanding. During fiscal 2021 and fiscal 2020, the Company issued 33,000 shares and 30,000 shares, respectively, of common stock to its independent directors, all of which vested immediately upon grant. Stock options The following table summarizes combined stock option activity under the 2010 Plan and 2007 Plan:
The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on that date. The total intrinsic value of options exercised in fiscal 2022 was $0.2 million. Deferred RSUs Under the 2014 Plan and 2010 Plan, RSUs that have vested for certain executives, including the Company’s CEO, will not be delivered in common stock until after the executive terminates employment from the Company or upon a change of control. As of April 30, 2022, shares to be delivered to these executives were 121,200 shares under the 2014 Plan and 180,000 shares under the 2010 Plan. Under the 2004 Plan, 225,000 shares of common stock subject to performance based RSAs granted to the Company’s CEO in fiscal 2006 and 2007 were converted to RSUs. The shares of common stock underlying the RSUs will not be issued and delivered until the earlier of: (1) thirty days after the CEO’s date of termination of employment with the Company and all of its subsidiaries and affiliates; or (2) the last day of the Company’s fiscal year in which the payment of common stock in satisfaction of the RSUs becomes deductible to the Company under Section 162(m) of the Code. As of April 30, 2022, 29,945 shares have been delivered in connection with these RSUs with a remaining balance to be delivered of 195,055 shares. The RSUs are not entitled to voting rights or dividends, however a bonus in lieu of dividends are paid. The vested deferred RSUs are considered outstanding for earnings per share calculations. |
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Income Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Per Share | Note 14. Income Per Share Basic income per share is calculated by dividing net income by the number of weighted average common shares outstanding for the applicable period. The weighted average number of common shares used in the diluted income per share calculation is determined using the treasury stock method which includes the effect of all potential dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted income per share:
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Segment Information and Geographic Area Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information and Geographic Area Information | Note 15. Segment Information and Geographic Area Information An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. Products include integrated center consoles, hidden switches, ergonomic switches, transmission lead-frames, LED-based lighting, and sensors which incorporate magneto-elastic sensing and other technologies that monitor the operation or status of a component or system. The Industrial segment manufactures lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies (such as our PowerRail® solution), high-current low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, computers, industrial, power conversion, military, telecommunications and transportation. The Interface segment provides a variety of copper-based transceivers and related accessories for the cloud computing hardware equipment and telecommunications broadband equipment markets, user interface solutions for the appliance, commercial food service, and point-of-sale equipment markets, and fluid-level sensors for the marine/recreational vehicle and sump pump markets. The Medical segment is made up of the Company’s medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. Methode has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The CODM allocates resources to and evaluates the performance of each operating segments based on operating income. Transfers between segments are recorded using internal transfer prices set by the Company. The tables below present information about the Company’s reportable segments.
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.
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Summary of Quarterly Results of Operations (Unaudited) |
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Quarterly Results of Operations (Unaudited) | Note 16. Summary of Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations for fiscal 2022 and fiscal 2021:
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Schedule II - Valuation and Qualifying Accounts |
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| Valuation And Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS METHODE ELECTRONICS, INC. AND SUBSIDIARIES (in millions)
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Description of Business and Summary of Significant Accounting Policies (Policies) |
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| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Fiscal reporting periods | Financial reporting periods. The Company maintains its financial records on the basis of a 52 or 53-week fiscal year ending on the Saturday closest to April 30. Fiscal 2022 and 2021 represented 52 weeks and ended on April 30, 2022 and May 1, 2021, respectively. Fiscal 2020 represented 53 weeks and ended on May 2, 2020. The following discussions of comparative results among periods should be reviewed in that context. |
| Basis of presentation | Basis of presentation. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). |
| Principles of consolidation | Principles of consolidation. The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
| Use of estimates | Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
| Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents 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 April 30, 2022, the Company had a balance of $40.0 million in money market accounts. The Company did not have any money market accounts as of May 1, 2021. |
| 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 $1.0 million and $0.7 million as of April 30, 2022 and May 1, 2021, 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. For accounts receivable, the Company generally does not require collateral. Sales to General Motors Company (“GM”) in the Automotive segment, either directly or through its tiered suppliers, represented a significant portion of the Company's business. As of April 30, 2022 and May 1, 2021, accounts receivable from GM (including tiered suppliers) were approximately $42.0 million and $54.9 million, respectively. |
| Inventories | Inventories. Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. See Note 5, “Inventory” for additional information. |
| Property, plant and equipment | Property, plant and equipment. Property, plant and equipment are recorded at cost less accumulated depreciation, with the exception of assets acquired through acquisitions, which are initially recorded at fair value. Equipment acquired under a finance lease is recorded at the present value of the future minimum lease payments. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. Costs of additions and major improvements are capitalized, whereas maintenance and repairs that do not improve or extend the life of the asset are charged to expense as incurred. See Note 6, “Property, Plant and Equipment” for additional information. |
| Business combinations | Business combinations. The Company accounts for business combinations using the acquisition method. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. |
| Goodwill | Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis. Goodwill is evaluated at the reporting unit level by comparing the fair value of the reporting unit with its carrying amount including goodwill. An impairment of goodwill exists if the carrying amount of the reporting unit exceeds its fair value. The impairment loss is the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to that reporting unit. In performing the goodwill impairment test, the Company may first assess qualitative factors to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. See Note 7, “Goodwill and Other Intangible Assets” for additional information regarding the Company’s goodwill impairment assessment for fiscal 2022. |
| Amortizable intangible assets | Amortizable intangible assets. Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Amortization is recognized over the useful lives of the intangible assets, generally up to 20 years, using the straight-line method. See Note 7, “Goodwill and Other Intangible Assets” for additional information. |
| Impairment of long-lived assets | Impairment of long-lived assets. The Company evaluates whether events and circumstances have occurred which indicate that the remaining estimated useful lives of its intangible assets, excluding goodwill, and other long-lived assets, may warrant revision or that the remaining balance of such assets may not be recoverable. If impairment indicators exist, the Company performs an impairment analysis by comparing the undiscounted cash flows resulting from the use of the asset group to the carrying amount. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized based on the excess of the asset’s carrying amount over its fair value. |
| Pre-production costs related to long-term supply arrangements | Pre-production costs related to long-term supply arrangements. The Company incurs pre-production tooling costs related to products produced for its customers under long-term supply arrangements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable by the customer. As of April 30, 2022 and May 1, 2021, the Company had $27.2 million and $25.0 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling. Costs for molds, dies and other tools used in products produced for its customers under long-term supply arrangements for which the Company has title are capitalized in property, plant and equipment and amortized over the shorter of the life of the arrangement or over the estimated useful life of the assets. Company owned tooling was $14.6 million and $17.0 million as of April 30, 2022 and May 1, 2021, respectively. |
| Leases | Leases. The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company estimates the incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company utilizes certain practical expedients, including the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. The Company elects to recognize a right-of-use asset and related lease liability for leases with a lease term of 12 months or less for all classes of underlying assets. Lease expense is recognized on a straight-line basis over the lease term. See Note 3, “Leases” for additional information. |
| Derivative financial instruments | Derivative financial instruments. The Company uses derivative financial instruments, including swaps and forward contracts, to manage exposures to changes in currency exchange rates and interest rates. The Company does not enter into or hold derivative financial instruments for trading or speculative purposes. See Note 8, “Derivative Financial Instruments and Hedging Activities” for additional information. |
| Income taxes | Income taxes. Income taxes are calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. See Note 11, “Income Taxes” for additional information. |
| Revenue recognition | Revenue recognition. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue 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 cost of products sold. |
| Restructuring expense | Restructuring expense. Restructuring expense includes costs directly associated with exit or disposal activities. Such costs include employee severance and termination benefits, asset impairment charges, contract termination fees, and other exit or disposal costs. Employee termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable. Asset impairment charges relate to the impairment of ROU lease assets and equipment. Contract termination costs are recorded when notification of termination is given to the other party. See Note 4, “Restructuring” for additional information. |
| Foreign currency translation | Foreign currency translation. The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the consolidated statements of income in other income, net. |
| Government grants | Government grants. The Company recognizes grant income in other income, net in the consolidated statements of income when it is considered that there is reasonable assurance that the grant will be received and the necessary qualifying conditions, as stated in the grant agreement, are met. The international government grants are generally paid over a period of years and are recorded at amortized cost on the Company’s consolidated balance sheets. As of April 30, 2022 and May 1, 2021, grant receivables outstanding were $12.7 million and $18.6 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. Additionally, as of April 30, 2022 and May 1, 2021, the Company has no deferred grant income. |
| Research and development costs | Research and development costs. Costs associated with the enhancement of existing products and the development of new products are charged to expense when incurred. Research and development expenses primarily relate to product engineering and design and development expenses and are classified as a component of cost of goods sold on the consolidated statements of income. Research and development costs were $35.7 million, $37.1 million and $34.9 million for fiscal 2022, fiscal 2021 and fiscal 2020, 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 its probable that a liability has been incurred and the related amounts are reasonably estimable. |
