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Stockholders' Equity and Noncontrolling Interests (Tables)

9 Months Ended

Dec. 29, 2024

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 December 29, 2024:

Shares outstanding as of March 31, 2024						40,271,936
Purchase of treasury stock						(1,176,436)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						329,172
Shares outstanding as of December 29, 2024						39,424,672

Components of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, as of December 29, 2024 and March 31, 2024, are as follows:

						March 31, 2024						Before Reclassifications						Amounts Reclassified from AOCI						December 29, 2024
Pension funded status adjustment						$	(9,798)					$	—					$	282					$	(9,516)
Net unrealized gain (loss) on derivative instruments						755						(1,621)						1,057						191
Foreign currency translation adjustment (1)						(195,808)						(56,706)						—						(252,514)
Accumulated other comprehensive (loss) income						$	(204,851)					$	(58,327)					$	1,339					$	(261,839)

(1) Foreign currency translation adjustment for the nine months ended December 29, 2024 includes a $1,793 loss (net of taxes of $547) related to the Company's $600,000 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 December 29, 2024:

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						$	3,020					Cost of goods sold
Tax benefit						(706)
Net unrealized loss on derivative instruments, net of tax						$	2,314
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(1,009)					Interest expense
Tax expense						236
Net unrealized gain on derivative instruments, net of tax						$	(773)
Defined benefit pension costs:
Prior service costs and deferrals						$	116					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(31)
Net periodic benefit cost, net of tax						$	85

The following table presents reclassifications from AOCI during the nine months ended December 29, 2024:

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						$	1,381					Cost of goods sold
Tax benefit						(324)
Net unrealized loss on derivative instruments, net of tax						$	1,057
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(1,984)					Interest expense
Tax expense						464
Net unrealized gain on derivative instruments, net of tax						$	(1,520)
Defined benefit pension costs:
Prior service costs and deferrals						$	376					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(94)
Net periodic benefit cost, net of tax						$	282

The following table presents reclassifications from AOCI during the third quarter ended December 31, 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						$	(3,334)					Cost of goods sold
Tax expense						779
Net unrealized gain on derivative instruments, net of tax						$	(2,555)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(796)					Interest expense
Tax expense						186
Net unrealized gain on derivative instruments, net of tax						$	(610)
Defined benefit pension costs:
Prior service costs and deferrals						$	167					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(146)
Net periodic benefit cost, net of tax						$	21

The following table presents reclassifications from AOCI during the nine months ended December 31, 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						$	(7,448)					Cost of goods sold
Tax expense						1,741
Net unrealized gain on derivative instruments, net of tax						$	(5,707)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments						$	(908)					Interest expense
Tax expense						212
Net unrealized gain on derivative instruments, net of tax						$	(696)
Defined benefit pension costs:
Prior service costs and deferrals						$	223					Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit						(161)
Net periodic benefit cost, net of tax						$	62

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 December 29, 2024:

