XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.23.2

Stockholders' Equity and Noncontrolling Interests | 3 Months Ended
--- | ---
Jul. 02, 2023
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 current quarter ended July 2, 2023:
Shares outstanding as of March 31, 2023 |  | 40,901,059 |
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes |  | 128,975 |
Shares outstanding as of July 2, 2023 |  | 41,030,034 |
Treasury Stock During the first quarter ended July 2, 2023, the Company did not purchase any shares and purchased 358,365 shares for $22,907 the first quarter ended July 3, 2022. At July 2, 2023 and March 31, 2023, the Company held 15,099,676 and 15,103,554 shares as treasury stock, respectively. During the current quarter ended July 2, 2023, the Company also issued 3,878 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 2, 2023 and March 31, 2023, are as follows:
|  | March 31, 2023 |  | Before Reclassifications |  | Amounts Reclassified from AOCI |  | July 2, 2023
Pension funded status adjustment |  | $ | (4,423) |  |  | $ | — |  |  | $ | 20 |  |  | $ | (4,403) |
Net unrealized gain (loss) on derivative instruments |  | 1,411 |  |  | 4,771 |  |  | (2,985) |  |  | 3,197 |
Foreign currency translation adjustment (1) |  | (180,462) |  |  | 2,192 |  |  | — |  |  | (178,270) |
Accumulated other comprehensive (loss) income |  | $ | (183,474) |  |  | $ | 6,963 |  |  | $ | (2,965) |  |  | $ | (179,476) |
(1) Foreign currency translation adjustment for the current quarter ended July 2, 2023 includes a $2,224 gain (net of taxes of $678) related to the Company's $150,000 cross-currency fixed interest rate swap contract. The following table presents reclassifications from AOCI during the first quarter ended July 2, 2023:
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 |  | $ | (3,896) |  |  | Cost of goods sold
Tax expense |  | 911 |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | (2,985) |  |  |
Derivatives in net investment hedging relationships: |  |  |  |
Net unrealized gain on derivative instruments |  | $ | (112) |  |  | Interest expense
Tax expense |  | 26 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (86) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 29 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 12
Tax benefit |  | (9) |  |  |
Net periodic benefit cost, net of tax |  | $ | 20 |  |  |
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 12
Tax benefit |  | (34) |  |  |
Net periodic benefit cost, net of tax |  | $ | 89 |  |  |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter and current quarter ended July 2, 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, 2023 |  | $ | — |  |  | $ | 560 |  |  | $ | 596,464 |  |  | $ | (740,956) |  |  | $ | 1,930,148 |  |  | $ | (183,474) |  |  | $ | (2,463) |  |  | $ | 1,600,279 |  |  | $ | 3,602 |  |  | $ | 1,603,881 |
Stock-based compensation |  | — |  |  | — |  |  | 7,933 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,933 |  |  | — |  |  | 7,933 |
Exercise of stock options |  | — |  |  | 5 |  |  | 7,649 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,654 |  |  | — |  |  | 7,654 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchase of common stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | 65 |  |  | 214 |  |  | — |  |  | — |  |  | — |  |  | 279 |  |  | — |  |  | 279 |
Net earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 66,797 |  |  | — |  |  | — |  |  | 66,797 |  |  | — |  |  | 66,797 |
Dividends ($0.175 per common share) |  | — |  |  | — |  |  | 184 |  |  | — |  |  | (7,357) |  |  | — |  |  | — |  |  | (7,173) |  |  | — |  |  | (7,173) |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension funded status adjustment (net of tax benefit of $9) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Net unrealized gain (loss) on derivative instruments (net of tax expense of $544) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,786 |  |  | — |  |  | 1,786 |  |  | — |  |  | 1,786 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,192 |  |  | — |  |  | 2,192 |  |  | (190) |  |  | 2,002 |
Balance at July 2, 2023 |  | $ | — |  |  | $ | 565 |  |  | $ | 612,295 |  |  | $ | (740,742) |  |  | $ | 1,989,588 |  |  | $ | (179,476) |  |  | $ | (2,463) |  |  | $ | 1,679,767 |  |  | $ | 3,412 |  |  | $ | 1,683,179 |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter and current 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) |
Dissolution of joint venture |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration