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ACQUISITIONS (Tables) | 6 Months Ended
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Oct. 28, 2017
Business Combinations [Abstract] |
Schedule of Assets Acquired and Liabilities Assumed | The revised preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were:
(Dollars in Millions) |  |
Cash |  | $ | 1.3 |
Accounts Receivable |  | 10.8 |
Inventory |  | 3.5 |
Intangible Assets |  | 12.0 |
Goodwill |  | 15.4 |
Other Assets |  | 0.1 |
Property, Plant and Equipment |  | 19.9 |
Accounts Payable |  | (4.9 | )
Salaries, Wages and Payroll Taxes |  | (0.7 | )
Other Accrued Expenses |  | (4.7 | )
Income Taxes Payable |  | (0.6 | )
Short-term Debt |  | (1.4 | )
Other Liabilities |  | (5.6 | )
Long-term Debt |  | (17.4 | )
Deferred Income Tax Liability |  | (4.2 | )
Total Purchase Price |  | $ | 23.5 |
Based on the Company's preliminary allocation of the purchase price, the fair values of the assets acquired and liabilities assumed were:
(Dollars in Millions) |  |
Cash |  | $ | 4.9 |
Accounts Receivable |  | 18.3 |
Inventory |  | 13.5 |
Prepaid Expenses and Other Current Assets |  | 0.3 |
Income Taxes Receivable |  | 1.2 |
Intangible Assets |  | 40.8 |
Goodwill |  | 51.2 |
Pre-production Costs |  | 0.8 |
Property, Plant and Equipment |  | 10.2 |
Accounts Payable |  | (7.9 | )
Salaries, Wages and Payroll Taxes |  | (0.6 | )
Other Accrued Expenses |  | (3.9 | )
Short-term Debt |  | (0.8 | )
Long-term Debt |  | (3.4 | )
Deferred Income Tax Liability |  | (12.0 | )
Total Purchase Price |  | $ | 112.6 |
Unaudited Pro Forma Results | The following table presents the unaudited pro forma results for the three and six months ended October 28, 2017 and October 29, 2016. The unaudited pro forma financial information combines the results of operations of Methode and Pacific Insight as though the companies had been combined as of the beginning of fiscal 2017, and the pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at such time. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, adjustments for certain acquisition-related charges, and related tax effects.
|  | (Unaudited)
|  | Three Months Ended |  | Six Months Ended
(Dollars in Millions) |  | October 28, 2017 |  | October 29, 2016 |  | October 28, 2017 |  | October 29, 2016
Revenues |  | 245.8 |  |  | 233.7 |  |  | 470.5 |  |  | 448.2 |
Net Income |  | 27.6 |  |  | 25.5 |  |  | 49.5 |  |  | 47.5 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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