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Stockholders' Equity and Noncontrolling Interests | 3 Months Ended
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Jul. 04, 2021
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 first quarter ended July 4, 2021:
Shares outstanding as of March 31, 2021 |  | 42,753,020 |
Purchase of treasury stock |  | (329,008) |
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes |  | 87,124 |
Shares outstanding as of July 4, 2021 |  | 42,511,136 |
Treasury Stock During the first quarter ended July 4, 2021, the Company purchased 329,008 shares for $31,512 and did not purchase any shares during the first quarter ended July 5, 2020. At July 4, 2021 and March 31, 2021, the Company held 13,103,838 and 12,799,790 shares as treasury stock, respectively. During the first quarter ended July 4, 2021, the Company also issued 4,960 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 July 4, 2021 and March 31, 2021, are as follows:
|  | March 31, 2021 |  | Before Reclassifications |  | Amounts Reclassified from AOCI |  | July 4, 2021
Pension funded status adjustment |  | $ | (20,947) |  |  | $ | — |  |  | $ | 240 |  |  | $ | (20,707) |
Net unrealized gain (loss) on derivative instruments |  | 360 |  |  | 5,657 |  |  | (1,760) |  |  | 4,257 |
Foreign currency translation adjustment |  | (95,296) |  |  | 15,272 |  |  | — |  |  | (80,024) |
Accumulated other comprehensive (loss) income |  | $ | (115,883) |  |  | $ | 20,929 |  |  | $ | (1,520) |  |  | $ | (96,474) |
The following table presents reclassifications from AOCI during the first quarter ended July 4, 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 |  | $ | (2,299) |  |  | Cost of goods sold
Tax expense |  | 539 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (1,760) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 308 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (68) |  |  |
Net periodic benefit cost, net of tax |  | $ | 240 |  |  |
The following table presents reclassifications from AOCI during the first quarter ended July 5, 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 |  | $ | 4,082 |  |  | Cost of goods sold
Tax benefit |  | (966) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 3,116 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 377 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (86) |  |  |
Net periodic benefit cost, net of tax |  | $ | 291 |  |  |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter ended July 4, 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, 2021 |  | $ | — |  |  | $ | 555 |  |  | $ | 554,168 |  |  | $ | (563,481) |  |  | $ | 1,669,751 |  |  | $ | (115,883) |  |  | $ | (5,355) |  |  | $ | 1,539,755 |  |  | $ | 3,821 |  |  | $ | 1,543,576 |
Stock-based compensation |  | — |  |  | — |  |  | 3,659 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,659 |  |  | — |  |  | 3,659 |
Exercise of stock options |  | — |  |  | 1 |  |  | 386 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 387 |  |  | — |  |  | 387 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (4,803) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,803) |  |  | — |  |  | (4,803) |
Purchase of common stock |  | — |  |  | — |  |  | — |  |  | (31,512) |  |  | — |  |  | — |  |  | — |  |  | (31,512) |  |  | — |  |  | (31,512) |
Other |  | — |  |  | — |  |  | 44 |  |  | 170 |  |  | — |  |  | — |  |  | — |  |  | 214 |  |  | — |  |  | 214 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,929 |  |  | — |  |  | — |  |  | 43,929 |  |  | — |  |  | 43,929 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 173 |  |  | — |  |  | (7,608) |  |  | — |  |  | — |  |  | (7,435) |  |  | — |  |  | (7,435) |
Dissolution of joint venture |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  | (47) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $68) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 240 |  |  | — |  |  | 240 |  |  | — |  |  | 240 |
Net unrealized gain (loss) on derivative instruments (net of tax expense of $1,187) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,897 |  |  | — |  |  | 3,897 |  |  | — |  |  | 3,897 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,272 |  |  | — |  |  | 15,272 |  |  | 49 |  |  | 15,321 |
Balance at July 4, 2021 |  | $ | — |  |  | $ | 556 |  |  | $ | 553,627 |  |  | $ | (594,823) |  |  | $ | 1,706,072 |  |  | $ | (96,474) |  |  | $ | (5,355) |  |  | $ | 1,563,603 |  |  | $ | 3,823 |  |  | $ | 1,567,426 |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter and current quarter ended July 5, 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 |

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