Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 27, 2019 | Jun. 18, 2019 | Oct. 27, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | METHODE ELECTRONICS INC | ||
Entity Central Index Key | 0000065270 | ||
Current Fiscal Year End Date | --04-27 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 27, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 37,059,425 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 83.2 | $ 246.1 |
Accounts Receivable, Less Allowance (2019 - $0.9 and 2018 - $0.5) | 219.3 | 202.6 |
Inventories | 116.7 | 84.1 |
Income Taxes Receivable | 14.3 | 2.4 |
Prepaid Expenses and Other Current Assets | 20 | 14.8 |
TOTAL CURRENT ASSETS | 453.5 | 550 |
NON-CURRENT ASSETS | ||
Property, Plant and Equipment, Net | 191.9 | 162.2 |
Goodwill | 233.3 | 59.2 |
Intangibles, Net | 264.9 | 61 |
Deferred Tax Assets | 34.3 | 42.3 |
Pre-production Costs | 32.8 | 20.5 |
Other Long-term Assets | 21 | 20.7 |
TOTAL NON-CURRENT ASSETS | 778.2 | 365.9 |
TOTAL ASSETS | 1,231.7 | 915.9 |
CURRENT LIABILITIES | ||
Accounts Payable | 91.9 | 89.5 |
Accrued Employee Liabilities | 20.1 | 22.8 |
Other Accrued Expenses | 33.9 | 21.6 |
Short-term Debt | 15.7 | 4.4 |
Income Tax Payable | 19.3 | 18.7 |
TOTAL CURRENT LIABILITIES | 180.9 | 157 |
LONG-TERM LIABILITIES | ||
Long-term Debt | 276.9 | 53.4 |
Long-term Income Taxes Payable | 33 | 42.6 |
Other Long-term Liabilities | 14.8 | 14.6 |
Deferred Tax Liabilities | 36.4 | 18.3 |
TOTAL LONG-TERM LIABILITIES | 361.1 | 128.9 |
TOTAL LIABILITIES | 542 | 285.9 |
SHAREHOLDERS’ EQUITY | ||
Common Stock, $0.50 par value, 100,000,000 shares authorized, 38,333,576 shares and 38,198,353 shares issued as of April 27, 2019 and April 28, 2018, respectively | 19.2 | 19.1 |
Additional Paid-in Capital | 150.4 | 136.5 |
Accumulated Other Comprehensive Income (Loss) | (13.6) | 13.9 |
Treasury Stock, 1,346,624 shares as of April 27, 2019 and April 28, 2018 | (11.5) | (11.5) |
Retained Earnings | 545.2 | 472 |
TOTAL SHAREHOLDERS' EQUITY | 689.7 | 630 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,231.7 | $ 915.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
CURRENT ASSETS | ||
Allowance, accounts receivable | $ 0.9 | $ 0.5 |
Common Stock: | ||
Par value (in dollars per share) | $ 0.50 | $ 0.50 |
Shares authorized (in shares) | 100,000,000 | 100,000,000 |
Shares issued (in shares) | 38,333,576 | 38,198,353 |
Treasury Stock: | ||
Shares issued (in shares) | 1,346,624 | 1,346,624 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Income Statement [Abstract] | |||
Net Sales | $ 1,000.3 | $ 908.3 | $ 816.5 |
Cost of Products Sold | 734.5 | 668.7 | 598.2 |
Gross Profit | 265.8 | 239.6 | 218.3 |
Selling and Administrative Expenses | 142.9 | 115.7 | 105.2 |
Amortization of Intangibles | 16.1 | 5.6 | 2.3 |
Income from Operations | 106.8 | 118.3 | 110.8 |
Interest (Income) Expense, Net | 8.3 | 0.9 | (0.4) |
Other Income, Net | (5.1) | (6.4) | (4.7) |
Income before Income Taxes | 103.6 | 123.8 | 115.9 |
Income Tax Expense | 12 | 66.6 | 23 |
Net Income | $ 91.6 | $ 57.2 | $ 92.9 |
Basic and Diluted Income per Share: | |||
Basic income per share (in dollars per share) | $ 2.45 | $ 1.54 | $ 2.49 |
Diluted income per share (in dollars per share) | 2.43 | 1.52 | 2.48 |
Cash Dividends per Share: | |||
Common stock (in dollars per share) | $ 0.44 | $ 0.40 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 91.6 | $ 57.2 | $ 92.9 |
Other Comprehensive Income (Loss): | |||
Foreign Currency Translation Adjustments | (27.5) | 39.6 | (17.3) |
Total Comprehensive Income | $ 64.1 | $ 96.8 | $ 75.6 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings |
Beginning balance (in shares) at Apr. 30, 2016 | 38,181,985 | |||||
Beginning balance at Apr. 30, 2016 | $ 470.1 | $ 19.1 | $ 112.3 | $ (8.4) | $ (11.5) | $ 358.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Earned Portion of Restricted Stock, Net of Tax Withholding (in shares) | 146,192 | |||||
Earned Portion of Restricted Stock, Net of Tax Withholding | (1.1) | $ 0.1 | (1.2) | |||
Stock-based Compensation Expense | 12.4 | 12.4 | ||||
Exercise of Stock Options (in shares) | 147,829 | |||||
Exercise of Stock Options | $ 2.7 | $ 0.1 | 2.6 | |||
Purchase of Common Stock (in shares) | (280,168) | (342,081) | ||||
Purchase of Common Stock | $ (9.8) | $ (0.2) | (9.6) | |||
Tax Benefit from Stock Option Exercises | 4.9 | 4.9 | ||||
Foreign Currency Translation Adjustments | (17.3) | (17.3) | ||||
Net Income | 92.9 | 92.9 | ||||
Dividends on Common Stock | (13.7) | (13.7) | ||||
Ending balance (in shares) at Apr. 29, 2017 | 38,133,925 | |||||
Ending balance at Apr. 29, 2017 | 541.1 | $ 19.1 | 132.2 | (25.7) | (11.5) | 427 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Earned Portion of Restricted Stock, Net of Tax Withholding (in shares) | 51,095 | |||||
Earned Portion of Restricted Stock, Net of Tax Withholding | (0.2) | (0.2) | ||||
Stock-based Compensation Expense | 4 | 4 | ||||
Exercise of Stock Options (in shares) | 13,333 | |||||
Exercise of Stock Options | 0.3 | 0.3 | ||||
Foreign Currency Translation Adjustments | 39.6 | 39.6 | ||||
Net Income | 57.2 | 57.2 | ||||
Dividends on Common Stock | (14.7) | (14.7) | ||||
Ending balance (in shares) at Apr. 28, 2018 | 38,198,353 | |||||
Ending balance at Apr. 28, 2018 | 630 | $ 19.1 | 136.5 | 13.9 | (11.5) | 472 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Earned Portion of Restricted Stock, Net of Tax Withholding (in shares) | 135,223 | |||||
Earned Portion of Restricted Stock, Net of Tax Withholding | (1.7) | $ 0.1 | (0.1) | (1.7) | ||
Stock-based Compensation Expense | 14 | 14 | ||||
Foreign Currency Translation Adjustments | (27.5) | (27.5) | ||||
Net Income | 91.6 | 91.6 | ||||
Dividends on Common Stock | (16.8) | (16.8) | ||||
Ending balance (in shares) at Apr. 27, 2019 | 38,333,576 | |||||
Ending balance at Apr. 27, 2019 | $ 689.7 | $ 19.2 | $ 150.4 | $ (13.6) | $ (11.5) | $ 545.2 |
Consolidated Statement Cash Flo
Consolidated Statement Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
OPERATING ACTIVITIES: | |||
Net Income | $ 91.6 | $ 57.2 | $ 92.9 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Change in Cash Surrender Value of Life Insurance | (0.6) | (0.8) | (0.9) |
Amortization of Debt Issuance Costs | 0.5 | 0 | 0 |
Gain on Sale of Fixed Assets | (0.4) | 0 | 0 |
Gain on Sale of Licensing Agreement | 0 | (1.6) | 0 |
Depreciation | 27.2 | 22.5 | 22 |
Amortization of Intangibles | 16.1 | 5.6 | 2.3 |
Stock-based Compensation Expense | 14 | 4 | 12.4 |
Provision for Bad Debt | 0.2 | 0 | 0.2 |
Change in Deferred Income Taxes | (4.4) | (12.7) | (3.9) |
Changes in Operating Assets and Liabilities, net of Acquisitions: | |||
Accounts Receivable | 1.5 | 2.8 | 5.6 |
Inventories | (3.9) | (7.2) | 7.4 |
Prepaid Expenses and Other Assets | (16.7) | 8.2 | (3.9) |
Accounts Payable and Other Accrued Expenses | (23.1) | 39.8 | 11.1 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 102 | 117.8 | 145.2 |
INVESTING ACTIVITIES: | |||
Purchases of Property, Plant and Equipment | (49.8) | (47.7) | (22.4) |
Acquisition of Businesses, Net of Cash Received | (422.1) | (130.9) | 0 |
Acquisition of Technology Licenses | 0 | (0.7) | 0 |
Sale of Business/Investment/Property | 1.1 | 0.3 | 0.7 |
NET CASH USED IN INVESTING ACTIVITIES | (470.8) | (179) | (21.7) |
FINANCING ACTIVITIES: | |||
Taxes Paid Related to Net Share Settlement of Equity Awards | (1.7) | (0.3) | (1.1) |
Debt Issuance Costs | (3.1) | 0 | 0 |
Purchase of Common Stock | 0 | 0 | (9.8) |
Proceeds from Exercise of Stock Options | 0 | 0.3 | 2.7 |
Tax Benefit from Stock Option Exercises | 0 | 0 | 4.9 |
Cash Dividends | (16.3) | (14.7) | (13.7) |
Proceeds from Borrowings | 359 | 81.4 | 0 |
Repayment of Borrowings | (120.5) | (79.4) | (30) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 217.4 | (12.7) | (47) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (11.5) | 26 | (10.3) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (162.9) | (47.9) | 66.2 |
Cash and Cash Equivalents at Beginning of Year | 246.1 | 294 | 227.8 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 83.2 | $ 246.1 | $ 294 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 27, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Methode Electronics, Inc. (the "Company" or "Methode") is a global manufacturer of component and subsystem devices with manufacturing, design and testing facilities in Belgium, Canada, China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, the Netherlands, Singapore, Switzerland, the United Kingdom and the United States. The Company's primary manufacturing facilities are located in Dongguan and Shanghai, China; Cairo, Egypt; Mriehel, Malta; and Monterrey and Fresnillo, Mexico. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. Basis of Presentation. The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("GAAP"). Principles of Consolidation. The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. 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 2019 ended on April 27, 2019, fiscal 2018 ended on April 28, 2018 and fiscal 2017 ended on April 29, 2017. Fiscal 2019 , fiscal 2018 and fiscal 2017 represent 52 weeks of results. Cash and Cash Equivalents. Cash and cash equivalents include all highly liquid investments with a maturity of three months or less. Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon past transaction history with customers, customer payment practices and economic conditions. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account balance. The Company does not require collateral for its accounts receivable. When a receivable balance is determined to be no longer collectible, it is written off against the allowance for doubtful accounts. Accounts receivable are generally due within 30 days to 45 days . Credit losses relating to all customers have not been material. Sales to General Motors Company ("GM") and Ford Motor Company ("Ford") in the Automotive segment, either directly or through their tiered suppliers, represented a significant portion of the Company's business. As of April 27, 2019 and April 28, 2018 , combined accounts receivable from GM and Ford (including tiered suppliers) were approximately $65.2 million and $83.8 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. A summary of inventories is shown below: (Dollars in Millions) April 27, April 28, Finished Products $ 40.2 $ 15.4 Work in Process 9.4 14.6 Materials 67.1 54.1 Total Inventories $ 116.7 $ 84.1 Property, Plant and Equipment. Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below: (Dollars in Millions) April 27, April 28, Land $ 3.7 $ 0.8 Buildings and Building Improvements 81.2 69.2 Machinery and Equipment 390.7 364.7 Total Property, Plant and Equipment, Gross 475.6 434.7 Less: Accumulated Depreciation 283.7 272.5 Property, Plant and Equipment, Net $ 191.9 $ 162.2 Depreciation expense was $27.2 million , $22.5 million and $22.0 million in fiscal 2019 , fiscal 2018 and fiscal 2017 , respectively. As of April 27, 2019 and April 28, 2018 , capital expenditures recorded in accounts payable totaled $6.4 million and $9.0 million , respectively. Income Taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Tax Cuts and Jobs Act (“U.S. Tax Reform”) includes a new global intangible low-taxed income (“GILTI”) provision which requires the Company to include foreign subsidiary earnings in its U.S. tax return starting in fiscal 2019. The FASB Staff Q&A, Topic 740 No. 5, "Accounting for Global Intangible Low-Taxed Income," states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse in future years or provide for the tax expense in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred and therefore has not included any deferred tax impacts of GILTI in its consolidated financial statements for its fiscal year ended April 27, 2019. Revenue Recognition. On April 29, 2018, the Company adopted Accounting Standards Codification ("ASC") 606, “Revenue from Contracts with Customers,” using the modified retrospective transition method. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The cumulative effect of initially applying the new standard was recorded as an adjustment to the opening balance of retained earnings. In accordance with the modified retrospective transition method, the historical information within the financial statements has not been restated and continues to be reported under the accounting standard in effect for those periods. As a result, the Company has disclosed the accounting policies in effect prior to April 29, 2018, as well as the policies it has applied starting April 29, 2018. See Note 2, "Revenue," for further details. Periods prior to April 29, 2018 Revenue was recognized in accordance with ASC 605, "Revenue Recognition." Revenue was recognized upon either shipment or delivery (depending on shipping terms) of product to customers and is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities were accounted for on a net (excluded from revenues) basis. Periods commencing on or after April 29, 2018 The majority of the Company's revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, with the exception of consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenues associated with products which the Company believes have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. In transition to ASC 606, the Company noted some customers ordered highly customized parts in which the Company was entitled to payment throughout the manufacturing process. In accordance with ASC 606, the Company has begun recognizing revenue over time for these customers as the performance obligation is satisfied. The Company believes the most faithful depiction of the transfer of goods to the customer is based on progress to date, which is typically smooth throughout the production process. As such, the Company recognizes revenue evenly over the production process through transfer of control to the customer. In addition, customers typically negotiate annual price downs. Management has evaluated these price downs and determined that in some instances, these price downs give rise to a material right. In instances that a material right exists, a portion of the transaction price is allocated to the material right and recognized over the life of the contract. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Across all products, the amount of revenue recognized corresponds to the related purchase order 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. 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. 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 exchange rates during the year, while the assets and liabilities are translated using period-end exchange rates. Adjustments from the translation process are classified as a component of shareholders’ equity. Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the foreign subsidiary are included in the consolidated statements of income in other income. The amount of foreign currency gain or loss recognized was a loss of $1.3 million in fiscal 2019, a loss of $2.6 million in fiscal 2018, and a gain of $0.4 million in fiscal 2017. Business Combinations. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. 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. Impairment of Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis. In conducting its goodwill impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. 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. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. Long-Lived Assets. The Company continually 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. 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 $41.2 million , $37.9 million and $27.8 million for fiscal 2019 , fiscal 2018 and fiscal 2017 , 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 5, "Shareholders’ Equity," for additional information on stock-based compensation. 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. 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 financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications. Certain prior period amounts have been reclassified to conform to the current year presentation. Fair Value Measurements: Fair value 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 Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy established by ASC 820, "Fair Value Measurement," which defines three levels of inputs that may be used to measure fair value, as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities; • Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; • Level 3 - Unobservable inputs in which little or no market activity exists, requiring an entity 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. Fair Value of Other Financial Instruments. 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 Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this update are intended to address a specific consequence of U.S. Tax Reform by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform’s reduction of the U.S. federal corporate income tax rate. The ASU is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. ASU 2018-02 will be effective in the first quarter of fiscal 2020. Management does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which amended authoritative guidance on leases and is codified in ASC 842. The amended guidance requires lessees to recognize substantially all leases on their balance sheets as right-of-use (“ROU”) assets along with corresponding lease liabilities. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The new standard also requires increased disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The Company will adopt the standard on April 28, 2019 and will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Prior periods will not be restated. The Company expects to elect the transition package of practical expedients, which permits it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company will also elect not to separate lease from non-lease components within the contract. To date, the Company has assessed its portfolio of leases and compiled a central repository of all active leases. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. The Company has been implementing new leasing software and is in the process of assessing the design of the future lease process and drafting a policy to address the new standard requirements. While the Company continues to assess all the impacts of adoption, the Company estimates that it will recognize a ROU asset and corresponding lease liability of approximately $24 million to $29 million on its consolidated balance sheet. The Company does not expect that the adoption of this standard will have a material effect on its consolidated statements of income or cash flows. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” The new standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The standard will be effective for the Company in the first quarter of fiscal 2021. Management is currently assessing the impact of the new standard, but does not anticipate that the adoption of this standard will have a material impact on the manner in which it estimates the allowance for doubtful accounts on its trade accounts receivable. Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The new standard requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The standard was adopted on April 29, 2018 and did not have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update provide guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. The issues include, but are not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination, and proceeds from the settlement of insurance claims. The standard was adopted on April 29, 2018 and did not result in any changes in the reporting of cash receipts and cash payments in the Company’s consolidated statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard was adopted on April 29, 2018 and did not have a material impact on the Company's consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Apr. 27, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company is a global manufacturer of component and subsystem devices whose components are found in the primary end-markets of the aerospace, appliance, automotive, commercial vehicle, construction, consumer and industrial equipment, communications (including information processing and storage, networking equipment and wireless and terrestrial voice/data systems), medical, rail and other transportation industries. On April 29, 2018, the Company adopted ASC 606 along with the related amendments using a modified retrospective approach to all contracts open as of that date. Upon adoption, the Company recognized a $0.1 million increase to opening retained earnings. This adjustment was a result of modifying the Company's revenue recognition pattern for highly customized goods with no alternative use to over time recognition instead of point in time and for deferring revenue related to material rights that we provide to our customers. The overall impact to the Company's financial statements was immaterial. The Company has modified its controls to address the risks present under ASC 606. As the Company has adopted ASC 606 using the modified retrospective approach, prior periods have not been restated, and as such they are presented under ASC 605. The impact of the changes in accounting policy on fiscal 2019 is provided below. Fiscal Year Ended April 27, 2019 (Dollars in Millions) As Reported Adjustments Balance Under ASC 605 Net Sales $ 1,000.3 $ (24.2 ) $ 1,024.5 Cost of Products Sold $ 734.5 $ (24.2 ) $ 758.7 Total Inventories $ 116.7 $ (0.5 ) $ 117.2 Contract Assets $ 0.8 $ 0.8 $ — Contract Liabilities $ 0.3 $ 0.3 $ — Retained Earnings $ 545.2 $ 0.1 $ 545.1 Costs to Fulfill/Obtain a Contract The Company incurs pre-production tooling costs related to products produced for customers under long-term supply agreements. The Company had $32.8 million and $20.5 million as of April 27, 2019 and April 28, 2018 , 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. 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. This change resulted in tooling reimbursements of $24.2 million being recorded into cost of products sold in fiscal 2019 . 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 Estimates Due to the nature of the work performed in completing certain performance obligations, the estimation of both total revenue and cost at completion includes a number of variables and requires significant judgment. 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 we expect 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 has elected the practical expedient for significant financing components, allowing the Company to not adjust the promised amount of consideration for the effects of a financing component when payment terms are within one year from the time a performance obligation is satisfied. The Company's customers' payment terms are typically 30 - 45 days from the time control transfers. Certain of the Company's contracts contain annual contractually-guaranteed price reductions that grant the customer the right to purchase products at decreased prices throughout the life of the contract. Most of these contractual price reductions are merely the result of efficiencies in the production process being passed down to our customers. For certain of these price reductions, however, 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, is 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. The standalone selling price for a material right used to allocate the transaction price is determined at contract inception by calculating the portion of the option purchased relative to the estimated total amount of incremental value the customer will likely earn, based on historical data, customer forecast communications, current economic information and industry trends. The standalone selling price of a material right is not adjusted prior to customer exercise or option expiration. Estimating the total expected costs related to contracts also requires significant judgment. In cases where the Company is recognizing revenue over time, the requirement is to record a proportionate amount of the costs of production as well. As part of this process, management considers the progress towards completion of the performance obligation, the length of time necessary to complete the performance obligation and the historical costs incurred in the manufacture of similar products, among other variables. The Company has elected the portfolio approach practical expedient to estimate the amount of revenue to recognize for certain contracts which require over time revenue recognition. Such contracts are grouped together either by revenue stream, customer or product. Each portfolio of contracts is grouped together based on having similar characteristics. The portfolio approach is utilized only when the result of the accounting is not expected to be materially different than if applied to individual contracts. For each portfolio of contracts, the respective work in process and/or finished goods inventory balances are identified and the portfolio-specific margin is applied to estimate the pro-rata portion of revenue earned in relation to the costs incurred. Adjustments due to any of the factors above to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. The resultant impacts from these changes in estimates are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on both current and prior periods. 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 $0.8 million as of both April 27, 2019 and April 28, 2018. During fiscal 2019 , $0.8 million of previously unbilled receivables were recorded into accounts receivable. There were no impairments of contract assets as of April 27, 2019 . Deferred Revenue (Contract Liabilities) - For certain of the price reductions offered by the Company, the amount of the reduction cannot be attributed entirely to production efficiencies gained. In these cases, the annual price-downs are considered to be material rights as the customer, as part of their current contract, are purchasing an option that they would not have received without the contract to purchase future product. When a contract contains a material right, a portion of the transaction price is allocated to the material right for which revenue recognition is deferred until the customer exercises its option. Deferred revenue was $0.3 million and $0.2 million as of April 27, 2019 and April 28, 2018, respectively. No previously deferred revenue was recorded into revenue during fiscal 2019 . Disaggregated Revenue Information The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting period. Geographic net sales are determined based on sales from its various operational locations. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors. Fiscal Year Ended April 27, 2019 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 373.0 $ 110.3 $ 56.1 $ 1.1 $ 540.5 Malta 116.4 31.8 0.3 — 148.5 China 78.2 35.3 0.2 — 113.7 Canada 87.8 13.8 — — 101.6 Other 79.3 15.6 1.1 — 96.0 Total Net Sales $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ 1,000.3 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 704.4 $ 206.8 $ 57.7 $ 1.1 $ 970.0 Goods Transferred Over Time 30.3 — — — 30.3 Total Net Sales $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ 1,000.3 Material Customers Sales to GM and Ford in the Automotive segment, either directly or through their tiered suppliers, represented a significant portion of the Company's business. Net sales to GM and Ford approximated 35.5% and 11.6% of consolidated net sales, respectively, in fiscal 2019 , 43.3% and 12.3% of consolidated net sales, respectively, in fiscal 2018 and 49.6% and 9.3% of consolidated net sales, respectively, in fiscal 2017 . |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 27, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2019 Acquisition Grakon Parent, Inc. ("Grakon") On September 12, 2018 , the Company acquired 100% of the stock of Grakon for $422.1 million in cash, net of cash acquired. The business, headquartered in Seattle, Washington, is a manufacturer of custom designed lighting solutions and highly styled engineered components. Grakon’s manufacturing capabilities and products help diversify the Company's product offerings and expand the Industrial segment, which is a key component of the Company's strategic direction. The accounts and transactions of Grakon have been included in the Automotive and Industrial segments in the consolidated financial statements from the effective date of the acquisition. For goodwill impairment testing purposes, Grakon has been included in the Company's North American Automotive and Grakon Industrial reporting units. The Company has not yet completed the process of estimating the fair value of the assets acquired and liabilities assumed. Accordingly, the Company's preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as the Company completes the process, which would likely impact the Company's allocation of the purchase price to goodwill. The primary fair value estimates considered preliminary are contingencies and income tax-related items. Based on the Company's preliminary allocation of the purchase price, revised as of April 27, 2019 , goodwill decreased $2.8 million from the preliminary amount reported in the Company's consolidated financial statements as of January 26, 2019 . The revised preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 6.9 Accounts Receivable 36.1 Inventory 30.8 Prepaid Expenses and Other Current Assets 1.6 Intangible Assets 221.9 Goodwill 175.3 Pre-production Costs 1.5 Property, Plant and Equipment 16.2 Accounts Payable (19.4 ) Accrued Employee Liabilities (4.4 ) Other Accrued Expenses (7.5 ) Income Tax Payable (0.7 ) Deferred Income Tax Liability (29.3 ) Total Purchase Price $ 429.0 The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Significant Customer $ 57.0 19.5 years Customer Relationships and Agreements - All Other Customers 125.0 19.5 years Technology Licenses 17.7 11.7 years Trade Names 22.2 8.5 years Total $ 221.9 The Company's consolidated statement of income for fiscal 2019 included approximately seven and a half months of the operating results of Grakon, which was comprised of net sales of $122.8 million and income before income taxes of $17.7 million . Acquisition-related costs of $15.4 million were incurred in relation to the acquisition of Grakon for fiscal 2019, of which $9.8 million was reported in selling and administrative expenses and $5.6 million was reported in costs of products sold on the consolidated statements of income. As part of the acquisition of Grakon in fiscal 2019, the Company recorded goodwill of $175.3 million , of which $36.9 million is deductible for income taxes. Fiscal 2018 Acquisitions Procoplast S.A. ("Procoplast") On July 27, 2017 , the Company acquired 100% of the stock of Procoplast for $22.2 million in cash, net of cash acquired. The business, located near the Belgian-German border, is an independent manufacturer of automotive assemblies. The accounts and transactions of Procoplast have been included in the Automotive segment in the consolidated financial statements from the effective date of the acquisition. For goodwill impairment testing purposes, Procoplast is included in the Company's European Automotive reporting unit. During the fourth quarter of fiscal 2018, the Company completed the allocation of the purchase price to the assets acquired and liabilities assumed. The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed was: (Dollars in Millions) Cash $ 1.3 Accounts Receivable 7.4 Inventory 3.5 Intangible Assets 19.2 Goodwill 6.8 Pre-production Costs 2.3 Property, Plant and Equipment 23.8 Accounts Payable (4.9 ) Accrued Employee Liabilities (0.8 ) Other Accrued Expenses (0.7 ) Income Taxes Payable (0.6 ) Short-term Debt (3.2 ) Other Long-term Liabilities (2.1 ) Long-term Debt (20.6 ) Deferred Income Tax Liability (7.9 ) Total Purchase Price $ 23.5 As part of the acquisition of Procoplast in fiscal 2018, the Company recorded goodwill of $6.8 million , none of which is deductible for income taxes. The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Significant Customer $ 12.3 17.0 years Customer Relationships and Agreements - All Other Customers 2.8 11.5 years Technology Licenses 2.1 8.5 years Trade Names 2.0 8.5 years Total $ 19.2 Acquisition-related costs of $1.3 million were incurred in relation to the acquisition of Procoplast in fiscal 2018, of which $1.1 million was reported in selling and administrative expenses and $0.2 million was reported in costs of products sold on the consolidated statements of income. Pacific Insight Electronics Corp. ("Pacific Insight") On October 3, 2017 , the Company acquired 100% of the outstanding common shares of Pacific Insight for $108.7 million in cash, net of cash acquired. Pacific Insight, headquartered in Canada, is a global solutions provider offering design, development, manufacturing and delivery of lighting and electronic products and full-service solutions to the automotive and commercial vehicle markets. Its technology in LED-based ambient and direct lighting expands the Company's presence within the automotive interior, as well as augments the Company's efforts in overhead console and other areas. The accounts and transactions of Pacific Insight have been included in the Automotive segment in the consolidated financial statements from the effective date of the acquisition. For goodwill impairment testing purposes, Pacific Insight is included in the Company's North American Automotive reporting unit. During the fourth quarter of fiscal 2018, the Company completed the allocation of the purchase price to the assets acquired and liabilities assumed. The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed was: (Dollars in Millions) Cash $ 4.9 Accounts Receivable 18.3 Inventory 13.0 Prepaid Expenses and Other Current Assets 0.3 Income Taxes Receivable 1.2 Intangible Assets 40.1 Goodwill 50.4 Pre-production Costs 0.8 Property, Plant and Equipment 13.2 Accounts Payable (7.9 ) Accrued Employee Liabilities (0.8 ) Other Accrued Expenses (2.9 ) Short-term Debt (0.8 ) Long-term Debt (3.4 ) Deferred Income Tax Liability (12.8 ) Total Purchase Price $ 113.6 As part of the acquisition of Pacific Insight in fiscal 2018, the Company recorded goodwill of $50.4 million , none of which is deductible for income taxes. The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Automotive $ 22.6 11.0 years Customer Relationships and Agreements - Commercial 9.6 13.0 years Trade Names 6.2 7.5 years Technology Licenses 1.7 5.5 years Total $ 40.1 Acquisition-related costs of $5.5 million were incurred in relation to the acquisition of Pacific Insight for fiscal 2018, of which $4.9 million was reported in selling and administrative expenses and $0.6 million was reported in costs of products sold on the consolidated statements of income. The following table presents unaudited supplemental pro forma results for fiscal 2019 and 2018 as if both the Grakon acquisition had occurred as of the beginning of fiscal 2018 and the Pacific Insight acquisition had occurred as of the beginning of fiscal 2017. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at such times. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects. Fiscal Year Ended (Dollars in Millions) April 27, April 28, Revenues $ 1,073.3 $ 1,095.0 Net Income $ 106.4 $ 70.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 27, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company evaluates goodwill for impairment on an annual basis as of the beginning of the fourth quarter each year and at an interim date, 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 component), 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 2019, the Company performed a quantitative goodwill impairment test on its reporting units. The Company utilizes a combination of an income and market value approach to estimate the fair value of each of its reporting units. Cash flow projections are based on management’s estimates of revenue growth rates and earnings before interest, taxes, depreciation and amortization ("EBITDA") margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size, geography and other factors specific to the reporting unit. The market value approach is based on appropriate valuation multiples observed for the reporting unit’s guideline public companies. The goodwill impairment assessment indicated that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any of its reporting units are at risk for impairment. A summary of the changes in goodwill by reportable segment is as follows: (Dollars in Millions) Automotive Industrial Total Balance as of April 30, 2016 $ — $ 1.7 $ 1.7 Foreign Currency Translation — (0.1 ) (0.1 ) Balance as of April 29, 2017 — 1.6 1.6 Acquisitions 57.2 — 57.2 Foreign Currency Translation 0.3 0.1 0.4 Balance as of April 28, 2018 57.5 1.7 59.2 Acquisitions 49.4 125.9 175.3 Foreign Currency Translation (0.6 ) (0.6 ) (1.2 ) Balance as of April 27, 2019 $ 106.3 $ 127.0 $ 233.3 Intangible Assets The following tables present details of the Company's identifiable intangible assets: As of April 27, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.5 $ 27.7 $ 216.8 17.4 Trade Names, Patents and Technology Licenses 75.5 29.2 46.3 8.4 Total Definite-lived Intangible Assets 320.0 56.9 263.1 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 321.8 $ 56.9 $ 264.9 As of April 28, 2018 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 64.4 $ 18.1 $ 46.3 12.3 Trade Names, Patents and Technology Licenses 35.9 23.0 12.9 5.3 Total Definite-lived Intangible Assets 100.3 41.1 59.2 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 102.1 $ 41.1 $ 61.0 The Company performed an impairment test for its indefinite-lived intangible asset and determined that no impairment existed at April 27, 2019 and April 28, 2018 . Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: (Dollars in Millions) Fiscal Year: 2020 $ 19.1 2021 19.0 2022 19.0 2023 18.9 2024 18.6 Thereafter 168.5 Total $ 263.1 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Apr. 27, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock Repurchases In September 2015, the Board of Directors authorized the repurchase of up to $100.0 million of the Company's outstanding common stock through September 1, 2017. The Company purchased and retired 280,168 shares for $9.8 million in fiscal 2017 , for a total under the repurchase plan of 2,277,466 shares for $71.9 million . Dividends The Company paid dividends totaling $16.3 million , $14.7 million and $13.7 million during fiscal 2019 , 2018 and 2017 , respectively. Stock-based Compensation 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 related to the equity awards for fiscal 2019 , 2018 and 2017 . (Dollars in Millions) Fiscal Year Ended Unrecognized Compensation Expense at April 27, 2019 April 28, 2018 April 29, 2017 April 27, 2019 2014 Incentive Plan: RSAs $ 10.9 $ (2.0 ) $ 5.7 $ 5.0 RSUs 2.2 5.0 5.5 1.6 Director Awards 0.9 1.0 0.9 — Total 2014 Incentive Plan 14.0 4.0 12.1 6.6 2010 Stock Plan: RSUs — — 0.1 — Stock Options — — 0.1 — Total 2010 Stock Plan — — 0.2 — 2007 Stock Plan: Stock Options — — 0.1 — Total 2007 Stock Plan — — 0.1 — Total Stock-based Compensation Expense $ 14.0 $ 4.0 $ 12.4 $ 6.6 2014 Incentive Plan In September 2014, the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (the “2014 Incentive Plan”) was approved by the Company’s stockholders. The 2014 Incentive Plan provides for discretionary grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance units to key employees and directors. The 2014 Incentive 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. The number of shares of common stock that may be issued under the 2014 Incentive Plan is 3,000,000 , less one share for every one share of common stock issued or issuable pursuant to awards made after May 3, 2014 under the 2007 Stock Plan or 2010 Stock Plan. Awards that may be settled only in cash will not reduce the number of shares available for issuance under the 2014 Incentive Plan. Shares issuable under the 2014 Incentive Plan may be authorized but unissued shares or treasury shares. If any award granted under the 2014 Incentive Plan (or, after May 3, 2014, an award under the 2007 Stock Plan or 2010 Stock Plan) expires, terminates, is forfeited or canceled, is settled in cash in lieu of shares of common stock, or is exchanged for a non-stock award under certain circumstances, the shares subject to the award will again be available for issuance under the 2014 Incentive Plan. As of April 27, 2019 , there were 1,344,034 shares available for award under the 2014 Incentive Plan. In fiscal 2016, the Compensation Committee established a long-term incentive program (the “LTIP”) for key employees consisting of performance-based restricted stock awards (“RSAs”) and time-based restricted stock units (“RSUs”). Restricted Stock Awards ("RSAs") The grant of RSAs under the 2014 Incentive Plan are performance-based awards that are scheduled to vest at the end of fiscal 2020 based on the achievement of an EBITDA hurdle. The number of shares ultimately earned could range from 0% to 150% of the target award based on the achievement of the EBITDA performance condition. The fair value of the RSAs granted was based on the closing stock price on the date of grant. All non-vested RSAs accrue dividend equivalents, which are subject to vesting and paid in cash upon release. Accrued dividends are forfeitable to the extent that the underlying awards do not vest. Per ASC 718, stock-based compensation expense is recognized for these awards over the vesting period based on the projected probability ( 70% confidence) of achievement of the EBITDA hurdle in fiscal 2020. In each period, the stock-based compensation expense may be adjusted, as necessary, in response to any changes in the Company’s forecast with respect to achieving the fiscal 2020 EBITDA hurdle. In fiscal 2018, the Company determined that only a threshold performance level would be achieved and adjusted its stock-based compensation expense for these awards. The result was a reversal of previously recognized stock-based compensation expense of $6.0 million . Stock-based compensation expense for these awards in fiscal 2018 was a credit of $2.0 million . In fiscal 2019, the Company determined that the target hurdle would be achieved based on the recent acquisition of Grakon and adjusted its stock-based compensation expense for these awards. The result was an additional expense of $7.4 million . Stock-based compensation expense for these awards in fiscal 2019 was $10.9 million . The following table summarizes the RSA activity under the 2014 Incentive Plan: RSA Shares Wtd. Avg. Grant Date Fair Value Non-vested and Unissued at April 30, 2016 1,161,000 $ 33.35 Awarded 72,000 $ 34.90 Vested — $ — Forfeited (64,500 ) $ 33.78 Non-vested and Unissued at April 29, 2017 1,168,500 $ 33.42 Awarded 128,738 $ 40.92 Vested — $ — Forfeited (126,000 ) $ 34.42 Non-vested and Unissued at April 28, 2018 1,171,238 $ 34.13 Awarded 11,625 $ 38.75 Vested — $ — Forfeited (151,455 ) $ 34.79 Non-vested and Unissued at April 27, 2019 1,031,408 $ 34.09 Restricted Stock Units RSUs granted under the 2014 Incentive Plan vest over a pre-determined period of time, generally between three to five years from the date of grant. The fair value of the RSUs granted was based on the closing stock price on the date of grant. The following table summarizes RSU activity granted under the 2014 Incentive Plan: RSU Shares Wtd. Avg. Grant Date Fair Value Non-vested at April 30, 2016 576,000 $ 33.39 Awarded 32,000 $ 34.90 Vested (11,333 ) $ 33.78 Forfeited (28,667 ) $ 33.78 Non-vested at April 29, 2017 568,000 $ 33.45 Awarded 30,925 $ 41.82 Vested (160,553 ) $ 33.72 Forfeited (56,000 ) $ 34.42 Non-vested at April 28, 2018 382,372 $ 33.87 Awarded 7,750 $ 38.75 Vested (152,328 ) $ 33.75 Forfeited (49,950 ) $ 32.42 Non-vested at April 27, 2019 187,844 $ 34.55 Director Awards During fiscal 2019 , fiscal 2018 and fiscal 2017 , the Company issued 24,000 shares, 24,000 shares and 27,000 shares, respectively, of common stock to our independent directors, all of which vested immediately upon grant. 2010 Stock Plan The 2010 Stock Plan permitted a total of 2,000,000 shares of common stock to be awarded to participants in the form of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, and performance share units. With the approval of the 2014 Incentive Plan, no further awards are being granted under the 2010 Stock Plan. The following table summarizes stock option activity under the 2010 Stock Plan: Shares Wtd. Avg. Exercise Price Weighted-Average Life (years) Aggregate Intrinsic Value (in millions) Outstanding and Exercisable at April 30, 2016 197,332 $ 24.55 Awarded — $ — Exercised (125,332 ) $ 17.40 Forfeited — $ — Outstanding and Exercisable at April 29, 2017 72,000 $ 37.01 7.3 $ — Awarded — $ — Exercised — $ — Forfeited — $ — Outstanding and Exercisable at April 28, 2018 72,000 $ 37.01 6.3 $ 0.3 Awarded — $ — Exercised — $ — Forfeited — $ — Outstanding and Exercisable at April 27, 2019 72,000 $ 37.01 5.2 $ — 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. 2007 Stock Plan The 2007 Stock Plan permitted a total of 1,250,000 shares of common stock to be awarded to participants. With the approval of the 2014 Incentive Plan, no further awards are being granted under the 2007 Stock Plan. The following table summarizes stock option activity under the 2007 Stock Plan: Shares Wtd. Avg. Exercise Price Weighted-Average Life (years) Aggregate Intrinsic Value (in millions) Outstanding and Exercisable at April 30, 2016 79,666 $ 28.91 Awarded — $ — Exercised (22,497 ) $ 21.52 Forfeited — $ — Outstanding and Exercisable at April 29, 2017 57,169 $ 31.82 6.8 $ 0.7 Awarded — $ — Exercised (13,333 ) $ 24.67 Forfeited (1,668 ) $ 37.01 Outstanding and Exercisable at April 28, 2018 42,168 $ 33.87 5.8 $ 0.3 Awarded — $ — Exercised — $ — Forfeited (7,500 ) $ 37.01 Outstanding and Exercisable at April 27, 2019 34,668 $ 33.20 4.6 $ 0.1 Options Outstanding and Exercisable Shares Exercise Price Avg. Life (Years) 5,000 $ 10.55 1.2 29,668 $ 37.01 5.2 34,668 Deferred RSUs Under the 2014 Incentive Plan and 2010 Stock 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 27, 2019, shares to be delivered to these executives were 60,600 shares under the 2014 Incentive Plan and 180,000 shares under the 2010 Stock Plan. Under the 2007 Stock Plan, 225,000 shares of common stock subject to performance-based RSAs granted to our CEO in fiscal 2006 and 2007 were converted to RSUs. The shares of 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 27, 2019, 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. |
Employee 401(k) Savings and Def
Employee 401(k) Savings and Deferred Compensation Plans | 12 Months Ended |
Apr. 27, 2019 | |
Retirement Benefits [Abstract] | |
Employee 401(k) Savings and Deferred Compensation Plans | Employee 401(k) Savings and Deferred Compensation Plans 401(k) Savings Plan 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. Contributions to the employee 401(k) Savings Plan was $1.5 million in fiscal 2019 and $1.4 million in both fiscal 2018 and 2017 . Deferred Compensation Plan The Company maintains a non-qualified deferred compensation plan (“the Plan”) for certain eligible participants. Under the Plan, participants 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 . The minimum period of deferral is 3 years . Participants are immediately 100% vested. No company contributions were made to the Plan in fiscal 2019 , 2018 and 2017 . The deferred compensation liability for the Plan was $6.1 million and $6.7 million as of April 27, 2019 and April 28, 2018, respectively. In addition, the Company has purchased life insurance policies, which are held in a Rabbi trust, on certain employees to potentially offset these unsecured obligations. These life insurance policies are recoded at their cash surrender value of $6.9 million and $6.7 million as of April 27, 2019 and April 28, 2018, respectively, and are included in other long-term assets. 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 $8.6 million and $8.2 million as of April 27, 2019 and April 28, 2018, respectively, and are included in other long-term assets. The cash surrender value of the life insurance policies approximates its fair value and was based on Level 2 inputs on a recurring basis. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 27, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Provision Details of the Company’s income tax provision are as follows: Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Income (Loss) before Income Taxes: Domestic Source $ (0.6 ) $ 11.4 $ 21.6 Foreign Source 104.2 112.4 94.3 Income before Income Taxes $ 103.6 $ 123.8 $ 115.9 Current Tax Provision (Benefit): U.S. (Federal and State) $ (5.7 ) $ 46.8 $ 9.9 Foreign 21.5 18.8 17.0 Subtotal 15.8 65.6 26.9 Deferred Tax Provision (Benefit): U.S. (Federal and State) 2.5 11.6 (1.2 ) Foreign (6.3 ) (10.6 ) (2.7 ) Subtotal (3.8 ) 1.0 (3.9 ) Total Income Tax Expense $ 12.0 $ 66.6 $ 23.0 A reconciliation of the income tax expense to the prevailing statutory federal income tax rate ( 21.0% for 2019, 30.5% for 2018 and 35.0% for 2017) to pre-tax earnings is as follows: Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Income Tax at Statutory Rate $ 21.8 $ 37.7 $ 40.5 Effect of: State Income Taxes, Net of Federal Benefit (0.8 ) 0.1 0.9 Dividends 1.8 — — U.S. Tax Reform Transition Tax (4.8 ) 48.5 — Foreign Operations with Lower Statutory Rates (9.6 ) (15.3 ) (14.5 ) Current Taxation of Foreign Income 3.4 — — Foreign Investment Tax Credit (2.0 ) (9.8 ) (4.7 ) Change in Tax Reserve (0.1 ) 0.1 0.1 Change in Valuation Allowance — 0.4 0.3 Tax Rate Change, Foreign — (1.5 ) — U.S. Tax Reform Re-measurements — 5.2 — Other, Net 2.3 1.2 0.4 Income Tax Expense $ 12.0 $ 66.6 $ 23.0 Effective Income Tax Rate 11.6 % 53.8 % 19.9 % On December 22, 2017, the U.S. enacted U.S. Tax Reform making significant changes to U.S. corporate income tax laws. This included a reduction in the statutory federal corporate income tax rate from 35.0% to 21.0% , an exemption for dividends received from certain foreign subsidiaries, a one-time repatriation tax on deemed repatriated earnings from foreign subsidiaries, immediate expensing of certain depreciable tangible assets, and limiting the deductibility of certain executive compensation. The Company’s effective tax rate is primarily affected by the amount of income earned in the jurisdictions in which the Company operates, the amount of tax credits earned, and the impact of U.S. Tax Reform. 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 $2.0 million in investment tax credits primarily related to qualified expenditures in Malta. This was offset by U.S. tax of $3.4 million incurred on its foreign subsidiaries’ earnings under the new Global Intangible Low Tax Income regime. In addition, in fiscal 2019, the accounting for U.S. Tax Reform was finalized and the Company recorded a tax benefit of $4.8 million as an adjustment to the provisional amount recorded in fiscal 2018. This adjustment under SAB 118 primarily consists of changes in interpretations and assumptions the Company made, additional regulatory guidance that was issued, and actions the Company took as a result of U.S. Tax Reform. In fiscal 2018, the Company had a favorable impact from earnings in lower taxes jurisdictions. In addition, the Company recorded an unfavorable provisional estimate on the effects of tax law changes in the U.S. due to U.S. Tax Reform of $53.7 million . This was partially offset by a tax law change and recognition of additional foreign investment tax credits. In fiscal 2017, the Company had a favorable impact from earnings in lower taxes jurisdictions. In addition, the Company had a favorable adjustment from the recognition of foreign investment tax credits. Deferred Income Taxes and Valuation Allowances Significant components of the Company's deferred income tax assets and liabilities were as follows: (Dollars in Millions) April 27, April 28, Deferred Tax Liabilities: Depreciation $ 9.0 $ 6.3 Amortization 43.9 11.4 Foreign Tax Withheld 2.0 4.8 Deferred Income 0.1 0.2 Deferred Tax Liabilities, Gross 55.0 22.7 Deferred Tax Assets: Deferred Compensation and Stock Award Amortization 8.6 7.5 Inventory Valuation Differences 1.9 1.8 Property Valuation Differences 1.6 2.0 Environmental Reserves 0.3 0.2 Bad Debt Reserves 0.1 0.1 Vacation Accruals 0.4 1.0 Foreign Investment Tax Credit 28.2 29.3 Net Operating Loss Carryovers 13.8 5.8 Foreign Tax Credits 1.1 — Other Accruals 3.2 1.5 Deferred Tax Assets, Gross 59.2 49.2 Less Valuation Allowance 6.3 2.5 Deferred Tax Assets, Net of Valuation Allowance 52.9 46.7 Net Deferred Tax Assets (Liabilities) $ (2.1 ) $ 24.0 Balance Sheet Classification: Non-current Asset 34.3 42.3 Non-current Liability (36.4 ) (18.3 ) Net Deferred Tax Assets (Liabilities) $ (2.1 ) $ 24.0 The Company recorded a net deferred tax liability for U.S. and foreign income taxes of $2.1 million as of April 27, 2019 and a deferred tax asset of $24.0 million as of April 28, 2018. 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 $6.3 million as of April 27, 2019, related to certain state, federal, and foreign net operating loss carryovers and other credits until determined that these deferred tax assets are more likely than not realizable. In fiscal 2019, the Company completed a stock acquisition of Grakon, a U.S. multinational, which increased the overall amount of deferred tax assets and liabilities. This included an increase in the deferred tax liabilities of intangible assets, net operating losses and foreign tax credits. This was offset with an additional valuation allowance associated with a limited utilization of U.S. net operating losses in future periods. At April 27, 2019, the Company had available $9.0 million of federal and $4.8 million of state net operating loss carryforwards with a valuation allowance of $5.3 million and $0.9 million , respectively. If unused, the U.S. federal net operating loss carryforwards will expire by the year 2033. If unused, the state net operating loss carryforwards will expire by the year 2038. The tax laws of Malta provide for investment tax credits of 30.0% for certain qualified expenditures. Total unused credits are $28.2 million at April 27, 2019, of which $27.4 million can be carried forward indefinitely and $0.8 million expire in 2020. Income Taxes Paid The Company paid income taxes of $27.8 million in fiscal 2019 , $20.2 million in fiscal 2018 and $19.0 million in fiscal 2017 . 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 undistributed foreign earnings to be indefinitely reinvested. It is not practicable to determine the amount of deferred tax liability on such foreign earnings as the actual tax liability is dependent on circumstances that exist when the remittance occurs. Unrecognized Tax Benefits The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various jurisdictions are subject to periodic examination by the tax authorities. The Company regularly assesses the status of these examinations and the various outcomes to determine the adequacy of its provision for income taxes. The amount of gross unrecognized tax benefits totaled $3.1 million and $1.4 million at April 27, 2019 and April 28, 2018, 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 following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: (Dollars in Millions) April 27, April 28, Balance at Beginning of Fiscal Year $ 1.4 $ 1.3 Increases for Positions Related to the Prior Years 1.8 — Increases for Positions Related to the Current Year 0.9 0.1 Decreases for Positions Related to the Prior Years — — Lapsing of Statutes of Limitations (1.0 ) — Balance at End of Fiscal Year $ 3.1 $ 1.4 At April 27, 2019, 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 2016 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 2012 and subsequent periods remain open and subject to examination by taxing authorities. The continuing practice of the Company is to recognize interest and penalties related to income tax matters in the provision for income taxes. The Company had $0.1 million accrued for interest and no accrual for penalties at April 27, 2019. |