| 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 securities within the fair value hierarchy. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. |
| Recently issued/adopted accounting pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles in ASC 740, such as recognizing deferred taxes for equity investments, the incremental approach to performing intraperiod tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted ASU 2019-12 as of May 2, 2021, and the impact on its consolidated financial statements was not material. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships that reference LIBOR or another rate that is expected to be discontinued, subject to meeting certain criteria. ASU 2020-04 was effective upon issuance and the adoption of this update did not have a material impact on the Company's consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832),” which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy (for example, International Financial Reporting Standards guidance in International Accounting Standard 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions in the scope of the new standard, business entities will need to provide information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021. The Company does not expect that the adoption of this standard will have an impact on its consolidated financial statements; however the Company expects to increase its disclosures with respect to government assistance beginning in fiscal 2023. |
Revenue (Tables) |
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| 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.
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| Customer Concentration | Sales to GM in the Automotive segment, either directly or through its tiered suppliers, are shown below.
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Leases (Tables) |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Costs | The components of lease expense were as follows:
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| Supplemental Cash Flow | Supplemental cash flow and other information related to operating leases was as follows:
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| Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of April 30, 2022, are shown below:
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Restructuring (Tables) |
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| Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring Activity | The following is a rollforward of the Company’s restructuring activity in fiscal 2022:
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| Schedule Of Restructuring Costs By Reportable Segment | The table below presents restructuring costs by reportable segment:
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Inventory (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Inventories | A summary of inventories is shown below:
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Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property Plant And Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property, Plant and Equipment | A summary of property, plant and equipment is shown below:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | A summary of the changes in goodwill by reportable segment is as follows:
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| Summary of Goodwill by Reporting Unit | A summary of goodwill by reporting unit is as follows:
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| Schedule of Other Intangible Assets, Net | Details of identifiable intangible assets are shown below:
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| 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:
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Derivative Financial Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Balance Sheets | The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the balance sheets as follows:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Debt | A summary of debt is shown below:
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| Scheduled Principal Payments of Debt | As of April 30, 2022, scheduled principal payments of debt are as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Tax Provision | The U.S. and foreign components of income before income taxes and the provision for income taxes are as follows:
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| Schedule of Reconciliation of Income Tax Expense | A reconciliation of income tax expense to the U.S. statutory federal income tax rate of 21% is as follows:
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| Schedule of Deferred Income Tax Assets and Liabilities | Significant components of the Company's deferred income tax assets and liabilities were as follows:
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| Schedule of Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Buyback Activity Under Share Buyback Program | The following table summarizes the Company’s stock buyback activity under this share buyback program:
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| 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:
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| Summary of Stock-based Compensation Expense (Benefit) Related to Equity Awards | The table below summarizes the stock-based compensation expense (benefit) related to the equity awards:
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| 2014 Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of RSA and RSU Activity | The following table summarizes the RSA activity under the 2014 Incentive Plan:
The following table summarizes RSU activity granted under the 2014 Plan:
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| 2010 Plan and 2007 Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of combined stock option activity and related information for stock options granted | The following table summarizes combined stock option activity under the 2010 Plan and 2007 Plan:
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Income Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Computation of Basic and Diluted Income per Share | The following table sets forth the computation of basic and diluted income per share:
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Segment Information and Geographic Area Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reportable Segments | The tables below present information about the Company’s reportable segments.
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| 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.
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Summary of Quarterly Results of Operations (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of unaudited quarterly results of operations | The following is a summary of unaudited quarterly results of operations for fiscal 2022 and fiscal 2021:
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Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Fiscal period duration | 364 days | 364 days | 371 days |
| Covid19 | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Other income | $ 10.0 | $ 11.1 | $ 1.7 |
Description of Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Cash and Cash Equivalents [Line Items] | ||
| Cash and cash equivalents | $ 172,000,000.0 | $ 233,200,000 |
| Money Market Accounts | ||
| Cash and Cash Equivalents [Line Items] | ||
| Cash and cash equivalents | $ 40,000,000.0 | $ 0 |
Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Allowance for Credit Loss [Abstract] | ||
| Allowance for doubtful accounts receivable | $ 1.0 | $ 0.7 |
Description of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Automotive | Material customers | ||
| Concentration Risk [Line Items] | ||
| Accounts receivable, net | $ 42.0 | $ 54.9 |
Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) |
12 Months Ended |
|---|---|
Apr. 30, 2022 | |
| Buildings and Building Improvements | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 5 years |
| Buildings and Building Improvements | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 40 years |
| Machinery and Equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 3 years |
| Machinery and Equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 15 years |
Description of Business and Summary of Significant Accounting Policies - Pre-production Tooling Costs Related to Long-term Supply Arrangements (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Pre-production costs | $ 27.2 | $ 25.0 |
| Preproduction costs related to long-term supply arrangements, asset for molds dies and tools owned | $ 14.6 | $ 17.0 |
Description of Business and Summary of Significant Accounting Policies - Government Grants (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Grants receivable | $ 12.7 | $ 18.6 |
Description of Business and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Accounting Policies [Abstract] | |||
| Research and development costs | $ 35.7 | $ 37.1 | $ 34.9 |
Description of Business and Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) |
Apr. 30, 2022 |
|---|---|
| ASU 2019-12 | |
| New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
| Change in accounting principle, accounting standards update, adopted [true false] | true |
| Change in accounting principle, accounting standards update, adoption date | May 02, 2021 |
| Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
| ASU 2020-04 | |
| New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
| Change in accounting principle, accounting standards update, adopted [true false] | true |
| Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Revenue (Details) |
12 Months Ended |
|---|---|
Apr. 30, 2022 | |
| Minimum | |
| Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | |
| Accounts receivable collection terms | 30 days |
| Maximum | |
| Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | |
| Accounts receivable collection terms | 45 days |
Revenue - Contract Assets and Liabilities (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
|
| Contract With Customer Asset And Liability [Abstract] | ||
| Unbilled receivables | $ 400,000 | $ 600,000 |
| Unbilled receivables recorded into accounts receivable | (600,000) | |
| Impairment of contract assets | 0 | |
| Deferred revenue | 200,000 | $ 300,000 |
| Deferred revenue recorded into revenue | $ (100,000) |
Revenue - Customer Concentration (Details) |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Automotive | GM | Customer Concentration Risk | Sales in Automotive Segment | |||
| Concentration Risk [Line Items] | |||
| Percentage of net sales | 23.30% | 27.50% | 26.80% |
Leases - Narrative (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Lessee, Lease, Description [Line Items] | ||
| Finance lease, right-of-use asset | $ 0.7 | $ 0.7 |
| 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 | $ 0.8 | $ 1.0 |
| 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 | |
| Maximum | ||
| Lessee, Lease, Description [Line Items] | ||
| Lease term | 10 years 3 months 18 days |
Leases - Lease Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Lease Cost [Abstract] | |||
| Operating lease cost | $ 8.9 | $ 8.4 | $ 9.0 |
| Variable lease cost | 1.6 | 1.6 | 1.3 |
| Total lease cost | $ 10.5 | $ 10.0 | $ 10.3 |
Leases - Supplemental Lessee Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Leases [Abstract] | |||
| Cash paid related to operating lease obligations, including lease termination payment | $ 10.8 | $ 9.3 | $ 8.7 |
| Right-of-use assets obtained in exchange for lease obligations | $ 7.7 | $ 5.7 | $ 5.5 |
| Weighted-average remaining lease term | 5 years 3 months 18 days | 5 years | 5 years 8 months 12 days |
| Weighted-average discount rate | 4.40% | 4.60% | 4.70% |
Leases - Operating Lease Maturity (Details) |
Apr. 30, 2022
USD ($)
|
|---|---|
| Fiscal Year: | |
| 2023 | $ 6.5 |
| 2024 | 4.8 |
| 2025 | 2.5 |
| 2026 | 1.7 |
| 2027 | 1.5 |
| Thereafter | 7.0 |
| Total lease payments | 24.0 |
| Less: imputed interest | (3.2) |
| Present value of lease liabilities | $ 20.8 |
Restructuring - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
Apr. 30, 2022 |
May 01, 2021 |
|
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | $ 0.1 | $ 1.2 | $ 3.6 | $ 8.2 |
| Selling and Administrative Expenses [Member] | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | 2.3 | 3.4 | ||
| Cost of Products Sold [Member] | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | $ 1.3 | $ 4.8 | ||
Restructuring - Schedule of Restructuring Costs by Reportable Segment (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
Apr. 30, 2022 |
May 01, 2021 |
|
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | $ 0.1 | $ 1.2 | $ 3.6 | $ 8.2 |
| Automotive | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | 0.2 | 6.2 | ||
| Industrial | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | $ 3.4 | 1.0 | ||
| Interface | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | 0.7 | |||
| Eliminations/Corporate [Member] | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring Costs | $ 0.3 | |||
Inventory - Summary of Inventories (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Inventory Net Items Net Of Reserve Alternative [Abstract] | ||
| Finished products | $ 31.8 | $ 24.8 |
| Work in process | 12.9 | 14.0 |
| Raw materials | 113.8 | 85.4 |
| Total inventories | $ 158.5 | $ 124.2 |
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total Property, Plant and Equipment, Gross | $ 521.5 | $ 525.0 |
| Less: accumulated depreciation | (324.5) | (321.0) |
| Property, plant and equipment, net | 197.0 | 204.0 |
| 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 | 89.2 | 88.9 |
| Machinery and Equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Total Property, Plant and Equipment, Gross | 407.5 | 408.0 |
| Construction in Progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Total Property, Plant and Equipment, Gross | $ 21.5 | $ 24.8 |
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Property Plant And Equipment [Abstract] | |||
| Depreciation | $ 33.5 | $ 32.2 | $ 29.3 |
| Capital expenditures recorded in accounts payable | $ 4.4 | $ 5.5 | |
Goodwill and Other Intangible Assets - Schedule of Goodwill Roll-forward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Goodwill [Line Items] | |||
| Beginning balance | $ 235.6 | $ 231.6 | $ 233.3 |
| Acquisitions | (0.2) | ||
| Foreign currency translation | (2.6) | 4.0 | (1.5) |
| Ending balance | 233.0 | 235.6 | 231.6 |
| Automotive | |||
| Goodwill [Line Items] | |||
| Beginning balance | 106.7 | 106.2 | 106.3 |
