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Business Segments | 12 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company identifies the following as its four operating segments, based on lines of business: •Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, data center, and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries. •Motive Power - power for electric industrial forklifts, AGVs other material handling equipment used in manufacturing, and warehousing operations, as well as equipment used in floor care, mining, rail and airport ground support applications. •Specialty - premium starting, lighting and ignition applications in transportation, energy solutions for satellites, spacecraft, commercial aircraft, military, aircraft, submarines, ships, other tactical vehicles, defense applications and portable power solutions for soldiers in the field, as well as medical devices and equipment. •New Ventures - energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. The operating segments of Energy Systems, Motive Power, and Specialty also represent the Company's reportable segments under ASC 280, Segment Reporting. The results of New Ventures include start-up and operating expenses captured within the "Corporate and other" category of operating earnings. Summarized financial information related to the Company’s reportable segments at March 31, 2025, 2024 and 2023 and for each of the fiscal years then ended is shown below.
| Twelve months ended
| March 31, 2025
| Energy Systems |  | Motive Power |  | Specialty |  |  |  | Total
Net Sales by segment to unaffiliated customers | $ | 1,531,169 |  |  | $ | 1,484,117 |  |  | $ | 593,488 |  |  |  |  | $ | 3,608,774 |
Net sales from corporate and other |  |  |  |  |  |  |  |  | 8,805 |
Total Net Sales |  |  |  |  |  |  |  |  | $ | 3,617,579 |
Less: |  |  |  |  |  |  |  |  |
Other segment items(4) | $ | 1,427,963 |  |  | $ | 1,251,362 |  |  | $ | 556,534 |  |  |  |  | $ | 3,244,664 |
Segment income | $ | 103,206 |  |  | $ | 232,755 |  |  | $ | 36,954 |  |  |  |  | $ | 372,915 |
Less: |  |  |  |  |  |  |  |  |
Inventory adjustment relating to exit activities | 274 |  |  | — |  |  | 3,335 |  |  |  |  | 3,609 |
Restructuring and other exit charges | 5,994 |  |  | 5,719 |  |  | 2,715 |  |  |  |  | 14,428 |
Loss on assets held for sale | — |  |  | 4,634 |  |  | — |  |  |  |  | 4,634 |
Amortization of intangible assets | 23,620 |  |  | 685 |  |  | 7,500 |  |  |  |  | 31,805 |
Acquisition expense | 11 |  |  | 11 |  |  | 2,476 |  |  |  |  | 2,498 |
Integration costs | (96) |  |  | — |  |  | 4,086 |  |  |  |  | 3,990 |
Other | 673 |  |  | 1,574 |  |  | 110 |  |  |  |  | 2,357 |
Total operating earnings by segment | $ | 72,730 |  |  | $ | 220,132 |  |  | $ | 16,732 |  |  |  |  | $ | 309,594 |
Corporate and other(3) |  |  |  |  |  |  |  |  | $ | 155,092 |
Operating earnings(2) |  |  |  |  |  |  |  |  | $ | 464,686 |
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report. (2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments. (3) 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. (4) Primarily includes cost of sales and operating expenses
| Twelve months ended
| March 31, 2024
| Energy Systems |  | Motive Power |  | Specialty |  | Total
Net Sales by segment to unaffiliated customers | $ | 1,590,023 |  |  | $ | 1,456,181 |  |  | $ | 535,667 |  |  | $ | 3,581,871 |
Net sales from corporate and other |  |  |  |  |  |  | — |
Total Net Sales |  |  |  |  |  |  | $ | 3,581,871 |
Less: |  |  |  |  |  |  |
Other segment items(4) | $ | 1,503,068 |  |  | $ | 1,241,531 |  |  | $ | 504,301 |  |  | $ | 3,248,900 |
Segment income | $ | 86,955 |  |  | $ | 214,650 |  |  | $ | 31,366 |  |  | $ | 332,971 |
Less: |  |  |  |  |  |  |
Inventory adjustment relating to exit activities | 17,075 |  |  | — |  |  | 3,098 |  |  | 20,173 |
Restructuring and other exit charges | 8,840 |  |  | 11,697 |  |  | 7,566 |  |  | 28,103 |
Impairment of indefinite-lived intangibles | 13,619 |  |  | — |  |  | — |  |  | 13,619 |
Legal proceedings charge, net | 3,705 |  |  | — |  |  | — |  |  | 3,705 |
Amortization of intangible assets | 24,503 |  |  | 683 |  |  | 2,808 |  |  | 27,994 |
Acquisition expense | 16 |  |  | 185 |  |  | — |  |  | 201 |
Integration costs | 420 |  |  | — |  |  | — |  |  | 420 |
Other | 3,304 |  |  | 847 |  |  | 295 |  |  | 4,446 |
Total operating earnings by segment | $ | 15,473 |  |  | $ | 201,238 |  |  | $ | 17,599 |  |  | $ | 234,310 |
Corporate and other(3) |  |  |  |  |  |  | $ | 117,260 |
Operating earnings(2) |  |  |  |  |  |  | $ | 351,570 |
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report. (2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments. (3) 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. (4) Primarily includes cost of sales and operating expenses
| Twelve months ended
| March 31, 2023
| Energy Systems |  | Motive Power |  | Specialty |  | Total
Net Sales by segment to unaffiliated customers | $ | 1,738,195 |  |  | $ | 1,451,244 |  |  | $ | 519,140 |  |  | $ | 3,708,579 |
Net sales from corporate and other |  |  |  |  |  |  | — |
Total Net Sales |  |  |  |  |  |  | $ | 3,708,579 |
Less: |  |  |  |  |  |  |
Other segment items(4) | $ | 1,647,795 |  |  | $ | 1,271,272 |  |  | $ | 478,653 |  |  | $ | 3,397,720 |
Segment income | $ | 90,400 |  |  | $ | 179,972 |  |  | $ | 40,487 |  |  | $ | 310,859 |
Less: |  |  |  |  |  |  |
Inventory adjustment relating to exit activities | (211) |  |  | 892 |  |  | — |  |  | 681 |
Restructuring and other exit charges | 1,441 |  |  | 12,864 |  |  | 2,134 |  |  | 16,439 |
Impairment of indefinite-lived intangibles | 100 |  |  | — |  |  | 380 |  |  | 480 |
Amortization of intangible assets | 27,383 |  |  | 441 |  |  | 2,923 |  |  | 30,747 |
Acquisition expense | 87 |  |  | 317 |  |  | — |  |  | 404 |
Integration costs | 138 |  |  | — |  |  | — |  |  | 138 |
Other | 487 |  |  | 310 |  |  | 95 |  |  | 892 |
Total operating earnings by segment | $ | 60,975 |  |  | $ | 165,148 |  |  | $ | 34,955 |  |  | $ | 261,078 |
Corporate and other(3) |  |  |  |  |  |  | $ | 17,283 |
Operating earnings(2) |  |  |  |  |  |  | $ | 278,361 |
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report. (2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments. (3) 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. (4) Primarily includes cost of sales and operating expenses
|  | Fiscal year ended March 31,
|  | 2025 |  | 2024 |  | 2023
Capital Expenditures |  |  |  |  |  |
Energy Systems |  | $ | 39,167 |  |  | $ | 33,626 |  |  | $ | 37,249 |
Motive Power |  | 22,758 |  |  | 17,115 |  |  | 16,373 |
Specialty |  | 47,016 |  |  | 35,596 |  |  | 35,150 |
Other |  | 12,097 |  |  | 100 |  |  | — |
Total |  | $ | 121,038 |  |  | $ | 86,437 |  |  | $ | 88,772 |
Depreciation and Amortization |  |  |  |  |  |
Energy Systems |  | $ | 50,443 |  |  | $ | 49,469 |  |  | $ | 52,034 |
Motive Power |  | 23,695 |  |  | 23,690 |  |  | 22,404 |
Specialty |  | 26,706 |  |  | 18,762 |  |  | 16,715 |
Other |  | 32 |  |  | 100 |  |  | — |
Total |  | $ | 100,876 |  |  | $ | 92,021 |  |  | $ | 91,153 |
The Company's property, plant and equipment by reportable segments as of March 31, 2025 and 2024 are as follows:
|  | March 31, 2025 |  | March 31, 2024
Property, plant and equipment, net |  |  |  |
Energy Systems |  | $ | 198,841 |  |  | $ | 189,519 |
Motive Power |  | 144,076 |  |  | 145,395 |
Specialty |  | 236,861 |  |  | 197,368 |
Other |  | 12,655 |  |  | 168 |
Total |  | $ | 592,433 |  |  | $ | 532,450 |
The Company markets its products and services in over 100 countries. Sales are attributed to countries based on the location of sales order approval and acceptance. Sales to customers in the United States were 63.5%, 60.2% and 63.4% for fiscal years ended March 31, 2025, 2024 and 2023, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2025 and 2024, were $422,263 and $357,416, respectively. No single country, outside the United States, accounted for more than 10% of the consolidated net sales or net property, plant and equipment and, therefore, was deemed not material for separate disclosure.

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