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Segment Information and Geographic Area Information
 12 Months Ended
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