10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended July 27, 2024

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from ______ to ______

Commission file number 001-33731

METHODE ELECTRONICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware	36-2090085
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
8750 West Bryn Mawr Avenue, Suite 1000, Chicago, Illinois	60631-3518
(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code) (708) 867-6777

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.50 Par Value	MEI	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At September 4, 2024, the registrant had 35,245,060 shares of common stock outstanding.

METHODE ELECTRONICS, INC.

INDEX

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Operations (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023	2
	Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023	3
	Condensed Consolidated Balance Sheets as of July 27, 2024 (unaudited) and April 27, 2024	4
	Condensed Consolidated Statements of Shareholders’ Equity (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023	5
	Condensed Consolidated Statements of Cash Flows (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30
PART II.	OTHER INFORMATION
Item 1	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
SIGNATURES		33

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except per share data)

	Three Months Ended
	July 27, 2024			July 29, 2023
Net sales	$	258.5		$	289.7
Cost of products sold		213.9			235.7
Gross profit		44.6			54.0
Selling and administrative expenses		46.2			44.5
Amortization of intangibles		5.9			5.7
(Loss) income from operations		(7.5	)		3.8
Interest expense, net		4.8			2.8
Other expense, net		0.8			—
Pre-tax (loss) income		(13.1	)		1.0
Income tax expense		5.2			0.1
Net (loss) income	$	(18.3	)	$	0.9
(Loss) income per share attributable to Methode:
Basic	$	(0.52	)	$	0.03
Diluted	$	(0.52	)	$	0.02
Cash dividends per share	$	0.14		$	0.14

See notes to condensed consolidated financial statements.

2

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(in millions)

	Three Months Ended
	July 27, 2024			July 29, 2023
Net (loss) income	$	(18.3	)	$	0.9
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		2.1			(2.5	)
Derivative financial instruments		(1.7	)		(1.6	)
Other comprehensive income (loss)		0.4			(4.1	)
Comprehensive loss	$	(17.9	)	$	(3.2	)

See notes to condensed consolidated financial statements.

3

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per-share data)

	July 27, 2024			April 27, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	111.3		$	161.5
Accounts receivable, net		248.6			262.6
Inventories		219.9			186.2
Income tax receivable		4.1			4.0
Prepaid expenses and other current assets		23.2			18.7
Assets held for sale		4.7			4.7
Total current assets		611.8			637.7
Long-term assets:
Property, plant and equipment, net		213.8			212.1
Goodwill		170.6			169.9
Other intangible assets, net		252.2			256.7
Operating lease right-of-use assets, net		25.4			26.7
Deferred tax assets		36.0			34.7
Pre-production costs		46.1			44.1
Other long-term assets		22.0			21.6
Total long-term assets		766.1			765.8
Total assets	$	1,377.9		$	1,403.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	161.1		$	132.4
Accrued employee liabilities		36.3			38.0
Other accrued liabilities		46.5			46.0
Short-term operating lease liabilities		6.9			6.7
Short-term debt		0.2			0.2
Income tax payable		9.8			8.1
Total current liabilities		260.8			231.4
Long-term liabilities:
Long-term debt		295.8			330.7
Long-term operating lease liabilities		19.9			20.6
Long-term income tax payable		9.3			9.3
Other long-term liabilities		19.8			16.8
Deferred tax liabilities		27.9			28.7
Total long-term liabilities		372.7			406.1
Total liabilities		633.5			637.5
Shareholders' equity:
Common stock, $0.50 par value, 100,000,000 shares authorized, 36,591,684 shares and 36,650,909 shares issued as of July 27, 2024 and April 27, 2024, respectively		18.3			18.3
Additional paid-in capital		186.8			183.6
Accumulated other comprehensive loss		(36.3	)		(36.7	)
Treasury stock, 1,346,624 shares as of July 27, 2024 and April 27, 2024		(11.5	)		(11.5	)
Retained earnings		587.1			612.3
Total shareholders' equity		744.4			766.0
Total liabilities and shareholders' equity	$	1,377.9		$	1,403.5

See notes to condensed consolidated financial statements

4

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(in millions, except share data)

	Three Months Ended July 27, 2024
	Redeemable noncontrolling interest		Common stock shares			Common stock			Additional paid-in capital			Accumulated other comprehensive income (loss)			Treasury stock			Retained earnings			Total shareholders' equity
Balance as of April 27, 2024	$	—		36,650,909		$	18.3		$	183.6		$	(36.7	)	$	(11.5	)	$	612.3		$	766.0
Issuance of restricted stock, net of tax withholding		—		156,100			0.1			(0.1	)		—			—			(0.5	)		(0.5	)
Cancellation of restricted stock		—		(79,325	)		—			—			—			—			—			—
Conversion of cash bonus to RSUs		—		—			—			2.0			—			—			—			2.0
Purchases of common stock		—		(136,000	)		(0.1	)		—			—			—			(1.5	)		(1.6	)
Stock-based compensation expense		—		—			—			1.3			—			—			—			1.3
Other comprehensive income		—		—			—			—			0.4			—			—			0.4
Net loss		—		—			—			—			—			—			(18.3	)		(18.3	)
Dividends on common stock		—		—			—			—			—			—			(4.9	)		(4.9	)
Balance as of July 27, 2024	$	—		36,591,684		$	18.3		$	186.8		$	(36.3	)	$	(11.5	)	$	587.1		$	744.4

	Three Months Ended July 29, 2023
	Redeemable noncontrolling interest			Common stock shares		Common stock		Additional paid-in capital			Accumulated other comprehensive income (loss)			Treasury stock			Retained earnings			Total shareholders' equity
Balance as of April 29, 2023	$	11.1			37,167,375	$	18.6	$	181.0		$	(19.0	)	$	(11.5	)	$	772.7		$	941.8
Issuance of restricted stock, net of tax withholding		—			188,781		0.1		(0.1	)		—			—			(3.8	)		(3.8	)
Purchase of redeemable noncontrolling interest		(10.2	)		—		—		—			—			—			—			—
Stock-based compensation expense		—			—		—		1.6			—			—			—			1.6
Other comprehensive loss		—			—		—		—			(4.1	)		—			—			(4.1	)
Net income		—			—		—		—			—			—			0.9			0.9
Dividends on common stock		—			—		—		—			—			—			(5.0	)		(5.0	)
Balance as of July 29, 2023	$	0.9			37,356,156	$	18.7	$	182.5		$	(23.1	)	$	(11.5	)	$	764.8		$	931.4

See notes to condensed consolidated financial statements.

5

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

	Three Months Ended
	July 27, 2024			July 29, 2023
Operating activities:
Net (loss) income	$	(18.3	)	$	0.9
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		14.1			14.0
Stock-based compensation expense		2.2			2.6
Change in cash surrender value of life insurance		(0.4	)		0.6
Amortization of debt issuance costs		0.2			0.2
Partial write-off of unamortized debt issuance costs		1.2			—
Impairment of long-lived assets		0.3			0.6
Change in deferred income taxes		(0.5	)		(0.5	)
Other		0.7			—
Changes in operating assets and liabilities:
Accounts receivable		14.4			11.5
Inventories		(33.1	)		(16.5	)
Prepaid expenses and other assets		(5.8	)		(2.3	)
Accounts payable		32.4			(5.7	)
Other liabilities		3.5			(11.0	)
Net cash provided by (used in) operating activities		10.9			(5.6	)
Investing activities:
Purchases of property, plant and equipment		(13.6	)		(13.8	)
Net cash used in investing activities		(13.6	)		(13.8	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(0.5	)		(3.8	)
Repayments of finance leases		(0.1	)		(0.1	)
Debt issuance costs		(1.8	)		—
Purchases of common stock		(1.6	)		—
Cash dividends		(5.1	)		(5.3	)
Purchase of redeemable noncontrolling interest		—			(10.2	)
Proceeds from borrowings		—			42.0
Repayments of borrowings		(39.1	)		(10.1	)
Net cash (used in) provided by financing activities		(48.2	)		12.5
Effect of foreign currency exchange rate changes on cash and cash equivalents		0.7			(2.2	)
Decrease in cash and cash equivalents		(50.2	)		(9.1	)
Cash and cash equivalents at beginning of the period		161.5			157.0
Cash and cash equivalents at end of the period	$	111.3		$	147.9
Supplemental cash flow information:
Cash paid during the period for:
Interest	$	3.3		$	3.0
Income taxes, net of refunds	$	3.7		$	2.2
Operating lease obligations	$	2.3		$	2.3

See notes to condensed consolidated financial statements.

6

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

Description of business

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

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

Basis of presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. These financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Form 10-K for the year ended April 27, 2024, filed with the SEC on July 11, 2024. Results may vary from quarter to quarter for reasons other than seasonality.

Financial reporting periods

The Company’s fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The current fiscal year ending May 3, 2025 is a 53-week fiscal year, with the additional week being included in the Company’s second fiscal quarter. The three months ended July 27, 2024 and July 29, 2023 were both 13-week periods.

Use of estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

Accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires entities to provide disclosures about their reportable segments’ significant expenses on an interim and annual basis. The updated standard is effective for the Company’s annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.

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

There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. Further, at July 27, 2024, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.

7

Summary of significant accounting policies

The Company’s significant accounting policies are described in Note 1, “Description of Business and Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Form 10-K for the year ended April 27, 2024. There have been no material changes to the significant accounting policies in the three months ended July 27, 2024.

Foreign currency translation.

The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the condensed consolidated statements of operations in other expense, net. Net foreign exchange loss was $0.6 million in the three months ended July 27, 2024, compared to net foreign exchange loss of zero in the three months ended July 29, 2023.

Note 2. Revenue

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

The majority of the Company’s revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, except for consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. The Company’s revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs associated with spot purchases of raw materials and premium freight incurred in fulfilling its performance obligation to the customer. Given these cost recoveries are generally negotiated after contract inception, the Company accounts for these cost recoveries as a modification to the existing contract. The Company recognizes cost recoveries as revenue when (or as) the remaining performance obligations per the contract are satisfied, or on the modification date if all performance obligations under the contract have been previously satisfied.

Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer.

The Company’s payment terms with its customers are typically 30-45 days from the time control transfers. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” to not assess whether a contract has a significant financing component.

Contract balances

The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when an entity has received consideration, or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in other current assets and other accrued liabilities, respectively in the consolidated balance sheets and were immaterial as of July 27, 2024 and April 27, 2024.

Disaggregated revenue information

The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors.

8

	Three Months Ended July 27, 2024
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	66.3	$	45.3	$	12.2	$	—	$	123.8
Europe, the Middle East & Africa ("EMEA")		59.3		39.6		—		—		98.9
Asia		9.2		26.6		—		—		35.8
Total net sales	$	134.8	$	111.5	$	12.2	$	—	$	258.5
Timing of revenue recognition:
Goods transferred at a point in time	$	132.2	$	111.5	$	12.2	$	—	$	255.9
Goods transferred over time		2.6		—		—		—		2.6
Total net sales	$	134.8	$	111.5	$	12.2	$	—	$	258.5

	Three Months Ended July 29, 2023
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	66.8	$	40.0	$	15.2	$	0.8	$	122.8
EMEA		52.2		51.1		—		—		103.3
Asia		39.3		24.3		—		—		63.6
Total net sales	$	158.3	$	115.4	$	15.2	$	0.8	$	289.7
Timing of revenue recognition:
Goods transferred at a point in time	$	154.2	$	115.4	$	15.2	$	0.8	$	285.6
Goods transferred over time		4.1		—		—		—		4.1
Total net sales	$	158.3	$	115.4	$	15.2	$	0.8	$	289.7

Note 3. Disposition

In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of the Dabir business in the Medical segment. In fiscal 2024, the Company sold certain assets and contracts of its Dabir business to a third party for consideration of $1.5 million and recorded a loss on the sale, including transaction costs, of $0.6 million. The discontinuation of the Dabir business does not qualify as a discontinued operation as it does not represent a strategic shift that will have a major effect on the Company’s operations or financial results.

Note 4. Income Taxes

For the three months ended July 27, 2024, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision, as allowed by ASC 740-270-30-18, “Income Taxes-Interim Reporting.” The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to it being highly sensitive to minor changes in the forecasted amounts, thus generating significant variability in the estimated annual effective tax rate and distorting the customary relationship between income tax expense and pre-tax income in interim periods.

The Company’s income tax expense and effective tax rate for the three months ended July 27, 2024 and July 29, 2023 were as follows:

	Three Months Ended
($ in millions)	July 27, 2024			July 29, 2023
Pre-tax (loss) income	$	(13.1	)	$	1.0
Income tax expense		5.2			0.1
Effective tax rate		(39.7	)%		10.0	%

The effective tax rate for the three months ended July 27, 2024 was higher than the U.S. federal statutory tax rate of 21% primarily due to an increase in a valuation allowance for U.S. deferred tax assets and global intangible low-tax income, partially offset by the impact of income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions. The effective tax rate for the three months ended July 29, 2023 was lower than the U.S. federal statutory tax rate of 21% primarily due to income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions, partially offset by global intangible low-tax income and non-deductible expenses.

As of July 27, 2024, the Company determined that recovery of some of its U.S. deferred tax assets was no longer more likely than not, and established a valuation allowance of $4.3 million on those deferred tax assets, based on evaluation of all available evidence.

9

The Organization for Economic Cooperation and Development’s (“OECD”) Pillar II Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. Some countries in which the Company operates have enacted legislation adopting the minimum tax effective January 1, 2024. To date, the Company has determined that there is an immaterial global minimum tax liability as a result of Pillar II, as certain tax jurisdictions either will not have Pillar II enacted until after December 31, 2024 or satisfied the safe harbor test to prevent any minimum tax under Pillar II. The Company continues to monitor its jurisdictions for any changes and include any appropriate minimum tax throughout the fiscal year.

The Company’s gross unrecognized income tax benefits were $4.4 million at both July 27, 2024 and April 27, 2024, respectively. If any portion of the Company’s unrecognized tax benefits is recognized, it would impact the Company’s effective tax rate. The unrecognized tax benefits are reviewed periodically and adjusted for changing facts and circumstances, such as tax audits, the lapsing of applicable statutes of limitations and changes in tax law. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties were $0.4 million at both July 27, 2024 and April 27, 2024, respectively.

Note 5. Balance Sheet Components

Cash and cash equivalents

Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less. Highly liquid investments include money market funds which are classified within Level 1 of the fair value hierarchy. As of July 27, 2024 and April 27, 2024, the Company had a balance of $7.4 million and $73.2 million, respectively, in money market accounts.

Accounts receivable and allowance for doubtful accounts

Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts based on the current expected credit loss impairment model. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $2.2 million and $1.4 million at July 27, 2024 and April 27, 2024, respectively.

Inventories

Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. A summary of inventories is shown below:

(in millions)	July 27, 2024		April 27, 2024
Finished products	$	53.3	$	45.6
Work in process		20.0		16.1
Raw materials		146.6		124.5
Total inventories	$	219.9	$	186.2

Assets held for sale

The Company classifies long-lived assets to be sold as held for sale in the period in which all of the required criteria under ASC 360 “Property, Plant, and Equipment” are met. The Company initially measures a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Upon determining that a long-lived asset meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets as “Assets held for sale” on the condensed consolidated balance sheets. Assets held for sale at July 27, 2024 and April 27, 2024 include three non-core real estate assets. The Company has accepted offers for two of the non-core real estate assets which have an aggregate carrying value of $2.0 million, and currently expects these transactions to close prior to the end of its second quarter ending November 2, 2024. The Company expects to recognize an immaterial gain from the sale of these non-core real estate assets.

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Property, plant and equipment

Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:

(in millions)	July 27, 2024			April 27, 2024
Land	$	3.3		$	3.3
Buildings and building improvements		98.2			98.5
Machinery and equipment		398.3			394.6
Construction in progress		54.0			50.4
Total property, plant and equipment, gross		553.8			546.8
Less: accumulated depreciation		(340.0	)		(334.7	)
Property, plant and equipment, net	$	213.8		$	212.1

Depreciation expense was $8.2 million and $8.3 million in the three months ended July 27, 2024 and July 29, 2023, respectively. As of July 27, 2024 and April 27, 2024, capital expenditures recorded in accounts payable totaled $1.8 million and $6.1 million, respectively.

Pre-production tooling costs related to long-term supply arrangements

The Company incurs pre-production tooling costs related to products produced for its customers under long-term supply arrangements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable by the customer. As of July 27, 2024 and April 27, 2024, the Company had $46.1 million and $44.1 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling.

Costs for molds, dies and other tools used in products produced for its customers under long-term supply arrangements for which the Company has title are capitalized in property, plant and equipment and amortized over the shorter of the life of the arrangement or the estimated useful life of the assets. As of July 27, 2024 and April 27, 2024, Company-owned tooling was $13.1 million and $14.0 million, respectively.

Note 6. Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. All of the Company’s goodwill is in the Industrial segment. A summary of the changes in the carrying amount of goodwill is shown below:

(in millions)	Total
Balance as of April 27, 2024	$	169.9
Foreign currency translation		0.7
Balance as of July 27, 2024	$	170.6

A summary of goodwill by reporting unit is as follows:

(in millions)	July 27, 2024		April 27, 2024
Grakon Industrial	$	124.4	$	124.4
Nordic Lights		44.6		43.9
Other		1.6		1.6
Total	$	170.6	$	169.9

The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the fourth quarter each fiscal year. In addition, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim goodwill impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No impairment indicators were identified in the first quarter of fiscal 2025.

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Other intangible assets, net

Details of identifiable intangible assets are shown below:

	As of July 27, 2024
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	307.9	$	(89.0	)	$	218.9		14.6
Trade names, patents and technology licenses		75.6		(44.1	)		31.5		6.6
Total amortized intangible assets		383.5		(133.1	)		250.4
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	385.3	$	(133.1	)	$	252.2

	As of April 27, 2024
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	306.6	$	(84.7	)	$	221.9		14.8
Trade names, patents and technology licenses		75.3		(42.3	)		33.0		6.9
Total amortized intangible assets		381.9		(127.0	)		254.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	383.7	$	(127.0	)	$	256.7

Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
Fiscal Year:
Remainder of 2025	$	17.6
2026		22.6
2027		22.0
2028		19.7
2029		18.4
Thereafter		150.1
Total	$	250.4

Note 7. Derivative Instruments and Hedging Activities

The Company is exposed to various market risks including, but not limited to, foreign currency exchange rates and market interest rates. The Company strives to control its exposure to these risks through our normal operating activities and, where appropriate, through the use of derivative financial instruments. Derivative financial instruments are measured at fair value on a recurring basis.

For a designated cash flow hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded in AOCI in the condensed consolidated balance sheets. When the underlying hedged transaction is realized, the gain or loss previously included in AOCI is recorded in earnings and reflected in the condensed consolidated statements of operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. The gain or loss associated with changes in the fair value of derivatives not designated as hedges are recorded immediately in the condensed consolidated statements of operations on the same line as the associated risk. For a designated net investment hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded as a cumulative translation adjustment in AOCI in the condensed consolidated balance sheets.

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Net investment hedges

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

The Company has a fixed-rate, cross-currency swap, maturing on December 25, 2024, with a notional value of $60.0 million (€54.8 million). The cross-currency swap is designated as a hedge of the Company's net investment in a euro-based subsidiary. The Company entered into the cross-currency swap to mitigate changes in net assets due to changes in U.S. dollar-euro spot exchange rate.

Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter, under the spot-to-spot method. The Company recognizes the impact of all other changes in fair value of the derivative, which represents the interest rate differential of the cross-currency swap, through interest expense. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded gains of $0.2 million and $0.7 million, respectively, in interest expense, net in the condensed consolidated statements of operations.

As of July 27, 2024 and April 27, 2024, the Company designated its euro-denominated long-term borrowings of $298.6 million and $294.0 million, respectively, under the Amended Credit Agreement as a net investment hedge of the foreign currency exposure of its investment in its euro-denominated subsidiaries. Due to changes in the value of the euro-denominated long-term borrowings designated as a net investment hedge, in the three months ended July 27, 2024 and July 29, 2023, losses, net of tax, of $3.4 million and $0.2 million, respectively, were recognized within the currency translation section of other comprehensive income (loss). Included in AOCI related to this net investment hedge were cumulative gains of $0.8 million and $4.2 million, respectively, as of July 27, 2024 and April 27, 2024.

Interest rate swaps

The Company utilizes interest rate swaps to limit its exposure to market fluctuations on its variable-rate borrowings. The interest rate swaps effectively convert a portion of the Company's variable rate borrowings to a fixed rate based upon a determined notional amount. The Company has an interest rate swap, maturing on October 31, 2027, with a notional value of $143.3 million (€132.0 million). The interest rate swaps are designated as cash flow hedges.

Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter. The effective portion of the periodic changes in fair value is recognized in AOCI in the condensed consolidated balance sheets. Subsequently, the accumulated gains and losses recorded in AOCI are reclassified to income in the period during which the hedged cash flow impacts earnings, which are expected to be immaterial over the next 12 months. No ineffectiveness was recognized in the three months ended July 27, 2024 and July 29, 2023.

Derivatives not designated as hedges

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

As of July 27, 2024 and April 27, 2024, the Company held foreign currency forward contracts with a notional value of $116.1 million and $110.9 million, respectively. During the three months ended July 27, 2024, the Company recognized a loss of zero related to foreign currency forward contracts in the condensed consolidated statements of operations. During the three months ended July 29, 2023, the Company recognized a loss of $1.9 million related to foreign currency forward contracts in the condensed consolidated statements of operations.

Effect of derivative instruments on comprehensive income (loss)

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

	Three Months Ended
(in millions)	July 27, 2024			July 29, 2023
Net investment hedges	$	(0.9	)	$	0.1
Interest rate swaps		(1.3	)		(2.3	)
Total	$	(2.2	)	$	(2.2	)

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Fair value of derivative instruments on the balance sheet

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

		Asset/(Liability)
(in millions)	Financial Statement Caption	July 27, 2024			April 27, 2024
Derivatives designated as hedging instruments:
Net investment hedges	Prepaid expenses and other current assets	$	0.4		$	1.3
Interest rate swaps	Other long-term liabilities	$	(3.4	)	$	(2.1	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	$	0.1		$	—
Foreign currency forward contracts	Other accrued liabilities	$	—		$	(0.2	)

Note 8. Debt

A summary of debt is shown below:

(in millions)	July 27, 2024			April 27, 2024
Revolving credit facility	$	298.6		$	333.0
Other debt		1.4			1.5
Unamortized debt issuance costs		(4.0	)		(3.6	)
Total debt		296.0			330.9
Less: current maturities		(0.2	)		(0.2	)
Total long-term debt	$	295.8		$	330.7

Revolving credit facility

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

Among other things, the Second Amendment (i) reduced the revolving credit commitments under the Credit Agreement from $750 million to $500 million, (ii) granted a security interest in substantially all of the personal property of the Company and its U.S. subsidiaries that are guarantors, including 100% of the equity interests of their respective U.S. subsidiaries and 65% of the equity interests of their respective foreign subsidiaries (or such greater amount to the extent such pledge could not reasonably cause adverse tax consequences), (iii) amended the consolidated interest coverage ratio covenant for the quarters ending July 27, 2024, November 2, 2024, January 25, 2025 and May 3, 2025, (iv) amended the consolidated leverage ratio covenant for the quarter ending July 27, 2024 and each subsequent fiscal quarter, (v) amended certain interest rate provisions, (vi) added a requirement to provide monthly financial statements to the lenders through the period ending July 25, 2025, (vii) decreased the general basket exceptions to certain covenants restricting certain Company investments, liens and indebtedness for specified periods of time, (viii) increased, for fiscal year 2025, the general basket exception to a covenant restricting certain Company dispositions of property, (ix) added an “anti-cash hoarding” requirement, applicable during the period from the effective date of the Second Amendment until the earlier to occur of (a) the delivery of financial statements and a compliance certificate for the fiscal quarter ending July 25, 2025 and (b) the delivery of compliance certificates for two consecutive fiscal quarters demonstrating that the Company’s consolidated leverage ratio as of the last day of such fiscal quarters was less than 3.00:1.00, that if the Company has cash on hand (subject to certain exceptions) of more than $65 million for 10 consecutive business days, the Company shall prepay the indebtedness under the credit facility by the amount of such excess and (x) made certain other changes to the investment, restricted payment and indebtedness baskets. The Credit Agreement, as amended by the First Amendment and the Second Amendment, is referred to herein as the “Amended Credit Agreement.”

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The Amended Credit Agreement provides for a secured multicurrency revolving credit facility of $500 million. In addition, the Amended Credit Agreement permits the Company to increase the revolving commitments and/or add one or more tranches of term loans under the Amended Credit Agreement from time to time by up to an amount equal to (i) $250 million plus (ii) an additional amount so long as the consolidated leverage ratio would not exceed 3.00:1.00 on a pro forma basis, subject to, among other things, the receipt of additional commitments from existing and/or new lenders. The Amended Credit Agreement matures on October 31, 2027.

The Second Amendment was accounted for as a debt modification, which resulted in a non-cash loss of $1.2 million in the three months ended July 27, 2024 related to the partial write-off of unamortized debt issuance costs as a result of the reduction in the credit facility size. The non-cash loss was recognized in other expense, net in the Company’s condensed consolidated statement of operations. Additionally, the Company incurred debt issuance costs of approximately $1.8 million associated with the Second Amendment which were capitalized and, along with the current unamortized debt issuance costs, are being amortized to interest expense on a straight-line basis over remaining term of the Amended Credit Agreement.

Loans denominated in US dollars under the Amended Credit Agreement bear interest at either (a) an adjusted base rate or (b) an adjusted term Secured Overnight Financing Rate (“SOFR”) rate or term SOFR daily floating rate (in each case, as determined in accordance with the provisions of the Amended Credit Agreement in each case plus an applicable rate (the “Applicable Rate”) ranging between 0.375% and 1.75%, in the case of adjusted base rate loans, and between 1.375% and 2.75%, in the case of adjusted term SOFR rate loans and term SOFR daily floating rate loans. Loans denominated in euros will bear interest at the Euro Interbank Offered Rate plus an Applicable Rate ranging between 1.375% and 2.75%. The Applicable Rate is set based on the Company’s consolidated leverage ratio.

As of July 27, 2024, the outstanding balance under the revolving credit facility consisted of $298.6 million (€275.0 million) of euro-denominated borrowings. The Company has designated the euro-denominated borrowings as a net investment hedge of the foreign currency exposure of its investments in euro-denominated subsidiaries. Refer to Note 7, “Derivative Instruments and Hedging Activities” for further information.

The weighted-average interest rate on outstanding euro-denominated borrowings under the Amended Credit Agreement was approximately 6.8% as of July 27, 2024. The Amended Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default.

The Amended Credit Agreement contains various representations and warranties, financial covenants (including covenants requiring the Company to maintain compliance with a minimum consolidated interest coverage ratio and a maximum consolidated leverage ratio, in each case as of the end of each fiscal quarter of the Company), restrictive and other covenants, and events of default. The covenants in the Amended Credit Agreement include an “anti-cash hoarding” requirement, as discussed above. As of July 27, 2024, the Company was in compliance with all the covenants in the Amended Credit Agreement.

Other debt

One of the Company’s European subsidiaries has debt that consists of one note with a maturity in 2031. The weighted-average interest rate on this debt was approximately 1.8% at July 27, 2024 and $0.2 million of the debt was classified as short-term.

Note 9. Shareholders’ Equity

Repurchases of Common Stock

On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of the Company’s outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors approved a new share buyback authorization, commencing on June 17, 2024, for the purchase of up to $200.0 million of the Company’s outstanding common stock through June 17, 2026 (the “2024 Buyback Authorization”). Purchases may be made on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, or in private transactions.

The following table summarizes activity under the 2021 Buyback Authorization:

	Three Months Ended
(in millions, except share and per share data)	July 27, 2024		July 29, 2023
Shares purchased		136,000		—
Average price per share	$	11.55	$	—
Total cost	$	1.6	$	—

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Prior to its expiration, a total of 3,553,961 shares were purchased under the 2021 Buyback Authorization at a total cost of $134.6 million. All purchased shares were retired and are reflected as a reduction of common stock for the par value of shares, with the excess applied as a reduction to retained earnings. No further shares can be purchased under the 2021 Buyback Authorization. In the three months ended July 27, 2024, there were no shares purchased under the 2024 Buyback Authorization. As of July 27, 2024, the dollar value of shares that remained available to be purchased by the Company under 2024 Buyback Authorization was $200.0 million.

Dividends

The Company paid dividends totaling $5.1 million and $5.3 million in the three months ended July 27, 2024 and July 29, 2023, respectively. Dividends paid in the three months ended July 27, 2024 and July 29, 2023, include $0.2 million and $0.4 million of dividend equivalent payments for restricted stock units that vested.

Accumulated other comprehensive income (loss)

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

	Three Months Ended July 27, 2024
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(36.5	)	$	(0.2	)	$	(36.7	)
Other comprehensive income (loss)		1.1			(2.2	)		(1.1	)
Tax benefit		1.0			0.5			1.5
Net other comprehensive income (loss)		2.1			(1.7	)		0.4
Balance at the end of period	$	(34.4	)	$	(1.9	)	$	(36.3	)

	Three Months Ended July 29, 2023
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(19.8	)	$	0.8		$	(19.0	)
Other comprehensive loss		(2.7	)		(2.2	)		(4.9	)
Tax benefit		0.2			0.6			0.8
Net other comprehensive loss		(2.5	)		(1.6	)		(4.1	)
Balance at the end of period	$	(22.3	)	$	(0.8	)	$	(23.1	)

Stock-based compensation

The Company has granted stock options, restricted stock awards (“RSAs”), performance units (“PUs”), restricted stock units (“RSUs”), performance stock units (“PSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (“2022 Plan”), the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (“2014 Plan”), the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”), and the Methode Electronics, Inc. 2004 Stock Plan (“2004 Plan”). The Company can no longer make grants under the 2014 Plan, 2010 Plan and 2004 Plan.

Subject to adjustment as provided in the 2022 Plan and the 2022 Plan’s share counting provisions, the number of shares of the Company's common stock that will be available for all awards under the 2022 Plan is 5,550,000, less an amount to reflect shares, options or other awards granted under prior plans after April 30, 2022. As of July 27, 2024, there were approximately 4.2 million shares available for award under the 2022 Plan.

Restricted stock awards and performance units

As of July 27, 2024, the Company had 710,349 RSAs outstanding which may be earned based on the achievement of an earnings before net interest, taxes, fixed asset depreciation and intangible asset amortization (“EBITDA”) measure for fiscal 2025. The RSAs will vest ranging from 0% (for performance below threshold) to 100% (target performance) based on the achievement of the EBITDA performance measure and continued employment. In addition, if the target performance is exceeded, up to an additional 355,175 PUs can be earned that will be settled in cash.

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The fair value of the RSAs was based on the closing stock price on the date of grant and the RSAs earn dividend equivalents during the vesting period, which are forfeitable if the RSAs do not vest. Compensation expense for the RSAs is recognized when it is probable the minimum threshold performance criteria will be achieved. Compensation expense for the PUs is recognized when it is probable that the target performance criteria will be exceeded. The Company assesses the probability of vesting at each balance sheet date and adjusts compensation costs based on the probability assessment. The cash-settled PUs represent a non-equity unit with a conversion value equal to the fair market value of a share of the Company’s common stock on the vesting date. The PUs are classified as liability awards due to the cash settlement feature and are re-measured at each balance sheet date. In accordance with ASC 718, “Compensation - Stock Compensation,” based on projections of the Company’s current business portfolio, no compensation expense has been recognized for the RSAs or PUs to date, as the performance conditions are not probable of being met. Unrecognized stock-based compensation expense at target level of performance is $20.5 million as of July 27, 2024, which, subject to the performance conditions being met, will be recognized through fiscal 2025. The following table summarizes RSA activity:

	Restricted stock awards			Weighted average grant date fair value
Non-vested at April 27, 2024		789,674		$	28.81
Awarded		—		$	—
Vested		—		$	—
Forfeited		(79,325	)	$	28.28
Non-vested at July 27, 2024		710,349		$	28.87

Performance stock units

In the three months ended July 27, 2024, the Company granted 138,758 PSUs which will vest upon the achievement of a total stockholder return (“TSR”) measured based on the growth in the Company’s stock price over a three-year performance period that ends April 30, 2027. The number of shares to be issued may range from 0% to a maximum of 200% of the PSUs granted. The Company estimated the grant date fair value of the PSUs using the Monte Carlo simulation model, as the TSR metric and changes in stock price are considered market conditions under ASC 718. The following table provides a summary of the assumptions for the PSUs:

	Assumptions
Expected volatility		51.28	%
Risk free interest rate		4.23	%
Expected term (in years)		2.79
Grant date fair value	$	16.38

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

	Performance stock units		Weighted average grant date fair value
Non-vested at April 27, 2024		—	$	—
Awarded		138,758	$	16.38
Vested		—	$	—
Forfeited		—	$	—
Non-vested at July 27, 2024		138,758	$	16.38

Restricted stock units

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

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	Restricted stock units			Weighted average grant date fair value
Non-vested at April 27, 2024		941,640		$	26.43
Awarded		129,136		$	13.65
Conversion of cash bonus to RSUs		153,376		$	12.98
Vested		(385,898	)	$	28.44
Forfeited		(165,402	)	$	22.40
Non-vested at July 27, 2024		672,852		$	20.75

In the three months ended July 27, 2024, 153,376 RSUs were awarded in exchange for cash bonuses earned by certain employees. These RSUs vest on March 7, 2025. As the expense associated with the cash bonuses was previously recognized in fiscal 2024, there is no incremental expense to be recognized for the RSUs. The Company reclassified $2.0 million from accrued employee liabilities to additional paid-in capital on its condensed consolidated balance sheets related to the conversion of the cash bonuses to RSUs.

