XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.26.1

Business Segments | 3 Months Ended
--- | ---
Jul. 05, 2026
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. Effective May 28, 2026, the Company realigned its reportable segments to better serve customers and enhance organizational focus. The Company realigned its previous four operating segments into three operating segments under ASC 280, Segment Reporting as follows: •Network & Infrastructure Solutions (NIS) — providing power solutions and services to broadband, telecommunications, data center, and industrial utility customers. •Industrial Mobility Solutions (IMS) — providing power for electric industrial forklifts, and other material handling equipment as well as transportation applications, primarily Class 8 trucks. •Precision Power Solutions (PPS) — providing energy solutions primarily for military vehicles, advanced defense programs, soldier powering and autonomous systems. The operating segments of NIS, IMS, and PPS also represent the Company's reportable segments under ASC 280, Segment Reporting. All prior comparative periods presented have been recast to conform to these changes. The following table presents summarized financial information for the reportable segments at July 5, 2026 and June 29, 2025. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information.
| Quarter ended
| July 5, 2026
| Network & Infrastructure Solutions |  | Industrial Mobility Solutions |  | Precision Power Solutions |  | Corporate and other unallocated (3) |  | Total
Net Sales by segment to unaffiliated customers (1) | $ | 428,334 |  |  | $ | 406,851 |  |  | $ | 100,456 |  |  | $ | — |  |  | $ | 935,641 |
Less: |  |  |  |  |  |  |  |  |
Other segment items(4) | $ | 383,280 |  |  | $ | 369,181 |  |  | $ | 82,183 |  |  |  |  | $ | 834,644 |
Segment income | $ | 45,054 |  |  | $ | 37,670 |  |  | $ | 18,273 |  |  |  |  | $ | 100,997 |
Less: |  |  |  |  |  |  |  |  |
Restructuring and other exit charges | 6,211 |  |  | 4,498 |  |  | (1) |  |  |  |  | 10,708 |
Amortization of intangible assets | 5,827 |  |  | 368 |  |  | 2,080 |  |  |  |  | 8,275 |
Stock-based Compensation | 2,845 |  |  | 3,738 |  |  | 1,195 |  |  |  |  | 7,778 |
Other | 16 |  |  | 34 |  |  | 598 |  |  |  |  | 648 |
Total operating earnings (2) | $ | 30,155 |  |  | $ | 29,032 |  |  | $ | 14,401 |  |  | $ | 77,826 |  |  | $ | 151,414 |
Depreciation | $ | 8,390 |  |  | $ | 11,078 |  |  | $ | 2,752 |  |  | $ | 0 |  |  | $ | 22,220 |
Capital Expenditures | $ | 4,867 |  |  | $ | 4,961 |  |  | $ | 1,986 |  |  | $ | 608 |  |  | $ | 12,422 |
(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 unallocated includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits and refunds of IEEPA tariffs recognized relating to amounts paid in prior periods. Also, included are start-up costs for exploration of a new lithium plant. (4) Primarily includes cost of sales and operating expenses.
| Quarter ended
| June 29, 2025
| Network & Infrastructure Solutions |  | Industrial Mobility Solutions |  | Precision Power Solutions |  | Corporate and other unallocated (3) |  | Total
Net Sales by segment to unaffiliated customers (1) | $ | 391,371 |  |  | $ | 420,403 |  |  | $ | 81,250 |  |  | $ | — |  |  | $ | 893,024 |
Less: |  |  |  |  |  |  |  |  |
Other segment items(4) | $ | 361,411 |  |  | $ | 378,303 |  |  | $ | 68,882 |  |  |  |  | $ | 808,596 |
Segment income | $ | 29,960 |  |  | $ | 42,100 |  |  | $ | 12,368 |  |  |  |  | $ | 84,428 |
Less: |  |  |  |  |  |  |  |  |
Restructuring and other exit charges | 1,054 |  |  | 4,808 |  |  | — |  |  |  |  | 5,862 |
Amortization of intangible assets | 5,843 |  |  | 407 |  |  | 2,107 |  |  |  |  | 8,357 |
Stock-based Compensation | 7,948 |  |  | 8,770 |  |  | 883 |  |  |  |  | 17,601 |
Other | 1,032 |  |  | 754 |  |  | 1,399 |  |  |  |  | 3,185 |
Total operating earnings (2) | $ | 14,083 |  |  | $ | 27,361 |  |  | $ | 7,979 |  |  | $ | 37,057 |  |  | $ | 86,480 |
Depreciation | $ | 7,308 |  |  | $ | 9,691 |  |  | $ | 1,526 |  |  | $ | 12 |  |  | $ | 18,537 |
Capital Expenditures | $ | 13,822 |  |  | $ | 15,388 |  |  | $ | 2,217 |  |  | $ | 1,592 |  |  | $ | 33,019 |
(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 IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant. (4) Primarily includes cost of sales and operating expenses. Goodwill Concurrent with the change in reporting segments effective May 28, 2026, goodwill was reassigned to the affected reporting units that have been identified within each operating segment, using a relative fair value approach outlined in ASC 350, Intangibles - Goodwill and Other. The following table presents the amount of goodwill that has been reassigned to each of the Company's reportable segments as of May 28, 2026, using the relative fair value approach, as well as any changes in the carrying amount of goodwill by segment during the first quarter of fiscal 2027:
|  | Energy Systems |  | Motive Power |  | Specialty |  | Network & Infrastructure Solutions |  | Industrial Mobility Solutions |  | Precision Power Solutions |  | Total
Balance at March 31, 2026 |  | $ | 255,722 |  |  | $ | 331,018 |  |  | $ | 165,684 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 752,424 |
Reassigned |  | (255,722) |  |  | (331,018) |  |  | (165,684) |  |  | 255,722 |  |  | 362,341 |  |  | 134,361 |  |  | — |
Foreign currency translation adjustment |  | — |  |  | — |  |  | — |  |  | (4,074) |  |  | 1,034 |  |  | (1,170) |  |  | (4,210) |
Balance as of July 5, 2026 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 251,648 |  |  | $ | 363,375 |  |  | $ | 133,191 |  |  | $ | 748,214 |

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

X
- Definition The entire disclosure for segment reporting. + References Reference 1: 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 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 9: 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 10: 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 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 (b) -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 (a) -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 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 18: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 19: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 20: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 22: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration