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v3.24.2

Segment Information and Geographic Area Information (Tables) | 12 Months Ended
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Apr. 27, 2024
Segment Reporting [Abstract] |
Schedule of Reportable Segments | The tables below present information about the Company’s reportable segments.
|  | Fiscal Year Ended April 27, 2024 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 610.6 |  |  | $ | 493.4 |  |  | $ | 53.9 |  |  | $ | 2.4 |  |  | $ | (45.8 | ) |  | $ | 1,114.5 |
Transfers between segments |  |  | (12.4 | ) |  |  | (33.3 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | 45.8 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 598.2 |  |  | $ | 460.1 |  |  | $ | 53.8 |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 1,114.5 |
Income (loss) from operations |  | $ | (140.2 | ) |  | $ | 88.8 |  |  | $ | 6.9 |  |  | $ | (3.0 | ) |  | $ | (64.5 | ) |  | $ | (112.0 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.7 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (0.6 | )
Pre-tax loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (128.1 | )
Goodwill impairment |  | $ | 105.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 105.9 |
Purchases of property, plant and equipment |  | $ | 41.4 |  |  | $ | 7.4 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 50.2 |
Depreciation and amortization |  | $ | 32.4 |  |  | $ | 22.7 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 2.3 |  |  | $ | 57.9 |
Identifiable assets |  | $ | 592.7 |  |  | $ | 604.5 |  |  | $ | 67.1 |  |  | $ | 0.2 |  |  | $ | 139.0 |  |  | $ | 1,403.5 |
|  | Fiscal Year Ended April 29, 2023 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 742.1 |  |  | $ | 403.2 |  |  | $ | 55.1 |  |  | $ | 3.6 |  |  | $ | (24.4 | ) |  | $ | 1,179.6 |
Transfers between segments |  |  | (5.9 | ) |  |  | (18.3 | ) |  |  | (0.2 | ) |  |  | — |  |  |  | 24.4 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 736.2 |  |  | $ | 384.9 |  |  | $ | 54.9 |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 1,179.6 |
Income (loss) from operations |  | $ | 67.0 |  |  | $ | 93.1 |  |  | $ | 5.5 |  |  | $ | (6.1 | ) |  | $ | (69.1 | ) |  | $ | 90.4 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.7 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2.4 | )
Pre-tax income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 90.1 |
Purchases of property, plant and equipment |  | $ | 31.8 |  |  | $ | 7.7 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 2.3 |  |  | $ | 42.0 |
Depreciation and amortization |  | $ | 31.7 |  |  | $ | 14.5 |  |  | $ | 0.2 |  |  | $ | 1.0 |  |  | $ | 2.1 |  |  | $ | 49.5 |
Identifiable assets |  | $ | 700.2 |  |  | $ | 672.3 |  |  | $ | 127.2 |  |  | $ | 6.2 |  |  | $ | 73.2 |  |  | $ | 1,579.1 |
|  | Fiscal Year Ended April 30, 2022 |
(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 | )
Pre-tax income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 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 |
Schedule of Geographic Financial Information | 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 |
(in millions) |  | April 27, 2024 |  |  | April 29, 2023 |  |  | April 30, 2022 |
Net sales: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 475.6 |  |  | $ | 472.6 |  |  | $ | 547.4 |
China |  |  | 196.3 |  |  |  | 239.9 |  |  |  | 224.3 |
Malta |  |  | 179.5 |  |  |  | 201.2 |  |  |  | 178.4 |
Egypt |  |  | 73.5 |  |  |  | 72.6 |  |  |  | 67.2 |
Finland |  |  | 66.5 |  |  |  | — |  |  |  | — |
Other |  |  | 123.1 |  |  |  | 193.3 |  |  |  | 146.3 |
Total net sales |  | $ | 1,114.5 |  |  | $ | 1,179.6 |  |  | $ | 1,163.6 |
(in millions) |  | April 27, 2024 |  |  | April 29, 2023 |  |  |  |
Tangible long-lived assets, net: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 65.2 |  |  | $ | 75.9 |  |  |  |
Malta |  |  | 42.8 |  |  |  | 42.1 |  |  |  |
Egypt |  |  | 43.8 |  |  |  | 38.7 |  |  |  |
China |  |  | 22.5 |  |  |  | 27.5 |  |  |  |
Mexico |  |  | 21.7 |  |  |  | 21.7 |  |  |  |
Belgium |  |  | 19.3 |  |  |  | 21.0 |  |  |  |
Other |  |  | 23.5 |  |  |  | 21.8 |  |  |  |
Total tangible long-lived assets, net |  | $ | 238.8 |  |  | $ | 248.7 |  |  |  |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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