Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | May 22, 2020 | Sep. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-32253 | ||
Entity Registrant Name | ENERSYS | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 23-3058564 | ||
Entity Address, Address Line One | 2366 Bernville Road | ||
Entity Address, City or Town | Reading | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19605 | ||
City Area Code | 610 | ||
Local Phone Number | 208-1991 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | ENS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,642,464,560 | ||
Entity Common Stock, Shares Outstanding (in shares) | 42,452,053 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on or about July 30, 2020 are incorporated by reference in Part III of this Annual Report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001289308 | ||
Current Fiscal Year End Date | --03-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 326,979 | $ 299,212 |
Accounts receivable, net of allowance for doubtful accounts (2020–$15,246; 2019–$10,813) | 595,873 | 624,136 |
Inventories | 519,460 | 503,869 |
Prepaid and other current assets | 120,593 | 109,431 |
Total current assets | 1,562,905 | 1,536,648 |
Property, plant, and equipment, net | 480,014 | |
Property, plant, and equipment, net | 409,439 | |
Goodwill | 663,936 | 656,399 |
Other intangible assets, net | 455,685 | 462,316 |
Deferred taxes | 55,803 | 40,466 |
Other assets | 83,355 | 12,925 |
Total assets | 3,301,698 | 3,118,193 |
Current liabilities: | ||
Short-term debt | 46,544 | 54,490 |
Current portion of finance leases | 162 | |
Current portion of finance leases | 10,113 | |
Accounts payable | 281,873 | 292,449 |
Accrued expenses | 271,740 | 255,881 |
Total current liabilities | 600,319 | 612,933 |
Long-term debt, net of unamortized debt issuance costs | 1,104,731 | 971,756 |
Finance leases | 407 | |
Finance leases | 175 | |
Deferred taxes | 78,363 | 82,112 |
Other liabilities | 213,816 | 165,200 |
Total liabilities | 1,997,636 | 1,832,176 |
Commitments and contingencies | ||
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2020 and at March 31, 2019 | 0 | 0 |
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 55,114,808 shares issued and 42,323,305 shares outstanding at March 31, 2020; 54,848,523 shares issued and 42,620,750 shares outstanding at March 31, 2019 | 551 | 548 |
Additional paid-in capital | 529,100 | 512,696 |
Treasury stock at cost, 12,791,503 shares held as of March 31, 2020 and 12,227,773 shares held as of March 31, 2019 | (564,376) | (530,760) |
Retained earnings | 1,556,980 | 1,450,325 |
Accumulated other comprehensive loss | (215,006) | (142,682) |
Contra equity - indemnification receivable | (6,724) | (7,840) |
Total EnerSys stockholders’ equity | 1,300,525 | 1,282,287 |
Nonredeemable noncontrolling interests | 3,537 | 3,730 |
Total equity | 1,304,062 | 1,286,017 |
Total liabilities and equity | $ 3,301,698 | $ 3,118,193 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 15,246 | $ 10,813 |
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) | 55,114,808 | 54,848,523 |
Common stock, shares outstanding (in shares) | 42,323,305 | 42,620,750 |
Treasury stock, shares (in shares) | 12,791,503 | 12,227,773 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 3,087,868,000 | $ 2,808,017,000 | $ 2,581,891,000 |
Cost of goods sold | 2,301,148,000 | 2,104,612,000 | 1,920,030,000 |
Inventory step up to fair value relating to acquisitions and exit activities | 1,854,000 | 10,379,000 | 3,457,000 |
Gross profit | 784,866,000 | 693,026,000 | 658,404,000 |
Operating expenses | 529,643,000 | 441,415,000 | 382,077,000 |
Restructuring and other exit charges | 20,766,000 | 34,709,000 | 5,481,000 |
Impairment of goodwill | 39,713,000 | 0 | 0 |
Impairment of indefinite-lived intangibles | 4,549,000 | 0 | 0 |
Legal proceedings charge, net | 0 | (4,437,000) | 0 |
Operating earnings | 190,195,000 | 212,465,000 | 270,846,000 |
Interest expense | 43,673,000 | 30,868,000 | 25,001,000 |
Other (income) expense, net | (415,000) | (614,000) | 7,519,000 |
Earnings before income taxes | 146,937,000 | 182,211,000 | 238,326,000 |
Income tax expense | 9,821,000 | 21,584,000 | 118,493,000 |
Net earnings | 137,116,000 | 160,627,000 | 119,833,000 |
Net earnings attributable to noncontrolling interests | 0 | 388,000 | 239,000 |
Net earnings attributable to EnerSys stockholders | $ 137,116,000 | $ 160,239,000 | $ 119,594,000 |
Net earnings per common share attributable to EnerSys stockholders: | |||
Basic (usd per share) | $ 3.23 | $ 3.79 | $ 2.81 |
Diluted (usd per share) | 3.20 | 3.73 | 2.77 |
Dividends per common share (usd per share) | $ 0.70 | $ 0.70 | $ 0.70 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 42,411,834 | 42,335,023 | 42,612,036 |
Diluted (in shares) | 42,896,775 | 43,008,952 | 43,119,856 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 137,116 | $ 160,627 | $ 119,833 |
Other comprehensive (loss) income: | |||
Net unrealized (loss) gain on derivative instruments, net of tax | (5,793) | 3,295 | (5,400) |
Pension funded status adjustment, net of tax | (2,003) | 1,712 | 3,052 |
Foreign currency translation adjustment | (64,721) | (106,555) | 113,739 |
Total other comprehensive (loss) gain, net of tax | (72,517) | (101,548) | 111,391 |
Total comprehensive income | 64,599 | 59,079 | 231,224 |
Comprehensive (loss) gain attributable to noncontrolling interests | (193) | (195) | 523 |
Comprehensive income attributable to EnerSys stockholders | $ 64,792 | $ 59,274 | $ 230,701 |
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) | Contra-Equity | Total EnerSys Stockholders’ Equity | Non- redeemable Non- Controlling Interests |
Beginning Balance at Mar. 31, 2017 | $ 1,108,369 | $ 0 | $ 544 | $ 464,092 | $ (439,800) | $ 1,231,444 | $ (152,824) | $ 0 | $ 1,103,456 | $ 4,913 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 19,453 | 19,453 | 19,453 | |||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (6,531) | 2 | (6,533) | (6,531) | ||||||
Other | (539) | (402) | (137) | (539) | ||||||
Purchase of common stock | (121,191) | (121,191) | (121,191) | |||||||
Net earnings | 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) | 0 | 1,195,675 | 5,436 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 22,608 | 22,608 | 22,608 | 0 | ||||||
Exercise of stock options | 9,048 | 2 | 9,046 | 9,048 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (3,630) | (3,630) | (3,630) | |||||||
