v3.22.2.2
Segment Information
 6 Months Ended
Oct. 29, 2022
Segment Reporting [Abstract]  
Segment Information

Note 10. 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 President and Chief Executive Officer. The Company has four reporting segments as described below.

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 center consoles, hidden switches, ergonomic switches, transmission lead-frames, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other technologies that monitor the operation or status of a component or system.

The Industrial segment manufactures external 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 low-voltage flexible power cabling systems and powder-coated busbars that are used in various markets and applications, including aerospace, computers, industrial, power conversion, military, telecommunications and transportation.

The Interface segment provides a variety of copper and fiber-optic interface and interface solutions for the appliance, commercial food service, construction, consumer, material handling, point-of-sale and telecommunications markets. Solutions include copper transceivers and solid-state field-effect consumer touch panels.

The Medical segment is made up of the Company’s medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention. Methode has developed the technology for use by patients who are immobilized or otherwise at risk for pressure injuries, including patients undergoing long-duration surgical procedures.

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

 

 

Three Months Ended October 29, 2022

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations
/Corporate

 

 

Consolidated

 

Net sales

 

$

198.3

 

 

$

107.8

 

 

$

14.1

 

 

$

1.1

 

 

$

(5.4

)

 

$

315.9

 

Transfers between segments

 

 

(1.4

)

 

 

(4.0

)

 

 

—

 

 

 

—

 

 

 

5.4

 

 

 

—

 

Net sales to unaffiliated customers

 

$

196.9

 

 

$

103.8

 

 

$

14.1

 

 

$

1.1

 

 

$

—

 

 

$

315.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

23.4

 

 

$

25.0

 

 

$

1.6

 

 

$

(1.4

)

 

$

(15.8

)

 

$

32.8

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.1

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

33.4

 

 

 

 

Three Months Ended October 30, 2021

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations
/Corporate

 

 

Consolidated

 

Net sales

 

$

197.1

 

 

$

82.7

 

 

$

18.0

 

 

$

0.8

 

 

$

(3.1

)

 

$

295.5

 

Transfers between segments

 

 

(1.1

)

 

 

(2.0

)

 

 

—

 

 

 

—

 

 

 

3.1

 

 

 

—

 

Net sales to unaffiliated customers

 

$

196.0

 

 

$

80.7

 

 

$

18.0

 

 

$

0.8

 

 

$

—

 

 

$

295.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

23.6

 

 

$

18.8

 

 

$

4.4

 

 

$

(1.8

)

 

$

(11.8

)

 

$

33.2

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.1

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

33.0

 

 

 

 

Six Months Ended October 29, 2022

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations
/Corporate

 

 

Consolidated

 

Net sales

 

$

375.6

 

 

$

201.5

 

 

$

27.1

 

 

$

1.8

 

 

$

(7.7

)

 

$

598.3

 

Transfers between segments

 

 

(2.1

)

 

 

(5.6

)

 

 

—

 

 

 

—

 

 

 

7.7

 

 

 

—

 

Net sales to unaffiliated customers

 

$

373.5

 

 

$

195.9

 

 

$

27.1

 

 

$

1.8

 

 

$

—

 

 

$

598.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

38.1

 

 

$

47.4

 

 

$

3.2

 

 

$

(2.9

)

 

$

(31.2

)

 

$

54.6

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5.2

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

59.3

 

 

 

 

Six Months Ended October 30, 2021

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations
/Corporate

 

 

Consolidated

 

Net sales

 

$

394.1

 

 

$

163.9

 

 

$

30.7

 

 

$

1.6

 

 

$

(7.0

)

 

$

583.3

 

Transfers between segments

 

 

(2.3

)

 

 

(4.7

)

 

 

—

 

 

 

—

 

 

 

7.0

 

 

 

—

 

Net sales to unaffiliated customers

 

$

391.8

 

 

$

159.2

 

 

$

30.7

 

 

$

1.6

 

 

$

—

 

 

$

583.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

50.9

 

 

$

39.0

 

 

$

5.5

 

 

$

(3.0

)

 

$

(25.1

)

 

$

67.3

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.2

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.7

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

67.8

 

 

(in millions)

 

October 29, 2022

 

 

April 30, 2022

 

Identifiable assets:

 

 

 

 

 

 

Automotive

 

$

700.6

 

 

$

689.8

 

Industrial

 

 

463.7

 

 

 

455.3

 

Interface

 

 

113.2

 

 

 

108.1

 

Medical

 

 

6.5

 

 

 

7.9

 

Eliminations/Corporate

 

 

110.3

 

 

 

128.0

 

Total identifiable assets

 

$

1,394.3

 

 

$

1,389.1