Restructuring

12 Months Ended

May 01, 2021

Restructuring And Related Activities [Abstract]

Restructuring

Note 4. Restructuring

The Company continually monitors market factors and industry trends and takes necessary actions to reduce overall costs and improve operational profitability. In fiscal 2021, the Company initiated certain restructuring actions in response to the adverse impacts from the COVID-19 pandemic. These actions included plant consolidations and workforce reductions in the Automotive, Industrial and Interface segments. In fiscal 2021, the Company recognized $8.2 million of restructuring costs. These charges consisted of $4.8 million recorded in cost of products sold and $3.4 million recorded in selling and administrative expenses.

The table below presents restructuring costs by reportable segment:

	Fiscal Year Ended
	May 1, 2021		May 2, 2020
(in millions)	(52 Weeks)		(53 Weeks)
Automotive	$	6.2	$	0.8
Industrial		1.0		0.5
Interface		0.7		—
Medical		—		0.1
Eliminations/Corporate		0.3		0.4
Total restructuring costs	$	8.2	$	1.8

Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals. The Company may take additional restructuring actions in future periods based upon market conditions and industry trends.

The following is a rollforward of the Company’s restructuring activity in fiscal 2021:  

					Utilization
(in millions)	Accrual as of May 2, 2020		YTD charges		Cash			Non-cash			Accrual as of May 1, 2021
Employee termination benefits	$	0.2	$	7.1	$	(6.6	)	$	—		$	0.7
Asset impairment charges		—		0.6		—			(0.6	)		—
Contract termination costs		—		0.5		—			—			0.5
Total	$	0.2	$	8.2	$	(6.6	)	$	(0.6	)	$	1.2