Other | (141) | (141) | 0 | (141) | ||||||
Purchase of common stock | (56,436) | (56,436) | (56,436) | |||||||
Reissuance of treasury stock, on LIFO basis, towards Alpha purchase consideration | 93,268 | 6,805 | 86,463 | 93,268 | ||||||
Reissuance of treasury stock towards employee stock purchase plan | 204 | 204 | 204 | |||||||
Contra equity - adjustment to indemnification receivable for acquisition related tax liability | (7,840) | (7,840) | (7,840) | |||||||
Net earnings | 160,627 | 160,239 | 160,239 | 388 | ||||||
Dividends ($0.70 per common share) | (29,743) | 720 | (30,463) | (29,743) | ||||||
Dissolution of joint venture | (1,511) | (1,511) | ||||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 1,712 | 1,712 | 1,712 | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | 3,295 | 3,295 | 3,295 | |||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | (106,555) | (105,972) | (105,972) | (583) | ||||||
Ending Balance at Mar. 31, 2019 | 1,286,017 | 0 | 548 | 512,696 | (530,760) | 1,450,325 | (142,682) | (7,840) | 1,282,287 | 3,730 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 20,780 | 20,780 | 20,780 | |||||||
Exercise of stock options | 1,417 | 3 | 1,414 | 1,417 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (6,393) | (6,393) | (6,393) | |||||||
Other | (80) | (80) | (80) | |||||||
Purchase of common stock | (34,561) | (34,561) | (34,561) | |||||||
Reissuance of treasury stock towards employee stock purchase plan | 872 | (73) | 945 | 872 | ||||||
Contra equity - adjustment to indemnification receivable for acquisition related tax liability | 1,116 | 1,116 | 1,116 | 0 | ||||||
Net earnings | 137,116 | 137,116 | 137,116 | 0 | ||||||
Dividends ($0.70 per common share) | (29,705) | 756 | (30,461) | (29,705) | ||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | (2,003) | (2,003) | (2,003) | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | (5,793) | (5,793) | (5,793) | |||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | (64,721) | (64,528) | (64,528) | (193) | ||||||
Ending Balance at Mar. 31, 2020 | $ 1,304,062 | $ 0 | $ 551 | $ 529,100 | $ (564,376) | $ 1,556,980 | $ (215,006) | $ (6,724) | $ 1,300,525 | $ 3,537 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share | $ 0.70 | $ 0.70 | $ 0.70 |
Pension funded status adjustment, tax benefit (expense) | $ 468 | $ (120) | $ (2,071) |
Net unrealized gain (loss) on derivative instruments, tax (benefit) expense | $ (1,793) | $ 1,006 | $ 808 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | |||
Net earnings | $ 137,116 | $ 160,627 | $ 119,833 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 87,344 | 63,348 | 54,317 |
Write-off of assets relating to restructuring and other exit charges | 10,986 | 26,308 | 3,736 |
Impairment of goodwill | 39,713 | 0 | 0 |
Impairment of indefinite-lived intangibles | 4,549 | 0 | 0 |
Derivatives not designated in hedging relationships: | |||
Net losses (gains) | 178 | 1,856 | (180) |
Cash (settlements) proceeds | (793) | (1,802) | 43 |
Provision for doubtful accounts | 4,821 | 1,385 | 822 |
Deferred income taxes | (16,486) | (6,456) | (20,313) |
Non-cash interest expense | 1,673 | 1,316 | 1,603 |
Stock-based compensation | 20,780 | 22,608 | 19,453 |
(Gain) loss on disposal of property, plant, and equipment | (86) | (258) | 116 |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 26,486 | 5,974 | (32,242) |
Inventories | (9,379) | (46,614) | (38,075) |
Prepaid and other current assets | (17,508) | (20,195) | 14,470 |
Other assets | 3,089 | (7,611) | (1,150) |
Accounts payable | (33,490) | 9,944 | 21,266 |
Legal proceedings accrual | 0 | 7,258 | 0 |
Accrued expenses | 7,055 | (4,937) | (26,614) |
Other liabilities | (12,650) | (14,896) | 93,963 |
Net cash provided by operating activities | 253,398 | 197,855 | 211,048 |
Cash flows from investing activities | |||
Capital expenditures | (101,425) | (70,372) | (69,832) |
Purchase of businesses | (176,548) | (654,614) | (2,988) |
Proceeds from sale of facility | 720 | 0 | 0 |
Insurance proceeds relating to property, plant and equipment | 403 | 0 | 0 |
Proceeds from disposal of property, plant, and equipment | 2,031 | 1,103 | 463 |
Net cash used in investing activities | (274,819) | (723,883) | (72,357) |
Cash flows from financing activities | |||
Net (repayments) borrowings on short-term debt | (5,325) | 37,424 | 214 |
Debt issuance costs | (4,607) | (1,393) | (2,677) |
Finance lease obligations and other | 995 | 368 | (29) |
Option proceeds | 1,417 | 9,048 | 958 |
Payment of taxes related to net share settlement of equity awards | (6,393) | (3,630) | (7,489) |
Purchase of treasury stock | (34,561) | (56,436) | (121,191) |
Dividends paid to stockholders | (29,705) | (29,743) | (29,674) |
Net cash provided by (used in) financing activities | 62,683 | 346,577 | (166,888) |
Effect of exchange rate changes on cash and cash equivalents | (13,495) | (43,455) | 49,986 |
Net increase (decrease) in cash and cash equivalents | 27,767 | (222,906) | 21,789 |
Cash and cash equivalents at beginning of year | 299,212 | 522,118 | 500,329 |
Cash and cash equivalents at end of year | 326,979 | 299,212 | 522,118 |
Non-cash investing and financing activities: | |||
Common stock issued as partial consideration for Alpha acquisition | 0 | 93,268 | 0 |
2017 Revolver borrowings | |||
Cash flows from financing activities | |||
Proceeds from borrowings | 386,700 | 531,100 | 379,750 |
Repayments of borrowings | (517,700) | (427,600) | (244,250) |
2027 Notes | |||
Cash flows from financing activities | |||
Proceeds from borrowings | 300,000 | 0 | 0 |
2011 Revolver borrowings | |||
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | 0 | 147,050 |
Repayments of borrowings | 0 | 0 | (312,050) |
Amended 2017 Term Loan | |||
Cash flows from financing activities | |||
Proceeds from Amended 2017 Term Loan | 0 | 299,105 | 150,000 |
Repayments of 2011 Term Loan | (28,138) | (11,666) | 0 |
2011 Term Loan | |||
Cash flows from financing activities | |||
Repayments of 2011 Term Loan | $ 0 | $ 0 | $ (127,500) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
