Financial Analysis

Note 12. Commitments and Contingencies Environmental matters The Company is not aware of any potential unasserted environmental claims that may be brought against us. The Company is involved in environmental investigations and/or remediation at two of its United States plant sites no longer used for operations and one currently operating site in Mexico. The Company uses environmental consultants to assist us in evaluating its environmental liabilities in order to establish appropriate accruals in its consolidated financial statements. Accruals are recorded when environmental remediation is probable and the costs can be reasonably estimated. A number of factors affect the cost of environmental remediation, including the determination of the extent of contamination, the length of time remediation may require, the complexity of environmental regulations, and the advancement of remediation technology. Considering these factors, the Company has estimated (without discounting) the costs of remediation. Recovery from insurance or other third parties is not anticipated. The Company is not yet able to determine when such remediation activity will be complete, but estimates for certain remediation efforts are projected through fiscal 2026. As of May 2, 2026 and May 3, 2025 , the Company had accruals, primarily based upon independent estimates, for environmental matters of $ 0.8 million and $ 1.0 million, respectively. The accrual as of May 2, 2026 consists of $ 0.5 million classified i …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 9. Retirement Benefits Defined contribution plans The Company has a defined contribution plan covering substantially all U.S. employees to which it makes contributions equal to 3 % of eligible compensation. In addition, certain of the Companys foreign subsidiaries also have defined contribution savings plans. Company contributions to these plans were $ 1.4 million, $ 1.5 million and $ 1.5 million in fiscal 2026, fiscal 2025 and fiscal 2024, respectively. Non-qualified deferred compensation plan The Company previously maintained a non-qualified deferred compensation plan (NQDC Plan) for certain eligible employees and members of the Board of Directors. Under the NQDC Plan, employees could have elected to defer up to 75 % of their annual base salary and 100 % of their annual cash incentive compensation, with an aggregate minimum deferral of $ 3,000 . Directors could have deferred all or a portion of their annual directors fees or annual stock awards. The minimum period of deferral was three years . Participants were immediately 100 % vested. The Company did no t make any contributions to the NQDC Plan. During the third quarter of fiscal year 2026, the Company terminated its deferred compensation plan and it is expected to be fully liquidated by January 2027. The deferred compensation liability for the NDQC Plan was $ 8.8 million and $ 9.7 million as of May 2, 2026 and May 3, 2025 , respectively. The Company has purchased life insurance policies on certain employees, which a …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Note 10. Debt A summary of debt is shown below: (in millions) May 2, 2026 May 3, 2025 Revolving credit facility $ 326.4 $ 319.4 Other debt 1.1 1.3 Unamortized debt issuance costs ( 2.5 ) ( 3.1 ) Total debt 325.0 317.6 Less: current maturities ( 0.2 ) ( 0.2 ) Total long-term debt $ 324.8 $ 317.4 Revolving credit facility On October 31, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the Credit Agreement) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein. On March 6, 2024, the Company entered into a First Amendment to Second Amended and Restated Credit Agreement (the First Amendment) and on July 9, 2024, the Company entered into a Second Amendment to Second Amended and Restated Credit Agreement and First Amendment to Second Amended and Restated Guaranty (the Second Amendment) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the other Lenders party thereto and other parties thereto. Among other things, the Second Amendment (i) reduced the revolving credit commitments from $ 750 million to $ 500 million (which commitments were subsequently further reduced, as discussed below), (ii) granted a security interest in substantially all of the personal property of the Company and its U.S. subsidiaries that are guarantors, including 100 % of the equity interests of their respective U.S. subsidiaries and 65 % …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"The following table shows disaggregated 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. Fiscal Year Ended May 2, 2026 (52 Weeks) (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 188.1 $ 184.2 $ 27.2 $ $ 399.5 Europe, the Middle East & Africa (""EMEA"") 246.5 211.1 457.6 Asia 33.1 129.0 162.1 Total net sales $ 467.7 $ 524.3 $ 27.2 $ $ 1,019.2 Fiscal Year Ended May 3, 2025 (53 Weeks) (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 237.1 $ 179.3 $ 51.8 $ $ 468.2 EMEA 239.5 177.8 417.3 Asia 32.3 130.3 162.6 Total net sales $ 508.9 $ 487.4 $ 51.8 $ $ 1,048.1 Fiscal