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Business Segments | 9 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company's three reportable segments, based on geographic regions, are as follows:
• | Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, USA;
• | EMEA, which includes Europe, the Middle East and Africa, with segment headquarters in Zug, Switzerland; and
• | Asia, which includes Asia, Australia and Oceania, with segment headquarters in Singapore.
Summarized financial information related to the Company's reportable segments for the third quarter and nine months ended December 29, 2019 and December 30, 2018, is shown below:
|  | Quarter ended |  | Nine months ended
|  | December 29, 2019 |  | December 30, 2018 |  | December 29, 2019 |  | December 30, 2018
Net sales by segment to unaffiliated customers |  |  |  |  |  |  |  |
Americas |  | $ | 503,061 |  |  | $ | 401,999 |  |  | $ | 1,545,110 |  |  | $ | 1,183,147 |
EMEA |  | 202,278 |  |  | 217,792 |  |  | 588,279 |  |  | 632,283 |
Asia |  | 58,359 |  |  | 60,231 |  |  | 172,676 |  |  | 195,984 |
Total net sales |  | $ | 763,698 |  |  | $ | 680,022 |  |  | $ | 2,306,065 |  |  | $ | 2,011,414 |
Net sales by product line |  |  |  |  |  |  |  |
Reserve power |  | $ | 448,181 |  |  | $ | 329,478 |  |  | $ | 1,310,846 |  |  | $ | 966,834 |
Motive power |  | 315,517 |  |  | 350,544 |  |  | 995,219 |  |  | 1,044,580 |
Total net sales |  | $ | 763,698 |  |  | $ | 680,022 |  |  | $ | 2,306,065 |  |  | $ | 2,011,414 |
Intersegment sales |  |  |  |  |  |  |  |
Americas |  | $ | 13,022 |  |  | $ | 7,208 |  |  | $ | 30,450 |  |  | $ | 20,954 |
EMEA |  | 40,236 |  |  | 26,354 |  |  | 114,959 |  |  | 93,480 |
Asia |  | 5,575 |  |  | 12,823 |  |  | 17,617 |  |  | 28,492 |
Total intersegment sales (1) |  | $ | 58,833 |  |  | $ | 46,385 |  |  | $ | 163,026 |  |  | $ | 142,926 |
Operating earnings by segment |  |  |  |  |  |  |  |
Americas |  | $ | 43,081 |  |  | $ | 37,961 |  |  | $ | 149,574 |  |  | $ | 134,003 |
EMEA |  | 12,608 |  |  | 17,659 |  |  | 41,614 |  |  | 48,691 |
Asia |  | 657 |  |  | 627 |  |  | 858 |  |  | 4,475 |
Inventory step up to fair value relating to acquisitions - Americas |  | (2,475 | ) |  | (3,747 | ) |  | (2,475 | ) |  | (3,747 | )
Inventory step up to fair value relating to acquisition - EMEA |  | (1,370 | ) |  | — |  |  | (1,370 | ) |  | — |
Restructuring charges - Americas |  | (1,322 | ) |  | (628 | ) |  | (2,448 | ) |  | (628 | )
Restructuring and other exit charges - EMEA |  | (7,706 | ) |  | (4,411 | ) |  | (9,032 | ) |  | (6,610 | )
Restructuring charges - Asia |  | (389 | ) |  | (353 | ) |  | (1,150 | ) |  | (1,014 | )
Inventory adjustment relating to exit activities - Asia |  | — |  |  | — |  |  | — |  |  | (526 | )
Fixed asset write-off relating to exit activities and other - Americas |  | — |  |  | — |  |  | (5,441 | ) |  | — |
Legal proceedings settlement income |  | — |  |  | 2,843 |  |  | — |  |  | 2,843 |
Total operating earnings (2) |  | $ | 43,084 |  |  | $ | 49,951 |  |  | $ | 170,130 |  |  | $ | 177,487 |
(1) Intersegment sales are presented on a cost-plus basis, which takes into consideration the effect of transfer prices between legal entities. (2) The Company does not allocate interest expense or other (income) expense to the reportable segments. Goodwill The changes in the carrying amount of goodwill by reportable segment during fiscal 2020 are as follows:
|  | Americas |  | EMEA |  | Asia |  | Total
Balance at March 31, 2019 |  | $ | 470,194 |  |  | $ | 143,269 |  |  | $ | 42,936 |  |  | $ | 656,399 |
Goodwill acquired during the period - NorthStar |  | 17,398 |  |  | 5,844 |  |  | — |  |  | 23,242 |
Purchase accounting adjustment - Alpha |  | (1,390 | ) |  | — |  |  | — |  |  | (1,390 | )
Foreign currency translation adjustment |  | 3,784 |  |  | (2,981 | ) |  | (3 | ) |  | 800 |
Balance as of December 29, 2019 |  | $ | 489,986 |  |  | $ | 146,132 |  |  | $ | 42,933 |  |  | $ | 679,051 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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