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Restructuring
6 Months Ended
Oct. 28, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

Note 13. Restructuring

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.

As noted above, the Company made the decision to initiate the discontinuation of the Dabir business in the Medical segment. The Company recognized $0.4 million and $0.5 million of severance costs in the three and six months ended October 28, 2023, respectively, in selling and administrative expenses. In addition, in the six months ended October 28, 2023, the Company recognized fixed asset impairment charges of $0.6 million in cost of products sold related to this restructuring action. In the Automotive segment, the Company recognized $0.2 million of severance costs in the three and six months ended October 28, 2023. In the three and six months ended October 29, 2022, restructuring costs primarily related to an impairment of an operating lease right-of-use asset.

Employee termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable. Asset impairment charges relate to the impairment of right-of-use lease assets and equipment. Components of restructuring costs were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in millions)

 

October 28, 2023

 

 

October 29, 2022

 

 

October 28, 2023

 

 

October 29, 2022

 

Automotive

 

$

0.2

 

 

$

 

 

$

0.2

 

 

$

 

Industrial

 

 

 

 

 

0.4

 

 

 

 

 

 

0.5

 

Interface

 

 

 

 

 

 

 

 

 

 

 

 

Medical

 

 

0.4

 

 

 

 

 

 

1.1

 

 

 

 

Eliminations/Corporate

 

 

 

 

 

0.1

 

 

 

 

 

 

0.1

 

Total restructuring costs

 

$

0.6

 

 

$

0.5

 

 

$

1.3

 

 

$

0.6

 

Recognized in:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

$

0.2

 

 

$

0.1

 

 

$

0.8

 

 

$

0.1

 

Selling and administrative expenses

 

 

0.4

 

 

 

0.4

 

 

 

0.5

 

 

 

0.5

 

 

 

$

0.6

 

 

$

0.5

 

 

$

1.3

 

 

$

0.6

 

The Company's restructuring liability was $0.1 million as of October 28, 2023. 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.