Under the various stock plans, RSUs that have vested for certain executives, including Donald W. Duda, the Company’s former CEO, and Ronald L.G. Tsoumas, the Company’s former CFO, will not be delivered in common stock until the first day of the seventh month following the executive’s termination from the Company or upon a change of control. As of July 27, 2024, common stock to be delivered to these executives totaled 793,108 shares. The vested deferred RSUs are considered outstanding for earnings per share calculations.

Director awards

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

	Non-employee director awards			Deferred non-employee director awards		Total			Weighted average grant date fair value
Outstanding at April 27, 2024		—			77,319		77,319		$	37.23
Awarded		56,680			86,786		143,466		$	9.92
Issued		(56,680	)		—		(56,680	)	$	9.88
Outstanding at July 27, 2024		—			164,105		164,105		$	22.80

Stock options

The following table summarizes stock option activity:

	Stock options			Weighted average exercise price		Weighted- average life (years)		Aggregate intrinsic value (in millions)
Outstanding and exercisable at April 27, 2024		8,000		$	37.01		0.2	$	0.0
Exercised		—		$	—
Forfeited		(8,000	)	$	37.01
Outstanding and exercisable at July 27, 2024		—		$	—		0.0	$	0.0

Stock-based compensation expense

All stock-based awards to employees and non-employee directors are recognized in selling and administrative expenses on the condensed consolidated statements of operations. Awards subject to graded vesting are recognized using the accelerated recognition method over the requisite service period. The table below summarizes the stock-based compensation expense related to the equity awards:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
RSUs	$	0.7	$	1.0
Deferred non-employee director awards		0.9		1.0
Non-employee director awards		0.6		0.6
Total stock-based compensation expense	$	2.2	$	2.6

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Note 10. (Loss) Income per Share

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

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

	Three Months Ended
	July 27, 2024			July 29, 2023
Numerator:
Net (loss) income (in millions)	$	(18.3	)	$	0.9
Denominator:
Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units		35,423,886			35,687,876
Dilutive potential common shares		—			593,531
Denominator for diluted income per share		35,423,886			36,281,407
(Loss) income per share:
Basic	$	(0.52	)	$	0.03
Diluted	$	(0.52	)	$	0.02
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding		1,004,990			935,698

In the three months ended July 27, 2024, all potential common shares issuable for PSUs and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for PSUs and RSUs on the weighted-average number of common shares outstanding would have been approximately 69,046 common shares for the three months ended July 27, 2024.

Note 11. Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s Chief Executive Officer (“CEO”).

The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. Products include integrated overhead and center consoles, hidden and ergonomic switches, transmission lead-frames, insert molded components, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other sensing technologies that monitor the operation or status of a component or system.

The Industrial segment manufactures exterior and interior lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as our PowerRail® solution, high-current high-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, data centers, industrial equipment, power conversion, military, telecommunications and transportation.

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

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

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

	Three Months Ended July 27, 2024
(in millions)	Automotive			Industrial			Interface		Medical		Eliminations/ Corporate			Consolidated
Net sales	$	136.7		$	117.1		$	12.2	$	—	$	(7.5	)	$	258.5
Transfers between segments		(1.9	)		(5.6	)		—		—		7.5			—
Net sales to unaffiliated customers	$	134.8		$	111.5		$	12.2	$	—	$	—		$	258.5
(Loss) income from operations	$	(5.7	)	$	16.9		$	1.9	$	-	$	(20.6	)	$	(7.5	)
Interest expense, net															4.8
Other expense, net															0.8
Pre-tax loss														$	(13.1	)

	Three Months Ended July 29, 2023
(in millions)	Automotive			Industrial			Interface			Medical			Eliminations /Corporate			Consolidated
Net sales	$	161.1		$	122.6		$	15.3		$	0.8		$	(10.1	)	$	289.7
Transfers between segments		(2.8	)		(7.2	)		(0.1	)		—			10.1			—
Net sales to unaffiliated customers	$	158.3		$	115.4		$	15.2		$	0.8		$	—		$	289.7
Income (loss) from operations	$	(2.8	)	$	24.2		$	2.9		$	(2.2	)	$	(18.3	)	$	3.8
Interest expense, net																	2.8
Other expense, net																	—
Pre-tax income																$	1.0

(in millions)	July 27, 2024		April 27, 2024
Identifiable assets:
Automotive	$	621.1	$	592.7
Industrial		606.4		604.5
Interface		65.1		67.1
Medical		0.2		0.2
Eliminations/Corporate		85.1		139.0
Total identifiable assets	$	1,377.9	$	1,403.5

Note 12. Contingencies

Certain litigation arising in the normal course of business is pending against us. The Company is, from time-to-time, subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters, environmental matters and intellectual property matters. The Company has established loss provisions for matters in which losses are deemed probable and reasonably estimable. The Company considers insurance coverage and third-party indemnification, among other things, when determining required accruals for pending litigation and claims. Although the outcome of potential legal actions and claims cannot be predicted with certainty, it is the Company's opinion, based on the information available, that it has adequate reserves for these liabilities. However, the ultimate outcome of any matter could require payment in excess of any amount that the Company may have accrued.

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Hetronic Germany-GmbH Matters

For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. The Company became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, the Company terminated all of its agreements with the Fuchs companies. On June 20, 2014, the Company filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements and seeking damages, as well as various forms of injunctive relief. The defendants filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, the Company amended its complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional affiliated parties.

A trial with respect to the matter began in February 2020. During the trial, the defendants dismissed their one remaining counterclaim with prejudice. On March 2, 2020, the jury returned a verdict in favor of the Company. The verdict included approximately $102 million in compensatory damages and $11 million in punitive damages. On April 22, 2020, the District Court entered a permanent injunction barring defendants from selling infringing products and ordering them to return Hetronic’s confidential information. Defendants appealed entry of the permanent injunction. On May 29, 2020, the District Court held defendants in contempt for violating the permanent injunction and entered the final judgment. Defendants appealed entry of the final monetary judgment as well. The appeal of the permanent injunction and the appeal of the final judgment were consolidated into a single appeal before the U.S. Court of Appeals for the Tenth Circuit. On August 24, 2021, the Tenth Circuit issued a decision affirming the lower court’s ruling with the exception that it instructed the District Court to modify the injunction from the entire world to all of the countries in which Hetronic sells its products. On April 20 and 21, 2022, the District Court held a hearing related to modifying the injunction pursuant to the Tenth Circuit’s opinion, and the parties have filed post-hearing briefs. The defendants also filed a petition for certiorari with the United States Supreme Court seeking to further appeal the extraterritorial application of the Lanham Act in this case. The Company opposed that petition. The Supreme Court requested the views of the Solicitor General on the petition for certiorari, and the Solicitor General recommended granting the petition. On November 4, 2022, the Supreme Court granted the petition. The Supreme Court heard arguments in this matter on March 21, 2023. On June 29, 2023, the Supreme Court vacated the Tenth Circuit’s August 2021 decision and remanded the matter back to the Tenth Circuit for further proceedings. On September 1, 2023, the Tenth Circuit requested supplemental briefing from the parties regarding the effect of the Supreme Court’s decision on the appeal and the proper course of further proceedings. That briefing was thereafter submitted, and the Tenth Circuit heard argument in this matter on January 24, 2024. On April 23, 2024, the Tenth Circuit issued an opinion affirming the District Court’s final judgment on the state law breach of contract and tort claims (this affirmed final judgment amount represents only approximately $22.5 million of the vacated original $113 million final judgment that had been entered in 2020) and remanding for further non-trial proceedings with respect to the appropriate remedies for the Lanham Act claims in light of the Supreme’s Court ruling that the Lanham Act does not apply extraterritorially. On August 5, 2024, the District Court entered an amended permanent injunction and amended final judgment. The amended permanent injunction limited the geographic reach of the permanent injunction barring defendants from selling infringing products so that it only applies in the United States and reaffirmed the court’s prior order requiring defendants to return Hetronic’s confidential information. The amended final judgment reaffirmed the final judgment of approximately $22.5 million plus interest for the state law breach of contract and tort claims and entered judgment in an amended amount of approximately $0.3 million plus interest for the infringing U.S. sales under the Lanham Act. The deadline for any appeals of the District Court’s orders was September 4, 2024.

Like any judgment, particularly a judgment involving defendants outside of the United States, there is no guarantee that the Company will be able to collect all or any portion of the judgment. Furthermore, defendants Abitron Germany and Hetronic Germany filed for insolvency in German court in September and October 2023 respectively, and the Germany insolvency court then appointed a receiver. These insolvency proceedings could potentially adversely impact our ability to enforce or collect upon the judgment or portions of the judgment or otherwise pursue or enforce claims or rights against those defendants.

Stockholder Litigation

On August 26, 2024, a putative class action lawsuit (the “Stockholder Action”) on behalf of purchasers of Company common stock between June 23, 2022 and March 6, 2024, inclusive, entitled Marie Salem v. Methode Electronics, Inc. et al. was filed in the U.S. District Court for the Northern District of Illinois against the Company, a former Chief Executive Officer, President and director of the Company and a former Chief Financial Officer of the Company. The complaint alleges, among other things, that the defendants made false and/or misleading statements relating to the Company’s business, operations and prospects, including in respect of the Company’s transition to production of more specialized components for manufacturers of electric vehicles and the Company’s operations at its facility in Monterrey, Mexico, in violation of Sections 10(b) and 20 of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint seeks, among other things, unspecified money damages along with equitable relief and costs and expenses, including counsel fees and expert fees.

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

Note 13. Restructuring and Asset Impairment Charges

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

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

Components of restructuring and asset impairment charges were as follows:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Employee termination benefits	$	0.3	$	0.1
Asset impairment charges		0.3		0.6
Total	$	0.6	$	0.7

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

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Automotive	$	0.3	$	—
Industrial		—		—
Interface		—		—
Medical		—		0.7
Eliminations/Corporate		0.3		—
Total	$	0.6	$	0.7
Recognized in:
Cost of products sold	$	0.3	$	0.6
Selling and administrative expenses		0.3		0.1
	$	0.6	$	0.7

The Company’s restructuring liability was $0.4 million and $0.7 million as of July 27, 2024 and April 27, 2024, respectively. Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals. The Company may take additional restructuring actions in future periods based upon market conditions and industry trends.

Note 14. Related Party Transactions

The Company’s Interim Chief Financial Officer, David Rawden, is a director of AlixPartners, LLP (“AlixPartners”), a business advisory firm that currently provides a number of consulting services to the Company. The Company’s former Interim Chief Executive Officer, Kevin Nystrom, is a partner and managing director of AlixPartners. In the three months ended July 27, 2024, the Company recognized $3.5 million of expense for consulting services provided by AlixPartners. As of July 27, 2024 and April 27, 2024, $1.8 million and $1.4 million, respectively, was payable to AlixPartners which is reflected in other accrued liabilities on the condensed consolidated balance sheets.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

As used herein, “we,” “us,” “our,” the “Company” or “Methode” means Methode Electronics, Inc. and its subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect, when made, our current views with respect to current events and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to our operations and business environment, which may cause our actual results to be materially different from any future results, express or implied, by such forward-looking statements. All statements that address future operating, financial or business performance or our strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook,” “upcoming,” or “continue,” and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following:

•Dependence on the automotive, commercial vehicle, and construction industries;

•Timing, quality and cost of new program launches;

•Changes in electric vehicle (“EV”) demand;

•Investment in programs prior to the recognition of revenue;

•Failure to attract and retain qualified personnel;

•Impact from production delays or cancelled orders;

•Impact from inflation;

•Dependence on the availability and price of materials;

•Dependence on a small number of large customers, including one large automotive customer;

•Dependence on our supply chain;

•Risks related to conducting global operations;

•Effects of potential catastrophic events or other business interruptions;

•Ability to withstand pricing pressures, including price reductions;

•Potential impact of securities class action and other litigation;

•Ability to compete effectively;

•Our lengthy sales cycle;

•Risks relating to our use of requirements contracts;

•Potential work stoppages;

•Ability to successfully benefit from acquisitions and divestitures;

•Ability to manage our debt levels and comply with restrictions and covenants under our credit agreement;

•Interest rate changes and variable rate instruments;

•Timing and magnitude of costs associated with restructuring activities;

•Recognition of goodwill and other intangible asset impairment charges;

•Ability to remediate material weaknesses in our internal control over financial reporting;

•Currency fluctuations;

•Income tax rate fluctuations;

•Judgments related to accounting for tax positions;

•Ability to withstand business interruptions;

•Potential IT security threats or breaches;

•Ability to protect our intellectual property;

•Costs associated with environmental, health and safety regulations;

•International trade disputes resulting in tariffs and our ability to mitigate tariffs;

•Impact from climate change and related regulations; and

•Ability to avoid design or manufacturing defects.

Additional details and factors are discussed under the caption “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended April 27, 2024. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Any forward-looking statements made by us speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

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Overview

We are a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer and produce mechatronic products for Original Equipment Manufacturers (“OEMs”) utilizing our broad range of technologies for user interface, light-emitting diode (“LED”) lighting system, power distribution and sensor applications.

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

Macroeconomic Conditions

The global economy continues to experience volatile disruptions including to the commodity, labor and transportation markets, arising from a combination of geopolitical events and various economic and financial factors. These disruptions have affected our operations and may continue to affect our business, financial condition and results of operations. As a result of continued inflation, we have implemented measures to mitigate certain adverse effects of higher costs. However, we have been unable to fully mitigate or pass through the increases in our costs to our customers, which will likely continue in the future.

Geopolitical Conditions

Russia’s invasion of Ukraine and the resulting economic sanctions imposed by the international community impacted the global economy and gave rise to potential global security issues that may adversely affect international business and economic conditions. Given our manufacturing operations in the Middle East and Asia, the continuation of the military conflict between Russia and Ukraine, the escalation or expansion of the Israel-Hamas war, or renewed terrorist attacks on Red Sea shipping, such as those by the Houthi, could lead to other supply chain disruptions, increased inflationary pressures, higher freight costs and volatility in global markets and industries that could negatively impact our operations. The full impact of the conflicts on our business operations and financial performance remains uncertain and will depend on future developments, including the severity and duration of the conflicts and their impact on regional and global economic conditions. We will continue to monitor the conflicts and assess the related restrictions and other effects on our employees, customers, suppliers and business.

Global Supply Chain Disruptions

Although we saw improvements in our supply chain in fiscal 2024, including easing of the worldwide semiconductor supply shortage, new supply chain disruptions may occur in the future. In addition, we have experienced, and may continue to experience, business interruptions, including customer shutdowns and increased material and logistics costs and labor shortages. We continue to work closely with suppliers and customers to minimize the potential adverse impact from global supply chain disruptions. However, if we are not able to mitigate any direct or indirect supply chain disruptions, this may have a material adverse impact on our financial condition, results of operations and cash flows.

Consolidated Results of Operations

The table below compares our results of operations between the three months ended July 27, 2024 and the three months ended July 29, 2023:

	Three Months Ended
(in millions)	July 27, 2024			July 29, 2023
Net sales	$	258.5		$	289.7
Cost of products sold		213.9			235.7
Gross profit		44.6			54.0
Selling and administrative expenses		46.2			44.5
Amortization of intangibles		5.9			5.7
Interest expense, net		4.8			2.8
Other expense, net		0.8			—
Income tax expense		5.2			0.1
Net (loss) income	$	(18.3	)	$	0.9

Net sales

Net sales decreased $31.2 million, or 10.8%, to $258.5 million in the three months ended July 27, 2024, compared to $289.7 million in the three months ended July 29, 2023. The decrease was primarily due to lower sales across all segments and unfavorable foreign currency translation of $1.6 million.

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Cost of products sold

Cost of products sold decreased $21.8 million, or 9.2%, to $213.9 million (82.7% of net sales) in the three months ended July 27, 2024, compared to $235.7 million (81.4% of net sales) in the three months ended July 29, 2023. Foreign currency translation decreased cost of products sold by $1.4 million. Excluding foreign currency translation, cost of products sold decreased $20.4 million. The decrease was primarily due to lower material costs as a result of a decrease in sales volumes, partially offset by higher salary expense and higher costs due to program launches. Restructuring and asset impairment charges included within cost of products sold were $0.3 million in the three months ended July 27, 2024, compared to $0.6 million in the three months ended July 29, 2023.

Gross profit margin

Gross profit margin was 17.3% of net sales in the three months ended July 27, 2024, compared to 18.6% of net sales in the three months ended July 29, 2023. The decrease in gross profit margin was primarily a result of lower sales.

Selling and administrative expenses

Selling and administrative expenses increased $1.7 million, or 3.8%, to $46.2 million (17.9% of net sales) in the three months ended July 27, 2024, compared to $44.5 million (15.4% of net sales) in the three months ended July 29, 2023. The increase was primarily due to higher professional fees, partially offset by lower outbound freight expense, salary expense and stock-based compensation expense. Professional fees include $3.5 million for consulting and interim executive services provided by AlixPartners.

Amortization of intangibles

Amortization of intangibles was $5.9 million in the three months ended July 27, 2024, compared to $5.7 million in the three months ended July 29, 2023.

Interest expense, net

Interest expense, net was $4.8 million in the three months ended July 27, 2024, compared to $2.8 million in the three months ended July 29, 2023. The increase was due to a higher level of borrowings and increased interest rates.

Other expense (income), net

Other expense, net was $0.8 million in the three months ended July 27, 2024, compared to other expense, net of zero in the three months ended July 29, 2023. Other expense, net in the three months ended July 27, 2024 includes a non-cash write-off of $1.2 million of unamortized debt issuance costs. Net foreign exchange loss was $0.6 million in the three months ended July 27, 2024, compared to net foreign exchange loss of zero in the three months ended July 29, 2023. In the three months ended July 27, 2024, we received $0.9 million of international government assistance.

Income tax expense

Income tax expense was $5.2 million (-39.7% effective tax rate) in the three months ended July 27, 2024, compared to $0.1 million (10.0% effective tax rate) in the three months ended July 29, 2023.

The effective tax rate for the three months ended July 27, 2024 was higher than the U.S. federal statutory tax rate of 21% primarily due to an increase in a valuation allowance for U.S. deferred tax assets and global intangible low-tax income, partially offset by the impact of income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions. The effective tax rate for the three months ended July 29, 2023 was lower than the U.S. federal statutory tax rate of 21% primarily due to income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions, partially offset by global intangible low-tax income and non-deductible expenses.

Net (loss) income

Net loss was $18.3 million in the three months ended July 27, 2024, compared to net income of $0.9 million in the three months ended July 29, 2023. The net loss was a result of the reasons described above.

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Reportable Operating Segments

Automotive

	Three Months Ended
($ in millions)	July 27, 2024			July 29, 2023
Net sales
North America	$	66.3		$	66.8
Europe, the Middle East & Africa ("EMEA")		59.3			52.2
Asia		9.2			39.3
Net sales		134.8			158.3
Gross profit	$	8.6		$	15.3
As a percent of net sales		6.4	%		9.7	%
Loss from operations	$	(5.7	)	$	(2.8	)
As a percent of net sales		(4.2	)%		(1.8	)%

Net sales

Automotive segment net sales decreased $23.5 million, or 14.8%, to $134.8 million in the three months ended July 27, 2024, compared to $158.3 million in the three months ended July 29, 2023. Excluding foreign currency translation, net sales decreased $22.6 million, or 14.3%.

Net sales in North America decreased $0.5 million to $66.3 million in the three months ended July 27, 2024, compared to $66.8 million in the three months ended July 29, 2023. The decrease was due to the roll off of legacy programs offset by new program launches. Net sales in EMEA increased $7.1 million to $59.3 million in the three months ended July 27, 2024, compared to $52.2 million in the three months ended July 29, 2023. The weaker euro, relative to the U.S. dollar, decreased net sales in EMEA by $0.7 million. Excluding foreign currency translation, net sales in EMEA increased $7.8 million due to increased demand for user interface and switch products, partially offset by lower sales volumes of sensor products. Net sales in Asia decreased $30.1 million to $9.2 million in the three months ended July 27, 2024, compared to $39.3 million in the three months ended July 29, 2023. The decrease was primarily due to a program roll-off and lower sales volumes of lead frame products.

Gross profit

Automotive segment gross profit decreased $6.7 million, or 43.8%, to $8.6 million in the three months ended July 27, 2024, compared to $15.3 million in the three months ended July 29, 2023. Gross profit margins decreased to 6.4% in the three months ended July 27, 2024, compared to 9.7% in the three months ended July 29, 2023. The decrease in gross profit margins was due to lower sales volumes in Asia, higher costs due to program launches and product mix.

Loss from operations

Automotive segment loss from operations was $5.7 million in the three months ended July 27, 2024, compared to $2.8 million in the three months ended July 29, 2023. The higher loss from operations was primarily due to lower gross profit, partially offset by lower selling and administrative expenses. Selling and administrative expenses decreased due to lower outbound freight expense.

Industrial

	Three Months Ended
($ in millions)	July 27, 2024			July 29, 2023
Net sales	$	111.5		$	115.4
Gross profit	$	32.8		$	35.6
As a percent of net sales		29.4	%		30.8	%
Income from operations	$	16.9		$	24.2
As a percent of net sales		15.2	%		21.0	%

Net sales

Industrial segment net sales decreased $3.9 million, or 3.4%, to $111.5 million in the three months ended July 27, 2024, compared to $115.4 million in the three months ended July 29, 2023. Excluding foreign currency translation, net sales decreased $3.2 million. The decrease was primarily due to lower sales volumes for lighting products in the commercial vehicle and off-road equipment markets, partially offset by higher sales volumes of power distribution products for electric vehicle and data centers.

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Gross profit

Industrial segment gross profit decreased $2.8 million, or 7.9%, to $32.8 million in the three months ended July 27, 2024, compared to $35.6 million in the three months ended July 29, 2023. Excluding foreign currency translation, gross profit decreased $2.6 million. Gross profit margins decreased to 29.4% in the three months ended July 27, 2024, compared to 30.8% in the three months ended July 29, 2023. Gross profit margins were impacted by product mix.

Income from operations

Industrial segment income from operations decreased $7.3 million, or 30.2%, to $16.9 million in the three months ended July 27, 2024, compared to $24.2 million in the three months ended July 29, 2023. The decrease was primarily due to lower gross profit and higher selling and administrative expenses. The increase in selling and administrative expenses was primarily due to higher professional fees and an increase in bad debt expense.

Interface

	Three Months Ended
($ in millions)	July 27, 2024			July 29, 2023
Net sales	$	12.2		$	15.2
Gross profit	$	2.6		$	3.6
As a percent of net sales		21.3	%		23.7	%
Income from operations	$	1.9		$	2.9
As a percent of net sales		15.6	%		19.1	%

Net sales

Interface segment net sales decreased $3.0 million, or 19.7%, to $12.2 million in the three months ended July 27, 2024, compared to $15.2 million in the three months ended July 29, 2023. The decrease was due to lower sales volumes of touch panels for appliances and transceivers for servers.

Gross profit

Interface segment gross profit decreased $1.0 million, or 27.8%, to $2.6 million in the three months ended July 27, 2024, compared to $3.6 million in the three months ended July 29, 2023. Gross profit margins decreased to 21.3% in the three months ended July 27, 2024, compared to 23.7% in the three months ended July 29, 2023. The decrease in gross profit margins was primarily due to lower sales volumes.

Income from operations

Interface segment income from operations decreased $1.0 million, or 34.5%, to $1.9 million in the three months ended July 27, 2024, compared to $2.9 million in the three months ended July 29, 2023. The decrease was primarily due to lower gross profit and slightly higher selling and administrative expenses.

Medical

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Net sales	$	—	$	0.8
Gross profit	$	—	$	(0.7	)
Loss from operations	$	—	$	(2.2	)

In the first quarter of fiscal 2024, we made the decision to initiate the discontinuation of the Dabir business (which accounts for all of the Medical segment's financial results). Towards the end of the second quarter of fiscal 2024, we sold certain assets of the Dabir business and have now exited this business, which accounts for the variances in the table above.

Financial Condition, Liquidity and Capital Resources

Our liquidity requirements are primarily to fund our business operations, including capital expenditures and working capital requirements, as well as to fund debt service requirements, dividends and stock repurchases. Our primary sources of liquidity are cash flows from operations, existing cash balances and borrowings under our senior secured credit agreement. We believe our liquidity position will be sufficient to fund our existing operations and current commitments for at least the next twelve months. However, if economic conditions remain impacted for longer than we expect due to supply chain disruptions, inflationary pressure or other geopolitical risks, or if we are unable to maintain compliance with our debt covenants, our liquidity position could be severely impacted.

As of July 27, 2024, we had $111.3 million of cash and cash equivalents, of which $57.4 million was held in subsidiaries outside the U.S. Cash held by these subsidiaries is used to fund operational activities and can be repatriated, primarily through the payment of dividends and the repayment of intercompany loans, without creating material additional income tax expense.

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Repurchases of Common Stock

On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of our outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors approved a new share buyback authorization, commencing on June 17, 2024, for the purchase of up to $200.0 million of our outstanding common stock through June 17, 2026 (the “2024 Buyback Authorization”). Purchases may be made on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, or in private transactions. Prior to its expiration, a total of 3,553,961 shares were purchased under the 2021 Buyback Authorization at a total cost of $134.6 million. No further shares can be purchased under the 2021 Buyback Authorization. In the three months ended July 27, 2024, we did not purchase any shares under the 2024 Buyback Authorization. As of July 27, 2024, the dollar value of shares that remained available to be purchased under 2024 Buyback Authorization was $200.0 million.

Amended Credit Agreement

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

Among other things, the Second Amendment (i) reduced the revolving credit commitments under the Credit Agreement from $750 million to $500 million, (ii) granted a security interest in substantially all of the personal property of the Company and our U.S. subsidiaries that are guarantors, including 100% of the equity interests of their respective U.S. subsidiaries and 65% of the equity interests of their respective foreign subsidiaries (or such greater amount to the extent such pledge could not reasonably cause adverse tax consequences), (iii) amended the consolidated interest coverage ratio covenant for the quarters ending July 27, 2024, November 2, 2024, January 25, 2025 and May 3, 2025, (iv) amended the consolidated leverage ratio covenant for the quarter ending July 27, 2024 and each subsequent fiscal quarter, (v) amended certain interest rate provisions, (vi) added a requirement to provide monthly financial statements to the lenders through the period ending July 25, 2025, (vii) decreased the general basket exceptions to certain covenants restricting certain Company investments, liens and indebtedness for specified periods of time, (viii) increased, for fiscal year 2025, the general basket exception to a covenant restricting certain Company dispositions of property, (ix) added an “anti-cash hoarding” requirement, applicable during the period from the effective date of the Second Amendment until the earlier to occur of (a) the delivery of financial statements and a compliance certificate for the fiscal quarter ending July 25, 2025 and (b) the delivery of compliance certificates for two consecutive fiscal quarters demonstrating that the our consolidated leverage ratio as of the last day of such fiscal quarters was less than 3.00:1.00, that if we have cash on hand (subject to certain exceptions) of more than $65 million for 10 consecutive business days, we shall prepay the indebtedness under the credit facility by the amount of such excess and (x) made certain other changes to the investment, restricted payment and indebtedness baskets. The Credit Agreement, as amended by the First Amendment and the Second Amendment, is referred to herein as the “Amended Credit Agreement.”

The Amended Credit Agreement provides for a secured multicurrency revolving credit facility of $500 million. In addition, the Amended Credit Agreement permits us to increase the revolving commitments and/or add one or more tranches of term loans under the Amended Credit Agreement from time to time by up to an amount equal to (i) $250 million plus (ii) an additional amount so long as the consolidated leverage ratio would not exceed 3.00:1.00 on a pro forma basis, subject to, among other things, the receipt of additional commitments from existing and/or new lenders. The Amended Credit Agreement matures on October 31, 2027.

As of July 27, 2024, the outstanding balance under the revolving credit facility consisted of $298.6 million (€275.0 million) of euro-denominated borrowings. The Amended Credit Agreement contains various representations and warranties, financial covenants (including covenants requiring us to maintain compliance with a minimum consolidated interest coverage ratio and a maximum consolidated leverage ratio, in each case as of the end of each fiscal quarter of the Company), restrictive and other covenants, and events of default. The covenants in the Amended Credit Agreement include an “anti-cash hoarding” requirement, as discussed above. As of July 27, 2024, we were in compliance with all the covenants in the Amended Credit Agreement. For further information, see Note 8, “Debt” to the condensed consolidated financial statements included in this Report.

Although we currently anticipate, based on our current projections and analyses, that we will be in compliance with the financial covenants contained in the Amended Credit Agreement, no assurance can be given that we will be and remain in compliance with such covenants in the future. Factors that could increase our risk of future non-compliance include those identified in Part I – Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended April 27, 2024.

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Cash Flows

	Three Months Ended
(in millions)	July 27, 2024			July 29, 2023
Operating activities:
Net (loss) income	$	(18.3	)	$	0.9
Non-cash items		17.8			17.5
Changes in operating assets and liabilities		11.4			(24.0	)
Net cash provided by (used in) operating activities		10.9			(5.6	)
Net cash used in investing activities		(13.6	)		(13.8	)
Net cash (used in) provided by financing activities		(48.2	)		12.5
Effect of foreign currency exchange rate changes on cash and cash equivalents		0.7			(2.2	)
Decrease in cash and cash equivalents		(50.2	)		(9.1	)
Cash and cash equivalents at beginning of the period		161.5			157.0
Cash and cash equivalents at end of the period	$	111.3		$	147.9

Operating activities

Net cash provided by operating activities was $10.9 million in the three months ended July 27, 2024, compared to net cash used in operating activities of $5.6 million in the three months ended July 29, 2023. The improvement was due to higher cash inflows from operating assets and liabilities. The $11.4 million of cash inflows for operating assets and liabilities in the three months ended July 27, 2024 was primarily due to lower accounts receivable and higher accounts payable, partially offset by higher inventory, prepaid expenses and lower other liabilities.

Investing activities

Net cash used in investing activities was $13.6 million in the three months ended July 27, 2024, compared to $13.8 million in the three months ended July 29, 2023. The activity in both periods represented capital expenditures.

Financing activities

Net cash used in financing activities was $48.2 million in the three months ended July 27, 2024, compared to net cash provided by financing activities of $12.5 million in the three months ended July 29, 2023. In the three months ended July 27, 2024, we used $1.6 million of cash for the purchase of shares under the 2021 Buyback Authorization, compared to no share repurchases in the three months ended July 29, 2023. We paid cash dividends of $5.1 million in the three months ended July 27, 2024, compared to $5.3 million in the three months ended July 29, 2023. In the three months ended July 27, 2024, we had net repayments of borrowings of $39.1 million, compared to net proceeds from borrowings of $31.9 million in the three months ended July 29, 2023. In the three months ended July 27, 2024, we paid $1.8 million of debt issuance costs associated with the Second Amendment. In the three months ended July 29, 2023, we paid $10.2 million for the purchase of redeemable noncontrolling interests related to Nordic Lights.

Recent Accounting Pronouncements

See Note 1, “Description of Business and Summary of Significant Accounting Policies” to the condensed consolidated financial statements included in Item 1.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as defined under SEC rules.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks from foreign currency exchange, interest rates, and commodity prices, which could affect our operating results, financial position and cash flows. We manage a portion of these risks through use of derivative financial instruments in accordance with our policies. We do not enter into derivative financial instruments for speculative or trading purposes.

There has been no significant change in our exposure to market risk during the three months ended July 27, 2024. For a discussion of our exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” contained in our Annual Report on Form 10-K for the year ended April 27, 2024.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report on Form 10-Q, we performed an evaluation under the supervision and with the participation of the Company’s management, including our Chief Executive Officer (“CEO”) and our Interim Chief Financial Officer (“CFO”), of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934). Our disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s applicable rules and forms. As a result of this evaluation, our CEO and Interim CFO concluded that our disclosure controls and procedures were not effective as of July 27, 2024 due to the material weaknesses that were previously reported in our Annual Report on Form 10-K for the year ended April 27, 2024.

