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Revenue | 12 Months Ended
--- | ---
Apr. 27, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Note 2. Revenue The Company generates revenue from manufacturing of products for customers in diversified global markets under multi-year programs. Typically, these programs do not contain a firm commitment by the customer for volume or price and do not reach the level of a performance obligation until the Company receives either a purchase order and/or a materials release from the customer for a specific quantity at a specified price, at which point an enforceable contract exists. Contracts may also provide for annual price reductions over the production life of a program, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors. The 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. The Company’s revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs associated with spot purchases of raw materials and premium freight incurred in fulfilling its performance obligation to the customer. Given these cost recoveries are generally negotiated after contract inception, the Company accounts for these cost recoveries as a modification to the existing contract. The Company recognizes cost recoveries as revenue when (or as) the remaining performance obligations per the contract are satisfied, or on the modification date if all performance obligations under the contract have been previously satisfied. 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. The Company’s payment terms with its customers are typically 30-45 days from the time control transfers. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606 to not assess whether a contract has a significant financing component. Costs to fulfill/obtain a contract The Company incurs pre-production tooling costs related to products produced for customers under long-term supply arrangements. These costs are capitalized and recognized into income upon acceptance. The Company concluded that pre-production tooling and engineering costs do not represent a promised good or service under ASC 606, and as such, reimbursements received are accounted for as a reimbursement of the expense, not revenue. The Company has not historically incurred material costs to obtain a contract. In the instances that costs to obtain contracts are incurred, the Company will capitalize and amortize those over the life of the contract. Contract balances The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. 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. Contract assets and contract liabilities are recognized in other current assets and other accrued liabilities, respectively in the consolidated balance sheets and were immaterial as of April 27, 2024 and April 29, 2023. 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.
|  | Fiscal Year Ended April 27, 2024 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Total |
Geographic net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 265.6 |  |  | $ | 186.2 |  |  | $ | 53.8 |  |  | $ | 2.3 |  |  | $ | 507.9 |
Europe, the Middle East & Africa ("EMEA") |  |  | 216.2 |  |  |  | 174.2 |  |  |  | — |  |  |  | — |  |  |  | 390.4 |
Asia |  |  | 116.4 |  |  |  | 99.7 |  |  |  | — |  |  |  | 0.1 |  |  |  | 216.2 |
Total net sales |  | $ | 598.2 |  |  | $ | 460.1 |  |  | $ | 53.8 |  |  | $ | 2.4 |  |  | $ | 1,114.5 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 583.4 |  |  | $ | 460.1 |  |  | $ | 53.8 |  |  | $ | 2.4 |  |  | $ | 1,099.7 |
Goods transferred over time |  |  | 14.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14.8 |
Total net sales |  | $ | 598.2 |  |  | $ | 460.1 |  |  | $ | 53.8 |  |  | $ | 2.4 |  |  | $ | 1,114.5 |
|  | Fiscal Year Ended April 29, 2023 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Total |
Geographic net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 349.0 |  |  | $ | 160.5 |  |  | $ | 54.7 |  |  | $ | 3.6 |  |  | $ | 567.8 |
EMEA |  |  | 231.2 |  |  |  | 139.9 |  |  |  | — |  |  |  | — |  |  |  | 371.1 |
Asia |  |  | 156.0 |  |  |  | 84.5 |  |  |  | 0.2 |  |  |  | — |  |  |  | 240.7 |
Total net sales |  | $ | 736.2 |  |  | $ | 384.9 |  |  | $ | 54.9 |  |  | $ | 3.6 |  |  | $ | 1,179.6 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 717.4 |  |  | $ | 384.9 |  |  | $ | 54.9 |  |  | $ | 3.6 |  |  | $ | 1,160.8 |
Goods transferred over time |  |  | 18.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18.8 |
Total net sales |  | $ | 736.2 |  |  | $ | 384.9 |  |  | $ | 54.9 |  |  | $ | 3.6 |  |  | $ | 1,179.6 |
|  | Fiscal Year Ended April 30, 2022 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Total |
Geographic net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 400.9 |  |  | $ | 177.2 |  |  | $ | 59.3 |  |  | $ | 4.1 |  |  | $ | 641.5 |
EMEA |  |  | 216.5 |  |  |  | 80.8 |  |  |  | — |  |  |  | — |  |  |  | 297.3 |
Asia |  |  | 164.1 |  |  |  | 60.1 |  |  |  | 0.5 |  |  |  | 0.1 |  |  |  | 224.8 |
Total net sales |  | $ | 781.5 |  |  | $ | 318.1 |  |  | $ | 59.8 |  |  | $ | 4.2 |  |  | $ | 1,163.6 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 758.4 |  |  | $ | 318.1 |  |  | $ | 59.8 |  |  | $ | 4.2 |  |  | $ | 1,140.5 |
Goods transferred over time |  |  | 23.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23.1 |
Total net sales |  | $ | 781.5 |  |  | $ | 318.1 |  |  | $ | 59.8 |  |  | $ | 4.2 |  |  | $ | 1,163.6 |

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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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