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Stockholders' Equity and Noncontrolling Interests (Tables)

9 Months Ended

Jan. 01, 2023

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 1, 2023:

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						215,931
Shares outstanding as of January 1, 2023						40,844,224

Components Of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, as of January 1, 2023 and March 31, 2022, are as follows:

						March 31, 2022						Before Reclassifications						Amounts Reclassified from AOCI						January 1, 2023
Pension funded status adjustment						$	(12,637)					$	—					$	254					$	(12,383)
Net unrealized gain (loss) on derivative instruments						2,963						2,841						1,847						7,651
Foreign currency translation adjustment (1)						(133,821)						(47,515)						—						(181,336)
Accumulated other comprehensive (loss) income						$	(143,495)					$	(44,674)					$	2,101					$	(186,068)

(1) Foreign currency translation adjustment for the nine months ended January 1, 2023 includes a $20,543 gain (net of taxes of $6,266) related to the Company's $300,000 and $150,000 cross-currency fixed interest rate swap contracts.

Reclassification from Accumulated Other Comprehensive Income

The following table presents reclassifications from AOCI during the third quarter ended January 1, 2023:

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						$	2,484					Cost of goods sold
Tax benefit						(581)
Net unrealized loss on derivative instruments, net of tax						$	1,903
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(360)					Interest expense
Tax expense						84
Net unrealized gain on derivative instruments, net of tax						$	(276)
Defined benefit pension costs:
Prior service costs and deferrals						$	118					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(34)
Net periodic benefit cost, net of tax						$	84

The following table presents reclassifications from AOCI during the nine months ended January 1, 2023:

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						$	2,411					Cost of goods sold
Tax benefit						(564)
Net unrealized loss on derivative instruments, net of tax						$	1,847
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(3,283)					Interest expense
Tax expense						767
Net unrealized gain on derivative instruments, net of tax						$	(2,516)
Defined benefit pension costs:
Prior service costs and deferrals						$	356					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(102)
Net periodic benefit cost, net of tax						$	254

The following table presents reclassifications from AOCI during the third quarter ended January 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						$	(5,521)					Cost of goods sold
Tax expense						1,294
Net unrealized gain on derivative instruments, net of tax						$	(4,227)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(88)					Interest expense
Tax expense						20
Net unrealized gain on derivative instruments, net of tax						$	(68)
Defined benefit pension costs:
Prior service costs and deferrals						$	285					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(69)
Net periodic benefit cost, net of tax						$	216

The following table presents reclassifications from AOCI during the nine months ended January 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						$	(8,769)					Cost of goods sold
Tax expense						2,055
Net unrealized loss on derivative instruments, net of tax						$	(6,714)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(88)					Interest expense
Tax expense						20
Net unrealized gain on derivative instruments, net of tax						$	(68)
Defined benefit pension costs:
Prior service costs and deferrals						$	895					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(206)
Net periodic benefit cost, net of tax						$	689

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 1, 2023:

(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

Stock-based compensation						—						—						6,906						—						—						—						—						6,906						—						6,906
Exercise of stock options						—						1						946						—						—						—						—						947						—						947
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(128)						—						—						—						—						(128)						—						(128)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability						—						—						—						—						—						—						194						194						—						194
Purchase of common stock						—						—						—						—						—						—						—						—						—						—
Other						—						—						(30)						314						—						—						—						284						—						284
Net earnings						—						—						—						—						44,410						—						—						44,410						—						44,410
Dividends ($0.175 per common share)						—						—						193						—						(7,333)						—						—						(7,140)						—						(7,140)
Other comprehensive income:																																																—												—
Pension funded status adjustment (net of tax benefit of $34)						—						—						—						—						—						84						—						84						—						84
Net unrealized gain (loss) on derivative instruments (net of tax of $3,298)						—						—						—						—						—						10,806						—						10,806						—						10,806
Foreign currency translation adjustment						—						—						—						—						—						60,456						—						60,456						109						60,565
Balance at January 1, 2023						$	—					$	560					$	585,407					$	(741,196)					$	1,871,519					$	(186,068)					$	(2,463)					$	1,527,759					$	3,587					$	1,531,346

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

Stock-based compensation						—						—						6,393						—						—						—						—						6,393						—						6,393
Exercise of stock options						—						—						115						—						—						—						—						115						—						115
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(120)						—						—						—						—						(120)						—						(120)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability						—						—						—						—						—						—						381						381						—						381
Purchase of common stock						—						—						—						(83,022)						—						—						—						(83,022)						—						(83,022)
Other						—						—						31						195						—						—						—						226						—						226
Net earnings						—						—						—						—						36,264						—						—						36,264						—						36,264
Dividends ($0.175 per common share)						—						—						184						—						(7,480)						—						—						(7,296)						—						(7,296)
Other comprehensive income:																																																—												—
Pension funded status adjustment (net of tax benefit of $69)						—						—						—						—						—						216						—						216						—						216
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $241)						—						—						—						—						—						(786)						—						(786)						—						(786)
Foreign currency translation adjustment						—						—						—						—						—						(18,270)						—						(18,270)						56						(18,214)
Balance at January 2, 2022						$	—					$	557					$	562,805					$	(677,476)					$	1,762,841					$	(140,987)					$	(3,620)					$	1,504,120					$	3,894					$	1,508,014

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
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-Name Accounting Standards Codification
-Topic 830
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-Section 45
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