v3.26.1
Segment Information and Geographic Area Information
 12 Months Ended
May 02, 2026
Segment Reporting [Abstract]  
Segment Information and Geographic Area Information

Note 15. Segment Information and Geographic Area 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 (“CEO”).

The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs and their tiered suppliers across a broad range of vehicle platforms and powertrains. Products include a full spectrum of vehicle systems from power distribution solutions, including busbars, smart connect systems, battery disconnect units, and integrated circuit boards, to user interface components, specialized LED lighting solutions, and advanced sensor applications.

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 networking and broadband markets, and user interface panel solutions for the appliance market. Solutions include copper transceivers, distribution point units, and solid-state field-effect consumer touch panels. In the fourth quarter of fiscal 2026, the Company sold its dataMate business which was included in the Interface segment. Additionally, the consumer appliance business is winding down as programs roll-off.

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 October 2023, the Company sold certain assets of its Dabir Surfaces business. See Note 3, “Acquisitions and Dispositions” for additional information.

Corporate and intersegment eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as accounting/finance, executive administration, human resources, information technology and legal.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The CODM allocates resources to and evaluates the performance of each operating segment based on operating income. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. Transfers between segments are recorded using internal transfer prices set by the Company. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance.

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

 

 

Fiscal Year Ended May 2, 2026 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

489.2

 

 

$

583.6

 

 

$

27.2

 

 

$

—

 

 

$

(80.8

)

 

$

1,019.2

 

Transfers between segments

 

 

(21.5

)

 

 

(59.3

)

 

 

—

 

 

 

—

 

 

 

80.8

 

 

 

—

 

Net sales to unaffiliated customers

 

 

467.7

 

 

 

524.3

 

 

 

27.2

 

 

 

—

 

 

 

—

 

 

 

1,019.2

 

Cost of products sold

 

 

439.9

 

 

 

356.9

 

 

 

20.7

 

 

 

—

 

 

 

(0.5

)

 

 

817.0

 

Selling and administrative expenses

 

 

50.1

 

 

 

37.5

 

 

 

1.5

 

 

 

—

 

 

 

81.2

 

 

 

170.3

 

Amortization of intangibles

 

 

7.8

 

 

 

15.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.1

 

Income (loss) from operations

 

$

(30.1

)

 

$

114.6

 

 

$

5.0

 

 

$

—

 

 

$

(80.7

)

 

$

8.8

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23.3

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.8

)

Pre-tax income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(10.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

17.0

 

 

$

3.7

 

 

$

—

 

 

$

—

 

 

$

1.7

 

 

$

22.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

23.8

 

 

$

10.6

 

 

$

0.2

 

 

$

—

 

 

$

1.1

 

 

$

35.7

 

 

 

 

Fiscal Year Ended May 3, 2025 (53 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

522.3

 

 

$

527.1

 

 

$

51.8

 

 

$

—

 

 

$

(53.1

)

 

$

1,048.1

 

Transfers between segments

 

 

(13.4

)

 

 

(39.7

)

 

 

—

 

 

 

—

 

 

 

53.1

 

 

 

—

 

Net sales to unaffiliated customers

 

 

508.9

 

 

 

487.4

 

 

 

51.8

 

 

 

—

 

 

 

—

 

 

 

1,048.1

 

Cost of products sold

 

 

504.2

 

 

 

343.2

 

 

 

39.1

 

 

 

—

 

 

 

(1.8

)

 

 

884.7

 

Selling and administrative expenses

 

 

43.3

 

 

 

39.9

 

 

 

2.4

 

 

 

—

 

 

 

78.3

 

 

 

163.9

 

Amortization of intangibles

 

 

9.1

 

 

 

14.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23.4

 

Income (loss) from operations

 

$

(47.7

)

 

$

90.0

 

 

$

10.3

 

 

$

—

 

 

$

(76.5

)

 

$

(23.9

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.0

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.2

 

Pre-tax income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(50.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

33.2

 

 

$

8.3

 

 

$

—

 

 

$

—

 

 

$

0.1

 

 

$

41.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

24.9

 

 

$

8.8

 

 

$

0.2

 

 

$

—

 

 

$

1.2

 

 

$

35.1

 

 

 

 

Fiscal Year Ended April 27, 2024 (52 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Medical

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

610.6

 

 

$

493.4

 

 

$

53.9

 

 

$

2.4

 

 

$

(45.8

)

 

$

1,114.5

 

Transfers between segments

 

 

(12.4

)

 

 

(33.3

)

 

 

(0.1

)

 

 

—

 

 

 

45.8

 

 

 

—

 

Net sales to unaffiliated customers

 

 

598.2

 

 

 

460.1

 

 

 

53.8

 

 

 

2.4

 

 

 

—

 

 

 

1,114.5

 

Cost of products sold

 

 

567.8

 

 

 

322.4

 

 

 

43.5

 

 

 

2.6

 

 

 

(0.6

)

 

 

935.7

 

Selling and administrative expenses

 

 

55.5

 

 

 

34.1

 

 

 

3.4

 

 

 

2.8

 

 

 

65.1

 

 

 

160.9

 

Goodwill impairment

 

 

105.9

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

105.9

 

Amortization of intangibles

 

 

9.2

 

 

 

14.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24.0

 

Income (loss) from operations

 

$

(140.2

)

 

$

88.8

 

 

$

6.9

 

 

$

(3.0

)

 

$

(64.5

)

 

$

(112.0

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.7

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

Pre-tax income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(128.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

$

41.4

 

 

$

7.4

 

 

$

0.8

 

 

$

—

 

 

$

0.6

 

 

$

50.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$

23.2

 

 

$

7.9

 

 

$

0.3

 

 

$

0.2

 

 

$

2.3

 

 

$

33.9

 

The following tables set forth net sales and tangible long-lived assets by geographic area where the Company operates. Tangible long-lived assets include property, plant and equipment and operating lease assets:

 

 

Fiscal Year Ended

 

 

 

May 2, 2026

 

 

May 3, 2025

 

 

April 27, 2024

 

(in millions)

 

(52 Weeks)

 

 

(53 Weeks)

 

 

(52 Weeks)

 

Net sales:

 

 

 

 

 

 

 

 

 

U.S.

 

$

378.3

 

 

$

445.2

 

 

$

475.6

 

Malta

 

 

204.2

 

 

 

202.0

 

 

 

179.5

 

Finland

 

 

69.1

 

 

 

58.2

 

 

 

66.5

 

China

 

 

124.3

 

 

 

125.9

 

 

 

196.3

 

Egypt

 

 

124.9

 

 

 

99.9

 

 

 

73.5

 

Other

 

 

118.4

 

 

 

116.9

 

 

 

123.1

 

Total net sales

 

$

1,019.2

 

 

$

1,048.1

 

 

$

1,114.5

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

May 2, 2026

 

 

May 3, 2025

 

 

 

 

Tangible long-lived assets, net:

 

 

 

 

 

 

 

 

 

U.S.

 

$

57.0

 

 

$

71.7

 

 

 

 

Malta

 

 

40.2

 

 

 

42.5

 

 

 

 

Egypt

 

 

52.0

 

 

 

45.9

 

 

 

 

China

 

 

21.0

 

 

 

22.6

 

 

 

 

Mexico

 

 

19.2

 

 

 

19.6

 

 

 

 

Belgium

 

 

20.3

 

 

 

20.3

 

 

 

 

Other

 

 

20.1

 

 

 

22.7

 

 

 

 

Total tangible long-lived assets, net

 

$

229.8

 

 

$

245.3