METHODE ELECTRONICS INC Segments Disclosure
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 (“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 t 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/ |
|
|
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/ |
|
|
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/ |
|
|
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 |
|
|
|
|
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 24, 2026 | Showing above |
| 2025 | Jul 9, 2025 | |
| 2024 | Jul 11, 2024 | |
| 2023 | Jun 27, 2023 | |
| 2022 | Jun 23, 2022 | |
| 2021 | Jun 24, 2021 | |
| 2020 | Jun 30, 2020 | |
| 2019 | Jun 20, 2019 | |
| 2018 | Jun 21, 2018 | |
| 2017 | Jun 22, 2017 | |
| 2016 | Jun 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.