Revenue

9 Months Ended

Feb. 01, 2020

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The majority of the Company's revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical shipment or delivery, depending on the contractual shipping terms, except for consignment transactions. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage.

Revenues associated with products which the Company believes have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. The Company believes the most faithful depiction of the transfer of goods to the customer is based on progress to date, which is typically smooth throughout the production process. As such, the Company recognizes revenue evenly over the production process through transfer of control to the customer.

Customers typically negotiate annual price downs. Management has evaluated these price downs and determined that in some instances, these price downs give rise to a material right. In instances that a material right exists, a portion of the transaction price is allocated to the material right and recognized over the life of the contract.

The Company treats shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter-end in proportion to revenue recognized for transactions where actual costs are not yet known.

Across all products, the amount of revenue recognized corresponds to the related purchase order. Revenue is adjusted for variable consideration (such as discounts) as described further below. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue.

Contract Balances

The Company receives payment from customers based on the contractual billing schedule and specific performance requirements established in the contract. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. A contract liability exists when the Company has received consideration or the amount is due from the customer in advance of revenue recognition. Contract assets and contract liabilities are recognized in prepaid expenses and other current assets and other long-term liabilities, respectively, in the Company's condensed consolidated balance sheets.

Unbilled Receivables (Contract Assets) - Unbilled receivables were $0.9 million as of February 1, 2020 and $0.8 million as of April 27, 2019. In the nine months ended February 1, 2020, $0.8 million of previously unbilled receivables were recorded into accounts receivable. There were no impairments of contract assets as of February 1, 2020.

Deferred Revenue (Contract Liabilities) - Deferred revenue was $0.3 million as of both February 1, 2020 and April 27, 2019. In the nine months ended February 1, 2020, $0.1 million of previously deferred revenue was recorded into revenue.

Disaggregated Revenue Information

The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods. Geographic net sales are determined based on sales from the Company's various operational locations. Though revenue recognition patterns and contracts are generally consistent, the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and economic factors.

	Three Months Ended February 1, 2020 (14 Weeks)
(Dollars in Millions)	Auto		Industrial		Interface		Medical		Total
Geographic Net Sales:
U.S.	$	111.0	$	34.2	$	14.6	$	0.6	$	160.4
Malta	33.7		7.7		—		—		41.4
China	22.8		9.5		0.1		—		32.4
Canada	19.3		4.2		—		—		23.5
Other	23.5		4.5		0.2		—		28.2
Total Net Sales	$	210.3	$	60.1	$	14.9	$	0.6	$	285.9
Timing of Revenue Recognition:
Goods Transferred at a Point in Time	$	198.6	$	60.1	$	14.9	$	0.6	$	274.2
Goods Transferred Over Time	11.7		—		—		—		11.7
Total Net Sales	$	210.3	$	60.1	$	14.9	$	0.6	$	285.9

	Three Months Ended January 26, 2019 (13 Weeks)
(Dollars in Millions)	Auto		Industrial		Interface		Medical		Total
Geographic Net Sales:
U.S.	$	80.7	$	33.8	$	13.3	$	0.1	$	127.9
Malta	26.7		7.0		0.1		—		33.8
China	20.5		9.6		—		—		30.1
Canada	21.1		5.5		—		—		26.6
Other	23.9		4.3		0.3		—		28.5
Total Net Sales	$	172.9	$	60.2	$	13.7	$	0.1	$	246.9
Timing of Revenue Recognition:
Goods Transferred at a Point in Time	$	165.7	$	60.2	$	13.7	$	0.1	$	239.7
Goods Transferred Over Time	7.2		—		—		—		7.2
Total Net Sales	$	172.9	$	60.2	$	13.7	$	0.1	$	246.9

	Nine Months Ended February 1, 2020 (40 Weeks)
(Dollars in Millions)	Auto		Industrial		Interface		Medical		Total
Geographic Net Sales:
U.S.	$	295.2	$	117.3	$	38.9	$	1.2	$	452.6
Malta	88.4		22.8		0.2		—		111.4
China	59.1		26.0		0.1		—		85.2
Canada	63.4		15.9		—		—		79.3
Other	70.5		13.8		0.5		—		84.8
Total Net Sales	$	576.6	$	195.8	$	39.7	$	1.2	$	813.3
Timing of Revenue Recognition:
Goods Transferred at a Point in Time	$	546.3	$	195.8	$	39.7	$	1.2	$	783.0
Goods Transferred Over Time	30.3		—		—		—		30.3
Total Net Sales	$	576.6	$	195.8	$	39.7	$	1.2	$	813.3

	Nine Months Ended January 26, 2019 (39 Weeks)
(Dollars in Millions)	Auto		Industrial		Interface		Medical		Total
Geographic Net Sales:
U.S.	$	254.7	$	70.8	$	42.7	$	0.7	$	368.9
Malta	86.8		22.7		0.2		—		109.7
China	63.0		27.5		0.1		—		90.6
Canada	66.2		8.0		—		—		74.2
Other	79.1		10.8		1.0		—		90.9
Total Net Sales	$	549.8	$	139.8	$	44.0	$	0.7	$	734.3
Timing of Revenue Recognition:
Goods Transferred at a Point in Time	$	524.8	$	139.8	$	44.0	$	0.7	$	709.3
Goods Transferred Over Time	25.0		—		—		—		25.0
Total Net Sales	$	549.8	$	139.8	$	44.0	$	0.7	$	734.3