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Stockholders' Equity and Noncontrolling Interests (Tables) | 6 Months Ended
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Oct. 02, 2022
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 six months ended October 2, 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 |  | 193,418 |
Shares outstanding as of October 2, 2022 |  | 40,821,711 |
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, as of October 2, 2022 and March 31, 2022, are as follows:
|  | March 31, 2022 |  | Before Reclassifications |  | Amounts Reclassified from AOCI |  | October 2, 2022
Pension funded status adjustment |  | $ | (12,637) |  |  | $ | — |  |  | $ | 170 |  |  | $ | (12,467) |
Net unrealized gain (loss) on derivative instruments |  | 2,963 |  |  | (6,062) |  |  | (56) |  |  | (3,155) |
Foreign currency translation adjustment (1) |  | (133,821) |  |  | (107,971) |  |  | — |  |  | (241,792) |
Accumulated other comprehensive (loss) income |  | $ | (143,495) |  |  | $ | (114,033) |  |  | $ | 114 |  |  | $ | (257,414) |
(1) Foreign currency translation adjustment for the six months ended October 2, 2022 includes a $28,882 gain (net of taxes of $8,813) related to the Company terminating its $300,000 cross-currency fixed interest rate swap contract on September 29, 2022, resulting in cash proceeds of $43,384.
Reclassification from Accumulated Other Comprehensive Income | The following table presents reclassifications from AOCI during the second quarter ended October 2, 2022:
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 |  | $ | 1,067 |  |  | Cost of goods sold
Tax benefit |  | (249) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 818 |  |  |
Derivatives in net investment hedging relationships: |  |  |  |
Net unrealized gain on derivative instruments |  | $ | (1,665) |  |  | Interest expense
Tax expense |  | 389 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (1,276) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 115 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (34) |  |  |
Net periodic benefit cost, net of tax |  | $ | 81 |  |  |
The following table presents reclassifications from AOCI during the six months ended October 2, 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 |  | $ | (74) |  |  | Cost of goods sold
Tax expense |  | 18 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (56) |  |  |
Derivatives in net investment hedging relationships: |  |  |  |
Net unrealized gain on derivative instruments |  | $ | (2,923) |  |  | Interest expense
Tax expense |  | 683 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (2,240) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 238 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (68) |  |  |
Net periodic benefit cost, net of tax |  | $ | 170 |  |  |
The following table presents reclassifications from AOCI during the second quarter ended October 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 |  | $ | (949) |  |  | Cost of goods sold
Tax expense |  | 222 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (727) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 302 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (69) |  |  |
Net periodic benefit cost, net of tax |  | $ | 233 |  |  |
The following table presents reclassifications from AOCI during the six months ended October 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 |  | $ | (3,248) |  |  | Cost of goods sold
Tax expense |  | 761 |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | (2,487) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 610 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit |  | (137) |  |  |
Net periodic benefit cost, net of tax |  | $ | 473 |  |  |
Schedule of Change in Stockholders Equity | The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended October 2, 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 |
Stock-based compensation |  | — |  |  | — |  |  | 6,534 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,534 |  |  | — |  |  | 6,534 |
Exercise of stock options |  | — |  |  | 1 |  |  | 114 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115 |  |  | — |  |  | 115 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (5,624) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,624) |  |  | — |  |  | (5,624) |
Contra equity - adjustment to indemnification receivable for acquisition related tax liability |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 963 |  |  | 963 |  |  | — |  |  | 963 |
Purchase of common stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | 28 |  |  | 276 |  |  | — |  |  | — |  |  | — |  |  | 304 |  |  | — |  |  | 304 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,472 |  |  | — |  |  | — |  |  | 34,472 |  |  | — |  |  | 34,472 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 174 |  |  | — |  |  | (7,312) |  |  | — |  |  | — |  |  | (7,138) |  |  | — |  |  | (7,138) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $34) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 81 |  |  | — |  |  | 81 |  |  | — |  |  | 81 |
Net unrealized gain (loss) on derivative instruments (net of tax of $647) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,116 |  |  | — |  |  | 2,116 |  |  | — |  |  | 2,116 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (55,961) |  |  | — |  |  | (55,961) |  |  | (214) |  |  | (56,175) |
Balance at October 2, 2022 |  | $ | — |  |  | $ | 559 |  |  | $ | 577,520 |  |  | $ | (741,510) |  |  | $ | 1,834,442 |  |  | $ | (257,414) |  |  | $ | (2,657) |  |  | $ | 1,410,940 |  |  | $ | 3,478 |  |  | $ | 1,414,418 |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended October 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, 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 |
Stock-based compensation |  | — |  |  | — |  |  | 5,765 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,765 |  |  | — |  |  | 5,765 |
Exercise of stock options |  | — |  |  | 1 |  |  | 770 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 771 |  |  | — |  |  | 771 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | (4,197) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,197) |  |  | — |  |  | (4,197) |
Contra equity - adjustment to indemnification receivable for acquisition related tax liability |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,354 |  |  | 1,354 |  |  | — |  |  | 1,354 |
Purchase of common stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | 52 |  |  | 174 |  |  | — |  |  | — |  |  | — |  |  | 226 |  |  | — |  |  | 226 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,626 |  |  | — |  |  | — |  |  | 35,626 |  |  | — |  |  | 35,626 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 185 |  |  | — |  |  | (7,641) |  |  | — |  |  | — |  |  | (7,456) |  |  | — |  |  | (7,456) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $69) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 233 |  |  | — |  |  | 233 |  |  | — |  |  | 233 |
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $683) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,233) |  |  | — |  |  | (2,233) |  |  | — |  |  | (2,233) |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,673) |  |  | — |  |  | (23,673) |  |  | 15 |  |  | (23,658) |
Balance at October 3, 2021 |  | $ | — |  |  | $ | 557 |  |  | $ | 556,202 |  |  | $ | (594,649) |  |  | $ | 1,734,057 |  |  | $ | (122,147) |  |  | $ | (4,001) |  |  | $ | 1,570,019 |  |  | $ | 3,838 |  |  | $ | 1,573,857 |

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