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. With the Alpha acquisition, the Company is also a provider of highly integrated power solutions and services to broadband, telecom, renewable and industrial customers. 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 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 Prior to March 31, 2018, revenues were recognized under ASC 605, Revenue Recognition , when (i) persuasive evidence of an arrangement existed, (ii) delivery occurred or services were rendered, (iii) the price was fixed or determinable and (iv) collectibility was reasonably assured. Beginning April 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers . Concurrent with the adoption of the new standard, the Company updated its revenue recognition policy as follows: The Company determines revenue recognition by applying the following steps: 1. identify the contract with a customer; 2. identify the performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the performance obligations; and 5. recognize revenue as the performance obligations are satisfied. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the performance obligation to a customer. Control of a performance obligation may transfer to the customer either at a point in time or over time depending on an evaluation of the specific facts and circumstances for each contract, including the terms and conditions of the contract as agreed with the customer, as well as the nature of the products or services to be provided. The Company's primary performance obligation to its customers is the delivery of finished goods and products, pursuant to purchase orders. Control of the products sold typically transfers to its customers at the point in time when the goods are shipped as this is also when title generally passes to its customers under the terms and conditions of our customer arrangements. Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company uses judgment to estimate the most likely amount of variable consideration at each reporting date. When estimating variable consideration, the Company also applies judgment when considering the probability of whether a reversal of revenue could occur and only recognize revenue subject to this constraint. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. The Company's typical payment terms are 30 days and sales arrangements do not contain any significant financing component for its customers. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. Freight charges billed to customers are included in sales and the related shipping costs are included in cost of sales in the Consolidated Statements of Income. If shipping activities are performed after a customer obtains control of a product, the Company applies a policy election to account for shipping as an activity to fulfill the promise to transfer the product to the customer. The Company applies a policy election to exclude transaction taxes collected from customers from sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company generally provides customers with a product warranty that provides assurance that the products meet standard specifications and are free of defects. The Company maintains a reserve for claims incurred under standard product warranty programs. Performance obligations related to service warranties are not material to the Consolidated Financial Statements. The Company pays sales commissions to its sales representatives, which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company has utilized the practical expedient to record these costs of obtaining a contract as an expense as they are incurred. 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 Company records an acquisition using the acquisition method of accounting and recognizes the assets acquired and liabilities assumed at their fair values as of the date of the acquisition. The excess of the purchase price over the net tangible and intangible assets is recorded to 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. The Company assesses whether indefinite-lived intangible assets impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on this qualitative assessment, the Company determines it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether an indefinite-lived intangible asset impairment exists. The Company tests the indefinite-lived intangible assets for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess of the carrying value over the amount of fair value is recognized as an impairment. Any such impairment is recognized in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, technology, trademarks, licenses, 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 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, 2020 and 2019 . 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. 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 undistributed foreign earnings or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Regarding the GILTI tax rules, the Company is allowed to make an accounting policy choice of either (1) treating the taxes due on future US inclusions in taxable income as a current-period expense when incurred (“period cost method”) or (2) factoring amounts into a Company’s measurement of its deferred taxes (“deferred method”). The Company has elected the period cost method. 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 and Performance condition-based awards The Company grants market condition-based awards and performance condition-based awards. Beginning in fiscal 2017, the Company granted market condition-based awards (“TSR”). A participant may earn between 0% to 200% of the number of awards granted, based on the total shareholder return of the Company's common stock over a three-year period, relative to the shareholder return of a defined peer group. The awards 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. These share units are similar to the share units granted prior to fiscal 2016, except that under these awards, the targets are more difficult to achieve as they are tied to the TSR of a defined peer group. The fair value of these awards is estimated at the date of grant, using a Monte Carlo Simulation. The Company recognizes compensation expense using the straight-line method over the life of the market condition-based awards except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. In fiscal 2019 and fiscal 2020, the Company granted performance condition-based awards (“PSU”). A participant may earn between 0% to 200% of the number of awards granted, based on the Company’s cumulative adjusted earnings per share performance over a three-year period. The vesting of these awards is contingent upon meeting or exceeding performance conditions. The awards 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 maximum number of awards earned is capped at 200% of the target award. Expense for the performance condition-based award is recorded when the achievement of the performance condition is considered probable of achievement and is recorded on a straight-line basis over the requisite service period. If such performance criteria are not met, no compensation cost is recognized, and any recognized compensation cost is reversed. The closing stock price on the date of grant, adjusted for a discount to reflect the illiquidity inherent in the PSUs, represents the grant-date fair value for these awards. 