Stockholders' Equity and Noncontrolling Interests

9 Months Ended

Dec. 30, 2018

Stockholders' Equity and Noncontrolling Interests

Stockholders’ Equity and Noncontrolling Interests

Common Stock

The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended December 30, 2018:



Shares outstanding as of March 31, 2018	41,915,000
Purchase of treasury stock	(298,003	)
Shares issued towards purchase consideration of Alpha acquisition	1,177,630
Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes	253,081
Shares outstanding as of December 30, 2018	43,047,708

Treasury Stock

During the third quarter ended December 30, 2018, the Company purchased 298,003 shares for $25,000. The Company reissued 1,177,630 shares from its treasury stock to satisfy $100,000 of the total purchase consideration of $750,000, for the acquisition. At December 30, 2018 and March 31, 2018, the Company held 11,800,478 and 12,680,105 shares as treasury stock, respectively.

Accumulated Other Comprehensive Income (“AOCI ”)

The components of AOCI, net of tax, as of December 30, 2018 and March 31, 2018, are as follows:



	March 31, 2018			Before Reclassifications			Amounts Reclassified from AOCI		December 30, 2018
Pension funded status adjustment	$	(22,503	)	$	—		$	804	$	(21,699	)
Net unrealized (loss) gain on derivative instruments	(3,425		)	(7,806		)	7,364		(3,867		)
Foreign currency translation adjustment	(15,789		)	(101,452		)	—		(117,241		)
Accumulated other comprehensive (loss) income	$	(41,717	)	$	(109,258	)	$	8,168	$	(142,807	)

The following table presents reclassifications from AOCI during the third quarter ended December 30, 2018:



Components of AOCI	Amounts Reclassified from AOCI			Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships:
Net loss on cash flow hedging derivative instruments	$	6,103		Cost of goods sold
Tax benefit	(1,434		)
Net loss on derivative instruments, net of tax	$	4,669

Defined benefit pension costs:
Prior service costs and deferrals	$	345		Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 11
Tax benefit	(141		)
Net periodic benefit cost, net of tax	$	204

The following table presents reclassifications from AOCI during the third quarter ended December 31, 2017:



Components of AOCI	Amounts Reclassified from AOCI			Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships:
Net loss on cash flow hedging derivative instruments	$	(455	)	Cost of goods sold
Tax benefit	168
Net loss on derivative instruments, net of tax	$	(287	)

Defined benefit pension costs:
Prior service costs and deferrals	$	434		Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 11
Tax benefit	(103		)
Net periodic benefit cost, net of tax	$	331

The following table presents reclassifications from AOCI during the nine months ended December 30, 2018:




Components of AOCI	Amounts Reclassified from AOCI			Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships:
Net unrealized loss on derivative instruments	$	9,625		Cost of goods sold
Tax benefit	(2,261		)
Net unrealized loss on derivative instruments, net of tax	$	7,364

Defined benefit pension costs:
Prior service costs and deferrals	$	1,053		Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 11
Tax benefit	(249		)
Net periodic benefit cost, net of tax	$	804

The following table presents reclassifications from AOCI during the nine months quarter ended December 31, 2017:




Components of AOCI	Amounts Reclassified from AOCI			Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships:
Net loss on cash flow hedging derivative instruments	$	537		Cost of goods sold
Tax benefit	(199		)
Net loss on derivative instruments, net of tax	$	338

Defined benefit pension costs:
Prior service costs and deferrals	$	1,304		Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 11
Tax benefit	(308		)
Net periodic benefit cost, net of tax	$	996

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the nine months ended December 30, 2018:



	Equity Attributable to EnerSys Stockholders			Nonredeemable Noncontrolling Interests			Total Equity
Balance as of March 31, 2018	$	1,195,675		$	5,436		$	1,201,111
Total comprehensive income:
Net earnings	141,701			380			142,081
Net unrealized loss on derivative instruments, net of tax	(442		)	—			(442		)
Pension funded status adjustment, net of tax	804			—			804
Foreign currency translation adjustment	(101,452		)	(638		)	(102,090		)
Total other comprehensive loss, net of tax	(101,090		)	(638		)	(101,728		)
Total comprehensive income (loss)	40,611			(258		)	40,353
Other changes in equity:
Cash dividends - common stock ($0.525 per share)	(22,280		)	—			(22,280		)
Purchase of treasury stock	(25,000		)	—			(25,000		)
Reissuance of treasury stock, on LIFO basis, towards Alpha purchase consideration	86,463			—			86,463
Other, including activity related to equity awards	33,633			—			33,633
Balance as of December 30, 2018	$	1,309,102		$	5,178		$	1,314,280