Segment Information and Geographic Area Information

12 Months Ended

Apr. 29, 2023

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. The Company's products include integrated center consoles, hidden switches, ergonomic switches, transmission lead-frames, complex insert molded solutions, LED-based lighting solutions, and sensors which incorporate magneto-elastic sensing, eddy current or other sensing technologies that monitor the operation or status of a component or system.

The Industrial segment manufactures external lighting solutions, including driving, work, and signal lights, industrial safety radio remote controls, braided flexible cables, current-carrying laminated and powder-coated busbars, high-voltage high current connector and contracts, custom power-product assemblies, such as its PowerRail® solution, high-current low-voltage flexible power cabling systems that are used in various markets and applications, including aerospace, cloud computing, commercial vehicles, construction equipment, industrial, military, power conversion and transportation.

The Interface segment provides a variety of copper-based transceivers and related accessories for the cloud computing hardware equipment and telecommunications broadband equipment markets, user interface solutions for the appliance, commercial food service, and point-of-sale equipment markets, and fluid-level sensors for the marine/recreational vehicle and sump pump markets.

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 has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures.

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 segments based on operating income. 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 April 29, 2023
(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
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 and amortization	$	31.7		$	14.5		$	0.2		$	1.0		$	2.1		$	49.5
Identifiable assets	$	700.2		$	672.3		$	127.2		$	6.2		$	73.2		$	1,579.1

	Fiscal Year Ended April 30, 2022
(in millions)	Automotive			Industrial			Interface		Medical			Eliminations/ Corporate			Consolidated
Net sales	$	786.3		$	325.7		$	59.8	$	4.2		$	(12.4	)	$	1,163.6
Transfers between segments		(4.8	)		(7.6	)		—		—			12.4			—
Net sales to unaffiliated customers	$	781.5		$	318.1		$	59.8	$	4.2		$	—		$	1,163.6
Income (loss) from operations	$	92.6		$	67.1		$	9.9	$	(5.5	)	$	(52.4	)	$	111.7
Interest expense, net																3.5
Other income, net																(10.3	)
Pre-tax income															$	118.5
Purchases of property, plant and equipment	$	27.4		$	2.4		$	—	$	0.2		$	8.0		$	38.0
Depreciation and amortization	$	34.4		$	14.9		$	0.2	$	1.0		$	2.1		$	52.6
Identifiable assets	$	689.8		$	455.3		$	108.1	$	7.9		$	128.0		$	1,389.1

	Fiscal Year Ended May 1, 2021
(in millions)	Automotive			Industrial			Interface		Medical			Eliminations/ Corporate			Consolidated
Net sales	$	761.8		$	273.2		$	61.6	$	2.8		$	(11.4	)	$	1,088.0
Transfers between segments		(6.1	)		(5.3	)		—		—			11.4			—
Net sales to unaffiliated customers	$	755.7		$	267.9		$	61.6	$	2.8		$	—		$	1,088.0
Income (loss) from operations	$	107.6		$	64.3		$	8.9	$	(4.6	)	$	(48.3	)	$	127.9
Interest expense, net																5.2
Other income, net																(12.2	)
Pre-tax income															$	134.9
Purchases of property, plant and equipment	$	22.5		$	2.1		$	—	$	—		$	0.3		$	24.9
Depreciation and amortization	$	34.3		$	14.3		$	0.3	$	0.9		$	1.7		$	51.5
Identifiable assets	$	739.5		$	461.6		$	90.4	$	7.6		$	167.9		$	1,467.0

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
(in millions)	April 29, 2023		April 30, 2022		May 1, 2021
Net sales:
U.S.	$	472.6	$	547.4	$	510.8
China		239.9		224.3		193.7
Malta		201.2		178.4		173.5
Mexico		78.8		76.2		87.4
Egypt		72.6		67.2		58.4
Other		114.5		70.1		64.2
Total net sales	$	1,179.6	$	1,163.6	$	1,088.0
(in millions)	April 29, 2023		April 30, 2022
Tangible long-lived assets, net:
U.S.	$	75.9	$	74.2
Malta		42.1		38.6
Egypt		38.7		22.8
China		27.5		30.1
Mexico		21.7		21.0
Belgium		21.0		20.2
Other		21.8		10.1
Total tangible long-lived assets, net	$	248.7	$	217.0