Stockholders' Equity and Noncontrolling Interests (Tables)

3 Months Ended

Jul. 03, 2022

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 first quarter ended July 3, 2022:


Shares outstanding as of March 31, 2022						40,986,658
Purchase of treasury stock						(358,365)

Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						24,578
Shares outstanding as of July 3, 2022						40,652,871

Components Of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, as of July 3, 2022 and March 31, 2022, are as follows:


	March 31, 2022		Before Reclassifications		Amounts Reclassified from AOCI		July 3, 2022
Pension funded status adjustment	$	(12,637)	$	—	$	89	$	(12,548)
Net unrealized gain (loss) on derivative instruments	2,963		(7,360)		(874)		(5,271)
Foreign currency translation adjustment (1)	(133,821)		(52,010)		—		(185,831)
Accumulated other comprehensive (loss) income	$	(143,495)	$	(59,370)	$	(785)	$	(203,650)

(1) Foreign currency translation adjustment for the first quarter ended July 3, 2022 includes a $17,115 gain (net of taxes of $5,222) relating to the net investment hedges entered into by the Company on December 23, 2021.

Reclassification from Accumulated Other Comprehensive Income

The following table presents reclassifications from AOCI during the first quarter ended July 3, 2022:


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	$	(1,141)	Cost of goods sold
Tax expense	267
Net unrealized gain on derivative instruments, net of tax	$	(874)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(1,258)	Interest expense
Tax expense	294
Net unrealized gain on derivative instruments, net of tax	$	(964)

Defined benefit pension costs:
Prior service costs and deferrals	$	123	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(34)
Net periodic benefit cost, net of tax	$	89

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

Schedule of Change in Stockholders Equity

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter ended July 3, 2022:


(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, 2022	$	—	$	557	$	571,464	$	(719,119)	$	1,783,586	$	(143,495)	$	(3,620)	$	1,489,373	$	3,902	$	1,493,275
Stock-based compensation	—		—		5,330		—		—		—		—		5,330		—		5,330
Exercise of stock options	—		1		—		—		—		—		—		1		—		1
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(633)		—		—		—		—		(633)		—		(633)
Purchase of common stock	—		—		—		(22,907)		—		—		—		(22,907)		—		(22,907)
Other	—		—		(41)		240		—		—		—		199		—		199
Net earnings	—		—		—		—		30,978		—		—		30,978		—		30,978
Dividends ($0.175 per common share)	—		—		174		—		(7,282)		—		—		(7,108)		—		(7,108)

Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $34)	—		—		—		—		—		89		—		89		—		89
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $2,514)	—		—		—		—		—		(8,234)		—		(8,234)		—		(8,234)
Foreign currency translation adjustment	—		—		—		—		—		(52,010)		—		(52,010)		(210)		(52,220)
Balance at July 3, 2022	$	—	$	558	$	576,294	$	(741,786)	$	1,807,282	$	(203,650)	$	(3,620)	$	1,435,078	$	3,692	$	1,438,770

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