v3.26.1
Business Segments
 3 Months Ended
Jul. 05, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. Effective May 28, 2026, the Company realigned its reportable segments to better serve customers and enhance organizational focus. The Company realigned its previous four operating segments into three operating segments under ASC 280, Segment Reporting as follows:

•Network & Infrastructure Solutions (NIS) — providing power solutions and services to broadband, telecommunications, data center, and industrial utility customers.

•Industrial Mobility Solutions (IMS) — providing power for electric industrial forklifts, and other material handling equipment as well as transportation applications, primarily Class 8 trucks.

•Precision Power Solutions (PPS) — providing energy solutions primarily for military vehicles, advanced defense programs, soldier powering and autonomous systems.

The operating segments of NIS, IMS, and PPS also represent the Company's reportable segments under ASC 280, Segment Reporting. All prior comparative periods presented have been recast to conform to these changes.

The following table presents summarized financial information for the reportable segments at July 5, 2026 and June 29, 2025. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information.
Quarter ended
July 5, 2026
Network & Infrastructure SolutionsIndustrial Mobility Solutions Precision Power Solutions
Corporate and other unallocated (3)
Total
Net Sales by segment to unaffiliated customers (1)
$428,334 $406,851 $100,456 $— $935,641 
Less:
Other segment items(4)
$383,280 $369,181 $82,183 $834,644 
Segment income$45,054 $37,670 $18,273 $100,997 
Less:
Restructuring and other exit charges6,211 4,498 (1)10,708 
Amortization of intangible assets5,827 368 2,080 8,275 
Stock-based Compensation2,845 3,738 1,195 7,778 
Other16 34 598 648 
Total operating earnings (2)
$30,155 $29,032 $14,401 $77,826 $151,414 
Depreciation$8,390 $11,078 $2,752 $0 $22,220 
Capital Expenditures$4,867 $4,961 $1,986 $608 $12,422 
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3)     Corporate and other unallocated includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits and refunds of IEEPA tariffs recognized relating to amounts paid in prior periods. Also, included are start-up costs for exploration of a new lithium plant.
(4) Primarily includes cost of sales and operating expenses.

Quarter ended
June 29, 2025
Network & Infrastructure Solutions Industrial Mobility Solutions Precision Power Solutions
Corporate and other unallocated (3)
Total
Net Sales by segment to unaffiliated customers (1)
$391,371 $420,403 $81,250 $— $893,024 
Less:
Other segment items(4)
$361,411 $378,303 $68,882 $808,596 
Segment income$29,960 $42,100 $12,368 $84,428 
Less:
Restructuring and other exit charges1,054 4,808 — 5,862 
Amortization of intangible assets5,843 407 2,107 8,357 
Stock-based Compensation7,948 8,770 883 17,601 
Other1,032 754 1,399 3,185 
Total operating earnings (2)
$14,083 $27,361 $7,979 $37,057 $86,480 
Depreciation$7,308 $9,691 $1,526 $12 $18,537 
Capital Expenditures$13,822 $15,388 $2,217 $1,592 $33,019 
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3)     Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant.
(4) Primarily includes cost of sales and operating expenses.
Goodwill
Concurrent with the change in reporting segments effective May 28, 2026, goodwill was reassigned to the affected reporting units that have been identified within each operating segment, using a relative fair value approach outlined in ASC 350, Intangibles - Goodwill and Other.

The following table presents the amount of goodwill that has been reassigned to each of the Company's reportable segments as of May 28, 2026, using the relative fair value approach, as well as any changes in the carrying amount of goodwill by segment during the first quarter of fiscal 2027:
Energy SystemsMotive PowerSpecialtyNetwork & Infrastructure SolutionsIndustrial Mobility SolutionsPrecision Power SolutionsTotal
Balance at March 31, 2026
$255,722 $331,018 $165,684 $— $— $— $752,424 
Reassigned (255,722)(331,018)(165,684)255,722 362,341 134,361 — 
Foreign currency translation adjustment— — — (4,074)1,034 (1,170)(4,210)
Balance as of July 5, 2026
$— $— $— $251,648 $363,375 $133,191 $748,214