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Segment Information
 9 Months Ended
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