Notwithstanding the ineffectiveness of our disclosure controls and procedures due to the material weaknesses in our internal control over financial reporting as of April 27, 2024, we believe there are no material inaccuracies or omissions of material fact in this this Quarterly Report, and, to the best of our knowledge, we believe that the condensed consolidated financial statements in this Form 10-Q fairly present in all material aspects our financial condition, results of operations and cash flows in conformity with GAAP.

Previously Disclosed Material Weaknesses

As previously disclosed in our Annual Report on Form 10-K for the year ended April 27, 2024, our management concluded that our internal controls over financial reporting were not effective due to a material weakness associated with ineffective information technology general controls (ITGCs) over one of its information technology (IT) systems that is relevant to the preparation of the financial information at a substantial portion of the Company’s subsidiaries throughout the year ended April 27, 2024, which resulted in ineffective business process controls (automated and IT-dependent manual controls) that could result in misstatements potentially impacting significant financial statement accounts and disclosures. Specifically, management did not design and execute program change management controls to provide reasonable assurance that IT program changes affecting financial applications are authorized, tested, and implemented appropriately. As a result, business process controls (automated and IT-dependent manual controls) that are reliant on the affected ITGCs, or that use data produced from the affected systems, were deemed ineffective at April 27, 2024.

Management also identified a material weakness associated with ineffective controls over its impairment analyses for goodwill. Specifically, management did not retain sufficient contemporaneous documentation to demonstrate the operation of sufficiently precise review controls over certain significant assumptions used in the determination of fair value of its reporting units.

Management also identified a material weakness associated with ineffective controls related to the application of GAAP to non-routine events and conditions. Specifically, we did not design and maintain controls to properly evaluate all of the events and conditions relevant to the Company’s going concern evaluation, including the assessment and disclosure of management’s plans in accordance with GAAP.

We are committed to maintaining a strong internal control environment. We and our Board of Directors treat the controls surrounding, and the integrity of, our financial statements with the utmost priority. Management is committed to the planning and implementation of remediation efforts to address control deficiencies and any other identified areas of risk. These remediation efforts are intended to both address the identified material weaknesses and to enhance our overall financial control environment.

Our remediation efforts include, among other items, (1) enhancing the design and operating effectiveness of internal controls over IT change management, review of significant assumptions used in goodwill impairment analyses, and the application of GAAP to non-routine events and conditions; and (2) developing and deploying additional training programs around the operation and importance of these controls.

As we continue to evaluate and work to improve our internal control over financial reporting, management may determine to take additional measures to strengthen controls or to modify the remediation plan described above. When fully implemented and operational, we believe the controls we have designed or plan to design will remediate the control deficiencies that led to the material weaknesses we have identified and strengthen our internal controls over financial reporting. The material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Changes in Internal Control over Financial Reporting

Except as described above, there have been no changes in our internal control over financial reporting during the three months ended July 27, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12, “Contingencies” to the condensed consolidated financial statements included in this Report for a description of certain of our pending legal proceedings.

Item 1A. Risk Factors

Our business, financial condition, results of operations and cash flows are subject to various ‎risks which could cause actual results to vary from recent results or from anticipated future results. ‎Please refer to Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended April 27, 2024, for a description of certain material risks and uncertainties to which our business, financial condition and results of operations are subject. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially ‎and adversely affect our business, financial condition and/or operating results.‎

Except as updated below, there have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended April 27, 2024:

We are, and in the future may be, subject to securities class action and other litigation, which may harm our business and results of operations.

We are involved in legal proceedings related to various matters, including securities litigation, and may become involved in other legal proceedings that arise from time to time in the future. For example, as discussed further in Note 12, “Contingencies” to the unaudited interim condensed consolidated financial statements contained in this Report, on August 26, 2024, a purported shareholder of the Company filed a putative class action lawsuit alleging that the Company, its former Chief Executive Officer, and its former Chief Financial Officer violated the federal securities laws by making false and/or misleading statements relating to our business, operations and prospects, including in respect of our transition to production of more specialized components for manufacturers of electric vehicles and our operations at our facility in Monterrey, Mexico. The complaint seeks unspecified money damages along with equitable relief and costs and expenses, including counsel fees and expert fees. The Company intends to vigorously defend itself against the allegations but there can be no assurance as to outcome. An unfavorable outcome in this litigation and other legal proceedings may have a material effect on the consolidated financial position, results of operations, cash flows or liquidity of the Company. This type of litigation can also result in substantial costs, and a diversion of management’s attention and resources, which could adversely affect our business, operating results, or financial condition. Additionally, the dramatic increase in the cost of directors’ and officers’ liability insurance may cause us to opt for lower overall policy limits or to forgo insurance that we may otherwise rely on to cover any significant defense costs, settlements, and damages awarded to plaintiffs, or incur substantially higher costs to maintain the same or similar coverage. These factors may make it more difficult to attract and retain qualified executive officers and members of our board of directors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of our outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors approved a new share buyback authorization, commencing on June 17, 2024, for the purchase of up to $200.0 million of our outstanding common stock through June 17, 2026 (the “2024 Buyback Authorization”). Purchases under these programs may be made on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, or in private transactions. Prior to its expiration, we had purchased and retired $134.6 million of common stock under the 2021 Buyback Authorization. No further shares can be purchased under the 2021 Buyback Authorization. We have not made any purchases under the 2024 Buyback Authorization.

The following table provides information about our purchases of equity securities during the three months ended July 27, 2024.

Period	Total number of shares purchased1		Average price paid per share		Total number of shares purchased as part of publicly announced plan		Approximate dollar value of shares that may yet be purchased under the program (in millions)
April 28, 2024 through May 25, 2024		112,053	$	11.99		72,000	$	66.1
May 26, 2024 through June 29, 2024		64,000	$	11.06		64,000	$	200.0
June 30, 2024 through July 27, 2024		—	$	—		—	$	200.0
(1) In addition to open-market purchases under the board-authorized stock repurchase programs, 40,053 shares of common stock were surrendered by employees to satisfy tax withholding obligations in connection with the vesting of restricted stock units.

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Item 5. Other Information

During our last fiscal quarter, no director or officer of the Company, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.

Item 6. Exhibits

Exhibit Number	Description
10.1	Second Amendment to Second Amended and Restated Credit Agreement and First Amendment to Second Amended and Restated Guaranty, entered into as of July 9, 2024, among Methode Electronics, Inc., each Lender party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other parties thereto (incorporated by reference to Exhibit 10.44 to the Company's Annual Report on Form 10-K filed on July 11, 2024).
10.2**	Offer Letter dated June 24, 2024 between Methode Electronics, Inc. and Jon DeGaynor (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 25, 2024).
10.3**	Amended Offer Letter dated July 12, 2024 between Methode Electronics, Inc. and Jon DeGaynor.
10.4**	Long-Term Time-Based Restricted Stock Unit Award Agreement effective as of July 15, 2024 between Methode Electronics, Inc. and Jon DeGaynor.
10.5**	Restricted Stock Unit Award Agreement effective as of July 15, 2024 between Methode Electronics, Inc. and Jon DeGaynor.
10.6**	Long-Term Performance-Based Restricted Stock Unit Award Agreement effective as of July 15, 2024 between Methode Electronics, Inc. and Jon DeGaynor.
10.7**	Change in Control Agreement dated July 15, 2024 between Methode Electronics, Inc. and Jon DeGaynor.
10.8**	Executive Severance and Retention Agreement effective as of July 15, 2024 between Methode Electronics, Inc. and Jon DeGaynor.
10.9**	Addendum 6 to the Agreement for Consulting Services dated July 8, 2024 between Methode Electronics, Inc. and AlixPartners, LLP.
10.10**	Form of Annual Bonus Performance Grant Award Agreement (Fiscal 2024).
10.11**	Form of Amendment to Annual Bonus Performance Grant Award Agreement for Kevin Martin and Andrea Barry (Fiscal 2024).
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
32*	Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350.
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Schema With Embedded Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*	Indicates that the exhibit is being furnished with this report and not filed as part of it.
**	Management compensatory plan.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		METHODE ELECTRONICS, INC.
		By:	/s/ David Rawden
			David Rawden
			Interim Chief Financial Officer
			(Principal Financial Officer)
Dated:	September 5, 2024

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EX-10.3

Exhibit 10.3

Methode Electronics, Inc.

8750 West Bryn Mawr Avenue, Suite 1000

Chicago, Illinois 60131

July 12, 2024

Dear Jon:

By this letter (this “Offer Letter Amendment”), we agree to amend and restate certain terms of your Offer Letter dated as of June 24, 2024 (the “Offer Letter”) as follows.

The following provision in the Offer Letter regarding Expenses is amended and restated to be as follows:

Expenses: The Company will, in accordance with Company policies as they may ‎exist and be amended from time to time, reimburse reasonable business expenses ‎incurred by you in the performance of your duties, and for your convenience for ‎charging appropriate expenses, will issue you a Company corporate credit card. Upon your presentation of appropriate documentation of the total out of pocket expenses incurred, which shall be provided within sixty days after your employment begins, the Company will reimburse you up to a grand total of $30,000 in attorneys’ fees that you incurred related to your hiring as Methode CEO (including attorney review of the Offer Letter and related documents). This reimbursement payment will be made within sixty days after the Company receives documentation of your legal expenses. ‎

Except as modified by this Offer Letter Amendment, the Offer Letter shall remain in full force and effect.

Please sign, date and return a copy of this Offer Letter Amendment to Ms. Andrea Barry at the Company, and retain a copy for your records.

Sincerely,

METHODE ELECTRONICS, INC.

By: /s/ Walter J. Aspatore

Walter J. Aspatore
Chairman of The Board

ACKNOWLEDGMENT AND AGREEMENT

I have read and agree to the above terms and conditions.

/s/ Jonathan DeGaynor July 12, 2024

Jonathan DeGaynorDate

EX-10.4

Exhibit 10.4

METHODE ELECTRONICS, INC.

LONG-TERM TIME-BASED

RESTRICTED STOCK UNIT AWARD AGREEMENT

This Long-Term Time-Based Restricted Stock Unit Award Agreement (the “Award Agreement”), effective as of July 15, 2024 (the “Award Date”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”) and Jonathan DeGaynor (the “Grantee”).

WHEREAS, the Company desires to encourage Grantee to continue to work for the benefit of the Company in a manner that will benefit all Company stockholders.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations set forth herein, the Company agrees to award to the Grantee Restricted Stock Units (“RSUs”) under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan.

1.General. This Award Agreement and the RSUs awarded herein are subject to all of the provisions of the Plan applicable to such RSUs. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan. Grantee hereby acknowledges receipt of a copy of the Plan and that Grantee has read the Plan and fully understands its content. In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant. The Company hereby grants to the Grantee a total of 92,506 RSUs (the “RSUs”), subject to the restrictions set forth in Section 3 hereof and the Plan.

3.Restrictions.

a.None of the RSUs may be sold, transferred, pledged, hypothecated or otherwise encumbered or disposed of.

b.Except as provided below, any RSUs that are not vested shall be forfeited to the Company immediately upon termination of the Grantee’s employment with the Company and all of its Affiliates.

c.Any RSUs that are not vested may be forfeited to the Company in accordance with Section 9 of this Award Agreement.

4.Payment for RSUs.

a.The Company will pay one share of Common Stock to the Grantee for each vested Restricted Stock Unit during the two and one-half month period immediately following vesting under this Award Agreement.

b.Notwithstanding the foregoing, in the event that the Grantee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and the Award is considered to be “nonqualified deferred compensation” upon the Grantee’s “Separation from Service” as defined below, any payment under this Award Agreement which results from a Separation from Service shall be delayed until the earlier of (i) first day of the seventh (7th) month beginning after the Grantee’s Separation from Service, or (ii) the Grantee’s death, if such a delay is necessary to avoid the imposition of additional tax and interest on the Grantee under Section 409A(a)(1)(B).

5.Rights as Stockholder. The Grantee shall have no rights as a stockholder with respect to any RSUs. The Grantee will only have stockholder rights after a stock certificate is issued.

6.Vesting. The RSUs granted hereunder will vest as follows: thirty-three and one-third percent (33.33%) on each of (i) April 30, 2025, (ii) April 30, 2026, and (iii) April 30, 2027 (each a “Vesting Date”), provided the Grantee continues to be employed by the Company (or an Affiliate thereof) until such dates.

7.Effect of Termination of Employment in Connection with Death, Disability or Involuntary Termination of Employment Without Cause. Notwithstanding Section 6 above, the following provisions shall apply to the RSUs in the event of the Grantee’s termination of employment in connection with death, disability, or involuntary termination without Cause prior to April 30, 2027:

a.if the Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated due to Disability as defined in the Plan or death, then all of the unvested RSUs will become immediately vested and payable as soon as reasonably possible following the date of termination; and

b.except as provided in Section 8 below, if the Grantee’s employment with the Company and its Affiliates is involuntarily terminated without Cause, then the unvested RSUs shall become vested pro rata based on the date of termination and payable as soon as reasonably possible following such termination date. Grantee’s right to this pro rata portion of the RSUs is conditioned upon Grantee signing and delivering to the Company, within the time period required by the Company, a written general release of claims against the Company in a form acceptable to the Company (the “Release”), and not revoking the Release within any applicable revocation period. For purposes of this calculation, the number of RSUs to vest under this Section 7(b) shall be calculated as follows:

Number of RSUs x Number of fiscal months elapsed between the Award Date and termination date (rounded up to the nearest whole month) x 1 36 − Number of RSUs previously vested under Section 6

8.Change of Control. Notwithstanding Section 6 above, the following provisions shall apply to the Award in the event of a Change of Control prior to April 30, 2027‎:

a.In the event of a Change of Control, the surviving or successor entity (or its parent corporation) may continue, assume or replace the RSUs outstanding as of the date of the Change of Control on substantially the same terms and conditions (with such adjustments as may be required or permitted by Section 4.6 of the Plan), and such RSUs or replacements therefor shall remain outstanding and be governed by their respective terms, subject to Sections 8(c) and (d) below.

b.If and to the extent that the outstanding RSUs are not continued, assumed or replaced in connectionwith a Change of Control, then all unvested RSUs will become immediately vested and non-forfeitable and payable as of the date of the Change of Control.

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c.If and to the extent that the RSUs are continued, assumed or replaced under the circumstances described in Section 8(a) above, and if within two years after the Change of Control the Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason, then all unvested RSUs will become immediately vested and non-forfeitable and payable as of the date of termination of employment.

d.Notwithstanding whether an Award is continued, assumed or replaced in connection with a Change of Control, if the Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason during the period beginning on the date an agreement is entered into by the Company with respect to a merger, consolidation or similar transaction of the Company, which would constitute a Change of Control, and the effective time of such merger, consolidation or similar transaction of the Company, then all unvested RSUs will become immediately vested and non-forfeitable and payable as of the date of the Change of Control.

e.The following definitions shall apply for purposes of this Section 8:

(1)“Change of Control” shall have the meaning set forth in that certain Change in Control Agreement between the Company and Grantee, dated July 15, 2024 (the “Change in Control Agreement”).

(2)“Good Reason” shall exist hereunder if, without Grantee’s express written consent any of the following events or actions occurs, provided that no finding of Good Reason shall be effective unless and until the Grantee has provided the Company, within sixty (60) calendar days of becoming aware of the facts and circumstances underlying the finding of Good Reason, with written notice thereof stating with specificity the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of Good Reason is capable of being cured by the Company, providing the Company with an opportunity to cure the same within thirty (30) calendar days after receipt of such notice: (A) the Company shall materially reduce the nature, scope or level of the Grantee’s responsibilities from the nature, scope or level of such responsibilities prior to the Change of Control, or shall fail to provide Grantee with adequate office facilities and support services to perform such responsibilities; (B) the Company shall require Grantee to move Grantee’s principal business office more than 25 miles from Grantee’s principal business office at the time of this Award Agreement, or assign to the Grantee duties that would reasonably require such move; provided, however, that if the Grantee’s principal business office is not located at the Company’s then current corporate headquarters, and the Company requires Grantee to move Grantee’s principal business office to such corporate headquarters, or assigns to the Grantee duties that would reasonably require such move, such actions shall not constitute “Good Reason” under this subsection; (C) the Company shall require Grantee, or assign duties to the Grantee which would reasonably require Grantee, to increase, by more than twenty-four, the number of normal working days (determined at the time of this Award Agreement) that Grantee spends away from Grantee’s principal business office during any consecutive twelve-month period; (D) the Company shall reduce Grantee’s annual salary below that in effect as of the date of this Award Agreement (or as of the Change of Control, if greater); (E) the Company shall materially reduce or fail to continue in effect any cash or stock-based incentive or bonus plan, retirement plan, welfare benefit plan, or other benefit plan, program or arrangement,

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unless the aggregate value (as computed by an independent employee benefits consultant selected by the Company) of all such incentive, bonus, retirement and benefit plans, programs and arrangements provided to the Grantee is not materially less than their aggregate value as of the date of this Award Agreement (or as of the Change of Control, if greater); or (F) if the Board of Directors fails to act in good faith with respect to the Company’s obligations hereunder, or the Company breaches its obligations hereunder.

9.Forfeiture. If Grantee’s employment is terminated for Cause, as such term is defined in that certain Executive Severance and Retention Agreement between the Company and Grantee, ‎dated July 15, 2024 (the “Severance Agreement”)‎, then the unvested RSUs shall be forfeited to the Company effective as of the date on which the Grantee entered into such activity, unless terminated sooner by operation of another term or condition of this Award Agreement or the Plan.

10.Additional Delivery. Within two and one-half months of the date RSUs have vested ‎pursuant to this ‎Award Agreement, the Company shall pay to the Grantee a dividend equivalent ‎equal to the aggregate per ‎share cash dividends with respect to all cash dividend record dates that ‎fall between the Award ‎Date and the relevant Vesting Date multiplied by the number of RSUs ‎that vest ‎as of such Vesting Date (without interest). The Company may withhold from ‎any payment that ‎it is required to make under this Award Agreement amounts sufficient to satisfy ‎applicable ‎withholding requirements under any federal, state, local or foreign law due in connection with ‎this Award ‎or the payment described in this Section. No dividends shall be paid to the Grantee ‎with respect ‎to any Restricted Stock Unit that does not vest and is forfeited by the Grantee‎.

11.Construction. This Award Agreement is subject to the terms of the Plan and shall be construed in accordance therewith. All capitalized and undefined terms herein are subject to the definitions contained in the Plan. The validity, construction, interpretation and enforceability of this Award Agreement shall be determined and governed by the laws of the State of Illinois without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the Circuit Court of the State of Illinois or the United States District Court of the Eastern Division of the Northern District of Illinois and the Grantee consents to the jurisdiction and venue of those courts.

12.Severability. The provisions of this Award Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable.

13.Waiver. The waiver by the Company of a breach of any provision of this Award Agreement by Grantee shall not operate or be construed as a waiver of any subsequent breach by Grantee.

14.Binding Effect. The provisions of this Award Agreement shall be binding upon the parties hereto, their successors and assigns, including, without limitation, the Company, its successors or assigns, the estate of the Grantee and the executors, administrators or trustees of such estate and any receiver, trustee in bankruptcy or representative of the creditors of the Grantee.

15.Withholding. Grantee agrees, as a condition of this grant, to make acceptable arrangements to pay any withholding or other taxes or deductions that may be due or may arise as a result of the vesting of the RSUs or other payments under this Award Agreement. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment or other deduction is required relating to the vesting of shares or other payments arising from this

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grant, the Company shall have the right to require such amounts or deductions from Grantee, or withhold such amounts or deductions from other payments due Grantee from the Company or any Affiliate.

16.Dispute Resolution. The parties initially shall attempt to resolve by direct negotiation any dispute, controversy or claim arising out of or relating to this Award Agreement or its breach or interpretation (each, a “Dispute”). For purposes of this negotiation, the Company shall be represented by one or more of its independent directors appointed by the Board of Directors. If the parties are unable to resolve the Dispute by direct negotiation within 30 days after written notice by one party to the other of the Dispute, the Dispute shall be settled by submission by either party of the Dispute to binding arbitration in Chicago, Illinois (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the American Arbitration Association's National Rules for the Resolution of Employment Disputes then in effect. The arbitrator will be an attorney licensed to practice law in the State of Illinois. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof. Except as set forth below, each party shall pay: the fees of their or its attorneys; the expenses of their or its witnesses; and all other expenses connected with presenting their or its case. Except as set forth below, the costs of the arbitration, including the cost of any record or transcripts of the arbitration hearing, administrative fees, the fees of the arbitrator, and all other fees and costs shall be borne equally by the parties. In the event of a Dispute following or in connection with a Change of Control, the Company shall pay the fees of the arbitrator as well as the cost of any record or transcripts of the arbitration hearing and other administrative fees and costs. In all Disputes, the arbitrator will have discretion to make an award of fees, costs and expenses to the prevailing party.

17.Section 409A Compliance. It is the intention of the Company and the Grantee that the RSUs and other benefits awarded under this Award Agreement shall comply with Section 409A of the Code and its implementing regulations (“Section 409A”) and shall be interpreted in a manner consistent with this intent. Notwithstanding anything to the contrary contained herein, a termination of the Grantee’s employment shall not be deemed to have occurred for purposes of making any payments under this Award Agreement unless such termination gives rise to a “Separation from Service” (within the meaning of Section 409A, a “Separation from Service”) and references to “termination of employment” shall mean Separation from Service. In the event that the Company or the Grantee reasonably determines that any award under this Award Agreement fails to comply with Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effective to the extent allowable by applicable laws), or take any other commercially reasonable actions necessary or appropriate to comply with the requirements of Section 409A. Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to the Grantee. Grantee shall be solely responsible for the tax consequences with respect to all amounts payable under this Award Agreement, and in no event shall the Company have any responsibility or liability if this Award Agreement does not meet any applicable requirements of Section 409A.

18.No Retention Rights. Nothing herein contained shall confer on the Grantee any right with respect to continuation of employment or services by the Company or its Subsidiaries or Affiliates, or interfere with the right of the Company or its Subsidiaries or Affiliates to terminate at any time the employment or service of the Grantee.

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19.No Guarantee of Future Awards. The grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants, even if RSUs have previously been granted.

20.Counterparts. This Award Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

21.Entire Agreement and Clawback Policy. This Award Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Award Agreement. This Award Agreement and the RSUs granted hereunder are subject to the Plan and the terms of any Change in Control Agreement between the Company and Grantee, as the same may be amended from time to time, if any. Additionally, this Award Agreement and the Awards granted hereunder are subject to the terms of the Company’s Incentive Compensation Recovery Policy as in effect from time to time, as well as any similar provisions of ‎applicable law, including Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”) and the Dodd Frank Wall Street ‎Reform and Consumer Protection Act. In addition, the Company shall recover ‎from Grantee any Award recoverable under Section 304 of the Sarbanes-‎Oxley Act of 2002.

[Signature Page to Follow]

IN WITNESS WHEREOF, the Company by one of its duly authorized representatives has executed this Award Agreement as of the day and year first above written.

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METHODE ELECTRONICS, INC.

By: /s/ Bruce K. Crowther

Bruce K. Crowther

Its:Chair, Compensation Committee

Please indicate your acceptance of the terms and conditions of this Award Agreement by signing in the space provided below and returning a signed copy of this Award Agreement to the Company. IF A COPY OF THIS AWARD AGREEMENT EXECUTED BY THE GRANTEE HAS NOT BEEN RECEIVED BY THE COMPANY NO LATER THAN THIRTY (30) DAYS AFTER THE AWARD DATE, THE RESTRICTED STOCK UNITS GRANTED UNDER THIS AWARD AGREEMENT SHALL BE CANCELLED.

BY SIGNING BELOW, YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE RECEIVED A COPY OF THE PLAN AND ARE FAMILIAR WITH THE TERMS AND PROVISIONS THEREOF, INCLUDING THE TERMS AND PROVISIONS OF THIS AWARD AGREEMENT. YOU HAVE REVIEWED THE PLAN AND THIS AWARD AGREEMENT IN THEIR ENTIRETY, HAVE HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO EXECUTING THIS AWARD AGREEMENT AND FULLY UNDERSTAND ALL PROVISIONS OF THIS AWARD AGREEMENT. FINALLY, YOU HEREBY AGREE TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE ADMINISTRATOR UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD AGREEMENT.

The undersigned hereby accepts, and agrees to, all terms and provisions of this Award Agreement and the Plan as they pertain hereto.

GRANTEE

/s/ Jonathan DeGaynor

Jonathan DeGaynor

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EX-10.5

Exhibit 10.5

METHODE ELECTRONICS, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

This Restricted Stock Unit Award Agreement (the “Award Agreement”), dated and effective as of July 15th, 2024 (the “Award Date”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”), and Jonathan DeGaynor (“Grantee”).

WHEREAS, the Company desires to encourage Grantee to work for the benefit of the Company and the Company’s stockholders.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations set forth herein, the Company agrees to award to Grantee Restricted Stock Units under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan.

1.General. This Award Agreement and the Restricted Stock Units awarded herein are subject to the provisions of the Plan applicable to Restricted Stock Units. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan. Grantee hereby acknowledges receipt of a copy of the Plan and that Grantee has read the Plan and fully understands its contents. In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant. The Company hereby grants to Grantee a total of 36,630 Restricted Stock Units (the “Restricted Stock Units”), subject to the restrictions set forth in Section 3 hereof and the Plan.

3.Restrictions. None of the Restricted Stock Units may be sold, transferred, pledged, hypothecated or otherwise encumbered or disposed of. Except as provided below, any Restricted Stock Units that are not vested shall be forfeited to the Company immediately upon termination of the Grantee’s employment with the Company and its Affiliates. Any Restricted Stock Units that are not vested may be forfeited to the Company in accordance with Section 9 of this Award Agreement.

4.Payment for Restricted Stock Units. The Company will pay one share of Common Stock to Grantee for each vested Restricted Stock Unit within thirty (30) days following vesting under this Award Agreement. Notwithstanding the foregoing, in the event that Grantee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the Award is considered to be Nonqualified Deferred Compensation upon Grantee’s “Separation from Service” as defined below, any payment under this Award Agreement which results from a Separation from Service shall be delayed until the earlier of (i) first day of the seventh (7th) month beginning after Grantee’s Separation from Service, or (ii) Grantee’s death, if such a delay is necessary to avoid the imposition of additional tax and interest on Grantee under Section 409A(a)(1)(B) of the Code.

5.Rights as Stockholder. Grantee shall have no rights as a stockholder with respect to any Restricted Stock Units. Grantee shall have stockholder rights only with respect to shares of Common Stock actually issued and paid to Grantee hereunder.

6.Vesting. Except as otherwise provided in the Executive Severance Retention Agreement or the Change in Control Agreement, the Restricted Stock Units granted hereunder will vest as follows: fifty (50%) percent each of the first and second anniversaries of the Award Date (each a “Vesting Date”), provided Grantee continues to be employed by the Company (or an Affiliate thereof) as of each such respective date.

7.Effect of Termination of Employment in Connection with Death or Disability. Notwithstanding Section 6 above, if Grantee’s employment with the Company and its Affiliates is terminated prior to the date on which all of the Restricted Stock Units have vested pursuant to the terms of Section 6 (the “Second Vesting Date”), due to Disability as defined in the Plan or death, the unvested Restricted Stock Units shall become vested as of and payable as soon as reasonably possible following the date of such termination of employment.

8.Change of Control. Notwithstanding Section 6 above, the following provisions shall apply to the Award in the event of a Change of Control prior to the Second Vesting Date‎:

(a)In the event of a Change of Control, the surviving or successor entity (or its parent corporation) may continue, assume or replace the Restricted Stock Units outstanding as of the date of the Change of Control on substantially the same terms and conditions (with such adjustments as may be required or permitted by Section 4.6 of the Plan), and such Restricted Stock Units or replacements therefor shall remain outstanding and be governed by their respective terms, subject to (c) and (d) below.

(b)If and to the extent that the outstanding Restricted Stock Units are not continued, assumed or replaced in connection with a Change of Control, then all unvested Restricted Stock Units will become immediately vested and non-forfeitable and payable as of the date of the Change of Control.

(c)If and to the extent that the Restricted Stock Units are continued, assumed or replaced under the circumstances described in (a), and if within two years after the Change of Control the Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason, then all unvested Restricted Stock Units will become immediately vested and non-forfeitable and payable as of the date of termination of employment.

(d)Notwithstanding whether an Award is continued, assumed or replaced in connection with a Change of Control, if Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason during the period beginning on the date an agreement is entered into by the Company with respect to a merger, consolidation or similar transaction of the Company, which would constitute a Change of Control, and the effective time of such merger, consolidation or similar transaction of the Company, then all unvested Restricted Stock Units will become immediately vested and non-forfeitable and payable as of the date of the Change of Control.

“Good Reason” shall exist hereunder if, without Grantee’s express written consent any of the following ‎events or actions occurs, provided that no finding of Good Reason shall be effective unless and until Grantee has provided the Company, within sixty (60) calendar days of becoming aware of the facts and ‎circumstances underlying the finding of Good Reason, with written notice thereof stating with specificity ‎the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of ‎Good Reason is capable of being cured by the Company, providing the Company with an opportunity to ‎cure the same within thirty (30) calendar days after receipt of such notice: (i) the Company ‎materially reduces the nature, scope or level of Grantee’s responsibilities from the nature, scope or level of such responsibilities prior to the Change in Control (or prior to the Period Pending a Change in Control) or changes Grantee’s reporting relationship to the Board; (ii) the Company requires ‎Grantee to move Grantee’s principal business office more than fifty (50) miles from Grantee’s principal business office at the time of this Agreement; provided, however, that if Grantee’s principal business office is not located at the

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Company’s then current corporate headquarters, and the Company requires Grantee to move Grantee’s principal business office to such corporate headquarters, such action shall not constitute “Good Reason” under this subsection (ii); ‎‎(iii) the Company reduces Grantee’s annual salary or annual bonus or long-term incentive opportunity below that in ‎effect as of the date of this Agreement (or as of the Change in Control, if greater); or (iv) the Company breaches in any material respect its obligations hereunder.‎

9.Forfeiture. If at any time any of the following events constituting “Cause” occur: (i) Grantee’s conviction of, or plea of nolo contendere to, a felony other than a traffic violation; ‎(ii)‎ Grantee’s commission of any act or acts of personal dishonesty intended to ‎result in ‎personal enrichment to Grantee to the detriment of the Company;‎ ‎(iii) a failure to perform assigned duties,‎ provided that such failure has continued for more than ten (10) days after the Board of Directors or the ‎Chief Executive Officer of the Company has given written notice of such failure and of the Company’s intention to terminate Grantee’s employment because of such failure;‎ ‎(iv)‎ any willful misconduct by Grantee which affects the business ‎reputation ‎of the Company; ‎(v) breach in any material respect by Grantee of any provision of any ‎employment, ‎consulting, advisory, nondisclosure, non-competition, or ‎other similar agreement ‎between Grantee and the Company or any of its Affiliates; or ‎(vi)‎ Grantee’s violation of the Company’s Code of Business Conduct‎ or any addendum thereto,‎ then the unvested Restricted Stock Units shall be forfeited to the Company effective as of the date on which Grantee entered into such activity, unless terminated sooner by operation of another term or condition of this Award Agreement or the Plan.

10.Additional Delivery. Within 2½ months of the date Restricted Stock Units have vested ‎pursuant to this ‎Award Agreement, the Company shall pay to Grantee a dividend equivalent ‎equal to the aggregate per ‎share cash dividends with respect to all cash dividend record dates that ‎fall between the Award ‎Date and the relevant Vesting Date multiplied by the number of Restricted Stock Units ‎that vest ‎as of such Vesting Date (without interest). The Company may withhold from ‎any payment that ‎it is required to make under this Award Agreement amounts sufficient to satisfy ‎applicable ‎withholding requirements under any federal, state, local or foreign law due in connection with ‎this Award ‎or the payment described in this section. No dividends shall be paid to Grantee ‎with respect ‎to any Restricted Stock Unit that does not vest and is forfeited by Grantee‎.

11.Applicable Law. The validity, construction, interpretation and enforceability of this Award Agreement shall be determined and governed by the laws of the State of Illinois without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the Circuit Court of the State of Illinois or the United States District Court of the Eastern Division of the Northern District of Illinois and Grantee consents to the jurisdiction and venue of those courts.

12.Severability. The provisions of this Award Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable.

13.Waiver. The waiver by the Company of a breach of any provision of this Award Agreement by Grantee shall not operate or be construed as a waiver of any subsequent breach by Grantee.

14.Binding Effect. The provisions of this Award Agreement shall be binding upon the parties hereto, their successors and assigns, including, without limitation, the Company, its successors

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or assigns, the estate of Grantee and the executors, administrators or trustees of such estate and any receiver, trustee in bankruptcy or representative of the creditors of Grantee.

15.Withholding. Grantee agrees, as a condition of this grant, to make acceptable arrangements to pay any withholding or other taxes or deductions that may be due or may arise as a result of the vesting of the Restricted Stock Units or other payments under this Award Agreement. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment or other deduction is required relating to the vesting of shares or other payments arising from this grant, the Company shall have the right to require such amounts or deductions from Grantee, or withhold such amounts or deductions from other payments due Grantee from the Company or any Affiliate.

16.Dispute Resolution. The parties initially shall attempt to resolve by direct negotiation any dispute, controversy or claim arising out of or relating to this Award Agreement or its breach or interpretation (each, a “Dispute”). For purposes of this negotiation, the Company may be represented by one or more of its independent directors appointed by the Board of Directors. If the parties are unable to resolve the Dispute by direct negotiation within thirty (30) days after written notice by one party to the other of the Dispute, the Dispute shall be settled by submission by either party of the Dispute to binding arbitration in Chicago, Illinois (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the American Arbitration Association's Employment Arbitration Rules then in effect. The arbitrator will be an attorney licensed to practice law in the State of Illinois. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof. Except as set forth below, each party shall pay: the fees of their or its attorneys; the expenses of their or its witnesses; and all other expenses connected with presenting their or its case. Except as set forth below, the costs of the arbitration, including the cost of any record or transcripts of the arbitration hearing, administrative fees, the fees of the arbitrator, and all other fees and costs shall be borne equally by the parties. In the event of a Dispute following or in connection with a Change of Control, the Company shall pay the fees of the arbitrator as well as the cost of any record or transcripts of the arbitration hearing and other administrative fees and costs. In all Disputes, the arbitrator will have discretion to make an award of fees, costs and expenses to the prevailing party.

17.Section 409A Compliance. It is the intention of the Company and Grantee that the Restricted Stock Units and other benefits awarded under this Award Agreement shall comply with, or be exempt from, Section 409A of the Code and its implementing regulations (“Section 409A”) and shall be interpreted in a manner consistent with this intent. Notwithstanding anything to the contrary contained herein, a termination of Grantee’s employment shall not be deemed to have occurred for purposes of making any payments under this Award Agreement unless such termination gives rise to a “Separation from Service” (within the meaning of Section 409A, a “Separation from Service”) and references to “termination of employment” shall mean Separation from Service. In the event that the Company or Grantee reasonably determines that any award under this Award Agreement fails to comply with Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effective to the extent allowable by applicable laws), or take any other commercially reasonable actions necessary or appropriate to comply with the requirements of Section 409A. Nothing in this Award Agreement shall be construed as a guarantee of any particular tax treatment to Grantee. Grantee shall be solely responsible for the tax consequences with respect to all amounts payable under this Award Agreement, and in no event shall the

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Company have any responsibility or liability if this Award Agreement does not meet any applicable requirements of Section 409A.

18.No Retention Rights. Nothing herein contained shall confer on Grantee any right with respect to continuation of employment or services by the Company or its Subsidiaries or Affiliates, or interfere with the right of the Company or its Subsidiaries or Affiliates to terminate at any time the employment or service of Grantee.

19.No Guarantee of Future Awards. The grant of the Restricted Stock Units is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants, even if Restricted Stock Units have previously been granted.

20.Entire Agreement and Clawback Policy. This Award Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Award Agreement. This Award Agreement and the Restricted Stock Units granted hereunder are subject to the Plan and the terms of any Change in Control Agreement between the Company and Grantee, as the same may be amended from time to time, if any. Additionally, this Award Agreement and the Awards granted hereunder are subject to the terms of the Company’s recoupment, ‎clawback or similar policy as in effect from time to time, as well as any similar provisions of ‎applicable law, including Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”) and the Dodd Frank Wall Street ‎Reform and Consumer Protection Act. In addition, the Company shall recover ‎from Grantee any Award recoverable under Section 304 of the Sarbanes-‎Oxley Act of 2002.‎

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Award Agreement as of the Award Date first above written.

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METHODE ELECTRONICS, INC.

By: /s/ Bruce K. Crowther

Bruce K. Crowther

Its:Chair, Compensation Committee

Please indicate your acceptance of the terms and conditions of this Award Agreement by signing in the space provided below and returning a signed copy of this Award Agreement to the Company. IF A COPY OF THIS AWARD AGREEMENT EXECUTED BY GRANTEE HAS NOT BEEN RECEIVED BY THE COMPANY WITHIN THIRTY (30) DAYS OF THE AWARD DATE, THE RESTRICTED STOCK UNITS GRANTED UNDER THIS AWARD AGREEMENT SHALL BE CANCELLED.

BY SIGNING BELOW, YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE RECEIVED A COPY OF THE PLAN AND ARE FAMILIAR WITH THE TERMS AND PROVISIONS THEREOF, INCLUDING THE TERMS AND PROVISIONS OF THIS AWARD AGREEMENT. YOU HAVE REVIEWED THE PLAN AND THIS AWARD AGREEMENT IN THEIR ENTIRETY, HAVE HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO EXECUTING THIS AWARD AGREEMENT AND FULLY UNDERSTAND ALL PROVISIONS OF THIS AWARD AGREEMENT. FINALLY, YOU HEREBY AGREE TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE COMMITTEE UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD AGREEMENT.

The undersigned hereby accepts, and agrees to, all terms and provisions of this Award Agreement and the Plan as they pertain hereto.

GRANTEE

/s/ Jonathan DeGaynor

Name: Jonathan DeGaynor

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EX-10.6

Exhibit 10.6

METHODE ELECTRONICS, INC.

2024 LONG-TERM PERFORMANCE-BASED

RESTRICTED STOCK UNIT AWARD AGREEMENT

This Long-Term Performance-Based Restricted Stock Unit Award Agreement (the “Award Agreement”), effective as of July 15, 2024 (the “Award Date”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”) and Jonathan DeGaynor (the “Grantee”).

WHEREAS, the Company desires to encourage Grantee to continue to work for the benefit of the Company in a manner that will benefit all Company stockholders.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations set forth herein, the Company agrees to award to the Grantee Performance-Based Restricted Stock Units (“PSUs”) under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan.

1.General. This Award Agreement and the PSUs awarded herein are subject to all of the provisions of the Plan applicable to such PSUs. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan. Grantee hereby acknowledges receipt of a copy of the Plan and that Grantee has read the Plan and fully understands its content. In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant. The Company hereby grants to the Grantee a total of 138,758 PSUs (the “PSUs”), subject to the restrictions set forth in Section 3 hereof and the Plan. The Award’s performance period (“Performance Period”) and performance criteria (the “Performance Criteria”) are set forth in Exhibit A to this Agreement. The Performance Criteria has been established by the Compensation Committee of the Board (the “Committee”), which shall determine and certify whether such criteria have been satisfied.

3.Restrictions.

(a)None of the PSUs may be sold, transferred, pledged, hypothecated or otherwise encumbered or disposed of.

(b)Except as provided below, any PSUs that are not vested shall be forfeited to the Company immediately upon termination of the Grantee’s employment with the Company and all of its Affiliates.

(c)Any PSUs that are not vested may be forfeited to the Company in accordance with Section 9 of this Award Agreement.

4.Payment for PSUs.

(a)The Company will pay one share of Common Stock to the Grantee for each vested Restricted Stock Unit as soon as practicable following the end of the Performance Period, but in no event later than seventy-five (75) days after the end of the Performance Period during the period between the first day following the Performance Period and July 15, 2027.

(b)Notwithstanding the foregoing, in the event that the Grantee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and the Award is considered to be “nonqualified deferred compensation” upon the Grantee’s “Separation from Service” as defined below, any payment under this Award Agreement which results from a Separation from Service shall be delayed until the earlier of (i) first day of the seventh (7th) month beginning after the Grantee’s Separation from Service, or (ii) the Grantee’s death, if such a delay is necessary to avoid the imposition of additional tax and interest on the Grantee under Section 409A(a)(1)(B).

5.Rights as Stockholder. The Grantee shall have no rights as a stockholder with respect to any PSUs. The Grantee will only have stockholder rights after a stock certificate is issued.

6.Vesting. Subject to the terms of this Award Agreement, the PSUs shall be earned and vested based on (i) continued service by the Grantee with ‎the Company or a Subsidiary or Affiliate until the Time Measure, and (ii) the ‎attainment level for the Performance Measure. The date on which the Time Measure and the Performance Measure are both satisfied shall be the “Vesting Date”. Any PSUs that are not earned and do not vest pursuant to Exhibit A and this Section 6 shall be immediately cancelled and forfeited to the Company as of the Vesting Date. Any fractional shares created by the vesting calculations described in Exhibit A will be rounded down to a whole share number; no fractional shares will vest pursuant to this Award Agreement. The Time Measure and the Performance Measure, which constitute the Performance Criteria, are described on Exhibit A to this Agreement.

7.Effect of Termination of Employment in Connection with Death, Disability, or Involuntary Termination of Employment Without Cause. Notwithstanding Section 6 above, the following provisions shall apply to the PSUs in the event of the Grantee’s termination of employment in connection with death, disability, or involuntary termination without Cause prior to the end of the Performance Period:

(a)if the Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated due toDisability as defined in the Plan or death, then all of the PSUs will become immediately vested at the target level of performance; and

(b)except as provided in Section 8 below, if the Grantee experiences an involuntary termination of employment for reasons other than Cause, the PSUs shall, as of the scheduled Vesting Date, vest and be earned based on actual performance on a pro rata basis based on the date of the Grantee’s termination of employment. The fraction (subject to a maximum of one (1)) to be used to determine the number of shares of PSUs to be earned hereunder shall have a denominator equal to thirty-six (36) and the numerator shall be equal to the number of fiscal months elapsed between the Award Date and the date of the termination of employment (rounded up to the nearest whole month). Grantee’s right to this pro rata portion of the PSUs is conditioned upon Grantee signing and delivering to the Company, within the time period required by the Company, a written general release of claims against the Company in a form acceptable to the Company (the “Release”), and not revoking the Release within any applicable revocation period.

8.Change of Control. Notwithstanding Section 6 above, the following provisions shall apply to the Awards in the event of a Change of Control prior to the end of the Performance Period‎:

(a)In the event of a Change of Control, the surviving or successor entity (or its parent corporation) may continue, assume or replace the PSUs outstanding as of the Date of the Change of Control on substantially the same terms and conditions (with such adjustments as may be required or permitted by Section 4.6 of the Plan), and such PSUs or replacements therefor shall remain outstanding and be governed by their respective terms, subject to Sections 8 (c) and (d) below.

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(b)If and to the extent that the outstanding PSUs are not continued, assumed or replaced in connection with a Change of Control, then all unvested PSUs will become immediately vested and non-forfeitable and payable at the actual performance, determined on the closing date for the Change of Control.

(c)If and to the extent that the Awards (i) are not continued, assumed or replaced in connection with a Change of Control, or (ii) are (x) continued, assumed or replaced under the circumstances described in Section 8(a) above, and (y) if within two years after the Change of Control the Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason, then all unvested PSUs shall be earned and payable at the target level of performance.

(d)Notwithstanding whether the Awards are continued, assumed or replaced in connection with a Change of Control, if the Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason during the period beginning on the date an agreement is entered into by the Company with respect to a merger, consolidation or similar transaction of the Company, which would constitute a Change of Control, and the effective time of such merger, consolidation or similar transaction of the Company, then a pro rata portion of the PSUs shall be earned and payable at the target level of performance. The fraction (subject to a maximum of one (1)) to be used to determine the pro rata vesting level for the PSUs shall have a numerator equal to the number of fiscal months elapsed between Award Date and the date of the Change of Control (rounded up to the nearest whole month), and the denominator of which shall be thirty-six (36).

(e)The following definitions shall apply for purposes of this Section 8:

(1)“Change of Control” shall have the meaning set forth in that certain Change in Control Agreement between the Company and Grantee, dated July 15, 2024 (the “Change in Control Agreement”).

(2)“Good Reason” shall exist hereunder if, without Grantee’s express written consent any of the following events or actions occurs, provided that no finding of Good Reason shall be effective unless and until the Grantee has provided the Company, within sixty (60) calendar days of becoming aware of the facts and circumstances underlying the finding of Good Reason, with written notice thereof stating with specificity the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of Good Reason is capable of being cured by the Company, providing the Company with an opportunity to cure the same within thirty (30) calendar days after receipt of such notice: (A) the Company shall materially reduce the nature, scope or level of the Grantee’s responsibilities from the nature, scope or level of such responsibilities prior to the Change of Control, or shall fail to provide Grantee with adequate office facilities and support services to perform such responsibilities; (B) the Company shall require Grantee to move Grantee’s principal business office more than 25 miles from Grantee’s principal business office at the time of this Award Agreement, or assign to the Grantee duties that would reasonably require such move; provided, however, that if the Grantee’s principal business office is not located at the Company’s then current corporate headquarters, and the Company requires Grantee to move Grantee’s principal business office to such corporate headquarters, or assigns to the Grantee duties that would reasonably require such move, such actions shall not constitute “Good Reason” under this subsection; (C) the Company shall require Grantee, or assign duties to the Grantee which would reasonably require Grantee, to increase, by more than twenty-four, the number of normal working days (determined at the time of this Award Agreement) that Grantee spends away from Grantee’s principal business office during any consecutive twelve-month period; (D) the Company shall reduce Grantee’s annual salary below that in effect as of the date of this Award Agreement (or as of the Change of Control, if greater); (E) the Company shall materially reduce or fail to continue in effect any cash or stock-based incentive or bonus

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plan, retirement plan, welfare benefit plan, or other benefit plan, program or arrangement, unless the aggregate value (as computed by an independent employee benefits consultant selected by the Company) of all such incentive, bonus, retirement and benefit plans, programs and arrangements provided to the Grantee is not materially less than their aggregate value as of the date of this Award Agreement (or as of the Change of Control, if greater); or (F) if the Board of Directors fails to act in good faith with respect to the Company’s obligations hereunder, or the Company breaches its obligations hereunder.

9.Forfeiture. If Grantee’s employment is terminated for Cause, as such term is defined in that certain Executive Severance and Retention Agreement between the Company and Grantee, dated July 15, 2024 (the “Severance Agreement”), then the unvested PSUs shall be forfeited to the Company effective as of the date on which the Grantee entered into such activity, unless terminated sooner by operation of another term or condition of this Award Agreement or the Plan.

10.Additional Delivery. Within 2½ months of the date the PSUs have been vested pursuant to this Award Agreement, the Company shall pay to the Grantee a dividend equivalent equal to the aggregate per share cash dividends with respect to all cash dividend record dates that fall between the Award Date and the Vesting Date, multiplied by the number of PSUs that vest as of such Vesting Date (without interest). The Company may withhold from any payment that it is required to make under this Award Agreement amounts sufficient to satisfy applicable withholding requirements under any federal, state, local or foreign law due in connection with this Award or the payment described in this Section. No dividends shall be paid to the Grantee with respect to any Restricted Stock Unit that does not vest and is forfeited by Grantee.

11.Construction. This Award Agreement is subject to the terms of the Plan and shall be construed in accordance therewith. All capitalized and undefined terms herein are subject to the definitions contained in the Plan. The validity, construction, interpretation, and enforceability of this Award Agreement shall be determined and governed by the laws of the State of Illinois without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the Circuit Court of the State of Illinois or the United States District Court for the Eastern Division of the Northern District of Illinois and the Grantee consents to the jurisdiction and venue of those courts.

12.Severability. The provisions of this Award Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable.

13.Waiver. The waiver by the Company of a breach of any provision of this Award Agreement by Grantee shall not operate or be construed as a waiver of any subsequent breach by the Grantee.

14.Binding Effect. The provisions of this Award Agreement shall be binding upon the parties hereto, their successors and assigns, including, without limitation, the Company, its successors or assigns, the estate of the Grantee and the executors, administrators or trustees of such estate and any receiver, trustee in bankruptcy or representative of the creditors of the Grantee.

15.Withholding. Grantee agrees, as a condition of this grant, to make acceptable arrangements to pay any withholding or other taxes or deductions that may be due or may arise as a result of the vesting of the PSUs or other payments under this Award Agreement. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment or other deduction is required relating

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to the vesting of shares or other payments arising from this grant, the Company shall have the right to require such amounts or deductions from Grantee, or withhold such amounts or deductions from other payments due Grantee from the Company or any Affiliate.

16.Dispute Resolution. The parties initially shall attempt to resolve by direct negotiation any dispute, controversy or claim arising out of or relating to this Award Agreement or its breach or interpretation (each, a “Dispute”). For purposes of this negotiation, the Company shall be represented by one or more of its independent directors appointed by the Board of Directors. If the parties are unable to resolve the Dispute by direct negotiation within 30 days after written notice by one party to the other of the Dispute, the Dispute shall be settled by submission by either party of the Dispute to binding arbitration in Chicago, Illinois (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the American Arbitration Association's National Rules for the Resolution of Employment Disputes then in effect. The arbitrator will be an attorney licensed to practice law in the State of Illinois. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof. Except as set forth below, each party shall pay: the fees of their or its attorneys; the expenses of their or its witnesses; and all other expenses connected with presenting their or its case. Except as set forth below, the costs of the arbitration, including the cost of any record or transcripts of the arbitration hearing, administrative fees, the fees of the arbitrator, and all other fees and costs shall be borne equally by the parties. In the event of a Dispute following or in connection with a Change of Control, the Company shall pay the fees of the arbitrator as well as the cost of any record or transcripts of the arbitration hearing and other administrative fees and costs. In all Disputes, the arbitrator will have discretion to make an award of fees, costs and expenses to the prevailing party.

17.Section 409A Compliance. It is the intention of the Company and the Grantee that the PSUs and other benefits awarded under this Award Agreement shall comply with Section 409A of the Code and its implementing regulations (“Section 409A”) and shall be interpreted in a manner consistent with this intent. Notwithstanding anything to the contrary contained herein, a termination of the Grantee’s employment shall not be deemed to have occurred for purposes of making any payments under this Award Agreement unless such termination gives rise to a “Separation from Service” (within the meaning of Section 409A, a “Separation from Service”) and references to “termination of employment” shall mean Separation from Service. In the event that the Company or the Grantee reasonably determines that any award under this Award Agreement fails to comply with Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effective to the extent allowable by applicable laws), or take any other commercially reasonable actions necessary or appropriate to comply with the requirements of Section 409A. Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to the Grantee. Grantee shall be solely responsible for the tax consequences with respect to all amounts payable under this Award Agreement, and in no event shall the Company have any responsibility or liability if this Award Agreement does not meet any applicable requirements of Section 409A.

18.No Retention Rights. Nothing herein contained shall confer on the Grantee any right with respect to continuation of employment or services by the Company or its Subsidiaries or Affiliates, or interfere with the right of the Company or its Subsidiaries or Affiliates to terminate at any time the employment or service of the Grantee.

19.No Guarantee of Future Awards. The grant of PSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants, even if PSUs have previously been granted.

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20.Counterparts. This Award Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

21.Entire Agreement and Clawback Policy. This Award Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Award Agreement. This Award Agreement and the PSUs granted hereunder are subject to the Plan and the terms of any Change in Control Agreement between the Company and Grantee, as the same may be amended from time to time, if any. Additionally, this Award Agreement and the Awards granted hereunder are subject to the terms of the Company’s recoupment, ‎clawback or similar policy as in effect from time to time, as well as any similar provisions of ‎applicable law, including Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”) and the Dodd Frank Wall Street ‎Reform and Consumer Protection Act. In addition, the Company shall recover ‎from Grantee any Award recoverable under Section 304 of the Sarbanes-‎Oxley Act of 2002.

[Signature Page to Follow]

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IN WITNESS WHEREOF, the Company by one of its duly authorized representatives has executed this Award Agreement as of the day and year first above written.

METHODE ELECTRONICS, INC.

By: /s/ Bruce K. Crowther
Bruce K. Crowther

Its: Chair, Compensation Committee

Please indicate your acceptance of the terms and conditions of this Award Agreement by signing in the space provided below and returning a signed copy of this Award Agreement to the Company. IF A COPY OF THIS AWARD AGREEMENT EXECUTED BY THE GRANTEE HAS NOT BEEN RECEIVED BY THE COMPANY NO LATER THAN THIRTY (30) DAYS AFTER THE AWARD DATE, THE RESTRICTED STOCK UNITS GRANTED UNDER THIS AWARD AGREEMENT SHALL BE CANCELLED.

BY SIGNING BELOW, YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE RECEIVED A COPY OF THE PLAN AND ARE FAMILIAR WITH THE TERMS AND PROVISIONS THEREOF, INCLUDING THE TERMS AND PROVISIONS OF THIS AWARD AGREEMENT. YOU HAVE REVIEWED THE PLAN AND THIS AWARD AGREEMENT IN THEIR ENTIRETY, HAVE HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO EXECUTING THIS AWARD AGREEMENT AND FULLY UNDERSTAND ALL PROVISIONS OF THIS AWARD AGREEMENT. FINALLY, YOU HEREBY AGREE TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE ADMINISTRATOR UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD AGREEMENT.

The undersigned hereby accepts, and agrees to, all terms and provisions of this Award Agreement and the Plan as they pertain hereto.

GRANTEE

/s/ Jonathan DeGaynor

Jonathan DeGaynor

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Exhibit A

Performance Period and Performance Criteria

1.Performance Period. The “Performance Period” is the period between April 29, 2024 and April 30, 2027.

2.Performance Criteria. The Grantee’s PSUs shall become vested based on the satisfaction of both the Time Measure and the Performance Measure, each as outlined below.

3.Time Measure. Except to the extent provided in Section 7(b), 8(b), 8(c), and 8(d) of the Award Agreement, the “Time Measure” shall be satisfied based on Grantee’s continued employment with the Company or a Subsidiary or Affiliate through the date the Committee has certified the Company’s attainment of the Performance Measure, which shall occur immediately following the end of such Performance Period.

4.Performance Measure.

(a)The number of PSUs that would be delivered pursuant to this Exhibit A, assuming the Performance Measure described in this Section 4 has been attained at the Target Level, is listed in Section 2 of the Award Agreement. The final number of PSUs, if any, that will be delivered at the end of the Performance Period (defined above) shall be calculated as described below based upon the Payout Percentage (see table below in Section 4(c)).

(b)The Performance Measure used to determine (1) the number of PSUs that will be earned as of the end of the Performance Period, and (2) the number of shares of Common Stock delivered upon settlement of such PSUs, shall be the Company’s Annualized Total Stockholder Return (“Annualized TSR”) for the Performance Period, subject to and provided that a Change of Control has not occurred before the end of the Performance Period.

(c)If the Company’s Annualized TSR is between two of the designated performance levels below, the Payout Percentage shall be determined based on linear interpolation. No portion of this Award will be earned if the Company’s performance during the Performance Period is below the threshold level of the Performance Criteria as described below. Any determination of performance under this Agreement shall be determined by the Committee in accordance with the Plan’s terms.

Level	Annualized TSR	Payout Percentage
Maximum	Twenty Percent (20%)	200% of Target Level
Target	Fifteen Percent (15%)	100% of Target Level
Threshold	Ten Percent (10%)	50% of Target Level
Below Threshold	Less than Ten Percent	0%

(d)“Annualized TSR” shall be the Company’s annualized total shareholder return, calculated as follows:

Ending Average Stock Price+Reinvested Dividend AmountBeginning Average Stock Price1/n-1

where n is equal to 3, which is the number of years over which Annualized TSR is measured.

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The “Ending Average Stock Price” shall be calculated as the volume weighted average price for the Company’s Common Stock for the last 20 trading days of the Performance Period.

The “Beginning Average Stock Price” shall be calculated as the volume weighted average price for the Company’s Common Stock for the last 20 trading days prior to the first day of the Performance Period.

“Reinvested Dividend Amount” shall be calculated as the sum of the total dividends paid on one share of Common Stock during the Performance Period, assuming reinvestment of such dividends in such Common Stock (based on the Closing Stock Price of such Stock on the ex-dividend date). For the avoidance of doubt, it is intended that the foregoing calculation of Reinvested Dividend Amount shall take into account not only the reinvestment of dividends in a share of Common Stock but also capital appreciation or depreciation in the shares of Common Stock deemed acquired by such reinvestment.

(e)As soon as administratively practicable after the end of the Performance Period, the Company’s Annualized TSR shall be calculated and reviewed by the Committee. The Committee shall certify in writing the extent to which the Performance Measure has been satisfied and the Payout Percentage for the Award.

(f)In addition to any other authority or powers granted to the Committee herein or in the Plan, the Committee shall have the authority to interpret and determine the application and calculation of any matter relating to the determination of Annualized TSR, including any terms in the Agreement or this Exhibit A related thereto. The Committee shall also have the power to make any and all adjustments it deems appropriate to reflect any changes in the Company’s outstanding Common Stock, including by reason of subdivision or consolidation of Common Stock or other capital readjustment, the payment of a stock dividend on the Common Stock, other increase or reduction in the number of shares of Stock outstanding, recapitalizations, reorganizations, mergers, consolidations, combinations, split-ups, split-offs, spin-offs, exchanges or other relevant changes in capitalization or distributions to holders of Common Stock. The determination of the Committee with respect to any such matter shall be conclusive.

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EX-10.7

Exhibit 10.7

CHANGE IN CONTROL AGREEMENT

This Change in Control Agreement is dated as of July 15, 2024, between Methode Electronics, Inc., a Delaware corporation (the “Company”), and Jonathan DeGaynor (“Employee”).

WITNESSETH:

WHEREAS, Employee is employed by the Company or one of its subsidiaries or affiliates (referred to collectively as the “Company”) and the Company desires to provide certain security to Employee in connection with any potential change in control of the Company.

NOW, THEREFORE, it is hereby agreed by and between the parties, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, as follows:

1.Payments and Benefits Upon a Change in Control. If within twenty-four (24) months after a Change in Control (as defined below) or during the Period Pending a Change in Control (as defined below): (i) the Company shall terminate Employee’s employment with the Company without Cause (as defined below), or (ii) Employee shall voluntarily terminate such employment with Good Reason (as defined below), the Company shall, within thirty (30) days of Employee’s Employment Termination (as defined below), make the payments and provide the benefits described below.

1.1Salary Payment. The Company shall make a lump sum cash payment to Employee equal to three (3) times the Employee’s Annual Salary (as defined below).

1.2Bonus. The Company shall make a lump sum cash payment to Employee equal to three (3) times Employee’s target annual bonus amount for the fiscal year in which Employee’s Employment Termination occurs; provided, however, that if the target annual bonus amount for such fiscal year has not yet been determined as of the date of Employee’s Employment Termination, then the bonus amount payable hereunder shall be calculated based on Employee’s target annual bonus amount for the previous fiscal year, regardless of whether such bonus was actually earned.

1.3Continued Health Benefits. If Employee timely and properly elects continuation health care coverage pursuant to the ‎Company’s group health care plan, the Company will pay on Employee behalf the COBRA ‎premiums for such COBRA continuation coverage for a designated period ending on the earlier ‎of (i) eighteen (18) months following Employee’s Date of Termination, or (ii) the ‎date Employee ‎first becomes eligible for coverage under ‎another employer’s group health plan (such period ‎referred to as the “COBRA Subsidy Period”). The Company will treat the cost of such coverage ‎to Employee as taxable income for federal income tax purposes to the extent required by law. Employee shall promptly inform the Company in writing if and when Employee obtains or ‎becomes eligible for any other health care coverage from another employer of Employee. Employee shall be responsible for the full unsubsidized costs of COBRA coverage after the ‎COBRA Subsidy Period.‎

1.4Equity Awards. ‎ Any equity compensation awards granted to Employee, which vest upon the achievement of ‎performance conditions and/or continued service of Employee that remain outstanding ‎immediately prior to the date of the Change in Control shall be administered and settled as ‎provided in the underlying award agreement.‎

1.5Employment. This Agreement shall not be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between Employee and the Company, Employee shall not have any right to be retained in the employ of the Company.

1.6Section 409A. Notwithstanding anything to the contrary in this Agreement, it is intended that the amounts payable under this Agreement satisfy, to the greatest extent ‎possible, the exemptions from the application of Section 409A of the Code provided under ‎Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-1(b)(9) and this ‎Agreement will be construed to the greatest extent possible as consistent with those provisions. ‎To the extent applicable, any payments to Employee called for under this Agreement that are determined to be payments of deferred ‎compensation to which Section 409A is applicable and that are paid by reason of ‎Employee’s “separation from service,” as described in Section 409A, shall be delayed, to the extent necessary, to avoid a ‎violation of Section 409A(a)(2)(B)(i). As used in this Agreement, Section 409A means Section 409A of the Code, including any regulations or written guidance issued pursuant thereto.

2.Definitions. For purposes of this Agreement:

2.1“Annual Salary” shall mean Employee’s salary at the greater of (i) Employee’s annualized base salary (including Employee’s monthly car allowance, if any) in effect on the date of the Change in Control, or (ii) Employee’s annualized base salary in effect on Employee’s Employment Termination.

2.2“Cause” shall mean: (i) Employee’s conviction of a felony other than a traffic violation; (ii) Employee’s commission of any act or acts of personal dishonesty intended to result in personal enrichment to Employee to the material detriment of the Company; (iii) a failure to perform assigned duties, provided that such failure has continued for more than ten (10) days after the Company or the Company’s Board of Directors has given written notice of such failure and of the Company’s intention to terminate Employee’s employment because of such failure; (iv) any willful misconduct by Employee which materially affects the business reputation of the Company; (v) breach in any material respect by Employee of any provision of any employment, consulting, advisory, nondisclosure, non-competition, proprietary information, or other similar agreement between Employee and the Company; or (vi) Employee’s material violation of the Company’s code of conduct. Employee shall be considered to have been discharged for “Cause” if the Company or the Company’s Board of Directors determines, within thirty (30) days after the Employee’s resignation, that discharge for Cause was warranted. Notwithstanding the foregoing, if circumstances deemed to constitute Cause under items (v) or ‎‎(vi) above are reasonably ‎capable of cure, Cause shall only exist if such circumstances remain ‎uncured for ten (10) days ‎after Employee receives written notice from the Company’s Board of ‎Directors providing ‎reasonable details of the circumstances deemed to constitute Cause.‎

2.3“Change in Control” shall be deemed to have occurred on the first to occur of any of the following: (i) any one “person” or more than one person acting as a “group” becomes the

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“beneficial owner” (as such terms are used in the Securities Exchange Act of 1934) of more than fifty percent (50%) of the total voting power of common stock then outstanding; provided, however, that any acquisition by the Company, any entity controlled by the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company shall not constitute a Change in Control of the Company; (ii) a majority of the members of the Company’s Board of Directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the Company’s Board of Directors before the date of the appointment or election; (iii) the consummation of a merger, consolidation or similar transaction involving the Company where, immediately after the consummation of such transaction, the stockholders of the Company immediately prior thereto do not own, directly or indirectly, either of the following, in each case, in substantially the same proportion as the ownership of the Company’s stockholders prior to such transaction: (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving entity in such transaction or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity in such transaction; or (iv) the consummation of a sale, transfer or liquidation of all or substantially all of the assets of the Company and its subsidiaries; provided, however, that notwithstanding the foregoing, in any circumstance or transaction in which compensation resulting from or in respect of this Agreement would result in the imposition of an additional tax under Section 409A of the Code if the foregoing definition of “Change in Control” were to apply, but would not result in the imposition of any additional tax if the term “Change in Control” were defined herein to mean a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5), then “Change in Control” shall mean a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A of the Code.

2.4“Code” means the Internal Revenue Code of 1986, as amended.

2.5“Employment Termination” shall mean the effective date of: (i) Employee’s voluntary termination of employment with the Company with Good Reason, or (ii) the termination of Employee’s employment by the Company without Cause.

2.6“Good Reason” shall exist if, without Employee’s express written consent any of the following ‎events or actions occurs, provided that no finding of Good Reason shall be effective unless and until Employee has provided the Company, within sixty (60) calendar days of becoming aware of the facts and ‎circumstances underlying the finding of Good Reason, with written notice thereof stating with specificity ‎the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of ‎Good Reason is capable of being cured by the Company, providing the Company with an opportunity to ‎cure the same within thirty (30) calendar days after receipt of such notice: (i) the Company ‎materially reduces the nature, scope or level of Employee’s responsibilities from the nature, scope or level of such responsibilities prior to the Change in Control (or prior to the Period Pending a Change in Control) or changes Employee’s reporting relationship to the Board; (ii) the Company requires ‎Employee to move Employee’s principal business office more than fifty (50) miles from Employee’s principal business office at the time of this Agreement; provided, however, that if Employee’s principal business office is not located at the Company’s then current corporate headquarters, and the Company requires Employee to move Employee’s principal business office to such corporate headquarters, such action shall not constitute “Good Reason” under this subsection (ii); ‎‎(iii) the Company reduces Employee’s

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Annual Salary or annual bonus or long-term incentive opportunity below that in ‎effect as of the date of this Agreement (or as of the Change in Control, if greater); or (iv) the Company breaches in any material respect its obligations hereunder.‎

2.7“Period Pending a Change in Control” shall mean the period between the time an agreement is entered into by the Company with respect to a merger or other business combination or transaction of the Company, which would constitute a Change in Control, and the effective time of such merger or other business combination or transaction of the Company.

