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Segment Information and Geographic Area Information | 12 Months Ended
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May 02, 2020
Segment Reporting [Abstract] |
Segment Information and Geographic Area Information | Note 15. Segment Information and Geographic Area Information An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). Effective October 27, 2018, the Company reorganized its reportable segments upon the acquisition of Grakon. Prior to the acquisition, the Company's reportable segments were Automotive, Power, Interface and Other. As a result of this change, the Company's reportable segments are now Automotive, Industrial, Interface and Medical. Historical information has been revised to reflect the new reportable segments. A summary of the significant reportable segment changes is as follows:
| • | Grakon's automotive business has been included in the Automotive segment, while Grakon's non-automotive business has been included in the Industrial segment.
| • | The busbar business, previously included in the Power segment, is now part of the Industrial segment.
| • | The radio-remote control business, previously included in the Interface segment, is now part of the Industrial segment.
| • | The medical devices business, previously included in the Other segment, now makes up the Medical segment.
The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs, either directly or through their tiered suppliers. Products include integrated center consoles, hidden switches, ergonomic switches, transmission lead-frames, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other technologies that monitor the operation or status of a component or system. The Industrial segment manufactures external lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as our PowerRail® solution, high-current low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, computers, industrial, power conversion, military, telecommunications and transportation. The Interface segment provides a variety of copper and fiber-optic interface and interface solutions for the appliance, commercial food service, construction, consumer, material handling, point-of-sale and telecommunications markets. Solutions include copper transceivers and solid-state field-effect consumer touch panels. The Medical segment is made up of the Company's medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. Dabir Surfaces has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1, "Description of Business and Summary of Significant Accounting Policies." The CODM allocates resources to and evaluates the performance of each operating segments based on operating income. Transfers between segments are recorded using internal transfer prices set by the Company. The tables below present information about the Company’s reportable segments.
|  | Fiscal Year Ended May 2, 2020 (53 Weeks) |
(Dollars in Millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net Sales |  | $ | 716.8 |  |  | $ | 253.9 |  |  | $ | 58.9 |  |  | $ | 1.6 |  |  | $ | (7.3 | ) |  | $ | 1,023.9 |
Transfers between Segments |  |  | (4.7 | ) |  |  | (2.5 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | 7.3 |  |  |  | — |
Net Sales to Unaffiliated Customers |  | $ | 712.1 |  |  | $ | 251.4 |  |  | $ | 58.8 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1,023.9 |
Income/(Loss) from Operations |  | $ | 124.4 |  |  | $ | 59.4 |  |  | $ | 5.6 |  |  | $ | (6.0 | ) |  | $ | (36.3 | ) |  | $ | 147.1 |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.1 |
Other Income, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11.7 | )
Income before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 148.7 |
Purchases of Property, Plant and Equipment |  | $ | 37.5 |  |  | $ | 5.7 |  |  | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 45.1 |
Depreciation and Amortization |  | $ | 31.0 |  |  | $ | 13.7 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | 1.6 |  |  | $ | 48.3 |
Identifiable Assets |  | $ | 670.9 |  |  | $ | 421.8 |  |  | $ | 71.0 |  |  | $ | 8.8 |  |  | $ | 198.1 |  |  | $ | 1,370.6 |
|  | Fiscal Year Ended April 27, 2019 (52 Weeks) |
(Dollars in Millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net Sales |  | $ | 741.6 |  |  | $ | 210.0 |  |  | $ | 57.9 |  |  | $ | 1.1 |  |  | $ | (10.3 | ) |  | $ | 1,000.3 |
Transfers between Segments |  |  | (6.9 | ) |  |  | (3.2 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | 10.3 |  |  |  | — |
Net Sales to Unaffiliated Customers |  | $ | 734.7 |  |  | $ | 206.8 |  |  | $ | 57.7 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 1,000.3 |
Income/(Loss) from Operations |  | $ | 126.3 |  |  | $ | 37.4 |  |  | $ | (0.3 | ) |  | $ | (8.6 | ) |  | $ | (48.0 | ) |  | $ | 106.8 |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.3 |
Other Income, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5.1 | )
Income before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 103.6 |
Purchases of Property, Plant and Equipment |  | $ | 38.9 |  |  | $ | 2.6 |  |  | $ | 0.5 |  |  | $ | 1.9 |  |  | $ | 5.9 |  |  | $ | 49.8 |
Depreciation and Amortization |  | $ | 25.2 |  |  | $ | 11.7 |  |  | $ | 3.2 |  |  | $ | 1.0 |  |  | $ | 2.2 |  |  | $ | 43.3 |
Identifiable Assets |  | $ | 677.4 |  |  | $ | 404.3 |  |  | $ | 88.6 |  |  | $ | 9.4 |  |  | $ | 52.0 |  |  | $ | 1,231.7 |
|  | Fiscal Year Ended April 28, 2018 (52 Weeks) |
(Dollars in Millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net Sales |  | $ | 738.4 |  |  | $ | 105.6 |  |  | $ | 73.9 |  |  | $ | 0.3 |  |  | $ | (9.9 | ) |  | $ | 908.3 |
Transfers between Segments |  |  | (9.7 | ) |  |  | 0.2 |  |  |  | (0.7 | ) |  |  | — |  |  |  | 10.2 |  |  |  | — |
Net Sales to Unaffiliated Customers |  | $ | 728.7 |  |  | $ | 105.8 |  |  | $ | 73.2 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 908.3 |
Income/(Loss) from Operations |  | $ | 156.3 |  |  | $ | 13.0 |  |  | $ | 6.0 |  |  | $ | (11.4 | ) |  | $ | (45.6 | ) |  | $ | 118.3 |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.9 |
Other Income, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6.4 | )
Income before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 123.8 |
Purchases of Property, Plant and Equipment |  | $ | 31.7 |  |  | $ | 1.5 |  |  | $ | 0.4 |  |  | $ | 3.8 |  |  | $ | 10.3 |  |  | $ | 47.7 |
Depreciation and Amortization |  | $ | 21.3 |  |  | $ | 2.0 |  |  | $ | 3.1 |  |  | $ | 0.8 |  |  | $ | 0.9 |  |  | $ | 28.1 |
Identifiable Assets |  | $ | 632.7 |  |  | $ | 93.1 |  |  | $ | 206.8 |  |  | $ | 8.1 |  |  | $ | (24.8 | ) |  | $ | 915.9 |
Geographic information The following tables sets forth net sales and tangible long-lived assets for each geographic area where the Company operates. Tangible long-lived assets include property, plant and equipment and operating lease assets.
|  | Fiscal Year Ended |
|  | May 2, 2020 |  |  | April 27, 2019 |  |  | April 28, 2018 |
(Dollars in Millions) |  | (53 Weeks) |  |  | (52 Weeks) |  |  | (52 Weeks) |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 531.5 |  |  | $ | 540.5 |  |  | $ | 487.5 |
Malta |  |  | 143.9 |  |  |  | 148.5 |  |  |  | 184.0 |
China |  |  | 116.9 |  |  |  | 113.7 |  |  |  | 117.3 |
Mexico |  |  | 104.7 |  |  |  | — |  |  |  | — |
Canada |  |  | 19.5 |  |  |  | 101.6 |  |  |  | 54.4 |
Other |  |  | 107.4 |  |  |  | 96.0 |  |  |  | 65.1 |
Total Net Sales |  | $ | 1,023.9 |  |  | $ | 1,000.3 |  |  | $ | 908.3 |
|  | May 2, 2020 |  |  | April 27, 2019 |  |  |  |  |
Tangible Long-lived Assets, Net: |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 89.8 |  |  | $ | 83.9 |  |  |  |  |
Malta |  |  | 40.1 |  |  |  | 33.0 |  |  |  |  |
China |  |  | 24.1 |  |  |  | 18.6 |  |  |  |  |
Mexico |  |  | 24.0 |  |  |  | 9.2 |  |  |  |  |
Belgium |  |  | 21.4 |  |  |  | 22.1 |  |  |  |  |
Other |  |  | 26.0 |  |  |  | 25.1 |  |  |  |  |
Total Tangible Long-lived Assets, Net |  | $ | 225.4 |  |  | $ | 191.9 |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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