Income Per Share
Income Per Share | 12 Months Ended |
Apr. 27, 2019 | |
Earnings Per Share [Abstract] | |
Income Per Share | Income Per Share Basic income per share is calculated by dividing net earnings by the weighted average number of common shares outstanding for the applicable period. Diluted income per share is calculated after adjusting the denominator of the basic income per share calculation for the effect of all potential dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted income per share: Fiscal Year Ended April 27, April 28, April 29, Numerator: Net Income (in millions) $ 91.6 $ 57.2 $ 92.9 Denominator: Denominator for Basic Earnings Per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Units 37,405,298 37,281,630 37,283,096 Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units 264,262 260,269 202,605 Denominator for Diluted Earnings Per Share 37,669,560 37,541,899 37,485,701 Basic and Diluted Income Per Share: Basic Income Per Share $ 2.45 $ 1.54 $ 2.49 Diluted Income Per Share $ 2.43 $ 1.52 $ 2.48 For fiscal 2019, options and RSUs of 83,939 were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive. For fiscal 2018 and fiscal 2017, the Company had no options or RSUs that were excluded from the computation of diluted net income per shares. RSAs for 594,382 shares in fiscal 2019, 363,413 shares in fiscal 2018 and 779,000 shares in fiscal 2017 were excluded from the calculation of diluted net income per share as these awards contain performance conditions that would not have been achieved as of the end of each reporting period had the measurement period ended as of that date. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 27, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 our plant sites no longer used for operations. The Company uses environmental consultants to assist us in evaluating our environmental liabilities in order to establish appropriate accruals in our 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 2020. At both April 27, 2019 and April 28, 2018 , the Company had accruals, primarily based upon independent engineering studies, for environmental matters of $1.1 million , of which $0.8 million was classified in other accrued expenses and the remainder was included in other long-term liabilities on the consolidated balance sheets. The Company believes the provisions made for environmental matters are adequate to satisfy liabilities relating to such matters, however it is reasonably possible that costs could exceed accrued amounts if the selected methods of remediation do not reduce the contaminates at the sites to levels acceptable to federal and state regulatory agencies. In fiscal 2019 , the Company spent $0.1 million on remediation cleanups and related studies, compared with $0.3 million in fiscal 2018 and $1.2 million in fiscal 2017 . The costs associated with environmental matters as they relate to day-to-day activities were not material in fiscal 2019 , fiscal 2018 or fiscal 2017 . Pending 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 have filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, the Company amended its complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional affiliated parties. As of April 27, 2019 , this matter has been set for trial in February 2020. Lease Commitments The Company has lease commitments expiring at various dates, principally for manufacturing equipment and warehouse and office space. Rental expense under non-cancelable operating leases amounted to $7.6 million , $5.9 million and $4.9 million in fiscal 2019 , 2018 and 2017 , respectively. In fiscal 2018, the Company assumed capital leases as part of the acquisition of Procoplast. The net book value of the capital lease assets as of April 27, 2019 and April 28, 2018 was $1.0 million and $1.4 million , respectively. The amortization of the capital lease assets is included in depreciation expense. The weighted average interest rate was 1.5% as of April 27, 2019. As of April 27, 2019 , future minimum lease payments under non-cancelable capitalized and operating leases are as follows: (Dollars in Millions) Capitalized Leases Operating Leases Fiscal Years: 2020 $ 0.6 $ 7.8 2021 0.5 5.6 2022 0.4 4.9 2023 0.2 4.2 2024 — 3.3 Thereafter — 8.4 Net Minimum Lease Payments 1.7 $ 34.2 Less Amount Representing Interest — Present Value of Net Minimum Lease Payments 1.7 Less Current Portion (0.6 ) Long-term Obligations as of April 27, 2019 $ 1.1 |
Debt
Debt | 12 Months Ended |
Apr. 27, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of debt is shown below: (Dollars in Millions) April 27, April 28, Revolving Credit Facility $ 35.0 $ 30.0 Term Loan 243.7 — Subsidiary Credit Facility — 3.6 Other Debt 16.8 24.2 Unamortized Debt Issuance Costs (2.9 ) — Total Debt 292.6 57.8 Less: Current Maturities (15.7 ) (4.4 ) Total Long-term Debt $ 276.9 $ 53.4 Revolving Credit Facility/Term Loan On September 12, 2018, the Company entered into five-year Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement amends and restates the credit agreement, dated November 18, 2016, among the Company, Bank of America, N.A. and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million . In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million . The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ( $3.1 million ) through maturity, with the remaining balance due on September 12, 2023. Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The interest rate on outstanding borrowings under the Credit Agreement was 3.98% at April 27, 2019. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of April 27, 2019, 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. Subsidiary Credit Facility The Company’s subsidiary, Pacific Insight, is a party to a credit agreement with the Bank of Montreal which provides a credit facility in the maximum principal amount of C$10.0 million , with an option to increase the principal amount by up to an additional C$5.0 million . Availability under the facility is based on a percentage of eligible accounts receivable and finished goods inventory balances. Interest is calculated at a base rate plus margin, as defined. In addition, Pacific Insight was a party to a credit agreement with Roynat which was terminated during the second quarter of fiscal 2019. Total repayments under the credit agreement with Roynat were $3.8 million in fiscal 2019, including a prepayment fee of $0.1 million . Other Debt The Company’s subsidiary, Procoplast, has debt that consists of eighteen notes with maturities ranging from 2019 to 2031. The weighted-average interest rate was approximately 1.5% at April 27, 2019 and $3.2 million of the debt was classified as short-term. The fair value of other debt was $16.3 million at April 27, 2019 and was based on Level 2 inputs on a non-recurring basis. Unamortized Debt Issuance Costs The Company paid debt issuance costs of $3.1 million on September 12, 2018 in connection with the Credit Agreement. The debt issuance costs are being amortized over the five-year term of the Credit Agreement. Scheduled Maturities As of April 27, 2019, scheduled principal payments of debt are as follows: (Dollars in Millions) Amount Fiscal Years: 2020 $ 15.7 2021 14.9 2022 13.9 2023 13.7 2024 234.0 Thereafter 3.3 Total $ 295.5 Interest Paid The Company paid interest of $8.8 million , $2.4 million and $1.1 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively. |
Segment Information and Geograp
Segment Information and Geographic Area Information | 12 Months Ended |
Apr. 27, 2019 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Area Information | 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”). Effective October 27, 2018, the Company reorganized its reportable segments upon the acquisition of Grakon. Prior to the acquisition, the Company's reportable segments were Automotive, Power, Interface and Other. As a result of this change, the Company's reportable segments are now Automotive, Industrial, Interface and Medical. Historical information has been revised to reflect the new reportable segments. A summary of the significant reportable segment changes is as follows: • Grakon's automotive business has been included in the Automotive segment, while Grakon's non-automotive business has been included in the Industrial segment. • The busbar business, previously included in the Power segment, is now part of the Industrial segment. • The radio-remote control business, previously included in the Interface segment, is now part of the Industrial segment. • The medical devices business, previously included in the Other segment, now makes up the Medical segment. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. Products include integrated center consoles, hidden switches, ergonomic switches, transmission lead-frames, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other technologies that monitor the operation or status of a component or system. The Industrial segment manufactures external lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as our PowerRail® solution, high-current low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, computers, industrial, power conversion, military, telecommunications and transportation. The Interface segment provides a variety of copper and fiber-optic interface and interface solutions for the appliance, commercial food service, construction, consumer, material handling, point-of-sale and telecommunications markets. Solutions include copper transceivers and solid-state field-effect consumer touch panels. The Medical segment is made up of the Company's medical device business, Dabir Surfaces, its surface support technology aimed at pressure injury prevention. Methode is developing 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," above. 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 our reportable segments. Fiscal Year Ended April 27, 2019 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 741.6 $ 210.0 $ 57.9 $ 1.1 $ (10.3 ) $ 1,000.3 Transfers between Segments (6.9 ) (3.2 ) (0.2 ) — 10.3 — Net Sales to Unaffiliated Customers $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ — $ 1,000.3 Income/(Loss) from Operations $ 126.3 $ 37.4 $ (0.3 ) $ (8.6 ) $ (48.0 ) $ 106.8 Interest Expense, Net 8.3 Other Income, Net (5.1 ) Income before Income Taxes $ 103.6 Depreciation and Amortization $ 25.2 $ 11.7 $ 3.2 $ 1.0 $ 2.2 $ 43.3 Identifiable Assets $ 677.4 $ 404.3 $ 88.6 $ 9.4 $ 52.0 $ 1,231.7 Fiscal Year Ended April 28, 2018 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 738.4 $ 105.6 $ 73.9 $ 0.3 $ (9.9 ) $ 908.3 Transfers between Segments (9.7 ) 0.2 (0.7 ) — 10.2 — Net Sales to Unaffiliated Customers $ 728.7 $ 105.8 $ 73.2 $ 0.3 $ 0.3 $ 908.3 Income/(Loss) from Operations $ 156.3 $ 13.0 $ 6.0 $ (11.4 ) $ (45.6 ) $ 118.3 Interest Expense, Net 0.9 Other Income, Net (6.4 ) Income before Income Taxes $ 123.8 Depreciation and Amortization $ 21.3 $ 2.0 $ 3.1 $ 0.8 $ 0.9 $ 28.1 Identifiable Assets $ 632.7 $ 93.1 $ 206.8 $ 8.1 $ (24.8 ) $ 915.9 Fiscal Year Ended April 29, 2017 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 641.0 $ 92.4 $ 94.3 $ 0.2 $ (11.4 ) $ 816.5 Transfers between Segments (8.8 ) (0.1 ) (2.8 ) — 11.7 — Net Sales to Unaffiliated Customers $ 632.2 $ 92.3 $ 91.5 $ 0.2 $ 0.3 $ 816.5 Income/(Loss) from Operations $ 148.3 $ 2.7 $ 4.0 $ (8.5 ) $ (35.7 ) $ 110.8 Interest Income, Net (0.4 ) Other Income, Net (4.7 ) Income before Income Taxes $ 115.9 Depreciation and Amortization $ 15.5 $ 3.2 $ 4.3 $ 0.5 $ 0.8 $ 24.3 Identifiable Assets $ 462.3 $ 78.1 $ 170.4 $ 5.4 $ (12.2 ) $ 704.0 The following table sets forth certain geographic financial information for fiscal 2019 , fiscal 2018 and fiscal 2017 . Geographic net sales are determined based on our sales from our various operational locations. Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Net Sales: U.S. $ 540.5 $ 487.5 $ 506.9 Malta 148.5 184.0 155.5 China 113.7 117.3 127.7 Canada 101.6 54.4 — Other 96.0 65.1 26.4 Total Net Sales $ 1,000.3 $ 908.3 $ 816.5 Property, Plant and Equipment, Net: U.S. $ 83.9 $ 63.3 $ 44.9 Malta 33.0 36.8 26.4 Belgium 22.1 25.0 — China 18.6 7.2 5.9 Other 34.3 29.9 13.4 Total Property, Plant and Equipment, Net $ 191.9 $ 162.2 $ 90.6 |
Pre-Production Costs Related to
Pre-Production Costs Related to Long-Term Supply Arrangements | 12 Months Ended |
Apr. 27, 2019 | |
Preproduction Costs Related to Long-term Supply Arrangements [Abstract] | |
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 agreements. At April 27, 2019 and April 28, 2018 , the Company had $32.8 million and $20.5 million , respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract. At April 27, 2019 and April 28, 2018 , the Company had $15.0 million and $10.1 million , respectively, of Company owned pre-production tooling, which is capitalized within property, plant and equipment. |
Summary of Quarterly Results of
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Apr. 27, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations (Unaudited) | Summary of Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations for fiscal 2019 and fiscal 2018 : Fiscal 2019 Quarter Ended (Dollars in Millions, except per share data) July 28, 2018 October 27, 2018 January 26, 2019 April 27, 2019 Net Sales $ 223.4 $ 264.0 $ 246.9 $ 266.0 Gross Profit $ 60.1 $ 70.8 $ 64.3 $ 70.6 Net Income $ 23.7 $ 14.6 $ 30.7 $ 22.6 Net Income per Basic Common Share $ 0.63 $ 0.39 $ 0.82 $ 0.61 Net Income per Diluted Common Share $ 0.63 $ 0.39 $ 0.82 $ 0.60 Fiscal 2018 Quarter Ended (Dollars in Millions, except per share data) July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Net Sales $ 201.2 $ 230.1 $ 228.0 $ 249.0 Gross Profit $ 55.6 $ 62.0 $ 60.1 $ 61.9 Net Income (Loss) $ 20.5 $ 24.2 $ (24.3 ) $ 36.8 Net Income (Loss) per Basic Common Share $ 0.55 $ 0.65 $ (0.65 ) $ 0.99 Net Income (Loss) per Diluted Common Share $ 0.55 $ 0.64 $ (0.65 ) $ 0.98 Significant Items for Fiscal 2019 The table below contains items included in fiscal 2019 : Fiscal 2019 Quarter Ended (Dollars in Millions) July 28, 2018 October 27, 2018 January 26, 2019 April 27, 2019 Legal Fees Related to the Hetronic lawsuit $ 0.9 $ 1.0 $ 0.8 $ 0.8 Acquisition-related Expenses $ 0.6 $ 10.9 $ 3.8 $ 0.1 Grant Income from Foreign Government for Maintaining Certain Employment Levels $ (1.1 ) $ (1.4 ) $ (1.9 ) $ (1.4 ) Compensation Expense Reversal Related to the Re-estimation of RSA Performance Level $ — $ 7.4 $ — $ — Discrete Estimated Net Tax Benefit with Respect to U.S. Tax Reform $ — $ — $ (4.8 ) $ — Foreign Investment Tax Credit $ (0.4 ) $ (1.1 ) $ (0.7 ) $ 0.2 Expense for Initiatives to Reduce Overall Costs and Improve Operational Profitability $ 0.8 $ 2.5 $ 2.6 $ 1.0 Net Tariff Expense $ — $ — $ 2.0 $ 0.3 Significant Items for Fiscal 2018 Fiscal 2018 Quarter Ended (Dollars in Millions) July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Legal Fees Related to the Hetronic lawsuit $ 2.9 $ 1.6 $ 1.5 $ 2.1 Acquisition-related Expenses $ 2.6 $ 4.2 $ — $ — Grant Income from Foreign Government for Maintaining Certain Employment Levels $ — $ (1.5 ) $ (3.6 ) $ (2.2 ) Compensation Expense Reversal Related to the Re-estimation of RSA Performance Level $ — $ — $ (6.0 ) $ — Discrete Estimated Net Tax Charge with Respect to U.S. Tax Reform $ — $ — $ 56.8 $ (3.1 ) Foreign Investment Tax Credit $ (0.4 ) $ (0.4 ) $ (0.3 ) $ (8.7 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 27, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS METHODE ELECTRONICS, INC. AND SUBSIDIARIES (in millions) Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts— Describe Deductions— Describe Balance at End of Period YEAR ENDED APRIL 27, 2019: Allowance for uncollectible accounts $ 0.5 $ 0.2 $ 0.2 (1) $ — (2) $ 0.9 Deferred tax valuation allowance $ 2.5 $ — $ 4.8 (1) $ 1.0 (3) $ 6.3 YEAR ENDED APRIL 28, 2018: Allowance for uncollectible accounts $ 0.6 $ — $ — $ 0.1 (2) $ 0.5 Deferred tax valuation allowance $ 1.9 $ — $ — $ (0.6 ) (3) $ 2.5 YEAR ENDED APRIL 29, 2017: Allowance for uncollectible accounts $ 0.5 $ 0.1 $ — $ — (2) $ 0.6 Deferred tax valuation allowance $ 1.3 $ — $ — $ (0.6 ) (3) $ 1.9 ______________________________________ (1) Represents business acquisitions. (2) Uncollectible accounts written off, net of recoveries. (3) Represents change in temporary items. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 27, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
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 2019 ended on April 27, 2019, fiscal 2018 ended on April 28, 2018 and fiscal 2017 ended on April 29, 2017. Fiscal 2019 , fiscal 2018 and fiscal 2017 represent 52 weeks of results. |
Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents include all highly liquid investments with a maturity of three months or less. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon past transaction history with customers, customer payment practices and economic conditions. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account balance. The Company does not require collateral for its accounts receivable. When a receivable balance is determined to be no longer collectible, it is written off against the allowance for doubtful accounts. Accounts receivable are generally due within 30 days to 45 days . Credit losses relating to all customers have not been material. |
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. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. |
Income Taxes | Income Taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. |
