Segment Information

3 Months Ended

Aug. 02, 2025

Segment Reporting [Abstract]

Segment Information

Note 11. Segment 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 President and 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.

Corporate and intersegment eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as accounting/finance, executive administration, human resources, information technology and legal.

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 segment based on operating income. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. Transfers between segments are recorded using internal transfer prices set by the Company.

The tables below present information about the Company’s reportable segments:

	Three Months Ended August 2, 2025 (13 Weeks)
(in millions)	Automotive			Industrial			Interface		Eliminations/ Corporate			Consolidated
Net sales	$	110.9		$	133.5		$	10.9	$	(14.8	)	$	240.5
Transfers between segments		(4.8	)		(10.0	)		—		14.8			—
Net sales to unaffiliated customers		106.1			123.5			10.9		—			240.5
Cost of products sold		106.0			83.8			7.5		(0.3	)		197.0
Selling and administrative expenses		10.6			9.4			0.4		16.2			36.6
Amortization of intangibles		2.0			3.8			—		—			5.8
Income (loss) from operations	$	(12.5	)	$	26.5		$	3.0	$	(15.9	)	$	1.1
Interest expense, net													5.9
Other expense, net													1.3
Pre-tax loss												$	(6.1	)

	Three Months Ended July 27, 2024 (13 Weeks)
(in millions)	Automotive			Industrial			Interface		Eliminations /Corporate			Consolidated
Net sales	$	136.7		$	117.1		$	12.2	$	(7.5	)	$	258.5
Transfers between segments		(1.9	)		(5.6	)		—		7.5			—
Net sales to unaffiliated customers		134.8			111.5			12.2		—			258.5
Cost of products sold		126.2			78.7			9.6		(0.6	)		213.9
Selling and administrative expenses		12.0			12.3			0.7		21.2			46.2
Amortization of intangibles		2.3			3.6			—		—			5.9
Income (loss) from operations	$	(5.7	)	$	16.9		$	1.9	$	(20.6	)	$	(7.5	)
Interest expense, net													4.8
Other expense, net													0.8
Pre-tax loss												$	(13.1	)

(in millions)	August 2, 2025		May 3, 2025
Identifiable assets:
Automotive	$	555.8	$	596.0
Industrial		597.5		594.6
Interface		65.8		62.4
Eliminations/Corporate		72.2		52.8
Total identifiable assets	$	1,291.3	$	1,305.8