3.Salary to Date of Employment Termination. The Company shall pay to Employee any unpaid salary or other compensation of any kind earned with respect to any period prior to Employee’s Employment Termination, including, but not limited to a lump sum cash payment for accumulated but unused vacation earned through such Employment Termination.

4.Other Incentive Plans. Except as otherwise provided herein, nothing in this Agreement shall impair or impact the vesting of any restricted stock, stock options, cash incentives or other form of compensation or benefits provided under any other plan, program or arrangement.

5.Code Section 4999.

5.1In the event it shall be determined that as a result, directly or indirectly, of any payment or distribution by the Company to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), Employee would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Employee with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Employee shall be entitled to have the Payment either (A) paid or delivered in full, or (B) capped at the amount that is $1 less than three times Employee’s “base amount,” whichever of the foregoing results in the receipt by Employee of the greatest benefit on an after-tax basis (taking into account applicable taxes, including federal, state and local income taxes and the Excise Tax). Any reduction of the Payment required by this subsection shall be carried out by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Payment (on the basis of the relative present value of the parachute payments).

5.2All determinations required to be made under this Section 5 shall be made by the Company’s Independent Public Accounting Firm (the “Accounting Firm”) which shall provide detailed supporting calculations and documentation both to the Company and Employee within fifteen (15) business days of receipt of notice from Employee that there has been a Payment or such earlier time as is requested by the Company. The Company and Employee shall furnish to the Accounting Firm such information and documents as the Accounting Firm may reasonably request in order to make the determinations required under this Section 5. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting

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the Change in Control, or the Accounting Firm declines such representation, Employee shall appoint a certified public accountant at another nationally recognized accounting firm (or, if none is available a lawyer with a nationally recognized law firm or a compensation consultant with a nationally recognized actuarial and benefits consulting firm) with expertise in the area of executive compensation tax law to make the determinations required hereunder (such accountant, lawyer, or consultant, as applicable, shall then be referred to as the Accounting Firm hereunder), provided such accounting firm is acceptable to the Company (the Company’s acceptance not to be unreasonably withheld). All fees and expenses of the Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise Tax is payable by Employee, it shall furnish Employee with a written opinion that failure to report the Excise Tax on the Employee’s applicable federal income tax return would not result in the imposition of a negligence or similar penalty. Any determination by the Accounting Firm shall be binding upon the Company and Employee absent manifest error.

6.Mitigation and Set-Off. Employee shall not be required to mitigate Employee’s damages by seeking other employment or otherwise. The Company’s obligations under this Agreement shall not be reduced in any way by reason of any compensation or benefits received (or foregone) by Employee from sources other than the Company after Employee’s Employment Termination, or any amounts that might have been received by Employee in other employment had Employee sought other employment, except for the termination of benefits under a Welfare Benefit Plan pursuant to Section 1.3(ii) hereof. Except as expressly provided in Section 1.3 of this Agreement, Employee’s entitlement to benefits and coverage under this Agreement shall continue after, and shall not be affected by, Employee’s obtaining other employment after his Employment Termination, provided that any such benefit or coverage shall not be furnished if Employee expressly waives the specific benefit or coverage by giving written notice of waiver to the Company.

7.Litigation Expenses. The Company shall pay to Employee all out-of-pocket expenses, including attorneys’ fees, incurred by Employee in the event Employee successfully enforces any provision of this Agreement in any action, arbitration or lawsuit.

8.Assignment, Successors. This Agreement may not be assigned by the Company without the written consent of Employee but the obligations of the Company under this Agreement shall be the binding legal obligations of any successor to the Company by merger or other business combination, and in the event of any business combination or transaction that results in the transfer of substantially all of the assets or business of the Company, the Company will cause the transferee to assume the obligations of the Company under this Agreement. This Agreement may not be assigned by Employee during Employee’s life, and upon Employee’s death will inure to the benefit of Employee’s heirs, legatees and legal representatives of Employee’s estate.

9.Interpretation. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois, without regard to the conflict of law principles thereof. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

10.Withholding. The Company may withhold from any payment that it is required to make under this Agreement amounts sufficient to satisfy applicable withholding requirements under any federal, state, local or foreign law or regulation.

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11.Amendment or Termination. This Agreement may be amended at any time by written agreement between the Company and Employee. The Company may terminate this Agreement by written notice given to Employee at least two (2) years prior to the effective date of such termination, provided that, if a Change in Control occurs prior to the effective date of such termination, the termination of this Agreement shall not be effective and Employee shall be entitled to the full benefits of this Agreement. Any such amendment or termination shall be made pursuant to a resolution of the Company’s Board of Directors or Compensation Committee.

12.Financing. Cash and benefit payments under this Agreement shall constitute general obligations of the Company. Employee shall have only an unsecured right to payment thereof out of the general assets of the Company. Notwithstanding the foregoing, the Company may, by agreement with one or more trustees to be selected by the Company, create a trust on such terms, as the Company shall determine, to make payments to Employee in accordance with the terms of this Agreement.

13.Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

14.Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof shall be adjudicated by arbitration administered by the American Arbitration Association (“AAA”) under its Employment Arbitration Rules, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Arbitration shall be by a single arbitrator, and the arbitration shall take place in Chicago, Illinois. The costs of the arbitration, including the fees of the arbitrator, cost of any record or transcripts of the arbitration hearing, administrative fees, and other similar fees and costs of arbitration shall be borne equally by the parties; provided, however, in the event of a dispute following or in connection with a Change in Control, the Company shall pay the fees of the arbitrator as well as such other fees and costs of arbitration. Judgment upon any award rendered by the arbitrator may be entered in any court having jurisdiction, and both parties consent and submit to the jurisdiction of such court for purposes of such action. Nothing in this Agreement shall preclude either party from seeking equitable relief from a court of competent jurisdiction. The statute of limitations, estoppel, waiver, laches and similar doctrines, which would otherwise be applicable in any action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitration proceeding shall be deemed the commencement of an action for those purposes. The Federal Arbitration Act shall apply to the construction, interpretation and enforcement of this arbitration provision.

15.Other Agreements. This Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Agreement.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

METHODE ELECTRONICS, INC.

By: /s/ Bruce K. Crowther

Bruce K. Crowther, Compensation Committee Chair

EMPLOYEE:

/s/ Jonathan DeGaynor

Name: Jonathan DeGaynor

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EX-10.8

Exhibit 10.8

EXECUTIVE SEVERANCE AND RETENTION AGREEMENT

This Executive Severance and Retention Agreement (this “Agreement”), dated effective this 15 day of July 2024 (“Effective Date”), by and between Methode Electronics, Inc., a Delaware corporation (the “Company”), and Jonathan DeGaynor (“Executive”). This Agreement sets forth the terms and conditions of contingent severance arrangements between the Company and Executive and cancels and supersedes all other severance-related agreements between the parties (except it does not cancel and supersede the Change in Control Agreement between Executive and the Company).

It is hereby agreed by and between the parties, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, as follows:

1.Definitions. For all purposes hereof, the following defined terms have the meanings set forth below:

1.1“Accrued Obligations” means all (i) accrued but unpaid Annual Salary to Executive’s Date of Termination, and (ii) any benefits for which Executive is eligible under the terms of any benefit plan of the Company or its subsidiaries, including any accumulated but unused vacation earned through Executive’s Date of Termination.

1.2“Annual Bonus” means Executive’s annual performance-based bonus paid pursuant to the Company’s annual incentive plan.

1.3“Annual Salary” shall mean Executive’s annualized base salary in effect on Executive’s Date of Termination.

1.4“Cause” shall mean: (i) Executive’s conviction of, or plea of nolo contendere to, a felony other than a traffic ‎violation; (ii) Executive’s commission of any act or acts ‎of personal dishonesty intended to result in personal enrichment to Executive to the detriment of the Company; (iii) a ‎failure by Executive to perform assigned duties, provided ‎that such failure has continued for more than ten (10) days after the Company’s Board of Directors has given written ‎notice of such failure and of the Company’s intention to terminate Executive’s employment because of such failure; (iv) any ‎willful misconduct by Executive which ‎affects the business reputation of the Company; (v) breach in any ‎material respect by Executive of any provision of any ‎employment, consulting, advisory, nondisclosure, non-competition, ‎proprietary information, or other similar agreement between Executive and the Company or any subsidiary or affiliate of the Company; or (vi) ‎Executive’s violation of the Company’s Code of Business Conduct or any addendum thereto. Notwithstanding the foregoing, if circumstances deemed to constitute Cause under items (v) or (vi) above are reasonably ‎capable of cure, Cause shall only exist if such circumstances remain uncured for ten (10) days ‎after Executive receives written notice from the Company’s Board of Directors providing ‎reasonable details of the circumstances deemed to constitute Cause.‎

1.5“Code” means the Internal Revenue Code of 1986, as amended.

1.6“Date of Termination” means the effective date of the termination of Executive’s employment with the Company and its subsidiaries (as set forth in the Notice of Termination, if applicable) and interpreted consistently as a “separation from service” under Section 409A.

1.7“Disability” shall have the meaning provided under the Company’s standard long-term disability plan.

1.8“Non-Qualifying Termination” means (i) the Company’s termination of Executive’s employment for Cause, (ii) Executive’s voluntary termination of his employment (i.e., Executive’s resignation), (iii) a termination of Executive’s employment occurring because of Executive’s death or Disability, or (iv) any ‎termination in connection with a change in control entitling such ‎Executive to a change in control payment or similar ‎payment or benefit under a change in control agreement.

1.9“Notice of Termination” means a written notice of the termination of Executive’s employment that (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail, if applicable, the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date.

1.10‎“Pro Rata Bonus Amount” means the ‎amount obtained by multiplying (i) what Executive would ‎have received in ‎Annual Bonus payment, if any, for the fiscal year of his termination had he ‎remained employed until the date such Annual Bonus ‎would ordinarily be paid under the ‎applicable Annual Bonus plan terms by (ii) the amount obtained by dividing (x) the total number ‎of full calendar days ‎during the fiscal year in which the applicable termination occurred during ‎which Executive was employed by the Company prior to such termination by (y) ‎the total ‎number of calendar days during such fiscal year; provided, however, that if Executive has ‎worked fewer than three calendar months of the fiscal year at the time of the termination, the Pro ‎Rata Bonus Amount shall be zero.‎

1.11“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the regulatory guidance provided in connection therewith.

1.12“Target Bonus Amount” means the target Annual Bonus in the fiscal year in which the termination of Executive’s employment occurs.‎

2.Termination of Employment.

2.1Termination by Executive. Executive may terminate his employment by delivering a Notice of Termination to the Company in accordance with Section 7.5.

2.2Termination by the Company.

(a)Termination for Cause. The Company may terminate Executive’s employment for Cause by delivering to Executive in accordance with Section 7.5 a Notice of Termination.

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(b)Termination Without Cause. The Company may terminate Executive’s employment without Cause by delivering a Notice of Termination to Executive in accordance with Section 7.5.

2.3Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death. If the Company determines in good faith that the Disability of Executive has occurred during his employment, it may give to Executive a Notice of Termination in accordance with Section 7.5 of this Agreement. In such event, Executive’s employment shall terminate upon receipt of such notice.

3.Severance. The Company shall pay the Accrued Obligations to Executive in connection with the termination of Executive’s employment with the Company within 14 days after Executive’s Date of Termination. In addition, Sections 3.1, 3.2, 3.3, and 3.4 below shall apply, and the payments described in Sections 3.1, 3.2, and 3.3 shall be made in the timeframes described below, if the Company terminates Executive’s employment with the Company without Cause as provided in Section 2.2(b) above and not on account of Executive’s death or Disability and not on account of a change in control entitling Executive to a change in control payment or similar ‎payment or benefit under a change in control agreement.‎

3.1Cash Severance. The Company shall make a severance payment to Executive equal to two (2) times the sum of (i) Executive’s Annual Salary, plus (ii) Executive’s Target Bonus Amount (the “Cash Severance”). The Cash Severance shall be paid in equal cash installments in accordance with the Company’s usual payroll practices over the two (2) year period following Executive’s termination date with the initial payment to be made on the first regular payroll date of the Company occurring on or after sixty (60) days following Executive’s Date of Termination.

3.2Bonus. The Company shall pay Executive the Pro Rata Bonus Amount, notwithstanding any provision ‎of the applicable Annual Bonus plan requiring employment through a particular date as a ‎condition of payment. Such amount shall be paid, less tax withholdings, at the same time as ‎annual bonus payments are made to other senior executives of the Company. In addition, if the ‎Annual Bonus has not been paid for a completed fiscal year, such Annual Bonus, if any, shall be ‎paid to Executive, less tax withholdings, on the date such payment would have been paid to ‎Executive save for Executive’s termination, notwithstanding any provision of the applicable ‎Annual Bonus plan requiring employment through a particular date as a condition of payment. ‎Any payments under this Section 3.2 shall be subject to the Company’s Incentive Compensation ‎Recovery Policy.‎

3.3Continued Health Benefits. If Executive timely and properly elects continuation health care coverage pursuant to the Company’s group health care plan, the Company will pay on Executive’s behalf the COBRA premiums for such COBRA continuation coverage for a designated period ending on the earlier of (i) eighteen (18) months following Executive’s Date of Termination, or (ii) the ‎date Executive first becomes eligible for coverage under ‎another employer’s group health plan (such period referred to as the “COBRA Subsidy Period”). The Company will treat the cost of such coverage to Executive as taxable income for federal income tax purposes to the extent required by law. Executive shall promptly inform the Company in writing if and when Executive obtains or becomes eligible for any other health care coverage from another employer of Executive. Executive shall be responsible for the full unsubsidized costs of COBRA coverage after the COBRA Subsidy Period.

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3.4Release of Claims. Executive understands that the severance benefits described in this Section 3 are the only severance benefits to which Executive may be entitled following termination of Executive’s employment under the circumstances described herein. Executive acknowledges and agrees that Executive shall not be eligible for any of the severance benefits described in this Section 3 unless Executive signs and returns to the Company a valid, non-revocable waiver and general release of claims (“Release”), as presented to Executive by the Company in the form requested by the Company within 45 calendar days ‎following Executive’s Date of Termination and any applicable revocation period expires without revocation. If the Release consideration and ‎revocation periods span two calendar years, no payments under Section 3 hereof shall ‎commence until the second calendar year‎. The Release shall, among other things, release the Company and its subsidiaries and affiliates, and their/its current and former directors and employees, from all claims, known or unknown, arising prior to the effective date of the Release that Executive asserted and/or could have asserted against any and all of them, including but not limited to any claims arising out of Executive’s employment with the Company. Executive also acknowledges and agrees that Executive shall not be eligible for any of the severance benefits described in this Section 3 unless Executive at all times remains in compliance with the terms of this Agreement and any non-disclosure, non-solicitation, non-competition, or non-disparagement obligations towards the Company under any law or agreement.

Notwithstanding anything to the contrary in this Agreement, Executive shall not be obligated to release, (i) any rights of Executive to receive from the Company accrued and unpaid base salary, earned or vested incentive compensation, out of pocket expense reimbursement, or accrued, unused vacation owed to Executive, (ii) any vested equity rights, (iii) any obligations of the Company to pay any severance amounts, if applicable, pursuant to this Agreement, (iv) any claim which cannot be waived as a matter of law, or (v) any rights of indemnification or coverage under any insurance policy, corporate document or any statutory or common law.

3.5Non-Qualifying Termination. If Executive’s employment with the Company and its subsidiaries is terminated in a Non-Qualifying Termination, this Agreement shall terminate without further obligations to Executive other than payment of the Accrued Obligations.

3.6Deductions. To the extent permissible under federal or state law, the following items and amounts will be deducted from the payments under Sections 3.1 and 3.2:

3.6.1Any amounts that Executive owes to the Company, including, but not limited to, any amounts owed by Executive to the Company pursuant to the Company’s Incentive Compensation Recovery Policy; and

3.6.2Any amount of garnished earnings which would have been withheld from Executive’s pay, if the Company has been garnishing Executive’s earnings pursuant to an order of garnishment, child support or tax lien.

3.7Forfeiture. Executive shall forfeit any and all rights to payments under Sections 3.1, 3.2, and 3.3 and shall be obligated to repay any such benefits previously paid under this Agreement, if the Company, in its reasonable discretion, determines before payment is made or within one (1) year of payment being made to Executive that Executive is or was not eligible to receive any payment due to non-compliance with the terms of this Agreement or any

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non-disclosure, non-solicitation, non-competition, or non-disparagement obligations towards the Company under any law or agreement.

4.Other Incentive Plans. Except as otherwise provided herein, nothing in this Agreement shall impair or impact the vesting of any restricted stock, stock options, cash incentives, or other form of compensation or benefits provided under any other plan, program, or arrangement.

5.Applicable Taxes and Section 409A.

5.1Tax Withholding. The Company may deduct and withhold from all compensation payable to Executive pursuant to this Agreement all amounts required to be deducted and withheld therefrom pursuant to any present or future law, regulation, or ordinance of the United States of America or any state or local jurisdiction therein.

5.2Section 409A.

(a)Notwithstanding anything to the contrary in this Agreement, it is intended that the amounts payable under this Agreement satisfy, to the greatest extent ‎possible, the exemptions from the application of Section 409A provided under ‎Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-1(b)(9) and this ‎Agreement will be construed to the greatest extent possible as consistent with those provisions.

(b)‎If, at the time of Executive’s separation from service (within the meaning of Section 409A), (i) Executive shall be a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time), and ‎‎(ii) the Company shall make a good faith determination that an amount payable pursuant to this ‎Agreement constitutes deferred compensation (within the meaning of Section 409A) ‎the payment of which is required to be delayed pursuant to the six-month delay rule set forth in ‎Section 409A in order to avoid taxes or penalties under Section 409A, ‎then the Company shall not pay such amount on the otherwise scheduled payment date but shall ‎instead pay it on the first business day after such six-month period (or, if earlier, as soon as ‎practicable following the date of Executive’s death). Such amount shall be paid without interest.

(c)‎Notwithstanding any provision of this Agreement to the contrary, in light ‎of the uncertainty with respect to the proper application of Section 409A, the Company reserves the right to make amendments to this Agreement as the Company deems necessary ‎or desirable to avoid the imposition of taxes or penalties under Section 409A.‎‎

(d)No amendment to this Agreement ‎may accelerate or defer the time or schedule of any payment ‎under this Agreement, except as may be permitted pursuant to applicable Treasury ‎Regulations.‎ ‎ ‎

6.Mitigation and Set-Off. Executive shall not be required to mitigate Executive’s damages by seeking other employment or otherwise. The Company’s obligations under this Agreement shall not be reduced in any way by reason of any compensation or benefits received (or foregone) by Executive from sources other than the Company after Executive’s Date of Termination, or any amounts that might have been received by Executive in other employment had Executive sought other employment, except for the termination of the COBRA subsidy as provided in Section 3.3 of this Agreement.

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7.Miscellaneous.

7.1Employment. This Agreement shall not be construed as creating an express or implied contract of employment, and, except as otherwise agreed in writing between Executive and the Company, Executive shall not have any right to be retained in the employ of the Company.

7.2Litigation Expenses. The prevailing party in any action, arbitration, or lawsuit arising out of or related to this Agreement shall be entitled to recover from the other party its reasonable attorneys’ fees and costs incurred in such action, arbitration, or lawsuit.

7.3Assignment, Successors. This Agreement may not be assigned by the Company without the written consent of Executive, but the obligations of the Company under this Agreement shall be the binding legal obligations of any successor to the Company by merger or other business combination. In the event of any business combination or transaction that results in the transfer of substantially all of the assets or business of the Company, the Company will cause the transferee to assume the obligations of the Company under this Agreement. This Agreement may not be assigned by Executive during Executive’s life, and upon Executive’s death will inure to the benefit of Executive’s heirs, legatees and legal representatives of Executive’s estate. Executive’s death will not accelerate the timing of any payments under this Agreement.

7.4Interpretation. The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of Illinois, without regard to the conflict of law principles thereof. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

7.5Notices. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be considered as effective: (i) when received if delivered personally or by courier; or (ii) on the date receipt is acknowledged if delivered by (a) certified mail, postage prepaid, return receipt requested, or (b) e-mail, with confirmation receipt required, as follows:

If to Executive, addressed to: the last known residential address reflected in the Company’s records.

If to the Company, addressed to: Methode Electronics, Inc.

8750 W. Bryn Mawr Ave, Suite 1000

Chicago, IL 60631

Attention: Chief Administrative Officer
E-mail: Andrea.Barry@methode.com

Notice of change in address should be provided as stated in this section.

7.6Withholding. The Company may withhold from any payment that it is required to make under this Agreement amounts sufficient to satisfy applicable withholding requirements under any federal, state, local or foreign law, or regulation.

7.7Amendment or Termination.

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(a)This Agreement may be amended at any time by written agreement between the Company and Executive.

(b)This Agreement will automatically terminate as of close of business on the date the Company adopts a severance plan which covers its senior executives, provided the severance benefit Executive is eligible to receive under such plan shall be not less than the severance benefit provided to Executive under this Agreement. Subject to the preceding sentence, the Company, through action of the Compensation Committee of its Board of Directors, may terminate this Agreement by written notice given to Executive at least two (2) years prior to the effective date of such termination.

7.8Financing. Cash and benefit payments under this Agreement shall constitute general obligations of the Company. Executive shall have only an unsecured right to payment thereof out of the general assets of the Company. Notwithstanding the foregoing, the Company may, by agreement with one or more trustees to be selected by the Company, create a trust on such terms, as the Company shall determine, to make payments to Executive in accordance with the terms of this Agreement.

7.9Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

7.10Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof shall be adjudicated by arbitration administered by the American Arbitration Association (“AAA”) under its Employment Arbitration Rules, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Arbitration shall be by a single arbitrator, and the arbitration shall take place in Chicago, Illinois. The costs of the arbitration, including the fees of the arbitrator, cost of any record or transcripts of the arbitration hearing, administrative fees, and other similar fees and costs of arbitration shall be borne equally by the parties. Judgment upon any award rendered by the arbitrator may be entered in any court having jurisdiction, and both parties consent and submit to the jurisdiction of such court for purposes of such action. Nothing in this Agreement shall preclude either party from seeking equitable relief from a court of competent jurisdiction. The statute of limitations, estoppel, waiver, laches and similar doctrines, which would otherwise be applicable in any action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitration proceeding shall be deemed the commencement of an action for those purposes. The Federal Arbitration Act shall apply to the construction, interpretation, and enforcement of this arbitration provision.

7.11Other Agreements. This Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Agreement. The Offer Letter dated June 24, 2024 under which Executive is employed by the Company and the Proprietary Interests Protection Agreement executed by Executive on June, 2024, remain in full force and effect. The Change in Control Agreement between Executive and the Company dated July 15, 2024, also remains in full force and effect.

[Signature Page Attached]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

METHODE ELECTRONICS, INC.

By: /s/ Bruce Crowther

Bruce Crowther, Compensation Committee Chair

EXECUTIVE:

/s/ Jonathan DeGaynor

Name: Jonathan DeGaynor

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EX-10.9

 

Exhibit 10.9

July 8, 2024

Walter (Bud) Aspatore

Board Chairman

Methode Electronics, Inc

8750 W Bryn Mawr Ave., Suite 1000
Chicago, Illinois 60631
United States

Re: Agreement for Interim Management Services – Addendum 6

This letter is addendum 6 (“Addendum 6”) to the agreement between AlixPartners, LLP (“AlixPartners”) and Methode Electronics, Inc (the “Company”) dated March 1, 2024 (the “Engagement Letter”). Unless otherwise modified herein, the terms and conditions of the Engagement Letter remain in full force and effect. Capitalized terms not otherwise defined herein shall have the meaning given to them in the Engagement Letter. If there is any conflict between the terms of this Addendum 6 and the Engagement Letter, Addendum 6 will prevail.

The following is in addition to the Engagement Letter:

Background

Based on our discussions, the Company requests that AlixPartners provide David Rawden as interim Chief Financial Officer to the Company.

Services

AlixPartners will provide David Rawden to serve as the interim Company’s Chief Financial Officer ("CFO"), reporting to the Company’s Chief Executive Officer. In this role, Mr. Rawden will work collaboratively with the senior management team, the Board of Directors and other Company professionals to perform tasks ordinarily in the purview of the Company’s CFO as outlined in Addendum 1.

Timing and Fees

AlixPartners will commence this engagement on or about July 12, 2024 after receipt of an executed copy of this Addendum 6. The engagement is expected to continue until such time as a new Chief Financial Officer commences employment. Notwithstanding the foregoing, the Company can terminate this Addendum 6 at any time without prior notice.

The Company shall compensate AlixPartners for its services, and reimburse AlixPartners for expenses, as set forth on Schedule 1 of Addendum 1 between the Company and AlixPartners dated March 20, 2024.

If these terms meet with your approval, please sign and return a copy of the executed Addendum 6.

Amendment to Terms and Conditions

The parties agree, for purposes of this Addendum 6, that the Terms and Conditions of the Engagement Letter are hereby permanently amended by deleting in its entirety the section entitled “Section 8 Indemnification” and replacing it with the following language:

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Section 8.Indemnification

The Company shall indemnify, hold harmless and defend AlixPartners and its Affiliates and its and their partners, directors, officers and employees (collectively, the “AlixPartners Parties”) from and against all claims (including without limitation claims from Authorized Recipients), liabilities, losses, expenses and damages (“Loss”) incurred or suffered arising out of or as a result of the performance by AlixPartners of the services or its obligations hereunder, or any third party’s use of or reliance on the services provided under the Agreement or Work Product. The indemnity herein shall not apply to the extent such Loss directly arises as a result of AlixPartners’s Parties: (i) gross negligence; or (ii) willful misconduct; unless and to the extent AlixPartners was complying with any instructions given by, or on behalf of, the Company. The Company shall pay Losses as incurred, including reasonable legal fees and disbursements of counsel. If, in the opinion of counsel, representing both Parties in the matter covered by this indemnification creates a potential conflict of interest, the AlixPartners Parties may engage separate counsel to represent them at The Company’s expense.

The Company shall specifically include and cover AlixPartners employees and agents serving as directors or officers of the Company or affiliates with direct coverage under the Company’s policy for liability insurance covering its directors, officers and any equivalently placed employees (“D&O insurance”) in at least USD 10 million, or local currency equivalent, for any one incident. The Company will maintain such D&O insurance coverage for the period through which claims can be made against such persons. The Company shall, at the request of AlixPartners, provide a copy of its current D&O policy, a certificate(s) of insurance evidencing the policy is in full force and effect, and any other documents as AlixPartners may reasonably request evidencing the appointment and coverage of the indemnitees. The Company disclaims a right to distribution from the D&O insurance coverage with respect to such persons. In the event that the Company is unable to include AlixPartners employees and agents under the Company’s policy or does not have first dollar coverage acceptable to AlixPartners (e.g., there are claims or threatened claims against the policy), AlixPartners may, at its option, purchase a separate D&O insurance policy (at the Company’s expense) to cover AlixPartners employees and agents only.

AlixPartners employees serving as directors or officers of the Company or affiliates will receive the benefit of the most favorable indemnification provisions provided by the Company to its directors, officers and any equivalently placed employees, whether under the Company’s charter or by-laws, by contract or otherwise. The Company’s indemnification obligations in this Section shall be primary to, and without allocation against, any similar indemnification obligations that AlixPartners may offer to its personnel generally, and the Company’s D&O insurance coverage for the indemnitees shall be specifically primary to, and without allocation against, any other valid and collectible insurance coverage that may apply to the indemnitees (whether provided by AlixPartners or otherwise).

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We look forward to working with you.

Sincerely yours,

/s/ Patrick Houston

Patrick Houston

Partner & Managing Director

For and on behalf of AlixPartners, LLP

Agreement and acceptance confirmed

By: /s/ Walter J. Aspatore

Its: ChairmancounterpartySignerTextField_qgE0yOd||4]

Dated: July 10, 2024counterpartySignerDateField_SiGR56H]

For and on behalf of Methode Electronics, Inc

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EX-10.10

Exhibit 10.10

METHODE ELECTRONICS, INC.

FORM ANNUAL BONUS PERFORMANCE GRANT

AWARD AGREEMENT

(FISCAL 2024)

This Annual Bonus Performance Grant Award Agreement, effective as of July ____, 2023 (the “Award Agreement”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”), and ____________________ (“Grantee”).

WHEREAS, the Company desires to reward Grantee for Grantee’s services to the Company and to encourage Grantee to continue to work for the benefit of the Company in a manner that will benefit all Company stockholders.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations hereinafter set forth, the Company agrees to award to Grantee the annual bonus Performance Grant described herein under the Company’s 2022 Omnibus Incentive Plan (the “Plan”), subject to the terms and conditions set forth herein and in the Plan.

1. General. This Award Agreement and the Performance Grant awarded herein are subject to all of the provisions of the Plan applicable to Performance Grants. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan. Grantee hereby acknowledges receipt of a copy of the Plan and has read the Plan and fully understands its content. In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.

2. Grant. The Company hereby grants to Grantee an annual bonus Performance Grant payable in cash based upon the Performance Goals set forth on Exhibit A hereto (the “Award”). For each Performance Goal that the Committee determines has been achieved, the Company will pay to Grantee in cash the amount set forth on Exhibit A hereto corresponding thereto. Unless the Award is properly deferred under the terms of the Methode Electronics, Inc. Deferred Compensation Plan, the Performance Grant shall be settled and paid in cash on or before the 90th day following both (i) the end of the Performance Period, and (ii) certification by the Committee that the Performance Goals and any other material terms of the Performance Grant and the Plan have been satisfied, or as soon thereafter as is reasonably practicable.

3. Construction. This Award Agreement is subject to the terms of the Plan and shall be construed in accordance therewith. The construction and operation of this Award Agreement are governed by the laws of the State of Illinois without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the Circuit Court of the State of Illinois or the United States District Court for the Eastern Division of the Northern District of Illinois.

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4. Amendment. This Award Agreement may be amended at any time by written agreement between the Company and Grantee. Any such amendment shall be made pursuant to a resolution of the Committee.

5. Severability. In the event that any provision or portion of this Award Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Award Agreement shall be unaffected thereby and shall remain in full force and effect.

6. Dispute Resolution. The parties initially shall attempt to resolve by direct negotiation any dispute, controversy or claim arising out of or relating to this Award Agreement or its breach or interpretation (each, a “Dispute”). For purposes of this negotiation, the Company shall be represented by one or more of its independent directors appointed by the Board of Directors. If the parties are unable to resolve the Dispute by direct negotiation within 30 days after written notice by one party to the other of the Dispute, the Dispute shall be settled by submission by either party of the Dispute to binding arbitration in Chicago, Illinois (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the American Arbitration Association's National Rules for the Resolution of Employment Disputes then in effect. The arbitrator will be an attorney licensed to practice law in the State of Illinois. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof. Except as set forth below, each party shall pay: the fees of his, her or its attorneys; the expenses of his, her or its witnesses; and all other expenses connected with presenting his, her or its case. Except as set forth below, the costs of the arbitration, including the cost of any record or transcripts of the arbitration hearing, administrative fees, the fees of the arbitrator, and all other fees and costs shall be borne equally by the parties. In the event of a Dispute following or in connection with a Change of Control, the Company shall pay the fees of the arbitrator as well as the cost of any record or transcripts of the arbitration hearing and other administrative fees and costs. In all Disputes, the arbitrator will have discretion to make an award of fees, costs and expenses to the prevailing party.

7. Section 409A Compliance. It is the intention of the Company and the Grantee that the Award and other benefits awarded under this Award Agreement shall be exempt from the requirements of Section 409A of the Code and its implementing regulations (“Section 409A”) and shall be interpreted in a manner consistent with this interpretation. In the event that the Company or the Grantee reasonably determines that any award under this Award Agreement may be subject to Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effective to the extent allowable by applicable laws), or take any other commercially reasonable actions necessary or appropriate to cause the Award and other benefits awarded under this Award Agreement to (i) be exempt from Section 409A, or (ii) otherwise comply with the requirements of Section 409A.