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. Forfeitures Forfeitures of share-based awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. 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, 2020 , 2019 and 2018 , the Company had outstanding stock options, restricted stock units, market and performance condition-based awards, which could potentially dilute basic earnings per share in the future. 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 Adopted Accounting Pronouncements 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. Effective April 1, 2019, the Company adopted the new standard under the modified retrospective approach, which resulted in no adjustment to the April 1, 2019 beginning Retained Earnings. There are optional practical expedients and policy elections made available to simplify the transition to the new standard. The Company has elected the following: • to adopt the optional transition method defined within ASU 2018-11 and not restate comparative prior periods but instead recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption; • the package of three practical expedients addressing whether a contract contains a lease, lease classification and initial direct costs; • to combine lease and non-lease components as a single component for all asset classes; • to use a portfolio approach to determine the incremental borrowing rate; and • to apply the short-term lease exception to leases that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon adoption, the Company recorded Right-of-use (“ROU”) assets and lease liabilities of approximately $84,878 and $87,248 , respectively. In addition, capital lease assets and liabilities are now classified as finance lease right-of-use assets and liabilities. The difference between the o |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years. At contract inception, the Company reviews the terms of the arrangement to determine if the contract is or contains a lease. Guidance in Topic 842 is used to evaluate whether the contract has an identified asset; if the Company has the right to obtain substantially all economic benefits from the asset; and if it has the right to direct the use of the underlying asset. When determining if a contract has an identified asset, the Company considers both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if the Company has the right to obtain substantially all economic benefits from the asset, the Company considers the primary outputs of the identified asset throughout the period of use and determines if it receives greater than 90% of those benefits. When determining if it has the right to direct the use of an underlying asset, the Company considers if it has the right to direct how and for what purpose the asset is used throughout the period of use and if it controls the decision-making rights over the asset. Lease terms may include options to extend or terminate the lease. The Company exercises its judgment to determine the term of those leases when extension or termination options are present and include such options in the calculation of the lease term when it is reasonably certain that the Company will exercise those options. The Company has elected to include both lease and non-lease components in the determination of lease payments for all asset classes. Payments made to a lessor for items such as taxes, insurance, common area maintenance, or other costs commonly referred to as executory costs, are also included in lease payments if they are fixed. The fixed portion of these payments are included in the calculation of the lease liability, while any variable portion would be recognized as variable lease expenses, when incurred. Variable payments made to third parties for these, or similar costs, such as utilities, are not included in the calculation of lease payments. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. As most of the leases do not provide an implicit rate, the Company has exercised judgment in electing the incremental borrowing rate based on the information available when the lease commences to determine the present value of future payments. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments and reduced by any lease incentives and any deferred lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred. The current and non-current portion of operating lease liabilities are reflected in accrued expenses and other liabilities, respectively, on the consolidated balance sheets. The right-of use assets relating to operating and finance leases are reflected in other assets and property, plant and equipment, respectively, on the consolidated balance sheets. The following table presents lease assets and liabilities: March 31, 2020 Operating Leases: Right-of-use assets $ 70,045 Operating lease current liabilities 21,128 Operating lease non-current liabilities 51,215 Finance Leases: Right-of-use assets $ 540 Finance lease current liabilities 162 Finance lease non-current liabilities 407 The components of lease expense for the fiscal year ended March 31, 2020 were as follows: Classification March 31, 2020 Operating Leases: Operating lease cost Operating expenses $ 28,855 Variable lease cost Operating expenses 8,238 Short term lease cost Operating expenses 7,553 Finance Leases: Depreciation Operating expenses $ 461 Interest expense Interest expense 37 Total $ 45,144 The following table presents the weighted average lease term and discount rates for leases as of March 31, 2020 : Operating Leases: Weighted average remaining lease term (years) 5 years Weighted average discount rate 5.17% Finance Leases: Weighted average remaining lease term (years) 3.5 years Weighted average discount rate 4.92% The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2020 : Finance Leases Operating Leases Year ended March 31, 2021 $ 192 $ 24,603 2022 195 19,452 2023 154 12,951 2024 104 8,437 2025 15 5,552 Thereafter 10 13,138 Total undiscounted lease payments 670 84,133 Present value discount 101 11,790 Lease liability $ 569 $ 72,343 The following table presents supplemental disclosures of cash flow information related to leases for the fiscal year ended March 31, 2020 : March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 37 Operating cash flows from operating leases 28,593 Financing cash flows from finance leases 461 Supplemental non-cash information on lease liabilities arising from right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities 11,902 Disclosures related to periods prior to adoption of ASU 2016-02, Leases (Topic 842) The Company’s future minimum lease payments under operating leases that have noncancelable terms in excess of one year as of March 31, 2019 are as follows: 2020 $ 31,483 2021 24,290 2022 16,514 2023 11,596 2024 8,683 Thereafter 23,757 Total minimum lease payments $ 116,323 Rental expense was $40,261 and $38,146 for the fiscal years ended March 31, 2019 and 2018, respectively. Certain operating lease agreements contain renewal or purchase options and / or escalation clauses. |
Leases | Leases The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years. At contract inception, the Company reviews the terms of the arrangement to determine if the contract is or contains a lease. Guidance in Topic 842 is used to evaluate whether the contract has an identified asset; if the Company has the right to obtain substantially all economic benefits from the asset; and if it has the right to direct the use of the underlying asset. When determining if a contract has an identified asset, the Company considers both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if the Company has the right to obtain substantially all economic benefits from the asset, the Company considers the primary outputs of the identified asset throughout the period of use and determines if it receives greater than 90% of those benefits. When determining if it has the right to direct the use of an underlying asset, the Company considers if it has the right to direct how and for what purpose the asset is used throughout the period of use and if it controls the decision-making rights over the asset. Lease terms may include options to extend or terminate the lease. The Company exercises its judgment to determine the term of those leases when extension or termination options are present and include such options in the calculation of the lease term when it is reasonably certain that the Company will exercise those options. The Company has elected to include both lease and non-lease components in the determination of lease payments for all asset classes. Payments made to a lessor for items such as taxes, insurance, common area maintenance, or other costs commonly referred to as executory costs, are also included in lease payments if they are fixed. The fixed portion of these payments are included in the calculation of the lease liability, while any variable portion would be recognized as variable lease expenses, when incurred. Variable payments made to third parties for these, or similar costs, such as utilities, are not included in the calculation of lease payments. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. As most of the leases do not provide an implicit rate, the Company has exercised judgment in electing the incremental borrowing rate based on the information available when the lease commences to determine the present value of future payments. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments and reduced by any lease incentives and any deferred lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred. The current and non-current portion of operating lease liabilities are reflected in accrued expenses and other liabilities, respectively, on the consolidated balance sheets. The right-of use assets relating to operating and finance leases are reflected in other assets and property, plant and equipment, respectively, on the consolidated balance sheets. The following table presents lease assets and liabilities: March 31, 2020 Operating Leases: Right-of-use assets $ 70,045 Operating lease current liabilities 21,128 Operating lease non-current liabilities 51,215 Finance Leases: Right-of-use assets $ 540 Finance lease current liabilities 162 Finance lease non-current liabilities 407 The components of lease expense for the fiscal year ended March 31, 2020 were as follows: Classification March 31, 2020 Operating Leases: Operating lease cost Operating expenses $ 28,855 Variable lease cost Operating expenses 8,238 Short term lease cost Operating expenses 7,553 Finance Leases: Depreciation Operating expenses $ 461 Interest expense Interest expense 37 Total $ 45,144 The following table presents the weighted average lease term and discount rates for leases as of March 31, 2020 : Operating Leases: Weighted average remaining lease term (years) 5 years Weighted average discount rate 5.17% Finance Leases: Weighted average remaining lease term (years) 3.5 years Weighted average discount rate 4.92% The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2020 : Finance Leases Operating Leases Year ended March 31, 2021 $ 192 $ 24,603 2022 195 19,452 2023 154 12,951 2024 104 8,437 2025 15 5,552 Thereafter 10 13,138 Total undiscounted lease payments 670 84,133 Present value discount 101 11,790 Lease liability $ 569 $ 72,343 The following table presents supplemental disclosures of cash flow information related to leases for the fiscal year ended March 31, 2020 : March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 37 Operating cash flows from operating leases 28,593 Financing cash flows from finance leases 461 Supplemental non-cash information on lease liabilities arising from right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities 11,902 Disclosures related to periods prior to adoption of ASU 2016-02, Leases (Topic 842) The Company’s future minimum lease payments under operating leases that have noncancelable terms in excess of one year as of March 31, 2019 are as follows: 2020 $ 31,483 2021 24,290 2022 16,514 2023 11,596 2024 8,683 Thereafter 23,757 Total minimum lease payments $ 116,323 Rental expense was $40,261 and $38,146 for the fiscal years ended March 31, 2019 and 2018, respectively. Certain operating lease agreements contain renewal or purchase options and / or escalation clauses. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company's revenues by reportable segments are presented in Note 23. Service revenues for fiscal 2020 and fiscal 2019 amounted to $270,704 and $157,236 , respectively. A small portion of the Company's customer arrangements oblige the Company to create customized products for its customers that require the bundling of both products and services into a single performance obligation because the individual products and services that are required to fulfill the customer requirements do not meet the definition for a distinct performance obligation. These customized products generally have no alternative use to the Company and the terms and conditions of these arrangements give the Company the enforceable right to payment for performance completed to date, including a reasonable profit margin. For these arrangements, control transfers over time and the Company measures progress towards completion by selecting the input or output method that best depicts the transfer of control of the underlying goods and services to the customer for each respective arrangement. Methods used by the Company to measure progress toward completion include labor hours, costs incurred and units of production. Revenues recognized over time for fiscal 2020 and fiscal 2019 amounted to $142,153 and $100,809 , respectively. On March 31, 2020 , the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $100,420 , of which, the Company estimates that approximately $76,189 will be recognized as revenue in 2021 , $18,767 in fiscal 2022 , $5,403 in fiscal 2023 , $61 in fiscal 2024 and $0 in fiscal 2025 . Any payments that are received from a customer in advance, prior to the satisfaction of a related performance obligation and billings in excess of revenue recognized, are deferred and treated as a contract liability. Advance payments and billings in excess of revenue recognized are classified as current or non-current based on the timing of when recognition of revenue is expected. As of March 31, 2020 , the current and non-current portion of contract liabilities were $17,342 and $8,356 , respectively. As of March 31, 2019 , the current and non-current portion of contract liabilities were $15,162 and $6,360 , respectively. Revenues recognized during fiscal 2020 and fiscal 2019 , that were included in the contract liability at the beginning of the year, amounted to $18,697 and $6,132 , respectively. Amounts representing work completed and not billed to customers represent contract assets and were $39,048 and $38,778 as of March 31, 2020 and March 31, 2019 , respectively. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. At March 31, 2020 , the right of return asset related to the value of inventory anticipated to be returned from customers was $4,198 and refund liability representing amounts estimated to be refunded to customers was $6,804 . |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions NorthStar On September 30, 2019, the Company completed the acquisition of N Holding, AB (“NorthStar”) for $77,777 in cash consideration and the assumption of $107,018 in debt, which was funded using existing cash and credit facilities. NorthStar, through its direct and indirect subsidiaries, manufactures and distributes thin plate pure lead (“TPPL”) batteries and battery enclosures. NorthStar has two large manufacturing facilities in Springfield, Missouri. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on valuations performed, trademarks were valued at $6,000 , technology at $19,000 , customer relationships at $9,000 , and goodwill was recorded at $73,788 . The useful lives of technology were estimated at 10 years , customer relationships were estimated at 15 to 18 years and trademarks were estimated at 5 years . Goodwill deductible for tax purposes is $72,056 . The results of the NorthStar acquisition have been included in the Company’s results of operations from the date of acquisition. Pro forma earnings and earnings per share computations have not been presented as this acquisition is not considered material. The North American and European results of operations of NorthStar have been included in the Company’s Americas segment and EMEA segment, respectively. Alpha On December 7, 2018, the Company completed the acquisition of all of the issued and outstanding common stock of Alpha Technologies Services, Inc. (“ATS”) and Alpha Technologies Ltd. (“ATL”), resulting in ATS and ATL becoming wholly-owned subsidiaries of the Company (the “Alpha share purchase”). Additionally, the Company acquired substantially all of the assets of Alpha Technologies Inc. and certain assets of Altair Advanced Industries, Inc. and other affiliates of ATS and ATL (all such sellers, together with ATS and ATL, “Alpha”), in each case in accordance with the terms and conditions of certain restructuring agreements (collectively, the “Alpha asset acquisition” and together with the Alpha share purchase, the “Alpha acquisition”). Based in Bellingham, Washington, Alpha is a global industry leader in comprehensive commercial-grade energy solutions for broadband, telecom, renewable, industrial and traffic customers around the world. The initial purchase consideration for the Alpha acquisition was $750,000 , of which $650,000 was paid in cash and the balance was settled by issuing 1,177,630 shares of EnerSys common stock. These shares were issued out of the Company's treasury stock and were valued at $84.92 per share, which was based on the thirty-day volume weighted average stock price of the Company’s common stock at closing, in accordance with the purchase agreement. The 1,177,630 shares had a closing date fair value of $93,268 , based upon the December 7, 2018, closing date spot rate of $79.20 . The total purchase consideration, consisting of cash paid of $650,000 , shares valued at $93,268 and an adjustment for working capital (due post - closing from seller of $766 ) was $742,502 . The Company funded the cash portion of the Alpha acquisition with borrowings from the Amended Credit Facility as defined in Note 10. See Note 10 for additional information. The Alpha acquisition expanded the Company's footprint in broadband and telecom markets. The goodwill recognized in connection with this transaction reflects the benefits the Company expects to realize from