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Acquisitions | 12 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisitions | Acquisitions The Company made no acquisitions in fiscal 2021. Acquisitions made in fiscal 2020 and fiscal 2019 are as follows: NorthStar On September 30, 2019, the Company completed the acquisition of N Holding, AB (“NorthStar”) for $77,777 in cash consideration and the assumption of $107,018 in debt, which was funded using existing cash and credit facilities. NorthStar, through its direct and indirect subsidiaries, manufactures and distributes thin plate pure lead (TPPL) batteries and battery enclosures. NorthStar has two large manufacturing facilities in Springfield, Missouri. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on valuations performed, trademarks were valued at $6,000, technology at $19,000, customer relationships at $9,000, and goodwill was recorded at $76,784. As a result of the change in operating segments discussed in Note 23, goodwill associated with the acquisition of NorthStar has been allocated to the Energy Systems and Specialty segments on a relative fair value basis. The useful lives of technology were estimated at 10 years, customer relationships were estimated at 15 to 18 years and trademarks were estimated at 5 years. Goodwill deductible for tax purposes is $68,522. During fiscal 2021, the Company finalized the measurement of all provisional amounts recognized in connection with the NorthStar business combination. The purchase accounting adjustments resulted in an increase to goodwill by $2,996 as a result of finalizing income tax accounting. The results of the NorthStar acquisition have been included in the Company’s results of operations from the date of acquisition. Pro forma earnings and earnings per share computations have not been presented as this acquisition is not considered material. Alpha On December 7, 2018, the Company completed the acquisition of all of the issued and outstanding common stock of Alpha Technologies Services, Inc. (“ATS”) and Alpha Technologies Ltd. (“ATL”), resulting in ATS and ATL becoming wholly-owned subsidiaries of the Company (the “Alpha share purchase”). Additionally, the Company acquired substantially all of the assets of Alpha Technologies Inc. and certain assets of Altair Advanced Industries, Inc. and other affiliates of ATS and ATL (all such sellers, together with ATS and ATL, “Alpha”), in each case in accordance with the terms and conditions of certain restructuring agreements (collectively, the “Alpha asset acquisition” and together with the Alpha share purchase, the “Alpha acquisition”). Based in Bellingham, Washington, Alpha is a global industry leader in comprehensive commercial-grade energy solutions for broadband, telecom, renewable, industrial and traffic customers around the world. The initial purchase consideration for the Alpha acquisition was $750,000, of which $650,000 was paid in cash and the balance was settled by issuing 1,177,630 shares of EnerSys common stock. These shares were issued out of the Company's treasury stock and were valued at $84.92 per share, which was based on the thirty-day volume weighted average stock price of the Company’s common stock at closing, in accordance with the purchase agreement. The 1,177,630 shares had a closing date fair value of $93,268, based upon the December 7, 2018, closing date spot rate of $79.20. The total purchase consideration, consisting of cash paid of $650,000, shares valued at $93,268 and an adjustment for working capital (due post - closing from seller of $766) was $742,502. The Company funded the cash portion of the Alpha acquisition with borrowings from the Amended Credit Facility as defined in Note 10. See Note 10 for additional information. The results of operations of Alpha have been included in the Company’s Energy Systems segment. For the period ended March 31, 2019, that EnerSys owned Alpha, the contribution of the acquisition to net sales was $162,454 and net loss of $1,252, excluding the effect of the transaction and integration costs, and interest expense on the debt to finance the acquisition. The Company finalized the measurement of all provisional amounts recognized for the Alpha business combination in fiscal 2020. The final amounts recognized in connection with the Alpha business combination are in the table below.
Accounts receivable |  | $ | 115,467 |
Inventories |  | 84,297 |
Other current assets |  | 6,822 |
Other intangible assets |  | 332,000 |
Property, plant and equipment |  | 20,987 |
Other assets |  | 9,005 |
Total assets acquired |  | $ | 568,578 |
Accounts payable |  | 35,803 |
Accrued liabilities |  | 41,918 |
Deferred income taxes |  | 54,941 |
Other liabilities |  | 12,642 |
Total liabilities assumed |  | $ | 145,304 |
Net assets acquired |  | $ | 423,274 |
Purchase price: |  |
Cash paid for net assets acquired |  | $ | 650,000 |
Fair value of shares issued for net assets acquired |  | 93,268 |
Working capital adjustment |  | (766) |
Total purchase consideration |  | 742,502 |
Less: Fair value of acquired identifiable assets and liabilities |  | 423,274 |
Goodwill |  | $ | 319,228 |
The following table summarizes the fair value of Alpha's identifiable intangible assets and their respective lives:
|  | Type |  | Life in Years |  | Fair Value
Trademarks |  | Indefinite-lived |  | Indefinite |  | $ | 56,000 |
Customer relationships |  | Finite-lived |  | 14 |  | 221,000 |
Technology |  | Finite-lived |  | 10 |  | 55,000 |
Total identifiable intangible assets |  |  |  |  |  | $ | 332,000 |
As of March 31, 2021, goodwill deductible for tax purposes relating to Alpha is $28,525. The following unaudited summary information is presented on a consolidated pro forma basis as if the acquisition had occurred on April 1, 2018:
|  | Fiscal year ended
|  | March 31, 2019
Net sales |  | $ | 3,250,332 |
Net earnings attributable to EnerSys stockholders |  | 181,915 |
Net earnings per share attributable to EnerSys stockholders - basic |  | 4.19 |
Net earnings per share attributable to EnerSys stockholders - assuming dilution |  | 4.12 |
The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Alpha acquisition been completed on April 1, 2018, nor are they indicative of future combined results. The pro forma results for the twelve months of fiscal 2019 exclude pre-tax transaction costs of $12,883, as well as the pre-tax amortization of the acquisition date step up to fair value of inventories of $7,263 as they are considered non-recurring in nature. The remeasurement of Alpha's deferred taxes due to the Tax Act are being excluded in arriving at these pro forma results.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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