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Revenue | 3 Months Ended
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Jul. 29, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | Note 2. Revenue The Company generates revenue from manufacturing products for customers in diversified global markets. The substantial 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. Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer. From time to time, customers may 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. Across all products, the amount of revenue recognized corresponds to the related purchase order and is adjusted for variable consideration (such as discounts) and ongoing price adjustments. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption from the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. 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 months ended July 29, 2023 and July 30, 2022 were not material. Disaggregated revenue information The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. Though revenue recognition patterns and contracts 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 July 29, 2023 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Total |
Geographic net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 66.8 |  |  | $ | 40.0 |  |  | $ | 15.2 |  |  | $ | 0.8 |  |  | $ | 122.8 |
Europe, the Middle East & Africa ("EMEA") |  |  | 52.2 |  |  |  | 51.1 |  |  |  | — |  |  |  | — |  |  |  | 103.3 |
Asia |  |  | 39.3 |  |  |  | 24.3 |  |  |  | — |  |  |  | — |  |  |  | 63.6 |
Total net sales |  | $ | 158.3 |  |  | $ | 115.4 |  |  | $ | 15.2 |  |  | $ | 0.8 |  |  | $ | 289.7 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 154.2 |  |  | $ | 115.4 |  |  | $ | 15.2 |  |  | $ | 0.8 |  |  | $ | 285.6 |
Goods transferred over time |  |  | 4.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4.1 |
Total net sales |  | $ | 158.3 |  |  | $ | 115.4 |  |  | $ | 15.2 |  |  | $ | 0.8 |  |  | $ | 289.7 |
|  | Three Months Ended July 30, 2022 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Total |
Geographic net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 94.7 |  |  | $ | 40.7 |  |  | $ | 13.0 |  |  | $ | 0.7 |  |  | $ | 149.1 |
EMEA |  |  | 52.1 |  |  |  | 28.5 |  |  |  | — |  |  |  | — |  |  |  | 80.6 |
Asia |  |  | 29.8 |  |  |  | 22.9 |  |  |  | — |  |  |  | — |  |  |  | 52.7 |
Total net sales |  | $ | 176.6 |  |  | $ | 92.1 |  |  | $ | 13.0 |  |  | $ | 0.7 |  |  | $ | 282.4 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 172.1 |  |  | $ | 92.1 |  |  | $ | 13.0 |  |  | $ | 0.7 |  |  | $ | 277.9 |
Goods transferred over time |  |  | 4.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4.5 |
Total net sales |  | $ | 176.6 |  |  | $ | 92.1 |  |  | $ | 13.0 |  |  | $ | 0.7 |  |  | $ | 282.4 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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