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Segment Information | 9 Months Ended
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Jan. 27, 2024
Segment Reporting [Abstract] |
Segment Information | Note 11. Segment 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. The Company has four reporting segments as described below. 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 external 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 and fiber-optic interface and interface solutions for the appliance, commercial food service, construction, consumer, material handling, point-of-sale and telecommunications markets. Solutions include copper transceivers and solid-state field-effect consumer touch panels. 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 developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures. In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of Dabir Surfaces. In October 2023, the Company sold certain assets of its Dabir Surfaces business. See Note 3, "Acquisition and Disposition" for more information. The tables below present information about the Company’s reportable segments:
|  | Three Months Ended January 27, 2024 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 142.4 |  |  | $ | 117.1 |  |  | $ | 12.7 |  |  | $ | — |  |  | $ | (12.7 | ) |  | $ | 259.5 |
Transfers between segments |  |  | (2.7 | ) |  |  | (10.0 | ) |  |  | — |  |  |  | — |  |  |  | 12.7 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 139.7 |  |  | $ | 107.1 |  |  | $ | 12.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 259.5 |
Income (loss) from operations |  | $ | (11.0 | ) |  | $ | 18.9 |  |  | $ | 1.5 |  |  | $ | (0.1 | ) |  | $ | (12.3 | ) |  | $ | (3.0 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.0 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.5 |
Pre-tax loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10.5 | )
|  | Three Months Ended January 28, 2023 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations /Corporate |  |  | Consolidated |
Net sales |  | $ | 178.6 |  |  | $ | 100.8 |  |  | $ | 12.1 |  |  | $ | 0.6 |  |  | $ | (12.0 | ) |  | $ | 280.1 |
Transfers between segments |  |  | (2.1 | ) |  |  | (9.8 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | 12.0 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 176.5 |  |  | $ | 91.0 |  |  | $ | 12.0 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 280.1 |
Income (loss) from operations |  | $ | 18.7 |  |  | $ | 22.3 |  |  | $ | 1.0 |  |  | $ | (1.8 | ) |  | $ | (12.9 | ) |  | $ | 27.3 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.5 |
Pre-tax income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 23.0 |
|  | Nine Months Ended January 27, 2024 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 461.5 |  |  | $ | 367.7 |  |  | $ | 39.7 |  |  | $ | 2.4 |  |  | $ | (34.1 | ) |  | $ | 837.2 |
Transfers between segments |  |  | (9.2 | ) |  |  | (24.8 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | 34.1 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 452.3 |  |  | $ | 342.9 |  |  | $ | 39.6 |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 837.2 |
Income (loss) from operations |  | $ | (75.3 | ) |  | $ | 68.8 |  |  | $ | 5.4 |  |  | $ | (3.0 | ) |  | $ | (46.4 | ) |  | $ | (50.5 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.2 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.3 |
Pre-tax loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (65.0 | )
Goodwill impairment |  | $ | 56.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 56.5 |
|  | Nine Months Ended January 28, 2023 |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations /Corporate |  |  | Consolidated |
Net sales |  | $ | 554.2 |  |  | $ | 302.3 |  |  | $ | 39.2 |  |  | $ | 2.4 |  |  | $ | (19.7 | ) |  | $ | 878.4 |
Transfers between segments |  |  | (4.2 | ) |  |  | (15.4 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | 19.7 |  |  |  | — |
Net sales to unaffiliated customers |  | $ | 550.0 |  |  | $ | 286.9 |  |  | $ | 39.1 |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | 878.4 |
Income (loss) from operations |  | $ | 56.8 |  |  | $ | 69.7 |  |  | $ | 4.2 |  |  | $ | (4.7 | ) |  | $ | (44.1 | ) |  | $ | 81.9 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.3 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.7 | )
Pre-tax income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 82.3 |
(in millions) |  | January 27, 2024 |  |  | April 29, 2023 |
Identifiable assets: |  |  |  |  |  |
Automotive |  | $ | 648.7 |  |  | $ | 700.2 |
Industrial |  |  | 632.6 |  |  |  | 672.3 |
Interface |  |  | 105.1 |  |  |  | 127.2 |
Medical |  |  | 0.2 |  |  |  | 6.2 |
Eliminations/Corporate |  |  | 104.9 |  |  |  | 73.2 |
Total identifiable assets |  | $ | 1,491.5 |  |  | $ | 1,579.1 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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