Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | May 25, 2018 | Oct. 01, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ENS | ||
Entity Registrant Name | ENERSYS | ||
Entity Central Index Key | 1,289,308 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding (in shares) | 42,112,206 | ||
Entity Public Float | $ 2,901,470,255 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 522,118 | $ 500,329 |
Accounts receivable, net of allowance for doubtful accounts (2018–$12,643; 2017–$12,662) | 546,325 | 486,646 |
Inventories | 414,234 | 360,694 |
Prepaid and other current assets | 56,910 | 71,246 |
Total current assets | 1,539,587 | 1,418,915 |
Property, plant, and equipment, net | 390,260 | 348,549 |
Goodwill | 352,805 | 328,657 |
Other intangible assets, net | 147,141 | 153,960 |
Deferred taxes | 44,402 | 31,587 |
Other assets | 12,730 | 11,361 |
Total assets | 2,486,925 | 2,293,029 |
Current liabilities: | ||
Short-term debt | 18,341 | 18,359 |
Current portion of capital lease obligations | 89 | 69 |
Accounts payable | 258,982 | 222,493 |
Accrued expenses | 214,118 | 226,510 |
Total current liabilities | 491,530 | 467,431 |
Long-term debt, net of unamortized debt issuance costs | 579,535 | 587,609 |
Capital lease obligations | 55 | 96 |
Deferred taxes | 33,607 | 45,923 |
Other liabilities | 181,087 | 83,601 |
Total liabilities | 1,285,814 | 1,184,660 |
Commitments and contingencies | ||
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and at March 31, 2017 | 0 | 0 |
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 54,595,105 shares issued and 41,915,000 shares outstanding at March 31, 2018; 54,370,810 shares issued and 43,447,536 shares outstanding at March 31, 2017 | 546 | 544 |
Additional paid-in capital | 477,288 | 464,092 |
Treasury stock at cost, 12,680,105 shares held as of March 31, 2018 and 10,923,274 shares held as of March 31, 2017 | (560,991) | (439,800) |
Retained earnings | 1,320,549 | 1,231,444 |
Accumulated other comprehensive loss | (41,717) | (152,824) |
Total EnerSys stockholders’ equity | 1,195,675 | 1,103,456 |
Nonredeemable noncontrolling interests | 5,436 | 4,913 |
Total equity | 1,201,111 | 1,108,369 |
Total liabilities and equity | $ 2,486,925 | $ 2,293,029 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 12,643 | $ 12,662 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 135,000,000 | 135,000,000 |
Common stock, shares issued (in shares) | 54,595,105 | 54,370,810 |
Common stock, shares outstanding (in shares) | 41,915,000 | 43,447,536 |
Treasury stock, shares (in shares) | 12,680,105 | 10,923,274 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 2,581,891 | $ 2,367,149 | $ 2,316,249 |
Cost of goods sold | 1,921,494 | 1,714,367 | 1,704,472 |
Inventory adjustment relating to exit activities | 3,457 | 2,157 | 0 |
Gross profit | 656,940 | 650,625 | 611,777 |
Operating expenses | 382,077 | 369,863 | 352,767 |
Restructuring and other exit charges | 5,481 | 7,160 | 12,978 |
Impairment of goodwill | 0 | 12,216 | 31,411 |
Impairment of indefinite-lived intangibles and fixed assets | 0 | 1,800 | 4,841 |
Legal proceedings charge | 0 | 23,725 | 3,201 |
Gain on sale of facility | 0 | 0 | (3,420) |
Operating earnings | 269,382 | 235,861 | 209,999 |
Interest expense | 25,001 | 22,197 | 22,343 |
Other (income) expense, net | 6,055 | 969 | 5,719 |
Earnings before income taxes | 238,326 | 212,695 | 181,937 |
Income tax expense | 118,493 | 54,472 | 50,113 |
Net earnings | 119,833 | 158,223 | 131,824 |
Net earnings (losses) attributable to noncontrolling interests | 239 | (1,991) | (4,326) |
Net earnings attributable to EnerSys stockholders | $ 119,594 | $ 160,214 | $ 136,150 |
Net earnings per common share attributable to EnerSys stockholders: | |||
Basic (usd per share) | $ 2.81 | $ 3.69 | $ 3.08 |
Diluted (usd per share) | 2.77 | 3.64 | 2.99 |
Dividends per common share (usd per share) | $ 0.70 | $ 0.70 | $ 0.70 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 42,612,036 | 43,389,333 | 44,276,713 |
Diluted (in shares) | 43,119,856 | 44,012,543 | 45,474,130 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 119,833 | $ 158,223 | $ 131,824 |
Other comprehensive income (loss): | |||
Net unrealized (loss) gain on derivative instruments, net of tax | (5,400) | 1,587 | 483 |
Pension funded status adjustment, net of tax | 3,052 | (3,694) | 1,858 |
Foreign currency translation adjustment | 113,739 | (53,730) | 8,035 |
Total other comprehensive income (loss), net of tax | 111,391 | (55,837) | 10,376 |
Total comprehensive income | 231,224 | 102,386 | 142,200 |
Comprehensive income (loss) attributable to noncontrolling interests | 523 | (2,353) | (5,576) |
Comprehensive income attributable to EnerSys stockholders | $ 230,701 | $ 104,739 | $ 147,776 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total EnerSys Stockholders’ Equity | Non- redeemable Non- Controlling Interests |
Beginning Balance at Mar. 31, 2015 | $ 1,044,440 | $ 0 | $ 537 | $ 525,967 | $ (376,005) | $ 997,376 | $ (108,975) | $ 1,038,900 | $ 5,540 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 19,603 | 19,603 | 19,603 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (15,205) | 4 | (15,209) | (15,205) | |||||
Tax benefit from stock options | 4,291 | 4,291 | 4,291 | ||||||
Purchase of common stock | (178,244) | (178,244) | (178,244) | ||||||
Reissuance of treasury stock to Convertible Notes holders | 114,449 | 114,449 | 114,449 | ||||||
Adjustment to equity on debt extinguishment | (84,140) | (84,140) | (84,140) | ||||||
Debt conversion feature | 1,330 | 1,330 | 1,330 | ||||||
Other | (477) | (477) | (477) | ||||||
Net earnings (excluding losses attributable to redeemable noncontrolling interests) | 136,096 | 136,150 | 136,150 | (54) | |||||
Dividends ($0.70 per common share) | (30,880) | 732 | (31,612) | (30,880) | |||||
Redemption value adjustment attributable to redeemable noncontrolling interests | (4,272) | (4,272) | (4,272) | ||||||
Other comprehensive income: | |||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 1,858 | 1,858 | 1,858 | ||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | 483 | 483 | 483 | ||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | 9,103 | 9,285 | 9,285 | (182) | |||||
Ending Balance at Mar. 31, 2016 | 1,018,435 | 0 | 541 | 452,097 | (439,800) | 1,097,642 | (97,349) | 1,013,131 | 5,304 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 19,185 | 19,185 | 19,185 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (7,444) | 3 | (7,447) | (7,444) | |||||
Other | (480) | (480) | (480) | ||||||
Net earnings (excluding losses attributable to redeemable noncontrolling interests) | 160,244 | 160,214 | 160,214 | 30 | |||||
Dividends ($0.70 per common share) | (30,400) | 737 | (31,137) | (30,400) | |||||
Redemption value adjustment attributable to redeemable noncontrolling interests | 4,725 | 4,725 | 4,725 | ||||||
Other comprehensive income: | |||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | (3,694) | (3,694) | (3,694) | ||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | 1,587 | 1,587 | 1,587 | ||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | (53,789) | (53,368) | (53,368) | (421) | |||||
Ending Balance at Mar. 31, 2017 | 1,108,369 | 0 | 544 | 464,092 | (439,800) | 1,231,444 | (152,824) | 1,103,456 | 4,913 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 19,453 | 19,453 | 19,453 | 0 | |||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (6,531) | 2 | (6,533) | (6,531) | |||||
Purchase of common stock | (121,191) | (121,191) | (121,191) | ||||||
Adjustment to equity on debt extinguishment | (84,140) | ||||||||
Other | (539) | (402) | (137) | (539) | |||||
Net earnings (excluding losses attributable to redeemable noncontrolling interests) | 119,833 | 119,594 | 119,594 | 239 | |||||
Dividends ($0.70 per common share) | (29,674) | 678 | (30,352) | (29,674) | |||||
Other comprehensive income: | |||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 3,052 | 3,052 | 3,052 | ||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | (5,400) | (5,400) | (5,400) | ||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | 113,739 | 113,455 | 113,455 | 284 | |||||
Ending Balance at Mar. 31, 2018 | $ 1,201,111 | $ 0 | $ 546 | $ 477,288 | $ (560,991) | $ 1,320,549 | $ (41,717) | $ 1,195,675 | $ 5,436 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Losses attributable to redeemable noncontrolling interests | $ (2,021) | $ (4,272) | |
Dividends per common share | $ 0.70 | $ 0.70 | $ 0.70 |
Pension funded status adjustment, tax benefit (expense) | $ 808 | $ (142) | $ (587) |
Net unrealized gain (loss) on derivative instruments, tax (benefit) expense | $ (2,071) | 929 | 277 |
Foreign currency translation adjustment, related to redeemable noncontrolling interests | $ 59 | $ 1,068 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | |||
Net earnings | $ 119,833 | $ 158,223 | $ 131,824 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 54,317 | 53,945 | 55,994 |
Write-off of assets relating to restructuring and other exit charges | 3,736 | 1,435 | 3,800 |
Non-cash write-off of property, plant and equipment | 0 | 6,300 | 0 |
Impairment of goodwill | 0 | 12,216 | 31,411 |
Impairment of indefinite-lived intangibles and fixed assets | 0 | 1,800 | 4,841 |
Derivatives not designated in hedging relationships: | |||
Net (gains) losses | (180) | 471 | 409 |
Cash proceeds (settlements) | 43 | (1,225) | 648 |
Provision for doubtful accounts | 822 | 1,794 | 4,749 |
Deferred income taxes | (20,313) | 1,455 | (753) |
Legal proceedings accrual / (reversal of legal accrual, net of fees) | 0 | 23,725 | (799) |
Non-cash interest expense | 1,603 | 1,388 | 2,794 |
Stock-based compensation | 19,453 | 19,185 | 19,603 |
Loss (gain) on sale of facility | 0 | 0 | (4,348) |
Gain on disposal of fixed assets | 116 | (7) | (114) |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (32,242) | (13,535) | 31,142 |
Inventories | (38,075) | (42,792) | 11,667 |
Prepaid and other current assets | 14,470 | 3,721 | 4,751 |
Other assets | (1,150) | 2,034 | (331) |
Accounts payable | 21,266 | 845 | 12,178 |
Accrued expenses | (26,614) | 9,333 | (4,739) |
Other liabilities | 93,963 | 5,719 | 2,844 |
Net cash provided by operating activities | 211,048 | 246,030 | 307,571 |
Cash flows from investing activities | |||
Capital expenditures | (69,832) | (50,072) | (55,880) |
Purchase of businesses, net of cash acquired | (2,988) | (12,392) | (35,439) |
Proceeds from sale of facility | 0 | 0 | 9,179 |
Proceeds from disposal of property, plant, and equipment | 463 | 631 | 1,217 |
Net cash used in investing activities | (72,357) | (61,833) | (80,923) |
Cash flows from financing activities | |||
Net increase (decrease) in short-term debt | 214 | (4,600) | 4,233 |
Proceeds from 2017 Term Loan | 150,000 | 0 | 0 |
Proceeds from Notes | 0 | 0 | 300,000 |
Repayments of 2011 Term Loan | (127,500) | (15,000) | (7,500) |
Repayments of Convertible Notes | 0 | 0 | (172,266) |
Debt issuance costs | (2,677) | 0 | (5,031) |
Capital lease obligations and other | (29) | (98) | (127) |
Proceeds from the issuance of common stock | 958 | 3 | 4 |
Payment of taxes related to net share settlement of equity awards | (7,489) | (7,447) | (15,209) |
Excess tax benefits from exercise of stock options and vesting of equity awards | 0 | 0 | 4,291 |
Purchase of treasury stock | (121,191) | 0 | (178,244) |
Dividends paid to stockholders | (29,674) | (30,400) | (30,880) |
Net cash used by financing activities | (166,888) | (62,542) | (105,729) |
Effect of exchange rate changes on cash and cash equivalents | 49,986 | (18,633) | 7,467 |
Net increase in cash and cash equivalents | 21,789 | 103,022 | 128,386 |
Cash and cash equivalents at beginning of year | 500,329 | 397,307 | 268,921 |
Cash and cash equivalents at end of year | 522,118 | 500,329 | 397,307 |
2017 Revolver borrowings | |||
Cash flows from financing activities | |||
Proceeds from Revolver borrowings | 379,750 | 0 | 0 |
Repayments of Revolver borrowings | (244,250) | 0 | 0 |
2011 Revolver borrowings | |||
Cash flows from financing activities | |||
Proceeds from Revolver borrowings | 147,050 | 262,000 | 355,800 |
Repayments of Revolver borrowings | $ (312,050) | $ (267,000) | $ (360,800) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of Business EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for its products. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation. The Company, in previous years, consolidated certain subsidiaries in which the noncontrolling interest party had within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests were reported at their estimated redemption value, and the amount presented in temporary equity was not less than the initial amount reported in temporary equity. Any adjustment to the redemption value impacted retained earnings but did not impact net income or comprehensive income. In fiscal 2017, the Company deconsolidated its joint venture in South Africa and the impact of this deconsolidation was reflected in the Consolidated Statements of Income. As a result, the Company has no redeemable noncontrolling interest on its Consolidated Balance Sheet as of March 31, 2018 and 2017 . Foreign Currency Translation Results of foreign operations of subsidiaries, whose functional currency is the local currency, are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs. Revenue Recognition The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers to the customer, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s reporting segments. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales. The Company recognizes revenue from the service of its products when the respective services are performed. Accruals are made at the time of sale for sales returns and other allowances based on the Company’s historical experience. Freight Expense Costs incurred by the Company for outbound freight costs to customers, inbound and transfer freight are classified in cost of goods sold. Warranties The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. Concentration of Credit Risk Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances. Accounts Receivable The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on when payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead. Property, Plant, and Equipment Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment. Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period. Business Combinations The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. Goodwill and Other Intangible Assets Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. In fiscal 2016, in accordance with the existing guidance under ASC 350, the Company conducted the goodwill impairment test using the two-step process. In the first step, the Company compared the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeded its carrying value, goodwill was not impaired and no further testing was required. If the fair value of the reporting unit was less than the carrying value, the Company performed the second step of the impairment test to measure the amount of impairment loss, if any. In the second step, the reporting unit's fair value was allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculated the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit's goodwill was less than the carrying value, the difference was recorded as an impairment loss. In fiscal 2017, the Company early adopted ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment”, which simplified the measurement of goodwill impairment by removing the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Beginning fiscal 2017, the annual or interim goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related trademarks, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized on a straight-line basis over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets. Impairment of Long-Lived Assets The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Environmental Expenditures The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts, existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued. Derivative Financial Instruments The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings. The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics. Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, options, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for the Normal Purchase Normal Sale exemption. Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements. The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2018 and 2017 . The Company does not have any credit-related contingent features associated with its derivative instruments. Fair Value of Financial Instruments The Company groups its recurring, non-recurring and disclosure-only fair value measurements into the following levels when making fair value measurement disclosures: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. Level 3 Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and / or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and / or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”), forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. When unobservable inputs are significant to the fair value measurement, the asset or liability is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any fair value measurements that transferred between Level 2 and Level 3 as well as Level 1 and Level 2. Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be realized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was enacted into law. Among the significant changes resulting from the law, the Tax Act reduces the U.S. federal income tax rate from 35% to 21% effective January 1, 2018, requires companies to pay a one-time transition tax on unrepatriated cumulative non-U.S. earnings of foreign subsidiaries (“Transition Tax”), and creates new taxes on certain foreign sourced earnings. In accordance with ASC 740, “Income Taxes,” the Company is required to record the effects of tax law changes in the period enacted. The 21% rate was effective at the beginning of the Company's fourth quarter of fiscal 2018, and resulted in the Company using a blended rate for the annual period. The results for fiscal 2018 contain estimates of the impact of the Tax Act in regard to deferred tax balances and the Transition Tax as permitted by Staff Accounting Bulletin 118 “SAB 118” issued by the Securities and Exchange Commission on December 22, 2017. These amounts are considered provisional and may be affected by future guidance if and when issued. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the Transition Tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Deferred Financing Fees Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments and are shown as a deduction from long-term debt. Stock-Based Compensation Plans The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period. Market condition-based awards The Company grants two types of market condition-based awards - market share units and performance market share units. The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two . This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. The fair value of the performance market share units is estimated at the date of grant using a Monte Carlo Simulation. A participant may earn between 0% to 200% of the number of performance market share units granted, based on the total shareholder return (“TSR”) of the Company's common stock over a three-year period. The awards will cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The TSR is calculated by dividing the sixty or ninety calendar day average price at end of the period (as applicable) and the reinvested dividends thereon by such sixty or ninety calendar day average price at start of the period. The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. Performance market share units are similar to the market share units except that the targets are more difficult to achieve and may be tied to the TSR of a defined peer group. The Company recognizes compensation expense using the straight-line method over the life of the market share units and performance market share units except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. The Company estimates forfeitures rather than recognizing them when they occur. Restricted Stock Units The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. Stock Options The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. Earnings Per Share Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2018 , 2017 and 2016 , the Company had outstanding stock options, restricted stock units, market share units and performance market share units, which could potentially dilute basic earnings per share in the future. The Convertible Notes (as defined in Note 8), prior to their extinguishment on July 17, 2015, had a dilutive impact on the EPS for fiscal 2016. Segment Reporting A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations. • Americas , which includes North and South America, with segment headquarters in Reading, Pennsylvania, U.S.A., • EMEA , which includes Europe, the Middle East and Africa, with segment headquarters in Zug, Switzerland, and • Asia , which includes Asia, Australia and Oceania, with segment headquarters in Singapore. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” providing guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB voted to delay the effective date for interim and annual reporting periods beginning after December 15, 2017, with early adoption permissible one year earlier. The standard permits the use of either the modified retrospective or full retrospective transition methods. In the first half of fiscal 2018, the Company completed an impact assessment of the potential changes from adopting ASU 2014-09. The impact assessment included a review of customer arrangements across all of its global business units and an in-depth analysis of its global revenue processes and accounting policies to identify potential areas where change may be needed to comply with this guidance. The Company has assembled an implementation work team to assess and document the accounting conclusions for the adoption of ASU 2014-09. The Company adopted the ASU on April 1, 2018, using the modified retrospective transition method. The Company has concluded that the adoption of the ASU will not have a material impact on its accounting for revenue in the consolidated financial statements. The ASU requires the recognition of allowances for estimated sales returns on a gross versus net basis in the Consolidated Statements of Income and presenting the right of return asset and associated refund liability on the Consolidated Balance Sheets separately, which differs from current practice. In addition, the disclosures in the notes to its consolidated financial statements related to revenue recognition will be expanded under the new standards to include the methods the Company uses to recognize revenue, assets and liabilities relating to contracts with its customers, the nature of its performance obligations and the manner by which it determines and allocates transaction prices to the performance obligations, and the significant judgments inherent in its revenue recognition policies. The Company also anticipates implementing enhancements to its internal controls to support its ability to sustain compliance with the standard after adoption. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the l |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions There were no significant acquisitions in fiscal 2018 and 2017. In fiscal 2016, the Company completed the acquisition of ICS Industries Pty. Ltd. (ICS), headquartered in Melbourne, Australia, for $34,496 , net of cash acquired. ICS is a leading full line shelter designer and manufacturer with installation and maintenance services serving the telecommunications, utilities, datacenter, natural resources and transport industries operating in Australia and serving customers in the Asia Pacific region. The Company acquired tangible and intangible assets, in connection with the acquisition, including trademarks, technology, customer relationships, non-competition agreements and goodwill. Based on the final valuation, trademarks were valued at $1,322 , technology at $1,399 , customer relationships at $10,211 , non-competition agreements at $142 and goodwill was recorded at $13,898 . The useful lives of technology were estimated at 10 years , customer relationships were estimated at 11 years and non-competition agreements ranged from 2 - 5 years. Trademarks were considered to be indefinite-lived assets. There was no tax deductible goodwill associated with this acquisition. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2018 2017 Raw materials $ 92,216 $ 85,604 Work-in-process 136,068 107,177 Finished goods 185,950 167,913 Total $ 414,234 $ 360,694 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consist of: March 31, 2018 2017 Land, buildings, and improvements $ 273,506 $ 251,030 Machinery and equipment 657,262 582,105 Construction in progress 49,900 33,418 980,668 866,553 Less accumulated depreciation (590,408 ) (518,004 ) Total $ 390,260 $ 348,549 Depreciation expense for the fiscal years ended March 31, 2018 , 2017 and 2016 totaled $45,874 , $45,388 , and $47,686 , respectively. Interest capitalized in connection with major capital expenditures amounted to $1,082 , $817 , and $1,526 for the fiscal years ended March 31, 2018 , 2017 and 2016 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Other Intangible Assets Information regarding the Company’s other intangible assets are as follows: March 31, 2018 2017 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Indefinite-lived intangible assets: Trademarks $ 97,444 $ (953 ) $ 96,491 $ 96,849 $ (953 ) $ 95,896 Finite-lived intangible assets: Customer relationships 66,973 (31,500 ) 35,473 66,187 (24,936 ) 41,251 Non-compete 2,852 (2,759 ) 93 2,846 (2,701 ) 145 Technology 22,769 (8,872 ) 13,897 22,549 (7,168 ) 15,381 Trademarks 2,003 (1,151 ) 852 2,003 (1,066 ) 937 Licenses 1,491 (1,156 ) 335 1,474 (1,124 ) 350 Total $ 193,532 $ (46,391 ) $ 147,141 $ 191,908 $ (37,948 ) $ 153,960 The Company’s amortization expense related to finite-lived intangible assets was $8,443 , $8,557 , and $8,308 , for the years ended March 31, 2018 , 2017 and 2016 , respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2018 , is $8,405 in fiscal 2019, $8,262 in fiscal 2020, $8,005 in fiscal 2021, $7,922 in fiscal 2022 and $5,670 in fiscal 2023. Goodwill The changes in the carrying amount of goodwill by reportable segment are as follows: Fiscal year ended March 31, 2018 Americas EMEA Asia Total Balance at beginning of year $ 146,982 $ 138,813 $ 42,862 $ 328,657 Goodwill acquired during the year 3,670 — — 3,670 Foreign currency translation adjustment 603 17,012 2,863 20,478 Balance at end of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 Fiscal year ended March 31, 2017 Americas EMEA Asia Total Balance at beginning of year $ 166,197 $ 141,392 $ 45,958 $ 353,547 Reorganization of reporting structure (11,628 ) 11,628 — — Goodwill acquired during the year, including purchase accounting adjustments 1,962 — (840 ) 1,122 Goodwill impairment charge (8,646 ) (3,570 ) — (12,216 ) Foreign currency translation adjustment (903 ) (10,637 ) (2,256 ) (13,796 ) Balance at end of year $ 146,982 $ 138,813 $ 42,862 $ 328,657 A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: March 31, 2018 Americas EMEA Asia Total Gross carrying value $ 209,100 $ 161,978 $ 50,904 $ 421,982 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 151,255 $ 155,825 $ 45,725 $ 352,805 March 31, 2017 Americas EMEA Asia Total Gross carrying value $ 204,827 $ 144,966 $ 48,041 $ 397,834 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 146,982 $ 138,813 $ 42,862 $ 328,657 Impairment of goodwill, indefinite-lived intangibles and fixed assets In fiscal 2017, the Company early adopted ASU 2017-04, which eliminated Step 2 from the goodwill impairment test. In the fourth quarter of fiscal 2017, the Company conducted step one of the annual goodwill impairment test which indicated that the fair values of two of its reporting units - Purcell US in the Americas operating segment and Purcell EMEA in the EMEA operating segment - were less than their respective carrying values. Based on the guidance in ASU 2017-04, the Company recognized an impairment charge for the amount by which the carrying amount exceeded the reporting unit’s fair value and recorded a non-cash charge of $8,646 and $3,570 , related to goodwill impairment in the Americas and EMEA operating segments, respectively, and $700 and $1,100 related to impairment of indefinite-lived trademarks in the Americas and EMEA operating segments, respectively. Purcell was acquired in fiscal 2014 during the height of the 4G telecom build-out. After performing to expectations for the first few quarters, its revenue declined as telecom spending in the U.S. curtailed sharply. In fiscal 2016, lower estimated projected revenue and profitability caused by reduced levels of capital spending by major customers in the telecommunications industry was a key factor contributing to the impairment charges recorded in that year. In fiscal 2017, the company transferred the European operations of Purcell to its EMEA operating segment, consistent with its geographical management approach. In the U.S., Purcell received significant orders, but at lower margins, resulting in an impairment in 2017. In Europe, Purcell's sales forecasts were reduced in fiscal 2017, as a result of low telecom spending and accordingly recorded an impairment charge as well. In fiscal 2016, the Company recorded a non-cash charge of $29,579 and $ 1,832 , related to goodwill impairment in the Americas and EMEA operating segments, respectively, $3,420 related to impairment of indefinite-lived trademarks in the Americas and $1,421 related to impairment of fixed assets in the EMEA operating segment. The Company estimated tax-deductible goodwill to be approximately $18,147 and $19,857 as of March 31, 2018 and 2017 |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid and Other Current Assets | Prepaid and Other Current Assets Prepaid and other current assets consist of the following: March 31, 2018 2017 Prepaid non-income taxes $ 22,583 $ 22,268 Prepaid income taxes 8,921 22,540 Non-trade receivables 4,087 4,318 Other 21,319 22,120 Total $ 56,910 $ 71,246 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: March 31, 2018 2017 Payroll and benefits $ 50,053 $ 56,295 Accrued selling expenses 34,831 34,561 Warranty 22,637 20,595 Income taxes payable 19,696 13,708 Freight 15,810 14,583 VAT and other non-income taxes 13,155 11,380 Deferred income 9,387 10,661 Tax Act - Transition Tax 7,800 — Interest 6,762 6,315 Restructuring 2,909 2,812 Legal proceedings 2,326 25,551 Pension 1,657 1,222 Other 27,095 28,827 Total $ 214,118 $ 226,510 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following summarizes the Company’s long-term debt: As of March 31, 2018 2017 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs 5.00% Senior Notes due 2023 $ 300,000 $ 3,122 $ 300,000 $ 3,746 2017 Credit Facility, due 2022 285,500 2,843 — — 2011 Credit Facility, due 2018 — — 292,500 1,145 $ 585,500 $ 5,965 $ 592,500 $ 4,891 Less: Unamortized issuance costs 5,965 4,891 Less: Current portion — — Long-term debt, net of unamortized issuance costs $ 579,535 $ 587,609 5.00% Senior Notes The Company's $300,000 5.00% Senior Notes due 2023 (the “Notes”) bear interest at a rate of 5.00% per annum. Interest is payable semiannually in arrears on April 30 and October 30 of each year, commencing on October 30, 2015. The Notes will mature on April 30, 2023, unless earlier redeemed or repurchased in full. The Notes are unsecured and unsubordinated obligations of the Company. The Notes are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, by certain of its subsidiaries that are guarantors (the “Guarantors”) under the 2011 Credit Facility and its successor, the 2017 Credit Facility. The Guarantees are unsecured and unsubordinated obligations of the Guarantors. The net proceeds from the sale of the Notes in fiscal 2016, were used primarily to repay and retire in full the principal amount of the Company’s senior 3.375% convertible notes (the “Convertible Notes”), as discussed below, as well as fund the accelerated share repurchase program discussed in Note 15. 2017 Credit Facility On August 4, 2017, the Company entered into a new credit facility (“2017 Credit Facility”). The 2017 Credit Facility matures on September 30, 2022 and comprises a $600,000 senior secured revolving credit facility (“2017 Revolver”) and a $ 150,000 senior secured term loan (“2017 Term Loan”). The Company's previous credit facility (“2011 Credit Facility”) comprised a $500,000 senior secured revolving credit facility (“2011 Revolver”) and a $150,000 senior secured incremental term loan (the “2011 Term Loan”) with a maturity date of September 30, 2018. On August 4, 2017, the outstanding balance on the 2011 Revolver and the 2011 Term Loan of $240,000 and $123,750 , respectively, was repaid utilizing borrowings from the 2017 Credit Facility. As of March 31, 2018, the Company had $ 135,500 outstanding on the 2017 Revolver and $ 150,000 under the 2017 Term Loan. The quarterly installments payable on the 2017 Term Loan are $1,875 beginning December 31, 2018, $2,813 beginning December 31, 2019 and $3,750 beginning December 31, 2020 with a final payment of $105,000 on September 30, 2022. The 2017 Credit Facility may be increased by an aggregate amount of $325,000 in revolving commitments and /or one or more new tranches of term loans, under certain conditions. Both the 2017 Revolver and the 2017 Term Loan bear interest, at the Company's option, at a rate per annum equal to either (i) LIBOR plus between 1.25% and 2.00% (currently 1.25% and based on the Company's consolidated net leverage ratio) or (ii) the Base Rate (which equals, for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 0.50% , (b) Bank of America “Prime Rate” and (c) the Eurocurrency Base Rate plus 1% ; provided that, if the Base Rate shall be less than zero, such rate shall be deemed zero). Obligations under the 2017 Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the 2017 Credit Facility and 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States subsidiaries. The current portion of the 2017 Term Loan of $3,750 is classified as long-term debt as the Company expects to refinance the future quarterly payments with revolver borrowings under its 2017 Credit Facility. 2011 Credit Facility As discussed under the 2017 Credit Facility, the 2011 Credit Facility was repaid in full on August 4, 2017. There were no prepayment penalties on loans under the 2011 Credit Facility. Both the revolving loan and the Term Loan under the 2011 Credit Facility bore interest, at the Company's option, at a rate per annum equal to either (i) LIBOR plus between 1.25% and 1.75% ( 1.25% at March 31, 2017, and based on the Company's consolidated net leverage ratio) or (ii) the Base Rate (which is the highest of (a) the Bank of America prime rate, and (b) the Federal Funds Effective Rate) plus between 0.25% and 0.75% (based on the Company’s consolidated net leverage ratio). Senior Unsecured 3.375% Convertible Notes The Company's 3.375% Convertible Notes, with an original face value of $172,500 , were issued when the Company’s stock price was trading at $30.19 per share. On May 7, 2015, the Company filed a notice of redemption for all of the Convertible Notes with a redemption date of June 8, 2015 at a price equal to $1,000.66 per $1,000 original principal amount of Convertible Notes, which is equal to 100% of the accreted principal amount of the Convertible Notes being repurchased plus accrued and unpaid interest. Holders were permitted to convert their Convertible Notes at their option on or before June 5, 2015. Ninety-nine percent of the Convertible Notes holders exercised their conversion rights on or before June 5, 2015, pursuant to which, on July 17, 2015, the Company paid $172,388 , in aggregate, towards the principal balance including accreted interest, cash equivalent of fractional shares issued towards conversion premium and settled the conversion premium by issuing, in the aggregate, 1,889,431 shares of the Company's common stock from its treasury shares, thereby resulting in the extinguishment of all of the Convertible Notes as of that date. There was no impact to the income statement from the extinguishment as the fair value of the total settlement consideration transferred and allocated to the liability component approximated the carrying value of the Convertible Notes. The remaining consideration allocated to the equity component resulted in an adjustment to equity of $84,140 . The amount of interest cost recognized for the amortization of the discount on the liability component of the Convertible Notes was $1,330 for the fiscal year ended March 31, 2016. Interest Rates on Long Term Debt The weighted average interest rate on the long term debt at March 31, 2018 and March 31, 2017, was 3.7% and 3.3% , respectively. Interest Paid The Company paid in cash, $23,527 , $20,781 and $15,176 , net of interest received, for interest during the fiscal years ended March 31, 2018 , 2017 and 2016 , respectively. Covenants The Company’s financing agreements contain various covenants, which, absent prepayment in full of the indebtedness and other obligations, or the receipt of waivers, would limit the Company’s ability to conduct certain specified business transactions including incurring debt, mergers, consolidations or similar transactions, buying or selling assets out of the ordinary course of business, engaging in sale and leaseback transactions, paying dividends and certain other actions. The Company is in compliance with all such covenants. Short-Term Debt As of March 31, 2018 and 2017 , the Company had $18,341 and $18,359 , respectively, of short-term borrowings from banks. The weighted-average interest rate on these borrowings was approximately 7% for both fiscal years ended March 31, 2018 and 2017 . Letters of Credit As of March 31, 2018 and 2017 , the Company had $3,074 and $2,189 , respectively, of standby letters of credit. Debt Issuance Costs In connection with the new 2017 Credit Facility, the Company incurred $2,677 in debt issuance costs and wrote off $301 of unamortized debt issuance costs related to the 2011 Credit Facility. Amortization expense, relating to debt issuance costs, included in interest expense was $1,302 , $1,388 , and $1,464 for the fiscal years ended March 31, 2018 , 2017 and 2016 , respectively. Debt issuance costs, net of accumulated amortization, totaled $5,965 and $4,891 as of March 31, 2018 and 2017 , respectively. Available Lines of Credit As of March 31, 2018 and 2017 , the Company had available and undrawn, under all its lines of credit, $613,234 and $475,947 , respectively, including $150,459 and $142,872 , respectively, of uncommitted lines of credit as of March 31, 2018 and March 31, 2017 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Leases | Leases The Company’s future minimum lease payments under operating leases that have noncancelable terms in excess of one year as of March 31, 2018 are as follows: 2019 $ 27,924 2020 23,790 2021 19,018 2022 14,155 2023 8,280 Thereafter 12,321 Total minimum lease payments $ 105,488 Rental expense was $38,146 , $35,991 , and $34,590 for the fiscal years ended March 31, 2018 , 2017 and 2016 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consist of the following: March 31, 2018 2017 Tax Act - Transition Tax $ 89,700 $ — Pension 44,404 42,930 Warranty 27,965 25,521 Deferred income 7,094 4,929 Liability for uncertain tax benefits 1,684 1,562 Other 10,240 8,659 Total $ 181,087 $ 83,601 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2018 and March 31, 2017 and the basis for that measurement: Total Fair Value Quoted Price in Significant Significant Lead forward contracts $ (3,877 ) $ — $ (3,877 ) $ — Foreign currency forward contracts 22 — 22 — Total derivatives $ (3,855 ) $ — $ (3,855 ) $ — Total Fair Value Quoted Price in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs (Level 3) Lead forward contracts $ 1,163 $ — $ 1,163 $ — Foreign currency forward contracts (313 ) — (313 ) — Total derivatives $ 850 $ — $ 850 $ — The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2 within the fair value hierarchy as described in Note 1, Summary of Significant Accounting Policies. The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded. Financial Instruments The fair values of the Company’s cash and cash equivalents approximate carrying value due to their short maturities and are classified as Level 1. The fair value of the Company’s short-term debt and borrowings under the new 2017 Credit Facility and the previous 2011 Credit Facility (each as defined in Note 8), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. The Company's Notes, with an original face value of $300,000 , were issued in April 2015. The fair value of these Notes represent the trading values based upon quoted market prices and are classified as Level 2. The Notes were trading at approximately 102% and 101% of face value on March 31, 2018 and March 31, 2017 , respectively. The carrying amounts and estimated fair values of the Company’s derivatives and Notes at March 31, 2018 and 2017 were as follows: March 31, 2018 March 31, 2017 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ 22 $ 22 $ 1,163 $ 1,163 Financial liabilities: Notes (2) 300,000 304,500 300,000 303,000 Derivatives (1) $ 3,877 $ 3,877 $ 313 $ 313 (1) Represents lead and foreign currency forward contracts (see Note 12 for asset and liability positions of the lead and foreign currency forward contracts at March 31, 2018 and March 31, 2017 ). (2) The fair value amount of the Notes at March 31, 2018 and March 31, 2017 represents the trading value of the instruments. Non-recurring fair value measurements In connection with the annual impairment testing conducted as of January 2, 2017 for fiscal 2017, indefinite-lived trademarks associated with Purcell US and Purcell EMEA were recorded at fair value on a nonrecurring basis at $4,300 and $3,900 , respectively, and the remeasurement resulted in an impairment charge of $700 and $1,100 , respectively. In determining the fair value of these assets, the Company used royalty rates ranging between 1.3% - 2.5% based on comparable market rates, and used discount rates ranging between 15.0% - 17.0% . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices and foreign exchange rates, under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Derivatives in Cash Flow Hedging Relationships Lead Forward Contracts The Company enters into lead forward contracts to fix the price for a portion of its lead purchases. Management considers the lead forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year . At March 31, 2018 and 2017 , the Company has hedged the price to purchase notional amounts of approximately 62.9 million pounds and 45.0 million pounds of lead, respectively, for a total purchase price of $72,207 and $46,550 , respectively. Foreign Currency Forward Contracts The Company uses foreign currency forward contracts and options to hedge a portion of the Company’s foreign currency exposures for lead, as well as other foreign currency exposures so that gains and losses on these contracts offset changes in the underlying foreign currency denominated exposures. The vast majority of such contracts are for a period not extending beyond one year . As of March 31, 2018 and 2017 , the Company had entered into a total of $54,164 and $30,751 , respectively, of such contracts. In the coming twelve months, the Company anticipates that $4,369 of net pretax loss relating to lead and foreign currency forward contracts will be reclassified from AOCI as part of cost of goods sold. This amount represents the current net unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the Consolidated Statements of Income as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged. Derivatives not Designated in Hedging Relationships Foreign Currency Forward Contracts The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly in the Consolidated Statements of Income. As of March 31, 2018 and 2017 , the notional amount of these contracts was $28,486 and $13,560 , respectively. Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income: Fair Value of Derivative Instruments March 31, 2018 and 2017 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 Prepaid and other current assets Lead forward contracts $ — $ 1,163 $ — $ — Foreign currency forward contracts 209 11 — — Total assets $ 209 $ 1,174 $ — $ — Accrued expenses Lead forward contracts $ 3,877 $ — $ — $ — Foreign currency forward contracts — — 187 324 Total liabilities $ 3,877 $ — $ 187 $ 324 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2018 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (805 ) Cost of goods sold $ 5,860 Foreign currency forward contracts (3,524 ) Cost of goods sold (2,718 ) Total $ (4,329 ) $ 3,142 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 180 Total $ 180 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2017 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ 7,907 Cost of goods sold $ 5,803 Foreign currency forward contracts 845 Cost of goods sold 433 Total $ 8,752 $ 6,236 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (471 ) Total $ (471 ) The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2016 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (3,361 ) Cost of goods sold $ (11,085 ) Foreign currency forward contracts (3,023 ) Cost of goods sold 3,941 Total $ (6,384 ) $ (7,144 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (409 ) Total $ (409 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Fiscal year ended March 31, 2018 2017 2016 Current income tax expense Current: Federal $ 115,315 $ 30,362 $ 29,082 State 3,461 4,855 4,750 Foreign 20,030 17,800 17,034 Total current income tax expense 138,806 53,017 50,866 Deferred income tax expense (benefit) Federal (9,551 ) 857 (3,706 ) State 789 590 124 Foreign (11,551 ) 8 2,829 Total deferred income tax expense (benefit) (20,313 ) 1,455 (753 ) Total income tax expense $ 118,493 $ 54,472 $ 50,113 Earnings before income taxes consists of the following: Fiscal year ended March 31, 2018 2017 2016 United States $ 74,440 $ 80,436 $ 64,235 Foreign 163,886 132,259 117,702 Earnings before income taxes $ 238,326 $ 212,695 $ 181,937 Income taxes paid by the Company for the fiscal years ended March 31, 2018 , 2017 and 2016 were $28,044 , $45,332 and $44,625 , respectively. U.S. Tax Cuts and Jobs Act of 2017 On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was enacted into law. Among the significant changes resulting from the law, the Tax Act reduces the U.S. federal income tax rate from 35% to 21% effective January 1, 2018, requires companies to pay a one-time transition tax on unrepatriated cumulative non-U.S. earnings of foreign subsidiaries, and creates new taxes on certain foreign sourced earnings. In accordance with ASC 740, “Income Taxes,” the Company is required to record the effects of tax law changes in the period enacted. As a result of the rate change in the Tax Act, the Company’s blended U.S. statutory tax rate for fiscal 2018 is 31.55% . As of March 31, 2018, the Company has not completed its accounting for the tax effects of enactment of the Tax Act; however, in certain cases, as described below, the Company has made a reasonable estimate of the effects on existing deferred tax balances and the Transition Tax. The results for fiscal 2018 contain estimates of the impact of the Tax Act as permitted by Staff Accounting Bulletin 118 “SAB 118” issued by the Securities and Exchange Commission on December 22, 2017. These amounts are considered provisional and may be affected by future guidance, if and when issued. As a result of the Tax Act, the fiscal 2018 financial statements include a provisional net tax expense of $83,400 which is comprised of the following: Foreign tax effects: The Transition Tax is based on the Company's total post-1986 earnings and profits (“E&P”) that were previously deferred from U.S. income taxes. The Company recorded a provisional amount for the Transition Tax liability, resulting in an increase in income tax expense of $97,500 ; an increase of $3,500 from the amount reported in the third quarter of fiscal 2018. The estimated Transition Tax of $97,500 is recorded under current income tax payable and non-current income tax payable, at $7,800 and $89,700 , respectively, and is payable over eight years. Further, the Transition Tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when the Company finalizes both the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and the amounts held in cash or other specified assets. Deferred tax assets and liabilities: The Company remeasured its deferred tax assets and liabilities based on the reduced U.S. federal income tax rate of 21%. However, the Company is still analyzing certain aspects of the Tax Act and refining its calculations, which could potentially affect the measurement of these balances or give rise to new deferred tax amounts. The provisional amount recorded related to the remeasurement of the Company's deferred tax balance was a tax benefit of $14,100 ; a decrease of $606 from the amount reported in the third quarter of fiscal 2018. In all cases, the Company may adjust these provisional amounts which could potentially affect the measurement and impact on tax expense as the Company refines its calculations within a reasonable period not to exceed one year from the enactment date. The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities: March 31, 2018 2017 Deferred tax assets: Accounts receivable $ 1,790 $ 2,419 Inventories 3,660 6,521 Net operating loss carryforwards 50,928 46,178 Accrued expenses 21,274 29,783 Other assets 16,832 20,282 Gross deferred tax assets 94,484 105,183 Less valuation allowance (15,255 ) (27,053 ) Total deferred tax assets 79,229 78,130 Deferred tax liabilities: Property, plant and equipment 21,045 24,319 Other intangible assets 46,058 67,388 Other liabilities 1,331 759 Total deferred tax liabilities 68,434 92,466 Net deferred tax assets (liabilities) $ 10,795 $ (14,336 ) The Company has approximately $1,617 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, with expirations between 2023 and 2027. The Company has approximately $161,929 of foreign net operating loss carryforwards, of which $115,420 may be carried forward indefinitely and $46,509 expire between fiscal 2019 and fiscal 2034. In addition, the Company also has approximately $33,246 of state net operating loss carryforwards with expirations between fiscal 2019 and fiscal 2038. As of March 31, 2018 and 2017 , the federal valuation allowance was $630 and $1,050 , respectively. The decrease is due to the Tax Act rate change. As of March 31, 2018 and 2017 , the valuation allowance associated with the state tax jurisdictions was $895 and $705 , respectively. As of March 31, 2018 and 2017 , the valuation allowance associated with certain foreign tax jurisdictions was $13,730 and $25,298 , respectively. Of the net decrease of $11,568 , $9,049 was recorded as a decrease to tax expense. The $9,049 net decrease to tax expense includes a decrease of $11,954 due to the reversal of previously recognized deferred tax valuation allowances related to certain of the Company’s foreign subsidiaries, and an increase of $2,905 primarily related to net operating loss carryforwards generated in the current year that the Company believes are not more likely than not to be realized. The remaining net decrease of $2,519 is primarily related to foreign currency translation adjustments and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded. A reconciliation of income taxes at the statutory rate ( 31.55% for fiscal 2018 and 35% for fiscal 2017 and 2016) to the income tax provision is as follows: Fiscal year ended March 31, 2018 2017 2016 United States statutory income tax expense $ 75,196 $ 74,444 $ 63,678 Increase (decrease) resulting from: Impact of Tax Act 83,400 — — State income taxes, net of federal effect 3,146 3,677 3,282 Nondeductible expenses, domestic manufacturing deduction and other 1,078 1,993 (1,407 ) Legal proceedings charge - European Competition Investigations - See Note 18 — 7,873 668 Goodwill impairment - See Note 5 — 3,812 6,475 Effect of foreign operations (35,048 ) (39,377 ) (28,845 ) Valuation allowance (9,279 ) 2,050 6,262 Income tax expense $ 118,493 $ 54,472 $ 50,113 The effective income tax rates for the fiscal years ended March 31, 2018 , 2017 and 2016 were 49.7% , 25.6% and 27.5% , respectively. The effective income tax rate with respect to any period may be volatile based on the mix of income in the tax jurisdictions in which the Company operates and the amount of its consolidated income before taxes. The increase in the effective income tax rate in fiscal 2018 is primarily due to the Tax Act. In fiscal 2018 , the foreign effective income tax rate on foreign pre-tax income of $163,886 was 5.2% . In fiscal 2017, the foreign effective income tax rate on foreign pre-tax income of $132,259 was 13.5% and in fiscal 2016, the foreign effective income tax rate on foreign pre-tax income of $117,702 was 16.9% . The rate decrease in fiscal 2018 compared to fiscal 2017 is primarily due to the reversal of previously recognized deferred tax valuation allowances related to certain of the Company’s foreign subsidiaries in fiscal 2018 , decreases due to non-deductible goodwill impairment charges and non-deductible legal proceedings charge related to the European competition investigation in fiscal 2017, and changes in the mix of earnings among tax jurisdictions. The rate decrease in fiscal 2017 compared to fiscal 2016 is primarily due to changes in the mix of earnings among tax jurisdictions and a decrease in non-deductible goodwill impairment charges compared to fiscal 2016, partially offset by an increase in non-deductible legal proceedings charge relating to the European competition investigation in fiscal 2017 compared to fiscal 2016. Income from the Company's Swiss subsidiary comprised a substantial portion of its overall foreign mix of income for the fiscal years ended March 31, 2018 , 2017 and 2016 and was taxed at approximately 8% , 5% and 7% , respectively. The Company has approximately $1,126,000 and $960,000 of undistributed earnings of foreign subsidiaries for fiscal years 2018 and 2017, respectively. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the Transition Tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits: Fiscal year ended March 31, 2018 2017 2016 Balance at beginning of year $ 1,450 $ 2,375 $ 4,112 Increases related to current year tax positions 397 252 422 Increases related to prior year tax positions 11 31 470 Decreases related to prior tax positions due to foreign currency translation — (352 ) — Decreases related to prior year tax positions settled (1 ) (678 ) (2,315 ) Lapse of statute of limitations (289 ) (178 ) (314 ) Balance at end of year $ 1,568 $ 1,450 $ 2,375 All of the balance of unrecognized tax benefits at March 31, 2018 , if recognized, would be included in the Company’s Consolidated Statements of Income and have a favorable impact on both the Company’s net earnings and effective tax rate. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2015. While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $480 is expected to reverse in fiscal 2019 due to expiration of various statute of limitations. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statements of Income. As of March 31, 2018 and 2017 , the Company had an accrual of $116 and $112 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans Defined Benefit Plans The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans. Net periodic pension cost for fiscal 2018 , 2017 and 2016 , includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2018 2017 2016 2018 2017 2016 Service cost $ — $ 371 $ 482 $ 1,025 $ 871 $ 820 Interest cost 658 664 682 1,795 1,848 1,904 Expected return on plan assets (496 ) (816 ) (855 ) (2,264 ) (1,875 ) (2,247 ) Amortization and deferral 303 453 481 1,468 978 1,249 Curtailment loss — — 313 — — — Net periodic benefit cost $ 465 $ 672 $ 1,103 $ 2,024 $ 1,822 $ 1,726 The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans: United States Plans International Plans March 31, March 31, 2018 2017 2018 2017 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 16,682 $ 17,649 $ 74,478 $ 69,134 Service cost — 371 1,025 871 Interest cost 658 664 1,795 1,848 Benefits paid, inclusive of plan expenses (1,037 ) (1,057 ) (2,153 ) (1,982 ) Plan curtailments and settlements — — (52 ) (17 ) Actuarial (gains) losses 410 (945 ) (2,705 ) 11,863 Foreign currency translation adjustment — — 9,645 (7,239 ) Benefit obligation at the end of the period $ 16,713 $ 16,682 $ 82,033 $ 74,478 Change in plan assets Fair value of plan assets at the beginning of the period $ 12,731 $ 11,839 $ 34,323 $ 32,314 Actual return on plan assets 1,731 1,455 688 6,669 Employer contributions 503 494 1,865 1,640 Benefits paid, inclusive of plan expenses (1,037 ) (1,057 ) (2,153 ) (1,982 ) Plan curtailments and settlements — — (52 ) (17 ) Foreign currency translation adjustment — — 4,086 (4,301 ) Fair value of plan assets at the end of the period $ 13,928 $ 12,731 $ 38,757 $ 34,323 Funded status deficit $ (2,785 ) $ (3,951 ) $ (43,276 ) $ (40,155 ) March 31, 2018 2017 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ — $ 46 Accrued expenses (1,657 ) (1,222 ) Other liabilities (44,404 ) (42,930 ) $ (46,061 ) $ (44,106 ) The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2018 , 2017 and 2016 : Fiscal year ended March 31, 2018 2017 2016 Amounts recorded in AOCI before taxes: Prior service cost $ (385 ) $ (377 ) $ (445 ) Net loss (27,762 ) (28,475 ) (26,628 ) Net amount recognized $ (28,147 ) $ (28,852 ) $ (27,073 ) Fiscal year ended March 31, 2018 2017 2016 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year (1,953 ) 5,485 (988 ) Effect of exchange rates on amounts included in AOCI 3,019 (2,275 ) 142 Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (46 ) (42 ) (382 ) Amortization or settlement recognition of net loss (1,725 ) (1,389 ) (1,661 ) Total recognized in other comprehensive (income) loss $ (705 ) $ 1,779 $ (2,889 ) The amounts included in AOCI as of March 31, 2018 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows: Prior service cost $ (48 ) Net loss (1,483 ) Net amount expected to be recognized $ (1,531 ) The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows: United States Plans International Plans March 31, March 31, 2018 2017 2018 2017 All defined benefit plans: Accumulated benefit obligation $ 16,713 $ 16,682 $ 77,724 $ 70,801 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 33,124 $ 28,623 Accumulated benefit obligation — — 31,270 27,220 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,713 $ 16,682 $ 82,033 $ 73,920 Fair value of plan assets 13,928 12,731 38,757 33,719 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,713 $ 16,682 $ 81,253 $ 73,920 Accumulated benefit obligation 16,713 16,682 77,021 70,281 Fair value of plan assets 13,928 12,731 37,986 33,719 Assumptions Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2018 2017 2016 2018 2017 2016 Discount rate 4.1 % 3.9 % 3.8 % 1.5-3.5% 1.8-3.7% 1.25-3.4% Expected return on plan assets 6.8 7.0 7.0 3.6-6.3 3.3-6.5 3.2-6.5 Rate of compensation increase N/A N/A N/A 1.5-4.0 1.5-4.0 1.5-3.75 N/A = not applicable Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows: United States Plans International Plans March 31, March 31, 2018 2017 2018 2017 Discount rate 3.9 % 4.1 % 1.4-3.3% 1.5-3.5% Rate of compensation increase N/A N/A 1.8-4.0 1.5-4.0 N/A = not applicable The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service. The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis. Pension Plan Investment Strategy The Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy. Equity investments are maintained within a target range of 40% - 75% of the total portfolio market value for the U.S. plans and with a target of approximately 65% for international plans. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase. The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and is expected to meet or exceed established benchmark funds and returns over a three to five year period. The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio that reflects a conservative mix of risk versus return, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time. The following table represents the Company's pension plan investments measured at fair value as of March 31, 2018 and 2017 and the basis for that measurement: March 31, 2018 United States Plans International Plans Total Fair Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 891 $ 891 $ — $ — $ 49 $ 49 $ — $ — Equity securities US (a) 9,864 9,864 — — — — — — International (b) — — — — 25,768 — 25,768 — Fixed income (c) 3,173 3,173 — — 12,940 — 12,940 — Total $ 13,928 $ 13,928 $ — $ — $ 38,757 $ 49 $ 38,708 $ — March 31, 2017 United States Plans International Plans Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 305 $ 305 $ — $ — $ 88 $ 88 $ — $ — Equity securities US (a) 8,363 8,363 — — — — — — International (b) 1,050 1,050 — — 22,727 — 22,727 — Fixed income (c) 3,013 3,013 — — 11,508 — 11,508 — Total $ 12,731 $ 12,731 $ — $ — $ 34,323 $ 88 $ 34,235 $ — The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1. (a) US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks. (b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets. (c) Fixed income consists primarily of investment grade bonds from diversified industries. The Company expects to make cash contributions of approximately $2,590 to its pension plans in fiscal 2018. Estimated future benefit payments under the Company’s pension plans are as follows: 2019 $ 3,035 2020 2,881 2021 3,430 2022 3,515 2023 3,952 Years 2024-2028 23,066 Defined Contribution Plan The Company maintains defined contribution plans primarily in the U.S. and U.K. Eligible employees can contribute a portion of their pre-tax and/or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and /or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2018 , 2017 and 2016 were $8,931 , $7,447 and $6,730 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity and Noncontrolling Interests [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests Preferred Stock and Common Stock The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2018 and 2017 , no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance. The following summarizes the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2016 , 2017 and 2018 , respectively: Shares outstanding as of March 31, 2015 44,068,588 Purchase of treasury stock (3,216,654 ) Shares issued from treasury stock to settle conversion premium on Convertible Notes 1,889,431 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 448,137 Shares outstanding as of March 31, 2016 43,189,502 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 258,034 Shares outstanding as of March 31, 2017 43,447,536 Purchase of treasury stock (1,756,831 ) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 224,295 Shares outstanding as of March 31, 2018 41,915,000 Treasury Stock In fiscal 2018 , the Company purchased 1,756,831 shares of its common stock for $121,191 . Of the shares purchased, 1,495,714 were acquired through an accelerated share repurchase program (“ASR”) for a total cash investment of $100,000 at an average price of $66.86 . There were no repurchases of common stock during fiscal 2017 . In fiscal 2016, the Company purchased 3,216,654 shares of its common stock for $178,244 . Of the shares purchased in fiscal 2016, 2,961,444 were acquired through an ASR for a total cash investment of $166,392 at an average price of $56.19 . At March 31, 2018 and 2017 , the Company held 12,680,105 and 10,923,274 shares as treasury stock, respectively. Treasury Stock Reissuance In fiscal 2016, the Company settled the conversion premium on the Convertible Notes by issuing 1,889,431 shares from its treasury stock. The reissuance was recorded on a last-in, first-out method, and the difference between the repurchase cost and the fair value at reissuance was recorded as an adjustment to stockholders' equity. Accumulated Other Comprehensive Income (“AOCI”) The components of AOCI, net of tax, are as follows: Beginning Balance Before Reclassifications Amount Reclassified from AOCI Ending Balance March 31, 2018 Pension funded status adjustment $ (25,555 ) $ 1,692 $ 1,360 $ (22,503 ) Net unrealized gain (loss) on derivative instruments 1,975 (2,868 ) (2,532 ) (3,425 ) Foreign currency translation adjustment (129,244 ) 113,455 — (15,789 ) Accumulated other comprehensive loss $ (152,824 ) $ 112,279 $ (1,172 ) $ (41,717 ) March 31, 2017 Pension funded status adjustment $ (21,861 ) $ (4,659 ) $ 965 $ (25,555 ) Net unrealized gain (loss) on derivative instruments 388 5,523 (3,936 ) 1,975 Foreign currency translation adjustment (75,876 ) (53,368 ) — (129,244 ) Accumulated other comprehensive loss $ (97,349 ) $ (52,504 ) $ (2,971 ) $ (152,824 ) March 31, 2016 Pension funded status adjustment $ (23,719 ) $ 298 $ 1,560 $ (21,861 ) Net unrealized gain (loss) on derivative instruments (95 ) (4,027 ) 4,510 388 Foreign currency translation adjustment (85,161 ) 9,285 — (75,876 ) Accumulated other comprehensive (loss) income $ (108,975 ) $ 5,556 $ 6,070 $ (97,349 ) The following table presents reclassifications from AOCI during the twelve months ended March 31, 2018 : 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 $ (3,142 ) Cost of goods sold Tax expense 610 Net unrealized gain on derivative instruments, net of tax $ (2,532 ) Defined benefit pension costs: Prior service costs and deferrals $ 1,771 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 Tax benefit (411 ) Net periodic benefit cost, net of tax $ 1,360 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2017 : 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 $ (6,236 ) Cost of goods sold Tax expense 2,300 Net unrealized gain on derivative instruments, net of tax $ (3,936 ) Defined benefit pension costs: Prior service costs and deferrals $ 1,431 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 Tax benefit (466 ) Net periodic benefit cost, net of tax $ 965 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2016: 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 $ 7,144 Cost of goods sold Tax benefit (2,634 ) Net unrealized loss on derivative instruments, net of tax $ 4,510 Defined benefit pension costs: Prior service costs and deferrals $ 2,043 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 Tax benefit (483 ) Net periodic benefit cost, net of tax $ 1,560 Redeemable Noncontrolling Interests The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2016 , 2017 and 2018 , respectively: Balance as of March 31, 2015 $ 6,956 Net losses attributable to redeemable noncontrolling interests (4,272 ) Redemption value adjustment 4,272 Other 109 Foreign currency translation adjustment (1,068 ) Balance as of March 31, 2016 $ 5,997 Net losses attributable to redeemable noncontrolling interests (2,021 ) Deconsolidation of joint venture (4,035 ) Foreign currency translation adjustment 59 Balance as of March 31, 2017 $ — In fiscal 2017, the Company deconsolidated its joint venture in South Africa and the impact of this deconsolidation was reflected in the Consolidated Statements of Income. As a result, the Company has no redeemable noncontrolling interest on its Consolidated Balance Sheet as of March 31, 2018 and 2017 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of March 31, 2018 , the Company maintains the 2017 Equity Incentive Plan (“2017 EIP”). The 2017 EIP reserved 4,173,554 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market share units and other forms of equity-based compensation. Shares subject to any awards that expire without being exercised or that are forfeited or settled in cash shall again be available for future grants of awards under the 2017 EIP. Shares subject to stock option or stock appreciation right awards, that have been retained by the Company in payment or satisfaction of the exercise price and any applicable tax withholding obligation of such awards, shall not be available for future grant under the 2017 EIP. As of March 31, 2018 , 3,916,468 shares are available for future grants. The Company’s management equity incentive plans are intended to provide an incentive to employees and non-employee directors of the Company to remain in the service of the Company and to increase their interest in the success of the Company in order to promote the long-term interests of the Company. The plans seek to promote the highest level of performance by providing an economic interest in the long-term performance of the Company. The Company settles employee share-based compensation awards with newly issued shares. Stock Options During fiscal 2018 , the Company granted to management and other key employees 169,703 non-qualified options that vest ratably over 3 years from the date of grant. Options granted prior to fiscal 2018 , as well as the options granted in fiscal 2018 expire 10 years from the date of grant. The Company recognized stock-based compensation expense relating to stock options of $2,741 , with a related tax benefit of $700 for fiscal 2018 , stock-based compensation expense of $1,705 with a related tax benefit of $457 for fiscal 2017 and stock-based compensation of $1,419 with a related tax benefit of $477 for fiscal 2016. For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions: 2018 2017 2016 Risk-free interest rate 2.08 % 1.41 % 1.79 % Dividend yield 0.84 % 1.22 % 1.02 % Expected life (years) 6 6 6 Volatility 29.18 % 30.4 % 32.75 % The following table summarizes the Company’s stock option activity in the years indicated: Number of Options Weighted- Average Remaining Contract Term (Years) Weighted- Average Exercise Price Aggregate Intrinsic Value Options outstanding as of March 31, 2015 102,817 7.0 $ 55.86 $ 1,291 Granted 127,966 68.40 — Exercised (11,986 ) 14.64 639 Expired (8,500 ) 13.76 437 Options outstanding as of March 31, 2016 210,297 8.5 $ 67.54 $ 218 Granted 242,068 57.60 — Exercised (263 ) 18.25 12 Expired (434 ) 18.25 15 Options outstanding as of March 31, 2017 451,668 8.4 $ 62.29 $ 7,520 Granted 169,703 83.14 — Exercised (62,197 ) 63.44 1,132 Forfeited (11,495 ) 70.22 75 Expired (2,089 ) 18.25 137 Options outstanding as of March 31, 2018 545,590 8.0 $ 68.65 $ 2,679 Options exercisable as of March 31, 2018 183,347 7.2 $ 65.11 $ 806 Options vested and expected to vest, as of March 31, 2018 537,237 8.0 $ 68.56 $ 2,644 The following table summarizes information regarding stock options outstanding as of March 31, 2018 : Range of Exercise Prices Number of Options Weighted- Weighted- Average Exercise Price $55.00-$60.00 218,405 8.1 $ 57.60 $65.01-$70.00 163,160 6.8 $ 68.86 $80.01-$83.14 164,025 9.1 $ 83.14 545,590 8.0 $ 68.65 Restricted Stock Units and Market Share Units In fiscal 2018 , the Company granted to non-employee directors 33,408 deferred restricted stock units at the fair value of $46.24 per restricted stock unit at the date of grant. In fiscal 2017 , such grants amounted to 25,708 restricted stock units at the fair value of $69.97 per restricted stock unit at the date of grant and in fiscal 2016 , such grants amounted to 28,970 restricted stock units at the fair value of $55.32 per restricted stock unit at the date of grant. The awards vest immediately upon the date of grant and are settled in shares of common stock six months after termination of service as a director. In fiscal 2018 , the Company also granted to non-employee directors, 1,345 restricted stock units and in fiscal 2017 and 2016 , granted 1,239 and 565 restricted stock units, respectively, at fair values of $73.39 , $65.88 and $62.62 , for fiscal 2018, 2017 and 2016, respectively, under the deferred compensation plan. In fiscal 2018 , the Company granted to management and other key employees 161,229 restricted stock units at the fair value of $83.14 per restricted stock unit and 60,187 performance market share units at a weighted average fair value of $105.74 per unit at the date of grant. In fiscal 2017 , the Company granted to management and other key employees 237,358 restricted stock units at the fair value of $57.60 per restricted stock unit and 83,720 performance market share units at a weighted average fair value of $70.79 per market share unit at the date of grant. In fiscal 2016 , the Company granted to management and other key employees 120,287 restricted stock units at a fair value of $68.40 per restricted stock unit and 212,635 market share units at a weighted average fair value of $59.94 per market share unit at the date of grant. For purposes of determining the fair value of performance market share units granted in fiscal 2018 and fiscal 2017 , and market share units in fiscal 2016 , the Company used a Monte Carlo Simulation with the following assumptions: 2018 2017 2016 Risk-free interest rate 1.57 % 0.94 % 1.00 % Dividend yield — % — % — % Expected life (years) 3 3 3 Volatility 27.49 % 31.74 % 25.52 % A summary of the changes in restricted stock units, performance market share units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2018 is presented below: Restricted Stock Units (RSU) Performance Market Share Units and Market Share Units (MSU) Number of RSU Weighted- Average Grant Date Fair Value Number of MSU Weighted- Average Grant Date Fair Value Non-vested awards as of March 31, 2017 600,275 $ 51.96 449,141 $ 65.41 Granted 195,982 74.78 60,187 105.74 Stock dividend 6,203 56.99 3,451 70.19 Performance factor — — 13 83.92 Vested (151,458 ) 60.36 (142,426 ) 70.21 Canceled (17,251 ) 68.77 (20,430 ) 69.10 Non-vested awards as of March 31, 2018 633,751 $ 56.60 349,936 $ 70.22 The Company recognized stock-based compensation expense relating to restricted stock units and market share units of $16,712 , with a related tax benefit of $3,325 for fiscal 2018 , $17,480 , with a related tax benefit of $4,210 for fiscal 2017 and $18,184 , with a related tax benefit of $4,446 for fiscal 2016 . All Award Plans As of March 31, 2018 , unrecognized compensation expense associated with the non-vested equity awards outstanding was $35,772 and is expected to be recognized over a weighted-average period of 22 months |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. Fiscal year ended March 31, 2018 2017 2016 Net earnings attributable to EnerSys stockholders $ 119,594 $ 160,214 $ 136,150 Weighted-average number of common shares outstanding: Basic 42,612,036 43,389,333 44,276,713 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 507,820 623,210 644,036 Convertible Notes — — 553,381 Diluted weighted-average number of common shares outstanding 43,119,856 44,012,543 45,474,130 Basic earnings per common share attributable to EnerSys stockholders $ 2.81 $ 3.69 $ 3.08 Diluted earnings per common share attributable to EnerSys stockholders $ 2.77 $ 3.64 $ 2.99 Anti-dilutive equity awards not included in diluted weighted-average common shares 59,482 1,295 — In fiscal 2016, the Company paid $172,388 , in aggregate, towards the principal balance of the Convertible Notes, including accreted interest, cash equivalent of fractional shares issued towards conversion premium and settled the conversion premium by issuing, in the aggregate, 1,889,431 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Litigation | Commitments, Contingencies and Litigation Litigation and Other Legal Matters In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, anticompetition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, the Company and its subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities. European Competition Investigations Certain of the Company’s European subsidiaries had received subpoenas and requests for documents and, in some cases, interviews from, and have had on-site inspections conducted by the competition authorities of Belgium, Germany and the Netherlands relating to conduct and anticompetitive practices of certain industrial battery participants. The Company settled the Belgian regulatory proceeding in February 2016 by acknowledging certain anticompetitive practices and conduct and agreeing to pay a fine of $1,962 , which was paid in March 2016. As of March 31, 2018 and March 31, 2017 , the Company had a reserve balance of $2,326 and $1,830 , respectively, relating to certain ancillary matters associated with the Belgian regulatory proceeding. The change in the reserve balance between March 31, 2018 and March 31, 2017 was due to foreign currency translation impact. In June 2017, the Company settled a portion of its previously disclosed proceeding involving the German competition authority relating to conduct involving the Company's motive power battery business and agreed to pay a fine of $14,811 , which was paid in July 2017. As of March 31, 2018 and March 31, 2017 , the Company had a reserve balance of $0 and $13,463 , respectively, relating to this matter. Also in June 2017, the German competition authority issued a fining decision related to the Company's reserve power battery business, which constitutes the remaining portion of the previously disclosed German proceeding. The Company is appealing this decision, including payment of the proposed fine of $12,322 , and believes that the reserve power matter does not, based on current facts and circumstances known to management, require an accrual. The Company is not required to escrow any portion of this fine during the appeal process. In July 2017, the Company settled the Dutch regulatory proceeding and agreed to pay a fine of $11,229 , which was paid in August 2017. As of March 31, 2018 and March 31, 2017, the Company had a reserve balance of $0 and $10,258 , respectively, relating to the Dutch regulatory proceeding. As of March 31, 2018 and March 31, 2017 , the Company had a total reserve balance of $2,326 and $25,551 , respectively, in connection with these investigations and other related legal matters, included in accrued expenses on the Consolidated Balance Sheets. The foregoing estimate of losses is based upon currently available information for these proceedings. However, the precise scope, timing and time period at issue, as well as the final outcome of the investigations or customer claims, remain uncertain. Accordingly, the Company’s estimate may change from time to time, and actual losses could vary. Environmental Issues As a result of its operations, the Company is subject to various federal, state and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace. The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina that predates its ownership of this facility. This manufacturing facility was closed in 2001 and the Company established a reserve for this facility which was $1,109 and $1,123 as of March 31, 2018 and 2017 , respectively. Based on current information, the Company’s management believes this reserve is adequate to satisfy the Company’s environmental liabilities at this facility. This facility is separate from the Company’s current metal fabrication facility in Sumter. Collective Bargaining At March 31, 2018 , the Company had approximately 9,600 employees. Of these employees, approximately 27% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that did not exceed twelve months were approximately 6% of the total workforce. The average term of these agreements is 2 years , with the longest term being 3 years . The Company considers its employee relations to be good and did not experience any significant labor unrest or disruption of production during fiscal 2018 . Lead and Foreign Currency Forward Contracts To stabilize its lead costs and reduce volatility from currency movements, the Company enters into contracts with financial institutions. The vast majority of such contracts are for a period not extending beyond one year. Please refer to Note 12 - Derivative Financial Instruments for more details. Other |
Restructuring Plans and Other E
Restructuring Plans and Other Exit Charges | 12 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Plans and Other Exit Charges | Restructuring and Other Exit Charges Restructuring Plans During fiscal 2013, the Company announced a restructuring related to improving the efficiency of its manufacturing operations in EMEA. This program was completed during the third quarter of fiscal 2016. Total charges for this program were $6,895 , primarily for cash expenses of $5,496 for employee severance-related payments of approximately 140 employees and non-cash expenses of $1,399 associated with the write-off of certain fixed assets and inventory. The Company incurred $5,207 of costs against the accrual through fiscal 2015, and incurred $271 in costs against the accrual during fiscal 2016. During fiscal 2014, the Company announced further restructuring programs to improve the efficiency of its manufacturing, sales and engineering operations in EMEA including the restructuring of its manufacturing operations in Bulgaria. The restructuring of the Bulgaria operations was announced during the third quarter of fiscal 2014 and consisted of the transfer of motive power and a portion of reserve power battery manufacturing to the Company's facilities in Western Europe. This program was completed during the fourth quarter of fiscal 2016. Total charges for this program were $22,930 primarily for cash expenses of $11,996 for employee severance-related payments of approximately 500 employees and other charges and non-cash expenses of $10,934 associated with the write-off of certain fixed assets and inventory. The Company recorded restructuring charges of $22,115 through fiscal 2015, consisting of non-cash charges of $10,934 and cash charges of $11,181 and recorded an additional $1,229 in cash charges and a favorable accrual adjustment of $414 during fiscal 2016. The Company incurred $9,737 of costs against the accrual through fiscal 2015, and incurred $2,068 in costs against the accrual during fiscal 2016. During the third quarter of fiscal 2015, the Company announced a restructuring related to its manufacturing facility located in Jiangdu, the People’s Republic of China (“PRC”), pursuant to which the Company completed the transfer of the manufacturing at that location to its other facilities in PRC, as part of the closure of the Jiangdu facility in the first quarter of fiscal 2016. This program was completed during the fourth quarter of fiscal 2016. Total charges for this program were $5,291 primarily for cash expenses of $4,893 for employee severance-related payments of approximately 300 employees and other charges and non-cash expenses of $398 . The Company recorded cash restructuring charges of $3,870 during fiscal 2015 and recorded an additional $1,023 in cash charges and $398 in non-cash charges during fiscal 2016. The Company incurred $1,874 of costs against the accrual through fiscal 2015, and incurred $2,970 in costs against the accrual during fiscal 2016. During fiscal 2015, the Company announced a restructuring primarily related to a portion of its sales and engineering organizations in Europe to improve efficiencies. This program was completed during the fourth quarter of fiscal 2016. Total charges for this program were $804 for cash expenses for employee severance-related payments of approximately 15 employees. The Company recorded cash restructuring charges of $450 during fiscal 2015 and recorded an additional $354 during fiscal 2016. The Company incurred $193 of costs against the accrual through fiscal 2015, and incurred $698 in costs against the accrual during fiscal 2016. During the first quarter of fiscal 2016, the Company completed a restructuring related to a reduction of two executives associated with one of Americas’ recent acquisitions to improve efficiencies. The Company recorded total severance-related charges of $570 , all of which was paid during the first quarter of fiscal 2016, primarily per the terms of a pre-existing employee agreement. During fiscal 2016, the Company announced restructurings to improve efficiencies primarily related to its motive power assembly and distribution center in Italy and its sales and administration organizations in EMEA. In addition, the Company announced a further restructuring related to its manufacturing operations in Europe. The program was completed during the third quarter of fiscal 2018. Total charges for this program were $6,568 , primarily for cash expenses of $6,161 for employee severance payments of approximately 130 employees and other charges of $407 . In fiscal 2016, 2017 and 2018, the Company recorded restructuring charges of $5,232 , $1,251 and $85 , respectively. In fiscal 2016, 2017 and 2018 the Company incurred costs against the accrual of $2,993 , $3,037 and $499 , respectively. During fiscal 2016, the Company announced a restructuring related to improving the efficiency of its manufacturing operations in the Americas. The program, which was completed during the first quarter of fiscal 2017, consisted of closing its Cleveland, Ohio charger manufacturing facility and the transfer of charger production to other Americas manufacturing facilities. The total charges for all actions associated with this program amounted to $2,379 , primarily from cash charges for employee severance-related payments and other charges of $1,043 , along with a pension curtailment charge of $313 and non-cash charges related to the accelerated depreciation of fixed assets of $1,023 . The program resulted in the reduction of approximately 100 employees at its Cleveland facility. In fiscal 2016, the Company recorded restructuring charges of $1,488 including a pension curtailment charge of $313 and non-cash charges of $305 and recorded an additional $174 in cash charges and $718 in non-cash charges during the first quarter of fiscal 2017. The Company incurred $119 in costs against the accrual in fiscal 2016 and incurred an additional $924 against the accrual during the first quarter of fiscal 2017. During fiscal 2017 , the Company announced restructuring programs to improve efficiencies primarily related to its motive power production in EMEA. The Company estimates that the total charges for these actions will amount to approximately $4,700 , primarily from cash charges for employee severance-related payments and other charges. The Company estimates that these actions will result in the reduction of approximately 45 employees upon completion. During fiscal 2017 , the Company recorded restructuring charges of $3,104 and an additional $1,610 during fiscal 2018. The Company incurred $749 in costs against the accrual in fiscal 2017 and an additional $2,403 during fiscal 2018. As of March 31, 2018 , the reserve balance associated with these actions is $1,790 . The Company does not expect to be committed to additional restructuring charges related to this action, which is expected to be completed in fiscal 2019. During fiscal 2017 , the Company announced restructurings primarily to complete the transfer of equipment and clean-up of its manufacturing facility located in Jiangdu, the People’s Republic of China, which stopped production during the first quarter of fiscal 2016 . This program was completed during the fourth quarter of fiscal 2018. The total cash charges for these actions amounted to $991 . During fiscal 2017 , the Company recorded restructuring charges of $779 and an additional $212 during fiscal 2018. The Company incurred $648 in costs against the accrual in fiscal 2017 and an additional $341 during fiscal 2018. During fiscal 2018, the Company announced restructuring programs to improve efficiencies primarily related to supply chain, manufacturing and general operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,400 , primarily from cash charges for employee severance-related payments and other charges. The Company estimates that these actions will result in the reduction of approximately 85 employees upon completion. During fiscal 2018, the Company recorded non-cash restructuring charges of $69 and cash charges of $2,260 and incurred $1,350 in costs against the accrual. As of March 31, 2018, the reserve balance associated with these actions is $911 . The Company expects to be committed to an additional $5,100 in restructuring charges related to this action, which it expects to complete in fiscal 2020. During the second quarter of fiscal 2018, the Company completed the sale of its Cleveland, Ohio facility and recorded a non-cash loss on the sale of the building of $210 and other cash charges of $75 . The Cleveland facility ceased charger production in fiscal 2017. During fiscal 2018, the Company announced a restructuring program to improve efficiencies of its general operations in the Americas. The Company estimates that the total charges for these actions will amount to approximately $1,000 , from cash charges for employee severance-related payments to approximately 60 salaried employees. During fiscal 2018, the Company recorded restructuring charges of $960 and incurred $755 in costs against the accrual. As of March 31, 2018, the reserve balance associated with this action is $208 . The Company expects to complete this action in fiscal 2019. A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total Balance at March 31, 2015 $ 2,966 $ 854 $ 3,820 Accrued 8,859 419 9,278 Accrual adjustments — (414 ) (414 ) Costs incurred (8,817 ) (872 ) (9,689 ) Foreign currency impact and other (44 ) 38 (6 ) Balance at March 31, 2016 $ 2,964 $ 25 $ 2,989 Accrued 4,566 742 5,308 Costs incurred (4,754 ) (604 ) (5,358 ) Foreign currency impact and other (108 ) (19 ) (127 ) Balance at March 31, 2017 $ 2,668 $ 144 $ 2,812 Accrued 4,757 445 5,202 Costs incurred (4,849 ) (574 ) (5,423 ) Foreign currency impact and other 317 1 318 Balance at March 31, 2018 $ 2,893 $ 16 $ 2,909 Other Exit Charges During fiscal 2018, the Company wrote off $3,457 of inventories, relating to the closing of its Cleveland, Ohio charger manufacturing facility, which is reported in cost of goods sold. During fiscal 2017 , the Company recorded exit charges of $3,292 related to the South Africa joint venture, consisting of cash charges of $2,575 primarily relating to severance and non-cash charges of $717 . Included in the non-cash charges are $2,157 relating to the inventory adjustment which is reported in cost of goods sold, partially offset by a credit of $1,099 relating to a change in estimate of contract losses and a $341 gain on deconsolidation of the joint venture. Weakening of the general economic environment in South Africa, reflecting the limited growth in the mining industry, affected the joint venture’s ability to compete effectively in the marketplace and consequently, the Company initiated an exit plan in consultation with its joint venture partner in the second quarter of fiscal 2017 . The joint venture is currently under liquidation, which resulted in a loss of control and deconsolidation of the joint venture. The impact of the deconsolidation has been reflected in the Consolidated Statements of Income and was deemed not material. During fiscal 2016, the Company recorded exit charges of $3,098 |
Warranty
Warranty | 12 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Warranty | Warranty The Company provides for estimated product warranty expenses when the related products are sold, with related liabilities included within accrued expenses and other liabilities. As warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, claims costs may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2018 2017 2016 Balance at beginning of year $ 46,116 $ 48,422 $ 39,810 Current year provisions 21,706 17,852 19,735 Costs incurred (18,820 ) (15,945 ) (13,998 ) Foreign currency translation adjustment 1,600 (4,213 ) 2,875 Balance at end of year $ 50,602 $ 46,116 $ 48,422 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | Other (Income) Expense, Net Other (income) expense, net consists of the following: Fiscal year ended March 31, 2018 2017 2016 Foreign exchange transaction losses (gains) $ 5,499 $ (662 ) $ 5,425 Other 556 1,631 294 Total $ 6,055 $ 969 $ 5,719 |
Business Segments
Business Segments | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Summarized financial information related to the Company’s reportable segments at March 31, 2018 , 2017 and 2016 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2018 2017 2016 Net sales by segment to unaffiliated customers Americas $ 1,429,888 $ 1,332,353 $ 1,276,027 EMEA 849,420 763,013 787,402 Asia 302,583 271,783 252,820 Total net sales $ 2,581,891 $ 2,367,149 $ 2,316,249 Net sales by product line Reserve power $ 1,247,900 $ 1,142,327 $ 1,109,154 Motive power 1,333,991 1,224,822 1,207,095 Total net sales $ 2,581,891 $ 2,367,149 $ 2,316,249 Intersegment sales Americas $ 29,513 $ 26,039 $ 32,984 EMEA 133,164 93,150 78,812 Asia 23,375 22,584 23,590 Total intersegment sales (1) $ 186,052 $ 141,773 $ 135,386 Operating earnings Americas $ 189,001 $ 191,500 $ 182,774 EMEA 76,672 76,425 75,666 Asia 12,647 14,994 570 Inventory adjustment relating to exit activities—Americas (3,457 ) — — Inventory adjustment relating to exit activities—EMEA — (2,157 ) — Restructuring charges—Americas (1,246 ) (892 ) (2,058 ) Restructuring and other exit charges—EMEA (4,023 ) (5,487 ) (9,501 ) Restructuring charges—Asia (212 ) (781 ) (1,419 ) Impairment of goodwill and indefinite-lived intangibles—Americas — (9,346 ) (32,999 ) Impairment of goodwill, indefinite-lived intangibles and fixed assets—EMEA — (4,670 ) (3,253 ) Reversal of legal accrual, net of fees—Americas — — 799 Legal proceedings charge—EMEA — (23,725 ) (4,000 ) Gain on sale of facility—Asia — — 3,420 Total operating earnings (2) $ 269,382 $ 235,861 $ 209,999 Property, plant and equipment, net Americas $ 210,998 $ 190,169 $ 177,720 EMEA 118,263 100,042 112,839 Asia 60,999 58,338 66,850 Total $ 390,260 $ 348,549 $ 357,409 Capital Expenditures Americas $ 46,905 $ 34,809 $ 39,127 EMEA 18,392 13,733 12,625 Asia 4,535 1,530 4,128 Total $ 69,832 $ 50,072 $ 55,880 Depreciation and Amortization Americas $ 30,421 $ 30,204 $ 31,070 EMEA 16,198 15,693 16,337 Asia 7,698 8,048 8,587 Total $ 54,317 $ 53,945 $ 55,994 (1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. (2) The Company does not allocate interest expense or other (income) expense, net, to the reportable segments. 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 49.2% , 50.0% and 51.0% for fiscal years ended March 31, 2018 , 2017 and 2016 , respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2018 and 2017 , were $176,144 and $156,828 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2018 ended on July 2, 2017, October 1, 2017, December 31, 2017, and March 31, 2018, respectively. The four quarters in fiscal 2017 ended on July 3, 2016, October 2, 2016, January 1, 2017, and March 31, 2017, respectively. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year Fiscal year ended March 31, 2018 Net sales $ 622,625 $ 617,289 $ 658,935 $ 683,042 $ 2,581,891 Gross profit 163,097 159,874 166,965 167,004 656,940 Operating earnings (1)(3) 69,611 63,990 68,440 67,341 269,382 Net earnings (loss) (8) 48,322 43,151 (25,779 ) 54,139 119,833 Net earnings (loss) attributable to EnerSys stockholders 48,201 43,222 (25,847 ) 54,018 119,594 Net earnings (loss) per common share attributable to EnerSys stockholders—basic $ 1.11 $ 1.01 $ (0.61 ) $ 1.29 $ 2.81 Net earnings (loss) per common share attributable to EnerSys stockholders—diluted $ 1.09 $ 1.00 $ (0.61 ) $ 1.27 $ 2.77 Fiscal year ended March 31, 2017 Net sales $ 600,603 $ 576,048 $ 563,697 $ 626,801 $ 2,367,149 Gross profit 166,334 161,295 155,884 167,112 650,625 Operating earnings (2)(4)(5)(6)(7) 66,032 62,909 55,023 51,897 235,861 Net earnings 44,619 42,793 37,095 33,716 158,223 Net earnings attributable to EnerSys stockholders 44,573 45,636 36,235 33,770 160,214 Net earnings per common share attributable to EnerSys stockholders—basic $ 1.03 $ 1.05 $ 0.83 $ 0.78 $ 3.69 Net earnings per common share attributable to EnerSys stockholders—diluted $ 1.02 $ 1.04 $ 0.82 $ 0.76 $ 3.64 (1) Included in Operating earnings were inventory adjustment relating to exit activities of $3,457 in the fourth quarter of fiscal 2018 . (2) Included in Operating earnings were inventory adjustment relating to exit activities of $2,659 and $(502) in the second and third quarters of fiscal 2017 , respectively. (3) Included in Operating earnings were restructuring and other exit charges of $833 , $1,776 , $1,808 and $1,064 for the first, second, third and fourth quarters of fiscal 2018 , respectively. (4) Included in Operating earnings were restructuring and other exit charges of $1,297 , $4,893 , $(1,153) and $2,123 for the first, second, third and fourth quarters of fiscal 2017 , respectively. (5) Included in Operating earnings for the fourth quarter of fiscal 2017 was a charge relating to the impairment of goodwill for $12,216 . (6) Included in Operating earnings for the fourth quarter of fiscal 2017 was a charge relating to the impairment of indefinite-lived intangibles for $1,800 . (7) Included in Operating earnings were legal proceedings charge of $17,000 and $ 6,725 for the third and fourth quarters of fiscal 2017 , respectively. (8) Included in net earnings (loss) was tax expense of $77,347 and $4,106 for the third and fourth quarters of fiscal 2018 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 16, 2018, the Company announced the payment of a quarterly cash dividend of $0.175 per share of common stock to be paid on June 29, 2018 , to stockholders of record as of June 15, 2018 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Balance at Additions Write-Offs net of recoveries Other (1) Balance at Allowance for doubtful accounts: Fiscal year ended March 31, 2016 $ 7,562 $ 4,749 $ (649 ) $ (269 ) $ 11,393 Fiscal year ended March 31, 2017 11,393 1,794 (173 ) (352 ) 12,662 Fiscal year ended March 31, 2018 12,662 822 (1,400 ) 559 12,643 Tax Valuation Allowance Balance at Additions Valuation Allowance Reversal Other (1) (2) Balance at Deferred tax asset—valuation allowance: Fiscal year ended March 31, 2016 $ 20,063 $ 6,670 $ (361 ) $ (956 ) $ 25,416 Fiscal year ended March 31, 2017 25,416 4,305 (2,255 ) (413 ) 27,053 Fiscal year ended March 31, 2018 27,053 4,853 (14,132 ) (2,519 ) 15,255 (1) Primarily the impact of currency changes. (2) |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation Results of foreign operations of subsidiaries, whose functional currency is the local currency, are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers to the customer, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s reporting segments. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales. The Company recognizes revenue from the service of its products when the respective services are performed. |
Freight Expense | Freight Expense |
Warranties | Warranties The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months |
Concentration of Credit Risk | Concentration of Credit Risk |
Accounts Receivable | Accounts Receivable |
Inventories | Inventories |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment. |
Business Combinations | Business Combinations |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. In fiscal 2016, in accordance with the existing guidance under ASC 350, the Company conducted the goodwill impairment test using the two-step process. In the first step, the Company compared the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeded its carrying value, goodwill was not impaired and no further testing was required. If the fair value of the reporting unit was less than the carrying value, the Company performed the second step of the impairment test to measure the amount of impairment loss, if any. In the second step, the reporting unit's fair value was allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculated the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit's goodwill was less than the carrying value, the difference was recorded as an impairment loss. In fiscal 2017, the Company early adopted ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment”, which simplified the measurement of goodwill impairment by removing the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Beginning fiscal 2017, the annual or interim goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related trademarks, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized on a straight-line basis over their estimated useful lives, generally over periods ranging from 3 to 20 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Environmental Expenditures | Environmental Expenditures |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings. The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics. Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, options, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for the Normal Purchase Normal Sale exemption. Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements. The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2018 and 2017 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company groups its recurring, non-recurring and disclosure-only fair value measurements into the following levels when making fair value measurement disclosures: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. Level 3 Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and / or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and / or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”), forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be realized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was enacted into law. Among the significant changes resulting from the law, the Tax Act reduces the U.S. federal income tax rate from 35% to 21% effective January 1, 2018, requires companies to pay a one-time transition tax on unrepatriated cumulative non-U.S. earnings of foreign subsidiaries (“Transition Tax”), and creates new taxes on certain foreign sourced earnings. In accordance with ASC 740, “Income Taxes,” the Company is required to record the effects of tax law changes in the period enacted. The 21% rate was effective at the beginning of the Company's fourth quarter of fiscal 2018, and resulted in the Company using a blended rate for the annual period. The results for fiscal 2018 contain estimates of the impact of the Tax Act in regard to deferred tax balances and the Transition Tax as permitted by Staff Accounting Bulletin 118 “SAB 118” issued by the Securities and Exchange Commission on December 22, 2017. These amounts are considered provisional and may be affected by future guidance if and when issued. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the Transition Tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. |
Deferred Financing Fees | Deferred Financing Fees |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period. Market condition-based awards The Company grants two types of market condition-based awards - market share units and performance market share units. The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two . This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. The fair value of the performance market share units is estimated at the date of grant using a Monte Carlo Simulation. A participant may earn between 0% to 200% of the number of performance market share units granted, based on the total shareholder return (“TSR”) of the Company's common stock over a three-year period. The awards will cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The TSR is calculated by dividing the sixty or ninety calendar day average price at end of the period (as applicable) and the reinvested dividends thereon by such sixty or ninety calendar day average price at start of the period. The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. Performance market share units are similar to the market share units except that the targets are more difficult to achieve and may be tied to the TSR of a defined peer group. The Company recognizes compensation expense using the straight-line method over the life of the market share units and performance market share units except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. The Company estimates forfeitures rather than recognizing them when they occur. Restricted Stock Units The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. Stock Options The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. |
