Restructuring

9 Months Ended

Jan. 28, 2023

Restructuring and Related Activities [Abstract]

Note 3. Restructuring

The Company continually monitors market factors and industry trends and takes restructuring actions to reduce overall costs and improve operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments and contract termination costs.

In the nine months ended January 28, 2023, the Company recognized $0.4 million of asset impairment charges related to a facility shutdown and consolidation into an existing location. In the nine months ended January 29, 2022, the Company initiated a restructuring plan to consolidate one of its operations within the Industrial segment in response to logistics issues and tariffs. This action resulted in a facility shutdown and consolidation of activities into an existing location. The Company recognized $3.1 million of restructuring costs associated with this restructuring plan.

Employee termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable. Asset impairment charges relate to the impairment of right-of-use lease assets and equipment. Components of restructuring costs were as follows:


	Three Months Ended				Nine Months Ended
(in millions)	January 28, 2023		January 29, 2022		January 28, 2023		January 29, 2022
Employee termination benefits	$	—	$	—	$	0.2	$	0.2
Asset impairment charges		—		3.1		0.4		3.1
Total restructuring costs	$	—	$	3.1	$	0.6	$	3.3

The table below presents restructuring costs by reportable segment:


	Three Months Ended				Nine Months Ended
(in millions)	January 28, 2023		January 29, 2022		January 28, 2023		January 29, 2022
Automotive	$	—	$	—	$	—	$	0.2
Industrial		—		3.1		0.5		3.1
Interface		—		—		—		—
Medical		—		—		—		—
Eliminations/Corporate		—		—		0.1		—
Total restructuring costs	$	—	$	3.1	$	0.6	$	3.3
Recognized in:
Cost of products sold	$	—	$	1.2	$	0.1	$	1.2
Selling and administrative expenses		—		1.9		0.5		2.1
	$	—	$	3.1	$	0.6	$	3.3

The Company's restructuring liability was $0.0 million and $0.1 million as of January 28, 2023 and April 30, 2022, respectively. Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals.