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Stockholders' Equity and Noncontrolling Interests | 6 Months Ended
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Oct. 04, 2020
Equity [Abstract] |
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 six months ended October 4, 2020:
Shares outstanding as of March 31, 2020 |  | 42,323,305 |
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes |  | 251,888 |
Shares outstanding as of October 4, 2020 |  | 42,575,193 |
Treasury Stock During the six months ended October 4, 2020, the Company did not purchase any shares but purchased 581,140 shares for $34,561 during the six months ended September 29, 2019. At October 4, 2020 and March 31, 2020, the Company held 12,786,633 and 12,791,503 shares as treasury stock, respectively. During the six months ended October 4, 2020, the Company also issued 6,667 shares out of its treasury stock, valued at $62.55 per share, on a LIFO basis, to participants under the Company's Employee Stock Purchase Plan. Accumulated Other Comprehensive Income (“AOCI ”) The components of AOCI, net of tax, as of October 4, 2020 and March 31, 2020, are as follows:
|  | March 31, 2020 |  | Before Reclassifications |  | Amounts Reclassified from AOCI |  | October 4, 2020
Pension funded status adjustment |  | $ | (22,794) |  |  | $ | — |  |  | $ | 596 |  |  | $ | (22,198) |
Net unrealized (loss) gain on derivative instruments |  | (5,923) |  |  | (2,812) |  |  | 6,625 |  |  | (2,110) |
Foreign currency translation adjustment |  | (186,289) |  |  | 60,828 |  |  | — |  |  | (125,461) |
Accumulated other comprehensive (loss) income |  | $ | (215,006) |  |  | $ | 58,016 |  |  | $ | 7,221 |  |  | $ | (149,769) |
The following table presents reclassifications from AOCI during the second quarter ended October 4, 2020:
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 |  | $ | 4,597 |  |  | Cost of goods sold
Tax benefit |  | (1,088) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 3,509 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 391 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (86) |  |  |
Net periodic benefit cost, net of tax |  | $ | 305 |  |  |
The following table presents reclassifications from AOCI during the six months ended October 4, 2020:
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 |  | $ | 8,679 |  |  | Cost of goods sold
Tax benefit |  | (2,054) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 6,625 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 768 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (172) |  |  |
Net periodic benefit cost, net of tax |  | $ | 596 |  |  |
The following table presents reclassifications from AOCI during the second quarter ended September 29, 2019:
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 |  | $ | 3,110 |  |  | Cost of goods sold
Tax benefit |  | (736) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 2,374 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 296 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (59) |  |  |
Net periodic benefit cost, net of tax |  | $ | 237 |  |  |
The following table presents reclassifications from AOCI during the six months ended September 29, 2019:
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 |  | $ | 2,452 |  |  | Cost of goods sold
Tax benefit |  | (580) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 1,872 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 601 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (127) |  |  |
Net periodic benefit cost, net of tax |  | $ | 474 |  |  |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended October 4, 2020:
(In Thousands, Except Per Share Data) |  | Preferred Stock |  | Common Stock |  | Additional Paid-in Capital |  | Treasury Stock |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Contra-Equity |  | Total EnerSys Stockholders’ Equity |  | Non- redeemable Non- Controlling Interests |  | Total Equity
Balance at March 31, 2020 |  | $ | — |  |  | $ | 551 |  |  | $ | 529,100 |  |  | $ | (564,376) |  |  | $ | 1,556,980 |  |  | $ | (215,006) |  |  | $ | (6,724) |  |  | $ | 1,300,525 |  |  | $ | 3,537 |  |  | $ | 1,304,062 |
Stock-based compensation |  | — |  |  | — |  |  | 5,053 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,053 |  |  | — |  |  | 5,053 |
Exercise of stock options |  | — |  |  | 2 |  |  | 479 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 481 |  |  | — |  |  | 481 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (3,135) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,135) |  |  | — |  |  | (3,135) |
Other |  | — |  |  | — |  |  | (123) |  |  | 299 |  |  | — |  |  | — |  |  | — |  |  | 176 |  |  | — |  |  | 176 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,183 |  |  | — |  |  | — |  |  | 35,183 |  |  | — |  |  | 35,183 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 172 |  |  | — |  |  | (7,600) |  |  | — |  |  | — |  |  | (7,428) |  |  | — |  |  | (7,428) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $86) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 291 |  |  | — |  |  | 291 |  |  | — |  |  | 291 |
Net unrealized gain (loss) on derivative instruments (net of tax expense of $726) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,343 |  |  | — |  |  | 2,343 |  |  | — |  |  | 2,343 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,139 |  |  | — |  |  | 28,139 |  |  | 8 |  |  | 28,147 |
Balance at July 5, 2020 |  | $ | — |  |  | $ | 553 |  |  | $ | 531,546 |  |  | $ | (564,077) |  |  | $ | 1,584,563 |  |  | $ | (184,233) |  |  | $ | (6,724) |  |  | $ | 1,361,628 |  |  | $ | 3,545 |  |  | $ | 1,365,173 |
Stock-based compensation |  | — |  |  | — |  |  | 5,533 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,533 |  |  | — |  |  | 5,533 |