| Acquisitions | 0.0 | ||
| Foreign currency translation | (0.8) | 0.5 | (0.1) |
| Ending balance | 105.9 | 106.7 | 106.2 |
| Industrial | |||
| Goodwill [Line Items] | |||
| Beginning balance | 128.9 | 125.4 | 127.0 |
| Acquisitions | (0.2) | ||
| Foreign currency translation | (1.8) | 3.5 | (1.4) |
| Ending balance | $ 127.1 | $ 128.9 | $ 125.4 |
Goodwill and Other Intangible Assets - Summary of Goodwill by Reporting Unit (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
Apr. 27, 2019 |
|---|---|---|---|---|
| Goodwill [Line Items] | ||||
| Goodwill | $ 233.0 | $ 235.6 | $ 231.6 | $ 233.3 |
| Grakon Industrial | ||||
| Goodwill [Line Items] | ||||
| Goodwill | 125.5 | 127.2 | ||
| North America | ||||
| Goodwill [Line Items] | ||||
| Goodwill | 99.8 | 99.8 | ||
| European Automotive | ||||
| Goodwill [Line Items] | ||||
| Goodwill | 6.1 | 6.9 | ||
| Other | ||||
| Goodwill [Line Items] | ||||
| Goodwill | $ 1.6 | $ 1.7 |
Goodwill and Other Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Goodwill And Intangible Assets Disclosure [Abstract] | ||
| 2023 | $ 18.9 | |
| 2024 | 18.5 | |
| 2025 | 17.9 | |
| 2026 | 17.1 | |
| 2027 | 16.4 | |
| Thereafter | 117.1 | |
| Net/Total | $ 205.9 | $ 227.6 |
Derivative Financial Instruments and Hedging Activities - Narrative (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Apr. 30, 2021
USD ($)
|
Apr. 30, 2022
USD ($)
|
May 01, 2021
USD ($)
|
Apr. 30, 2022
EUR (€)
|
|
| Derivative [Line Items] | ||||
| Derivative, maturity date | Aug. 31, 2023 | |||
| Derivative, notional amount | $ 60.0 | € 54.8 | ||
| Interest Rate Swap | ||||
| Derivative [Line Items] | ||||
| Derivative, maturity date | Aug. 31, 2023 | |||
| Derivative, notional amount | $ 100.0 | |||
| Foreign Exchange Forward | ||||
| Derivative [Line Items] | ||||
| Derivative, notional amount | 38.6 | $ 14.8 | ||
| Foreign Exchange Forward | Other Income | ||||
| Derivative [Line Items] | ||||
| Gain (loss) on foreign currency derivatives recorded in earnings, net | $ 0.1 | $ (0.1) | ||
Debt - Summary of Debt (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Unamortized debt issuance costs | $ (0.9) | $ (1.5) |
| Total debt | 210.5 | 240.1 |
| Less: current maturities | (13.0) | (14.9) |
| Long-term debt | 197.5 | 225.2 |
| Line of credit | Revolving Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Debt | 9.9 | |
| Term loan | ||
| Debt Instrument [Line Items] | ||
| Debt | 206.3 | 218.7 |
| Other Debt | ||
| Debt Instrument [Line Items] | ||
| Debt | 5.1 | $ 13.0 |
| Less: current maturities | $ (0.5) |
Debt - Revolving Credit Facility/Term Loan (Details) - Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] - Revolving Credit Facility |
12 Months Ended |
|---|---|
|
Apr. 30, 2022
USD ($)
| |
| Debt Instrument [Line Items] | |
| Credit Agreement terminates | 2023-09 |
| Borrowing capacity, increase limit | $ 200,000,000.0 |
| Interest rate (as a percent) | 2.00% |
| Term loan | |
| Debt Instrument [Line Items] | |
| Maximum borrowing capacity | $ 250,000,000.0 |
| Periodic payment, principal, proportion of total borrowing (as a percent) | 1.25% |
| Periodic payment, principal | $ 3,100,000 |
| Line of credit | |
| Debt Instrument [Line Items] | |
| Maximum borrowing capacity | $ 200,000,000.0 |
Debt - Other Debt (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Apr. 30, 2022
USD ($)
Note
|
May 01, 2021
USD ($)
|
|
| Debt Instrument [Line Items] | ||
| Debt, short-term | $ 13.0 | $ 14.9 |
| Other Debt | ||
| Debt Instrument [Line Items] | ||
| Number of notes | Note | 3 | |
| Weighted-average interest rate (as a percent) | 1.40% | |
| Debt, short-term | $ 0.5 | |
| Debt, fair value | $ 4.7 |
Debt - Scheduled Principal Payments of Debt (Details) $ in Millions |
Apr. 30, 2022
USD ($)
|
|---|---|
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| 2023 | $ 13.0 |
| 2024 | 196.9 |
| 2025 | 0.2 |
| 2026 | 0.2 |
| 2027 | 0.2 |
| Thereafter | 0.9 |
| Total | $ 211.4 |
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Income Tax Contingency [Line Items] | |||
| Income before Income Taxes | $ 118.5 | $ 134.9 | $ 148.7 |
| Current Income Tax Expense (Benefit) | 18.7 | 21.7 | 17.9 |
| Deferred Income Tax Expense (Benefit) | (2.4) | (9.1) | 7.4 |
| Total income tax expense | 16.3 | 12.6 | 25.3 |
| Domestic Tax Authority | |||
| Income Tax Contingency [Line Items] | |||
| Income before Income Taxes | 31.2 | 28.3 | 47.3 |
| Current Income Tax Expense (Benefit) | 5.2 | 5.8 | 5.1 |
| Deferred Income Tax Expense (Benefit) | 0.2 | 1.3 | 6.1 |
| Foreign Tax Authority | |||
| Income Tax Contingency [Line Items] | |||
| Income before Income Taxes | 87.3 | 106.6 | 101.4 |
| Current Income Tax Expense (Benefit) | 13.5 | 15.9 | 12.8 |
| Deferred Income Tax Expense (Benefit) | $ (2.6) | $ (10.4) | $ 1.3 |
Income Taxes - Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| 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 | $ 24.9 | $ 28.3 | $ 31.2 |
| State income taxes, net of federal benefit | 0.6 | 0.1 | 1.5 |
| Withholding taxes | 2.5 | 2.7 | 2.3 |
| Non-deductible compensation | 2.1 | 0.5 | 0.2 |
| Foreign tax differential | (8.1) | (10.8) | (8.3) |
| U.S. tax on foreign income | (1.7) | 2.8 | (1.0) |
| Foreign investment tax credit | (7.2) | (0.8) | |
| Research and development | (2.6) | (2.2) | (0.6) |
| Change in tax reserve | (0.1) | 0.1 | 2.2 |
| Change in valuation allowance | (2.0) | 1.8 | 0.8 |
| Tax rate change, foreign | 0.1 | (0.1) | (0.1) |
| Other, net | 0.6 | (3.4) | (2.1) |
| Total income tax expense | $ 16.3 | $ 12.6 | $ 25.3 |
| Effective income tax rate | 13.80% | 9.30% | 17.00% |
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
| Beginning balance | $ 5.3 | $ 5.2 |
| Increases for positions related to the current year | 0.0 | 0.2 |
| Lapsing of statutes of limitations | (0.2) | (0.1) |
| Ending balance | $ 5.1 | $ 5.3 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Apr. 30, 2022
USD ($)
Site
|
May 01, 2021
USD ($)
|
May 02, 2020
USD ($)
|
Mar. 02, 2020
USD ($)
|
|
| Loss Contingencies [Line Items] | ||||
| Site contingency, number of sites subject to environmental investigation or remediation | Site | 2 | |||
| Accrual for environmental loss contingencies | $ 1.0 | $ 0.9 | ||
| Environmental remediation expense | 0.5 | 0.5 | $ 0.5 | |
| Compensatory Damages | ||||
| Loss Contingencies [Line Items] | ||||
| Gain Contingency, Unrecorded Amount | $ 102.0 | |||
| Punitive Damages | ||||
| Loss Contingencies [Line Items] | ||||
| Gain Contingency, Unrecorded Amount | $ 11.0 | |||
| Other accrued expenses | ||||
| Loss Contingencies [Line Items] | ||||
| Accrual for environmental loss contingencies | $ 0.7 | $ 0.6 | ||
Shareholders' Equity - Share Repurchase Program (Details) - USD ($) $ in Millions |
12 Months Ended | 13 Months Ended | |||
|---|---|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
Apr. 30, 2022 |
Jun. 16, 2022 |
Mar. 31, 2021 |
|
| Equity Class Of Treasury Stock [Line Items] | |||||
| Shares purchased | 1,425,190 | 167,949 | 1,593,139 | ||
| Stock repurchase cost | $ 63.7 | $ 7.5 | $ 71.2 | ||
| Remaining authorized repurchase amount | $ 28.8 | $ 28.8 | |||
| Subsequent Event | |||||
| Equity Class Of Treasury Stock [Line Items] | |||||
| Stock repurchase program, additional authorized amount | $ 100.0 | ||||
| Maximum | |||||
| Equity Class Of Treasury Stock [Line Items] | |||||
| Stock repurchase program, Authorized amount | $ 100.0 | ||||
Shareholders' Equity - Summary of Stock Buyback Activity Under Share Buyback Program (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | 13 Months Ended | |
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
Apr. 30, 2022 |
|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
| Shares purchased | 1,425,190 | 167,949 | 1,593,139 |
| Average price per share | $ 44.73 | $ 44.66 | |
| Total cost | $ 63.7 | $ 7.5 | $ 71.2 |
Shareholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jul. 31, 2021 |
May 01, 2021 |
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Cash dividends | $ (20.4) | $ (17.4) | $ (16.3) | ||
| Description of changes in dividends rate | increased its quarterly dividend from $0.11 per share to $0.14 per share | ||||
| Increased quarterly dividend per share | $ 0.14 | $ 0.11 | |||
| RSAs | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Cash dividends | $ (0.9) | ||||
Shareholders' Equity - General (Details) - 2014 Incentive Plan |
Apr. 30, 2022
shares
|
|---|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
| Number of shares authorized (in shares) | 3,000,000 |
| Number of shares available for award (in shares) | 112,255 |
Shareholders' Equity - Stock-based Compensation Expense (Benefit) (Details) - 2014 Incentive Plan - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | $ 11.8 | $ 6.8 | $ 0.3 |
| RSAs | Management | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | 0.0 | (2.1) | |
| RSAs | Director | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | 0.7 | 0.9 | 0.9 |
| RSUs | Management | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | 10.3 | $ 5.9 | $ 1.5 |
| RSUs | Deferred Director Awards | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | $ 0.8 | ||
Income Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
Jul. 31, 2021 |
May 01, 2021 |
Jan. 30, 2021 |
Oct. 31, 2020 |
Aug. 01, 2020 |
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Earnings Per Share [Abstract] | |||||||||||
| Net income | $ 16.2 | $ 29.4 | $ 27.5 | $ 29.1 | $ 31.1 | $ 31.9 | $ 38.6 | $ 20.7 | $ 102.2 | $ 122.3 | $ 123.4 |
| Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
| Denominator for basic income per share - weighted average shares outstanding and vested/unissued RSUs | 37,234,086 | 38,038,615 | 37,574,671 | ||||||||
| Dilutive potential common shares - stock options, RSAs and RSUs (in shares) | 583,360 | 267,671 | 269,799 | ||||||||
| Denominator for diluted income per share | 37,817,446 | 38,306,286 | 37,844,470 | ||||||||
| Basic and diluted income per share: | |||||||||||
| Basic income per share (in dollars per share) | $ 0.44 | $ 0.80 | $ 0.73 | $ 0.77 | $ 0.82 | $ 0.84 | $ 1.01 | $ 0.55 | $ 2.74 | $ 3.22 | $ 3.28 |
| Diluted income per share (in dollars per share) | $ 0.43 | $ 0.78 | $ 0.72 | $ 0.76 | $ 0.81 | $ 0.83 | $ 1.01 | $ 0.54 | $ 2.70 | $ 3.19 | $ 3.26 |
| Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 928,412 | 738,167 | 566,620 | ||||||||
Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
Apr. 27, 2019 |
|---|---|---|---|---|
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
| Goodwill | $ 233.0 | $ 235.6 | $ 231.6 | $ 233.3 |
Summary of Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2022 |
Jan. 29, 2022 |
Oct. 30, 2021 |
Jul. 31, 2021 |
May 01, 2021 |
Jan. 30, 2021 |
Oct. 31, 2020 |
Aug. 01, 2020 |
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||
| Net sales | $ 288.7 | $ 291.6 | $ 295.5 | $ 287.8 | $ 301.0 | $ 295.3 | $ 300.8 | $ 190.9 | $ 1,163.6 | $ 1,088.0 | $ 1,023.9 |
| Gross profit | 54.9 | 69.1 | 69.2 | 71.7 | 75.6 | 72.6 | 80.8 | 45.1 | 264.9 | 274.1 | 282.9 |
| Net income | $ 16.2 | $ 29.4 | $ 27.5 | $ 29.1 | $ 31.1 | $ 31.9 | $ 38.6 | $ 20.7 | $ 102.2 | $ 122.3 | $ 123.4 |
| Net income per basic common share | $ 0.44 | $ 0.80 | $ 0.73 | $ 0.77 | $ 0.82 | $ 0.84 | $ 1.01 | $ 0.55 | $ 2.74 | $ 3.22 | $ 3.28 |
| Net income per diluted common share | $ 0.43 | $ 0.78 | $ 0.72 | $ 0.76 | $ 0.81 | $ 0.83 | $ 1.01 | $ 0.54 | $ 2.70 | $ 3.19 | $ 3.26 |
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
May 02, 2020 |
|
| Allowance for uncollectible accounts | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of period | $ 0.7 | $ 0.7 | $ 0.9 |
| (Benefits)/ charges to income | 0.3 | 0.0 | (0.2) |
| Deductions | 0.0 | 0.0 | 0.0 |
| Other | 0.0 | 0.0 | 0.0 |
| Balance at end of period | 1.0 | 0.7 | 0.7 |
| Deferred tax valuation allowance | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of period | 9.3 | 7.5 | 6.6 |
| (Benefits)/ charges to income | (2.5) | 1.8 | 0.9 |
| Deductions | 0.0 | 0.0 | 0.0 |
| Other | 0.0 | 0.0 | 0.0 |
| Balance at end of period | $ 6.8 | $ 9.3 | $ 7.5 |