being able to provide a one-stop, fully integrated power solutions offering to its customers, as well as the benefit of cost synergies from alignment of the Alpha group within its own organizational structure. The results of operations of Alpha have been included in the Company’s Americas segment. For the period ended March 31, 2019, that EnerSys owned Alpha, the contribution of the acquisition to net sales was $162,454 and net loss of $1,252 , excluding the effect of the transaction and integration costs, and interest expense on the debt to finance the acquisition. The Company finalized the measurement of all provisional amounts recognized for the Alpha business combination. The final amounts recognized in connection with the Alpha business combination are in the table below. Accounts receivable $ 115,467 Inventories 84,297 Other current assets 6,822 Other intangible assets 332,000 Property, plant and equipment 20,987 Other assets 9,005 Total assets acquired $ 568,578 Accounts payable 35,803 Accrued liabilities 41,918 Deferred income taxes 54,941 Other liabilities 12,642 Total liabilities assumed $ 145,304 Net assets acquired $ 423,274 Purchase price: Cash paid for net assets acquired $ 650,000 Fair value of shares issued for net assets acquired 93,268 Working capital adjustment (766 ) Total purchase consideration 742,502 Less: Fair value of acquired identifiable assets and liabilities 423,274 Goodwill $ 319,228 The following table summarizes the fair value of Alpha's identifiable intangible assets and their respective lives: Type Life in Years Fair Value Trademarks Indefinite-lived Indefinite $ 56,000 Customer relationships Finite-lived 14 221,000 Technology Finite-lived 10 55,000 Total identifiable intangible assets $ 332,000 Goodwill deductible for tax purposes is $33,926 . The following unaudited summary information is presented on a consolidated pro forma basis as if the acquisition had occurred on April 1, 2017: Fiscal year ended March 31, 2019 March 31, 2018 Net sales $ 3,250,332 $ 3,124,527 Net earnings attributable to EnerSys stockholders 181,915 126,965 Net earnings per share attributable to EnerSys stockholders - basic 4.19 2.90 Net earnings per share attributable to EnerSys stockholders - assuming dilution 4.12 2.87 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Alpha acquisition been completed on April 1, 2017, nor are they indicative of future combined results. The pro forma results for the twelve months of fiscal 2019 and 2018 exclude pre-tax transaction costs of $12,883 , as well as the pre-tax amortization of the acquisition date step up to fair value of inventories of $7,263 as they are considered non-recurring in nature. The remeasurement of Alpha's deferred taxes due to the Tax Act are being excluded in arriving at these pro forma results. The Company made no significant acquisitions in fiscal 2018. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2020 2019 Raw materials $ 141,906 $ 138,718 Work-in-process 91,520 129,736 Finished goods 286,034 235,415 Total $ 519,460 $ 503,869 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consist of: March 31, 2020 2019 Land, buildings, and improvements $ 291,271 $ 268,006 Machinery and equipment 722,955 683,955 Construction in progress 93,921 54,278 1,108,147 1,006,239 Less accumulated depreciation (628,133 ) (596,800 ) Total $ 480,014 $ 409,439 Depreciation expense for the fiscal years ended March 31, 2020 , 2019 and 2018 totaled $56,331 , $48,618 , and $45,874 , respectively. Interest capitalized in connection with major capital expenditures amounted to $2,030 , $1,581 , and $1,082 for the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Indefinite-lived intangible assets: Trademarks $ 147,356 $ (953 ) $ 146,403 $ 152,484 $ (953 ) $ 151,531 Finite-lived intangible assets: Customer relationships 292,155 (64,855 ) 227,300 286,664 (42,704 ) 243,960 Non-compete 3,021 (2,817 ) 204 3,025 (2,807 ) 218 Technology 96,047 (20,349 ) 75,698 77,779 (12,229 ) 65,550 Trademarks 8,008 (1,928 ) 6,080 2,003 (1,236 ) 767 Licenses 1,196 (1,196 ) — 1,477 (1,187 ) 290 Total $ 547,783 $ (92,098 ) $ 455,685 $ 523,432 $ (61,116 ) $ 462,316 The Company’s amortization expense related to finite-lived intangible assets was $31,013 , $14,730 , and $8,443 , for the years ended March 31, 2020 , 2019 and 2018 , respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2020 , is $32,659 in fiscal 2021, $32,420 in fiscal 2022, $31,122 in fiscal 2023, $27,725 in fiscal 2024 and $26,494 in fiscal 2025. Goodwill The changes in the carrying amount of goodwill by reportable segment are as follows: Fiscal year ended March 31, 2020 Americas EMEA Asia Total Balance at beginning of year $ 470,194 $ 143,269 $ 42,936 $ 656,399 Acquisitions during the year 72,056 1,732 — 73,788 Measurement period adjustments (1,390 ) — — (1,390 ) Goodwill impairment charge — — (39,713 ) (39,713 ) Foreign currency translation adjustment (16,704 ) (5,221 ) (3,223 ) (25,148 ) Balance at end of year $ 524,156 $ 139,780 $ — $ 663,936 Fiscal year ended March 31, 2019 Americas EMEA Asia Total Balance at beginning of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 Acquisitions during the year 320,618 — — 320,618 Foreign currency translation adjustment (1,679 ) (12,556 ) (2,789 ) (17,024 ) Balance at end of year $ 470,194 $ 143,269 $ 42,936 $ 656,399 A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: March 31, 2020 Americas EMEA Asia Total Gross carrying value $ 582,001 $ 145,933 $ 44,892 $ 772,826 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (44,892 ) (108,890 ) Net book value $ 524,156 $ 139,780 $ — $ 663,936 March 31, 2019 Americas EMEA Asia Total Gross carrying value $ 528,039 $ 149,422 $ 48,115 $ 725,576 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 470,194 $ 143,269 $ 42,936 $ 656,399 Impairment of goodwill, finite and indefinite-lived intangibles Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. In the fourth quarter of fiscal 2020, the Company conducted its annual goodwill impairment test which indicated that the fair value of Asia was less than its carrying value. The Company recorded a non-cash charge of $39,713 related to goodwill impairment in Asia under the caption “Impairment of goodwill” in the Consolidated Statements of Income. The Company also recorded a non-cash charge of $4,549 related to impairment of indefinite-lived trademarks in EMEA under the caption “Impairment of indefinite-lived