The Company generates revenue from manufacturing products for customers in diversified global markets under multi-year programs. Typically, these programs do not reach the level of a performance obligation until the Company receives either a purchase order and/or a materials release from the customer for a specific quantity at a specified price, at which point an enforceable contract exists. Contracts may also provide for annual price reductions over the production life of a program, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue.

The majority of the Company’s revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, except for consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. The Company’s revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs associated with spot purchases of raw materials and premium freight incurred in fulfilling its performance obligation to the customer. Given these cost recoveries are generally negotiated after contract inception, the Company accounts for these cost recoveries as a modification to the existing contract. The Company recognizes cost recoveries as revenue when (or as) the remaining performance obligations per the contract are satisfied, or on the modification date if all performance obligations under the contract have been previously satisfied.

Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer.

The Company’s payment terms with its customers are typically 30-45 days from the time control transfers. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” to not assess whether a contract has a significant financing component.

The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when an entity has received consideration, or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in other current assets and other accrued liabilities, respectively in the condensed consolidated balance sheets and were immaterial as of November 2, 2024 and April 27, 2024.

The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors.


	Three Months Ended November 2, 2024 (14 Weeks)
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	69.7	$	49.9	$	15.7	$	—	$	135.3
Europe, the Middle East & Africa ("EMEA")		66.5		48.5		—		—		115.0
Asia		9.3		33.0		—		—		42.3
Total net sales	$	145.5	$	131.4	$	15.7	$	—	$	292.6
Timing of revenue recognition:
Goods transferred at a point in time	$	143.2	$	131.4	$	15.7	$	—	$	290.3
Goods transferred over time		2.3		—		—		—		2.3
Total net sales	$	145.5	$	131.4	$	15.7	$	—	$	292.6


	Three Months Ended October 28, 2023 (13 Weeks)
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	70.9	$	52.0	$	11.7	$	1.5	$	136.1
EMEA		49.7		42.8		—		—		92.5
Asia		33.7		25.6		—		0.1		59.4
Total net sales	$	154.3	$	120.4	$	11.7	$	1.6	$	288.0
Timing of revenue recognition:
Goods transferred at a point in time	$	149.9	$	120.4	$	11.7	$	1.6	$	283.6
Goods transferred over time		4.4		—		—		—		4.4
Total net sales	$	154.3	$	120.4	$	11.7	$	1.6	$	288.0


	Six Months Ended November 2, 2024 (27 Weeks)
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	136.0	$	95.2	$	27.9	$	—	$	259.1
EMEA		125.8		88.1		—		—		213.9
Asia		18.5		59.6		—		—		78.1
Total net sales	$	280.3	$	242.9	$	27.9	$	—	$	551.1
Timing of revenue recognition:
Goods transferred at a point in time	$	275.4	$	242.9	$	27.9	$	—	$	546.2
Goods transferred over time		4.9		—		—		—		4.9
Total net sales	$	280.3	$	242.9	$	27.9	$	—	$	551.1


	Six Months Ended October 28, 2023 (26 Weeks)
(in millions)	Automotive		Industrial		Interface		Medical		Total
Geographic net sales:
North America	$	137.7	$	92.0	$	26.9	$	2.3	$	258.9
EMEA		101.9		93.9		—		—		195.8
Asia		73.0		49.9		—		0.1		123.0
Total net sales	$	312.6	$	235.8	$	26.9	$	2.4	$	577.7
Timing of revenue recognition:
Goods transferred at a point in time	$	304.1	$	235.8	$	26.9	$	2.4	$	569.2
Goods transferred over time		8.5		—		—		—		8.5
Total net sales	$	312.6	$	235.8	$	26.9	$	2.4	$	577.7