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Revenue
 9 Months Ended
Jan. 30, 2021
Revenue From Contract With Customer [Abstract]  
Revenue

Note 2.

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.

Revenues associated with products which the Company believes have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. The Company believes the most faithful depiction of the transfer of goods to the customer is based on progress to date, which is typically smooth throughout the production process. As such, the Company recognizes revenue evenly over the production process through transfer of control to the customer.

Customers typically negotiate annual price downs. Management has evaluated these price downs and determined that in some instances, these price downs give rise to a material right. In instances that a material right exists, a portion of the transaction price is allocated to the material right and recognized over the life of the contract.

The Company treats shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation.

Across all products, the amount of revenue recognized corresponds to the related purchase order. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue.

Contract Balances

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. The net changes in the contract asset and contract liability balances for the three and nine months ended January 30, 2021 and February 1, 2020 were not material.

 

 

Disaggregated Revenue Information

Geographic net sales are determined based on the Company's operational locations. Though revenue recognition patterns and contract provisions 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 January 30, 2021 (13 Weeks)

 

(Dollars in Millions)

 

Auto

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

107.7

 

 

$

36.6

 

 

$

17.4

 

 

$

0.7

 

 

$

162.4

 

Europe & Africa

 

 

60.1

 

 

 

18.0

 

 

 

—

 

 

 

—

 

 

 

78.1

 

Asia

 

 

42.7

 

 

 

11.9

 

 

 

0.2

 

 

 

—

 

 

 

54.8

 

Total Net Sales

 

$

210.5

 

 

$

66.5

 

 

$

17.6

 

 

$

0.7

 

 

$

295.3

 

Timing of Revenue Recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods Transferred at a Point in Time

 

$

198.9

 

 

$

66.5

 

 

$

17.6

 

 

$

0.7

 

 

$

283.7

 

Goods Transferred Over Time

 

 

11.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11.6

 

Total Net Sales

 

$

210.5

 

 

$

66.5

 

 

$

17.6

 

 

$

0.7

 

 

$

295.3

 

 

 

 

Three Months Ended February 1, 2020 (14 Weeks)

 

(Dollars in Millions)

 

Auto

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

130.3

 

 

$

38.4

 

 

$

14.6

 

 

$

0.6

 

 

$

183.9

 

Europe & Africa

 

 

57.2

 

 

 

12.2

 

 

 

0.1

 

 

 

—

 

 

 

69.5

 

Asia

 

 

22.8

 

 

 

9.5

 

 

 

0.2

 

 

 

—

 

 

 

32.5

 

Total Net Sales

 

$

210.3

 

 

$

60.1

 

 

$

14.9

 

 

$

0.6

 

 

$

285.9

 

Timing of Revenue Recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods Transferred at a Point in Time

 

$

198.6

 

 

$

60.1

 

 

$

14.9

 

 

$

0.6

 

 

$

274.2

 

Goods Transferred Over Time

 

 

11.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11.7

 

Total Net Sales

 

$

210.3

 

 

$

60.1

 

 

$

14.9

 

 

$

0.6

 

 

$

285.9

 

 

 

 

Nine Months Ended January 30, 2021 (39 Weeks)

 

(Dollars in Millions)

 

Auto

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

301.8

 

 

$

99.0

 

 

$

46.8

 

 

$

1.9

 

 

$

449.5

 

Europe & Africa

 

 

147.1

 

 

 

47.5

 

 

 

—

 

 

 

—

 

 

 

194.6

 

Asia

 

 

102.4

 

 

 

39.9

 

 

 

0.6

 

 

 

—

 

 

 

142.9

 

Total Net Sales

 

$

551.3

 

 

$

186.4

 

 

$

47.4

 

 

$

1.9

 

 

$

787.0

 

Timing of Revenue Recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods Transferred at a Point in Time

 

$

525.7

 

 

$

186.4

 

 

$

47.4

 

 

$

1.9

 

 

$

761.4

 

Goods Transferred Over Time

 

 

25.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25.6

 

Total Net Sales

 

$

551.3

 

 

$

186.4

 

 

$

47.4

 

 

$

1.9

 

 

$

787.0

 

 

 

 

Nine Months Ended February 1, 2020 (40 Weeks)

 

(Dollars in Millions)

 

Auto

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

358.6

 

 

$

133.2

 

 

$

38.9

 

 

$

1.2

 

 

$

531.9

 

Europe & Africa

 

 

158.9

 

 

 

36.6

 

 

 

0.3

 

 

 

—

 

 

 

195.8

 

Asia

 

 

59.1

 

 

 

26.0

 

 

 

0.5

 

 

 

—

 

 

 

85.6

 

Total Net Sales

 

$

576.6

 

 

$

195.8

 

 

$

39.7

 

 

$

1.2

 

 

$

813.3

 

Timing of Revenue Recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods Transferred at a Point in Time

 

$

546.3

 

 

$

195.8

 

 

$

39.7

 

 

$

1.2

 

 

$

783.0

 

Goods Transferred Over Time

 

 

30.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

30.3

 

Total Net Sales

 

$

576.6

 

 

$

195.8

 

 

$

39.7

 

 

$

1.2

 

 

$

813.3