8. Counterparts. This Award Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

9. Entire Agreement and Clawback Policy. This Award Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Award

2

Agreement. This Award Agreement and the Award granted hereunder are subject to the Plan and the terms of any Change of Control Agreement between the Company and Grantee, as the same may be amended from time to time, if any. Additionally, this Award Agreement and the Award granted hereunder are subject to the terms of the Company’s recoupment, ‎clawback or similar policy as in effect from time to time, as well as any similar provisions of ‎applicable law, including Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”)‎ and the Dodd Frank Wall Street ‎Reform and Consumer Protection Act. As of the effective date of this Award Agreement, the Company’s ‎policy provides that in accordance with Section 954 of the Dodd-Frank Wall Street Reform and ‎Consumer Protection Act, and in accordance with the provisions of Section 10D of the Exchange ‎Act and the rules and regulations adopted by the New York Stock Exchange in compliance ‎therewith, in the event that the Company is required to prepare an accounting restatement due to ‎the material noncompliance of the Company with any financial reporting requirement under the ‎securities laws, the Company will recover from Grantee, if Grantee is a current or former executive officer of the ‎Company who received incentive-based compensation during the 3-year period preceding the ‎date on which the Company is required to prepare an accounting restatement, based on the ‎erroneous data, determined by the Committee to be in excess of what would have been paid to ‎the executive officer under the accounting restatement. In addition, the Company shall recover ‎from Grantee any Award recoverable under Section 304 of the Sarbanes-‎Oxley Act of 2002.

10. No Retention Rights. Nothing herein contained shall confer on the Grantee any right with respect to continuation of employment or services by the Company or its Affiliates, or interfere with the right of the Company or its Affiliates to terminate at any time the employment or service of the Grantee.

IN WITNESS WHEREOF, the Company by its duly authorized signatory has executed this Award Agreement as of the day and year first above written.

METHODE ELECTRONICS, INC.

By:

Bruce K. Crowther

Chair, Compensation Committee

The undersigned hereby accepts, and agrees to, all terms and provisions of this Award Agreement and the Plan as they pertain hereto.

GRANTEE

____________________________________

Name: _______________________

3

EX-10.11

Exhibit 10.11

METHODE ELECTRONICS, INC.

FORM AMENDMENT TO

ANNUAL BONUS PERFORMANCE GRANT

AWARD AGREEMENT

(FISCAL 2024)

This Amendment, effective as of July 25, 2024 (the “Amendment”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”), and ____________________ (“Grantee”).

WHEREAS, the Company and Grantee previously entered into that certain Annual Bonus Performance Grant Award Agreement, effective as of July 5, 2023 (the “Award Agreement”);

WHEREAS, the Performance Period designated under the Award Agreement has been completed and the level of attainment for the Performance Goals has been determined;

WHEREAS, the Company and Grantee have agreed to convert the cash payment that would have been made pursuant to the Award Agreement into an award of Restricted Stock Units pursuant to the terms of the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (the “Plan”), which shall become vested on March 7, 2025; and

WHEREAS, the Compensation Committee of the Board of Directors of the Company and Grantee have agreed to amend the Award Agreement in a manner consistent with the foregoing.

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

(a)Section 2 of the Award Agreement is hereby amended in its entirety to be and read as follows:

2. Grant.

(a)The Company hereby grants to Grantee an annual bonus Performance Grant with an initial cash value in the amount determined based upon the Performance Goals set forth on Exhibit A hereto (the “Award”). For each Performance Goal that the Committee determines has been achieved, the Company will determine a cash amount as set forth on Exhibit A hereto corresponding thereto, with the accumulated amount referred to as the “Cash Value”.

(b)Effective July 25, 2024, the Cash Value amount determined pursuant to Exhibit A shall be converted into an award of Restricted Stock Units

issued pursuant to the Plan. The number of Restricted Stock Units shall be determined by dividing the Cash Value amount by the closing price of the Company’s stock on July 25, 2024, rounded up to the next full share.

(c)The Restricted Stock Unit award will be issued pursuant to the Plan and governed by a separate Restricted Stock Unit Award Agreement, a form of which is attached hereto (the “Restricted Stock Unit Award Agreement”). Grantee will be required to sign and return a copy of the Restricted Stock Unit Award Agreement to the Company. The Restricted Stock Unit Award Agreement will provide that the Restricted Stock Unit award will vest on March 7, 2025, assuming continuous employment by Grantee through the vest date.

(b)This Amendment is to be read and construed with the Award Agreement as constituting one and the same agreement. Except as specifically modified by this Amendment, all remaining provisions, terms and conditions of the Award Agreement shall remain in full force and effect.

(c)All terms not herein defined shall have the meaning ascribed to them in the Award Agreement.

(d)Except as amended by this Amendment, the terms and conditions of the Award Agreement are confirmed, approved and ratified, and the Award Agreement, as amended by this Amendment, shall continue in full force and effect.

(e)This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

[Signatures on next page]

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment or have caused this Amendment to be duly executed and delivered on their behalf.

METHODE ELECTRONICS, INC.

By:

Bruce K. Crowther

Chair, Compensation Committee

The undersigned hereby accepts, and agrees to, all terms and provisions of this Amendment to Award Agreement and the Plan as they pertain hereto.

GRANTEE

____________________________________

Name: ____________________

Date: July , 2024

ATTACHMENT

FORM RESTRICTED STOCK UNIT AWARD AGREEMENT

This Restricted Stock Unit Award Agreement (the “Award Agreement”), effective as of July ___, 2024 (the “Award Date”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”) and _____________ (the “Grantee”).

WHEREAS, the Company desires to encourage Grantee to continue to work for the benefit of the Company in a manner that will benefit all Company stockholders.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations set forth herein, the Company agrees to award to Grantee Restricted Stock Units (“RSUs”) under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan.

1.General. This Award Agreement and the RSUs awarded herein are subject to all of the provisions of the Plan applicable to such RSUs. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan. Grantee hereby acknowledges receipt of a copy of the Plan and that Grantee has read the Plan and fully understands its content. In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant. The Company hereby grants to Grantee a total of [______] RSUs (the “RSUs”), subject to the restrictions set forth in Section 3 hereof and the Plan.

3.Restrictions.

(a)None of the RSUs may be sold, transferred, pledged, hypothecated or otherwise encumbered or disposed of.

(b)Except as provided below, any RSUs that are not vested shall be forfeited to the Company immediately upon termination of Grantee’s employment with the Company and all of its Affiliates.

(c)Any RSUs that are not vested may be forfeited to the Company in accordance with Section 9 of this Award Agreement.

4.Payment for RSUs. The Company will pay one share of Common Stock to Grantee for each vested Restricted Stock Unit on or before March 14, 2025.

5.Rights as Stockholder. Grantee shall have no rights as a stockholder with respect to any RSUs. Grantee will only have stockholder rights after shares of Common Stock are issued to Grantee in settlement of the Award.

6.Vesting. The RSUs granted hereunder will vest in full on March 7, 2025 (the “Vesting Date”), provided Grantee continues to be employed by the Company (or an Affiliate thereof) until such date.

7.Effect of Termination of Employment in Connection with Death, Disability, Retirement, or Involuntary Termination of Employment Without Cause. Notwithstanding Section 6 above, if Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated due to Disability as defined in the Plan, death, Retirement, or involuntary termination without Cause prior to the Vesting Date, then all of the unvested RSUs will become immediately vested and payable as soon as reasonably possible. For purposes of this provision, the term “Retirement” means termination of employment after Grantee’s sixty-fifth birthday or, with the prior consent of the Compensation Committee, after Grantee’s fifty-fifth birthday.

8.Change of Control. In the event of a Change of Control, all unvested RSUs will become immediately vested and non-forfeitable and payable as of the date of the Change of Control.

9.Forfeiture. If Grantee’s employment is terminated for Cause, as such term is defined in the Plan, then the unvested RSUs shall be forfeited to the Company effective as of the date on which Grantee entered into such activity, unless terminated sooner by operation of another term or condition of this Award Agreement or the Plan.

10.Additional Delivery. On or before March 14, 2025, the Company shall pay to Grantee a dividend equivalent ‎equal to the aggregate per ‎share cash dividends with respect to all cash dividend record dates that ‎fall between the Award ‎Date and the Vesting Date multiplied by the number of RSUs ‎that vest ‎as of such Vesting Date (without interest). The Company may withhold from ‎any payment that ‎it is required to make under this Award Agreement amounts sufficient to satisfy ‎applicable ‎withholding requirements under any federal, state, local or foreign law due in connection with ‎this Award ‎or the payment described in this Section. No dividends shall be paid to Grantee ‎with respect ‎to any Restricted Stock Unit that does not vest and is forfeited by Grantee‎.

11.Construction. This Award Agreement is subject to the terms of the Plan and shall be construed in accordance therewith. All capitalized and undefined terms herein are subject to the definitions

contained in the Plan. The validity, construction, interpretation and enforceability of this Award Agreement shall be determined and governed by the laws of the State of Illinois without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the Circuit Court of the State of Illinois or the United States District Court of the Eastern Division of the Northern District of Illinois and Grantee consents to the jurisdiction and venue of those courts.

12.Severability. The provisions of this Award Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable.

13.Waiver. The waiver by the Company of a breach of any provision of this Award Agreement by Grantee shall not operate or be construed as a waiver of any subsequent breach by Grantee.

14.Binding Effect. The provisions of this Award Agreement shall be binding upon the parties hereto, their successors and assigns, including, without limitation, the Company, its successors or assigns, the estate of Grantee and the executors, administrators or trustees of such estate and any receiver, trustee in bankruptcy or representative of the creditors of Grantee.

15.Withholding. Grantee agrees, as a condition of this grant, to make acceptable arrangements to pay any withholding or other taxes or deductions that may be due or may arise as a result of the vesting of the RSUs or other payments under this Award Agreement. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment or other deduction is required relating to the vesting of shares or other payments arising from this grant, the Company shall have the right to require such amounts or deductions from Grantee, or withhold such amounts or deductions from other payments due Grantee from the Company or any Affiliate.

16.Dispute Resolution. The parties initially shall attempt to resolve by direct negotiation any dispute, controversy or claim arising out of or relating to this Award Agreement or its breach or interpretation (each, a “Dispute”). For purposes of this negotiation, the Company shall be represented by one or more of its independent directors appointed by the Board of Directors. If the parties are unable to resolve the Dispute by direct negotiation within 30 days after written notice by one party to the other of the Dispute, the Dispute shall be settled by submission by either party of the Dispute to binding arbitration in Chicago, Illinois (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the American Arbitration Association's National Rules for the Resolution of Employment Disputes then in effect. The arbitrator will be an attorney licensed to practice law in the State of Illinois. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having

jurisdiction thereof. Except as set forth below, each party shall pay: the fees of their or its attorneys; the expenses of their or its witnesses; and all other expenses connected with presenting their or its case. Except as set forth below, the costs of the arbitration, including the cost of any record or transcripts of the arbitration hearing, administrative fees, the fees of the arbitrator, and all other fees and costs shall be borne equally by the parties. In the event of a Dispute following or in connection with a Change of Control, the Company shall pay the fees of the arbitrator as well as the cost of any record or transcripts of the arbitration hearing and other administrative fees and costs. In all Disputes, the arbitrator will have discretion to make an award of fees, costs and expenses to the prevailing party.

17.Section 409A Compliance. It is the intention of the Company and Grantee that the RSUs and other benefits awarded under this Award Agreement shall either be exempt from, or comply with, Section 409A of the Code and its implementing regulations (“Section 409A”) and shall be interpreted in a manner consistent with this intent. Notwithstanding anything to the contrary contained herein, a termination of Grantee’s employment shall not be deemed to have occurred for purposes of making any payments under this Award Agreement unless such termination gives rise to a “Separation from Service” (within the meaning of Section 409A, a “Separation from Service”) and references to “termination of employment” shall mean Separation from Service. In the event that the Company or Grantee reasonably determines that any award under this Award Agreement fails to comply with Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effective to the extent allowable by applicable laws), or take any other commercially reasonable actions necessary or appropriate to comply with the requirements of Section 409A. Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to Grantee. Grantee shall be solely responsible for the tax consequences with respect to all amounts payable under this Award Agreement, and in no event shall the Company have any responsibility or liability if this Award Agreement does not meet any applicable requirements of Section 409A.

18.No Retention Rights. Nothing herein contained shall confer on Grantee any right with respect to continuation of employment or services by the Company or its Subsidiaries or Affiliates, or interfere with the right of the Company or its Subsidiaries or Affiliates to terminate at any time the employment or service of Grantee.

19.No Guarantee of Future Awards. The grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants, even if RSUs have previously been granted.

20.Counterparts. This Award Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

21.Entire Agreement and Clawback Policy. This Award Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Award Agreement. This Award Agreement and the RSUs granted hereunder are subject to the Plan and the terms of any Change

in Control Agreement between the Company and Grantee, as the same may be amended from time to time, if any. Additionally, this Award Agreement and the Awards granted hereunder are subject to the terms of the Company’s Incentive Compensation Recovery Policy as in effect from time to time, as well as any similar provisions of ‎applicable law, including Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”) and the Dodd Frank Wall Street ‎Reform and Consumer Protection Act. In addition, the Company shall recover ‎from Grantee any Award recoverable under Section 304 of the Sarbanes-‎Oxley Act of 2002.

[Signature Page to Follow]

IN WITNESS WHEREOF, the Company by one of its duly authorized representatives has executed this Award Agreement as of the day and year first above written.

METHODE ELECTRONICS, INC.

By:

Bruce K. Crowther

Its: Chair, Compensation Committee

Please indicate your acceptance of the terms and conditions of this Award Agreement by signing in the space provided below and returning a signed copy of this Award Agreement to the Company. IF A COPY OF THIS AWARD AGREEMENT EXECUTED BY GRANTEE HAS NOT BEEN RECEIVED BY THE COMPANY NO LATER THAN THIRTY (30) DAYS AFTER THE AWARD DATE, THE RESTRICTED STOCK UNITS GRANTED UNDER THIS AWARD AGREEMENT SHALL BE CANCELLED.

BY SIGNING BELOW, YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE RECEIVED A COPY OF THE PLAN AND ARE FAMILIAR WITH THE TERMS AND PROVISIONS THEREOF, INCLUDING THE TERMS AND PROVISIONS OF THIS AWARD AGREEMENT. YOU HAVE REVIEWED THE PLAN AND THIS AWARD AGREEMENT IN THEIR ENTIRETY, HAVE HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO EXECUTING THIS AWARD AGREEMENT AND FULLY UNDERSTAND ALL PROVISIONS OF THIS AWARD AGREEMENT. FINALLY, YOU HEREBY AGREE TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE ADMINISTRATOR UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD AGREEMENT.

The undersigned hereby accepts, and agrees to, all terms and provisions of this Award Agreement and the Plan as they pertain hereto.

GRANTEE

____________________________________

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jonathan DeGaynor, certify that:

1.I have reviewed this report on Form 10-Q of Methode Electronics, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 5, 2024	By:	/s/ Jonathan DeGaynor
		Jonathan DeGaynor
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, David Rawden, certify that:

1.I have reviewed this report on Form 10-Q of Methode Electronics, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 5, 2024	By:	/s/ David Rawden
		David Rawden
		Interim Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Methode Electronics, Inc. (the “Company”) certifies that the Quarterly Report on Form 10-Q of the Company for the quarter ended July 27, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

.

Date: September 5, 2024	By:	/s/ Jonathan DeGaynor
		Jonathan DeGaynor Chief Executive Officer
Date: September 5, 2024	By:	/s/ David Rawden
		David Rawden
		Interim Chief Financial Officer

XML

Cover Page - shares	3 Months Ended
	Jul. 27, 2024	Sep. 04, 2024
Cover [Abstract]
Entity Registrant Name	METHODE ELECTRONICS, INC.
Entity Central Index Key	0000065270
Document Type	10-Q
Document Period End Date	Jul. 27, 2024
Amendment Flag	false
Current Fiscal Year End Date	--04-27
Entity Current Reporting Status	Yes
Trading Symbol	MEI
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		35,245,060
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-33731
Entity Tax Identification Number	36-2090085
Entity Address, Address Line One	8750 West Bryn Mawr Avenue
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631-3518
City Area Code	708
Local Phone Number	867-6777
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.50 Par Value
Security Exchange Name	NYSE

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income Statement [Abstract]
Net sales	$ 258.5	$ 289.7
Cost of products sold	213.9	235.7
Gross profit	44.6	54.0
Selling and administrative expenses	46.2	44.5
Amortization of intangibles	5.9	5.7
(Loss) income from operations	(7.5)	3.8
Interest expense, net	4.8	2.8
Other expense, net	0.8	0.0
Pre-tax (loss) income	(13.1)	1.0
Income tax expense	5.2	0.1
Net (loss) income	$ (18.3)	$ 0.9
(Loss) income per share attributable to Methode:
Basic	$ (0.52)	$ 0.03
Diluted	(0.52)	0.02
Cash dividends per share	$ 0.14	$ 0.14

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (18.3)	$ 0.9
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	2.1	(2.5)
Derivative financial instruments	(1.7)	(1.6)
Other comprehensive income (loss)	0.4	(4.1)
Comprehensive loss	$ (17.9)	$ (3.2)

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Current assets:
Cash and cash equivalents	$ 111.3	$ 161.5
Accounts receivable, net	248.6	262.6
Inventories	219.9	186.2
Income tax receivable	4.1	4.0
Prepaid expenses and other current assets	23.2	18.7
Assets held for sale	4.7	4.7
Total current assets	611.8	637.7
Long-term assets:
Property, plant and equipment, net	213.8	212.1
Goodwill	170.6	169.9
Other intangible assets, net	252.2	256.7
Operating lease right-of-use assets, net	25.4	26.7
Deferred tax assets	36.0	34.7
Pre-production costs	46.1	44.1
Other long-term assets	22.0	21.6
Total long-term assets	766.1	765.8
Total assets	1,377.9	1,403.5
Current liabilities:
Accounts payable	161.1	132.4
Accrued employee liabilities	36.3	38.0
Other accrued liabilities	46.5	46.0
Short-term operating lease liabilities	6.9	6.7
Short-term debt	0.2	0.2
Income tax payable	9.8	8.1
Total current liabilities	260.8	231.4
Long-term liabilities:
Long-term debt	295.8	330.7
Long-term operating lease liabilities	19.9	20.6
Long-term income tax payable	9.3	9.3
Other long-term liabilities	19.8	16.8
Deferred tax liabilities	27.9	28.7
Total long-term liabilities	372.7	406.1
Total liabilities	633.5	637.5
Shareholders' equity:
Common stock, $0.50 par value, 100,000,000 shares authorized, 36,591,684 shares and 36,650,909 shares issued as of July 27, 2024 and April 27, 2024, respectively	18.3	18.3
Additional paid-in capital	186.8	183.6
Accumulated other comprehensive loss	(36.3)	(36.7)
Treasury stock, 1,346,624 shares as of July 27, 2024 and April 27, 2024	(11.5)	(11.5)
Retained earnings	587.1	612.3
Total shareholders' equity	744.4	766.0
Total liabilities and shareholders' equity	$ 1,377.9	$ 1,403.5

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 27, 2024	Apr. 27, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	36,591,684	36,650,909
Treasury stock (in shares)	1,346,624	1,346,624

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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Redeemable Noncontrolling Interest	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury stock	Retained Earnings
Beginning balance at Apr. 29, 2023	$ 941.8		$ 18.6	$ 181.0	$ (19.0)	$ (11.5)	$ 772.7
Beginning balance (in shares) at Apr. 29, 2023			37,167,375
Beginning balance at Apr. 29, 2023		$ 11.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net of tax withholding	(3.8)		$ 0.1	(0.1)			(3.8)
Issuance of restricted stock, net of tax withholding (in shares)			188,781
Purchase of redeemable noncontrolling interest		(10.2)
Purchases of common stock	$ 0.0
Purchases of common stock (in shares)	0
Stock-based compensation expense	$ 1.6			1.6
Other comprehensive income (loss)	(4.1)				(4.1)
Net (loss) income	0.9						0.9
Dividends on common stock	(5.0)						(5.0)
Ending balance at Jul. 29, 2023	931.4		$ 18.7	182.5	(23.1)	(11.5)	764.8
Ending balance (in shares) at Jul. 29, 2023			37,356,156
Ending balance at Jul. 29, 2023		$ 0.9
Beginning balance at Apr. 27, 2024	766.0		$ 18.3	183.6	(36.7)	(11.5)	612.3
Beginning balance (in shares) at Apr. 27, 2024			36,650,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net of tax withholding	(0.5)		$ 0.1	(0.1)			(0.5)
Issuance of restricted stock, net of tax withholding (in shares)			156,100
Cancellation of restricted stock (in shares)			(79,325)
Conversion of cash bonus to RSUs	2.0			2.0
Purchases of common stock	$ (1.6)		$ (0.1)				(1.5)
Purchases of common stock (in shares)	(136,000)		(136,000)
Stock-based compensation expense	$ 1.3			1.3
Other comprehensive income (loss)	0.4				0.4
Net (loss) income	(18.3)						(18.3)
Dividends on common stock	(4.9)						(4.9)
Ending balance at Jul. 27, 2024	$ 744.4		$ 18.3	$ 186.8	$ (36.3)	$ (11.5)	$ 587.1
Ending balance (in shares) at Jul. 27, 2024			36,591,684

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Operating activities:
Net (loss) income	$ (18.3)	$ 0.9
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	14.1	14.0
Stock-based compensation expense	2.2	2.6
Change in cash surrender value of life insurance	(0.4)	0.6
Amortization of debt issuance costs	0.2	0.2
Partial write-off of unamortized debt issuance costs	1.2
Impairment of long-lived assets	0.3	0.6
Change in deferred income taxes	(0.5)	(0.5)
Other	0.7
Changes in operating assets and liabilities:
Accounts receivable	14.4	11.5
Inventories	(33.1)	(16.5)
Prepaid expenses and other assets	(5.8)	(2.3)
Accounts payable	32.4	(5.7)
Other liabilities	3.5	(11.0)
Net cash provided by (used in) operating activities	10.9	(5.6)
Investing activities:
Purchases of property, plant and equipment	(13.6)	(13.8)
Net cash used in investing activities	(13.6)	(13.8)
Financing activities:
Taxes paid related to net share settlement of equity awards	(0.5)	(3.8)
Repayments of finance leases	(0.1)	(0.1)
Debt issuance costs	(1.8)
Purchases of common stock	(1.6)
Cash dividends	(5.1)	(5.3)
Purchase of redeemable noncontrolling interest		(10.2)
Proceeds from borrowings		42.0
Repayments of borrowings	(39.1)	(10.1)
Net cash (used in) provided by financing activities	(48.2)	12.5
Effect of foreign currency exchange rate changes on cash and cash equivalents	0.7	(2.2)
Decrease in cash and cash equivalents	(50.2)	(9.1)
Cash and cash equivalents at beginning of the period	161.5	157.0
Cash and cash equivalents at end of the period	111.3	147.9
Cash paid during the period for:
Interest	3.3	3.0
Income taxes, net of refunds	3.7	2.2
Operating lease obligations	$ 2.3	$ 2.3

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18.3)	$ 0.9

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Insider Trading Arrangements	3 Months Ended
	Jul. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Description of Business and Summary of Significant Accounting Policies

3 Months Ended

Jul. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

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

Description of business

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

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

Basis of presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. These financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Form 10-K for the year ended April 27, 2024, filed with the SEC on July 11, 2024. Results may vary from quarter to quarter for reasons other than seasonality.

Financial reporting periods

The Company’s fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The current fiscal year ending May 3, 2025 is a 53-week fiscal year, with the additional week being included in the Company’s second fiscal quarter. The three months ended July 27, 2024 and July 29, 2023 were both 13-week periods.

Use of estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

Accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires entities to provide disclosures about their reportable segments’ significant expenses on an interim and annual basis. The updated standard is effective for the Company’s annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.

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

There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. Further, at July 27, 2024, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.

Summary of significant accounting policies

The Company’s significant accounting policies are described in Note 1, “Description of Business and Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Form 10-K for the year ended April 27, 2024. There have been no material changes to the significant accounting policies in the three months ended July 27, 2024.

Foreign currency translation.

The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the condensed consolidated statements of operations in other expense, net. Net foreign exchange loss was $0.6 million in the three months ended July 27, 2024, compared to net foreign exchange loss of zero in the three months ended July 29, 2023.

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Revenue

3 Months Ended

Jul. 27, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 2. Revenue

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

The majority of the Company’s revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, except for consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. The Company’s revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs associated with spot purchases of raw materials and premium freight incurred in fulfilling its performance obligation to the customer. Given these cost recoveries are generally negotiated after contract inception, the Company accounts for these cost recoveries as a modification to the existing contract. The Company recognizes cost recoveries as revenue when (or as) the remaining performance obligations per the contract are satisfied, or on the modification date if all performance obligations under the contract have been previously satisfied.

Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer.

The Company’s payment terms with its customers are typically 30-45 days from the time control transfers. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” to not assess whether a contract has a significant financing component.

Contract balances

The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when an entity has received consideration, or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in other current assets and other accrued liabilities, respectively in the consolidated balance sheets and were immaterial as of July 27, 2024 and April 27, 2024.

Disaggregated revenue information

The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors.

	Three Months Ended July 27, 2024
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	66.3	$	45.3	$	12.2	$	—	$	123.8
Europe, the Middle East & Africa ("EMEA")		59.3		39.6		—		—		98.9
Asia		9.2		26.6		—		—		35.8
Total net sales	$	134.8	$	111.5	$	12.2	$	—	$	258.5
Timing of revenue recognition:
Goods transferred at a point in time	$	132.2	$	111.5	$	12.2	$	—	$	255.9
Goods transferred over time		2.6		—		—		—		2.6
Total net sales	$	134.8	$	111.5	$	12.2	$	—	$	258.5

	Three Months Ended July 29, 2023
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	66.8	$	40.0	$	15.2	$	0.8	$	122.8
EMEA		52.2		51.1		—		—		103.3
Asia		39.3		24.3		—		—		63.6
Total net sales	$	158.3	$	115.4	$	15.2	$	0.8	$	289.7
Timing of revenue recognition:
Goods transferred at a point in time	$	154.2	$	115.4	$	15.2	$	0.8	$	285.6
Goods transferred over time		4.1		—		—		—		4.1
Total net sales	$	158.3	$	115.4	$	15.2	$	0.8	$	289.7

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Disposition

3 Months Ended

Jul. 27, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposition

Note 3. Disposition

In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of the Dabir business in the Medical segment. In fiscal 2024, the Company sold certain assets and contracts of its Dabir business to a third party for consideration of $1.5 million and recorded a loss on the sale, including transaction costs, of $0.6 million. The discontinuation of the Dabir business does not qualify as a discontinued operation as it does not represent a strategic shift that will have a major effect on the Company’s operations or financial results.

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Income Taxes

3 Months Ended

Jul. 27, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 4. Income Taxes

For the three months ended July 27, 2024, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision, as allowed by ASC 740-270-30-18, “Income Taxes-Interim Reporting.” The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to it being highly sensitive to minor changes in the forecasted amounts, thus generating significant variability in the estimated annual effective tax rate and distorting the customary relationship between income tax expense and pre-tax income in interim periods.

The Company’s income tax expense and effective tax rate for the three months ended July 27, 2024 and July 29, 2023 were as follows:

	Three Months Ended
($ in millions)	July 27, 2024			July 29, 2023
Pre-tax (loss) income	$	(13.1	)	$	1.0
Income tax expense		5.2			0.1
Effective tax rate		(39.7	)%		10.0	%

The effective tax rate for the three months ended July 27, 2024 was higher than the U.S. federal statutory tax rate of 21% primarily due to an increase in a valuation allowance for U.S. deferred tax assets and global intangible low-tax income, partially offset by the impact of income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions. The effective tax rate for the three months ended July 29, 2023 was lower than the U.S. federal statutory tax rate of 21% primarily due to income derived from foreign operations with lower statutory tax rates and research deductions claimed in foreign jurisdictions, partially offset by global intangible low-tax income and non-deductible expenses.

As of July 27, 2024, the Company determined that recovery of some of its U.S. deferred tax assets was no longer more likely than not, and established a valuation allowance of $4.3 million on those deferred tax assets, based on evaluation of all available evidence.

The Organization for Economic Cooperation and Development’s (“OECD”) Pillar II Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. Some countries in which the Company operates have enacted legislation adopting the minimum tax effective January 1, 2024. To date, the Company has determined that there is an immaterial global minimum tax liability as a result of Pillar II, as certain tax jurisdictions either will not have Pillar II enacted until after December 31, 2024 or satisfied the safe harbor test to prevent any minimum tax under Pillar II. The Company continues to monitor its jurisdictions for any changes and include any appropriate minimum tax throughout the fiscal year.

The Company’s gross unrecognized income tax benefits were $4.4 million at both July 27, 2024 and April 27, 2024, respectively. If any portion of the Company’s unrecognized tax benefits is recognized, it would impact the Company’s effective tax rate. The unrecognized tax benefits are reviewed periodically and adjusted for changing facts and circumstances, such as tax audits, the lapsing of applicable statutes of limitations and changes in tax law. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties were $0.4 million at both July 27, 2024 and April 27, 2024, respectively.

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Balance Sheet Components

3 Months Ended

Jul. 27, 2024

Balance Sheet Components [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Cash and cash equivalents

Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less. Highly liquid investments include money market funds which are classified within Level 1 of the fair value hierarchy. As of July 27, 2024 and April 27, 2024, the Company had a balance of $7.4 million and $73.2 million, respectively, in money market accounts.

Accounts receivable and allowance for doubtful accounts

Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts based on the current expected credit loss impairment model. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $2.2 million and $1.4 million at July 27, 2024 and April 27, 2024, respectively.

Inventories

Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. A summary of inventories is shown below:

(in millions)	July 27, 2024		April 27, 2024
Finished products	$	53.3	$	45.6
Work in process		20.0		16.1
Raw materials		146.6		124.5
Total inventories	$	219.9	$	186.2

Assets held for sale

The Company classifies long-lived assets to be sold as held for sale in the period in which all of the required criteria under ASC 360 “Property, Plant, and Equipment” are met. The Company initially measures a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Upon determining that a long-lived asset meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets as “Assets held for sale” on the condensed consolidated balance sheets. Assets held for sale at July 27, 2024 and April 27, 2024 include three non-core real estate assets. The Company has accepted offers for two of the non-core real estate assets which have an aggregate carrying value of $2.0 million, and currently expects these transactions to close prior to the end of its second quarter ending November 2, 2024. The Company expects to recognize an immaterial gain from the sale of these non-core real estate assets.

Property, plant and equipment

Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:

(in millions)	July 27, 2024			April 27, 2024
Land	$	3.3		$	3.3
Buildings and building improvements		98.2			98.5
Machinery and equipment		398.3			394.6
Construction in progress		54.0			50.4
Total property, plant and equipment, gross		553.8			546.8
Less: accumulated depreciation		(340.0	)		(334.7	)
Property, plant and equipment, net	$	213.8		$	212.1

Depreciation expense was $8.2 million and $8.3 million in the three months ended July 27, 2024 and July 29, 2023, respectively. As of July 27, 2024 and April 27, 2024, capital expenditures recorded in accounts payable totaled $1.8 million and $6.1 million, respectively.

Pre-production tooling costs related to long-term supply arrangements

The Company incurs pre-production tooling costs related to products produced for its customers under long-term supply arrangements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable by the customer. As of July 27, 2024 and April 27, 2024, the Company had $46.1 million and $44.1 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling.

Costs for molds, dies and other tools used in products produced for its customers under long-term supply arrangements for which the Company has title are capitalized in property, plant and equipment and amortized over the shorter of the life of the arrangement or the estimated useful life of the assets. As of July 27, 2024 and April 27, 2024, Company-owned tooling was $13.1 million and $14.0 million, respectively.

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Goodwill and Other Intangible Assets

3 Months Ended

Jul. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 6. Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. All of the Company’s goodwill is in the Industrial segment. A summary of the changes in the carrying amount of goodwill is shown below:

(in millions)	Total
Balance as of April 27, 2024	$	169.9
Foreign currency translation		0.7
Balance as of July 27, 2024	$	170.6

A summary of goodwill by reporting unit is as follows:

(in millions)	July 27, 2024		April 27, 2024
Grakon Industrial	$	124.4	$	124.4
Nordic Lights		44.6		43.9
Other		1.6		1.6
Total	$	170.6	$	169.9

The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the fourth quarter each fiscal year. In addition, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim goodwill impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No impairment indicators were identified in the first quarter of fiscal 2025.