Exercise of stock options |  | — |  |  | 1 |  |  | 1,284 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,285 |  |  | — |  |  | 1,285 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (1,467) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,467) |  |  | — |  |  | (1,467) |
Contra equity - adjustment to indemnification receivable for acquisition related tax liability |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,451 |  |  | 1,451 |  |  | — |  |  | 1,451 |
Other |  | — |  |  | — |  |  | (7) |  |  | 224 |  |  | — |  |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,731 |  |  | — |  |  | — |  |  | 35,731 |  |  | — |  |  | 35,731 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 203 |  |  | — |  |  | (7,654) |  |  | — |  |  | — |  |  | (7,451) |  |  | — |  |  | (7,451) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $86) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 305 |  |  | — |  |  | 305 |  |  | — |  |  | 305 |
Net unrealized gain (loss) on derivative instruments (net of tax expense of $454) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,470 |  |  | — |  |  | 1,470 |  |  | — |  |  | 1,470 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,689 |  |  | — |  |  | 32,689 |  |  | 144 |  |  | 32,833 |
Balance at October 4, 2020 |  | $ | — |  |  | $ | 554 |  |  | $ | 537,092 |  |  | $ | (563,853) |  |  | $ | 1,612,640 |  |  | $ | (149,769) |  |  | $ | (5,273) |  |  | $ | 1,431,391 |  |  | $ | 3,689 |  |  | $ | 1,435,080 |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended September 29, 2019:
(In Thousands, Except Per Share Data) |  | Preferred Stock |  | Common Stock |  | Additional Paid-in Capital |  | Treasury Stock |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Contra-Equity |  | Total EnerSys Stockholders’ Equity |  | Non- redeemable Non- Controlling Interests |  | Total Equity
Balance at March 31, 2019 |  | $ | — |  |  | $ | 548 |  |  | $ | 512,696 |  |  | $ | (530,760) |  |  | $ | 1,450,325 |  |  | $ | (142,682) |  |  | $ | (7,840) |  |  | $ | 1,282,287 |  |  | $ | 3,730 |  |  | $ | 1,286,017 |
Stock-based compensation |  | — |  |  | — |  |  | 3,874 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,874 |  |  | — |  |  | 3,874 |
Exercise of stock options |  | — |  |  | 3 |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | — |  |  | 38 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (6,081) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,081) |  |  | — |  |  | (6,081) |
Purchase of common stock |  | — |  |  | — |  |  | — |  |  | (23,029) |  |  | — |  |  | — |  |  | — |  |  | (23,029) |  |  | — |  |  | (23,029) |
Other |  | — |  |  | — |  |  | (80) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (80) |  |  | — |  |  | (80) |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,636 |  |  | — |  |  | — |  |  | 48,636 |  |  | — |  |  | 48,636 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 133 |  |  | — |  |  | (7,632) |  |  | — |  |  | — |  |  | (7,499) |  |  | — |  |  | (7,499) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $68) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 237 |  |  | — |  |  | 237 |  |  | — |  |  | 237 |
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $720) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,329) |  |  | — |  |  | (2,329) |  |  | — |  |  | (2,329) |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,128) |  |  | — |  |  | (3,128) |  |  | (83) |  |  | (3,211) |
Balance at June 30, 2019 |  | $ | — |  |  | $ | 551 |  |  | $ | 510,577 |  |  | $ | (553,789) |  |  | $ | 1,491,329 |  |  | $ | (147,902) |  |  | $ | (7,840) |  |  | $ | 1,292,926 |  |  | $ | 3,647 |  |  | $ | 1,296,573 |
Stock-based compensation |  | — |  |  | — |  |  | 4,994 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,994 |  |  | — |  |  | 4,994 |
Exercise of stock options |  | — |  |  | — |  |  | (13) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | (13) |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (169) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (169) |  |  | — |  |  | (169) |
Purchase of common stock |  | — |  |  | — |  |  | — |  |  | (11,532) |  |  | — |  |  | — |  |  | — |  |  | (11,532) |  |  | — |  |  | (11,532) |
Contra equity - adjustment to indemnification receivable for acquisition related tax liability |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,002 |  |  | 2,002 |  |  | — |  |  | 2,002 |
Other |  | — |  |  | — |  |  | — |  |  | 213 |  |  | — |  |  | — |  |  | — |  |  | 213 |  |  | — |  |  | 213 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 62,698 |  |  | — |  |  | — |  |  | 62,698 |  |  | — |  |  | 62,698 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 209 |  |  | — |  |  | (7,608) |  |  | — |  |  | — |  |  | (7,399) |  |  | — |  |  | (7,399) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $59) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 237 |  |  | — |  |  | 237 |  |  | — |  |  | 237 |
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,112) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,586 |  |  | — |  |  | 3,586 |  |  | — |  |  | 3,586 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (32,068) |  |  | — |  |  | (32,068) |  |  | (131) |  |  | (32,199) |
Balance at September 29, 2019 |  | $ | — |  |  | $ | 551 |  |  | $ | 515,598 |  |  | $ | (565,108) |  |  | $ | 1,546,419 |  |  | $ | (176,147) |  |  | $ | (5,838) |  |  | $ | 1,315,475 |  |  | $ | 3,516 |  |  | $ | 1,318,991 |

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- References No definition available. + Details
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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