Earnings Per Share | Earnings Per Share Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2018 , 2017 and 2016 |
Segment Reporting | Segment Reporting A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations. • Americas , which includes North and South America, with segment headquarters in Reading, Pennsylvania, U.S.A., • EMEA , which includes Europe, the Middle East and Africa, with segment headquarters in Zug, Switzerland, and • Asia |
New Accounting Pronouncements | Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” providing guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB voted to delay the effective date for interim and annual reporting periods beginning after December 15, 2017, with early adoption permissible one year earlier. The standard permits the use of either the modified retrospective or full retrospective transition methods. In the first half of fiscal 2018, the Company completed an impact assessment of the potential changes from adopting ASU 2014-09. The impact assessment included a review of customer arrangements across all of its global business units and an in-depth analysis of its global revenue processes and accounting policies to identify potential areas where change may be needed to comply with this guidance. The Company has assembled an implementation work team to assess and document the accounting conclusions for the adoption of ASU 2014-09. The Company adopted the ASU on April 1, 2018, using the modified retrospective transition method. The Company has concluded that the adoption of the ASU will not have a material impact on its accounting for revenue in the consolidated financial statements. The ASU requires the recognition of allowances for estimated sales returns on a gross versus net basis in the Consolidated Statements of Income and presenting the right of return asset and associated refund liability on the Consolidated Balance Sheets separately, which differs from current practice. In addition, the disclosures in the notes to its consolidated financial statements related to revenue recognition will be expanded under the new standards to include the methods the Company uses to recognize revenue, assets and liabilities relating to contracts with its customers, the nature of its performance obligations and the manner by which it determines and allocates transaction prices to the performance obligations, and the significant judgments inherent in its revenue recognition policies. The Company also anticipates implementing enhancements to its internal controls to support its ability to sustain compliance with the standard after adoption. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This update is effective for annual periods beginning after December 15, 2018, using a modified retrospective approach, with early adoption permitted. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740)”: Intra-Entity Transfers of Assets Other than Inventory. ASU 2016-16 requires that an entity recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. This update is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The Company early adopted the standard on a modified retrospective basis during the first quarter of fiscal 2018 through a cumulative-effect adjustment directly to retained earnings of $137 , as of the beginning of the period of adoption. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715)”, which requires an entity to report the service cost component of pension and other postretirement benefit costs in the same line item as other compensation costs. The other components of net (benefit) cost will be required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This standard is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815)”: Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period or fiscal year before the effective date. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements. |
Use of Estimates | Use of Estimates |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary Of Net Inventories | March 31, 2018 2017 Raw materials $ 92,216 $ 85,604 Work-in-process 136,068 107,177 Finished goods 185,950 167,913 Total $ 414,234 $ 360,694 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant, And Equipment | Property, plant, and equipment consist of: March 31, 2018 2017 Land, buildings, and improvements $ 273,506 $ 251,030 Machinery and equipment 657,262 582,105 Construction in progress 49,900 33,418 980,668 866,553 Less accumulated depreciation (590,408 ) (518,004 ) Total $ 390,260 $ 348,549 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Company's Other Intangible Assets | Information regarding the Company’s other intangible assets are as follows: March 31, 2018 2017 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Indefinite-lived intangible assets: Trademarks $ 97,444 $ (953 ) $ 96,491 $ 96,849 $ (953 ) $ 95,896 Finite-lived intangible assets: Customer relationships 66,973 (31,500 ) 35,473 66,187 (24,936 ) 41,251 Non-compete 2,852 (2,759 ) 93 2,846 (2,701 ) 145 Technology 22,769 (8,872 ) 13,897 22,549 (7,168 ) 15,381 Trademarks 2,003 (1,151 ) 852 2,003 (1,066 ) 937 Licenses 1,491 (1,156 ) 335 1,474 (1,124 ) 350 Total $ 193,532 $ (46,391 ) $ 147,141 $ 191,908 $ (37,948 ) $ 153,960 |
Schedule Of Changes In The Carrying Amount Of Goodwill By Business Segment | The changes in the carrying amount of goodwill by reportable segment are as follows: Fiscal year ended March 31, 2018 Americas EMEA Asia Total Balance at beginning of year $ 146,982 $ 138,813 $ 42,862 $ 328,657 Goodwill acquired during the year 3,670 — — 3,670 Foreign currency translation adjustment 603 17,012 2,863 20,478 Balance at end of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 Fiscal year ended March 31, 2017 Americas EMEA Asia Total Balance at beginning of year $ 166,197 $ 141,392 $ 45,958 $ 353,547 Reorganization of reporting structure (11,628 ) 11,628 — — Goodwill acquired during the year, including purchase accounting adjustments 1,962 — (840 ) 1,122 Goodwill impairment charge (8,646 ) (3,570 ) — (12,216 ) Foreign currency translation adjustment (903 ) (10,637 ) (2,256 ) (13,796 ) Balance at end of year $ 146,982 $ 138,813 $ 42,862 $ 328,657 A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: March 31, 2018 Americas EMEA Asia Total Gross carrying value $ 209,100 $ 161,978 $ 50,904 $ 421,982 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 151,255 $ 155,825 $ 45,725 $ 352,805 March 31, 2017 Americas EMEA Asia Total Gross carrying value $ 204,827 $ 144,966 $ 48,041 $ 397,834 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 146,982 $ 138,813 $ 42,862 $ 328,657 |
Prepaid and Other Current Ass38
Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule Of Prepaid And Other Current Assets | Prepaid and other current assets consist of the following: March 31, 2018 2017 Prepaid non-income taxes $ 22,583 $ 22,268 Prepaid income taxes 8,921 22,540 Non-trade receivables 4,087 4,318 Other 21,319 22,120 Total $ 56,910 $ 71,246 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Summary Of Accrued Expenses | Accrued expenses consist of the following: March 31, 2018 2017 Payroll and benefits $ 50,053 $ 56,295 Accrued selling expenses 34,831 34,561 Warranty 22,637 20,595 Income taxes payable 19,696 13,708 Freight 15,810 14,583 VAT and other non-income taxes 13,155 11,380 Deferred income 9,387 10,661 Tax Act - Transition Tax 7,800 — Interest 6,762 6,315 Restructuring 2,909 2,812 Legal proceedings 2,326 25,551 Pension 1,657 1,222 Other 27,095 28,827 Total $ 214,118 $ 226,510 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following summarizes the Company’s long-term debt: As of March 31, 2018 2017 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs 5.00% Senior Notes due 2023 $ 300,000 $ 3,122 $ 300,000 $ 3,746 2017 Credit Facility, due 2022 285,500 2,843 — — 2011 Credit Facility, due 2018 — — 292,500 1,145 $ 585,500 $ 5,965 $ 592,500 $ 4,891 Less: Unamortized issuance costs 5,965 4,891 Less: Current portion — — Long-term debt, net of unamortized issuance costs $ 579,535 $ 587,609 |
Components Of Net Carrying Amount Of Convertible Notes |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Schedule Of Capital And Operating Leases | The Company’s future minimum lease payments under operating leases that have noncancelable terms in excess of one year as of March 31, 2018 are as follows: 2019 $ 27,924 2020 23,790 2021 19,018 2022 14,155 2023 8,280 Thereafter 12,321 Total minimum lease payments $ 105,488 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long-Term Liabilities | Other liabilities consist of the following: March 31, 2018 2017 Tax Act - Transition Tax $ 89,700 $ — Pension 44,404 42,930 Warranty 27,965 25,521 Deferred income 7,094 4,929 Liability for uncertain tax benefits 1,684 1,562 Other 10,240 8,659 Total $ 181,087 $ 83,601 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And (Liabilities), Measured At Fair Value On A Recurring Basis | The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2018 and March 31, 2017 and the basis for that measurement: Total Fair Value Quoted Price in Significant Significant Lead forward contracts $ (3,877 ) $ — $ (3,877 ) $ — Foreign currency forward contracts 22 — 22 — Total derivatives $ (3,855 ) $ — $ (3,855 ) $ — Total Fair Value Quoted Price in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs (Level 3) Lead forward contracts $ 1,163 $ — $ 1,163 $ — Foreign currency forward contracts (313 ) — (313 ) — Total derivatives $ 850 $ — $ 850 $ — |
Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s derivatives and Notes at March 31, 2018 and 2017 were as follows: March 31, 2018 March 31, 2017 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ 22 $ 22 $ 1,163 $ 1,163 Financial liabilities: Notes (2) 300,000 304,500 300,000 303,000 Derivatives (1) $ 3,877 $ 3,877 $ 313 $ 313 (1) Represents lead and foreign currency forward contracts (see Note 12 for asset and liability positions of the lead and foreign currency forward contracts at March 31, 2018 and March 31, 2017 ). (2) The fair value amount of the Notes at March 31, 2018 and March 31, 2017 represents the trading value of the instruments. |
Derivative Financial Instrume44
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Instruments In The Consolidated Balance Sheets | Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income: Fair Value of Derivative Instruments March 31, 2018 and 2017 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 Prepaid and other current assets Lead forward contracts $ — $ 1,163 $ — $ — Foreign currency forward contracts 209 11 — — Total assets $ 209 $ 1,174 $ — $ — Accrued expenses Lead forward contracts $ 3,877 $ — $ — $ — Foreign currency forward contracts — — 187 324 Total liabilities $ 3,877 $ — $ 187 $ 324 |
The Effect of Derivative Instruments on the Consolidated Statements of Income | The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2018 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (805 ) Cost of goods sold $ 5,860 Foreign currency forward contracts (3,524 ) Cost of goods sold (2,718 ) Total $ (4,329 ) $ 3,142 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2016 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (3,361 ) Cost of goods sold $ (11,085 ) Foreign currency forward contracts (3,023 ) Cost of goods sold 3,941 Total $ (6,384 ) $ (7,144 ) For the fiscal year ended March 31, 2017 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ 7,907 Cost of goods sold $ 5,803 Foreign currency forward contracts 845 Cost of goods sold 433 Total $ 8,752 $ 6,236 |
Effect Of Derivative Instruments | Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (471 ) Total $ (471 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (409 ) Total $ (409 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 180 Total $ 180 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Fiscal year ended March 31, 2018 2017 2016 Current income tax expense Current: Federal $ 115,315 $ 30,362 $ 29,082 State 3,461 4,855 4,750 Foreign 20,030 17,800 17,034 Total current income tax expense 138,806 53,017 50,866 Deferred income tax expense (benefit) Federal (9,551 ) 857 (3,706 ) State 789 590 124 Foreign (11,551 ) 8 2,829 Total deferred income tax expense (benefit) (20,313 ) 1,455 (753 ) Total income tax expense $ 118,493 $ 54,472 $ 50,113 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following: Fiscal year ended March 31, 2018 2017 2016 United States $ 74,440 $ 80,436 $ 64,235 Foreign 163,886 132,259 117,702 Earnings before income taxes $ 238,326 $ 212,695 $ 181,937 |
Deferred Tax Assets And Liabilities | The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities: March 31, 2018 2017 Deferred tax assets: Accounts receivable $ 1,790 $ 2,419 Inventories 3,660 6,521 Net operating loss carryforwards 50,928 46,178 Accrued expenses 21,274 29,783 Other assets 16,832 20,282 Gross deferred tax assets 94,484 105,183 Less valuation allowance (15,255 ) (27,053 ) Total deferred tax assets 79,229 78,130 Deferred tax liabilities: Property, plant and equipment 21,045 24,319 Other intangible assets 46,058 67,388 Other liabilities 1,331 759 Total deferred tax liabilities 68,434 92,466 Net deferred tax assets (liabilities) $ 10,795 $ (14,336 ) |
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate ( 31.55% for fiscal 2018 and 35% for fiscal 2017 and 2016) to the income tax provision is as follows: Fiscal year ended March 31, 2018 2017 2016 United States statutory income tax expense $ 75,196 $ 74,444 $ 63,678 Increase (decrease) resulting from: Impact of Tax Act 83,400 — — State income taxes, net of federal effect 3,146 3,677 3,282 Nondeductible expenses, domestic manufacturing deduction and other 1,078 1,993 (1,407 ) Legal proceedings charge - European Competition Investigations - See Note 18 — 7,873 668 Goodwill impairment - See Note 5 — 3,812 6,475 Effect of foreign operations (35,048 ) (39,377 ) (28,845 ) Valuation allowance (9,279 ) 2,050 6,262 Income tax expense $ 118,493 $ 54,472 $ 50,113 |
Reconciliation Of Unrecognized Tax Benefits | : Fiscal year ended March 31, 2018 2017 2016 Balance at beginning of year $ 1,450 $ 2,375 $ 4,112 Increases related to current year tax positions 397 252 422 Increases related to prior year tax positions 11 31 470 Decreases related to prior tax positions due to foreign currency translation — (352 ) — Decreases related to prior year tax positions settled (1 ) (678 ) (2,315 ) Lapse of statute of limitations (289 ) (178 ) (314 ) Balance at end of year $ 1,568 $ 1,450 $ 2,375 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Components Of Net Periodic Pension Cost | Net periodic pension cost for fiscal 2018 , 2017 and 2016 , includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2018 2017 2016 2018 2017 2016 Service cost $ — $ 371 $ 482 $ 1,025 $ 871 $ 820 Interest cost 658 664 682 1,795 1,848 1,904 Expected return on plan assets (496 ) (816 ) (855 ) (2,264 ) (1,875 ) (2,247 ) Amortization and deferral 303 453 481 1,468 978 1,249 Curtailment loss — — 313 — — — Net periodic benefit cost $ 465 $ 672 $ 1,103 $ 2,024 $ 1,822 $ 1,726 |
Summary Of Change In Projected Benefit Obligation | The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans: United States Plans International Plans March 31, March 31, 2018 2017 2018 2017 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 16,682 $ 17,649 $ 74,478 $ 69,134 Service cost — 371 1,025 871 Interest cost 658 664 1,795 1,848 Benefits paid, inclusive of plan expenses (1,037 ) (1,057 ) (2,153 ) (1,982 ) Plan curtailments and settlements — — (52 ) (17 ) Actuarial (gains) losses 410 (945 ) (2,705 ) 11,863 Foreign currency translation adjustment — — 9,645 (7,239 ) Benefit obligation at the end of the period $ 16,713 $ 16,682 $ 82,033 $ 74,478 |
Summary Of Change In Plan Assets | Change in plan assets Fair value of plan assets at the beginning of the period $ 12,731 $ 11,839 $ 34,323 $ 32,314 Actual return on plan assets 1,731 1,455 688 6,669 Employer contributions 503 494 1,865 1,640 Benefits paid, inclusive of plan expenses (1,037 ) (1,057 ) (2,153 ) (1,982 ) Plan curtailments and settlements — — (52 ) (17 ) Foreign currency translation adjustment — — 4,086 (4,301 ) Fair value of plan assets at the end of the period $ 13,928 $ 12,731 $ 38,757 $ 34,323 Funded status deficit $ (2,785 ) $ (3,951 ) $ (43,276 ) $ (40,155 ) |
Summary Of Amounts Recognized In The Balance Sheets | March 31, 2018 2017 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ — $ 46 Accrued expenses (1,657 ) (1,222 ) Other liabilities (44,404 ) (42,930 ) $ (46,061 ) $ (44,106 ) |
Summary Of Amounts In AOCI Before Taxes | The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2018 , 2017 and 2016 : Fiscal year ended March 31, 2018 2017 2016 Amounts recorded in AOCI before taxes: Prior service cost $ (385 ) $ (377 ) $ (445 ) Net loss (27,762 ) (28,475 ) (26,628 ) Net amount recognized $ (28,147 ) $ (28,852 ) $ (27,073 ) |
Summary Of Changes In AOCI | Fiscal year ended March 31, 2018 2017 2016 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year (1,953 ) 5,485 (988 ) Effect of exchange rates on amounts included in AOCI 3,019 (2,275 ) 142 Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (46 ) (42 ) (382 ) Amortization or settlement recognition of net loss (1,725 ) (1,389 ) (1,661 ) Total recognized in other comprehensive (income) loss $ (705 ) $ 1,779 $ (2,889 ) |
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income | The amounts included in AOCI as of March 31, 2018 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows: Prior service cost $ (48 ) Net loss (1,483 ) Net amount expected to be recognized $ (1,531 ) |
Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans | The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows: United States Plans International Plans March 31, March 31, 2018 2017 2018 2017 All defined benefit plans: Accumulated benefit obligation $ 16,713 $ 16,682 $ 77,724 $ 70,801 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 33,124 $ 28,623 Accumulated benefit obligation — — 31,270 27,220 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,713 $ 16,682 $ 82,033 $ 73,920 Fair value of plan assets 13,928 12,731 38,757 33,719 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,713 $ 16,682 $ 81,253 $ 73,920 Accumulated benefit obligation 16,713 16,682 77,021 70,281 Fair value of plan assets 13,928 12,731 37,986 33,719 |
Significant Assumptions Used To Determine The Net Periodic Benefit Cost | Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2018 2017 2016 2018 2017 2016 Discount rate 4.1 % 3.9 % 3.8 % 1.5-3.5% 1.8-3.7% 1.25-3.4% Expected return on plan assets 6.8 7.0 7.0 3.6-6.3 3.3-6.5 3.2-6.5 Rate of compensation increase N/A N/A N/A 1.5-4.0 1.5-4.0 1.5-3.75 |
Significant Assumptions Used To Determine The Projected Benefit Obligations | Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows: United States Plans International Plans March 31, March 31, 2018 2017 2018 2017 Discount rate 3.9 % 4.1 % 1.4-3.3% 1.5-3.5% Rate of compensation increase N/A N/A 1.8-4.0 1.5-4.0 |
Summary Of Pension Plan Investments Measured At Fair Value | The following table represents the Company's pension plan investments measured at fair value as of March 31, 2018 and 2017 and the basis for that measurement: March 31, 2018 United States Plans International Plans Total Fair Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 891 $ 891 $ — $ — $ 49 $ 49 $ — $ — Equity securities US (a) 9,864 9,864 — — — — — — International (b) — — — — 25,768 — 25,768 — Fixed income (c) 3,173 3,173 — — 12,940 — 12,940 — Total $ 13,928 $ 13,928 $ — $ — $ 38,757 $ 49 $ 38,708 $ — March 31, 2017 United States Plans International Plans Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 305 $ 305 $ — $ — $ 88 $ 88 $ — $ — Equity securities US (a) 8,363 8,363 — — — — — — International (b) 1,050 1,050 — — 22,727 — 22,727 — Fixed income (c) 3,013 3,013 — — 11,508 — 11,508 — Total $ 12,731 $ 12,731 $ — $ — $ 34,323 $ 88 $ 34,235 $ — The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1. (a) US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks. (b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets. (c) |
Summary Of Estimated Future Benefit Payments | Estimated future benefit payments under the Company’s pension plans are as follows: 2019 $ 3,035 2020 2,881 2021 3,430 2022 3,515 2023 3,952 Years 2024-2028 23,066 |
Stockholders' Equity and Nonc47
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity and Noncontrolling Interests [Abstract] | |
Change in Number of Shares of Common Stock Outstanding | The following summarizes the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2016 , 2017 and 2018 , respectively: Shares outstanding as of March 31, 2015 44,068,588 Purchase of treasury stock (3,216,654 ) Shares issued from treasury stock to settle conversion premium on Convertible Notes 1,889,431 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 448,137 Shares outstanding as of March 31, 2016 43,189,502 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 258,034 Shares outstanding as of March 31, 2017 43,447,536 Purchase of treasury stock (1,756,831 ) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 224,295 Shares outstanding as of March 31, 2018 41,915,000 |
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, are as follows: Beginning Balance Before Reclassifications Amount Reclassified from AOCI Ending Balance March 31, 2018 Pension funded status adjustment $ (25,555 ) $ 1,692 $ 1,360 $ (22,503 ) Net unrealized gain (loss) on derivative instruments 1,975 (2,868 ) (2,532 ) (3,425 ) Foreign currency translation adjustment (129,244 ) 113,455 — (15,789 ) Accumulated other comprehensive loss $ (152,824 ) $ 112,279 $ (1,172 ) $ (41,717 ) March 31, 2017 Pension funded status adjustment $ (21,861 ) $ (4,659 ) $ 965 $ (25,555 ) Net unrealized gain (loss) on derivative instruments 388 5,523 (3,936 ) 1,975 Foreign currency translation adjustment (75,876 ) (53,368 ) — (129,244 ) Accumulated other comprehensive loss $ (97,349 ) $ (52,504 ) $ (2,971 ) $ (152,824 ) March 31, 2016 Pension funded status adjustment $ (23,719 ) $ 298 $ 1,560 $ (21,861 ) Net unrealized gain (loss) on derivative instruments (95 ) (4,027 ) 4,510 388 Foreign currency translation adjustment (85,161 ) 9,285 — (75,876 ) Accumulated other comprehensive (loss) income $ (108,975 ) $ 5,556 $ 6,070 $ (97,349 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications from AOCI during the twelve months ended March 31, 2018 : 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 $ (3,142 ) Cost of goods sold Tax expense 610 Net unrealized gain on derivative instruments, net of tax $ (2,532 ) Defined benefit pension costs: Prior service costs and deferrals $ 1,771 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 Tax benefit (411 ) Net periodic benefit cost, net of tax $ 1,360 |
Summary of Redeemable Noncontrolling Interests | The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2016 , 2017 and 2018 , respectively: Balance as of March 31, 2015 $ 6,956 Net losses attributable to redeemable noncontrolling interests (4,272 ) Redemption value adjustment 4,272 Other 109 Foreign currency translation adjustment (1,068 ) Balance as of March 31, 2016 $ 5,997 Net losses attributable to redeemable noncontrolling interests (2,021 ) Deconsolidation of joint venture (4,035 ) Foreign currency translation adjustment 59 Balance as of March 31, 2017 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Stock Option Activity | The following table summarizes the Company’s stock option activity in the years indicated: Number of Options Weighted- Average Remaining Contract Term (Years) Weighted- Average Exercise Price Aggregate Intrinsic Value Options outstanding as of March 31, 2015 102,817 7.0 $ 55.86 $ 1,291 Granted 127,966 68.40 — Exercised (11,986 ) 14.64 639 Expired (8,500 ) 13.76 437 Options outstanding as of March 31, 2016 210,297 8.5 $ 67.54 $ 218 Granted 242,068 57.60 — Exercised (263 ) 18.25 12 Expired (434 ) 18.25 15 Options outstanding as of March 31, 2017 451,668 8.4 $ 62.29 $ 7,520 Granted 169,703 83.14 — Exercised (62,197 ) 63.44 1,132 Forfeited (11,495 ) 70.22 75 Expired (2,089 ) 18.25 137 Options outstanding as of March 31, 2018 545,590 8.0 $ 68.65 $ 2,679 Options exercisable as of March 31, 2018 183,347 7.2 $ 65.11 $ 806 Options vested and expected to vest, as of March 31, 2018 537,237 8.0 $ 68.56 $ 2,644 |
Summary Of Information Regarding Stock Options Outstanding And Exercisable | The following table summarizes information regarding stock options outstanding as of March 31, 2018 : Range of Exercise Prices Number of Options Weighted- Weighted- Average Exercise Price $55.00-$60.00 218,405 8.1 $ 57.60 $65.01-$70.00 163,160 6.8 $ 68.86 $80.01-$83.14 164,025 9.1 $ 83.14 545,590 8.0 $ 68.65 |
Summary Of The Changes In Restricted Stock Units And Market Share Units | A summary of the changes in restricted stock units, performance market share units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2018 is presented below: Restricted Stock Units (RSU) Performance Market Share Units and Market Share Units (MSU) Number of RSU Weighted- Average Grant Date Fair Value Number of MSU Weighted- Average Grant Date Fair Value Non-vested awards as of March 31, 2017 600,275 $ 51.96 449,141 $ 65.41 Granted 195,982 74.78 60,187 105.74 Stock dividend 6,203 56.99 3,451 70.19 Performance factor — — 13 83.92 Vested (151,458 ) 60.36 (142,426 ) 70.21 Canceled (17,251 ) 68.77 (20,430 ) 69.10 Non-vested awards as of March 31, 2018 633,751 $ 56.60 349,936 $ 70.22 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation From Basic To Diluted Average Common Shares And Net Earnings Per Common Share | The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. Fiscal year ended March 31, 2018 2017 2016 Net earnings attributable to EnerSys stockholders $ 119,594 $ 160,214 $ 136,150 Weighted-average number of common shares outstanding: Basic 42,612,036 43,389,333 44,276,713 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 507,820 623,210 644,036 Convertible Notes — — 553,381 Diluted weighted-average number of common shares outstanding 43,119,856 44,012,543 45,474,130 Basic earnings per common share attributable to EnerSys stockholders $ 2.81 $ 3.69 $ 3.08 Diluted earnings per common share attributable to EnerSys stockholders $ 2.77 $ 3.64 $ 2.99 Anti-dilutive equity awards not included in diluted weighted-average common shares 59,482 1,295 — |
Restructuring Plans and Other50
Restructuring Plans and Other Exit Charges (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Acquisition And Non-Acquisition Related Restructuring Reserve | A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total Balance at March 31, 2015 $ 2,966 $ 854 $ 3,820 Accrued 8,859 419 9,278 Accrual adjustments — (414 ) (414 ) Costs incurred (8,817 ) (872 ) (9,689 ) Foreign currency impact and other (44 ) 38 (6 ) Balance at March 31, 2016 $ 2,964 $ 25 $ 2,989 Accrued 4,566 742 5,308 Costs incurred (4,754 ) (604 ) (5,358 ) Foreign currency impact and other (108 ) (19 ) (127 ) Balance at March 31, 2017 $ 2,668 $ 144 $ 2,812 Accrued 4,757 445 5,202 Costs incurred (4,849 ) (574 ) (5,423 ) Foreign currency impact and other 317 1 318 Balance at March 31, 2018 $ 2,893 $ 16 $ 2,909 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Analysis Of Changes In Liability For Product Warranties | As warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, claims costs may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2018 2017 2016 Balance at beginning of year $ 46,116 $ 48,422 $ 39,810 Current year provisions 21,706 17,852 19,735 Costs incurred (18,820 ) (15,945 ) (13,998 ) Foreign currency translation adjustment 1,600 (4,213 ) 2,875 Balance at end of year $ 50,602 $ 46,116 $ 48,422 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Summary Of Other (Income) Expense, Net | Other (income) expense, net consists of the following: Fiscal year ended March 31, 2018 2017 2016 Foreign exchange transaction losses (gains) $ 5,499 $ (662 ) $ 5,425 Other 556 1,631 294 Total $ 6,055 $ 969 $ 5,719 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information Related To The Company's Business Segments | Summarized financial information related to the Company’s reportable segments at March 31, 2018 , 2017 and 2016 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2018 2017 2016 Net sales by segment to unaffiliated customers Americas $ 1,429,888 $ 1,332,353 $ 1,276,027 EMEA 849,420 763,013 787,402 Asia 302,583 271,783 252,820 Total net sales $ 2,581,891 $ 2,367,149 $ 2,316,249 Net sales by product line Reserve power $ 1,247,900 $ 1,142,327 $ 1,109,154 Motive power 1,333,991 1,224,822 1,207,095 Total net sales $ 2,581,891 $ 2,367,149 $ 2,316,249 Intersegment sales Americas $ 29,513 $ 26,039 $ 32,984 EMEA 133,164 93,150 78,812 Asia 23,375 22,584 23,590 Total intersegment sales (1) $ 186,052 $ 141,773 $ 135,386 Operating earnings Americas $ 189,001 $ 191,500 $ 182,774 EMEA 76,672 76,425 75,666 Asia 12,647 14,994 570 Inventory adjustment relating to exit activities—Americas (3,457 ) — — Inventory adjustment relating to exit activities—EMEA — (2,157 ) — Restructuring charges—Americas (1,246 ) (892 ) (2,058 ) Restructuring and other exit charges—EMEA (4,023 ) (5,487 ) (9,501 ) Restructuring charges—Asia (212 ) (781 ) (1,419 ) Impairment of goodwill and indefinite-lived intangibles—Americas — (9,346 ) (32,999 ) Impairment of goodwill, indefinite-lived intangibles and fixed assets—EMEA — (4,670 ) (3,253 ) Reversal of legal accrual, net of fees—Americas — — 799 Legal proceedings charge—EMEA — (23,725 ) (4,000 ) Gain on sale of facility—Asia — — 3,420 Total operating earnings (2) $ 269,382 $ 235,861 $ 209,999 Property, plant and equipment, net Americas $ 210,998 $ 190,169 $ 177,720 EMEA 118,263 100,042 112,839 Asia 60,999 58,338 66,850 Total $ 390,260 $ 348,549 $ 357,409 Capital Expenditures Americas $ 46,905 $ 34,809 $ 39,127 EMEA 18,392 13,733 12,625 Asia 4,535 1,530 4,128 Total $ 69,832 $ 50,072 $ 55,880 Depreciation and Amortization Americas $ 30,421 $ 30,204 $ 31,070 EMEA 16,198 15,693 16,337 Asia 7,698 8,048 8,587 Total $ 54,317 $ 53,945 $ 55,994 (1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. (2) |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Of Interim Financial Information | The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2018 ended on July 2, 2017, October 1, 2017, December 31, 2017, and March 31, 2018, respectively. The four quarters in fiscal 2017 ended on July 3, 2016, October 2, 2016, January 1, 2017, and March 31, 2017, respectively. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year Fiscal year ended March 31, 2018 Net sales $ 622,625 $ 617,289 $ 658,935 $ 683,042 $ 2,581,891 Gross profit 163,097 159,874 166,965 167,004 656,940 Operating earnings (1)(3) 69,611 63,990 68,440 67,341 269,382 Net earnings (loss) (8) 48,322 43,151 (25,779 ) 54,139 119,833 Net earnings (loss) attributable to EnerSys stockholders 48,201 43,222 (25,847 ) 54,018 119,594 Net earnings (loss) per common share attributable to EnerSys stockholders—basic $ 1.11 $ 1.01 $ (0.61 ) $ 1.29 $ 2.81 Net earnings (loss) per common share attributable to EnerSys stockholders—diluted $ 1.09 $ 1.00 $ (0.61 ) $ 1.27 $ 2.77 Fiscal year ended March 31, 2017 Net sales $ 600,603 $ 576,048 $ 563,697 $ 626,801 $ 2,367,149 Gross profit 166,334 161,295 155,884 167,112 650,625 Operating earnings (2)(4)(5)(6)(7) 66,032 62,909 55,023 51,897 235,861 Net earnings 44,619 42,793 37,095 33,716 158,223 Net earnings attributable to EnerSys stockholders 44,573 45,636 36,235 33,770 160,214 Net earnings per common share attributable to EnerSys stockholders—basic $ 1.03 $ 1.05 $ 0.83 $ 0.78 $ 3.69 Net earnings per common share attributable to EnerSys stockholders—diluted $ 1.02 $ 1.04 $ 0.82 $ 0.76 $ 3.64 (1) Included in Operating earnings were inventory adjustment relating to exit activities of $3,457 in the fourth quarter of fiscal 2018 . (2) Included in Operating earnings were inventory adjustment relating to exit activities of $2,659 and $(502) in the second and third quarters of fiscal 2017 , respectively. (3) Included in Operating earnings were restructuring and other exit charges of $833 , $1,776 , $1,808 and $1,064 for the first, second, third and fourth quarters of fiscal 2018 , respectively. (4) Included in Operating earnings were restructuring and other exit charges of $1,297 , $4,893 , $(1,153) and $2,123 for the first, second, third and fourth quarters of fiscal 2017 , respectively. (5) Included in Operating earnings for the fourth quarter of fiscal 2017 was a charge relating to the impairment of goodwill for $12,216 . (6) Included in Operating earnings for the fourth quarter of fiscal 2017 was a charge relating to the impairment of indefinite-lived intangibles for $1,800 . (7) Included in Operating earnings were legal proceedings charge of $17,000 and $ 6,725 for the third and fourth quarters of fiscal 2017 , respectively. (8) Included in net earnings (loss) was tax expense of $77,347 and $4,106 for the third and fourth quarters of fiscal 2018 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Jul. 02, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($)segmentshares | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents include all highly liquid investments with an original maturity, when purchased, in months | 3 months | ||||
Number of geographical regions | segment | 3 | ||||
Tax benefit from stock options | $ 137,000 | $ 4,291,000 | |||
Reclassification of goodwill impairment | $ 12,216,000 | $ 0 | $ 12,216,000 | 31,411,000 | |
Restricted Stock and Restricted Stock Units | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of restricted stock units granted, vested per year | 25.00% | ||||
Vesting period, in years | 4 years | ||||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of investment ownership, consolidated | 50.00% | ||||
Percentage of investment ownership, equity method | 20.00% | ||||
Estimated useful lives of finite-lived assets | 3 years | ||||
Market share units converted into common stock for each unit | shares | 0 | ||||
Minimum | Reserve Power Batteries | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Product warranty for a period | 1 year | ||||
Minimum | Motive Power Batteries | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Product warranty for a period | 1 year | ||||
Minimum | Building and Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant, and equipment, useful life | 10 years | ||||
Minimum | Machinery and Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant, and equipment, useful life | 3 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of investment ownership, equity method | 50.00% | ||||
Percentage of investment ownership, cost method | 20.00% | ||||
Estimated useful lives of finite-lived assets | 20 years | ||||
Market share units converted into common stock for each unit | shares | 2 | ||||
Maximum | Reserve Power Batteries | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Product warranty for a period | 20 years | ||||
Maximum | Motive Power Batteries | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Product warranty for a period | 7 years | ||||
Maximum | Building and Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant, and equipment, useful life | 33 years | ||||
Maximum | Machinery and Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant, and equipment, useful life | 15 years | ||||
Restatement Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Reclassification of goodwill impairment | $ 12,216,000 | $ 31,411 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Jul. 23, 2015USD ($) | Mar. 31, 2018USD ($)acquisition | Mar. 31, 2017USD ($)acquisition | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Number of businesses acquired | acquisition | 0 | 0 | ||
Purchase of businesses | $ 2,988,000 | $ 12,392,000 | $ 35,439,000 | |
Goodwill relating to acquisitions | 3,670,000 | 1,122,000 | ||
Estimated tax-deductible goodwill | $ 18,147,000 | $ 19,857,000 | ||
ICS Industires Pty, Ltd | ||||
Business Acquisition [Line Items] | ||||
Purchase of businesses | $ 34,496,000 | |||
Estimated tax-deductible goodwill | 0 | |||
ICS Industires Pty, Ltd | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Acquired intangible assets | 10,211,000 | |||
ICS Industires Pty, Ltd | Technology | ||||
Business Acquisition [Line Items] | ||||
Acquired intangible assets | 1,399,000 | |||
ICS Industires Pty, Ltd | Non-compete | ||||
Business Acquisition [Line Items] | ||||
Acquired intangible assets | 142,000 | |||
ICS Industires Pty, Ltd | Goodwill [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill relating to acquisitions | $ 13,898,000 | |||
Minimum | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of finite-lived assets | 3 years | |||
Minimum | ICS Industires Pty, Ltd | Non-compete | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of finite-lived assets | 2 years | |||
Maximum | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of finite-lived assets | 20 years | |||
Maximum | ICS Industires Pty, Ltd | Technology | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of finite-lived assets | 10 years | |||
Maximum | ICS Industires Pty, Ltd | Non-compete | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of finite-lived assets | 5 years | |||
Average | ICS Industires Pty, Ltd | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of finite-lived assets | 11 years | |||
Trademarks | ICS Industires Pty, Ltd | ||||
Business Acquisition [Line Items] | ||||
Acquired indefinite-lived intangible assets | $ 1,322,000 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 92,216 | $ 85,604 |
Work-in-process | 136,068 | 107,177 |
Finished goods | 185,950 | 167,913 |
Total | $ 414,234 | $ 360,694 |
Property, Plant, and Equipmen58
Property, Plant, and Equipment - Summary of PPE (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Property, Plant and Equipment [Abstract] | |||
Land, buildings, and improvements | $ 273,506 | $ 251,030 | |
Machinery and equipment | 657,262 | 582,105 | |
Construction in progress | 49,900 | 33,418 | |
Property, Plant and Equipment, Gross, Total | 980,668 | 866,553 | |
Less accumulated depreciation | (590,408) | (518,004) | |
Total | $ 390,260 | $ 348,549 | $ 357,409 |
Property, Plant, and Equipmen59
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 45,874 | $ 45,388 | $ 47,686 |
Interest capitalized | $ 1,082 | $ 817 | $ 1,526 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets - Schedule of Companys Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Intangible Assets [Line Items] | ||
Gross Amount, Total | $ 193,532 | $ 191,908 |
Accumulated Amortization ,Total | (46,391) | (37,948) |
Net Amount ,Total | 147,141 | 153,960 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Amount | 97,444 | 96,849 |
Finite-lived intangible assets, Gross Amount | 2,003 | 2,003 |
Indefinite-lived intangible assets, Accumulated Amortization | (953) | (953) |
Finite-lived intangible assets, Accumulated Amortization | (1,151) | (1,066) |
Indefinite-lived intangible assets, Net Amount | 96,491 | 95,896 |
Finite-lived intangible assets, Net Amount | 852 | 937 |
Customer Relationships | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 66,973 | 66,187 |
Finite-lived intangible assets, Accumulated Amortization | (31,500) | (24,936) |
Finite-lived intangible assets, Net Amount | 35,473 | 41,251 |
Noncompete Agreements | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 2,852 | 2,846 |
Finite-lived intangible assets, Accumulated Amortization | (2,759) | (2,701) |
Finite-lived intangible assets, Net Amount | 93 | 145 |
Patents | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 22,769 | 22,549 |
Finite-lived intangible assets, Accumulated Amortization | (8,872) | (7,168) |
Finite-lived intangible assets, Net Amount | 13,897 | 15,381 |
Licenses | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 1,491 | 1,474 |
Finite-lived intangible assets, Accumulated Amortization | (1,156) | (1,124) |
Finite-lived intangible assets, Net Amount | $ 335 | $ 350 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 397,834 | $ 421,982 | $ 397,834 | |
Amortization expense, related to finite-lived intangible assets | 8,443 | 8,557 | $ 8,308 | |
Expected amortization expense, 2018 | 8,405 | |||
Expected amortization expense, 2019 | 8,262 | |||
Expected amortization expense, 2020 | 8,005 | |||
Expected amortization expense, 2021 | 7,922 | |||
Expected amortization expense, 2022 | 5,670 | |||
Impairment of goodwill | 12,216 | 0 | 12,216 | 31,411 |
Impairment of indefinite-lived intangible assets | 1,800 | |||
Estimated tax-deductible goodwill | 19,857 | 18,147 | 19,857 | |
Americas | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | 204,827 | 209,100 | 204,827 | |
Impairment of goodwill | 8,646 | 29,579 | ||
Impairment of indefinite-lived intangible assets | 700 | 3,420 | ||
EMEA | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 144,966 | $ 161,978 | 144,966 | |
Impairment of goodwill | 3,570 | 1,832 | ||
Impairment of indefinite-lived intangible assets | $ 1,100 | |||
Asset impairment charges | $ 1,421 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $ 328,657 | $ 353,547 | ||
Reorganization of reporting structure | 0 | |||
Goodwill acquired during the year | 3,670 | 1,122 | ||
Goodwill impairment charge | $ (12,216) | 0 | (12,216) | $ (31,411) |
Foreign currency translation adjustment | 20,478 | (13,796) | ||
Balance at end of year | 328,657 | 352,805 | 328,657 | 353,547 |
Americas | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 146,982 | 166,197 | ||
Reorganization of reporting structure | (11,628) | |||
Goodwill acquired during the year | 3,670 | 1,962 | ||
Goodwill impairment charge | (8,646) | (29,579) | ||
Foreign currency translation adjustment | 603 | (903) | ||
Balance at end of year | 146,982 | 151,255 | 146,982 | 166,197 |
EMEA | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 138,813 | 141,392 | ||
Reorganization of reporting structure | 11,628 | |||
Goodwill acquired during the year | 0 | 0 | ||
Goodwill impairment charge | (3,570) | (1,832) | ||
Foreign currency translation adjustment | 17,012 | (10,637) | ||
Balance at end of year | 138,813 | 155,825 | 138,813 | 141,392 |
Asia | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 42,862 | 45,958 | ||
Reorganization of reporting structure | 0 | |||
Goodwill acquired during the year | 0 | (840) | ||
Goodwill impairment charge | 0 | |||
Foreign currency translation adjustment | 2,863 | (2,256) | ||
Balance at end of year | $ 42,862 | $ 45,725 | $ 42,862 | $ 45,958 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets - Schedule of Goodwill and Goodwill Impairment Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Goodwill [Line Items] | |||
Gross carrying value | $ 421,982 | $ 397,834 | |
Accumulated goodwill impairment charges | (69,177) | (69,177) | |
Net book value | 352,805 | 328,657 | $ 353,547 |
Americas | |||
Goodwill [Line Items] | |||
Gross carrying value | 209,100 | 204,827 | |
Accumulated goodwill impairment charges | (57,845) | (57,845) | |
Net book value | 151,255 | 146,982 | 166,197 |
EMEA | |||
Goodwill [Line Items] | |||
Gross carrying value | 161,978 | 144,966 | |
Accumulated goodwill impairment charges | (6,153) | (6,153) | |
Net book value | 155,825 | 138,813 | 141,392 |
Asia | |||
Goodwill [Line Items] | |||
Gross carrying value | 50,904 | 48,041 | |
Accumulated goodwill impairment charges | (5,179) | (5,179) | |
Net book value | $ 45,725 | $ 42,862 | $ 45,958 |
Prepaid and Other Current Ass64
Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid non-income taxes | $ 22,583 | $ 22,268 |
Prepaid income taxes | 8,921 | 22,540 |
Non-trade receivables | 4,087 | 4,318 |
Other | 21,319 | 22,120 |
Total | $ 56,910 | $ 71,246 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 50,053 | $ 56,295 |
Accrued selling expenses | 34,831 | 34,561 |
Warranty | 22,637 | 20,595 |
Income taxes payable | 19,696 | 13,708 |
Freight | 15,810 | 14,583 |
VAT and other non-income taxes | 13,155 | 11,380 |
Deferred income | 9,387 | 10,661 |
Tax Act - Transition Tax | 7,800 | 0 |
Legal proceedings | 6,762 | 6,315 |
Restructuring | 2,909 | 2,812 |
Legal proceedings | 2,326 | 25,551 |
Pension | 1,657 | 1,222 |
Other | 27,095 | 28,827 |
Total | $ 214,118 | $ 226,510 |
Debt - Long Term Debt (Detail)
Debt - Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 27, 2015 |
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | $ (5,965) | $ (4,891) | |
Debt and Capital Lease Obligations | 585,500 | 592,500 | |
Long-term Debt and Capital Lease Obligations, Current | 0 | 0 | |
Long-term Debt and Capital Lease Obligations | 579,535 | 587,609 | |
Senior Unsecured 5.00% Due 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 300,000 | 300,000 | $ 300,000 |
Unamortized Debt Issuance Expense | (3,122) | (3,746) | |
Incremental Commitment Agreement [Member] | Secured Debt [Member] | 2017 Revolver borrowings | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Incremental Term Loan Commitment | 285,500 | 0 | |
Unamortized Debt Issuance Expense | (2,843) | 0 | |
Incremental Commitment Agreement [Member] | Secured Debt [Member] | 2011 Credit Facility Due 2018 | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Incremental Term Loan Commitment | 0 | 292,500 | |
Unamortized Debt Issuance Expense | $ 0 | $ (1,145) |
Debt - Long Term Debt (Phantom)
Debt - Long Term Debt (Phantom) (Detail) | 12 Months Ended | |
Mar. 31, 2018 | Apr. 23, 2015 | |
Senior Unsecured 3.375% Convertible Notes Due 2038 | ||
Debt Instrument [Line Items] | ||
Interest rate of debt instrument | 3.375% | 3.375% |
Maturity year | 2,038 | |
2011 Credit Facility Due 2018 | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 04, 2017 | Jul. 17, 2015 | Jun. 05, 2015 | Jul. 08, 2014 | May 28, 2008 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Aug. 03, 2017 | Jun. 08, 2015 | Apr. 23, 2015 |
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Increase in Borrowing Capacity Limit | $ 325,000,000 | ||||||||||
Company owned capital stock percentage | 65.00% | ||||||||||
Long-term Debt and Capital Lease Obligations, Current | $ 0 | $ 0 | |||||||||
Long-term Debt, Weighted Average Interest Rate | 3.70% | 3.30% | |||||||||
Stock Price Upon Issuance Of Convertible Notes | $ 30.19 | ||||||||||
Short term borrowing outstanding amount | $ 18,341,000 | $ 18,359,000 | |||||||||
Short-term debt, weighted-average interest rates | 7.00% | ||||||||||
Payments of Debt Issuance Costs | $ 2,677,000 | ||||||||||
Write off of Deferred Debt Issuance Cost | 301,000 | ||||||||||
Deferred financing fees, net of accumulated amortization | $ 5,965,000 | 4,891,000 | |||||||||
Amortization expense included in interest expense | 1,302,000 | $ 1,388,000 | $ 1,464,000 | ||||||||
Face Value of Convertible Notes with Accrued Interest | $ 1,000.66 | ||||||||||
Shares issued from treasury stock to settle conversion premium on Convertible Notes | 1,889,431 | 1,889,431 | 1,889,431 | ||||||||
Debt Instrument, Convertible, Percent of Holders that Exercised Conversion Rights | 99.00% | ||||||||||
Repayments of Convertible Debt | $ 172,388,000 | 0 | $ 0 | $ 172,266,000 | |||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 84,140,000 | 84,140,000 | |||||||||
2011 Credit Facility Due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity year | 2,018 | ||||||||||
Convertible Notes Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face value of debt instrument | $ 172,500,000 | ||||||||||
Available lines of credit | $ 613,234,000 | 475,947,000 | |||||||||
Interest rate of debt instrument | 3.375% | ||||||||||
Amount of interest cost recognized for the amortization of the discount | 1,330,000 | ||||||||||
Stand by letters of credit | 3,074,000 | 2,189,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity, Uncommitted Portion | $ 150,459,000 | 142,872,000 | |||||||||
Senior Unsecured 5.00% Due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 300,000,000 | ||||||||||
Interest rate of debt instrument | 5.00% | ||||||||||
Senior Unsecured 3.375% Convertible Notes Due 2038 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 3.375% | 3.375% | |||||||||
Debt instrument maturity year | 2,038 | ||||||||||
Interest paid | $ 23,527,000 | 20,781,000 | $ 15,176,000 | ||||||||
2017 Revolver borrowings | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face value of debt instrument | 150,000,000 | ||||||||||
Available lines of credit | 150,000,000 | ||||||||||
2017 Revolver borrowings | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 600,000,000 | ||||||||||
Available lines of credit | 135,500,000 | ||||||||||
Long-term Debt and Capital Lease Obligations, Current | 3,750,000 | ||||||||||
2011 Credit Facility Due 2018 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face value of debt instrument | $ 150,000,000 | ||||||||||
Available lines of credit | 123,750,000 | ||||||||||
2011 Credit Facility Due 2018 | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||||||
Available lines of credit | 240,000,000 | ||||||||||
Incremental Commitment Agreement [Member] | Secured Debt [Member] | 2011 Credit Facility Due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Incremental Term Loan Commitment | $ 0 | $ 292,500,000 | |||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2018 Through December 30, 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | 1,875,000 | ||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2019 Through December 30, 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | 2,813,000 | ||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2020 Through September 29, 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | 3,750,000 | ||||||||||
Debt Instrument Final Installments Payable On September 30, 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | $ 105,000,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 2.00% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.75% | ||||||||||
Higher of Bank of America Prime Rate or Federal Funds Effective Rate [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.25% | ||||||||||
Higher of Bank of America Prime Rate or Federal Funds Effective Rate [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.75% | ||||||||||
Federal Funds Effective Swap Rate [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.50% | ||||||||||
Eurodollar [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.00% |
Leases - Schedule of Capital an
Leases - Schedule of Capital and Operating Leases (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Operating Leases | |
2,019 | $ 27,924 |
2,020 | 23,790 |
2,021 | 19,018 |
2,022 | 14,155 |
2,023 | 8,280 |
Thereafter | 12,321 |
Total minimum lease payments | $ 105,488 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Leases [Abstract] | |||
Rental expense | $ 38,146 | $ 35,991 | $ 34,590 |
Other Liabilities (Detail)
Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Tax Act - Transition Tax | $ 89,700 | $ 0 |
Pension | 44,404 | 42,930 |
Warranty | 27,965 | 25,521 |
Deferred income | 7,094 | 4,929 |
Liability for uncertain tax benefits | 1,684 | 1,562 |
Other | 10,240 | 8,659 |
Total | $ 181,087 | $ 83,601 |
Fair Value of Financial Instr72
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ (3,855) | $ 850 |
Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (3,877) | 1,163 |
Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 22 | (313) |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (3,855) | 850 |
Significant Other Observable Inputs (Level 2) | Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (3,877) | 1,163 |
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ 22 | $ (313) |
Fair Value of Financial Instr73
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 27, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Trading of convertible notes, face value, disclosed as a percentage | 102.00% | 101.00% | |
Senior Unsecured 5.00% Due 2028 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 300,000 | $ 300,000 | $ 300,000 |
Minimum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Inputs, Long-term Revenue Growth Rate | 1.30% | ||
Fair Value Inputs, Discount Rate | 15.00% | ||
Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Inputs, Long-term Revenue Growth Rate | 2.50% | ||
Fair Value Inputs, Discount Rate | 17.00% | ||
United States | Purcell | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Indefinite-Lived Trademarks | $ 4,300 | ||
United States | Americas | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment charge of goodwill and other indefinite-lived assets due to remeasurement | 700 | ||
EMEA | Purcell | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Indefinite-Lived Trademarks | 3,900 | ||
EMEA | Americas | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment charge of goodwill and other indefinite-lived assets due to remeasurement | $ 1,100 |
Fair Value of Financial Instr74
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives assets, Carrying Amount | $ 22 | $ 1,163 |
Derivatives liabilities, Carrying Amount | 3,877 | 313 |
Derivatives assets, Fair Value | 22 | 1,163 |
Derivatives liabilities, Fair Value | 3,877 | 313 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | 300,000 | 300,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 304,500 | $ 303,000 |
Derivative Financial Instrume75
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | |
Mar. 31, 2018USD ($)lb | Mar. 31, 2017USD ($)lb | |
Derivatives, Fair Value [Line Items] | ||
Foreign currency contract, maturity | 1 year | |
Cost of Sales | ||
Derivatives, Fair Value [Line Items] | ||
Derivative gain (loss) to be recorded in income within 12 months, before tax | $ 4,369 | |
Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Hedge forward contracts, maturity | 1 year | |
Derivative, nonmonetary notional amount, mass | lb | 62.9 | 45 |
Total purchase price of derivative | $ 72,207 | $ 46,550 |
Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 54,164 | 30,751 |
Not Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 28,486 | $ 13,560 |
Derivative Financial Instrume76
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | $ 22 | $ 1,163 |
Derivatives liabilities, Fair Value | 3,877 | 313 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 209 | 1,174 |
Derivatives liabilities, Fair Value | 3,877 | 0 |
Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 209 | 11 |
Designated as Hedging Instrument | Prepaid and other current assets | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 1,163 |
Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 0 | 0 |
Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 3,877 | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Derivatives liabilities, Fair Value | 187 | 324 |
Not Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Prepaid and other current assets | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 187 | 324 |
Not Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume77
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Condensed Statements of Income (Detail) - Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ (4,329) | $ 8,752 | $ (6,384) |
Gain (Loss) Reclassified from AOCI (Effective Portion) | 3,142 | 6,236 | (7,144) |
Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (805) | 7,907 | (3,361) |
Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (3,524) | 845 | (3,023) |
Cost of Sales | Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | 5,860 | 5,803 | (11,085) |
Cost of Sales | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | $ (2,718) | $ 433 | $ 3,941 |
Derivative Financial Instrume78
Derivative Financial Instruments - Effect of Derivative Instruments (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ 180 | $ (471) | $ (409) |
Other (Income) Expense | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ 180 | $ (471) | $ (409) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Current: | |||
Federal | $ 115,315 | $ 30,362 | $ 29,082 |
State | 3,461 | 4,855 | 4,750 |
Foreign | 20,030 | 17,800 | 17,034 |
Total current income tax expense | 138,806 | 53,017 | 50,866 |
Deferred income tax expense (benefit) | |||
Federal | (9,551) | 857 | (3,706) |
State | 789 | 590 | 124 |
Foreign | (11,551) | 8 | 2,829 |
Total deferred income tax expense (benefit) | (20,313) | 1,455 | (753) |
Income tax expense | $ 118,493 | $ 54,472 | $ 50,113 |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earning Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 74,440 | $ 80,436 | $ 64,235 |
Foreign | 163,886 | 132,259 | 117,702 |
Earnings before income taxes | $ 238,326 | $ 212,695 | $ 181,937 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Contingency [Line Items] | |||||
Income taxes paid | $ 28,044,000 | $ 45,332,000 | $ 44,625,000 | ||
Blended rate | 31.55% | 35.00% | 35.00% | ||
Impact of Tax Act | $ 4,106,000 | $ 77,347,000 | $ 83,400,000 | $ 0 | $ 0 |
Provisional Transition Tax liability | 97,500,000 | ||||
Increase in provisional Transition Tax liability | 3,500,000 | ||||
Tax Act - Transition Tax | 7,800,000 | 7,800,000 | 0 | ||
Tax Act - Transition Tax | 89,700,000 | 89,700,000 | 0 | ||
Tax benefit for remeasurement of deferred tax balance | 14,100,000 | ||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Increase (Decrease) In Deferred Tax Asset, Provisional Income Tax Expense (Benefit) | 606,000 | ||||
Net operating loss carryforwards carried forward indefinitely | 115,420,000 | 115,420,000 | |||
Net operating loss carryforwards subject to expiration | 46,509,000 | 46,509,000 | |||
Valuation allowance | 15,255,000 | 15,255,000 | 27,053,000 | ||
Income Tax Expense (Benefit) | $ (118,493,000) | $ (54,472,000) | $ (50,113,000) | ||
Effective income tax rates | 49.70% | 25.60% | 27.50% | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 5.20% | 13.50% | 16.90% | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 163,886,000 | $ 132,259,000 | $ 117,702,000 | ||
Undistributed earnings of foreign subsidiaries | 1,126,000,000 | 1,126,000,000 | 960,000,000 | ||
Estimated change in unrecognized tax benefit in fiscal 2015 | 480,000 | 480,000 | |||
Tax related interest and penalties | $ 116,000 | $ 112,000 | |||
Tax Rate of Swiss Subsidiary | 8.00% | 5.00% | 7.00% | ||
Foreign | |||||
Income Tax Contingency [Line Items] | |||||
United States federal net operating loss carryforwards | 161,929,000 | $ 161,929,000 | |||
Valuation allowance | 13,730,000 | 13,730,000 | $ 25,298,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 11,568,000 | ||||
Income Tax Expense (Benefit) | 9,049,000 | ||||
Federal | |||||
Income Tax Contingency [Line Items] | |||||
United States federal net operating loss carryforwards | 1,617,000 | 1,617,000 | |||
Valuation allowance | 630,000 | 630,000 | 1,050,000 | ||
State | |||||
Income Tax Contingency [Line Items] | |||||
United States federal net operating loss carryforwards | 33,246,000 | 33,246,000 | |||
Valuation allowance | $ 895,000 | 895,000 | $ 705,000 | ||
Reversal of Foreign Subsidiaries Valuation Allowance | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | 11,954,000 | ||||
Increase Of Current Year Net Operating Loss Carryforwards | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | (2,905,000) | ||||
Foreign Currency Translation Adjustment And Offset Adjustment To Net Operating Losses | Foreign | |||||
Income Tax Contingency [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,519,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Deferred tax assets: | ||
Accounts receivable | $ 1,790 | $ 2,419 |
Inventories | 3,660 | 6,521 |
Net operating loss carryforwards | 50,928 | 46,178 |
Accrued expenses | 21,274 | 29,783 |
Other assets | 16,832 | 20,282 |
Gross deferred tax assets | 94,484 | 105,183 |
Less valuation allowance | (15,255) | (27,053) |
Total deferred tax assets | 79,229 | 78,130 |
Deferred tax liabilities: | ||
Property, plant and equipment | 21,045 | 24,319 |
Other intangible assets | 46,058 | 67,388 |
Other liabilities | 1,331 | 759 |
Total deferred tax liabilities | 68,434 | 92,466 |
Net deferred tax assets | $ 10,795 | |
Net deferred tax liabilities | $ (14,336) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
United States statutory income tax expense | $ 75,196,000 | $ 74,444,000 | $ 63,678,000 | ||
Impact of Tax Act | $ 4,106,000 | $ 77,347,000 | 83,400,000 | 0 | 0 |
State income taxes, net of federal effect | 3,146,000 | 3,677,000 | 3,282,000 | ||
Nondeductible expenses, domestic manufacturing deduction and other | 1,078,000 | 1,993,000 | (1,407,000) | ||
Legal proceedings charge - European Competition Investigations - See Note 18 | 0 | 7,873,000 | 668,000 | ||
Goodwill impairment - See Note 5 | 0 | 3,812,000 | 6,475,000 | ||
Effect of foreign operations | (35,048,000) | (39,377,000) | (28,845,000) | ||
Valuation allowance | (9,279,000) | 2,050,000 | 6,262,000 | ||
Income tax expense | $ 118,493,000 | $ 54,472,000 | $ 50,113,000 |
Income Taxes - Reconciliation84
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning balance | $ 1,450 | $ 2,375 | $ 4,112 |
Increases related to current year tax positions | 397 | 252 | 422 |
Increases related to prior year tax positions | 11 | 31 | 470 |
Decreases related to prior tax positions due to foreign currency translation | 0 | (352) | 0 |
Decreases related to prior year tax positions | (1) | (678) | (2,315) |
Lapse of statute of limitations | (289) | (178) | (314) |
Unrecognized tax benefits, ending balance | $ 1,568 | $ 1,450 | $ 2,375 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ (46) | $ (42) | $ (382) |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 371 | 482 |
Interest cost | 658 | 664 | 682 |
Expected return on plan assets | (496) | (816) | (855) |
Amortization and deferral | 303 | 453 | 481 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 313 |
Net periodic benefit cost | 465 | 672 | 1,103 |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,025 | 871 | 820 |
Interest cost | 1,795 | 1,848 | 1,904 |
Expected return on plan assets | (2,264) | (1,875) | (2,247) |
Amortization and deferral | 1,468 | 978 | 1,249 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 |
Net periodic benefit cost | $ 2,024 | $ 1,822 | $ 1,726 |
Retirement Plans - Change in Pr
Retirement Plans - Change in Projected Benefit Obligations and Change in Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
United States Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | $ 16,682 | $ 17,649 | |
Service cost | 0 | 371 | $ 482 |
Interest cost | 658 | 664 | 682 |
Benefits paid, inclusive of plan expenses | (1,037) | (1,057) | |
Plan curtailments and settlements | 0 | 0 | |
Experience loss | 410 | (945) | |
Foreign currency translation adjustment | 0 | 0 | |
Benefit obligation at the end of the period | 16,713 | 16,682 | 17,649 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 12,731 | 11,839 | |
Actual return on plan assets | 1,731 | 1,455 | |
Employer contributions | 503 | 494 | |
Benefits paid, inclusive of plan expenses | (1,037) | (1,057) | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Fair value of plan assets at the end of the period | 13,928 | 12,731 | 11,839 |
Funded status deficit | (2,785) | (3,951) | |
International Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | 74,478 | 69,134 | |
Service cost | 1,025 | 871 | 820 |
Interest cost | 1,795 | 1,848 | 1,904 |
Benefits paid, inclusive of plan expenses | (2,153) | (1,982) | |
Plan curtailments and settlements | (52) | (17) | |
Experience loss | (2,705) | 11,863 | |
Foreign currency translation adjustment | 9,645 | (7,239) | |
Benefit obligation at the end of the period | 82,033 | 74,478 | 69,134 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 34,323 | 32,314 | |
Actual return on plan assets | 688 | 6,669 | |
Employer contributions | 1,865 | 1,640 | |
Benefits paid, inclusive of plan expenses | (2,153) | (1,982) | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | (52) | (17) | |
Foreign currency translation adjustment | 4,086 | (4,301) | |
Fair value of plan assets at the end of the period | 38,757 | 34,323 | $ 32,314 |
Funded status deficit | $ (43,276) | $ (40,155) |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (46,061) | $ (44,106) |
Noncurrent assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | 0 | 46 |
Accrued expenses | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | (1,657) | (1,222) |
Other liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (44,404) | $ (42,930) |
Retirement Plans - Pension Comp
Retirement Plans - Pension Components Before Tax and Related Changes Net of Tax Recognized in AOCI (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | |||
Prior service cost | $ 385 | $ 377 | $ 445 |
Net loss | (27,762) | (28,475) | (26,628) |
Net amount recognized | $ 28,147 | $ 28,852 | $ 27,073 |
Retirement Plans - Summary Chan
Retirement Plans - Summary Changes in Plan Assets and Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ 0 | $ 0 |
Changes in plan assets and benefit obligations: | |||
Net loss (gain) arising during the year | (1,953) | 5,485 | (988) |
Effect of exchange rates on amounts included in AOCI | 3,019 | (2,275) | 142 |
Amounts recognized as a component of net periodic benefit costs: | |||
Amortization of prior service cost | (46) | (42) | (382) |
Amortization or settlement recognition of net loss | (1,725) | (1,389) | (1,661) |
Total recognized in other comprehensive income | $ (705) | $ 1,779 | $ (2,889) |
Retirement Plans - Summary of R
Retirement Plans - Summary of Recognized Components of Net Periodic Pension Cost Included in Accumulated Other Comprehensive Income (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Prior service cost | $ (48) |
Net loss | (1,483) |
Net amount expected to be recognized | $ (1,531) |
Retirement Plans - Summary of A
Retirement Plans - Summary of Accumulated Benefit Obligation Related to All Defined Pension Plans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 16,713 | $ 16,682 |
Accumulated benefit obligation | 16,713 | 16,682 |
Fair value of plan assets | 13,928 | 12,731 |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 82,033 | 73,920 |
Accumulated benefit obligation | 77,724 | 70,801 |
Fair value of plan assets | 38,757 | 33,719 |
Unfunded Defined Benefit Plan | United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 0 | 0 |
Accumulated benefit obligation | 0 | 0 |
Unfunded Defined Benefit Plan | International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 33,124 | 28,623 |
Accumulated benefit obligation | 31,270 | 27,220 |
Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets | United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 16,713 | 16,682 |
Accumulated benefit obligation | 16,713 | 16,682 |
Fair value of plan assets | 13,928 | 12,731 |
Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets | International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 81,253 | 73,920 |
Accumulated benefit obligation | 77,021 | 70,281 |
Fair value of plan assets | $ 37,986 | $ 33,719 |
Retirement Plans - Significant
Retirement Plans - Significant Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.90% | 3.80% |
Expected return on plan assets | 6.80% | 7.00% | 7.00% |
International Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.50% | 1.80% | 1.25% |
Expected return on plan assets | 3.60% | 3.30% | 3.20% |
Rate of compensation increase | 1.50% | 1.50% | 1.50% |
International Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 3.70% | 3.40% |
Expected return on plan assets | 6.30% | 6.50% | 6.50% |
Rate of compensation increase | 4.00% | 4.00% | 3.75% |
Retirement Plans - Significan93
Retirement Plans - Significant Assumptions Used to Determine Projected Benefit Obligations (Detail) | Mar. 31, 2018 | Mar. 31, 2017 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | 4.10% |
International Plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.40% | 1.50% |
Rate of compensation increase | 1.80% | 1.50% |
International Plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.30% | 3.50% |
Rate of compensation increase | 4.00% | 4.00% |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions to pension plans in 2014 | $ 2,590 | ||
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $ 503 | $ 494 | |
United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 40.00% | ||
Equity investments target range, maximum | 75.00% | ||
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $ 1,865 | 1,640 | |
International Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Defined Contribution Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $ 8,931 | $ 7,447 | $ 6,730 |
Retirement Plans - Summary of P
Retirement Plans - Summary of Pension Plan Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 13,928 | $ 12,731 | $ 11,839 |
United States Plans | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 13,928 | 12,731 | |
United States Plans | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 891 | 305 | |
United States Plans | Cash and Cash Equivalents | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 891 | 305 | |
United States Plans | US Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 9,864 | 8,363 | |
United States Plans | US Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 9,864 | 8,363 | |
United States Plans | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 1,050 | |
United States Plans | International Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 1,050 | |
United States Plans | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 3,173 | 3,013 | |
United States Plans | Fixed Income Funds | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 3,173 | 3,013 | |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 38,757 | 34,323 | $ 32,314 |
International Plans | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 49 | 88 | |
International Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 38,708 | 34,235 | |
International Plans | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 49 | 88 | |
International Plans | Cash and Cash Equivalents | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 49 | 88 | |
International Plans | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 25,768 | 22,727 | |
International Plans | International Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | ||
International Plans | International Equity Securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 25,768 | 22,727 | |
International Plans | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 12,940 | 11,508 | |
International Plans | Fixed Income Funds | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | ||
International Plans | Fixed Income Funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 12,940 | $ 11,508 |
Retirement Plans - Summary of E
Retirement Plans - Summary of Estimated Future Benefit Payments (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
2,019 | $ 3,035 |
2,020 | 2,881 |
2,021 | 3,430 |
2,022 | 3,515 |
2,023 | 3,952 |
Years 2024-2028 | $ 23,066 |
Stockholders' Equity and Nonc97
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 17, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Class of Stock [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Non Vested Stock Outstanding Weighted Average Remaining Contractual Term | 22 months | |||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Shares issued from treasury stock to settle conversion premium on Convertible Notes | 1,889,431 | 1,889,431 | 1,889,431 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | ||
Number of shares of common stock purchased | 1,756,831 | 1,756,831 | 3,216,654 | |
Repurchased common stock value | $ 121,191 | $ 178,244 | ||
Treasury stock, shares (in shares) | 12,680,105 | 10,923,274 | ||
Accelerated Share Repurchase Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchased and Retired During Period, Shares | 1,495,714 | 2,961,444 | ||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 100 | $ 166,392 | ||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 66.86 | $ 56.19 |
Change in Number of Shares of C
Change in Number of Shares of Common Stock Outstanding (Detail) - shares | Jul. 17, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares outstanding, beginning balance | 43,447,536 | 43,189,502 | 44,068,588 | |
Purchase of treasury stock | (1,756,831) | (1,756,831) | (3,216,654) | |
Shares issued from treasury stock to settle conversion premium on Convertible Notes | 1,889,431 | 1,889,431 | 1,889,431 | |
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 224,295 | 258,034 | 448,137 | |
Shares outstanding, ending balance | 41,915,000 | 43,447,536 | 43,189,502 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | $ (152,824) | $ (97,349) | $ (108,975) |
Before Reclassifications | 112,279 | (52,504) | 5,556 |
Amount Reclassified from AOCI | (1,172) | (2,971) | 6,070 |
Ending Balance | (41,717) | (152,824) | (97,349) |
Pension funded status adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (25,555) | (21,861) | (23,719) |
Before Reclassifications | 1,692 | (4,659) | 298 |
Amount Reclassified from AOCI | 1,360 | 965 | 1,560 |
Ending Balance | (22,503) | (25,555) | (21,861) |
Net unrealized gain (loss) on derivative instruments | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | 1,975 | 388 | (95) |
Before Reclassifications | (2,868) | 5,523 | (4,027) |
Amount Reclassified from AOCI | (2,532) | (3,936) | 4,510 |
Ending Balance | (3,425) | 1,975 | 388 |
Foreign currency translation adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (129,244) | (75,876) | (85,161) |
Before Reclassifications | 113,455 | (53,368) | 9,285 |
Amount Reclassified from AOCI | 0 | 0 | 0 |
Ending Balance | $ (15,789) | $ (129,244) | $ (75,876) |
Stockholders Equity and Noncont
Stockholders Equity and Noncontrolling Interests Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | $ 1,921,494 | $ 1,714,367 | $ 1,704,472 | ||||||||
Income tax expense | 118,493 | 54,472 | 50,113 | ||||||||
Net earnings attributable to EnerSys stockholders | $ (54,018) | $ 25,847 | $ (43,222) | $ (48,201) | $ (33,770) | $ (36,235) | $ (45,636) | $ (44,573) | (119,594) | (160,214) | (136,150) |
Net unrealized gain (loss) on derivative instruments | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | (3,142) | (6,236) | 7,144 | ||||||||
Income tax expense | 610 | 2,300 | (2,634) | ||||||||
Net earnings attributable to EnerSys stockholders | (2,532) | (3,936) | 4,510 | ||||||||
Pension funded status adjustment | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Prior service costs and deferrals | 1,771 | 1,431 | 2,043 | ||||||||
Income tax expense | (411) | (466) | (483) | ||||||||
Net earnings attributable to EnerSys stockholders | $ 1,360 | $ 965 | $ 1,560 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Temporary Equity, Number of Shares, Redemption Value and Other Disclosures [Abstract] | ||
Redeemable noncontrolling interest, beginning balance | $ 5,997 | $ 6,956 |
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited | (4,272) | |
Redemption value adjustment | 4,272 | |
Loan to equity conversion by redeemable noncontrolling interests | (4,035) | (109) |
Net losses attributable to redeemable noncontrolling interests | (2,021) | |
Foreign currency translation adjustment | (59) | (1,068) |
Redeemable noncontrolling interest, ending balance | $ 0 | $ 5,997 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 3,916,468 | ||
Stock options granted | 169,703 | 242,068 | 127,966 |
Stock-based compensation expense | $ 2,741 | $ 457 | $ 1,419 |
Stock-based compensation expense, net of tax | $ 700 | $ 1,705 | $ 477 |
Market price per unit of stock award | $ 73.39 | $ 65.88 | $ 62.62 |
Unrecognized compensation expense associated with non-vested incentive awards outstanding | $ 35,772 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Non Vested Stock Outstanding Weighted Average Remaining Contractual Term | 22 months | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 74.78 | ||
Stock unit grant during period | 195,982 | ||
Restricted Shares Restricted Stock Units and Market Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 16,712 | $ 17,480 | $ 18,184 |
Stock unit grant during period | 1,345 | 1,239 | 565 |
Equity-based compensation expense, tax benefit | $ 3,325 | $ 4,210 | $ 4,446 |
Non Employee Directors | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 33,408 | 25,708 | 28,970 |
Market price per unit of stock award | $ 46.24 | $ 69.97 | $ 55.32 |
Management | Nonqualified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 169,703 | ||
Vesting period, in years | 3 years | ||
Management | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 83.14 | $ 57.60 | $ 68.40 |
Stock unit grant during period | 161,229 | 237,358 | 120,287 |
Management | Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 105.74 | $ 70.79 | $ 59.94 |
Stock unit grant during period | 60,187 | 83,720 | 212,635 |
Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 4,173,554 | ||
Stock Options Issued In Fiscal 2010 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration period (in years) | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2014 | |
Number of options | ||||
Number of Options outstanding, Beginning Balance | 451,668 | 210,297 | 102,817 | |
Number of Options, Granted | 169,703 | 242,068 | 127,966 | |
Number of Options, Exercised | (62,197) | (263) | (11,986) | |
