Segment Information

6 Months Ended

Nov. 02, 2024

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 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.

The Medical segment was made up of the Company’s medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. In the first quarter of fiscal 2024, the Company made the decision to initiate the discontinuation of Dabir Surfaces. In the second quarter of fiscal 2024, the Company sold certain assets of its Dabir Surfaces business. See Note 3, “Disposition” for more information.

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

	Three Months Ended November 2, 2024 (14 Weeks)
(in millions)	Automotive			Industrial			Interface		Medical		Eliminations/ Corporate			Consolidated
Net sales	$	148.1		$	139.4		$	15.7	$	—	$	(10.6	)	$	292.6
Transfers between segments		(2.6	)		(8.0	)		—		—		10.6			—
Net sales to unaffiliated customers	$	145.5		$	131.4		$	15.7	$	—	$	—		$	292.6
Income (loss) from operations	$	0.7		$	24.3		$	4.7	$	—	$	(20.3	)	$	9.4
Interest expense, net															6.2
Other expense, net															1.6
Pre-tax income														$	1.6

	Three Months Ended October 28, 2023 (13 Weeks)
(in millions)	Automotive			Industrial			Interface		Medical			Eliminations /Corporate			Consolidated
Net sales	$	158.0		$	128.0		$	11.7	$	1.6		$	(11.3	)	$	288.0
Transfers between segments		(3.7	)		(7.6	)		—		—			11.3			—
Net sales to unaffiliated customers	$	154.3		$	120.4		$	11.7	$	1.6		$	—		$	288.0
Income (loss) from operations	$	(61.5	)	$	25.7		$	1.0	$	(0.7	)	$	(15.8	)	$	(51.3	)
Interest expense, net																4.4
Other expense, net																(0.2	)
Pre-tax loss															$	(55.5	)
Goodwill impairment	$	56.5		$	—		$	—	$	—		$	—		$	56.5

	Six Months Ended November 2, 2024 (27 Weeks)
(in millions)	Automotive			Industrial			Interface		Medical		Eliminations/ Corporate			Consolidated
Net sales	$	284.8		$	256.5		$	27.9	$	—	$	(18.1	)	$	551.1
Transfers between segments		(4.5	)		(13.6	)		—		—		18.1			—
Net sales to unaffiliated customers	$	280.3		$	242.9		$	27.9	$	—	$	—		$	551.1
Income (loss) from operations	$	(5.0	)	$	41.2		$	6.6	$	—	$	(40.9	)	$	1.9
Interest expense, net															11.0
Other expense, net															2.4
Pre-tax loss														$	(11.5	)

	Six Months Ended October 28, 2023 (26 Weeks)
(in millions)	Automotive			Industrial			Interface			Medical			Eliminations /Corporate			Consolidated
Net sales	$	319.1		$	250.6		$	27.0		$	2.4		$	(21.4	)	$	577.7
Transfers between segments		(6.5	)		(14.8	)		(0.1	)		—			21.4			—
Net sales to unaffiliated customers	$	312.6		$	235.8		$	26.9		$	2.4		$	—		$	577.7
Income (loss) from operations	$	(64.3	)	$	49.9		$	3.9		$	(2.9	)	$	(34.1	)	$	(47.5	)
Interest expense, net																	7.2
Other income, net																	(0.2	)
Pre-tax loss																$	(54.5	)
Goodwill impairment	$	56.5		$	—		$	—		$	—		$	—		$	56.5

(in millions)	November 2, 2024		April 27, 2024
Identifiable assets:
Automotive	$	617.7	$	592.7
Industrial		608.8		604.5
Interface		71.4		67.1
Medical		0.2		0.2
Eliminations/Corporate		77.0		139.0
Total identifiable assets	$	1,375.1	$	1,403.5