Restructuring and Asset Impairment Charges

12 Months Ended

May 03, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

Note 4. Restructuring and Asset Impairment Charges

Restructuring and impairment charges includes costs related to restructuring actions taken by the Company as well as long-lived asset impairments.

The Company continually monitors market factors and industry trends and takes restructuring actions to reduce overall costs and improve operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments and contract termination costs.

Components of restructuring and asset impairment charges were as follows:


	Fiscal Year Ended
	May 3, 2025		April 27, 2024		April 29, 2023
(in millions)	(53 Weeks)		(52 Weeks)		(52 Weeks)
Employee termination benefits	$	1.6	$	1.3	$	0.3
Asset impairment charges		1.1		2.4		0.7
Total	$	2.7	$	3.7	$	1.0

The table below presents restructuring and asset impairment charges by reportable segment:


	Fiscal Year Ended
	May 3, 2025		April 27, 2024		April 29, 2023
(in millions)	(53 Weeks)		(52 Weeks)		(52 Weeks)
Automotive	$	0.9	$	0.7	$	0.4
Industrial		0.8		0.7		0.5
Interface		—		0.1		—
Medical		—		1.1		—
Eliminations/Corporate		1.0		1.1		0.1
Total	$	2.7	$	3.7	$	1.0
Recognized in:
Cost of products sold	$	1.1	$	1.7	$	0.5
Selling and administrative expenses		1.6		2.0		0.5
	$	2.7	$	3.7	$	1.0

The Company’s restructuring liability was $0.7 million and $0.7 million as of May 3, 2025 and April 27, 2024, respectively. Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals. The Company may take additional restructuring actions in future periods based upon market conditions and industry trends.