Number of Options, Forfeited | (11,495) | |||
Number of Options, Expired | 2,089 | 434 | 8,500 | |
Number of Options outstanding, Ending Balance | 545,590 | 451,668 | 210,297 | |
Number of Options, Exerciseable | 183,347 | |||
Number of Options, Vested and Expected to Vest | 537,237 | |||
Options outstanding, Weighted Average Remaining Contract Term | ||||
Options outstanding, Weighted Average Remaining Contract Term (Years) | 8 years | 8 years 4 months 24 days | 8 years 6 months | 7 years |
Options exercisable, Weighted Average Remaining Contract Term (Years) | 7 years 2 months 12 days | |||
Options vested and expected to vest, Weighted Average Remaining Contract Term (Years) | 8 years | |||
Weighted average exercise price | ||||
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $ 62.29 | $ 67.54 | $ 55.86 | |
Weighted Average Exercise Price, Granted | 83.14 | 57.60 | 68.40 | |
Weighted Average Exercise Price, Exercised | 63.44 | 18.25 | 14.64 | |
Weighted Average Exercise Price, Expired | 70.22 | |||
Weighted Average Exercise Price, Forfeited | 18.25 | 18.25 | 13.76 | |
Options outstanding, Weighted Average Exercise Price, Ending Balance | 68.65 | $ 62.29 | $ 67.54 | |
Options exercisable, Weighted Average Exercise Price | 65.11 | |||
Weighted Average Exercise Price, Vested and Expected to Vest | $ 68.56 | |||
Aggregate intrinsic value | ||||
Options outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 7,520 | $ 218 | $ 1,291 | |
Options exercised, aggregate intrinsic value | 1,132 | 12 | 639 | |
Options forfeited, aggregate intrinsic value | 75 | |||
Options expired, aggregate intrinsic value | 137 | 15 | 437 | |
Options outstanding, Aggregate Intrinsic Value, Ending Balance | 2,679 | $ 7,520 | $ 218 | |
Options exercisable, Aggregate Intrinsic Value | 806 | |||
Options vested and expected to vest, aggregate intrinsic value | $ 2,644 |
Stock-Based Compensation - S104
Stock-Based Compensation - Summary of Information Regarding Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Options | shares | 545,590 |
Weighted Average Remaining Contractual Life | 8 years |
Weighted Average Exercise Price | $ / shares | $ 68.65 |
Stock Based Compensation Stock-
Stock Based Compensation Stock-Based Compensation - Summary of Assumptions Used for Market Share Units (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 545,590 | ||
Weighted Average Remaining Contractual Life | 8 years | ||
Weighted Average Exercise Price | $ 68.65 | ||
Performance Market Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.57% | 0.94% | 1.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Time of maturity, in years | 3 years | 3 years | 3 years |
Expected volatility | 27.49% | 31.74% | 25.52% |
Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.08% | 1.41% | 1.79% |
Dividend yield | 0.84% | 1.22% | 1.02% |
Time of maturity, in years | 6 years | 6 years | 6 years |
Expected volatility | 29.18% | 30.40% | 32.75% |
$55.00-$60.00 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 218,405 | ||
Weighted Average Remaining Contractual Life | 8 years 1 month 6 days | ||
Weighted Average Exercise Price | $ 57.60 | ||
$65.01-$70.00 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 163,160 | ||
Weighted Average Remaining Contractual Life | 6 years 9 months 18 days | ||
Weighted Average Exercise Price | $ 68.86 | ||
$80.01-$83.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 164,025 | ||
Weighted Average Remaining Contractual Life | 9 years 1 month 6 days | ||
Weighted Average Exercise Price | $ 83.14 |
Stock-Based Compensation - S106
Stock-Based Compensation - Summary of Changes in Restricted Stock Units and Market Share Units (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Granted | $ 73.39 | $ 65.88 | $ 62.62 |
Restricted Stock Units (RSUs) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 600,275 | ||
Number of RSU and MSU, Granted | 195,982 | ||
Number of RSU and MSU, Stock dividend | 6,203 | ||
Number of RSU and MSU, Vested | (151,458) | ||
Number of RSU and MSU, cancelled | (17,251) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 633,751 | 600,275 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 51.96 | ||
Weighted Average Grant Date Fair Value, Granted | 74.78 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 56.99 | ||
Weighted Average Grant Date Fair Value, Vested | 60.36 | ||
Weighted Average Grant Date Fair Value, Canceled | 68.77 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 56.60 | $ 51.96 | |
Market Share Unit Number (MSU) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 449,141 | ||
Number of RSU and MSU, Granted | 60,187 | ||
Number of RSU and MSU, Stock dividend | 3,451 | ||
Number of RSU and MSU, Performance factor | 13 | ||
Number of RSU and MSU, Vested | (142,426) | ||
Number of RSU and MSU, cancelled | (20,430) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 349,936 | 449,141 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 65.41 | ||
Weighted Average Grant Date Fair Value, Granted | 105.74 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 70.19 | ||
Weighted Average Grant Date Fair Value, Performance factor | 83.92 | ||
Weighted Average Grant Date Fair Value, Vested | 70.21 | ||
Weighted Average Grant Date Fair Value, Canceled | 69.10 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 70.22 | $ 65.41 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Common Shares Basic and Common Shares Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to EnerSys stockholders | $ 54,018 | $ (25,847) | $ 43,222 | $ 48,201 | $ 33,770 | $ 36,235 | $ 45,636 | $ 44,573 | $ 119,594 | $ 160,214 | $ 136,150 |
Basic (in shares) | 42,612,036 | 43,389,333 | 44,276,713 | ||||||||
Dilutive effect of: | |||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares) | 507,820 | 623,210 | 644,036 | ||||||||
Convertible Notes (in shares) | 0 | 0 | 553,381 | ||||||||
Diluted weighted-average number of common shares outstanding (in shares) | 43,119,856 | 44,012,543 | 45,474,130 | ||||||||
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ 1.29 | $ (0.61) | $ 1.01 | $ 1.11 | $ 0.78 | $ 0.83 | $ 1.05 | $ 1.03 | $ 2.81 | $ 3.69 | $ 3.08 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ 1.27 | $ (0.61) | $ 1 | $ 1.09 | $ 0.76 | $ 0.82 | $ 1.04 | $ 1.02 | $ 2.77 | $ 3.64 | $ 2.99 |
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares) | 59,482,000 | 1,295,000 | 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 17, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Repayments of Convertible Debt | $ 172,388 | |||
Shares issued from treasury stock to settle conversion premium on Convertible Notes | 1,889,431 | 1,889,431 | 1,889,431 | |
Accelerated Share Repurchase Agreement [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Stock Repurchased and Retired During Period, Shares | 1,495,714 | 2,961,444 | ||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 66.86 | $ 56.19 |
Commitments, Contingencies a109
Commitments, Contingencies and Litigation - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Jan. 01, 2017USD ($) | Mar. 31, 2018USD ($)Employee | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Commitments, Contingencies And Litigation [Line Items] | ||||||||
Penalties paid relating to anti-competition investigations | $ 1,962 | |||||||
Reserves for anti-competition investigations | $ 25,551 | $ 2,326 | $ 25,551 | |||||
Legal proceedings charge | (6,725) | $ (17,000) | 0 | 23,725 | $ 3,201 | |||
Gain (loss) related to litigation settlement | 0 | (23,725) | $ 799 | |||||
Reserves of environmental liabilities | $ 1,109 | 1,123 | ||||||
Company number of employees | Employee | 9,600 | |||||||
Percentage of employees covered by collective bargaining agreements | 27.00% | |||||||
Percentage of collective bargaining agreements that expire in next twelve months | 6.00% | |||||||
Average term of collective bargaining agreements | 2 years | |||||||
Longest term of collective bargaining agreements | 3 years | |||||||
Belgium Anti-Competition Proceeding | ||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||
Reserves for anti-competition investigations | 1,830 | $ 2,326 | 1,830 | |||||
Germany Anti-competition Proceedings | ||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||
Penalties paid relating to anti-competition investigations | $ 14,811 | |||||||
Reserves for anti-competition investigations | 13,463 | 13,463 | ||||||
Loss contingency, estimate of possible loss | 12,322 | |||||||
Dutch Anti-Competition Proceedings [Member] | ||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||
Penalties paid relating to anti-competition investigations | $ 11,229 | |||||||
Reserves for anti-competition investigations | $ 10,258 | $ 0 | $ 10,258 |
Restructuring Plans and Othe110
Restructuring Plans and Other Exit Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Mar. 31, 2017USD ($) | Jan. 01, 2017USD ($) | Oct. 02, 2016USD ($) | Jul. 03, 2016USD ($) | Jun. 28, 2015USD ($) | Dec. 28, 2014USD ($)Employee | Mar. 31, 2014USD ($)Employee | Mar. 31, 2018USD ($)Employee | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($)Employee | Mar. 31, 2015USD ($)Employee | Mar. 31, 2013USD ($)Employee | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 1,064 | $ 1,808 | $ 1,776 | $ 833 | $ 2,123 | $ (1,153) | $ 4,893 | $ 1,297 | $ 5,481 | $ 7,160 | $ 12,978 | |||||
Write-off of assets relating to restructuring and other exit charges | 3,736 | 1,435 | 3,800 | |||||||||||||
EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 3,098 | |||||||||||||||
EMEA | Restructurings Related to Improving Efficiency of Manufacturing Operations in EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Expected reduction in number of employees | Employee | 140 | |||||||||||||||
Charges related to restructuring plan | $ 5,207 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 6,895 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 271 | |||||||||||||||
EMEA | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 22,115 | |||||||||||||||
Restructuring Reserve, Translation and Other Adjustment | 414 | |||||||||||||||
Expected reduction in number of employees | Employee | 500 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 22,930 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,068 | $ 9,737 | ||||||||||||||
EMEA | Restructuring Related to a Portion of Sales and Engineering in Europe | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Expected reduction in number of employees | Employee | 15 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 698 | $ 193 | ||||||||||||||
EMEA | Restructurings Related to Improving Efficiency Related to Motive Power Assembly and Distribution Center | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 85 | 1,251 | 5,232 | |||||||||||||
Charges related to restructuring plan | 499 | 3,037 | $ 2,993 | |||||||||||||
EMEA | Restructurings Related to Improving Efficiency Related to Motive Power Production in EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 1,610 | 3,104 | ||||||||||||||
Expected reduction in number of employees | Employee | 45 | |||||||||||||||
Restructuring reserve | 1,790 | $ 1,790 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 4,700 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,403 | 749 | ||||||||||||||
EMEA | Restructurings Related to Improving Efficiency Related to Supply Chain and General Operations | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 2,260 | |||||||||||||||
Expected reduction in number of employees | Employee | 85 | |||||||||||||||
Restructuring reserve | 911 | $ 911 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 7,400 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,350 | |||||||||||||||
Expected remaining restructuring charges | 5,100 | 5,100 | ||||||||||||||
EMEA | Employee Severance | Restructurings Related to Improving Efficiency of Manufacturing Operations in EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 5,496 | |||||||||||||||
EMEA | Employee Severance | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 11,996 | |||||||||||||||
EMEA | Employee Severance | Restructuring Related to a Portion of Sales and Engineering in Europe | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 804 | |||||||||||||||
EMEA | Employee Severance | Restructurings Related to Improving Efficiency Related to Motive Power Assembly and Distribution Center | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Expected reduction in number of employees | Employee | 130 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 6,568 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 6,161 | |||||||||||||||
EMEA | Other Charges | Restructurings Related to Improving Efficiency Related to Motive Power Assembly and Distribution Center | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 407 | |||||||||||||||
EMEA | Non Cash Charges | Restructurings Related to Improving Efficiency of Manufacturing Operations in EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring charges, non - cash charges related to the write - off of fixed assets and inventory | $ 1,399 | |||||||||||||||
EMEA | Non Cash Charges | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 10,934 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 10,934 | |||||||||||||||
EMEA | Non Cash Charges | Restructurings Related to Improving Efficiency Related to Supply Chain and General Operations | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 69 | |||||||||||||||
EMEA | Cash Charges | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 1,229 | 11,181 | ||||||||||||||
EMEA | Cash Charges | Restructuring Related to a Portion of Sales and Engineering in Europe | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 354 | 450 | ||||||||||||||
Asia | Restructurings Related to Manufacturing Facility in Jiangdu | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Expected reduction in number of employees | Employee | 300 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,970 | 1,874 | ||||||||||||||
Asia | Restructurings Related to Completing Transfer of Equipment and Clean-up of Manufacturing Facility in Jiangdu | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 212 | 779 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 341 | 648 | ||||||||||||||
Asia | Employee Severance | Restructurings Related to Manufacturing Facility in Jiangdu | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 5,291 | |||||||||||||||
Asia | Non Cash Charges | Restructurings Related to Manufacturing Facility in Jiangdu | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 398 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 398 | |||||||||||||||
Asia | Cash Charges | Restructurings Related to Manufacturing Facility in Jiangdu | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 1,023 | $ 3,870 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | $ 4,893 | |||||||||||||||
Asia | Cash Charges | Restructurings Related to Completing Transfer of Equipment and Clean-up of Manufacturing Facility in Jiangdu | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 991 | |||||||||||||||
Americas | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 1,488 | |||||||||||||||
Expected reduction in number of employees | Employee | 100 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 924 | $ 119 | ||||||||||||||
Americas | Restructurings Related to Improving Efficiencies of General Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 960 | |||||||||||||||
Expected reduction in number of employees | Employee | 60 | |||||||||||||||
Restructuring reserve | $ 208 | $ 208 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 1,000 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 755 | |||||||||||||||
Americas | Employee Severance | Restructuring Related to Reduction of Two Executives | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Severance - related costs | $ 570 | |||||||||||||||
Americas | Employee Severance | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,043 | |||||||||||||||
Americas | Pension Curtailment | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 313 | |||||||||||||||
Americas | Other Charges | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 1,023 | |||||||||||||||
Americas | Non Cash Charges | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 718 | 305 | ||||||||||||||
Americas | Facility Closing | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 75 | |||||||||||||||
Gain (Loss) on Sale of Properties | $ (210) | |||||||||||||||
Americas | Cash Charges | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 174 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 2,379 | |||||||||||||||
Americas | Inventory Write-Off | Restructurings Related to Improving Efficiencies of General Operations in the Americas | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 3,457 | |||||||||||||||
South Africa Joint Venture Business Exit | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 3,292 | |||||||||||||||
South Africa Joint Venture Business Exit | Employee Severance | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 717 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,575 | |||||||||||||||
South Africa Joint Venture Business Exit | Inventory Write-Off | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 2,157 | |||||||||||||||
South Africa Joint Venture Business Exit | Change in Estimate of Contract losses | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 1,099 | |||||||||||||||
South Africa Joint Venture Business Exit | Deconsolidation of Joint Venture | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ (341) |
Restructuring Plans and Othe111
Restructuring Plans and Other Exit Charges - Acquisition and Non-Acquisition Related Restructuring Reserve (Details) - Non-Acquisition Related Restructuring Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 2,812 | $ 2,989 | $ 3,820 |
Accrued | 5,202 | 5,308 | 9,278 |
Restructuring Reserve, Translation and Other Adjustment | (414) | ||
Costs incurred | (5,423) | (5,358) | (9,689) |
Foreign currency impact and other | 318 | (127) | (6) |
Ending balance | 2,909 | 2,812 | 2,989 |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 2,668 | 2,964 | 2,966 |
Accrued | 4,757 | 4,566 | 8,859 |
Restructuring Reserve, Translation and Other Adjustment | 0 | ||
Costs incurred | (4,849) | (4,754) | (8,817) |
Foreign currency impact and other | 317 | (108) | (44) |
Ending balance | 2,893 | 2,668 | 2,964 |
Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 144 | 25 | 854 |
Accrued | 445 | 742 | 419 |
Restructuring Reserve, Translation and Other Adjustment | (414) | ||
Costs incurred | (574) | (604) | (872) |
Foreign currency impact and other | 1 | (19) | 38 |
Ending balance | $ 16 | $ 144 | $ 25 |
Warranty (Detail)
Warranty (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 46,116 | $ 48,422 | $ 39,810 |
Current year provisions | 21,706 | 17,852 | 19,735 |
Costs incurred | (18,820) | (15,945) | (13,998) |
Foreign currency translation adjustment | 1,600 | (4,213) | 2,875 |
Balance at end of period | $ 50,602 | $ 46,116 | $ 48,422 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange transaction losses | $ 5,499 | $ (662) | $ 5,425 |
Other | 556 | 1,631 | 294 |
Total | $ 6,055 | $ 969 | $ 5,719 |
Business Segments - Schedule of
Business Segments - Schedule of Summarized Financial Information by Reportable Segments Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 683,042 | $ 658,935 | $ 617,289 | $ 622,625 | $ 626,801 | $ 563,697 | $ 576,048 | $ 600,603 | $ 2,581,891 | $ 2,367,149 | $ 2,316,249 |
Total intersegment sales | 186,052 | 141,773 | 135,386 | ||||||||
Total operating earnings | 67,341 | 68,440 | 63,990 | 69,611 | 51,897 | 55,023 | 62,909 | 66,032 | 269,382 | 235,861 | 209,999 |
Inventory adjustment relating to exit activities—EMEA | (3,457) | 502 | (2,659) | (3,457) | (2,157) | 0 | |||||
Restructuring charges | (1,064) | $ (1,808) | $ (1,776) | $ (833) | (2,123) | 1,153 | $ (4,893) | $ (1,297) | (5,481) | (7,160) | (12,978) |
Impairment of goodwill, indefinite-lived intangibles and fixed assets - See Note 5 | 0 | (12,216) | (31,411) | ||||||||
Legal proceedings charge | 6,725 | $ 17,000 | 0 | (23,725) | (3,201) | ||||||
Gain on sale of facility—Asia | (116) | 7 | 114 | ||||||||
Property, plant, and equipment, net | 390,260 | 348,549 | 390,260 | 348,549 | 357,409 | ||||||
Capital Expenditures | 69,832 | 50,072 | 55,880 | ||||||||
Depreciation and amortization | 54,317 | 53,945 | 55,994 | ||||||||
Reserve Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,247,900 | 1,142,327 | 1,109,154 | ||||||||
Motive Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,333,991 | 1,224,822 | 1,207,095 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,429,888 | 1,332,353 | 1,276,027 | ||||||||
Total intersegment sales | 29,513 | 26,039 | 32,984 | ||||||||
Total operating earnings | 189,001 | 191,500 | 182,774 | ||||||||
Inventory adjustment relating to exit activities—EMEA | (3,457) | 0 | 0 | ||||||||
Restructuring charges | (1,246) | (892) | (2,058) | ||||||||
Impairment of goodwill, indefinite-lived intangibles and fixed assets - See Note 5 | 0 | (9,346) | (32,999) | ||||||||
Legal proceedings charge | 0 | 0 | 799 | ||||||||
Property, plant, and equipment, net | 210,998 | 190,169 | 210,998 | 190,169 | 177,720 | ||||||
Capital Expenditures | 46,905 | 34,809 | 39,127 | ||||||||
Depreciation and amortization | 30,421 | 30,204 | 31,070 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Inventory adjustment relating to exit activities—EMEA | 0 | (2,157) | 0 | ||||||||
Legal proceedings charge | 0 | (23,725) | (4,000) | ||||||||
EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 849,420 | 763,013 | 787,402 | ||||||||
Total intersegment sales | 133,164 | 93,150 | 78,812 | ||||||||
Total operating earnings | 76,672 | 76,425 | 75,666 | ||||||||
Restructuring charges | (4,023) | (5,487) | (9,501) | ||||||||
Impairment of goodwill, indefinite-lived intangibles and fixed assets - See Note 5 | 0 | (4,670) | (3,253) | ||||||||
Property, plant, and equipment, net | 118,263 | 100,042 | 118,263 | 100,042 | 112,839 | ||||||
Capital Expenditures | 18,392 | 13,733 | 12,625 | ||||||||
Depreciation and amortization | 16,198 | 15,693 | 16,337 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 302,583 | 271,783 | 252,820 | ||||||||
Total intersegment sales | 23,375 | 22,584 | 23,590 | ||||||||
Total operating earnings | 12,647 | 14,994 | 570 | ||||||||
Restructuring charges | (212) | (781) | (1,419) | ||||||||
Gain on sale of facility—Asia | 0 | 0 | 3,420 | ||||||||
Property, plant, and equipment, net | $ 60,999 | $ 58,338 | 60,999 | 58,338 | 66,850 | ||||||
Capital Expenditures | 4,535 | 1,530 | 4,128 | ||||||||
Depreciation and amortization | $ 7,698 | $ 8,048 | $ 8,587 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)Country | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Operations in number of countries | Country | 100 | ||
Property, plant, and equipment, net | $ 390,260 | $ 348,549 | $ 357,409 |
United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales to customers | 49.20% | 50.00% | 51.00% |
Property, plant, and equipment, net | $ 176,144 | $ 156,828 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 683,042 | $ 658,935 | $ 617,289 | $ 622,625 | $ 626,801 | $ 563,697 | $ 576,048 | $ 600,603 | $ 2,581,891 | $ 2,367,149 | $ 2,316,249 |
Gross profit | 167,004 | 166,965 | 159,874 | 163,097 | 167,112 | 155,884 | 161,295 | 166,334 | 656,940 | 650,625 | 611,777 |
Operating earnings | 67,341 | 68,440 | 63,990 | 69,611 | 51,897 | 55,023 | 62,909 | 66,032 | 269,382 | 235,861 | 209,999 |
Net earnings | 54,139 | (25,779) | 43,151 | 48,322 | 33,716 | 37,095 | 42,793 | 44,619 | 119,833 | 158,223 | 131,824 |
Net earnings attributable to EnerSys stockholders | $ 54,018 | $ (25,847) | $ 43,222 | $ 48,201 | $ 33,770 | $ 36,235 | $ 45,636 | $ 44,573 | $ 119,594 | $ 160,214 | $ 136,150 |
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ 1.29 | $ (0.61) | $ 1.01 | $ 1.11 | $ 0.78 | $ 0.83 | $ 1.05 | $ 1.03 | $ 2.81 | $ 3.69 | $ 3.08 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ 1.27 | $ (0.61) | $ 1 | $ 1.09 | $ 0.76 | $ 0.82 | $ 1.04 | $ 1.02 | $ 2.77 | $ 3.64 | $ 2.99 |
Quarterly Financial Data (Addit
Quarterly Financial Data (Additional Information) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2017 | Jan. 01, 2017 | Oct. 02, 2016 | Jul. 03, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Inventory adjustment relating to exit activities | $ 3,457,000 | $ (502,000) | $ 2,659,000 | $ 3,457,000 | $ 2,157,000 | $ 0 | |||||
Restructuring and other exit charges | 1,064,000 | $ 1,808,000 | $ 1,776,000 | $ 833,000 | 2,123,000 | $ (1,153,000) | $ 4,893,000 | $ 1,297,000 | 5,481,000 | 7,160,000 | 12,978,000 |
Impairment of goodwill | 12,216,000 | 0 | 12,216,000 | 31,411,000 | |||||||
Impairment of indefinite-lived intangible assets | 1,800,000 | ||||||||||
Gain on sale of facility—Asia | (116,000) | 7,000 | 114,000 | ||||||||
Legal proceedings charge | $ 6,725,000 | $ 17,000,000 | 0 | (23,725,000) | (3,201,000) | ||||||
Tax expense relating to Tax Cuts and Jobs Act of 2017 | $ 4,106,000 | $ 77,347,000 | $ 83,400,000 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | May 16, 2018$ / shares |
Subsequent Event | Dividend Declared | |
Subsequent Event [Line Items] | |
Common Stock cash dividends, per share | $ 0.175 |
Valuation and Qualifying Acc119
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Deferred tax asset—valuation allowance | |||
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 27,053 | $ 25,416 | $ 20,063 |
Additions Charged to Expense | 4,853 | 4,305 | 6,670 |
Charge-Offs | (14,132) | (2,255) | (361) |
Other | (2,519) | (413) | (956) |
Balance at End of Period | 15,255 | 27,053 | 25,416 |
Allowance for doubtful accounts | |||
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 12,662 | 11,393 | 7,562 |
Additions Charged to Expense | 822 | 1,794 | 4,749 |
Charge-Offs | (1,400) | (173) | (649) |
Other | 559 | (352) | (269) |
Balance at End of Period | $ 12,643 | $ 12,662 | $ 11,393 |