Year Ended April 27, 2024 (52 Weeks) (in millions) Automotive Industrial Interface Medical Total Geographic net sales: North America $ 265.6 $ 186.2 $ 53.8 $ 2.3 $ 507.9 EMEA 216.2 174.2 390.4 Asia 116.4 99.7 0.1 216.2 Total net sales $ 598.2 $ 460.1 $ 53.8 $ 2.4 $ 1,114.5" …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 7. Goodwill and Other Intangible Assets Goodwill A summary of the changes in goodwill by reportable segment is as follows: (in millions) Automotive Industrial Total Balance as of April 29, 2023 $ 106.2 $ 195.7 $ 301.9 Acquisition ( 24.3 ) ( 24.3 ) Impairment ( 105.9 ) ( 105.9 ) Foreign currency translation ( 0.3 ) ( 1.5 ) ( 1.8 ) Gross balance 105.9 169.9 275.8 Accumulated impairment ( 105.9 ) ( 105.9 ) Balance as of April 27, 2024 169.9 169.9 Foreign currency translation 2.8 2.8 Gross balance 105.9 172.7 278.6 Accumulated impairment ( 105.9 ) ( 105.9 ) Balance as of May 3, 2025 172.7 172.7 Foreign currency translation 2.2 2.2 Gross balance 105.9 174.9 280.8 Accumulated impairment ( 105.9 ) ( 105.9 ) Balance as of May 2, 2026 $ $ 174.9 $ 174.9 A summary of goodwill by reporting unit is as follows: (in millions) May 2, 2026 May 3, 2025 Grakon Industrial $ 125.1 $ 124.7 Nordic Lights 48.2 46.4 Other 1.6 1.6 Total $ 174.9 $ 172.7 Fiscal 2026 Impairment Assessment At the beginning of the fourth quarter of fiscal 2026, the annual goodwill impairment assessment was completed. Based upon the results of the analyses, the estimated fair value of all reporting units with goodwill exceeded their carrying values. Refer to Note 8, Derivative Financial Instruments and Fair Value for further discussion of the valuation methodologies and related inputs, which are Company-specific, as observable inputs are not available (level 3). Fiscal 2025 Impairment Assessment At the beginning of the …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Note 11. Income Taxes Income tax provision The U.S. and foreign components of pre-tax income (loss) and income tax expense (benefit) are as follows: Fiscal Year Ended May 2, 2026 May 3, 2025 April 27, 2024 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Pre-tax income (loss): U.S. $ ( 90.7 ) $ ( 118.3 ) $ ( 199.4 ) Foreign 80.0 68.2 71.3 Total pre-tax income (loss) $ ( 10.7 ) $ ( 50.1 ) $ ( 128.1 ) Income tax expense (benefit): Current: U.S. (federal and state) $ 1.8 $ ( 4.0 ) $ 0.1 Foreign 21.9 22.0 16.6 Total current expense 23.7 18.0 16.7 Deferred: U.S. (federal and state) 0.3 ( 0.9 ) ( 17.9 ) Foreign 1.0 ( 4.6 ) ( 3.6 ) Total deferred benefit 1.3 ( 5.5 ) ( 21.5 ) Total income tax expense (benefit) $ 25.0 $ 12.5 $ ( 4.8 ) Effective May 4, 2025, the Company adopted ASU 2023-09 , ""Improvements to Income Tax Disclosures,"" on a prospective basis. In accordance with the categories required by the update, the reconciliation between the provision for income taxes calculated at the U.S. federal statutory income tax rate of 21 % and the consolidated provision for income taxes is shown below: Fiscal Year Ended May 2, 2026 (in millions) Amount Percent Benefit for income taxes at U.S. federal statutory income tax rate $ ( 2.3 ) 21.0 % Domestic federal tax effects Effect of cross-border tax laws Global intangible low-taxed income, net of foreign tax credit 17.7 ( 164.9 ) Other effect of cross-border tax laws 1.4 ( 12.9 ) Nontaxable or nondeductible items Compensation and benefits 1.5 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this ASU on May 2, 2026. See to Note 11, Income Taxes for the new required disclosures. New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. ASU 2024-03 requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU 2024-03 will become effective for the Companys annual periods beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its financial statement disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements . The amendments clarify and enhance certain aspects of the hedge accounting guidance in ASC Topic 815. ASU No. 2025-09 will become effective for the Companys annual periods beginning in fiscal 2028. The Company is currently evaluating the effects of this ASU on i …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 17. Related Party Transactions The Companys former Interim Chief Executive Officer, Kevin Nystrom, is a partner and managing director of AlixPartners, LLP (AlixPartners), a business advisory firm that provided a number of consulting services to the Company through the third quarter of fiscal 2025. The Companys former Interim Chief Financial Officer, David Rawden, is a director of AlixPartners. In fiscal 2026, fiscal 2025 and fiscal 2024 , the Company recognized zero , $ 9.8 million, and $ 1.4 million, respectively, of expense in selling and administrative expenses for consulting services provided by AlixPartners. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Note 4. Restructuring and Asset Impairment Charges Restructuring and impairment charges includes costs related to restructuring actions taken by the Company as well as long-lived asset impairments. The Company continually monitors market factors and industry trends and takes restructuring actions to reduce overall costs and improve operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments, and/or contract termination costs. Components of restructuring and asset impairment charges were as follows: Fiscal Year Ended May 2, 2026 May 3, 2025 April 27, 2024 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Employee termination benefits $ 3.8 $ 1.6 $ 1.3 Asset impairment charges 1.2 1.1 2.4 Total $ 5.0 $ 2.7 $ 3.7 The table below presents restructuring and asset impairment charges by reportable segment: Fiscal Year Ended May 2, 2026 May 3, 2025 April 27, 2024 (in millions) (52 Weeks) (53 Weeks) (52 Weeks) Automotive $ 1.8 $ 0.9 $ 0.7 Industrial 0.4 0.8 0.7 Interface 0.1 Medical 1.1 Eliminations/Corporate 2.8 1.0 1.1 Total $ 5.0 $ 2.7 $ 3.7 Recognized in: Cost of products sold $ 0.8 $ 1.1 $ 1.7 Selling and administrative expenses 4.2 1.6 2.0 $ 5.0 $ 2.7 $ 3.7 The Companys restructuring liability was $ 1.0 million and $ 0.7 million as of May 2, 2026 and May 3, 2025, respectively. Estimates of restructuring costs are based on information available at the time such charges are recorded. …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"Note 2. Revenue The Company generates revenue from manufacturing products for its customers in diversified global markets under multi-year programs. Typically, these programs do not contain a firm commitment by the customer for volume or price and do not reach the level of a performance obligation until the Company receives either a purchase order and/or a materials release from the customer for a specific quantity at a specified price, at which point an enforceable contract exists. Contracts may also provide for annual price reductions over the production life of a program, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors. The majority of the Companys revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control 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 such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customers usage. The Companys revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs associated with spot purchases of raw materials and premium freight incurred in fulfillin …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Companys 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 12. Contingencies Certain litigation arising in the normal course of business is pending against us. The Company is, from time-to-time, subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters, environmental matters and intellectual property matters. The Company has established loss provisions for matters in which losses are deemed probable and reasonably estimable. The Company considers insurance coverage and third-party indemnification, among other things, when determining required accruals for pending litigation and claims. Although the outcome of potential legal actions and claims cannot be predicted with certainty, it is the Company's opinion, based on the information available, that it has adequate reserves for these liabilities. However, the ultimate outcome of any matter could require payment in excess of any amount that the Company may have accrued. Stockholder Litigation On August 26, 2024, a putative class action lawsuit on behalf of purchasers of Company common stock between June 23, 2022 and March 6, 2024, inclusive, entitled Marie Salem v. Methode Electronics, Inc. et al. was filed in the U.S. District Court for the Northern District of Illinois against the Company, a former Chief Executive Officer, President and director of the Company and a former Chief Financial Officer of the Company. The complaint alleges, among other things, that the defendan …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 8. Debt A summary of debt is shown below: (in millions) January 31, 2026 May 3, 2025 Revolving credit facility $ 342.6 $ 319.4 Other debt 1.2 1.3 Unamortized debt issuance costs ( 2.9 ) ( 3.1 ) Total debt 340.9 317.6 Less: current maturities ( 0.2 ) ( 0.2 ) Total long-term debt $ 340.7 $ 317.4 Revolving credit facility On October 31, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the Credit Agreement) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein. On March 6, 2024, the Company entered into a First Amendment to Second Amended and Restated Credit Agreement (the First Amendment) and on July 9, 2024, the Company entered into a Second Amendment to Second Amended and Restated Credit Agreement and First Amendment to Second Amended and Restated Guaranty (the Second Amendment) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the other Lenders party thereto and other parties thereto. On July 7, 2025, the Company entered into a Third Amendment to Second Amended and Restated Credit Agreement (the Third Amendment) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the other Lenders party thereto and other parties thereto. Among other things, the Third Amendment (i) reduced the revolving credit commitments from $ 500 million to $ 400 million, (ii) elim …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"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 January 31, 2026 (13 Weeks) (in millions) Automotive Industrial Interface Total Geographic net sales: North America $ 40.3 $ 39.1 $ 5.0 $ 84.4 Europe, the Middle East & Africa (""EMEA"") 58.0 49.5 107.5 Asia 7.9 33.9 41.8 Total net sales $ 106.2 $ 122.5 $ 5.0 $ 233.7 Three Months Ended February 1, 2025 (13 Weeks) (in millions) Automotive Industrial Interface Total Geographic net sales: North America $ 51.8 $ 38.6 $ 12.3 $ 102.7 EMEA 55.9 41.4 97.3 Asia 8.0 31.9 39.9 Total net sales $ 115.7 $ 111.9 $ 12.3 $ 239.9 Nine Months Ended January 31, 2026 (39 Weeks) (in millions) Automotive Industrial Interface Total Geographic net sales: North America $ 117.1 $ 126.6 $ 25.4 $ 269.1 EMEA 180.2 149.9 330.1 Asia 25.5 96.4 121.9 Total net sales $ 322.8 $ 372.9 $ 25.4 $ 721.1 Nine Months Ended February 1, 2025 (40 Weeks) (in millions) Automotive Industrial Interface Total Geographic net sales: North America $ 187.8 $ 133.8 $ 40.2 $ 361.8 EMEA 181.7 129.5 311.2 Asia 26.5 91.5 118.0 Total net sales $ 396.0 $ 354.8 $ 40.2 $ 791.0" …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 6. Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. A summary of the changes in the carrying amount of goodwill by reportable segment is as follows: (in millions) Automotive Industrial Total Net Goodwill Balance as of May 3, 2025 $ $ 172.7 $ 172.7 Gross Goodwill Balance as of May 3, 2025 105.9 172.7 278.6 Foreign Currency Translation 2.8 2.8 Gross Goodwill Balance as of January 31, 2026 105.9 175.5 281.4 Accumulated impairment ( 105.9 ) ( 105.9 ) Net Goodwill Balance as of January 31, 2026 $ $ 175.5 $ 175.5 A summary of goodwill by reporting unit is as follows: (in millions) January 31, 2026 May 3, 2025 Grakon Industrial $ 125.1 $ 124.7 Nordic Lights 48.7 46.4 Other 1.7 1.6 Total $ 175.5 $ 172.7 The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the fourth quarter each fiscal year. In addition, the Company continuously monitors for events and circumstances that could negatively affect the key assumptions used in determining fair value and therefore require interim goodwill impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No impairment indicators were identified in the third quarter of …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 4. Income Taxes For the three and nine months ended January 31, 2026, the Company utilized the discrete effective tax rate method, treating the year-to-date period as if it was the annual period to calculate its interim income tax provision. The Company concluded it could not use the estimated annual effective tax rate method as it could not calculate a reliable estimate of the annual effective tax rate due to it being highly sensitive to minor changes in the forecasted amounts, thus generating significant variability in the estimated annual effective tax rate and distorting the customary relationship between income tax expense and pre-tax loss in interim periods. The Companys income tax expense and effective tax rate for the three and nine months ended January 31, 2026 and February 1, 2025 were as follows: Three Months Ended Nine Months Ended January 31, 2026 February 1, 2025 January 31, 2026 February 1, 2025 ($ in millions) (13 Weeks) (13 Weeks) (39 Weeks) (40 Weeks) Pre-tax income (loss) $ ( 13.1 ) $ ( 8.2 ) $ ( 23.4 ) $ ( 19.7 ) Income tax expense 2.8 6.2 12.7 14.6 Effective tax rate ( 21.4 )% ( 75.6 )% ( 54.3 )% ( 74.1 )% The effective tax rate for the three and nine months ended January 31, 2026 differs from the U.S. federal statutory tax rate of 21 % primarily due to an increase in a valuation allowance for U.S. deferred tax assets of $ 2.4 million and $ 6.4 million, respectively, and an unfavorable effect from global intangible low-tax income (GILTI) and non-dedu …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The Company will include the disclosures required under ASU No. 2023-09 in its Annual Report on Form 10-K for the fiscal year ending May 2, 2026. The Company expects the adoption to only affect its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. ASU No. 2024-03 requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU No. 2024-03 will become effective for the Companys annual periods beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the effects of this ASU on its financial statement disclosures. In November 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements . The amendments clarify and enhance certain aspects of the hedge accounting guidance in ASC Topic 815. AS …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 13. Related Party Transactions The Companys former Interim Chief Financial Officer, David Rawden, was a director of AlixPartners, LLP (AlixPartners), a business advisory firm that provided a number of consulting services to the Company. The Companys former Interim Chief Executive Officer, Kevin Nystrom, was a partner and managing director of AlixPartners. In the nine months ended January 31, 2026 , the Company recognized no expense for consulting services provided by AlixPartners. In the three and nine months ended February 1, 2025, the Company recognized $ 0.9 million and $ 9.8 million, respectively, of expense for consulting services provided by AlixPartners. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Note 3. Restructuring and Asset Impairment Charges Restructuring and asset impairment charges include costs related to restructuring actions taken by the Company as well as long-lived asset impairments. The Company continually monitors market factors and industry trends and may take restructuring actions to reduce overall costs and improve operational profitability as appropriate. Restructuring actions generally result in charges for employee termination benefits, plant closures, asset impairments, and contract termination costs. Components of restructuring and asset impairment charges were as follows: Three Months Ended Nine Months Ended January 31, 2026 February 1, 2025 January 31, 2026 February 1, 2025 (in millions) (13 Weeks) (13 Weeks) (39 Weeks) (40 Weeks) Employee termination benefits $ 0.4 $ $ 2.3 $ 0.3 Asset impairment charges 0.1 0.4 Total $ 0.4 $ $ 2.4 $ 0.7 The table below presents restructuring and asset impairment charges by reportable segment. Three Months Ended Nine Months Ended January 31, 2026 February 1, 2025 January 31, 2026 February 1, 2025 (in millions) (13 Weeks) (13 Weeks) (39 Weeks) (40 Weeks) Automotive $ $ $ 1.2 $ 0.3 Industrial 0.2 0.3 0.1 Interface Eliminations/Corporate 0.2 0.9 0.3 Total $ 0.4 $ $ 2.4 $ 0.7 Recognized in: Cost of products sold $ $ $ 0.1 $ 0.4 Selling and administrative expenses 0.4 2.3 0.3 $ 0.4 $ $ 2.4 $ 0.7 The Companys restructuring liability was $ 0.4 and $ 0.7 million as of January 31, 2026 and May 3, 2025 , respectively. Es …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"Note 2. Revenue The Company generates revenue from manufacturing products for customers in diversified global markets under multi-year programs. Typically, these programs do not contain a firm commitment by the customer for volume or price and do not reach the level of a performance obligation until the Company receives either a purchase order and/or a materials release from the customer for a specific quantity at a specified price, at which point an enforceable contract exists. Contracts may also provide for annual price reductions over the production life of a program, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors. The majority of the Companys revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control 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 such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customers usage. The Companys revenue also includes customer cost recoveries, which represent reimbursements the Company receives from customers for incremental costs incurred in fulfilling its performance obligation to the customer. Given these cost recoverie …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 11. 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 Companys Chief Executive Officer (CEO). 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 overhead and center consoles, hidden and ergonomic switches, transmission lead-frames, insert molded components, LED-based lighting and sensors, which incorporate magneto-elastic sensing and other sensing technologies that monitor the operation or status of a component or system. 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 so …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 14. Subsequent Events Sale of a Business On March 5, 2026, the Company entered into and closed on an asset purchase agreement with a third party (the Buyer) pursuant to which the Company sold substantially all of the assets of its dataMate business (the Transaction). The aggregate consideration for the Transaction consists of a purchase price of approximately $ 16.4 million, subject to customary working capital adjustments. The Transaction also includes customary representations, warranties, covenants, and indemnification provisions. Due to the proximity of the closing date of the Transaction with the date of the filing of this Quarterly Report on Form 10-Q, the initial accounting for the Transaction, including the determination of the final purchase price adjustment and the allocation of the consideration, is not yet completed. Based on preliminary estimates, the Company expects to record a gain on the sale in the range of $ 9.0 million to $ 10.5 million. Proceeds from the transaction are expected to be used for general corporate purposes, including debt reduction and working capital needs. Sale of Assets The Company finalized a purchase and sale agreement to sell one of its locations to a third party for a purchase price of $ 4.7 million, which is subject to satisfaction of customary closing conditions and the relocation of the dataMate business. Accordingly, the property has not been classified as held for sale as of January 31, 2026. The net book value of this locati …

SubsequentEventsTextBlock · excerpt; the full note is in the filing