Stockholders’ Equity

12 Months Ended

Mar. 31, 2021

Stockholders' Equity and Noncontrolling Interests [Abstract]

Preferred Stock and Common Stock

The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2021 and 2020, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance.

The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2019, 2020 and 2021, respectively:



Shares outstanding as of March 31, 2018			41,915,000
Purchase of treasury stock			(726,347)
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			254,467
Shares outstanding as of March 31, 2019			42,620,750
Purchase of treasury stock			(581,140)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes			283,695
Shares outstanding as of March 31, 2020			42,323,305
Purchase of treasury stock			—
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes			429,715
Shares outstanding as of March 31, 2021			42,753,020

Treasury Stock

The Company did not purchase any shares in fiscal 2021 but purchased 581,140 shares for $34,561 in fiscal 2020. In fiscal 2019, the Company purchased 726,347 shares of its common stock for $56,436. At March 31, 2021 and 2020, the Company held 12,799,790 and 12,791,503 shares as treasury stock, respectively.

Treasury Stock Reissuance

In fiscal 2019, the Company acquired Alpha. The initial purchase consideration for the 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. The 1,177,630 shares had a closing date fair value of $93,268. During fiscal 2021, fiscal 2020 and fiscal 2019, the Company also issued 13,465, 17,410 and 3,256 shares out of its treasury stock, respectively, 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, are as follows:


	Beginning Balance		Before Reclassifications		Amount Reclassified from AOCI		Ending Balance
March 31, 2021
Pension funded status adjustment	$	(22,794)	$	680	$	1,167	$	(20,947)
Net unrealized gain (loss) on derivative instruments	(5,923)		250		6,033		360
Foreign currency translation adjustment	(186,289)		90,993		—		(95,296)
Accumulated other comprehensive loss	$	(215,006)	$	91,923	$	7,200	$	(115,883)
March 31, 2020
Pension funded status adjustment	$	(20,791)	$	(2,819)	$	816	$	(22,794)
Net unrealized gain (loss) on derivative instruments	(130)		(6,672)		879		(5,923)
Foreign currency translation adjustment	(121,761)		(64,528)		—		(186,289)
Accumulated other comprehensive loss	$	(142,682)	$	(74,019)	$	1,695	$	(215,006)
March 31, 2019
Pension funded status adjustment	$	(22,503)	$	339	$	1,373	$	(20,791)
Net unrealized gain (loss) on derivative instruments	(3,425)		(8,396)		11,691		(130)
Foreign currency translation adjustment	(15,789)		(105,972)		—		(121,761)
Accumulated other comprehensive loss	$	(41,717)	$	(114,029)	$	13,064	$	(142,682)

The following table presents reclassifications from AOCI during the twelve months ended March 31, 2021:


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	$	7,903	Cost of goods sold
Tax benefit	(1,870)
Net unrealized loss on derivative instruments, net of tax	$	6,033

Defined benefit pension costs:
Prior service costs and deferrals	$	1,529	Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit	(362)
Net periodic benefit cost, net of tax	$	1,167

The following table presents reclassifications from AOCI during the twelve months ended March 31, 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	$	1,151	Cost of goods sold
Tax benefit	(272)
Net unrealized loss on derivative instruments, net of tax	$	879

Defined benefit pension costs:
Prior service costs and deferrals	$	1,098	Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit	(282)
Net periodic benefit cost, net of tax	$	816

The following table presents reclassifications from AOCI during the twelve months ended March 31, 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	$	15,281	Cost of goods sold
Tax benefit	(3,590)
Net unrealized loss on derivative instruments, net of tax	$	11,691

Defined benefit pension costs:
Prior service costs and deferrals	$	1,704	Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit	(331)
Net periodic benefit cost, net of tax	$	1,373