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Segment Information and Geographic Area Information | 12 Months Ended
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Apr. 30, 2022
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”). 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 lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies (such as our PowerRail® solution), high-current low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, computers, industrial, power conversion, military, telecommunications and transportation. The Interface segment provides a variety of copper-based transceivers and related accessories for the cloud computing hardware equipment and telecommunications broadband equipment markets, user interface solutions for the appliance, commercial food service, and point-of-sale equipment markets, and fluid-level sensors for the marine/recreational vehicle and sump pump markets. 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. Methode 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 April 30, 2022 (52 Weeks) |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 786.3 |  |  | $ | 325.7 |  |  | $ | 59.8 |  |  | $ | 4.2 |  |  | $ | (12.4 | ) |  | $ | 1,163.6 |
Transfers between segments |  |  | (4.8 | ) |  |  | (7.6 | ) |  |  | — |  |  |  | — |  |  |  | 12.4 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 781.5 |  |  | $ | 318.1 |  |  | $ | 59.8 |  |  | $ | 4.2 |  |  | $ | — |  |  | $ | 1,163.6 |
Income (loss) from operations |  | $ | 92.6 |  |  | $ | 67.1 |  |  | $ | 9.9 |  |  | $ | (5.5 | ) |  | $ | (52.4 | ) |  | $ | 111.7 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.5 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10.3 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 118.5 |
Purchases of property, plant and equipment |  | $ | 27.4 |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 8.0 |  |  | $ | 38.0 |
Depreciation and amortization |  | $ | 34.4 |  |  | $ | 14.9 |  |  | $ | 0.2 |  |  | $ | 1.0 |  |  | $ | 2.1 |  |  | $ | 52.6 |
Identifiable assets |  | $ | 689.8 |  |  | $ | 455.3 |  |  | $ | 108.1 |  |  | $ | 7.9 |  |  | $ | 128.0 |  |  | $ | 1,389.1 |
|  | Fiscal Year Ended May 1, 2021 (52 Weeks) |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 761.8 |  |  | $ | 273.2 |  |  | $ | 61.6 |  |  | $ | 2.8 |  |  | $ | (11.4 | ) |  | $ | 1,088.0 |
Transfers between segments |  |  | (6.1 | ) |  |  | (5.3 | ) |  |  | — |  |  |  | — |  |  |  | 11.4 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 755.7 |  |  | $ | 267.9 |  |  | $ | 61.6 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | 1,088.0 |
Income (loss) from operations |  | $ | 107.6 |  |  | $ | 64.3 |  |  | $ | 8.9 |  |  | $ | (4.6 | ) |  | $ | (48.3 | ) |  | $ | 127.9 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.2 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12.2 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 134.9 |
Purchases of property, plant and equipment |  | $ | 22.5 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 24.9 |
Depreciation and amortization |  | $ | 34.3 |  |  | $ | 14.3 |  |  | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 1.7 |  |  | $ | 51.5 |
Identifiable assets |  | $ | 739.5 |  |  | $ | 461.6 |  |  | $ | 90.4 |  |  | $ | 7.6 |  |  | $ | 167.9 |  |  | $ | 1,467.0 |
|  | Fiscal Year Ended May 2, 2020 (53 Weeks) |
(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 |
The following tables set forth net sales and tangible long-lived assets by geographic area where the Company operates. Tangible long-lived assets include property, plant and equipment and operating lease assets.
|  | Fiscal Year Ended |
|  | April 30, 2022 |  |  | May 1, 2021 |  |  | May 2, 2020 |
(in millions) |  | (52 Weeks) |  |  | (52 Weeks) |  |  | (53 Weeks) |
Net sales: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 547.4 |  |  | $ | 510.8 |  |  | $ | 531.5 |
China |  |  | 224.3 |  |  |  | 193.7 |  |  |  | 116.9 |
Malta |  |  | 178.4 |  |  |  | 173.5 |  |  |  | 143.9 |
Mexico |  |  | 76.2 |  |  |  | 87.4 |  |  |  | 104.7 |
Egypt |  |  | 67.2 |  |  |  | 58.4 |  |  |  | 60.0 |
Other |  |  | 70.1 |  |  |  | 64.2 |  |  |  | 66.9 |
Total net sales |  | $ | 1,163.6 |  |  | $ | 1,088.0 |  |  | $ | 1,023.9 |
(in millions) |  | April 30, 2022 |  |  | May 1, 2021 |  |  |  |
Tangible long-lived assets, net: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 74.2 |  |  | $ | 75.0 |  |  |  |
Malta |  |  | 38.6 |  |  |  | 43.0 |  |  |  |
China |  |  | 30.1 |  |  |  | 27.2 |  |  |  |
Egypt |  |  | 22.8 |  |  |  | 20.1 |  |  |  |
Mexico |  |  | 21.0 |  |  |  | 24.6 |  |  |  |
Belgium |  |  | 20.2 |  |  |  | 24.8 |  |  |  |
Other |  |  | 10.1 |  |  |  | 11.6 |  |  |  |
Total tangible long-lived assets, net |  | $ | 217.0 |  |  | $ | 226.3 |  |  |  |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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