Segment Information and Geographic Area Information

12 Months Ended

Apr. 27, 2024

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 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.

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 27, 2024
(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
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	)
Goodwill impairment	$	105.9		$	—		$	—		$	—		$	—		$	105.9
Purchases of property, plant and equipment	$	41.4		$	7.4		$	0.8		$	—		$	0.6		$	50.2
Depreciation and amortization	$	32.4		$	22.7		$	0.3		$	0.2		$	2.3		$	57.9
Identifiable assets	$	592.7		$	604.5		$	67.1		$	0.2		$	139.0		$	1,403.5

	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

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 27, 2024		April 29, 2023		April 30, 2022
Net sales:
U.S.	$	475.6	$	472.6	$	547.4
China		196.3		239.9		224.3
Malta		179.5		201.2		178.4
Egypt		73.5		72.6		67.2
Finland		66.5		—		—
Other		123.1		193.3		146.3
Total net sales	$	1,114.5	$	1,179.6	$	1,163.6
(in millions)	April 27, 2024		April 29, 2023
Tangible long-lived assets, net:
U.S.	$	65.2	$	75.9
Malta		42.8		42.1
Egypt		43.8		38.7
China		22.5		27.5
Mexico		21.7		21.7
Belgium		19.3		21.0
Other		23.5		21.8
Total tangible long-lived assets, net	$	238.8	$	248.7