(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, 2024						$	—					$	564					$	629,879					$	(835,827)					$	2,163,880					$	(204,851)					$	—					$	1,753,645					$	3,427					$	1,757,072
Stock-based compensation						—						—						7,062						—						—						—						—						7,062						—						7,062
Exercise of stock options						—						1						6,963						—						—						—						—						6,964						—						6,964
Purchase of common stock						—						—						—						(11,641)						—						—						—						(11,641)						—						(11,641)
Other						—						—						24						185						—						—						—						209						—						209
Net earnings						—						—						—						—						70,111						—						—						70,111						—						70,111
Dividends ($0.225 per common share)						—						—						227						—						(9,271)						—						—						(9,044)						—						(9,044)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $17)						—						—						—						—						—						110						—						110						—						110
Net unrealized gain (loss) on derivative instruments (net of tax expense of $1,117)						—						—						—						—						—						3,662						—						3,662						—						3,662
Foreign currency translation adjustment						—						—						—						—						—						(13,294)						—						(13,294)						(22)						(13,316)
Balance at June 30, 2024						$	—					$	565					$	644,155					$	(847,283)					$	2,224,720					$	(214,373)					$	—					$	1,807,784					$	3,405					$	1,811,189
Stock-based compensation						—						—						5,125						—						—						—						—						5,125						—						5,125
Exercise of stock options						—						—						479						—						—						—						—						479						—						479
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(7,934)						—						—						—						—						(7,934)						—						(7,934)
Shares released under deferred compensation for directors						—						—						2,404						—						—						—												2,404						—						2,404
Purchase of common stock						—						—						—						(63,546)						—						—						—						(63,546)						—						(63,546)
Other						—						2						(67)						179						—						—						—						114						—						114
Net earnings						—						—						—						—						82,266						—						—						82,266						—						82,266
Dividends ($0.240 per common share)						—						—						—						—						(9,555)						—						—						(9,555)						—						(9,555)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $32)						—						—						—						—						—						87						—						87						—						87
Net unrealized gain (loss) on derivative instruments (net of tax of $2,392)						—						—						—						—						—						(7,842)						—						(7,842)						—						(7,842)
Foreign currency translation adjustment						—						—						—						—						—						28,685						—						28,685						124						28,809
Balance at September 29, 2024						$	—					$	567					$	644,162					$	(910,650)					$	2,297,431					$	(193,443)					$	—					$	1,838,067					$	3,529					$	1,841,596
Stock-based compensation						—						—						8,076						—						—						—						—						8,076						—						8,076
Exercise of stock options						—						—						196						—						—						—						—						196						—						196
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(51)						—						—						—						—						(51)						—						(51)
Purchase of common stock						—						—						—						(38,741)						—						—						—						(38,741)						—						(38,741)
Other						—						—						142						224						—						—						—						366						—						366
Net earnings						—						—						—						—						114,812						—						—						114,812						—						114,812
Dividends ($0.225 per common share)						—						—						497						—						(9,959)						—						—						(9,462)						—						(9,462)
Other comprehensive income:																																																—												—
Pension funded status adjustment (net of tax benefit of $31)						—						—						—						—						—						85						—						85						—						85
Net unrealized gain (loss) on derivative instruments (net of tax of $1,102)						—						—						—						—						—						3,616						—						3,616						—						3,616
Foreign currency translation adjustment						—						—						—						—						—						(72,097)						—						(72,097)						(138)						(72,235)
Balance at December 29, 2024						$	—					$	567					$	653,022					$	(949,167)					$	2,402,284					$	(261,839)					$	—					$	1,844,867					$	3,391					$	1,848,258

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended December 31, 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
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 benefit 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
Stock-based compensation						—						—						5,144						—						—						—						—						5,144						—						5,144
Exercise of stock options						—						(1)						2,015						—						—						—						—						2,014						—						2,014
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(7,348)						—						—						—						—						(7,348)						—						(7,348)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability						—						—						—						—						—						—						475						475						—						475
Purchase of common stock						—						—						—						(47,340)						—						—						—						(47,340)						—						(47,340)
Other						—						(1)						151						194						—						—						—						344						—						344
Net earnings						—						—						—						—						65,229						—						—						65,229						—						65,229
Dividends ($0.225 per common share)						—						—						233						—						(9,401)						—						—						(9,168)						—						(9,168)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $6)						—						—						—						—						—						21						—						21						—						21
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $762)						—						—						—						—						—						2,495						—						2,495						—						2,495
Foreign currency translation adjustment						—						—						—						—						—						(31,647)						—						(31,647)						(17)						(31,664)
Balance at October 1, 2023						$	—					$	563					$	612,490					$	(787,888)					$	2,045,416					$	(208,607)					$	(1,988)					$	1,659,986					$	3,395					$	1,663,381
Stock-based compensation						—						—						9,817						—						—						—						—						9,817						—						9,817
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net						—						—						(2,144)						—						—						—						—						(2,144)						—						(2,144)
Purchase of common stock						—						—						—						(34,991)						—						—						—						(34,991)						—						(34,991)
Other						—						—						11						221						—						—						—						232						—						232
Net earnings						—						—						—						—						76,158						—						—						76,158						—						76,158
Dividends ($0.225 per common share)						—						—						234						—						(9,315)						—						—						(9,081)						—						(9,081)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $146)						—						—						—						—						—						21						—						21						—						21
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $2,051)						—						—						—						—						—						(6,722)						—						(6,722)						—						(6,722)
Foreign currency translation adjustment						—						—						—						—						—						33,258						—						33,258						98						33,356
Balance at December 31, 2023						$	—					$	563					$	620,408					$	(822,658)					$	2,112,259					$	(182,050)					$	(1,988)					$	1,726,534					$	3,493					$	1,730,027

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 45
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-Topic 830
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-Section 45
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