v3.22.2.2
Revenue
 6 Months Ended
Oct. 29, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2. Revenue

The Company generates revenue from the manufacturing of products for customers in diversified global markets. The substantial majority of the Company’s revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control of the product 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 the product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage.

Revenue associated with products which the Company believes have no alternative use (such as highly customized parts), and where the Company has an enforceable right to payment, are recognized on an over time basis. Revenue is recognized based on progress to date, which is typically even over the production process through transfer of control to the customer.

From time to time, customers may 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.

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

The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption from the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less.

Contract balances

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 an entity has received consideration, or the amount is due from the customer in advance of revenue recognition. The net changes in the contract asset and contract liability balances for the six months ended October 29, 2022 and October 30, 2021 were not material.

Disaggregated revenue information

The following table represents a disaggregation of revenue from contracts with customers by segment and geographical location. Net sales are attributed to regions based on the location of production. 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 October 29, 2022

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

97.8

 

 

$

40.1

 

 

$

14.0

 

 

$

1.1

 

 

$

153.0

 

Europe, the Middle East & Africa ("EMEA")

 

 

53.9

 

 

 

37.9

 

 

 

—

 

 

 

—

 

 

 

91.8

 

Asia

 

 

45.2

 

 

 

25.8

 

 

 

0.1

 

 

 

—

 

 

 

71.1

 

Total net sales

 

$

196.9

 

 

$

103.8

 

 

$

14.1

 

 

$

1.1

 

 

$

315.9

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

192.3

 

 

$

103.8

 

 

$

14.1

 

 

$

1.1

 

 

$

311.3

 

Goods transferred over time

 

 

4.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.6

 

Total net sales

 

$

196.9

 

 

$

103.8

 

 

$

14.1

 

 

$

1.1

 

 

$

315.9

 

 

 

 

Three Months Ended October 30, 2021

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

99.3

 

 

$

42.1

 

 

$

17.8

 

 

$

0.8

 

 

$

160.0

 

EMEA

 

 

54.9

 

 

 

23.4

 

 

 

—

 

 

 

—

 

 

 

78.3

 

Asia

 

 

41.8

 

 

 

15.2

 

 

 

0.2

 

 

 

—

 

 

 

57.2

 

Total net sales

 

$

196.0

 

 

$

80.7

 

 

$

18.0

 

 

$

0.8

 

 

$

295.5

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

189.2

 

 

$

80.7

 

 

$

18.0

 

 

$

0.8

 

 

$

288.7

 

Goods transferred over time

 

 

6.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6.8

 

Total net sales

 

$

196.0

 

 

$

80.7

 

 

$

18.0

 

 

$

0.8

 

 

$

295.5

 

 

 

 

Six Months Ended October 29, 2022

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

192.5

 

 

$

80.8

 

 

$

27.0

 

 

$

1.8

 

 

$

302.1

 

EMEA

 

 

106.0

 

 

 

66.4

 

 

 

—

 

 

 

—

 

 

 

172.4

 

Asia

 

 

75.0

 

 

 

48.7

 

 

 

0.1

 

 

 

—

 

 

 

123.8

 

Total net sales

 

$

373.5

 

 

$

195.9

 

 

$

27.1

 

 

$

1.8

 

 

$

598.3

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

364.4

 

 

$

195.9

 

 

$

27.1

 

 

$

1.8

 

 

$

589.2

 

Goods transferred over time

 

 

9.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9.1

 

Total net sales

 

$

373.5

 

 

$

195.9

 

 

$

27.1

 

 

$

1.8

 

 

$

598.3

 

 

 

 

Six Months Ended October 30, 2021

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Total

 

Geographic net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

198.4

 

 

$

84.5

 

 

$

30.3

 

 

$

1.6

 

 

$

314.8

 

EMEA

 

 

112.7

 

 

 

43.2

 

 

 

—

 

 

 

—

 

 

 

155.9

 

Asia

 

 

80.7

 

 

 

31.5

 

 

 

0.4

 

 

 

—

 

 

 

112.6

 

Total net sales

 

$

391.8

 

 

$

159.2

 

 

$

30.7

 

 

$

1.6

 

 

$

583.3

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods transferred at a point in time

 

$

378.9

 

 

$

159.2

 

 

$

30.7

 

 

$

1.6

 

 

$

570.4

 

Goods transferred over time

 

 

12.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12.9

 

Total net sales

 

$

391.8

 

 

$

159.2

 

 

$

30.7

 

 

$

1.6

 

 

$

583.3