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Segment Information and Geographic Area Information
12 Months Ended
May 02, 2020
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 President and Chief Executive Officer (“CEO”).

Effective October 27, 2018, the Company reorganized its reportable segments upon the acquisition of Grakon. Prior to the acquisition, the Company's reportable segments were Automotive, Power, Interface and Other. As a result of this change, the

Company's reportable segments are now Automotive, Industrial, Interface and Medical. Historical information has been revised to reflect the new reportable segments.

A summary of the significant reportable segment changes is as follows:

 

Grakon's automotive business has been included in the Automotive segment, while Grakon's non-automotive business has been included in the Industrial segment.

 

The busbar business, previously included in the Power segment, is now part of the Industrial segment.

 

The radio-remote control business, previously included in the Interface segment, is now part of the Industrial segment.

 

The medical devices business, previously included in the Other segment, now makes up the Medical segment.

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 center consoles, hidden switches, ergonomic switches, transmission lead-frames, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other technologies that monitor the operation or status of a component or system.

The Industrial segment manufactures external 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 low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, computers, industrial, power conversion, military, telecommunications and transportation.

The Interface segment provides a variety of copper and fiber-optic interface and interface solutions for the appliance, commercial food service, construction, consumer, material handling, point-of-sale and telecommunications markets. Solutions include copper transceivers and solid-state field-effect consumer touch panels.

The Medical segment is made up of the Company's medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. Dabir Surfaces has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures.

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 May 2, 2020 (53 Weeks)

 

(Dollars in Millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/

Corporate

 

 

Consolidated

 

Net Sales

 

$

716.8

 

 

$

253.9

 

 

$

58.9

 

 

$

1.6

 

 

$

(7.3

)

 

$

1,023.9

 

Transfers between Segments

 

 

(4.7

)

 

 

(2.5

)

 

 

(0.1

)

 

 

 

 

 

7.3

 

 

 

 

Net Sales to Unaffiliated Customers

 

$

712.1

 

 

$

251.4

 

 

$

58.8

 

 

$

1.6

 

 

$

 

 

$

1,023.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(Loss) from Operations

 

$

124.4

 

 

$

59.4

 

 

$

5.6

 

 

$

(6.0

)

 

$

(36.3

)

 

$

147.1

 

Interest Expense, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.1

 

Other Income, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11.7

)

Income before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

148.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of Property, Plant and Equipment

 

$

37.5

 

 

$

5.7

 

 

$

0.3

 

 

$

0.7

 

 

$

0.9

 

 

$

45.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

$

31.0

 

 

$

13.7

 

 

$

0.9

 

 

$

1.1

 

 

$

1.6

 

 

$

48.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable Assets

 

$

670.9

 

 

$

421.8

 

 

$

71.0

 

 

$

8.8

 

 

$

198.1

 

 

$

1,370.6

 

 

 

 

Fiscal Year Ended April 27, 2019 (52 Weeks)

 

(Dollars in Millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/

Corporate

 

 

Consolidated

 

Net Sales

 

$

741.6

 

 

$

210.0

 

 

$

57.9

 

 

$

1.1

 

 

$

(10.3

)

 

$

1,000.3

 

Transfers between Segments

 

 

(6.9

)

 

 

(3.2

)

 

 

(0.2

)

 

 

 

 

 

10.3

 

 

 

 

Net Sales to Unaffiliated Customers

 

$

734.7

 

 

$

206.8

 

 

$

57.7

 

 

$

1.1

 

 

$

 

 

$

1,000.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(Loss) from Operations

 

$

126.3

 

 

$

37.4

 

 

$

(0.3

)

 

$

(8.6

)

 

$

(48.0

)

 

$

106.8

 

Interest Expense, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.3

 

Other Income, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5.1

)

Income before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

103.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of Property, Plant and Equipment

 

$

38.9

 

 

$

2.6

 

 

$

0.5

 

 

$

1.9

 

 

$

5.9

 

 

$

49.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

$

25.2

 

 

$

11.7

 

 

$

3.2

 

 

$

1.0

 

 

$

2.2

 

 

$

43.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable Assets

 

$

677.4

 

 

$

404.3

 

 

$

88.6

 

 

$

9.4

 

 

$

52.0

 

 

$

1,231.7

 

 

 

 

Fiscal Year Ended April 28, 2018 (52 Weeks)

 

(Dollars in Millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/

Corporate

 

 

Consolidated

 

Net Sales

 

$

738.4

 

 

$

105.6

 

 

$

73.9

 

 

$

0.3

 

 

$

(9.9

)

 

$

908.3

 

Transfers between Segments

 

 

(9.7

)

 

 

0.2

 

 

 

(0.7

)

 

 

 

 

 

10.2

 

 

 

 

Net Sales to Unaffiliated Customers

 

$

728.7

 

 

$

105.8

 

 

$

73.2

 

 

$

0.3

 

 

$

0.3

 

 

$

908.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(Loss) from Operations

 

$

156.3

 

 

$

13.0

 

 

$

6.0

 

 

$

(11.4

)

 

$

(45.6

)

 

$

118.3

 

Interest Expense, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.9

 

Other Income, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.4

)

Income before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

123.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of Property, Plant and Equipment

 

$

31.7

 

 

$

1.5

 

 

$

0.4

 

 

$

3.8

 

 

$

10.3

 

 

$

47.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

$

21.3

 

 

$

2.0

 

 

$

3.1

 

 

$

0.8

 

 

$

0.9

 

 

$

28.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable Assets

 

$

632.7

 

 

$

93.1

 

 

$

206.8

 

 

$

8.1

 

 

$

(24.8

)

 

$

915.9

 

 

Geographic information

 

The following tables sets forth net sales and tangible long-lived assets for each geographic area where the Company operates. Tangible long-lived assets include property, plant and equipment and operating lease assets.

 

 

Fiscal Year Ended

 

 

 

May 2,

2020

 

 

April 27,

2019

 

 

April 28,

2018

 

(Dollars in Millions)

 

(53 Weeks)

 

 

(52 Weeks)

 

 

(52 Weeks)

 

Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

531.5

 

 

$

540.5

 

 

$

487.5

 

Malta

 

 

143.9

 

 

 

148.5

 

 

 

184.0

 

China

 

 

116.9

 

 

 

113.7

 

 

 

117.3

 

Mexico

 

 

104.7

 

 

 

 

 

 

 

Canada

 

 

19.5

 

 

 

101.6

 

 

 

54.4

 

Other

 

 

107.4

 

 

 

96.0

 

 

 

65.1

 

Total Net Sales

 

$

1,023.9

 

 

$

1,000.3

 

 

$

908.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 2,

2020

 

 

April 27,

2019

 

 

 

 

 

Tangible Long-lived Assets, Net:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

89.8

 

 

$

83.9

 

 

 

 

 

Malta

 

 

40.1

 

 

 

33.0

 

 

 

 

 

China

 

 

24.1

 

 

 

18.6

 

 

 

 

 

Mexico

 

 

24.0

 

 

 

9.2

 

 

 

 

 

Belgium

 

 

21.4

 

 

 

22.1

 

 

 

 

 

Other

 

 

26.0

 

 

 

25.1

 

 

 

 

 

Total Tangible Long-lived Assets, Net

 

$

225.4

 

 

$

191.9