Revenue Recognition | Revenue Recognition. On April 29, 2018, the Company adopted Accounting Standards Codification ("ASC") 606, “Revenue from Contracts with Customers,” using the modified retrospective transition method. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The cumulative effect of initially applying the new standard was recorded as an adjustment to the opening balance of retained earnings. In accordance with the modified retrospective transition method, the historical information within the financial statements has not been restated and continues to be reported under the accounting standard in effect for those periods. As a result, the Company has disclosed the accounting policies in effect prior to April 29, 2018, as well as the policies it has applied starting April 29, 2018. See Note 2, "Revenue," for further details. Periods prior to April 29, 2018 Revenue was recognized in accordance with ASC 605, "Revenue Recognition." Revenue was recognized upon either shipment or delivery (depending on shipping terms) of product to customers and is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities were accounted for on a net (excluded from revenues) basis. Periods commencing on or after April 29, 2018 The majority of the Company's revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, with the exception of consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenues associated with products which the Company believes have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. In transition to ASC 606, the Company noted some customers ordered highly customized parts in which the Company was entitled to payment throughout the manufacturing process. In accordance with ASC 606, the Company has begun recognizing revenue over time for these customers as the performance obligation is satisfied. The Company believes the most faithful depiction of the transfer of goods to the customer is based on progress to date, which is typically smooth throughout the production process. As such, the Company recognizes revenue evenly over the production process through transfer of control to the customer. In addition, customers typically negotiate annual price downs. Management has evaluated these price downs and determined that in some instances, these price downs give rise to a material right. In instances that a material right exists, a portion of the transaction price is allocated to the material right and recognized over the life of the contract. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Across all products, the amount of revenue recognized corresponds to the related purchase order 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. |
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. |
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 exchange rates during the year, while the assets and liabilities are translated using period-end exchange rates. Adjustments from the translation process are classified as a component of shareholders’ equity. Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the foreign subsidiary are included in the consolidated statements of income in other income. |
Business Combinations | Business Combinations. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. 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 and Other Intangibles | Impairment of Goodwill. Goodwill is not amortized but is tested for impairment on at least an annual basis. In conducting its goodwill impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. 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. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. |
Long-Lived Assets | Long-Lived Assets. The Company continually 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. |
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. |
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. |
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 financial statements and accompanying notes. Actual results could differ from those estimates. |
Fair Value of Other Financial Instruments | Fair Value Measurements: Fair value 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 Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy established by ASC 820, "Fair Value Measurement," which defines three levels of inputs that may be used to measure fair value, as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities; • Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; • Level 3 - Unobservable inputs in which little or no market activity exists, requiring an entity 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. Fair Value of Other Financial Instruments. 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 Issued Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this update are intended to address a specific consequence of U.S. Tax Reform by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform’s reduction of the U.S. federal corporate income tax rate. The ASU is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. ASU 2018-02 will be effective in the first quarter of fiscal 2020. Management does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which amended authoritative guidance on leases and is codified in ASC 842. The amended guidance requires lessees to recognize substantially all leases on their balance sheets as right-of-use (“ROU”) assets along with corresponding lease liabilities. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The new standard also requires increased disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The Company will adopt the standard on April 28, 2019 and will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Prior periods will not be restated. The Company expects to elect the transition package of practical expedients, which permits it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company will also elect not to separate lease from non-lease components within the contract. To date, the Company has assessed its portfolio of leases and compiled a central repository of all active leases. The majority of the Company's global lease portfolio represents leases of real estate, such as manufacturing facilities, warehouses and buildings. The Company has been implementing new leasing software and is in the process of assessing the design of the future lease process and drafting a policy to address the new standard requirements. While the Company continues to assess all the impacts of adoption, the Company estimates that it will recognize a ROU asset and corresponding lease liability of approximately $24 million to $29 million on its consolidated balance sheet. The Company does not expect that the adoption of this standard will have a material effect on its consolidated statements of income or cash flows. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” The new standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The standard will be effective for the Company in the first quarter of fiscal 2021. Management is currently assessing the impact of the new standard, but does not anticipate that the adoption of this standard will have a material impact on the manner in which it estimates the allowance for doubtful accounts on its trade accounts receivable. Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The new standard requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The standard was adopted on April 29, 2018 and did not have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update provide guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. The issues include, but are not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination, and proceeds from the settlement of insurance claims. The standard was adopted on April 29, 2018 and did not result in any changes in the reporting of cash receipts and cash payments in the Company’s consolidated statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard was adopted on April 29, 2018 and did not have a material impact on the Company's consolidated financial statements. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Accounting Policies [Abstract] | |
Schedule of inventories | A summary of inventories is shown below: (Dollars in Millions) April 27, April 28, Finished Products $ 40.2 $ 15.4 Work in Process 9.4 14.6 Materials 67.1 54.1 Total Inventories $ 116.7 $ 84.1 |
Summary of property, plant and equipment | A summary of property, plant and equipment is shown below: (Dollars in Millions) April 27, April 28, Land $ 3.7 $ 0.8 Buildings and Building Improvements 81.2 69.2 Machinery and Equipment 390.7 364.7 Total Property, Plant and Equipment, Gross 475.6 434.7 Less: Accumulated Depreciation 283.7 272.5 Property, Plant and Equipment, Net $ 191.9 $ 162.2 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of impact of changes in accounting policy | The impact of the changes in accounting policy on fiscal 2019 is provided below. Fiscal Year Ended April 27, 2019 (Dollars in Millions) As Reported Adjustments Balance Under ASC 605 Net Sales $ 1,000.3 $ (24.2 ) $ 1,024.5 Cost of Products Sold $ 734.5 $ (24.2 ) $ 758.7 Total Inventories $ 116.7 $ (0.5 ) $ 117.2 Contract Assets $ 0.8 $ 0.8 $ — Contract Liabilities $ 0.3 $ 0.3 $ — Retained Earnings $ 545.2 $ 0.1 $ 545.1 |
Schedule of disaggregated revenue information | The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting period. Geographic net sales are determined based on sales from its various operational locations. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors. Fiscal Year Ended April 27, 2019 (Dollars in Millions) Auto Industrial Interface Medical Total Geographic Net Sales: U.S. $ 373.0 $ 110.3 $ 56.1 $ 1.1 $ 540.5 Malta 116.4 31.8 0.3 — 148.5 China 78.2 35.3 0.2 — 113.7 Canada 87.8 13.8 — — 101.6 Other 79.3 15.6 1.1 — 96.0 Total Net Sales $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ 1,000.3 Timing of Revenue Recognition: Goods Transferred at a Point in Time $ 704.4 $ 206.8 $ 57.7 $ 1.1 $ 970.0 Goods Transferred Over Time 30.3 — — — 30.3 Total Net Sales $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ 1,000.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed was: (Dollars in Millions) Cash $ 1.3 Accounts Receivable 7.4 Inventory 3.5 Intangible Assets 19.2 Goodwill 6.8 Pre-production Costs 2.3 Property, Plant and Equipment 23.8 Accounts Payable (4.9 ) Accrued Employee Liabilities (0.8 ) Other Accrued Expenses (0.7 ) Income Taxes Payable (0.6 ) Short-term Debt (3.2 ) Other Long-term Liabilities (2.1 ) Long-term Debt (20.6 ) Deferred Income Tax Liability (7.9 ) Total Purchase Price $ 23.5 The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed was: (Dollars in Millions) Cash $ 4.9 Accounts Receivable 18.3 Inventory 13.0 Prepaid Expenses and Other Current Assets 0.3 Income Taxes Receivable 1.2 Intangible Assets 40.1 Goodwill 50.4 Pre-production Costs 0.8 Property, Plant and Equipment 13.2 Accounts Payable (7.9 ) Accrued Employee Liabilities (0.8 ) Other Accrued Expenses (2.9 ) Short-term Debt (0.8 ) Long-term Debt (3.4 ) Deferred Income Tax Liability (12.8 ) Total Purchase Price $ 113.6 The revised preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were: (Dollars in Millions) Cash $ 6.9 Accounts Receivable 36.1 Inventory 30.8 Prepaid Expenses and Other Current Assets 1.6 Intangible Assets 221.9 Goodwill 175.3 Pre-production Costs 1.5 Property, Plant and Equipment 16.2 Accounts Payable (19.4 ) Accrued Employee Liabilities (4.4 ) Other Accrued Expenses (7.5 ) Income Tax Payable (0.7 ) Deferred Income Tax Liability (29.3 ) Total Purchase Price $ 429.0 |
Schedule of intangible assets acquired | The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Significant Customer $ 12.3 17.0 years Customer Relationships and Agreements - All Other Customers 2.8 11.5 years Technology Licenses 2.1 8.5 years Trade Names 2.0 8.5 years Total $ 19.2 The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Automotive $ 22.6 11.0 years Customer Relationships and Agreements - Commercial 9.6 13.0 years Trade Names 6.2 7.5 years Technology Licenses 1.7 5.5 years Total $ 40.1 The following table presents details of the intangible assets acquired: (Dollars in Millions) Fair Value at Date of Acquisition Amortization Period Customer Relationships and Agreements - Significant Customer $ 57.0 19.5 years Customer Relationships and Agreements - All Other Customers 125.0 19.5 years Technology Licenses 17.7 11.7 years Trade Names 22.2 8.5 years Total $ 221.9 |
Schedule of pr forma information | The following table presents unaudited supplemental pro forma results for fiscal 2019 and 2018 as if both the Grakon acquisition had occurred as of the beginning of fiscal 2018 and the Pacific Insight acquisition had occurred as of the beginning of fiscal 2017. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at such times. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects. Fiscal Year Ended (Dollars in Millions) April 27, April 28, Revenues $ 1,073.3 $ 1,095.0 Net Income $ 106.4 $ 70.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill rollforward | A summary of the changes in goodwill by reportable segment is as follows: (Dollars in Millions) Automotive Industrial Total Balance as of April 30, 2016 $ — $ 1.7 $ 1.7 Foreign Currency Translation — (0.1 ) (0.1 ) Balance as of April 29, 2017 — 1.6 1.6 Acquisitions 57.2 — 57.2 Foreign Currency Translation 0.3 0.1 0.4 Balance as of April 28, 2018 57.5 1.7 59.2 Acquisitions 49.4 125.9 175.3 Foreign Currency Translation (0.6 ) (0.6 ) (1.2 ) Balance as of April 27, 2019 $ 106.3 $ 127.0 $ 233.3 |
Schedule of intangible assets | The following tables present details of the Company's identifiable intangible assets: As of April 27, 2019 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 244.5 $ 27.7 $ 216.8 17.4 Trade Names, Patents and Technology Licenses 75.5 29.2 46.3 8.4 Total Definite-lived Intangible Assets 320.0 56.9 263.1 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 321.8 $ 56.9 $ 264.9 As of April 28, 2018 (Dollars in Millions) Gross Accumulated Amortization Net Wtd. Avg. Remaining Amortization Periods (Years) Definite-lived Intangible Assets: Customer Relationships and Agreements $ 64.4 $ 18.1 $ 46.3 12.3 Trade Names, Patents and Technology Licenses 35.9 23.0 12.9 5.3 Total Definite-lived Intangible Assets 100.3 41.1 59.2 Indefinite-lived Intangible Assets: Trade Names, Patents and Technology Licenses 1.8 — 1.8 Total Indefinite-lived Intangible Assets 1.8 — 1.8 Total Intangible Assets $ 102.1 $ 41.1 $ 61.0 |
Schedule of estimated aggregate amortization expense | Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: (Dollars in Millions) Fiscal Year: 2020 $ 19.1 2021 19.0 2022 19.0 2023 18.9 2024 18.6 Thereafter 168.5 Total $ 263.1 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of expense related to equity awards | The table below summarizes the stock-based compensation expense related to the equity awards for fiscal 2019 , 2018 and 2017 . (Dollars in Millions) Fiscal Year Ended Unrecognized Compensation Expense at April 27, 2019 April 28, 2018 April 29, 2017 April 27, 2019 2014 Incentive Plan: RSAs $ 10.9 $ (2.0 ) $ 5.7 $ 5.0 RSUs 2.2 5.0 5.5 1.6 Director Awards 0.9 1.0 0.9 — Total 2014 Incentive Plan 14.0 4.0 12.1 6.6 2010 Stock Plan: RSUs — — 0.1 — Stock Options — — 0.1 — Total 2010 Stock Plan — — 0.2 — 2007 Stock Plan: Stock Options — — 0.1 — Total 2007 Stock Plan — — 0.1 — Total Stock-based Compensation Expense $ 14.0 $ 4.0 $ 12.4 $ 6.6 |
2014 Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Awards and Restricted Stock Units activity | The following table summarizes RSU activity granted under the 2014 Incentive Plan: RSU Shares Wtd. Avg. Grant Date Fair Value Non-vested at April 30, 2016 576,000 $ 33.39 Awarded 32,000 $ 34.90 Vested (11,333 ) $ 33.78 Forfeited (28,667 ) $ 33.78 Non-vested at April 29, 2017 568,000 $ 33.45 Awarded 30,925 $ 41.82 Vested (160,553 ) $ 33.72 Forfeited (56,000 ) $ 34.42 Non-vested at April 28, 2018 382,372 $ 33.87 Awarded 7,750 $ 38.75 Vested (152,328 ) $ 33.75 Forfeited (49,950 ) $ 32.42 Non-vested at April 27, 2019 187,844 $ 34.55 The following table summarizes the RSA activity under the 2014 Incentive Plan: RSA Shares Wtd. Avg. Grant Date Fair Value Non-vested and Unissued at April 30, 2016 1,161,000 $ 33.35 Awarded 72,000 $ 34.90 Vested — $ — Forfeited (64,500 ) $ 33.78 Non-vested and Unissued at April 29, 2017 1,168,500 $ 33.42 Awarded 128,738 $ 40.92 Vested — $ — Forfeited (126,000 ) $ 34.42 Non-vested and Unissued at April 28, 2018 1,171,238 $ 34.13 Awarded 11,625 $ 38.75 Vested — $ — Forfeited (151,455 ) $ 34.79 Non-vested and Unissued at April 27, 2019 1,031,408 $ 34.09 |
2010 Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of stock option activity and related information for stock options granted | The following table summarizes stock option activity under the 2010 Stock Plan: Shares Wtd. Avg. Exercise Price Weighted-Average Life (years) Aggregate Intrinsic Value (in millions) Outstanding and Exercisable at April 30, 2016 197,332 $ 24.55 Awarded — $ — Exercised (125,332 ) $ 17.40 Forfeited — $ — Outstanding and Exercisable at April 29, 2017 72,000 $ 37.01 7.3 $ — Awarded — $ — Exercised — $ — Forfeited — $ — Outstanding and Exercisable at April 28, 2018 72,000 $ 37.01 6.3 $ 0.3 Awarded — $ — Exercised — $ — Forfeited — $ — Outstanding and Exercisable at April 27, 2019 72,000 $ 37.01 5.2 $ — |
2007 Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of stock option activity and related information for stock options granted | The following table summarizes stock option activity under the 2007 Stock Plan: Shares Wtd. Avg. Exercise Price Weighted-Average Life (years) Aggregate Intrinsic Value (in millions) Outstanding and Exercisable at April 30, 2016 79,666 $ 28.91 Awarded — $ — Exercised (22,497 ) $ 21.52 Forfeited — $ — Outstanding and Exercisable at April 29, 2017 57,169 $ 31.82 6.8 $ 0.7 Awarded — $ — Exercised (13,333 ) $ 24.67 Forfeited (1,668 ) $ 37.01 Outstanding and Exercisable at April 28, 2018 42,168 $ 33.87 5.8 $ 0.3 Awarded — $ — Exercised — $ — Forfeited (7,500 ) $ 37.01 Outstanding and Exercisable at April 27, 2019 34,668 $ 33.20 4.6 $ 0.1 |
Summary of stock option activity and related information for stock options granted, options outstanding and exercisable | Options Outstanding and Exercisable Shares Exercise Price Avg. Life (Years) 5,000 $ 10.55 1.2 29,668 $ 37.01 5.2 34,668 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision | Details of the Company’s income tax provision are as follows: Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Income (Loss) before Income Taxes: Domestic Source $ (0.6 ) $ 11.4 $ 21.6 Foreign Source 104.2 112.4 94.3 Income before Income Taxes $ 103.6 $ 123.8 $ 115.9 Current Tax Provision (Benefit): U.S. (Federal and State) $ (5.7 ) $ 46.8 $ 9.9 Foreign 21.5 18.8 17.0 Subtotal 15.8 65.6 26.9 Deferred Tax Provision (Benefit): U.S. (Federal and State) 2.5 11.6 (1.2 ) Foreign (6.3 ) (10.6 ) (2.7 ) Subtotal (3.8 ) 1.0 (3.9 ) Total Income Tax Expense $ 12.0 $ 66.6 $ 23.0 |
Schedule of income tax provision | Details of the Company’s income tax provision are as follows: Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Income (Loss) before Income Taxes: Domestic Source $ (0.6 ) $ 11.4 $ 21.6 Foreign Source 104.2 112.4 94.3 Income before Income Taxes $ 103.6 $ 123.8 $ 115.9 Current Tax Provision (Benefit): U.S. (Federal and State) $ (5.7 ) $ 46.8 $ 9.9 Foreign 21.5 18.8 17.0 Subtotal 15.8 65.6 26.9 Deferred Tax Provision (Benefit): U.S. (Federal and State) 2.5 11.6 (1.2 ) Foreign (6.3 ) (10.6 ) (2.7 ) Subtotal (3.8 ) 1.0 (3.9 ) Total Income Tax Expense $ 12.0 $ 66.6 $ 23.0 |
Schedule of reconciliation of income tax expense | A reconciliation of the income tax expense to the prevailing statutory federal income tax rate ( 21.0% for 2019, 30.5% for 2018 and 35.0% for 2017) to pre-tax earnings is as follows: Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Income Tax at Statutory Rate $ 21.8 $ 37.7 $ 40.5 Effect of: State Income Taxes, Net of Federal Benefit (0.8 ) 0.1 0.9 Dividends 1.8 — — U.S. Tax Reform Transition Tax (4.8 ) 48.5 — Foreign Operations with Lower Statutory Rates (9.6 ) (15.3 ) (14.5 ) Current Taxation of Foreign Income 3.4 — — Foreign Investment Tax Credit (2.0 ) (9.8 ) (4.7 ) Change in Tax Reserve (0.1 ) 0.1 0.1 Change in Valuation Allowance — 0.4 0.3 Tax Rate Change, Foreign — (1.5 ) — U.S. Tax Reform Re-measurements — 5.2 — Other, Net 2.3 1.2 0.4 Income Tax Expense $ 12.0 $ 66.6 $ 23.0 Effective Income Tax Rate 11.6 % 53.8 % 19.9 % |
Schedule of deferred income tax assets and liabilities | Significant components of the Company's deferred income tax assets and liabilities were as follows: (Dollars in Millions) April 27, April 28, Deferred Tax Liabilities: Depreciation $ 9.0 $ 6.3 Amortization 43.9 11.4 Foreign Tax Withheld 2.0 4.8 Deferred Income 0.1 0.2 Deferred Tax Liabilities, Gross 55.0 22.7 Deferred Tax Assets: Deferred Compensation and Stock Award Amortization 8.6 7.5 Inventory Valuation Differences 1.9 1.8 Property Valuation Differences 1.6 2.0 Environmental Reserves 0.3 0.2 Bad Debt Reserves 0.1 0.1 Vacation Accruals 0.4 1.0 Foreign Investment Tax Credit 28.2 29.3 Net Operating Loss Carryovers 13.8 5.8 Foreign Tax Credits 1.1 — Other Accruals 3.2 1.5 Deferred Tax Assets, Gross 59.2 49.2 Less Valuation Allowance 6.3 2.5 Deferred Tax Assets, Net of Valuation Allowance 52.9 46.7 Net Deferred Tax Assets (Liabilities) $ (2.1 ) $ 24.0 Balance Sheet Classification: Non-current Asset 34.3 42.3 Non-current Liability (36.4 ) (18.3 ) Net Deferred Tax Assets (Liabilities) $ (2.1 ) $ 24.0 |
Schedule of reconciliation of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: (Dollars in Millions) April 27, April 28, Balance at Beginning of Fiscal Year $ 1.4 $ 1.3 Increases for Positions Related to the Prior Years 1.8 — Increases for Positions Related to the Current Year 0.9 0.1 Decreases for Positions Related to the Prior Years — — Lapsing of Statutes of Limitations (1.0 ) — Balance at End of Fiscal Year $ 3.1 $ 1.4 |
Income Per Share (Tables)
Income Per Share (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of the basic and diluted income per share | The following table sets forth the computation of basic and diluted income per share: Fiscal Year Ended April 27, April 28, April 29, Numerator: Net Income (in millions) $ 91.6 $ 57.2 $ 92.9 Denominator: Denominator for Basic Earnings Per Share-Weighted Average Shares Outstanding and Vested/Unissued Restricted Stock Units 37,405,298 37,281,630 37,283,096 Dilutive Potential Common Shares-Employee Stock Options, Restricted Stock Awards and Restricted Stock Units 264,262 260,269 202,605 Denominator for Diluted Earnings Per Share 37,669,560 37,541,899 37,485,701 Basic and Diluted Income Per Share: Basic Income Per Share $ 2.45 $ 1.54 $ 2.49 Diluted Income Per Share $ 2.43 $ 1.52 $ 2.48 |
Commitments and Contingencies L
Commitments and Contingencies Leases (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments | April 27, 2019 , future minimum lease payments under non-cancelable capitalized and operating leases are as follows: (Dollars in Millions) Capitalized Leases Operating Leases Fiscal Years: 2020 $ 0.6 $ 7.8 2021 0.5 5.6 2022 0.4 4.9 2023 0.2 4.2 2024 — 3.3 Thereafter — 8.4 Net Minimum Lease Payments 1.7 $ 34.2 Less Amount Representing Interest — Present Value of Net Minimum Lease Payments 1.7 Less Current Portion (0.6 ) Long-term Obligations as of April 27, 2019 $ 1.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Debt Disclosure [Abstract] | |
Summary of debt | A summary of debt is shown below: (Dollars in Millions) April 27, April 28, Revolving Credit Facility $ 35.0 $ 30.0 Term Loan 243.7 — Subsidiary Credit Facility — 3.6 Other Debt 16.8 24.2 Unamortized Debt Issuance Costs (2.9 ) — Total Debt 292.6 57.8 Less: Current Maturities (15.7 ) (4.4 ) Total Long-term Debt $ 276.9 $ 53.4 |
Scheduled principal payments of debt | As of April 27, 2019, scheduled principal payments of debt are as follows: (Dollars in Millions) Amount Fiscal Years: 2020 $ 15.7 2021 14.9 2022 13.9 2023 13.7 2024 234.0 Thereafter 3.3 Total $ 295.5 |
Segment Information and Geogr_2
Segment Information and Geographic Area Information (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments | The tables below present information about our reportable segments. Fiscal Year Ended April 27, 2019 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 741.6 $ 210.0 $ 57.9 $ 1.1 $ (10.3 ) $ 1,000.3 Transfers between Segments (6.9 ) (3.2 ) (0.2 ) — 10.3 — Net Sales to Unaffiliated Customers $ 734.7 $ 206.8 $ 57.7 $ 1.1 $ — $ 1,000.3 Income/(Loss) from Operations $ 126.3 $ 37.4 $ (0.3 ) $ (8.6 ) $ (48.0 ) $ 106.8 Interest Expense, Net 8.3 Other Income, Net (5.1 ) Income before Income Taxes $ 103.6 Depreciation and Amortization $ 25.2 $ 11.7 $ 3.2 $ 1.0 $ 2.2 $ 43.3 Identifiable Assets $ 677.4 $ 404.3 $ 88.6 $ 9.4 $ 52.0 $ 1,231.7 Fiscal Year Ended April 28, 2018 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 738.4 $ 105.6 $ 73.9 $ 0.3 $ (9.9 ) $ 908.3 Transfers between Segments (9.7 ) 0.2 (0.7 ) — 10.2 — Net Sales to Unaffiliated Customers $ 728.7 $ 105.8 $ 73.2 $ 0.3 $ 0.3 $ 908.3 Income/(Loss) from Operations $ 156.3 $ 13.0 $ 6.0 $ (11.4 ) $ (45.6 ) $ 118.3 Interest Expense, Net 0.9 Other Income, Net (6.4 ) Income before Income Taxes $ 123.8 Depreciation and Amortization $ 21.3 $ 2.0 $ 3.1 $ 0.8 $ 0.9 $ 28.1 Identifiable Assets $ 632.7 $ 93.1 $ 206.8 $ 8.1 $ (24.8 ) $ 915.9 Fiscal Year Ended April 29, 2017 (Dollars in Millions) Automotive Industrial Interface Medical Eliminations/Corporate Consolidated Net Sales $ 641.0 $ 92.4 $ 94.3 $ 0.2 $ (11.4 ) $ 816.5 Transfers between Segments (8.8 ) (0.1 ) (2.8 ) — 11.7 — Net Sales to Unaffiliated Customers $ 632.2 $ 92.3 $ 91.5 $ 0.2 $ 0.3 $ 816.5 Income/(Loss) from Operations $ 148.3 $ 2.7 $ 4.0 $ (8.5 ) $ (35.7 ) $ 110.8 Interest Income, Net (0.4 ) Other Income, Net (4.7 ) Income before Income Taxes $ 115.9 Depreciation and Amortization $ 15.5 $ 3.2 $ 4.3 $ 0.5 $ 0.8 $ 24.3 Identifiable Assets $ 462.3 $ 78.1 $ 170.4 $ 5.4 $ (12.2 ) $ 704.0 |
Schedule of geographic financial information | The following table sets forth certain geographic financial information for fiscal 2019 , fiscal 2018 and fiscal 2017 . Geographic net sales are determined based on our sales from our various operational locations. Fiscal Year Ended (Dollars in Millions) April 27, April 28, April 29, Net Sales: U.S. $ 540.5 $ 487.5 $ 506.9 Malta 148.5 184.0 155.5 China 113.7 117.3 127.7 Canada 101.6 54.4 — Other 96.0 65.1 26.4 Total Net Sales $ 1,000.3 $ 908.3 $ 816.5 Property, Plant and Equipment, Net: U.S. $ 83.9 $ 63.3 $ 44.9 Malta 33.0 36.8 26.4 Belgium 22.1 25.0 — China 18.6 7.2 5.9 Other 34.3 29.9 13.4 Total Property, Plant and Equipment, Net $ 191.9 $ 162.2 $ 90.6 |
Summary of Quarterly Results _2
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Apr. 27, 2019 | |
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 2019 and fiscal 2018 : Fiscal 2019 Quarter Ended (Dollars in Millions, except per share data) July 28, 2018 October 27, 2018 January 26, 2019 April 27, 2019 Net Sales $ 223.4 $ 264.0 $ 246.9 $ 266.0 Gross Profit $ 60.1 $ 70.8 $ 64.3 $ 70.6 Net Income $ 23.7 $ 14.6 $ 30.7 $ 22.6 Net Income per Basic Common Share $ 0.63 $ 0.39 $ 0.82 $ 0.61 Net Income per Diluted Common Share $ 0.63 $ 0.39 $ 0.82 $ 0.60 Fiscal 2018 Quarter Ended (Dollars in Millions, except per share data) July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Net Sales $ 201.2 $ 230.1 $ 228.0 $ 249.0 Gross Profit $ 55.6 $ 62.0 $ 60.1 $ 61.9 Net Income (Loss) $ 20.5 $ 24.2 $ (24.3 ) $ 36.8 Net Income (Loss) per Basic Common Share $ 0.55 $ 0.65 $ (0.65 ) $ 0.99 Net Income (Loss) per Diluted Common Share $ 0.55 $ 0.64 $ (0.65 ) $ 0.98 Significant Items for Fiscal 2019 The table below contains items included in fiscal 2019 : Fiscal 2019 Quarter Ended (Dollars in Millions) July 28, 2018 October 27, 2018 January 26, 2019 April 27, 2019 Legal Fees Related to the Hetronic lawsuit $ 0.9 $ 1.0 $ 0.8 $ 0.8 Acquisition-related Expenses $ 0.6 $ 10.9 $ 3.8 $ 0.1 Grant Income from Foreign Government for Maintaining Certain Employment Levels $ (1.1 ) $ (1.4 ) $ (1.9 ) $ (1.4 ) Compensation Expense Reversal Related to the Re-estimation of RSA Performance Level $ — $ 7.4 $ — $ — Discrete Estimated Net Tax Benefit with Respect to U.S. Tax Reform $ — $ — $ (4.8 ) $ — Foreign Investment Tax Credit $ (0.4 ) $ (1.1 ) $ (0.7 ) $ 0.2 Expense for Initiatives to Reduce Overall Costs and Improve Operational Profitability $ 0.8 $ 2.5 $ 2.6 $ 1.0 Net Tariff Expense $ — $ — $ 2.0 $ 0.3 Significant Items for Fiscal 2018 Fiscal 2018 Quarter Ended (Dollars in Millions) July 29, 2017 October 28, 2017 January 27, 2018 April 28, 2018 Legal Fees Related to the Hetronic lawsuit $ 2.9 $ 1.6 $ 1.5 $ 2.1 Acquisition-related Expenses $ 2.6 $ 4.2 $ — $ — Grant Income from Foreign Government for Maintaining Certain Employment Levels $ — $ (1.5 ) $ (3.6 ) $ (2.2 ) Compensation Expense Reversal Related to the Re-estimation of RSA Performance Level $ — $ — $ (6.0 ) $ — Discrete Estimated Net Tax Charge with Respect to U.S. Tax Reform $ — $ — $ 56.8 $ (3.1 ) Foreign Investment Tax Credit $ (0.4 ) $ (0.4 ) $ (0.3 ) $ (8.7 ) |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Financial Reporting Periods (Details) | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Financial Reporting Periods [Line Items] | |||
Fiscal year duration | 52 | 52 | 52 |
Minimum | |||
Financial Reporting Periods [Line Items] | |||
Fiscal year duration | 52 | ||
Maximum | |||
Financial Reporting Periods [Line Items] | |||
Fiscal year duration | 53 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 27, 2019 | Apr. 28, 2018 | |
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 | |
Automotive | Material customers | ||
Accounts Receivable and Allowance for Doubtful Accounts [Line Items] | ||
Accounts Receivable, Net | $ 65.2 | $ 83.8 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
Inventory Disclosure [Abstract] | ||
Finished Products | $ 40.2 | $ 15.4 |
Work in Process | 9.4 | 14.6 |
Materials | 67.1 | 54.1 |
Total Inventories | $ 116.7 | $ 84.1 |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |||
Land | $ 3.7 | $ 0.8 | |
Buildings and Building Improvements | 81.2 | 69.2 | |
Machinery and Equipment | 390.7 | 364.7 | |
Total Property, Plant and Equipment, Gross | 475.6 | 434.7 | |
Less: Accumulated Depreciation | 283.7 | 272.5 | |
Property, Plant and Equipment, Net | 191.9 | 162.2 | $ 90.6 |
Depreciation | 27.2 | 22.5 | $ 22 |
Capital expenditures incurred but not yet paid | $ 6.4 | $ 9 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of property, plant and equipment | 5 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of property, plant and equipment | 40 years | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of property, plant and equipment | 15 years |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Accounting Policies [Abstract] | |||
Foreign exchange gains (losses) | $ (1.3) | $ (2.6) | $ 0.4 |
Description of Business and S_9
Description of Business and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Accounting Policies [Abstract] | |||
Research and development costs | $ 41.2 | $ 37.9 | $ 27.8 |
Description of Business and _10
Description of Business and Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) $ in Millions | Apr. 27, 2019USD ($) |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Estimated right of use asset and lease liability upon adoption of ASC842 | $ 24 |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Estimated right of use asset and lease liability upon adoption of ASC842 | $ 29 |
Revenue (Details)
Revenue (Details) - Accounting Standards Update 2014-09 - USD ($) $ in Millions | Apr. 29, 2018 | Apr. 30, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.1 | |
Retained Earnings | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.1 |
Revenue - Impact of Adoption (D
Revenue - Impact of Adoption (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 29, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net Sales | $ 266 | $ 246.9 | $ 264 | $ 223.4 | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 1,000.3 | $ 908.3 | $ 816.5 | |
Cost of Products Sold | 734.5 | 668.7 | $ 598.2 | |||||||||
Inventories | 116.7 | 84.1 | 116.7 | 84.1 | ||||||||
Contract Assets | 0.8 | 0.8 | $ 0.8 | |||||||||
Contract Liabilities | 0.3 | 0.3 | $ 0.2 | |||||||||
Retained Earnings | 545.2 | $ 472 | 545.2 | $ 472 | ||||||||
Adjustments | Accounting Standards Update 2014-09 | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net Sales | (24.2) | |||||||||||
Cost of Products Sold | (24.2) | |||||||||||
Inventories | (0.5) | (0.5) | ||||||||||
Contract Assets | 0.8 | 0.8 | ||||||||||
Contract Liabilities | 0.3 | 0.3 | ||||||||||
Retained Earnings | 0.1 | 0.1 | ||||||||||
Balance Under ASC 605 | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net Sales | 1,024.5 | |||||||||||
Cost of Products Sold | 758.7 | |||||||||||
Inventories | 117.2 | 117.2 | ||||||||||
Contract Assets | 0 | 0 | ||||||||||
Contract Liabilities | 0 | 0 | ||||||||||
Retained Earnings | $ 545.1 | $ 545.1 |
Revenue - Narrative - Costs to
Revenue - Narrative - Costs to Fulfill/Obtain a Contract (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Pre-production Costs | $ 32.8 | $ 20.5 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of Products Sold | 734.5 | $ 668.7 | $ 598.2 |
Difference between revenue guidance in effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of Products Sold | (24.2) | ||
Tooling Reimbursements | Difference between revenue guidance in effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of Products Sold | $ 24.2 |
Revenue - Narrative - Contract
Revenue - Narrative - Contract Estimates (Details) | 12 Months Ended |
Apr. 27, 2019 | |
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 - Narrative - Contrac_2
Revenue - Narrative - Contract Assets (Details) - USD ($) | 12 Months Ended | |
Apr. 27, 2019 | Apr. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 800,000 | $ 800,000 |
Contract assets, reclassified to receivable | (800,000) | |
Contract asset, credit loss expense | $ 0 |
Revenue - Narrative - Contrac_3
Revenue - Narrative - Contract Liabilities (Details) - USD ($) | 12 Months Ended | |
Apr. 27, 2019 | Apr. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 300,000 | $ 200,000 |
Contract liabilities, revenue recognized | $ 0 |
Revenue - Disaggregated Revenue
Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | $ 266 | $ 246.9 | $ 264 | $ 223.4 | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 1,000.3 | $ 908.3 | $ 816.5 |
Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 970 | ||||||||||
Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 30.3 | ||||||||||
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 540.5 | 487.5 | 506.9 | ||||||||
Malta | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 148.5 | 184 | 155.5 | ||||||||
China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 113.7 | 117.3 | 127.7 | ||||||||
Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 101.6 | 54.4 | 0 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 96 | 65.1 | 26.4 | ||||||||
Automotive | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 734.7 | 728.7 | 632.2 | ||||||||
Automotive | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 704.4 | ||||||||||
Automotive | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 30.3 | ||||||||||
Automotive | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 373 | ||||||||||
Automotive | Malta | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 116.4 | ||||||||||
Automotive | China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 78.2 | ||||||||||
Automotive | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 87.8 | ||||||||||
Automotive | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 79.3 | ||||||||||
Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 206.8 | 105.8 | 92.3 | ||||||||
Industrial | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 206.8 | ||||||||||
Industrial | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Industrial | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 110.3 | ||||||||||
Industrial | Malta | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 31.8 | ||||||||||
Industrial | China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 35.3 | ||||||||||
Industrial | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 13.8 | ||||||||||
Industrial | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 15.6 | ||||||||||
Interface | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 57.7 | 73.2 | 91.5 | ||||||||
Interface | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 57.7 | ||||||||||
Interface | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Interface | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 56.1 | ||||||||||
Interface | Malta | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0.3 | ||||||||||
Interface | China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0.2 | ||||||||||
Interface | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Interface | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1.1 | ||||||||||
Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1.1 | $ 0.3 | $ 0.2 | ||||||||
Medical | Goods Transferred at a Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1.1 | ||||||||||
Medical | Goods Transferred Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Medical | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 1.1 | ||||||||||
Medical | Malta | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Medical | China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Medical | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | 0 | ||||||||||
Medical | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net Sales | $ 0 |
Revenue - Narrative - Material
Revenue - Narrative - Material Customers (Details) - Automotive | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
General Motors | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 35.50% | 43.30% | 49.60% |
Ford | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 11.60% | 12.30% | 9.30% |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Sep. 12, 2018 | Oct. 03, 2017 | Jul. 27, 2017 | Apr. 27, 2019 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 |
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 422.1 | $ 130.9 | $ 0 | ||||
Income before Income Taxes | 103.6 | $ 123.8 | $ 115.9 | ||||
Grakon | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 36.9 | ||||||
Percentage voting interests acquired | 100.00% | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 422.1 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (2.8) | ||||||
Revenues | 122.8 | ||||||
Income before Income Taxes | 17.7 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 15.4 | ||||||
Grakon | Selling, General and Administrative Expenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 9.8 | ||||||
Grakon | Cost of Sales [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 5.6 | ||||||
Procoplast | |||||||
Business Acquisition [Line Items] | |||||||
Percentage voting interests acquired | 100.00% | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 22.2 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 1.3 | ||||||
Procoplast | Selling, General and Administrative Expenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 1.1 | ||||||
Procoplast | Cost of Sales [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 0.2 | ||||||
Pacific Insight | |||||||
Business Acquisition [Line Items] | |||||||
Percentage voting interests acquired | 100.00% | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 108.7 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 5.5 | ||||||
Pacific Insight | Selling, General and Administrative Expenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 4.9 | ||||||
Pacific Insight | Cost of Sales [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 0.6 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Apr. 27, 2019 | Sep. 12, 2018 | Apr. 28, 2018 | Oct. 03, 2017 | Jul. 27, 2017 | Apr. 29, 2017 | Apr. 30, 2016 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||
Goodwill | $ 233.3 | $ 59.2 | $ 1.6 | $ 1.7 | |||
Grakon | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||
Cash | $ 6.9 | ||||||
Accounts Receivable | 36.1 | ||||||
Inventory | 30.8 | ||||||
Prepaid Expenses and Other Current Assets | 1.6 | ||||||
Intangible Assets | 221.9 | ||||||
Goodwill | 175.3 | ||||||
Pre-production Costs | 1.5 | ||||||
Property, Plant and Equipment | 16.2 | ||||||
Accounts Payable | (19.4) | ||||||
Accrued Employee Liabilities | (4.4) | ||||||
Other Accrued Expenses | (7.5) | ||||||
Income Tax Payable | (0.7) | ||||||
Deferred Income Tax Liability | (29.3) | ||||||
Total Purchase Price | $ 429 | ||||||
Procoplast | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||
Cash | $ 1.3 | ||||||
Accounts Receivable | 7.4 | ||||||
Inventory | 3.5 | ||||||
Intangible Assets | 19.2 | ||||||
Goodwill | 6.8 | ||||||
Pre-production Costs | 2.3 | ||||||
Property, Plant and Equipment | 23.8 | ||||||
Accounts Payable | (4.9) | ||||||
Accrued Employee Liabilities | (0.8) | ||||||
Other Accrued Expenses | (0.7) | ||||||
Income Tax Payable | (0.6) | ||||||
Short-term Debt | (3.2) | ||||||
Other Long-term Liabilities | (2.1) | ||||||
Long-term Debt | (20.6) | ||||||
Deferred Income Tax Liability | (7.9) | ||||||
Total Purchase Price | $ 23.5 | ||||||
Pacific Insight | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||
Cash | $ 4.9 | ||||||
Accounts Receivable | 18.3 | ||||||
Inventory | 13 | ||||||
Prepaid Expenses and Other Current Assets | 0.3 | ||||||
Income Taxes Receivable | 1.2 | ||||||
Intangible Assets | 40.1 | ||||||
Goodwill | 50.4 | ||||||
Pre-production Costs | 0.8 | ||||||
Property, Plant and Equipment | 13.2 | ||||||
Accounts Payable | (7.9) | ||||||
Accrued Employee Liabilities | (0.8) | ||||||
Other Accrued Expenses | (2.9) | ||||||
Short-term Debt | (0.8) | ||||||
Long-term Debt | (3.4) | ||||||
Deferred Income Tax Liability | (12.8) | ||||||
Total Purchase Price | $ 113.6 |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets Acquired (Details) - USD ($) $ in Millions | Sep. 12, 2018 | Oct. 03, 2017 | Jul. 27, 2017 |
Grakon | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 221.9 | ||
Grakon | Customer Relationships and Agreements - Significant Customer | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 57 | ||
Amortization Period | 19 years 6 months | ||
Grakon | Customer Relationships and Agreements - All Other Customers | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 125 | ||
Amortization Period | 19 years 6 months | ||
Grakon | Technology Licenses | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 17.7 | ||
Amortization Period | 11 years 8 months 9 days | ||
Grakon | Trade Names | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 22.2 | ||
Amortization Period | 8 years 6 months | ||
Pacific Insight | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 40.1 | ||
Pacific Insight | Customer Relationships and Agreements - Automotive | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 22.6 | ||
Amortization Period | 11 years | ||
Pacific Insight | Customer Relationships and Agreements - Commercial | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 9.6 | ||
Amortization Period | 13 years | ||
Pacific Insight | Technology Licenses | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 1.7 | ||
Amortization Period | 5 years 6 months | ||
Pacific Insight | Trade Names | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 6.2 | ||
Amortization Period | 7 years 6 months | ||
Procoplast | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 19.2 | ||
Procoplast | Customer Relationships and Agreements - Significant Customer | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 12.3 | ||
Amortization Period | 17 years | ||
Procoplast | Customer Relationships and Agreements - All Other Customers | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 2.8 | ||
Amortization Period | 11 years 6 months | ||
Procoplast | Technology Licenses | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 2.1 | ||
Amortization Period | 8 years 6 months | ||
Procoplast | Trade Names | |||
Business Acquisition [Line Items] | |||
Fair Value at Date of Acquisition | $ 2 | ||
Amortization Period | 8 years 6 months |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 27, 2019 | Apr. 28, 2018 | |
Business Combinations [Abstract] | ||
Revenues | $ 1,073.3 | $ 1,095 |
Net Income | $ 106.4 | $ 70.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 59.2 | $ 1.6 | $ 1.7 |
Foreign Currency Translation | (1.2) | 0.4 | (0.1) |
Acquisitions | 175.3 | 57.2 | |
Ending balance | 233.3 | 59.2 | 1.6 |
Automotive | |||
Goodwill [Roll Forward] | |||
Beginning balance | 57.5 | 0 | 0 |
Foreign Currency Translation | (0.6) | 0.3 | 0 |
Acquisitions | 49.4 | 57.2 | |
Ending balance | 106.3 | 57.5 | 0 |
Industrial | |||
Goodwill [Roll Forward] | |||
Beginning balance | 1.7 | 1.6 | 1.7 |
Foreign Currency Translation | (0.6) | 0.1 | (0.1) |
Acquisitions | 125.9 | 0 | |
Ending balance | $ 127 | $ 1.7 | $ 1.6 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 27, 2019 | Apr. 28, 2018 | |
Definite-lived Intangible Assets: | ||
Definitive-lived intangible assets, gross | $ 320 | $ 100.3 |
Definitive-lived intangible assets, accumulated amortization | 56.9 | 41.1 |
Definitive-lived intangible assets, net | 263.1 | 59.2 |
Indefinite-lived Intangible Assets: | ||
Indefinite-lived intangible assets, gross | 1.8 | 1.8 |
Indefinite-lived intangible assets, accumulated amortization | 0 | 0 |
Indefinite-lived intangible assets, net | 1.8 | 1.8 |
Total Intangible Assets | ||
Intangible assets, gross | 321.8 | 102.1 |
Intangible assets, accumulated amortization | 56.9 | 41.1 |
Intangible assets, net | 264.9 | 61 |
Trade Names, Patents and Technology Licenses | ||
Indefinite-lived Intangible Assets: | ||
Indefinite-lived intangible assets, gross | 1.8 | 1.8 |
Indefinite-lived intangible assets, accumulated amortization | 0 | 0 |
Indefinite-lived intangible assets, net | 1.8 | 1.8 |
Customer Relationships and Agreements | ||
Definite-lived Intangible Assets: | ||
Definitive-lived intangible assets, gross | 244.5 | 64.4 |
Definitive-lived intangible assets, accumulated amortization | 27.7 | 18.1 |
Definitive-lived intangible assets, net | $ 216.8 | $ 46.3 |
Definitive-lived intangible assets, wtd. avg. remaining amortization periods | 17 years 5 months 9 days | 12 years 4 months |
Trade Names, Patents and Technology Licenses | ||
Definite-lived Intangible Assets: | ||
Definitive-lived intangible assets, gross | $ 75.5 | $ 35.9 |
Definitive-lived intangible assets, accumulated amortization | 29.2 | 23 |
Definitive-lived intangible assets, net | $ 46.3 | $ 12.9 |
Definitive-lived intangible assets, wtd. avg. remaining amortization periods | 8 years 4 months 12 days | 5 years 3 months 15 days |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Aggregate Amortization Expense (Details) $ in Millions | Apr. 27, 2019USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2020 | $ 19.1 |
2021 | 19 |
2022 | 19 |
2023 | 18.9 |
2024 | 18.6 |
Thereafter | 168.5 |
Total | $ 263.1 |
Shareholders' Equity - Stock Re
Shareholders' Equity - Stock Repurchases (Details) | 12 Months Ended | |
Apr. 29, 2017USD ($)shares | Apr. 27, 2019USD ($)shares | |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 100,000,000 | |
Purchase of common stock (in shares) | shares | 280,168 | |
Purchase of common stock | $ 9,800,000 | |
Stock repurchased and retired during program (in shares) | shares | 2,277,466 | |
Stock repurchased and retired during program | $ 71,900,000 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Cash Dividends | $ (16.3) | $ (14.7) | $ (13.7) |
Shareholders' Equity - Allocate
Shareholders' Equity - Allocated Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 14 | $ 4 | $ 12.4 |
Unrecognized equity-based compensation cost | 6.6 | ||
2014 Incentive Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 14 | 4 | 12.1 |
Unrecognized equity-based compensation cost | 6.6 | ||
2014 Incentive Plan | RSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 2.2 | 5 | 5.5 |
Unearned compensation expense | 1.6 | ||
2010 Stock Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0.2 | ||
2010 Stock Plan | RSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0 | 0.1 |
Unearned compensation expense | 0 | ||
2010 Stock Plan | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0 | 0.1 |
Unearned compensation expense | 0 | ||
2007 Stock Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0.1 | ||
2007 Stock Plan | Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0 | 0 | 0.1 |
Unearned compensation expense | 0 | ||
Executives and non-executive members of management | 2014 Incentive Plan | RSAs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 10.9 | (2) | 5.7 |
Unearned compensation expense | 5 | ||
Independent directors | 2014 Incentive Plan | RSAs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 0.9 | $ 1 | $ 0.9 |
Unearned compensation expense | $ 0 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | Apr. 30, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Compensation expense | $ 14 | $ 4 | $ 12.4 | |||||||||
2014 Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized for grant (in shares) | 3,000,000 | 3,000,000 | ||||||||||
Number of shares available for award (in shares) | 1,344,034 | 1,344,034 | ||||||||||
Compensation expense | $ 14 | 4 | 12.1 | |||||||||
Deferred RSU's | 60,600 | 60,600 | ||||||||||
2014 Incentive Plan | RSAs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
EBITDA goal, percentage of likelihood | 70.00% | |||||||||||
2014 Incentive Plan | RSAs | Executives and non-executive members of management | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Allocated share-based compensation expense, amount recorded to true-up prior periods | $ 0 | $ 0 | $ (7.4) | $ 0 | $ 0 | $ 6 | $ 0 | $ 0 | $ 7.4 | (6) | ||
Compensation expense | 10.9 | (2) | 5.7 | |||||||||
2014 Incentive Plan | RSAs | Independent directors | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Compensation expense | $ 0.9 | $ 1 | $ 0.9 | |||||||||
Number of shares issued (in shares) | 24,000 | 24,000 | 27,000 | |||||||||
2014 Incentive Plan | RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Compensation expense | $ 2.2 | $ 5 | $ 5.5 | |||||||||
2010 Stock Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized for grant (in shares) | 2,000,000 | 2,000,000 | ||||||||||
Compensation expense | 0.2 | |||||||||||
Deferred RSU's | 180,000 | 180,000 | ||||||||||
2010 Stock Plan | RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Compensation expense | $ 0 | $ 0 | 0.1 | |||||||||
2007 Stock Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized for grant (in shares) | 1,250,000 | 1,250,000 | ||||||||||
Compensation expense | $ 0.1 | |||||||||||
2007 Stock Plan | Converted from Sestricted Stock Awards to Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares converted from RSAs to RSUs outstanding (in shares) | 225,000 | |||||||||||
2007 Stock Plan | RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares converted from RSAs to RSUs outstanding (in shares) | 195,055 | 195,055 | ||||||||||
Converted RSUs delivered (in shares) | 29,945 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Details) - 2014 Incentive Plan - $ / shares | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
RSUs | |||
Shares | |||
Unvested and unissued - beginning balance (in shares) | 382,372 | 568,000 | 576,000 |
Awarded (in shares) | 7,750 | 30,925 | 32,000 |
Vested (in shares) | (152,328) | (160,553) | (11,333) |
Forfeited and cancelled (in shares) | (49,950) | (56,000) | (28,667) |
Unvested and unissued - ending balance (in shares) | 187,844 | 382,372 | 568,000 |
Wtd. Avg. Grant Date Fair Value | |||
Weighted average value - beginning balance (in dollars per share) | $ 33.87 | $ 33.45 | $ 33.39 |
Weighted average value, awarded (in dollars per share) | 38.75 | 41.82 | 34.90 |
Weighted average value, vested (in dollars per share) | 33.75 | 33.72 | 33.78 |
Weighted average value, forfeited (in dollars per share) | 32.42 | 34.42 | 33.78 |
Weighted average value - ending balance (in dollars per share) | 34.55 | 33.87 | 33.45 |
Executives and non-executive members of management | RSAs | |||
Wtd. Avg. Grant Date Fair Value | |||
Weighted average value - beginning balance (in dollars per share) | 34.13 | 33.42 | 33.35 |
Weighted average value, awarded (in dollars per share) | 38.75 | 40.92 | 34.90 |
Weighted average value, vested (in dollars per share) | 0 | 0 | 0 |
Weighted average value, forfeited (in dollars per share) | 34.79 | 34.42 | 33.78 |
Weighted average value - ending balance (in dollars per share) | $ 34.09 | $ 34.13 | $ 33.42 |
Executives and non-executive members of management | 2020 EBITDA Maximum Performance | RSAs | |||
Shares | |||
Unvested and unissued - beginning balance (in shares) | 1,171,238 | 1,168,500 | 1,161,000 |
Awarded (in shares) | 11,625 | 128,738 | 72,000 |
Vested (in shares) | 0 | 0 | 0 |
Forfeited and cancelled (in shares) | (151,455) | (126,000) | (64,500) |
Unvested and unissued - ending balance (in shares) | 1,031,408 | 1,171,238 | 1,168,500 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Stock Option Activity and Related Information for Stock Options Granted (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
2010 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding - beginning balance (in shares) | 72,000 | 72,000 | 197,332 |
Awarded (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | 0 | (125,332) |
Cancelled (in shares) | 0 | 0 | 0 |
Outstanding - ending balance (in shares) | 72,000 | 72,000 | 72,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Wtd. Avg. Exercise Price, Outstanding - beginning balance (in dollars per share) | $ 37.01 | $ 37.01 | $ 24.55 |
Wtd. Avg. Exercise Price, Awarded (in dollars per share) | 0 | 0 | 0 |
Wtd. Avg. Exercise Price, Exercised (in dollars per share) | 0 | 0 | 17.40 |
Wtd. Avg. Exercise Price, Cancelled (in dollars per share) | 0 | 0 | 0 |
Wtd. Avg. Exercise Price, Outstanding - ending balance (in dollars per share) | $ 37.01 | $ 37.01 | $ 37.01 |
Weighted-average life of outstanding options | 5 years 2 months 12 days | 6 years 3 months 18 days | 7 years 3 months 18 days |
Intrinsic value of outstanding options | $ 0 | $ 0.3 | $ 0 |
2007 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding - beginning balance (in shares) | 42,168 | 57,169 | 79,666 |
Awarded (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | (13,333) | (22,497) |
Cancelled (in shares) | (7,500) | (1,668) | 0 |
Outstanding - ending balance (in shares) | 34,668 | 42,168 | 57,169 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Wtd. Avg. Exercise Price, Outstanding - beginning balance (in dollars per share) | $ 33.87 | $ 31.82 | $ 28.91 |
Wtd. Avg. Exercise Price, Awarded (in dollars per share) | 0 | 0 | 0 |
Wtd. Avg. Exercise Price, Exercised (in dollars per share) | 0 | 24.67 | 21.52 |
Wtd. Avg. Exercise Price, Cancelled (in dollars per share) | 37.01 | 37.01 | 0 |
Wtd. Avg. Exercise Price, Outstanding - ending balance (in dollars per share) | $ 33.20 | $ 33.87 | $ 31.82 |
Weighted-average life of outstanding options | 4 years 7 months 6 days | 5 years 9 months 18 days | 6 years 9 months 18 days |
Intrinsic value of outstanding options | $ 0.1 | $ 0.3 | $ 0.7 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Stock Option Activity and Related Information for Stock Options Granted, Options Outstanding and Exercisable (Details) - 2007 Stock Plan - Stock Options | 12 Months Ended |
Apr. 27, 2019$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | 34,668 |
$10.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | 5,000 |
Options outstanding - exercise price (in dollars per share) | $ / shares | $ 10.55 |
Options outstanding - avg remaining life | 1 year 2 months 18 days |
$37.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding (in shares) | 29,668 |
Options outstanding - exercise price (in dollars per share) | $ / shares | $ 37.01 |
Options outstanding - avg remaining life | 5 years 2 months 1 day |
Employee 401(k) Savings and D_2
Employee 401(k) Savings and Deferred Compensation Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution, percent | 3.00% | ||
Employer 401(k) contribution | $ 1,500,000 | $ 1,400,000 | $ 1,400,000 |
Deferred Compensation Plan, maximum deferral percentage, annual base salary | 75.00% | ||
Deferred Compensation Plan, maximum deferral percentage, annual cash incentive | 100.00% | ||
Deferred Compensation Plan, aggregate minimum deferral | $ 3,000 | ||
Deferred Compensation Plan, minimum deferral period | 3 years | ||
Deferred Compensation Plan, vesting percentage | 100.00% | ||
Deferred Compensation Plan, employer discretionary contribution amount | $ 0 | 0 | $ 0 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation | 6,100,000 | 6,700,000 | |
Asset Held in Trust | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | 6,900,000 | 6,700,000 | |
Key Individual Life Insurance | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | $ 8,600,000 | $ 8,200,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Income Tax Contingency [Line Items] | |||
Income before Income Taxes | $ 103.6 | $ 123.8 | $ 115.9 |
Current Income Tax Expense (Benefit) | 15.8 | 65.6 | 26.9 |
Deferred Income Tax Expense (Benefit) | (3.8) | 1 | (3.9) |
Total Income Tax Expense | 12 | 66.6 | 23 |
Domestic tax authority | |||
Income Tax Contingency [Line Items] | |||
Income before Income Taxes | (0.6) | 11.4 | 21.6 |
Current Income Tax Expense (Benefit) | (5.7) | 46.8 | 9.9 |
Deferred Income Tax Expense (Benefit) | 2.5 | 11.6 | (1.2) |
Foreign tax authority | |||
Income Tax Contingency [Line Items] | |||
Income before Income Taxes | 104.2 | 112.4 | 94.3 |
Current Income Tax Expense (Benefit) | 21.5 | 18.8 | 17 |
Deferred Income Tax Expense (Benefit) | $ (6.3) | $ (10.6) | $ (2.7) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 28, 2018 | Dec. 31, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||||
Income tax at statutory rate (as a percent) | 21.00% | 35.00% | 21.00% | 30.50% | 35.00% | ||||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||||
Income Tax at Statutory Rate | $ 21.8 | $ 37.7 | $ 40.5 | ||||||||||
State Income Taxes, Net of Federal Benefit | (0.8) | 0.1 | 0.9 | ||||||||||
Dividends | 1.8 | 0 | 0 | ||||||||||
U.S. Tax Reform Transition Tax | (4.8) | 48.5 | 0 | ||||||||||
Foreign Operations with Lower Statutory Rates | (9.6) | (15.3) | (14.5) | ||||||||||
Current Taxation of Foreign Income | 3.4 | 0 | 0 | ||||||||||
Foreign Investment Tax Credit | $ 0.2 | $ (0.7) | $ (1.1) | $ (0.4) | $ (8.7) | $ (0.3) | $ (0.4) | $ (0.4) | (2) | (9.8) | (4.7) | ||
Change in Tax Reserve | (0.1) | 0.1 | 0.1 | ||||||||||
Change in Valuation Allowance | 0 | 0.4 | 0.3 | ||||||||||
Tax Rate Change, Foreign | 0 | (1.5) | 0 | ||||||||||
U.S. Tax Reform Re-measurements | 0 | 5.2 | 0 | ||||||||||
Other, Net | 2.3 | 1.2 | 0.4 | ||||||||||
Total Income Tax Expense | $ 12 | $ 66.6 | $ 23 | ||||||||||
Effective Income Tax Rate | 11.60% | 53.80% | 19.90% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 28, 2018 | Dec. 31, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Tax Credit Carryforward [Line Items] | |||||||||||||
Deferred Income Tax Liabilities, Net | $ 2.1 | $ 2.1 | |||||||||||
Income tax at statutory rate (as a percent) | 21.00% | 35.00% | 21.00% | 30.50% | 35.00% | ||||||||
Foreign Investment Tax Credit | 0.2 | $ (0.7) | $ (1.1) | $ (0.4) | $ (8.7) | $ (0.3) | $ (0.4) | $ (0.4) | $ (2) | $ (9.8) | $ (4.7) | ||
Current Taxation of Foreign Income | 3.4 | 0 | 0 | ||||||||||
Income tax expense (benefit) | 12 | 66.6 | 23 | ||||||||||
Deferred income tax assets, net | 24 | $ 24 | 24 | ||||||||||
Valuation allowance | 6.3 | 2.5 | 2.5 | 6.3 | 2.5 | ||||||||
Income taxes paid | 27.8 | 20.2 | 19 | ||||||||||
Gross unrecognized tax benefits | 3.1 | 1.4 | $ 1.4 | 3.1 | 1.4 | $ 1.3 | |||||||
Interest on income taxes accrued | 0.1 | 0.1 | |||||||||||
Internal Revenue Service (IRS) | |||||||||||||
Tax Credit Carryforward [Line Items] | |||||||||||||
Net operating loss carryforwards | 9 | 9 | |||||||||||
Federal income tax benefit | 5.3 | 5.3 | |||||||||||
State | |||||||||||||
Tax Credit Carryforward [Line Items] | |||||||||||||
Net operating loss carryforwards | 4.8 | 4.8 | |||||||||||
Federal income tax benefit | $ 0.9 | $ 0.9 | |||||||||||
Foreign tax authority | Investment Tax Credit Carryforward | Malta | |||||||||||||
Tax Credit Carryforward [Line Items] | |||||||||||||
Percentage of qualified expenditures subject to investment tax credit | 30.00% | 30.00% | |||||||||||
Total unused credits | $ 28.2 | $ 28.2 | |||||||||||
Tax Credit Carryforward, Period, 2020 Expiration | Foreign tax authority | Investment Tax Credit Carryforward | Malta | |||||||||||||
Tax Credit Carryforward [Line Items] | |||||||||||||
Total unused credits | 0.8 | 0.8 | |||||||||||
Tax Credit Carryforward, Period, Indefinite | Foreign tax authority | Investment Tax Credit Carryforward | Malta | |||||||||||||
Tax Credit Carryforward [Line Items] | |||||||||||||
Total unused credits | 27.4 | 27.4 | |||||||||||
Total Impact of U.S. Tax Reform | |||||||||||||
Tax Credit Carryforward [Line Items] | |||||||||||||
Income tax expense (benefit) | $ 0 | $ (4.8) | $ 0 | $ 0 | $ (3.1) | $ 56.8 | $ 0 | $ 0 | $ (4.8) | $ 53.7 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
Deferred Tax Liabilities: | ||
Depreciation | $ 9 | $ 6.3 |
Amortization | 43.9 | 11.4 |
Foreign Tax Withheld | 2 | 4.8 |
Deferred Income | 0.1 | 0.2 |
Deferred Tax Liabilities, Gross | 55 | 22.7 |
Deferred Tax Assets: | ||
Deferred Compensation and Stock Award Amortization | 8.6 | 7.5 |
Inventory Valuation Differences | 1.9 | 1.8 |
Property Valuation Differences | 1.6 | 2 |
Environmental Reserves | 0.3 | 0.2 |
Bad Debt Reserves | 0.1 | 0.1 |
Vacation Accruals | 0.4 | 1 |
Foreign Investment Tax Credit | 28.2 | 29.3 |
Net Operating Loss Carryovers | 13.8 | 5.8 |
Foreign Tax Credits | 1.1 | 0 |
Other Accruals | 3.2 | 1.5 |
Deferred Tax Assets, Gross | 59.2 | 49.2 |
Less Valuation Allowance | 6.3 | 2.5 |
Deferred Tax Assets, Net of Valuation Allowance | 52.9 | 46.7 |
Net Deferred Tax Assets (Liabilities) | (2.1) | |
Net Deferred Tax Assets (Liabilities) | 24 | |
Balance Sheet Classification: | ||
Non-current Asset | 34.3 | 42.3 |
Non-current Liability | $ (36.4) | $ (18.3) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 27, 2019 | Apr. 28, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 1.4 | $ 1.3 |
Increases for Positions Related to the Prior Years | 1.8 | 0 |
Increases for Positions Related to the Current Year | 0.9 | 0.1 |
Decreases for Positions Related to the Prior Years | 0 | 0 |
Lapsing of Statutes of Limitations | (1) | 0 |
Ending balance | $ 3.1 | $ 1.4 |
Income Per Share - Schedule of
Income Per Share - Schedule of the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (in millions) | $ 22.6 | $ 30.7 | $ 14.6 | $ 23.7 | $ 36.8 | $ (24.3) | $ 24.2 | $ 20.5 | $ 91.6 | $ 57.2 | $ 92.9 |
Denominator for basic earnings per share-weighted average shares outstanding and vested/unissued restricted stock awards (in shares) | 37,405,298 | 37,281,630 | 37,283,096 | ||||||||
Dilutive potential common shares-employee, restricted stock awards and restricted stock units (in shares) | 264,262 | 260,269 | 202,605 | ||||||||
Denominator for diluted earnings per share (in shares) | 37,669,560 | 37,541,899 | 37,485,701 | ||||||||
Basic income per share (in dollars per share) | $ 2.45 | $ 1.54 | $ 2.49 | ||||||||
Diluted income per share (in dollars per share) | $ 2.43 | $ 1.52 | $ 2.48 |
Income Per Share - Narrative (D
Income Per Share - Narrative (Details) - shares | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Employee Stock Options and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS (in shares) | 83,939 | ||
RSAs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS (in shares) | 594,382 | 363,413 | 779,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019USD ($)site | Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | |
Loss Contingencies [Line Items] | |||
Site contingency, number of sites subject to environmental investigation or remediation | site | 2 | ||
Accrual for environmental loss contingencies | $ 1.1 | $ 1.1 | |
Environmental remediation expense | 0.1 | 0.3 | $ 1.2 |
Operating leases, rental expense | 7.6 | 5.9 | |
Capital lease assets | $ 1 | 1.4 | |
Capital lease liability, weighted average interest rate | 1.50% | ||
Other accrued expenses | |||
Loss Contingencies [Line Items] | |||
Accrual for environmental loss contingencies | $ 0.8 | $ 0.8 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Millions | Apr. 27, 2019USD ($) |
Capitalized Leases | |
2020 | $ 0.6 |
2021 | 0.5 |
2022 | 0.4 |
2023 | 0.2 |
2024 | 0 |
Thereafter | 0 |
Net Minimum Lease Payments | 1.7 |
Less Amount Representing Interest | 0 |
Present Value of Net Minimum Lease Payments | 1.7 |
Less Current Portion | (0.6) |
Long-term Obligations as of April 27, 2019 | 1.1 |
Operating Leases | |
2020 | 7.8 |
2021 | 5.6 |
2022 | 4.9 |
2023 | 4.2 |
2024 | 3.3 |
Thereafter | 8.4 |
Net Minimum Lease Payments | $ 34.2 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
Debt Instrument [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | $ 292.6 | $ 57.8 |
Unamortized Debt Issuance Expense | (2.9) | 0 |
Less: Current Maturities | (15.7) | (4.4) |
Total Long-term Debt | 276.9 | 53.4 |
Procoplast | ||
Debt Instrument [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | 16.8 | 24.2 |
Less: Current Maturities | (3.2) | |
Bank of America Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 35 | 30 |
Bank of America Credit Facility | Term Loan | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 243.7 | 0 |
Roynat Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 0 | $ 3.6 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Sep. 12, 2018USD ($) | Apr. 27, 2019USD ($)debt_note | Apr. 28, 2018USD ($) | Apr. 29, 2017USD ($) | Apr. 27, 2019CAD ($) |
Line of Credit Facility [Line Items] | |||||
Repayments of lines of credit | $ (120,500,000) | $ (79,400,000) | $ (30,000,000) | ||
Long-term debt, current maturities | 15,700,000 | 4,400,000 | |||
Payments of debt issuance costs | $ 3,100,000 | 3,100,000 | 0 | 0 | |
Interest paid | 8,800,000 | $ 2,400,000 | $ 1,100,000 | ||
Bank of America Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 200,000,000 | ||||
Term loan, maximum borrowing capacity | 250,000,000 | ||||
Optional increase in borrowing capacity, up to | $ 200,000,000 | ||||
Interest rate | 3.98% | 3.98% | |||
BMO Harris Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 10,000,000 | ||||
Optional increase in borrowing capacity, up to | $ 5,000,000 | ||||
Roynat Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Repayments of lines of credit | $ (3,800,000) | ||||
Prepayment fee | $ 100,000 | ||||
Procoplast | |||||
Line of Credit Facility [Line Items] | |||||
Debt, number of notes | debt_note | 18 | ||||
Weighted average interest rate | 1.50% | 1.50% | |||
Long-term debt, current maturities | $ 3,200,000 | ||||
Debt, fair value | $ 16,300,000 | ||||
Term Loan | Bank of America Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Periodic payment, principal, percentage of total borrowing | 1.25% | ||||
Periodic payment, principal | $ 3,100,000 |
Debt - Debt Maturities (Details
Debt - Debt Maturities (Details) $ in Millions | Apr. 27, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 15.7 |
2021 | 14.9 |
2022 | 13.9 |
2023 | 13.7 |
2024 | 234 |
Thereafter | 3.3 |
Total | $ 295.5 |
Segment Information and Geogr_3
Segment Information and Geographic Area Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 266 | $ 246.9 | $ 264 | $ 223.4 | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 1,000.3 | $ 908.3 | $ 816.5 |
Income/(Loss) from Operations | 106.8 | 118.3 | 110.8 | ||||||||
Interest (Income) Expense, Net | 8.3 | 0.9 | (0.4) | ||||||||
Other Income, Net | (5.1) | (6.4) | (4.7) | ||||||||
Income before Income Taxes | 103.6 | 123.8 | 115.9 | ||||||||
Depreciation and Amortization | 43.3 | 28.1 | 24.3 | ||||||||
Identifiable Assets | 1,231.7 | 915.9 | 1,231.7 | 915.9 | 704 | ||||||
Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0 | 0 | ||||||||
Automotive | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 734.7 | 728.7 | 632.2 | ||||||||
Income/(Loss) from Operations | 126.3 | 156.3 | 148.3 | ||||||||
Depreciation and Amortization | 25.2 | 21.3 | 15.5 | ||||||||
Identifiable Assets | 677.4 | 632.7 | 677.4 | 632.7 | 462.3 | ||||||
Automotive | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 741.6 | 738.4 | 641 | ||||||||
Automotive | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (6.9) | (9.7) | (8.8) | ||||||||
Industrial | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 206.8 | 105.8 | 92.3 | ||||||||
Income/(Loss) from Operations | 37.4 | 13 | 2.7 | ||||||||
Depreciation and Amortization | 11.7 | 2 | 3.2 | ||||||||
Identifiable Assets | 404.3 | 93.1 | 404.3 | 93.1 | 78.1 | ||||||
Industrial | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 210 | 105.6 | 92.4 | ||||||||
Industrial | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (3.2) | 0.2 | (0.1) | ||||||||
Interface | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 57.7 | 73.2 | 91.5 | ||||||||
Income/(Loss) from Operations | (0.3) | 6 | 4 | ||||||||
Depreciation and Amortization | 3.2 | 3.1 | 4.3 | ||||||||
Identifiable Assets | 88.6 | 206.8 | 88.6 | 206.8 | 170.4 | ||||||
Interface | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 57.9 | 73.9 | 94.3 | ||||||||
Interface | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (0.2) | (0.7) | (2.8) | ||||||||
Medical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1.1 | 0.3 | 0.2 | ||||||||
Income/(Loss) from Operations | (8.6) | (11.4) | (8.5) | ||||||||
Depreciation and Amortization | 1 | 0.8 | 0.5 | ||||||||
Identifiable Assets | 9.4 | 8.1 | 9.4 | 8.1 | 5.4 | ||||||
Medical | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1.1 | 0.3 | 0.2 | ||||||||
Medical | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0 | 0 | ||||||||
Eliminations/Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0.3 | 0.3 | ||||||||
Income/(Loss) from Operations | (48) | (45.6) | (35.7) | ||||||||
Depreciation and Amortization | 2.2 | 0.9 | 0.8 | ||||||||
Identifiable Assets | $ 52 | $ (24.8) | 52 | (24.8) | (12.2) | ||||||
Eliminations/Corporate | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (10.3) | (9.9) | (11.4) | ||||||||
Eliminations/Corporate | Transfers between Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 10.3 | $ 10.2 | $ 11.7 |
Segment Information and Geogr_4
Segment Information and Geographic Area Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 266 | $ 246.9 | $ 264 | $ 223.4 | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 1,000.3 | $ 908.3 | $ 816.5 |
Property, plant and equipment | 191.9 | 162.2 | 191.9 | 162.2 | 90.6 | ||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 540.5 | 487.5 | 506.9 | ||||||||
Property, plant and equipment | 83.9 | 63.3 | 83.9 | 63.3 | 44.9 | ||||||
Malta | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 148.5 | 184 | 155.5 | ||||||||
Property, plant and equipment | 33 | 36.8 | 33 | 36.8 | 26.4 | ||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 113.7 | 117.3 | 127.7 | ||||||||
Property, plant and equipment | 18.6 | 7.2 | 18.6 | 7.2 | 5.9 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 101.6 | 54.4 | 0 | ||||||||
Belgium | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment | 22.1 | 25 | 22.1 | 25 | 0 | ||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 96 | 65.1 | 26.4 | ||||||||
Property, plant and equipment | $ 34.3 | $ 29.9 | $ 34.3 | $ 29.9 | $ 13.4 |
Pre-Production Costs Related _2
Pre-Production Costs Related to Long-Term Supply Arrangements - Narrative (Details) - USD ($) $ in Millions | Apr. 27, 2019 | Apr. 28, 2018 |
Preproduction Costs Related to Long-term Supply Arrangements [Abstract] | ||
Pre-production tooling costs | $ 32.8 | $ 20.5 |
Company owned pre-production tooling capitalized within property, plant and equipment | $ 15 | $ 10.1 |
Summary of Quarterly Results _3
Summary of Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 27, 2019 | Jan. 26, 2019 | Oct. 27, 2018 | Jul. 28, 2018 | Apr. 28, 2018 | Jan. 27, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 266 | $ 246.9 | $ 264 | $ 223.4 | $ 249 | $ 228 | $ 230.1 | $ 201.2 | $ 1,000.3 | $ 908.3 | $ 816.5 |
Acquisition-related Expenses | 0.1 | 3.8 | 10.9 | 0.6 | 0 | 0 | 4.2 | 2.6 | |||
Grant Income | (1.4) | (1.9) | (1.4) | (1.1) | (2.2) | (3.6) | (1.5) | 0 | |||
Income Tax Expense | 12 | 66.6 | 23 | ||||||||
Foreign Investment Tax Credit | 0.2 | (0.7) | (1.1) | (0.4) | (8.7) | (0.3) | (0.4) | (0.4) | (2) | (9.8) | (4.7) |
Expense for Initiatives to Reduce Overall Costs and Improve Operational Profitability | 1 | 2.6 | 2.5 | 0.8 | |||||||
Net Tariff Expense | 0.3 | 2 | 0 | 0 | |||||||
Gross Profit | 70.6 | 64.3 | 70.8 | 60.1 | 61.9 | 60.1 | 62 | 55.6 | 265.8 | 239.6 | 218.3 |
Net Income | $ 22.6 | $ 30.7 | $ 14.6 | $ 23.7 | $ 36.8 | $ (24.3) | $ 24.2 | $ 20.5 | 91.6 | 57.2 | $ 92.9 |
Net income per basic common share (in dollars per share) | $ 0.61 | $ 0.82 | $ 0.39 | $ 0.63 | $ 0.99 | $ (0.65) | $ 0.65 | $ 0.55 | |||
Net income per diluted common share (in dollars per share) | $ 0.60 | $ 0.82 | $ 0.39 | $ 0.63 | $ 0.98 | $ (0.65) | $ 0.64 | $ 0.55 | |||
RSAs | Executives and non-executive members of management | 2014 Incentive Plan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Allocated share-based compensation expense, amount recorded to true-up prior periods | $ 0 | $ 0 | $ 7.4 | $ 0 | $ 0 | $ (6) | $ 0 | $ 0 | (7.4) | 6 | |
Total Impact of U.S. Tax Reform | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income Tax Expense | 0 | (4.8) | 0 | 0 | (3.1) | 56.8 | 0 | 0 | $ (4.8) | $ 53.7 | |
Hetronic Lawsuit | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Legal Fees | $ 0.8 | $ 0.8 | $ 1 | $ 0.9 | $ 2.1 | $ 1.5 | $ 1.6 | $ 2.9 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 27, 2019 | Apr. 28, 2018 | Apr. 29, 2017 | |
Allowance for uncollectible accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 0.5 | $ 0.6 | $ 0.5 |
Charged to Costs and Expenses | 0.2 | 0 | 0.1 |
Charged to Other Accounts— Describe | 0.2 | 0 | 0 |
Deductions— Describe | 0 | 0.1 | 0 |
Balance at End of Period | 0.9 | 0.5 | 0.6 |
Deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2.5 | 1.9 | 1.3 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts— Describe | 4.8 | 0 | 0 |
Deductions— Describe | 1 | (0.6) | (0.6) |
Balance at End of Period | $ 6.3 | $ 2.5 | $ 1.9 |
Uncategorized Items - mei-20190
Label | Element | Value |
Accounting Standards Update 2016-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,700,000 |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,700,000 |