XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.20.2

Business Segments | 6 Months Ended
--- | ---
Oct. 04, 2020
Segment Reporting [Abstract] |
Business Segments | Business Segments Effective April 1, 2020, the Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), changed the manner in which he reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis, rather than on geographic basis. As a result of this change, the Company re-evaluated the identification of its operating segments and reportable segments and identified the following as its three new operating segments, based on lines of business: •Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, renewable and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries. •Motive Power - power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, as well as mining equipment, diesel locomotive starting and other rail equipment; and •Specialty - premium starting, lighting and ignition applications in transportation, energy solutions for satellites, military aircraft, submarines, ships and other tactical vehicles, as well as medical and security systems. The new operating segments also represent the Company's reportable segments under ASC 280, Segment Reporting. All prior comparative periods presented have been recast to conform to these changes. Summarized financial information related to the Company's reportable segments for the second quarter and six months ended October 4, 2020 and September 29, 2019, is shown below:
|  | Quarter ended |  | Six months ended
|  | October 4, 2020 |  | September 29, 2019 |  | October 4, 2020 |  | September 29, 2019
Net sales by segment to unaffiliated customers |  |  |  |  |  |  |  |
Energy Systems |  | $ | 340,822 |  |  | $ | 342,925 |  |  | $ | 694,209 |  |  | $ | 696,818 |
Motive Power |  | 263,738 |  |  | 335,315 |  |  | 526,572 |  |  | 679,702 |
Specialty |  | 103,842 |  |  | 83,897 |  |  | 192,545 |  |  | 165,847 |
Total net sales |  | $ | 708,402 |  |  | $ | 762,137 |  |  | $ | 1,413,326 |  |  | $ | 1,542,367 |
Operating earnings by segment |  |  |  |  |  |  |  |
Energy Systems |  | $ | 22,997 |  |  | $ | 20,457 |  |  | $ | 45,082 |  |  | $ | 44,044 |
Motive Power |  | 24,149 |  |  | 34,531 |  |  | 51,425 |  |  | 71,629 |
Specialty |  | 11,388 |  |  | 10,004 |  |  | 16,634 |  |  | 20,027 |
Restructuring charges - Energy Systems |  | (1,331) |  |  | (622) |  |  | (1,843) |  |  | (1,732) |
Restructuring and other exit charges - Motive Power |  | (1,681) |  |  | (434) |  |  | (2,443) |  |  | (992) |
Restructuring and other exit charges - Specialty |  | (107) |  |  | 215 |  |  | (220) |  |  | (489) |
Fixed asset write-off relating to exit activities and other - Energy Systems |  | — |  |  | (50) |  |  | — |  |  | (50) |
Fixed asset write-off relating to exit activities and other - Motive Power |  | — |  |  | (5,380) |  |  | — |  |  | (5,380) |
Fixed asset write-off relating to exit activities - Specialty |  | — |  |  | (11) |  |  | — |  |  | (11) |
Total operating earnings (1) |  | $ | 55,415 |  |  | $ | 58,710 |  |  | $ | 108,635 |  |  | $ | 127,046 |
(1) The Company does not allocate interest expense or other (income) expense to the reportable segments. (2) The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information. (3) Reportable segments do not record inter-segment revenues and accordingly there are none to report. Goodwill Concurrent with the change in reporting segments effective April 1, 2020, goodwill was reassigned to the affected reporting units that have been identified within each operating segment, using a relative fair value approach outlined in ASC 350, Intangibles - Goodwill and Other. The following table presents the amount of goodwill that has been reassigned to each of the Company's reportable segments as of April 1, 2020, using the relative fair value approach, as well as any changes in the carrying amount of goodwill by segment during the six months of fiscal 2021:
|  | Energy Systems |  | Motive Power |  | Specialty |  | Total
Balance at March 31, 2020 |  | $ | 263,150 |  |  | $ | 308,497 |  |  | $ | 92,289 |  |  | $ | 663,936 |
Measurement period adjustments |  | 1,348 |  |  | — |  |  | 1,648 |  |  | 2,996 |
Foreign currency translation adjustment |  | 8,334 |  |  | 11,076 |  |  | 2,706 |  |  | 22,116 |
Balance as of October 4, 2020 |  | $ | 272,832 |  |  | $ | 319,573 |  |  | $ | 96,643 |  |  | $ | 689,048 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration