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Segment Information and Geographic Area Information
 12 Months Ended
May 03, 2014
Segment Reporting [Abstract]  
Segment Information and Geographic Area Information
Segment Information and Geographic Area Information
 
We are a global manufacturer of component and subsystem devices.  We design, manufacture and market devices employing electrical, electronic, wireless, sensing and optical technologies.  Our components are found in the primary end markets of the automotive, appliance, communications (including information processing and storage, networking equipment, wireless and terrestrial voice/data systems), aerospace, rail and other transportation industries; and the consumer and industrial equipment markets.
 
ASC No. 280, “Segment Reporting” establishes annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. 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, as defined by ASC No. 280, is the Company’s President and Chief Executive Officer (“CEO”).

We have multiple operating segments that are aggregated in four reportable segments. Those segments are Automotive, Interconnect, Power Products and Other.
 
The Automotive segment supplies electronic and electromechanical devices and related products to automobile Original Equipment Manufacturers, ("OEMs"), either directly or through their tiered suppliers. Our products include control switches for electrical power and signals, connectors for electrical devices, integrated control components, switches and sensors that monitor the operation or status of a component or system, and packaging of electrical components.
 
The Interconnect segment provides a variety of copper and fiber-optic interconnect and interface solutions for the aerospace, appliance, commercial, computer, construction, consumer, material handling, medical, military, mining, networking, storage, and telecommunications markets.  Solutions include conductive polymers, connectors, custom cable assemblies, industrial safety radio remote controls, optical and copper transceivers, personal computer and express card packaging and terminators, solid-state field effect interface panels, and thick film inks.  Services include the design and installation of fiber optic and copper infrastructure systems, and manufacturing active and passive optical components.
 
The Power Products segment manufactures braided flexible cables, current-carrying laminated bus devices, custom power-product assemblies, high-current low voltage flexible power cabling systems and powder coated bus bars that are used in various markets and applications, including aerospace, computers, industrial and power conversion, inverters and battery systems, insulated gate bipolar transistor solutions, military, telecommunications, and transportation.
 
The Other segment includes a designer and manufacturer of magnetic torque sensing products, and independent laboratories that provide services for qualification testing and certification, and analysis of electronic and optical components.
 
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 above.  We allocate resources to and evaluate performance of segments based on operating income. Transfers between segments are recorded using internal transfer prices set by us.
 
The tables below presents information about our reportable segments. The Automotive segment's income from operations for fiscal 2013 includes $20.0 million of income from settlement. 
 
Fiscal Year Ended May 3, 2014
 
Automotive
 
Inter-
Connect
 
Power
Products
 
Other
 
Eliminations/Corporate
 
Consolidated
Net sales
$
524.3

 
$
170.7

 
$
72.7

 
$
10.4

 
$
(5.3
)
 
$
772.8

Transfers between segments
(2.2
)
 
(2.8
)
 
(0.2
)
 
(0.2
)
 
5.4

 
—

Net sales to unaffiliated customers
$
522.1

 
$
167.9

 
$
72.5

 
$
10.2

 
$
0.1

 
$
772.8

 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from operations
$
71.6

 
$
23.6

 
$
8.3

 
$
(1.7
)
 
$
(28.2
)
 
$
73.6

Interest expense, net
 
 
 
 
 
 
 
 
 
 
0.3

Other expense, net
 
 
 
 
 
 
 
 
 
 
(2.6
)
Income before income taxes

 


 


 


 


 
$
75.9

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
$
16.2

 
$
2.8

 
$
4.6

 
$
0.6

 
$
1.4

 
$
25.6

 
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
$
366.1

 
$
155.0

 
$
32.2

 
$
4.7

 
$
17.5

 
$
575.5


 
Fiscal Year Ended April 27, 2013
 
Automotive
 
Inter-
Connect
 
Power
Products
 
Other
 
Eliminations/Corporate
 
Consolidated
Net sales
$
311.0

 
$
142.6

 
$
52.9

 
$
16.7

 
$
(3.4
)
 
$
519.8

Transfers between segments
(0.9
)
 
(2.4
)
 
(0.2
)
 
(0.1
)
 
3.6

 
—

Net sales to unaffiliated customers
$
310.1

 
$
140.2

 
$
52.7

 
$
16.6

 
$
0.2

 
$
519.8

 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from operations
$
38.8

 
$
19.0

 
$
(2.1
)
 
$
3.5

 
$
(20.0
)
 
$
39.2

Other expense, net
 
 
 
 
 
 
 
 
 
 
1.3

Income before income taxes

 


 


 


 


 
$
37.9

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
$
11.3

 
$
3.0

 
$
2.4

 
$
0.9

 
$
1.2

 
$
18.8

 
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
$
276.9

 
$
138.0

 
$
30.8

 
$
5.2

 
$
(16.0
)
 
$
434.9

 
 
Fiscal Year Ended April 28, 2012
 
Automotive
 
Inter-
Connect
 
Power
Products
 
Other
 
Eliminations/Corporate
 
Consolidated
Net sales
$
274.7

 
$
130.6

 
$
52.4

 
$
14.0

 
$
(6.6
)
 
$
465.1

Transfers between segments
(3.1
)
 
(2.9
)
 
(0.4
)
 
(0.1
)
 
6.5

 
—

Net sales to unaffiliated customers
$
271.6

 
$
127.7

 
$
52.0

 
$
13.9

 
$
(0.1
)
 
$
465.1

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
$
10.0

 
$
18.1

 
$
1.7

 
$
(0.2
)
 
$
(18.2
)
 
$
11.4

Interest, income, net
 
 
 
 
 
 
 
 
 
 
(0.3
)
Other expense
 
 
 
 
 
 
 
 
 
 
0.3

Income/(loss) before income taxes


 


 


 


 


 
$
11.4

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
$
9.0

 
$
3.0

 
$
2.3

 
$
0.8

 
$
1.0

 
$
16.1

 
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
$
225.8

 
$
135.5

 
$
36.5

 
$
5.8

 
$
—

 
$
403.6


  
The following table sets forth certain geographic financial information for fiscal years ended May 3, 2014, April 27, 2013 and April 28, 2012.  Geographic net sales and income are determined based our sales and income from our various operational locations.
 
 
Fiscal Year Ended
 
May 3,
2014
 
April 27,
2013
 
April 28,
2012
Net Sales:
 

 
 

 
 

U.S.
$
456.6

 
$
242.9

 
$
190.3

China
97.4

 
88.2

 
101.1

Malta
186.4

 
157.4

 
148.0

Other
32.4

 
31.3

 
25.7

Total Net Sales
$
772.8

 
$
519.8

 
$
465.1

 
 
 
 
 
 
Property, Plant and Equipment:
 

 
 

 
 

U.S.
$
43.8

 
$
45.1

 
$
33.1

China
6.6

 
7.4

 
8.3

Malta
37.5

 
32.5

 
28.6

Mexico
7.3

 
9.0

 
6.6

Other
6.0

 
4.4

 
0.6

Total Property, Plant and Equipment
$
101.2

 
$
98.4

 
$
77.2