Other intangible assets, net

Details of identifiable intangible assets are shown below:

	As of July 27, 2024
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	307.9	$	(89.0	)	$	218.9		14.6
Trade names, patents and technology licenses		75.6		(44.1	)		31.5		6.6
Total amortized intangible assets		383.5		(133.1	)		250.4
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	385.3	$	(133.1	)	$	252.2

	As of April 27, 2024
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	306.6	$	(84.7	)	$	221.9		14.8
Trade names, patents and technology licenses		75.3		(42.3	)		33.0		6.9
Total amortized intangible assets		381.9		(127.0	)		254.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	383.7	$	(127.0	)	$	256.7

Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
Fiscal Year:
Remainder of 2025	$	17.6
2026		22.6
2027		22.0
2028		19.7
2029		18.4
Thereafter		150.1
Total	$	250.4

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Derivative Instruments and Hedging Activities

3 Months Ended

Jul. 27, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 7. Derivative Instruments and Hedging Activities

The Company is exposed to various market risks including, but not limited to, foreign currency exchange rates and market interest rates. The Company strives to control its exposure to these risks through our normal operating activities and, where appropriate, through the use of derivative financial instruments. Derivative financial instruments are measured at fair value on a recurring basis.

For a designated cash flow hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded in AOCI in the condensed consolidated balance sheets. When the underlying hedged transaction is realized, the gain or loss previously included in AOCI is recorded in earnings and reflected in the condensed consolidated statements of operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. The gain or loss associated with changes in the fair value of derivatives not designated as hedges are recorded immediately in the condensed consolidated statements of operations on the same line as the associated risk. For a designated net investment hedge, the effective portion of the change in the fair value of the derivative financial instrument is recorded as a cumulative translation adjustment in AOCI in the condensed consolidated balance sheets.

Net investment hedges

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

The Company has a fixed-rate, cross-currency swap, maturing on December 25, 2024, with a notional value of $60.0 million (€54.8 million). The cross-currency swap is designated as a hedge of the Company's net investment in a euro-based subsidiary. The Company entered into the cross-currency swap to mitigate changes in net assets due to changes in U.S. dollar-euro spot exchange rate.

Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter, under the spot-to-spot method. The Company recognizes the impact of all other changes in fair value of the derivative, which represents the interest rate differential of the cross-currency swap, through interest expense. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded gains of $0.2 million and $0.7 million, respectively, in interest expense, net in the condensed consolidated statements of operations.

As of July 27, 2024 and April 27, 2024, the Company designated its euro-denominated long-term borrowings of $298.6 million and $294.0 million, respectively, under the Amended Credit Agreement as a net investment hedge of the foreign currency exposure of its investment in its euro-denominated subsidiaries. Due to changes in the value of the euro-denominated long-term borrowings designated as a net investment hedge, in the three months ended July 27, 2024 and July 29, 2023, losses, net of tax, of $3.4 million and $0.2 million, respectively, were recognized within the currency translation section of other comprehensive income (loss). Included in AOCI related to this net investment hedge were cumulative gains of $0.8 million and $4.2 million, respectively, as of July 27, 2024 and April 27, 2024.

Interest rate swaps

The Company utilizes interest rate swaps to limit its exposure to market fluctuations on its variable-rate borrowings. The interest rate swaps effectively convert a portion of the Company's variable rate borrowings to a fixed rate based upon a determined notional amount. The Company has an interest rate swap, maturing on October 31, 2027, with a notional value of $143.3 million (€132.0 million). The interest rate swaps are designated as cash flow hedges.

Hedge effectiveness is assessed at the inception of the hedging relationship and quarterly thereafter. The effective portion of the periodic changes in fair value is recognized in AOCI in the condensed consolidated balance sheets. Subsequently, the accumulated gains and losses recorded in AOCI are reclassified to income in the period during which the hedged cash flow impacts earnings, which are expected to be immaterial over the next 12 months. No ineffectiveness was recognized in the three months ended July 27, 2024 and July 29, 2023.

Derivatives not designated as hedges

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

As of July 27, 2024 and April 27, 2024, the Company held foreign currency forward contracts with a notional value of $116.1 million and $110.9 million, respectively. During the three months ended July 27, 2024, the Company recognized a loss of zero related to foreign currency forward contracts in the condensed consolidated statements of operations. During the three months ended July 29, 2023, the Company recognized a loss of $1.9 million related to foreign currency forward contracts in the condensed consolidated statements of operations.

Effect of derivative instruments on comprehensive income (loss)

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

	Three Months Ended
(in millions)	July 27, 2024			July 29, 2023
Net investment hedges	$	(0.9	)	$	0.1
Interest rate swaps		(1.3	)		(2.3	)
Total	$	(2.2	)	$	(2.2	)

Fair value of derivative instruments on the balance sheet

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

		Asset/(Liability)
(in millions)	Financial Statement Caption	July 27, 2024			April 27, 2024
Derivatives designated as hedging instruments:
Net investment hedges	Prepaid expenses and other current assets	$	0.4		$	1.3
Interest rate swaps	Other long-term liabilities	$	(3.4	)	$	(2.1	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	$	0.1		$	—
Foreign currency forward contracts	Other accrued liabilities	$	—		$	(0.2	)

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Debt

3 Months Ended

Jul. 27, 2024

Debt Disclosure [Abstract]

Debt

Note 8. Debt

A summary of debt is shown below:

(in millions)	July 27, 2024			April 27, 2024
Revolving credit facility	$	298.6		$	333.0
Other debt		1.4			1.5
Unamortized debt issuance costs		(4.0	)		(3.6	)
Total debt		296.0			330.9
Less: current maturities		(0.2	)		(0.2	)
Total long-term debt	$	295.8		$	330.7

Revolving credit facility

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

Among other things, the Second Amendment (i) reduced the revolving credit commitments under the Credit Agreement from $750 million to $500 million, (ii) granted a security interest in substantially all of the personal property of the Company and its U.S. subsidiaries that are guarantors, including 100% of the equity interests of their respective U.S. subsidiaries and 65% of the equity interests of their respective foreign subsidiaries (or such greater amount to the extent such pledge could not reasonably cause adverse tax consequences), (iii) amended the consolidated interest coverage ratio covenant for the quarters ending July 27, 2024, November 2, 2024, January 25, 2025 and May 3, 2025, (iv) amended the consolidated leverage ratio covenant for the quarter ending July 27, 2024 and each subsequent fiscal quarter, (v) amended certain interest rate provisions, (vi) added a requirement to provide monthly financial statements to the lenders through the period ending July 25, 2025, (vii) decreased the general basket exceptions to certain covenants restricting certain Company investments, liens and indebtedness for specified periods of time, (viii) increased, for fiscal year 2025, the general basket exception to a covenant restricting certain Company dispositions of property, (ix) added an “anti-cash hoarding” requirement, applicable during the period from the effective date of the Second Amendment until the earlier to occur of (a) the delivery of financial statements and a compliance certificate for the fiscal quarter ending July 25, 2025 and (b) the delivery of compliance certificates for two consecutive fiscal quarters demonstrating that the Company’s consolidated leverage ratio as of the last day of such fiscal quarters was less than 3.00:1.00, that if the Company has cash on hand (subject to certain exceptions) of more than $65 million for 10 consecutive business days, the Company shall prepay the indebtedness under the credit facility by the amount of such excess and (x) made certain other changes to the investment, restricted payment and indebtedness baskets. The Credit Agreement, as amended by the First Amendment and the Second Amendment, is referred to herein as the “Amended Credit Agreement.”

The Amended Credit Agreement provides for a secured multicurrency revolving credit facility of $500 million. In addition, the Amended Credit Agreement permits the Company to increase the revolving commitments and/or add one or more tranches of term loans under the Amended Credit Agreement from time to time by up to an amount equal to (i) $250 million plus (ii) an additional amount so long as the consolidated leverage ratio would not exceed 3.00:1.00 on a pro forma basis, subject to, among other things, the receipt of additional commitments from existing and/or new lenders. The Amended Credit Agreement matures on October 31, 2027.

The Second Amendment was accounted for as a debt modification, which resulted in a non-cash loss of $1.2 million in the three months ended July 27, 2024 related to the partial write-off of unamortized debt issuance costs as a result of the reduction in the credit facility size. The non-cash loss was recognized in other expense, net in the Company’s condensed consolidated statement of operations. Additionally, the Company incurred debt issuance costs of approximately $1.8 million associated with the Second Amendment which were capitalized and, along with the current unamortized debt issuance costs, are being amortized to interest expense on a straight-line basis over remaining term of the Amended Credit Agreement.

Loans denominated in US dollars under the Amended Credit Agreement bear interest at either (a) an adjusted base rate or (b) an adjusted term Secured Overnight Financing Rate (“SOFR”) rate or term SOFR daily floating rate (in each case, as determined in accordance with the provisions of the Amended Credit Agreement in each case plus an applicable rate (the “Applicable Rate”) ranging between 0.375% and 1.75%, in the case of adjusted base rate loans, and between 1.375% and 2.75%, in the case of adjusted term SOFR rate loans and term SOFR daily floating rate loans. Loans denominated in euros will bear interest at the Euro Interbank Offered Rate plus an Applicable Rate ranging between 1.375% and 2.75%. The Applicable Rate is set based on the Company’s consolidated leverage ratio.

As of July 27, 2024, the outstanding balance under the revolving credit facility consisted of $298.6 million (€275.0 million) of euro-denominated borrowings. The Company has designated the euro-denominated borrowings as a net investment hedge of the foreign currency exposure of its investments in euro-denominated subsidiaries. Refer to Note 7, “Derivative Instruments and Hedging Activities” for further information.

The weighted-average interest rate on outstanding euro-denominated borrowings under the Amended Credit Agreement was approximately 6.8% as of July 27, 2024. The Amended Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default.

The Amended Credit Agreement contains various representations and warranties, financial covenants (including covenants requiring the Company to maintain compliance with a minimum consolidated interest coverage ratio and a maximum consolidated leverage ratio, in each case as of the end of each fiscal quarter of the Company), restrictive and other covenants, and events of default. The covenants in the Amended Credit Agreement include an “anti-cash hoarding” requirement, as discussed above. As of July 27, 2024, the Company was in compliance with all the covenants in the Amended Credit Agreement.

Other debt

One of the Company’s European subsidiaries has debt that consists of one note with a maturity in 2031. The weighted-average interest rate on this debt was approximately 1.8% at July 27, 2024 and $0.2 million of the debt was classified as short-term.

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Shareholders' Equity

3 Months Ended

Jul. 27, 2024

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity

Note 9. Shareholders’ Equity

Repurchases of Common Stock

On March 31, 2021, as subsequently amended on June 16, 2022, the Board of Directors authorized the purchase of up to $200.0 million of the Company’s outstanding common stock through June 14, 2024 (the “2021 Buyback Authorization”). On June 13, 2024, the Board of Directors approved a new share buyback authorization, commencing on June 17, 2024, for the purchase of up to $200.0 million of the Company’s outstanding common stock through June 17, 2026 (the “2024 Buyback Authorization”). Purchases may be made on the open market, including pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, or in private transactions.

The following table summarizes activity under the 2021 Buyback Authorization:

	Three Months Ended
(in millions, except share and per share data)	July 27, 2024		July 29, 2023
Shares purchased		136,000		—
Average price per share	$	11.55	$	—
Total cost	$	1.6	$	—

Prior to its expiration, a total of 3,553,961 shares were purchased under the 2021 Buyback Authorization at a total cost of $134.6 million. All purchased shares were retired and are reflected as a reduction of common stock for the par value of shares, with the excess applied as a reduction to retained earnings. No further shares can be purchased under the 2021 Buyback Authorization. In the three months ended July 27, 2024, there were no shares purchased under the 2024 Buyback Authorization. As of July 27, 2024, the dollar value of shares that remained available to be purchased by the Company under 2024 Buyback Authorization was $200.0 million.

Dividends

The Company paid dividends totaling $5.1 million and $5.3 million in the three months ended July 27, 2024 and July 29, 2023, respectively. Dividends paid in the three months ended July 27, 2024 and July 29, 2023, include $0.2 million and $0.4 million of dividend equivalent payments for restricted stock units that vested.

Accumulated other comprehensive income (loss)

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

	Three Months Ended July 27, 2024
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(36.5	)	$	(0.2	)	$	(36.7	)
Other comprehensive income (loss)		1.1			(2.2	)		(1.1	)
Tax benefit		1.0			0.5			1.5
Net other comprehensive income (loss)		2.1			(1.7	)		0.4
Balance at the end of period	$	(34.4	)	$	(1.9	)	$	(36.3	)

	Three Months Ended July 29, 2023
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(19.8	)	$	0.8		$	(19.0	)
Other comprehensive loss		(2.7	)		(2.2	)		(4.9	)
Tax benefit		0.2			0.6			0.8
Net other comprehensive loss		(2.5	)		(1.6	)		(4.1	)
Balance at the end of period	$	(22.3	)	$	(0.8	)	$	(23.1	)

Stock-based compensation

The Company has granted stock options, restricted stock awards (“RSAs”), performance units (“PUs”), restricted stock units (“RSUs”), performance stock units (“PSUs”) and stock awards to employees and non-employee directors under the Methode Electronics, Inc. 2022 Omnibus Incentive Plan (“2022 Plan”), the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (“2014 Plan”), the Methode Electronics, Inc. 2010 Stock Plan (“2010 Plan”), and the Methode Electronics, Inc. 2004 Stock Plan (“2004 Plan”). The Company can no longer make grants under the 2014 Plan, 2010 Plan and 2004 Plan.

Subject to adjustment as provided in the 2022 Plan and the 2022 Plan’s share counting provisions, the number of shares of the Company's common stock that will be available for all awards under the 2022 Plan is 5,550,000, less an amount to reflect shares, options or other awards granted under prior plans after April 30, 2022. As of July 27, 2024, there were approximately 4.2 million shares available for award under the 2022 Plan.

Restricted stock awards and performance units

As of July 27, 2024, the Company had 710,349 RSAs outstanding which may be earned based on the achievement of an earnings before net interest, taxes, fixed asset depreciation and intangible asset amortization (“EBITDA”) measure for fiscal 2025. The RSAs will vest ranging from 0% (for performance below threshold) to 100% (target performance) based on the achievement of the EBITDA performance measure and continued employment. In addition, if the target performance is exceeded, up to an additional 355,175 PUs can be earned that will be settled in cash.

The fair value of the RSAs was based on the closing stock price on the date of grant and the RSAs earn dividend equivalents during the vesting period, which are forfeitable if the RSAs do not vest. Compensation expense for the RSAs is recognized when it is probable the minimum threshold performance criteria will be achieved. Compensation expense for the PUs is recognized when it is probable that the target performance criteria will be exceeded. The Company assesses the probability of vesting at each balance sheet date and adjusts compensation costs based on the probability assessment. The cash-settled PUs represent a non-equity unit with a conversion value equal to the fair market value of a share of the Company’s common stock on the vesting date. The PUs are classified as liability awards due to the cash settlement feature and are re-measured at each balance sheet date. In accordance with ASC 718, “Compensation - Stock Compensation,” based on projections of the Company’s current business portfolio, no compensation expense has been recognized for the RSAs or PUs to date, as the performance conditions are not probable of being met. Unrecognized stock-based compensation expense at target level of performance is $20.5 million as of July 27, 2024, which, subject to the performance conditions being met, will be recognized through fiscal 2025. The following table summarizes RSA activity:

	Restricted stock awards			Weighted average grant date fair value
Non-vested at April 27, 2024		789,674		$	28.81
Awarded		—		$	—
Vested		—		$	—
Forfeited		(79,325	)	$	28.28
Non-vested at July 27, 2024		710,349		$	28.87

Performance stock units

In the three months ended July 27, 2024, the Company granted 138,758 PSUs which will vest upon the achievement of a total stockholder return (“TSR”) measured based on the growth in the Company’s stock price over a three-year performance period that ends April 30, 2027. The number of shares to be issued may range from 0% to a maximum of 200% of the PSUs granted. The Company estimated the grant date fair value of the PSUs using the Monte Carlo simulation model, as the TSR metric and changes in stock price are considered market conditions under ASC 718. The following table provides a summary of the assumptions for the PSUs:

	Assumptions
Expected volatility		51.28	%
Risk free interest rate		4.23	%
Expected term (in years)		2.79
Grant date fair value	$	16.38

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

	Performance stock units		Weighted average grant date fair value
Non-vested at April 27, 2024		—	$	—
Awarded		138,758	$	16.38
Vested		—	$	—
Forfeited		—	$	—
Non-vested at July 27, 2024		138,758	$	16.38

Restricted stock units

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

	Restricted stock units			Weighted average grant date fair value
Non-vested at April 27, 2024		941,640		$	26.43
Awarded		129,136		$	13.65
Conversion of cash bonus to RSUs		153,376		$	12.98
Vested		(385,898	)	$	28.44
Forfeited		(165,402	)	$	22.40
Non-vested at July 27, 2024		672,852		$	20.75

In the three months ended July 27, 2024, 153,376 RSUs were awarded in exchange for cash bonuses earned by certain employees. These RSUs vest on March 7, 2025. As the expense associated with the cash bonuses was previously recognized in fiscal 2024, there is no incremental expense to be recognized for the RSUs. The Company reclassified $2.0 million from accrued employee liabilities to additional paid-in capital on its condensed consolidated balance sheets related to the conversion of the cash bonuses to RSUs.

Under the various stock plans, RSUs that have vested for certain executives, including Donald W. Duda, the Company’s former CEO, and Ronald L.G. Tsoumas, the Company’s former CFO, will not be delivered in common stock until the first day of the seventh month following the executive’s termination from the Company or upon a change of control. As of July 27, 2024, common stock to be delivered to these executives totaled 793,108 shares. The vested deferred RSUs are considered outstanding for earnings per share calculations.

Director awards

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

	Non-employee director awards			Deferred non-employee director awards		Total			Weighted average grant date fair value
Outstanding at April 27, 2024		—			77,319		77,319		$	37.23
Awarded		56,680			86,786		143,466		$	9.92
Issued		(56,680	)		—		(56,680	)	$	9.88
Outstanding at July 27, 2024		—			164,105		164,105		$	22.80

Stock options

The following table summarizes stock option activity:

	Stock options			Weighted average exercise price		Weighted- average life (years)		Aggregate intrinsic value (in millions)
Outstanding and exercisable at April 27, 2024		8,000		$	37.01		0.2	$	0.0
Exercised		—		$	—
Forfeited		(8,000	)	$	37.01
Outstanding and exercisable at July 27, 2024		—		$	—		0.0	$	0.0

Stock-based compensation expense

All stock-based awards to employees and non-employee directors are recognized in selling and administrative expenses on the condensed consolidated statements of operations. Awards subject to graded vesting are recognized using the accelerated recognition method over the requisite service period. The table below summarizes the stock-based compensation expense related to the equity awards:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
RSUs	$	0.7	$	1.0
Deferred non-employee director awards		0.9		1.0
Non-employee director awards		0.6		0.6
Total stock-based compensation expense	$	2.2	$	2.6

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(Loss) Income per Share

3 Months Ended

Jul. 27, 2024

Earnings Per Share [Abstract]

(Loss) Income per Share

Note 10. (Loss) Income per Share

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

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

	Three Months Ended
	July 27, 2024			July 29, 2023
Numerator:
Net (loss) income (in millions)	$	(18.3	)	$	0.9
Denominator:
Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units		35,423,886			35,687,876
Dilutive potential common shares		—			593,531
Denominator for diluted income per share		35,423,886			36,281,407
(Loss) income per share:
Basic	$	(0.52	)	$	0.03
Diluted	$	(0.52	)	$	0.02
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding		1,004,990			935,698

In the three months ended July 27, 2024, all potential common shares issuable for PSUs and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for PSUs and RSUs on the weighted-average number of common shares outstanding would have been approximately 69,046 common shares for the three months ended July 27, 2024.

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Segment Information

3 Months Ended

Jul. 27, 2024

Segment Reporting [Abstract]

Segment Information

Note 11. Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s Chief Executive Officer (“CEO”).

The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. Products include integrated overhead and center consoles, hidden and ergonomic switches, transmission lead-frames, insert molded components, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other sensing technologies that monitor the operation or status of a component or system.

The Industrial segment manufactures exterior and interior lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as our PowerRail® solution, high-current high-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, data centers, industrial equipment, power conversion, military, telecommunications and transportation.

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

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

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

	Three Months Ended July 27, 2024
(in millions)	Automotive			Industrial			Interface		Medical		Eliminations/ Corporate			Consolidated
Net sales	$	136.7		$	117.1		$	12.2	$	—	$	(7.5	)	$	258.5
Transfers between segments		(1.9	)		(5.6	)		—		—		7.5			—
Net sales to unaffiliated customers	$	134.8		$	111.5		$	12.2	$	—	$	—		$	258.5
(Loss) income from operations	$	(5.7	)	$	16.9		$	1.9	$	-	$	(20.6	)	$	(7.5	)
Interest expense, net															4.8
Other expense, net															0.8
Pre-tax loss														$	(13.1	)

	Three Months Ended July 29, 2023
(in millions)	Automotive			Industrial			Interface			Medical			Eliminations /Corporate			Consolidated
Net sales	$	161.1		$	122.6		$	15.3		$	0.8		$	(10.1	)	$	289.7
Transfers between segments		(2.8	)		(7.2	)		(0.1	)		—			10.1			—
Net sales to unaffiliated customers	$	158.3		$	115.4		$	15.2		$	0.8		$	—		$	289.7
Income (loss) from operations	$	(2.8	)	$	24.2		$	2.9		$	(2.2	)	$	(18.3	)	$	3.8
Interest expense, net																	2.8
Other expense, net																	—
Pre-tax income																$	1.0

(in millions)	July 27, 2024		April 27, 2024
Identifiable assets:
Automotive	$	621.1	$	592.7
Industrial		606.4		604.5
Interface		65.1		67.1
Medical		0.2		0.2
Eliminations/Corporate		85.1		139.0
Total identifiable assets	$	1,377.9	$	1,403.5

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Contingencies

3 Months Ended

Jul. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 12. Contingencies

Certain litigation arising in the normal course of business is pending against us. The Company is, from time-to-time, subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters, environmental matters and intellectual property matters. The Company has established loss provisions for matters in which losses are deemed probable and reasonably estimable. The Company considers insurance coverage and third-party indemnification, among other things, when determining required accruals for pending litigation and claims. Although the outcome of potential legal actions and claims cannot be predicted with certainty, it is the Company's opinion, based on the information available, that it has adequate reserves for these liabilities. However, the ultimate outcome of any matter could require payment in excess of any amount that the Company may have accrued.

Hetronic Germany-GmbH Matters

For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. The Company became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, the Company terminated all of its agreements with the Fuchs companies. On June 20, 2014, the Company filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements and seeking damages, as well as various forms of injunctive relief. The defendants filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, the Company amended its complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional affiliated parties.

A trial with respect to the matter began in February 2020. During the trial, the defendants dismissed their one remaining counterclaim with prejudice. On March 2, 2020, the jury returned a verdict in favor of the Company. The verdict included approximately $102 million in compensatory damages and $11 million in punitive damages. On April 22, 2020, the District Court entered a permanent injunction barring defendants from selling infringing products and ordering them to return Hetronic’s confidential information. Defendants appealed entry of the permanent injunction. On May 29, 2020, the District Court held defendants in contempt for violating the permanent injunction and entered the final judgment. Defendants appealed entry of the final monetary judgment as well. The appeal of the permanent injunction and the appeal of the final judgment were consolidated into a single appeal before the U.S. Court of Appeals for the Tenth Circuit. On August 24, 2021, the Tenth Circuit issued a decision affirming the lower court’s ruling with the exception that it instructed the District Court to modify the injunction from the entire world to all of the countries in which Hetronic sells its products. On April 20 and 21, 2022, the District Court held a hearing related to modifying the injunction pursuant to the Tenth Circuit’s opinion, and the parties have filed post-hearing briefs. The defendants also filed a petition for certiorari with the United States Supreme Court seeking to further appeal the extraterritorial application of the Lanham Act in this case. The Company opposed that petition. The Supreme Court requested the views of the Solicitor General on the petition for certiorari, and the Solicitor General recommended granting the petition. On November 4, 2022, the Supreme Court granted the petition. The Supreme Court heard arguments in this matter on March 21, 2023. On June 29, 2023, the Supreme Court vacated the Tenth Circuit’s August 2021 decision and remanded the matter back to the Tenth Circuit for further proceedings. On September 1, 2023, the Tenth Circuit requested supplemental briefing from the parties regarding the effect of the Supreme Court’s decision on the appeal and the proper course of further proceedings. That briefing was thereafter submitted, and the Tenth Circuit heard argument in this matter on January 24, 2024. On April 23, 2024, the Tenth Circuit issued an opinion affirming the District Court’s final judgment on the state law breach of contract and tort claims (this affirmed final judgment amount represents only approximately $22.5 million of the vacated original $113 million final judgment that had been entered in 2020) and remanding for further non-trial proceedings with respect to the appropriate remedies for the Lanham Act claims in light of the Supreme’s Court ruling that the Lanham Act does not apply extraterritorially. On August 5, 2024, the District Court entered an amended permanent injunction and amended final judgment. The amended permanent injunction limited the geographic reach of the permanent injunction barring defendants from selling infringing products so that it only applies in the United States and reaffirmed the court’s prior order requiring defendants to return Hetronic’s confidential information. The amended final judgment reaffirmed the final judgment of approximately $22.5 million plus interest for the state law breach of contract and tort claims and entered judgment in an amended amount of approximately $0.3 million plus interest for the infringing U.S. sales under the Lanham Act. The deadline for any appeals of the District Court’s orders was September 4, 2024.

Like any judgment, particularly a judgment involving defendants outside of the United States, there is no guarantee that the Company will be able to collect all or any portion of the judgment. Furthermore, defendants Abitron Germany and Hetronic Germany filed for insolvency in German court in September and October 2023 respectively, and the Germany insolvency court then appointed a receiver. These insolvency proceedings could potentially adversely impact our ability to enforce or collect upon the judgment or portions of the judgment or otherwise pursue or enforce claims or rights against those defendants.

Stockholder Litigation

On August 26, 2024, a putative class action lawsuit (the “Stockholder Action”) on behalf of purchasers of Company common stock between June 23, 2022 and March 6, 2024, inclusive, entitled Marie Salem v. Methode Electronics, Inc. et al. was filed in the U.S. District Court for the Northern District of Illinois against the Company, a former Chief Executive Officer, President and director of the Company and a former Chief Financial Officer of the Company. The complaint alleges, among other things, that the defendants made false and/or misleading statements relating to the Company’s business, operations and prospects, including in respect of the Company’s transition to production of more specialized components for manufacturers of electric vehicles and the Company’s operations at its facility in Monterrey, Mexico, in violation of Sections 10(b) and 20 of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint seeks, among other things, unspecified money damages along with equitable relief and costs and expenses, including counsel fees and expert fees.

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

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Restructuring and Asset Impairment Charges

3 Months Ended

Jul. 27, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

Note 13. Restructuring and Asset Impairment Charges

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

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

Components of restructuring and asset impairment charges were as follows:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Employee termination benefits	$	0.3	$	0.1
Asset impairment charges		0.3		0.6
Total	$	0.6	$	0.7

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

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Automotive	$	0.3	$	—
Industrial		—		—
Interface		—		—
Medical		—		0.7
Eliminations/Corporate		0.3		—
Total	$	0.6	$	0.7
Recognized in:
Cost of products sold	$	0.3	$	0.6
Selling and administrative expenses		0.3		0.1
	$	0.6	$	0.7

The Company’s restructuring liability was $0.4 million and $0.7 million as of July 27, 2024 and April 27, 2024, respectively. Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals. The Company may take additional restructuring actions in future periods based upon market conditions and industry trends.

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Related Party Transactions

3 Months Ended

Jul. 27, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 14. Related Party Transactions

The Company’s Interim Chief Financial Officer, David Rawden, is a director of AlixPartners, LLP (“AlixPartners”), a business advisory firm that currently provides a number of consulting services to the Company. The Company’s former Interim Chief Executive Officer, Kevin Nystrom, is a partner and managing director of AlixPartners. In the three months ended July 27, 2024, the Company recognized $3.5 million of expense for consulting services provided by AlixPartners. As of July 27, 2024 and April 27, 2024, $1.8 million and $1.4 million, respectively, was payable to AlixPartners which is reflected in other accrued liabilities on the condensed consolidated balance sheets.

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Description of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jul. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. These financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Form 10-K for the year ended April 27, 2024, filed with the SEC on July 11, 2024. Results may vary from quarter to quarter for reasons other than seasonality.

Financial Reporting Periods

Financial reporting periods

The Company’s fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The current fiscal year ending May 3, 2025 is a 53-week fiscal year, with the additional week being included in the Company’s second fiscal quarter. The three months ended July 27, 2024 and July 29, 2023 were both 13-week periods.

Use of Estimates

Use of estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. These estimates and assumptions are subject to an inherent degree of uncertainty and may change, as new events occur, and additional information is obtained. As a result, actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

Accounting pronouncements not yet adopted

Accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires entities to provide disclosures about their reportable segments’ significant expenses on an interim and annual basis. The updated standard is effective for the Company’s annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.

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

There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. Further, at July 27, 2024, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.

Summary of Significant Accounting Policies

Summary of significant accounting policies

The Company’s significant accounting policies are described in Note 1, “Description of Business and Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Form 10-K for the year ended April 27, 2024. There have been no material changes to the significant accounting policies in the three months ended July 27, 2024.

Foreign Currency Translation

Foreign currency translation.

The functional currencies of the majority of the Company’s foreign subsidiaries are their local currencies. The results of operations of these foreign subsidiaries are translated into U.S. dollars using average monthly rates, while the assets and liabilities are translated using period-end exchange rates. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses arising from transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the condensed consolidated statements of operations in other expense, net. Net foreign exchange loss was $0.6 million in the three months ended July 27, 2024, compared to net foreign exchange loss of zero in the three months ended July 29, 2023.

Inventory

Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand.

Property, Plant and Equipment

Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment.

Income per Share

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

Contingencies

Certain litigation arising in the normal course of business is pending against us. The Company is, from time-to-time, subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters, environmental matters and intellectual property matters. The Company has established loss provisions for matters in which losses are deemed probable and reasonably estimable. The Company considers insurance coverage and third-party indemnification, among other things, when determining required accruals for pending litigation and claims. Although the outcome of potential legal actions and claims cannot be predicted with certainty, it is the Company's opinion, based on the information available, that it has adequate reserves for these liabilities. However, the ultimate outcome of any matter could require payment in excess of any amount that the Company may have accrued.

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Revenue (Tables)

3 Months Ended

Jul. 27, 2024

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue Information

The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors.

	Three Months Ended July 27, 2024
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	66.3	$	45.3	$	12.2	$	—	$	123.8
Europe, the Middle East & Africa ("EMEA")		59.3		39.6		—		—		98.9
Asia		9.2		26.6		—		—		35.8
Total net sales	$	134.8	$	111.5	$	12.2	$	—	$	258.5
Timing of revenue recognition:
Goods transferred at a point in time	$	132.2	$	111.5	$	12.2	$	—	$	255.9
Goods transferred over time		2.6		—		—		—		2.6
Total net sales	$	134.8	$	111.5	$	12.2	$	—	$	258.5

	Three Months Ended July 29, 2023
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	66.8	$	40.0	$	15.2	$	0.8	$	122.8
EMEA		52.2		51.1		—		—		103.3
Asia		39.3		24.3		—		—		63.6
Total net sales	$	158.3	$	115.4	$	15.2	$	0.8	$	289.7
Timing of revenue recognition:
Goods transferred at a point in time	$	154.2	$	115.4	$	15.2	$	0.8	$	285.6
Goods transferred over time		4.1		—		—		—		4.1
Total net sales	$	158.3	$	115.4	$	15.2	$	0.8	$	289.7

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Income Taxes (Tables)

3 Months Ended

Jul. 27, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense And Effective Tax Rate

The Company’s income tax expense and effective tax rate for the three months ended July 27, 2024 and July 29, 2023 were as follows:

	Three Months Ended
($ in millions)	July 27, 2024			July 29, 2023
Pre-tax (loss) income	$	(13.1	)	$	1.0
Income tax expense		5.2			0.1
Effective tax rate		(39.7	)%		10.0	%

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Balance Sheet Components (Tables)

3 Months Ended

Jul. 27, 2024

Balance Sheet Components [Abstract]

Summary of Inventories

A summary of inventories is shown below:

(in millions)	July 27, 2024		April 27, 2024
Finished products	$	53.3	$	45.6
Work in process		20.0		16.1
Raw materials		146.6		124.5
Total inventories	$	219.9	$	186.2

Summary of Property, Plant and Equipment

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

(in millions)	July 27, 2024			April 27, 2024
Land	$	3.3		$	3.3
Buildings and building improvements		98.2			98.5
Machinery and equipment		398.3			394.6
Construction in progress		54.0			50.4
Total property, plant and equipment, gross		553.8			546.8
Less: accumulated depreciation		(340.0	)		(334.7	)
Property, plant and equipment, net	$	213.8		$	212.1

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Jul. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of the Changes in the Carrying Amount of Goodwill by Segment

A summary of the changes in the carrying amount of goodwill is shown below:

(in millions)	Total
Balance as of April 27, 2024	$	169.9
Foreign currency translation		0.7
Balance as of July 27, 2024	$	170.6

Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)	July 27, 2024		April 27, 2024
Grakon Industrial	$	124.4	$	124.4
Nordic Lights		44.6		43.9
Other		1.6		1.6
Total	$	170.6	$	169.9

Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

	As of July 27, 2024
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	307.9	$	(89.0	)	$	218.9		14.6
Trade names, patents and technology licenses		75.6		(44.1	)		31.5		6.6
Total amortized intangible assets		383.5		(133.1	)		250.4
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	385.3	$	(133.1	)	$	252.2

	As of April 27, 2024
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	306.6	$	(84.7	)	$	221.9		14.8
Trade names, patents and technology licenses		75.3		(42.3	)		33.0		6.9
Total amortized intangible assets		381.9		(127.0	)		254.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	383.7	$	(127.0	)	$	256.7

Schedule of Estimated Aggregate Amortization Expense of Intangible Assets

Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

(in millions)
Fiscal Year:
Remainder of 2025	$	17.6
2026		22.6
2027		22.0
2028		19.7
2029		18.4
Thereafter		150.1
Total	$	250.4

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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Jul. 27, 2024

Text Block [Abstract]

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

Effect of derivative instruments on comprehensive income (loss)

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

	Three Months Ended
(in millions)	July 27, 2024			July 29, 2023
Net investment hedges	$	(0.9	)	$	0.1
Interest rate swaps		(1.3	)		(2.3	)
Total	$	(2.2	)	$	(2.2	)

Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Condensed Consolidated Balance Sheet

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

		Asset/(Liability)
(in millions)	Financial Statement Caption	July 27, 2024			April 27, 2024
Derivatives designated as hedging instruments:
Net investment hedges	Prepaid expenses and other current assets	$	0.4		$	1.3
Interest rate swaps	Other long-term liabilities	$	(3.4	)	$	(2.1	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	$	0.1		$	—
Foreign currency forward contracts	Other accrued liabilities	$	—		$	(0.2	)

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Debt (Tables)

3 Months Ended

Jul. 27, 2024

Debt Disclosure [Abstract]

Summary of Debt

A summary of debt is shown below:

(in millions)	July 27, 2024			April 27, 2024
Revolving credit facility	$	298.6		$	333.0
Other debt		1.4			1.5
Unamortized debt issuance costs		(4.0	)		(3.6	)
Total debt		296.0			330.9
Less: current maturities		(0.2	)		(0.2	)
Total long-term debt	$	295.8		$	330.7

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Shareholders' Equity (Tables)

3 Months Ended

Jul. 27, 2024

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Activity under 2021 Buyback Program

The following table summarizes activity under the 2021 Buyback Authorization:

	Three Months Ended
(in millions, except share and per share data)	July 27, 2024		July 29, 2023
Shares purchased		136,000		—
Average price per share	$	11.55	$	—
Total cost	$	1.6	$	—

Prior to its expiration,

Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax

A summary of changes in AOCI, net of tax is shown below:

	Three Months Ended July 27, 2024
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(36.5	)	$	(0.2	)	$	(36.7	)
Other comprehensive income (loss)		1.1			(2.2	)		(1.1	)
Tax benefit		1.0			0.5			1.5
Net other comprehensive income (loss)		2.1			(1.7	)		0.4
Balance at the end of period	$	(34.4	)	$	(1.9	)	$	(36.3	)

	Three Months Ended July 29, 2023
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(19.8	)	$	0.8		$	(19.0	)
Other comprehensive loss		(2.7	)		(2.2	)		(4.9	)
Tax benefit		0.2			0.6			0.8
Net other comprehensive loss		(2.5	)		(1.6	)		(4.1	)
Balance at the end of period	$	(22.3	)	$	(0.8	)	$	(23.1	)

Summary of RSA and RSU Activity

The following table summarizes RSA activity:

	Restricted stock awards			Weighted average grant date fair value
Non-vested at April 27, 2024		789,674		$	28.81
Awarded		—		$	—
Vested		—		$	—
Forfeited		(79,325	)	$	28.28
Non-vested at July 27, 2024		710,349		$	28.87

The following table summarizes RSU activity:

	Restricted stock units			Weighted average grant date fair value
Non-vested at April 27, 2024		941,640		$	26.43
Awarded		129,136		$	13.65
Conversion of cash bonus to RSUs		153,376		$	12.98
Vested		(385,898	)	$	28.44
Forfeited		(165,402	)	$	22.40
Non-vested at July 27, 2024		672,852		$	20.75

Summary of the Assumptions for the PSUs

The following table provides a summary of the assumptions for the PSUs:

	Assumptions
Expected volatility		51.28	%
Risk free interest rate		4.23	%
Expected term (in years)		2.79
Grant date fair value	$	16.38

Summary of PSU Activity

The following table summarizes PSU activity:

	Performance stock units		Weighted average grant date fair value
Non-vested at April 27, 2024		—	$	—
Awarded		138,758	$	16.38
Vested		—	$	—
Forfeited		—	$	—
Non-vested at July 27, 2024		138,758	$	16.38

Summary of Awards Granted to Non-employee Directors

The following table summarizes awards granted to non-employee directors:

	Non-employee director awards			Deferred non-employee director awards		Total			Weighted average grant date fair value
Outstanding at April 27, 2024		—			77,319		77,319		$	37.23
Awarded		56,680			86,786		143,466		$	9.92
Issued		(56,680	)		—		(56,680	)	$	9.88
Outstanding at July 27, 2024		—			164,105		164,105		$	22.80

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

The following table summarizes stock option activity:

	Stock options			Weighted average exercise price		Weighted- average life (years)		Aggregate intrinsic value (in millions)
Outstanding and exercisable at April 27, 2024		8,000		$	37.01		0.2	$	0.0
Exercised		—		$	—
Forfeited		(8,000	)	$	37.01
Outstanding and exercisable at July 27, 2024		—		$	—		0.0	$	0.0

Summary of Stock-based Compensation Expense Related to Equity Awards

The table below summarizes the stock-based compensation expense related to the equity awards:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
RSUs	$	0.7	$	1.0
Deferred non-employee director awards		0.9		1.0
Non-employee director awards		0.6		0.6
Total stock-based compensation expense	$	2.2	$	2.6

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(Loss) Income per Share (Tables)

3 Months Ended

Jul. 27, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income per Share

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

	Three Months Ended
	July 27, 2024			July 29, 2023
Numerator:
Net (loss) income (in millions)	$	(18.3	)	$	0.9
Denominator:
Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units		35,423,886			35,687,876
Dilutive potential common shares		—			593,531
Denominator for diluted income per share		35,423,886			36,281,407
(Loss) income per share:
Basic	$	(0.52	)	$	0.03
Diluted	$	(0.52	)	$	0.02
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding		1,004,990			935,698

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Segment Information (Tables)

3 Months Ended

Jul. 27, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segments

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

	Three Months Ended July 27, 2024
(in millions)	Automotive			Industrial			Interface		Medical		Eliminations/ Corporate			Consolidated
Net sales	$	136.7		$	117.1		$	12.2	$	—	$	(7.5	)	$	258.5
Transfers between segments		(1.9	)		(5.6	)		—		—		7.5			—
Net sales to unaffiliated customers	$	134.8		$	111.5		$	12.2	$	—	$	—		$	258.5
(Loss) income from operations	$	(5.7	)	$	16.9		$	1.9	$	-	$	(20.6	)	$	(7.5	)
Interest expense, net															4.8
Other expense, net															0.8
Pre-tax loss														$	(13.1	)

	Three Months Ended July 29, 2023
(in millions)	Automotive			Industrial			Interface			Medical			Eliminations /Corporate			Consolidated
Net sales	$	161.1		$	122.6		$	15.3		$	0.8		$	(10.1	)	$	289.7
Transfers between segments		(2.8	)		(7.2	)		(0.1	)		—			10.1			—
Net sales to unaffiliated customers	$	158.3		$	115.4		$	15.2		$	0.8		$	—		$	289.7
Income (loss) from operations	$	(2.8	)	$	24.2		$	2.9		$	(2.2	)	$	(18.3	)	$	3.8
Interest expense, net																	2.8
Other expense, net																	—
Pre-tax income																$	1.0

(in millions)	July 27, 2024		April 27, 2024
Identifiable assets:
Automotive	$	621.1	$	592.7
Industrial		606.4		604.5
Interface		65.1		67.1
Medical		0.2		0.2
Eliminations/Corporate		85.1		139.0
Total identifiable assets	$	1,377.9	$	1,403.5

XML

Restructuring and Asset Impairment Charges (Tables)

3 Months Ended

Jul. 27, 2024

Restructuring and Related Activities [Abstract]

Schedule of Components of Restructuring and Asset Impairment Charges

Components of restructuring and asset impairment charges were as follows:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Employee termination benefits	$	0.3	$	0.1
Asset impairment charges		0.3		0.6
Total	$	0.6	$	0.7

Schedule of Restructuring and Asset Impairment Charges by Reportable Segment

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

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
Automotive	$	0.3	$	—
Industrial		—		—
Interface		—		—
Medical		—		0.7
Eliminations/Corporate		0.3		—
Total	$	0.6	$	0.7
Recognized in:
Cost of products sold	$	0.3	$	0.6
Selling and administrative expenses		0.3		0.1
	$	0.6	$	0.7

XML

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Jul. 27, 2023
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Fiscal period duration	91 days	91 days
Net foreign exchange losses	$ (0.6)		$ 0.0

XML

Revenue (Details)	3 Months Ended
	Jul. 27, 2024
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

XML

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 258.5	$ 289.7
Automotive
Disaggregation of Revenue [Line Items]
Net sales	134.8	158.3
Industrial
Disaggregation of Revenue [Line Items]
Net sales	111.5	115.4
Interface
Disaggregation of Revenue [Line Items]
Net sales	12.2	15.2
Medical
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.8
Goods Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Net sales	255.9	285.6
Goods Transferred at a Point in Time | Automotive
Disaggregation of Revenue [Line Items]
Net sales	132.2	154.2
Goods Transferred at a Point in Time | Industrial
Disaggregation of Revenue [Line Items]
Net sales	111.5	115.4
Goods Transferred at a Point in Time | Interface
Disaggregation of Revenue [Line Items]
Net sales	12.2	15.2
Goods Transferred at a Point in Time | Medical
Disaggregation of Revenue [Line Items]
Net sales		0.8
Goods Transferred Over Time
Disaggregation of Revenue [Line Items]
Net sales	2.6	4.1
Goods Transferred Over Time | Automotive
Disaggregation of Revenue [Line Items]
Net sales	2.6	4.1
North America
Disaggregation of Revenue [Line Items]
Net sales	123.8	122.8
North America | Automotive
Disaggregation of Revenue [Line Items]
Net sales	66.3	66.8
North America | Industrial
Disaggregation of Revenue [Line Items]
Net sales	45.3	40.0
North America | Interface
Disaggregation of Revenue [Line Items]
Net sales	12.2	15.2
North America | Medical
Disaggregation of Revenue [Line Items]
Net sales		0.8
EMEA
Disaggregation of Revenue [Line Items]
Net sales	98.9	103.3
EMEA | Automotive
Disaggregation of Revenue [Line Items]
Net sales	59.3	52.2
EMEA | Industrial
Disaggregation of Revenue [Line Items]
Net sales	39.6	51.1
Asia
Disaggregation of Revenue [Line Items]
Net sales	35.8	63.6
Asia | Automotive
Disaggregation of Revenue [Line Items]
Net sales	9.2	39.3
Asia | Industrial
Disaggregation of Revenue [Line Items]
Net sales	$ 26.6	$ 24.3

XML

Disposition - Narrative (Details) - Dabir Business $ in Millions	12 Months Ended
	Apr. 27, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of business	$ 1.5
Loss on the sale of business, including transaction costs	$ (0.6)

XML

Income Taxes - Schedule of Income before Income Taxes, Income Tax Expense and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Pre-tax (loss) income	$ (13.1)	$ 1.0
Income tax expense	$ 5.2	$ 0.1
Effective tax rate	(39.70%)	10.00%

XML

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Income Tax Disclosure [Abstract]
Income tax at statutory rate	21.00%	21.00%
Valuation allowance	$ 4.3
Global minimum tax, threshold percentage	15.00%
Gross unrecognized income tax benefits	$ 4.4		$ 4.4
Income tax penalties and interest accrued	$ 0.4		$ 0.4

XML

Balance Sheet Components - Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 111.3	$ 161.5
Money Market Accounts
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 7.4	$ 73.2

XML

Balance Sheet Components - Accounts Receivable and Allowance for Doubtful Accounts - Narrative (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Allowance for doubtful accounts receivable	$ 2.2	$ 1.4

XML

Balance Sheet Components - Summary of Inventories (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024	Jul. 27, 2023
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Finished products		$ 45.6	$ 53.3
Work in process		16.1	20.0
Raw materials		124.5	146.6
Total inventories	$ 219.9	$ 186.2	$ 219.9

XML

Balance Sheet Components - Assets held for sale - Narrative (Details) $ in Millions	Jul. 27, 2024 USD ($)
Balance Sheet Components [Abstract]
Non-core real estate assets, aggregate carrying value	$ 2.0

XML

Balance Sheet Components - Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Property Plant And Equipment [Line Items]
Depreciation	$ 8.2	$ 8.3
Capital expenditures recorded in accounts payable	$ 1.8		$ 6.1
Minimum | Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Minimum | Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum | Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Maximum | Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	15 years

XML

Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	$ 553.8	$ 546.8
Less: accumulated depreciation	(340.0)	(334.7)
Property, plant and equipment, net	213.8	212.1
Land
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	3.3	3.3
Buildings and Building Improvements
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	98.2	98.5
Machinery and Equipment
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	398.3	394.6
Construction In Progress
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	$ 54.0	$ 50.4

XML

Balance Sheet Components - Pre-production Tooling Costs Related to Long-term Supply Arrangements - Narrative (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Preproduction Tooling Costs Relatedto Longterm Supply Arrangements [Abstract]
Pre-production costs	$ 46.1	$ 44.1
Preproduction costs related to long-term supply arrangements, asset for molds dies and tools owned	$ 13.1	$ 14.0

XML

Goodwill and Other Intangible Assets - Schedule of Summary of the Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Jul. 27, 2024 USD ($)
Goodwill [Line Items]
Beginning balance	$ 169.9
Foreign currency translation	0.7
Ending balance	$ 170.6

XML

Goodwill and Other Intangible Assets - Summary of Goodwill by Reporting Unit (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Goodwill [Line Items]
Goodwill	$ 170.6	$ 169.9
Grakon Industrial
Goodwill [Line Items]
Goodwill	124.4	124.4
Nordic Lights
Goodwill [Line Items]
Goodwill	44.6	43.9
Other
Goodwill [Line Items]
Goodwill	$ 1.6	$ 1.6

XML

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jul. 27, 2024	Apr. 27, 2024
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 383.5	$ 381.9
Accumulated Amortization	(133.1)	(127.0)
Net/Total	250.4	254.9
Other intangible assets, gross	385.3	383.7
Other intangible assets, accumulated amortization	(133.1)	(127.0)
Other intangible assets, net	252.2	256.7
Unamortized Trade Name
Finite-lived Intangible Assets [Roll Forward]
Gross	1.8	1.8
Net	1.8	1.8
Customer Relationships and Agreements
Finite-lived Intangible Assets [Roll Forward]
Gross	307.9	306.6
Accumulated Amortization	(89.0)	(84.7)
Net/Total	$ 218.9	$ 221.9
Weighted average remaining useful life (years)	14 years 7 months 6 days	14 years 9 months 18 days
Trade Names, Patents and Technology Licenses
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 75.6	$ 75.3
Accumulated Amortization	(44.1)	(42.3)
Net/Total	$ 31.5	$ 33.0
Weighted average remaining useful life (years)	6 years 7 months 6 days	6 years 10 months 24 days

XML

Goodwill and Other Intangible Assets - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 17.6
2026	22.6
2027	22.0
2028	19.7
2029	18.4
Thereafter	150.1
Net/Total	$ 250.4	$ 254.9

XML

Derivative Instruments and Hedging Activities - Narrative Information (Details) € in Millions, $ in Millions	3 Months Ended
	Jul. 27, 2024 USD ($)	Jul. 29, 2023 USD ($)	Jul. 27, 2024 EUR (€)	Apr. 27, 2024 USD ($)
Derivatives, Fair Value [Line Items]
Gains on derivative	$ 0.2	$ 0.7
Euro-denominated long-term borrowings under amended credit agreement as net investment hedge	298.6			$ 294.0
Euro-denominated long-term borrowings designated as a net investment hedge, losses, net of tax	3.4	0.2
Cumulative gains associated with net investment hedge reported in AOCI	$ 0.8			4.2
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative, maturity date	Oct. 31, 2027
Derivative, notional amount	$ 143.3		€ 132.0
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, notional amount	116.1			$ 110.9
Gain (loss) on foreign currency derivatives recorded in earnings, net	$ 0.0	$ (1.9)
Cross-Currency Swap | Fixed Rate | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative, maturity date	Dec. 25, 2024
Derivative, notional amount	$ 60.0		€ 54.8

XML

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gross amounts recorded in other comprehensive income (loss) Net	$ (2.2)	$ (2.2)
Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gross amounts recorded in other comprehensive income (loss) Net	(0.9)	0.1
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gross amounts recorded in other comprehensive income (loss) Net	$ (1.3)	$ (2.3)

XML

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Condensed Consolidated Balance Sheet (Details) - Level 2 - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Derivatives Designated as Hedging Instruments | Net Investment Hedges | Prepaid Expenses and Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net	$ 0.4	$ 1.3
Derivatives Designated as Hedging Instruments | Interest Rate Swap | Other Long-term Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net	(3.4)	(2.1)
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Forward | Prepaid Expenses and Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net	$ 0.1
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Forward | Other Accrued Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments assets (liabilities) net		$ (0.2)

XML

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4.0)	$ (3.6)
Total debt	296.0	330.9
Less: current maturities	(0.2)	(0.2)
Long-term debt	295.8	330.7
Revolving Credit Facility
Debt Instrument [Line Items]
Debt	298.6	333.0
Other Debt
Debt Instrument [Line Items]
Debt	1.4	$ 1.5
Less: current maturities	$ (0.2)

XML

Debt - Revolving Credit Facility/Term Loan (Details) € in Millions, $ in Millions			3 Months Ended
	Jul. 09, 2024 USD ($)	Oct. 31, 2022 USD ($)	Jul. 27, 2024 USD ($)	Jul. 27, 2024 EUR (€)	Jul. 08, 2024 USD ($)
Debt Instrument [Line Items]
Partial write-off of unamortized debt issuance costs			$ 1.2
Debt issuance costs			1.8
Revolving Credit Facility | Nordic Lights
Debt Instrument [Line Items]
Euro-denominated outstanding borrowings under revolving credit facility			$ 298.6	€ 275.0
Revolving Credit Facility | Euro denominated borrowings
Debt Instrument [Line Items]
Interest rate (as a percent)			6.80%	6.80%
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750.0				$ 500.0
Consolidated leverage ratio	3
Cash on hand	$ 65.0
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility | U.S. Subsidiaries
Debt Instrument [Line Items]
Percentage of stock of subsidiaries to grant a security interest	100.00%
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Revolving Credit Facility | Foreign Subsidiaries
Debt Instrument [Line Items]
Percentage of stock of subsidiaries to grant a security interest	65.00%
Line of credit | Bank of America, N.A., and Wells Fargo Bank, N.A. [Member] | Secured Multicurrency Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 500.0
Line of credit | Bank of America, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio on pro forma basis		3
Credit agreement termination date		Oct. 31, 2027
Partial write-off of unamortized debt issuance costs			$ 1.2
Debt issuance costs			$ 1.8
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Adjusted interest rate	1.75%
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Adjusted interest rate	0.375%
Line of credit | Bank of America, N.A. | Revolving Credit Facility | SOFR Daily Floating Rate Loans | Maximum
Debt Instrument [Line Items]
Adjusted interest rate	2.75%
Line of credit | Bank of America, N.A. | Revolving Credit Facility | SOFR Daily Floating Rate Loans | Minimum
Debt Instrument [Line Items]
Adjusted interest rate	1.375%
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Euro Interbank Offered Rate Plus | Maximum
Debt Instrument [Line Items]
Adjusted interest rate	2.75%
Line of credit | Bank of America, N.A. | Revolving Credit Facility | Euro Interbank Offered Rate Plus | Minimum
Debt Instrument [Line Items]
Adjusted interest rate	1.375%
Term loan | Bank of America, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Increase in revolving commitments		$ 250.0

XML

Debt - Other Debt (Details) $ in Millions	3 Months Ended
	Jul. 27, 2024 USD ($) Note	Apr. 27, 2024 USD ($)
Debt Instrument [Line Items]
Number of notes | Note	1
Debt, short-term	$ 0.2	$ 0.2
Other Debt
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)	1.80%
Debt, short-term	$ 0.2

XML

Shareholders' Equity - Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Jun. 13, 2024	Jun. 16, 2022
Equity Class Of Treasury Stock [Line Items]
Shares purchased	136,000	0
2021 Buyback Program
Equity Class Of Treasury Stock [Line Items]
Shares purchased	3,553,961
Stock repurchase cost	$ 134.6
2024 Buyback Program
Equity Class Of Treasury Stock [Line Items]
Remaining authorized repurchase amount	$ 200.0
Maximum | 2021 Buyback Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, Authorized amount				$ 200.0
Maximum | 2024 Buyback Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, Authorized amount			$ 200.0

XML

Shareholders' Equity - Summary of Activity under 2021 Buyback Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Share-Based Payment Arrangement [Abstract]
Shares purchased	136,000	0
Average price per share	$ 11.55
Total cost	$ 1.6	$ 0.0

XML

Shareholders' Equity - Dividends (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash dividends	$ 5.1	$ 5.3
RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash dividends	$ 0.2	$ 0.4

XML

Shareholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 766.0	$ 941.8
Other comprehensive income (loss)	(1.1)	(4.9)
Tax benefit	1.5	0.8
Other comprehensive income (loss)	0.4	(4.1)
Ending balance	744.4	931.4
Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(36.5)	(19.8)
Other comprehensive income (loss)	1.1	(2.7)
Tax benefit	1.0	0.2
Other comprehensive income (loss)	2.1	(2.5)
Ending balance	(34.4)	(22.3)
Derivative Instruments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(0.2)	0.8
Other comprehensive income (loss)	(2.2)	(2.2)
Tax benefit	0.5	0.6
Other comprehensive income (loss)	(1.7)	(1.6)
Ending balance	(1.9)	(0.8)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(36.7)	(19.0)
Other comprehensive income (loss)	0.4	(4.1)
Ending balance	$ (36.3)	$ (23.1)

XML

Shareholders' Equity - General (Details) - 2022 Incentive Plan - shares	3 Months Ended
	Jul. 27, 2024	Sep. 14, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for award (in shares)	4,200,000	5,550,000
Stock-based compensation, description	the number of shares of the Company's common stock that will be available for all awards under the 2022 Plan is 5,550,000, less an amount to reflect shares, options or other awards granted under prior plans after April 30, 2022. As of July 27, 2024, there were approximately 4.2 million shares available for award under the 2022 Plan.

XML

Shareholders' Equity - Narrative (Details)	3 Months Ended
	Jul. 27, 2024 USD ($) shares
RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted in period (in shares)	710,349
Additional stock issuable, shares	355,175
Unrecognized stock-based compensation cost | $	$ 20,500,000
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred RSU's	793,108
Shares granted	129,136
Shares awarded in exchange for cash bonuses	153,376
Employee related liabilities current reclassified | $	$ 2,000,000
Additional incremental expense to be recognized | $	0
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost | $	$ 2,200,000
Weighted average period expected for recognition	3 years
Vesting period	3 years
Shares granted	138,758
Minimum | RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	0.00%
Minimum | PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares to be issued, percentage	0.00%
Maximum | RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	100.00%
Maximum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Maximum | PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares to be issued, percentage	200.00%

XML

Shareholders' Equity - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Details)	3 Months Ended
	Jul. 27, 2024 $ / shares shares
RSAs | Management | 2020 EBITDA Maximum Performance
Shares
Non-vested Outstanding beginning balance (in shares)	789,674
Awarded (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	(79,325)
Non-vested Outstanding ending balance (in shares)	710,349
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 28.81
Weighted average value, awarded (in dollars per share) | $ / shares	0
Weighted average value, vested (in dollars per share) | $ / shares	0
Weighted average value, forfeited (in dollars per share) | $ / shares	28.28
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 28.87
RSUs
Shares
Non-vested Outstanding beginning balance (in shares)	941,640
Awarded (in shares)	129,136
Conversion of cash bonus to RSUs	153,376
Vested (in shares)	(385,898)
Forfeited (in shares)	(165,402)
Non-vested Outstanding ending balance (in shares)	672,852
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 26.43
Weighted average value, awarded (in dollars per share) | $ / shares	13.65
Weighted average value, vested (in dollars per share) | $ / shares	28.44
Weighted average value, forfeited (in dollars per share) | $ / shares	22.4
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 20.75

XML

Shareholders' Equity - Summary of the Assumptions for the PSUs (Details)	3 Months Ended
	Jul. 27, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	51.28%
Risk free interest rate	4.23%
Expected term (in years)	2 years 9 months 14 days
Grant date fair value	$ 16.38

XML

Shareholders' Equity - Summary of PSU Activity (Details) - PSUs	3 Months Ended
	Jul. 27, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Outstanding beginning balance (in shares) | shares	0
Awarded (in shares) | shares	138,758
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested Outstanding ending balance (in shares) | shares	138,758
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 0
Weighted average value, awarded (in dollars per share) | $ / shares	16.38
Weighted average value, vested (in dollars per share) | $ / shares	0
Weighted average value, forfeited (in dollars per share) | $ / shares	0
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 16.38

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Shareholders' Equity - Summary of Awards Granted to Non-employee Directors (Details) - Non-employee Directors	3 Months Ended
	Jul. 27, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Outstanding beginning balance (in shares)	77,319
Awarded (in shares)	143,466
Issued (in shares)	(56,680)
Non-vested Outstanding ending balance (in shares)	164,105
Weighted average grant date fair value
Weighted average grant date fair value - beginning balance (in dollars per share) | $ / shares	$ 37.23
Weighted average grant date fair value, awarded (in dollars per share) | $ / shares	9.92
Weighted average grant date fair value, issued (in dollars per share) | $ / shares	9.88
Weighted average grant date fair value - ending balance (in dollars per share) | $ / shares	$ 22.8
Non-Employee Director Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Outstanding beginning balance (in shares)	0
Awarded (in shares)	56,680
Issued (in shares)	(56,680)
Non-vested Outstanding ending balance (in shares)	0
Deferred Non-Employee Director Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Outstanding beginning balance (in shares)	77,319
Awarded (in shares)	86,786
Issued (in shares)	0
Non-vested Outstanding ending balance (in shares)	164,105

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Shareholders' Equity - Summary of Combined Stock Option Activity and Related Information for Stock Options Granted (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Jul. 27, 2024	Apr. 27, 2024
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward]
Outstanding - beginning balance (in shares)	8,000
Exercised (in shares)	0
Forfeited (in shares)	(8,000)
Outstanding - ending balance (in shares)	0	8,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Outstanding - beginning balance (in dollars per share)	$ 37.01
Weighted average exercise price, Exercised (in dollars per share)	0
Weighted average exercise price, Forfeited (in dollars per share)	37.01
Weighted average exercise price, Outstanding - ending balance (in dollars per share)	$ 0	$ 37.01
Weighted-average life of outstanding options	0 years	2 months 12 days
Intrinsic value of outstanding options	$ 0.0	$ 0.0

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Shareholders' Equity - Stock-based Compensation Expense (Details) - 2014 Incentive Plan - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.2	$ 2.6
RSUs | Management
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0.7	1.0
RSUs | Deferred Non-Employee Director Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0.9	1.0
RSUs | Non-Employee Director Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0.6	$ 0.6

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(Loss) Income per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (18.3)	$ 0.9
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per share - weighted average shares outstanding and vested/unissued restricted stock units	35,423,886	35,687,876
Dilutive potential common shares	0	593,531
Denominator for diluted income per share	35,423,886	36,281,407
(Loss) income per share:
Basic	$ (0.52)	$ 0.03
(Loss) income per share:
Diluted	$ (0.52)	$ 0.02
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1,004,990	935,698

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(Loss) Income per Share - Narrative (Details)	3 Months Ended
	Jul. 27, 2024 shares
Earnings Per Share [Abstract]
Dilutive effect of potential common shares	69,046

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Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Segment Reporting Information [Line Items]
Net sales	$ 258.5	$ 289.7
Income (loss) from operations	(7.5)	3.8
Interest expense, net	4.8	2.8
Other expense (income), net	0.8	0.0
Pre-tax (loss) income	(13.1)	1.0
Identifiable assets	1,377.9		$ 1,403.5
Automotive
Segment Reporting Information [Line Items]
Net sales	134.8	158.3
Income (loss) from operations	(5.7)	(2.8)
Identifiable assets	621.1		592.7
Industrial
Segment Reporting Information [Line Items]
Net sales	111.5	115.4
Income (loss) from operations	16.9	24.2
Identifiable assets	606.4		604.5
Interface
Segment Reporting Information [Line Items]
Net sales	12.2	15.2
Income (loss) from operations	1.9	2.9
Identifiable assets	65.1		67.1
Medical
Segment Reporting Information [Line Items]
Net sales	0.0	0.8
Income (loss) from operations	0.0	(2.2)
Identifiable assets	0.2		0.2
Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Income (loss) from operations	(20.6)	(18.3)
Identifiable assets	85.1		$ 139.0
Operating Segments
Segment Reporting Information [Line Items]
Net sales	258.5	289.7
Operating Segments | Automotive
Segment Reporting Information [Line Items]
Net sales	136.7	161.1
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	117.1	122.6
Operating Segments | Interface
Segment Reporting Information [Line Items]
Net sales	12.2	15.3
Operating Segments | Medical
Segment Reporting Information [Line Items]
Net sales	0.0	0.8
Operating Segments | Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales	(7.5)	(10.1)
Transfers between Segments
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Transfers between Segments | Automotive
Segment Reporting Information [Line Items]
Net sales	(1.9)	(2.8)
Transfers between Segments | Industrial
Segment Reporting Information [Line Items]
Net sales	(5.6)	(7.2)
Transfers between Segments | Interface
Segment Reporting Information [Line Items]
Net sales	0.0	(0.1)
Transfers between Segments | Medical
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Transfers between Segments | Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales	$ 7.5	$ 10.1

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Contingencies - Narrative (Details) - USD ($) $ in Millions	Aug. 05, 2024	Apr. 23, 2024	Mar. 02, 2020
Loss Contingencies [Line Items]
Affirmed final judgment amount	$ 22.5	$ 22.5
Infringing U S Sales under the Lanham Act [Member]
Loss Contingencies [Line Items]
Affirmed final judgment amount	$ 0.3
Settled Litigation [Member]
Loss Contingencies [Line Items]
Affirmed final judgment amount		$ 113.0
Compensatory Damages
Loss Contingencies [Line Items]
Gain Contingency, Unrecorded Amount			$ 102.0
Punitive Damages
Loss Contingencies [Line Items]
Gain Contingency, Unrecorded Amount			$ 11.0

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Restructuring and Asset Impairment Charges - Schedule of Components of Restructuring and Asset Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	$ 0.6	$ 0.7
Employee Termination Benefits
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	0.3	0.1
Asset Impairment Charges
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	$ 0.3	$ 0.6

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Restructuring and Asset Impairment Charges - Schedule of Restructuring and Asset Impairment Charges by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	$ 0.6	$ 0.7
Cost of Products Sold
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	0.3	0.6
Selling and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	0.3	0.1
Automotive
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	0.3
Medical
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges		$ 0.7
Eliminations/Corporate
Restructuring Cost And Reserve [Line Items]
Restructuring and asset impairment charges	$ 0.3

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Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions	Jul. 27, 2024	Apr. 27, 2024
Restructuring and Related Activities [Abstract]
Restructuring liability	$ 0.4	$ 0.7

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Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 27, 2024	Apr. 27, 2024
Related Party Transaction [Line Items]
Other accrued liabilities	$ 46.5	$ 46.0
Alix Partners
Related Party Transaction [Line Items]
Consulting services expenses	3.5
Other accrued liabilities	$ 1.8	$ 1.4