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Stockholders' Equity and Noncontrolling Interests (Tables) | 3 Months Ended
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Jul. 02, 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 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 |
Components Of Accumulated Other Comprehensive Income | 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.
Reclassification from Accumulated Other Comprehensive Income | 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 |  |  |
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 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 |

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