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Restructuring and Asset Impairment Charges
12 Months Ended
Apr. 27, 2024
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.

As noted above, the Company made the decision to initiate the discontinuation of the Dabir Surfaces business in the Medical segment. In fiscal 2024, the Company recognized $0.5 million of severance costs in selling and administrative expenses and $0.6 million of fixed asset impairment charges in cost of products sold related to this restructuring action. Restructuring and impairment charges in the other segments primarily represent severance costs and long-lived asset impairments related to ROU lease assets, investments and equipment.

Components of restructuring and impairment charges were as follows:

 

 

Fiscal Year Ended

 

(in millions)

 

April 27, 2024

 

 

April 29, 2023

 

Employee termination benefits

 

$

1.3

 

 

$

0.3

 

Asset impairment charges

 

 

2.4

 

 

 

0.7

 

Total

 

$

3.7

 

 

$

1.0

 

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

 

 

Fiscal Year Ended

 

(in millions)

 

April 27, 2024

 

 

April 29, 2023

 

Automotive

 

$

0.7

 

 

$

0.4

 

Industrial

 

 

0.7

 

 

 

0.5

 

Interface

 

 

0.1

 

 

 

 

Medical

 

 

1.1

 

 

 

 

Eliminations/Corporate

 

 

1.1

 

 

 

0.1

 

Total

 

$

3.7

 

 

$

1.0

 

Recognized in:

 

 

 

 

 

 

Cost of products sold

 

$

1.7

 

 

$

0.5

 

Selling and administrative expenses

 

 

2.0

 

 

 

0.5

 

 

 

$

3.7

 

 

$

1.0

 

The Company’s restructuring liability was $0.7 million and $0.0 million as of April 27, 2024 and April 29, 2023, 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.