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Segment Information and Geographic Area Information
 12 Months Ended
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