SEGMENT INFORMATION

3 Months Ended

Aug. 02, 2014

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT 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, Interface (formerly known as 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 as well as design and manufacturer of magnetic torque sensing products.

The Interface segment was previously known as the Interconnect segment. It 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, military, telecommunications, and transportation.

The Other segment includes medical devices, inverters and battery systems, insulated gate bipolar transistor solutions, 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 our Form 10-K for the fiscal year ended May 3, 2014.  We allocate resources to segments based on operating income. Transfers between segments are recorded using internal transfer prices set by us.

The following tables present information regarding our segments. The reporting segment results for the three months ended July 27, 2013 have been reclassified to conform with the new reporting segment presentation for the three months ended August 2, 2014.

	Three Months Ended August 2, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	156.8		$	44.6		$	16.3		$	1.6		$	(1.2	)	$	218.1
Transfers between segments	(0.5		)	(0.6		)	(0.1		)	—			1.2			—
Net sales to unaffiliated customers	$	156.3		$	44.0		$	16.2		$	1.6		$	—		$	218.1
Income (loss) from operations	$	27.3		$	7.0		$	3.0		$	(1.9	)	$	(7.1	)	$	28.3
Other income, net																(0.1		)
Income before income taxes																$	28.4

	Three Months Ended July 27, 2013
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	104.1		$	44.9		$	17.3	$	1.8		$	(0.8	)	$	167.3
Transfers between segments	(0.3		)	(0.6		)	—		—			0.9			—
Net sales to unaffiliated customers	$	103.8		$	44.3		$	17.3	$	1.8		$	0.1		$	167.3
Income/(loss) from operations	$	12.0		$	7.9		$	2.9	$	(0.6	)	$	(7.1	)	$	15.1
Interest expense, net															0.1
Other expense, net															0.1
Income before income taxes															$	14.9