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Segment Information and Geographic Area Information | 12 Months Ended
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May 03, 2025
Segment Reporting [Abstract] |
Segment Information and Geographic Area Information | Note 15. Segment Information and Geographic Area 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 (“CEO”). 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 overhead and center consoles, hidden and ergonomic switches, transmission lead-frames, insert molded components, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other sensing technologies that monitor the operation or status of a component or system. The Industrial segment manufactures exterior and interior 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 high-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, data centers, industrial equipment, power conversion, military, telecommunications and transportation. The Interface segment provides a variety of high-speed digital communication over copper media solutions for the data center and broadband markets, and interface panel solutions for the appliance market. Solutions include copper transceivers, distribution point units, and solid-state field-effect consumer touch panels. The Medical segment was made up of the Company’s medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. 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. Corporate and intersegment eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as accounting/finance, executive administration, human resources, information technology and legal. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The CODM allocates resources to and evaluates the performance of each operating segment based on operating income. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. Transfers between segments are recorded using internal transfer prices set by the Company. The tables below present information about the Company’s reportable segments.
|  | Fiscal Year Ended May 3, 2025 (53 Weeks) |
(in millions) |  | Automotive |  |  | Industrial |  |  | Interface |  |  | Medical |  |  | Eliminations/ Corporate |  |  | Consolidated |
Net sales |  | $ | 522.3 |  |  | $ | 527.1 |  |  | $ | 51.8 |  |  | $ | — |  |  | $ | (53.1 | ) |  | $ | 1,048.1 |
Transfers between segments |  |  | (13.4 | ) |  |  | (39.7 | ) |  |  | — |  |  |  | — |  |  |  | 53.1 |  |  |  | — |
Net sales to unaffiliated customers |  |  | 508.9 |  |  |  | 487.4 |  |  |  | 51.8 |  |  |  | — |  |  |  | — |  |  |  | 1,048.1 |
Cost of products sold |  |  | 504.2 |  |  |  | 343.2 |  |  |  | 39.1 |  |  |  | — |  |  |  | (1.8 | ) |  |  | 884.7 |
Selling and administrative expenses |  |  | 43.3 |  |  |  | 39.9 |  |  |  | 2.4 |  |  |  | — |  |  |  | 78.3 |  |  |  | 163.9 |
Amortization of intangibles |  |  | 9.1 |  |  |  | 14.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23.4 |
Income (loss) from operations |  | $ | (47.7 | ) |  | $ | 90.0 |  |  | $ | 10.3 |  |  | $ | — |  |  | $ | (76.5 | ) |  | $ | (23.9 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22.0 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.2 |
Pre-tax loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (50.1 | )
Purchases of property, plant and equipment |  | $ | 33.2 |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 41.6 |
Depreciation expense |  | $ | 24.9 |  |  | $ | 8.8 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | 35.1 |
Identifiable assets |  | $ | 596.0 |  |  | $ | 594.6 |  |  | $ | 62.4 |  |  | $ | — |  |  | $ | 52.8 |  |  | $ | 1,305.8 |
|  | Fiscal Year Ended April 27, 2024 (52 Weeks) |
(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 |
Cost of products sold |  |  | 567.8 |  |  |  | 322.4 |  |  |  | 43.5 |  |  |  | 2.6 |  |  |  | (0.6 | ) |  |  | 935.7 |
Selling and administrative expenses |  |  | 55.5 |  |  |  | 34.1 |  |  |  | 3.4 |  |  |  | 2.8 |  |  |  | 65.1 |  |  |  | 160.9 |
Goodwill impairment |  |  | 105.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 105.9 |
Amortization of intangibles |  |  | 9.2 |  |  |  | 14.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24.0 |
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 | )
Purchases of property, plant and equipment |  | $ | 41.4 |  |  | $ | 7.4 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 50.2 |
Depreciation expense |  | $ | 23.2 |  |  | $ | 7.9 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 2.3 |  |  | $ | 33.9 |
Identifiable assets |  | $ | 592.7 |  |  | $ | 604.5 |  |  | $ | 67.1 |  |  | $ | 0.2 |  |  | $ | 139.0 |  |  | $ | 1,403.5 |
|  | Fiscal Year Ended April 29, 2023 (52 Weeks) |
(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 |
Cost of products sold |  |  | 610.0 |  |  |  | 257.1 |  |  |  | 45.6 |  |  |  | 4.1 |  |  |  | (1.3 | ) |  |  | 915.5 |
Selling and administrative expenses |  |  | 49.8 |  |  |  | 25.3 |  |  |  | 3.8 |  |  |  | 5.6 |  |  |  | 70.4 |  |  |  | 154.9 |
Amortization of intangibles |  |  | 9.4 |  |  |  | 9.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18.8 |
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 expense |  | $ | 22.3 |  |  | $ | 5.1 |  |  | $ | 0.2 |  |  | $ | 1.0 |  |  | $ | 2.1 |  |  | $ | 30.7 |
Identifiable assets |  | $ | 700.2 |  |  | $ | 672.3 |  |  | $ | 127.2 |  |  | $ | 6.2 |  |  | $ | 73.2 |  |  | $ | 1,579.1 |
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 |
|  | May 3, 2025 |  |  | April 27, 2024 |  |  | April 29, 2023 |
(in millions) |  | (53 Weeks) |  |  | (52 Weeks) |  |  | (52 Weeks) |
Net sales: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 445.2 |  |  | $ | 475.6 |  |  | $ | 472.6 |
Malta |  |  | 202.0 |  |  |  | 179.5 |  |  |  | 201.2 |
Finland |  |  | 58.2 |  |  |  | 66.5 |  |  |  | — |
China |  |  | 125.9 |  |  |  | 196.3 |  |  |  | 239.9 |
Egypt |  |  | 99.9 |  |  |  | 73.5 |  |  |  | 72.6 |
Other |  |  | 116.9 |  |  |  | 123.1 |  |  |  | 193.3 |
Total net sales |  | $ | 1,048.1 |  |  | $ | 1,114.5 |  |  | $ | 1,179.6 |
(in millions) |  | May 3, 2025 |  |  | April 27, 2024 |  |  |  |
Tangible long-lived assets, net: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 71.7 |  |  | $ | 65.2 |  |  |  |
Malta |  |  | 42.5 |  |  |  | 42.8 |  |  |  |
Egypt |  |  | 45.9 |  |  |  | 43.8 |  |  |  |
China |  |  | 22.6 |  |  |  | 22.5 |  |  |  |
Mexico |  |  | 19.6 |  |  |  | 21.7 |  |  |  |
Belgium |  |  | 20.3 |  |  |  | 19.3 |  |  |  |
Other |  |  | 22.7 |  |  |  | 23.5 |  |  |  |
Total tangible long-lived assets, net |  | $ | 245.3 |  |  | $ | 238.8 |  |  |  |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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