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Stockholders' Equity and Noncontrolling Interests (Tables)

9 Months Ended

Jan. 03, 2021

Equity [Abstract]

Change In Number Of Shares Of Common Stock Outstanding

The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended January 3, 2021:

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						301,166
Shares outstanding as of January 3, 2021						42,624,471

Components Of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, as of January 3, 2021 and March 31, 2020, are as follows:

						March 31, 2020						Before Reclassifications						Amounts Reclassified from AOCI						January 3, 2021
Pension funded status adjustment						$	(22,794)					$	—					$	865					$	(21,929)
Net unrealized (loss) gain on derivative instruments						(5,923)						411						6,120						608
Foreign currency translation adjustment						(186,289)						113,580						—						(72,709)
Accumulated other comprehensive (loss) income						$	(215,006)					$	113,991					$	6,985					$	(94,030)

Reclassification from Accumulated Other Comprehensive Income

The following table presents reclassifications from AOCI during the third quarter ended January 3, 2021:

Components of AOCI						Amounts Reclassified from AOCI						Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments						$	(662)					Cost of goods sold
Tax expense						157
Net unrealized gain on derivative instruments, net of tax						$	(505)
Defined benefit pension costs:
Prior service costs and deferrals						$	355					Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit						(86)
Net periodic benefit cost, net of tax						$	269

The following table presents reclassifications from AOCI during the nine months ended January 3, 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						$	8,017					Cost of goods sold
Tax benefit						(1,897)
Net unrealized loss on derivative instruments, net of tax						$	6,120
Defined benefit pension costs:
Prior service costs and deferrals						$	1,123					Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit						(258)
Net periodic benefit cost, net of tax						$	865

The following table presents reclassifications from AOCI during the third quarter ended December 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 gain on derivative instruments						$	(1,570)					Cost of goods sold
Tax expense						372
Net unrealized gain on derivative instruments, net of tax						$	(1,198)
Defined benefit pension costs:
Prior service costs and deferrals						$	291					Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit						(71)
Net periodic benefit cost, net of tax						$	220

The following table presents reclassifications from AOCI during the nine months ended December 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						$	882					Cost of goods sold
Tax benefit						(208)
Net unrealized loss on derivative instruments, net of tax						$	674
Defined benefit pension costs:
Prior service costs and deferrals						$	892					Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit						(198)
Net periodic benefit cost, net of tax						$	694

Schedule of Change in Stockholders Equity

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended January 3, 2021:

(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
Stock-based compensation						—						—						6,396						—						—						—						—						6,396						—						6,396
Exercise of stock options						—						—						3,052						—						—						—						—						3,052						—						3,052
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(357)						—						—						—						—						(357)						—						(357)
Other						—						—						(1)						191						—						—						—						190						—						190
Net earnings						—						—						—						—						38,624						—						—						38,624						—						38,624
Dividends ($0.175 per common share)						—						—						203						—						(7,681)						—						—						(7,478)						19						(7,459)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)						—						—						—						—						—						269						—						269						—						269
Net unrealized gain (loss) on derivative instruments (net of tax expense of $845)						—						—						—						—						—						2,718						—						2,718						—						2,718
Foreign currency translation adjustment						—						—						—						—						—						52,752						—						52,752						149						52,901
Balance at January 3, 2021						$	—					$	554					$	546,385					$	(563,662)					$	1,643,583					$	(94,030)					$	(5,273)					$	1,527,557					$	3,857					$	1,531,414

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended December 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
Stock-based compensation						—						—						5,891						—						—						—						—						5,891						—						5,891
Exercise of stock options						—						—						480						—						—						—						—						480						—						480
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(31)						—						—						—						—						(31)						—						(31)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability						—						—						—						—						—						—						(769)						(769)						—						(769)
Other						—						—						—						231						—						—						—						231						—						231
Net earnings						—						—						—						—						27,305						—						—						27,305						—						27,305
Dividends ($0.175 per common share)						—						—						208						—						(7,609)						—						—						(7,401)						—						(7,401)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $71)						—						—						—						—						—						220						—						220						—						220
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,055)						—						—						—						—						—						(3,409)						—						(3,409)						—						(3,409)
Foreign currency translation adjustment						—						—						—						—						—						28,103						—						28,103						64						28,167
Balance at December 29, 2019						$	—					$	551					$	522,146					$	(564,877)					$	1,566,115					$	(151,233)					$	(6,607)					$	1,366,095					$	3,580					$	1,369,675

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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Tabular disclosure of the change in common stock outstanding.

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