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Business Segments | 6 Months Ended
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Sep. 29, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments Effective April 1, 2023, the Company created a new line of business and operating segment named New Ventures in addition to the existing lines of businesses: Energy Systems, Motive Power, and Specialty. The results of New Ventures include start-up operating expenses captured within the "Corporate and other" category of operating earnings. New Ventures provides energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. Summarized financial information related to the Company's reportable segments for the second quarter and six months ended September 29, 2024 and October 1, 2023, is shown below:
|  | Quarter ended |  | Six months ended
|  | September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
Net sales by segment to unaffiliated customers (1) |  |  |  |  |  |  |  |
Energy Systems |  | $ | 382,091 |  |  | $ | 422,466 |  |  | $ | 743,142 |  |  | $ | 847,014 |
Motive Power |  | 366,744 |  |  | 355,206 |  |  | 732,899 |  |  | 705,987 |
Specialty |  | 134,834 |  |  | 123,361 |  |  | 260,544 |  |  | 256,601 |
Total net sales |  | $ | 883,669 |  |  | $ | 901,033 |  |  | $ | 1,736,585 |  |  | $ | 1,809,602 |
Operating earnings by segment |  |  |  |  |  |  |  |
Energy Systems |  | $ | 24,361 |  |  | $ | 25,563 |  |  | $ | 43,361 |  |  | $ | 55,212 |
Motive Power |  | 57,590 |  |  | 53,448 |  |  | 113,556 |  |  | 103,816 |
Specialty |  | 7,338 |  |  | 5,587 |  |  | 12,238 |  |  | 15,404 |
Corporate and other (2) |  | 25,281 |  |  | 18,894 |  |  | 51,106 |  |  | 36,297 |
Inventory step up to fair value relating to acquisitions - Specialty |  | (1,883) |  |  | — |  |  | (1,883) |  |  | — |
Inventory adjustment relating to exit activities - Specialty |  | — |  |  | — |  |  | — |  |  | (3,098) |
Restructuring and other exit charges - Energy Systems |  | (747) |  |  | (2,227) |  |  | (4,524) |  |  | (2,715) |
Restructuring and other exit charges - Motive Power |  | (1,088) |  |  | (3,479) |  |  | (2,483) |  |  | (5,038) |
Restructuring and other exit charges - Specialty |  | (389) |  |  | (1,528) |  |  | (1,155) |  |  | (5,790) |
Amortization - Energy Systems |  | (6,013) |  |  | (6,219) |  |  | (12,014) |  |  | (12,436) |
Amortization - Motive Power |  | (187) |  |  | (231) |  |  | (370) |  |  | (342) |
Amortization - Specialty |  | (1,952) |  |  | (702) |  |  | (2,654) |  |  | (1,404) |
Acquisition expense - Energy Systems |  | (5) |  |  | (8) |  |  | (11) |  |  | (13) |
Acquisition expense - Motive Power |  | (3) |  |  | (77) |  |  | (11) |  |  | (162) |
Acquisition expense - Specialty |  | (1,082) |  |  | — |  |  | (2,434) |  |  | — |
Integration costs - Energy Systems |  | (55) |  |  | (166) |  |  | (225) |  |  | (249) |
Integration costs - Motive Power |  | — |  |  | — |  |  | — |  |  | — |
Integration costs - Specialty |  | (1,779) |  |  | — |  |  | (1,779) |  |  | — |
Other - Energy Systems |  | — |  |  | (136) |  |  | — |  |  | (797) |
Other - Motive Power |  | — |  |  | (45) |  |  | — |  |  | (428) |
Other - Specialty |  | — |  |  | (60) |  |  | — |  |  | (198) |
Total operating earnings (3) |  | $ | 99,387 |  |  | $ | 88,614 |  |  | $ | 190,718 |  |  | $ | 178,059 |
(1) Reportable segments do not record inter-segment revenues and accordingly there are none to report. (2) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRA production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment. (3) The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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