Restructuring and Asset Impairment Charges

6 Months Ended

Nov. 02, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

Note 13. Restructuring and Asset Impairment Charges

Restructuring and asset impairment charges includes costs related to restructuring actions taken by the Company as well as long-lived asset impairments.

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.

Components of restructuring and asset impairment charges were as follows:

	Three Months Ended				Six Months Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
(in millions)	(14 Weeks)		(13 Weeks)		(27 Weeks)		(26 Weeks)
Employee termination benefits	$	—	$	0.6	$	0.3	$	0.7
Asset impairment charges		0.1		—		0.4		0.6
Total	$	0.1	$	0.6	$	0.7	$	1.3

The table below presents restructuring and asset impairment charges by reportable segment.

	Three Months Ended				Six Months Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
(in millions)	(14 Weeks)		(13 Weeks)		(27 Weeks)		(26 Weeks)
Automotive	$	—	$	0.2	$	0.3	$	0.2
Industrial		0.1		—		0.1		—
Interface		—		—		—		—
Medical		—		0.4		—		1.1
Eliminations/Corporate		—		—		0.3		—
Total	$	0.1	$	0.6	$	0.7	$	1.3
Recognized in:
Cost of products sold	$	0.1	$	0.2	$	0.4	$	0.8
Selling and administrative expenses		—		0.4		0.3		0.5
	$	0.1	$	0.6	$	0.7	$	1.3

The Company’s restructuring liability was $0.1 million and $0.7 million as of November 2, 2024 and April 27, 2024, 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.