intangibles” in the Consolidated Statements of Income. The key factors contributing to the impairment in Asia was the increasing pressure on organic sales growth that the Company began to experience in fiscal 2019 due to a slowdown in telecom spending in the PRC amidst growing trade tensions between the U.S.A and China. The impact of these trade tensions on the Company's ability to capture market share in PRC accelerated in the second half of the fiscal year. Throughout fiscal 2020, there was a general slowdown in the Chinese economy which was further exacerbated by the outbreak of the COVID -19 pandemic, causing disruption to two of the Company's plants in China in the fourth quarter. Also contributing to the poor performance of the Asia region was a general softening of demand in Australia, that began in fiscal 2019 and continued throughout fiscal 2020. The Company monitored the performance of its Asia reporting unit for interim impairment indicators throughout fiscal 2020, but the emergence of COVID-19 in China in December 2019 coupled with the totality of economic headwinds in the region resulted in the recognition of a goodwill impairment loss in connection with our annual impairment test. During the fourth quarter of fiscal 2020, management completed its evaluation of key inputs used to estimate the fair value of its indefinite-lived trademarks and determined that an impairment charge relating to two of its trademarks in EMEA, that were acquired through legacy acquisitions was appropriate, as it plans to phase out these trademarks. The Company did not record any impairment relating to its goodwill and intangible assets during fiscal 2019 and 2018. The Company estimated tax-deductible goodwill to be approximately $120,708 and $58,699 as of March 31, 2020 and 2019 |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Contract assets $ 39,048 $ 38,778 Prepaid non-income taxes 23,069 22,490 Non-trade receivables 19,380 10,823 Prepaid income taxes 13,062 9,608 Other 26,034 27,732 Total $ 120,593 $ 109,431 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: March 31, 2020 2019 Payroll and benefits $ 62,131 $ 54,285 Accrued selling expenses 43,292 35,394 Warranty 27,766 21,646 Operating lease liabilities 21,128 — VAT and other non-income taxes 14,209 17,125 Project related accruals — 16,301 Contract liabilities 17,342 15,162 Freight 14,222 14,423 Income taxes payable 304 9,234 Legal proceedings — 7,258 Interest 11,180 7,248 Tax Act - Transition Tax 6,172 5,290 Restructuring 3,325 2,952 Pension 1,350 1,207 Other 49,319 48,356 Total $ 271,740 $ 255,881 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following summarizes the Company’s long-term debt as of March 31, 2020 and March 31, 2019 : 2020 2019 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs Senior Notes $ 600,000 $ 6,306 $ 300,000 $ 2,497 Amended Credit Facility, due 2022 513,224 2,187 677,315 3,062 $ 1,113,224 $ 8,493 $ 977,315 $ 5,559 Less: Unamortized issuance costs 8,493 5,559 Long-term debt, net of unamortized issuance costs $ 1,104,731 $ 971,756 The Company's Senior Notes comprise the following: 4.375% Senior Notes due 2027 On December 11, 2019, the Company issued $300,000 in aggregate principal amount of its 4.375% Senior Notes due 2027 (the “2027 Notes”). Proceeds from this offering, net of debt issuance costs were $296,250 and were utilized to pay down the Amended 2017 Revolver (defined below). The 2027 Notes bear interest at a rate of 4.375% per annum accruing from December 11, 2019. Interest is payable semiannually in arrears on June 15 and December 15 of each year, commencing on June 15, 2020. The 2027 Notes mature on December 15, 2027, unless earlier redeemed or repurchased in full. The 2027 Notes are unsecured and unsubordinated obligations of the Company. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries that are guarantors under the Amended Credit Facility. These guarantees are unsecured and unsubordinated obligations of such guarantors. The Company may redeem, prior to September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest and a “make whole” premium to, but excluding, the redemption date. The Company may redeem, on or after September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. If a change of control triggering event occurs, the Company will be required to offer to repurchase the 2027 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the date of repurchase. The 2027 Notes rank pari passu with the 2023 Notes. 5.00% Senior Notes due 2023 The 5% Senior Notes due April 30, 2023 (the “2023 Notes”) bear interest at a rate of 5.00% per annum and have an original face value of $300,000 . Interest is payable semiannually in arrears on April 30 and October 30 of each year and commenced on October 30, 2015. The 2023 Notes will mature on April 30, 2023, unless earlier redeemed or repurchased in full. The 2023 Notes are unsecured and unsubordinated obligations of the Company. The 2023 Notes are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries that are guarantors under the Amended Credit Facility. These guarantees are unsecured and unsubordinated obligations of such guarantors. 2017 Credit Facility and Subsequent Amendment In fiscal 2018, the Company entered into a credit facility (the “2017 Credit Facility”). The 2017 Credit Facility scheduled to mature on September 30, 2022, initially comprised 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”) consisted of 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. The Company utilized the borrowings from the 2017 Credit Facility to repay its pre-existing credit facility. In fiscal 2019, the Company amended the 2017 Credit Facility (as amended, the “Amended Credit Facility”) to fund the Alpha acquisition. The Amended Credit Facility consists of $449,105 senior secured term loans (the “Amended 2017 Term Loan”), including a CAD 133,050 ( $99,105 ) term loan and a $700,000 senior secured revolving credit facility (the “Amended 2017 Revolver”). The amendment resulted in an increase of the 2017 Term Loan and the 2017 Revolver by $299,105 and $100,000 , respectively. As of March 31, 2020 , the Company had $ 108,000 outstanding under the Amended 2017 Revolver and $ 405,224 under the Amended 2017 Term Loan. Subsequent to the amendment, the quarterly installments payable on the Amended 2017 Term Loan are $5,645 beginning December 31, 2018, $8,468 beginning December 31, 2019 and $11,290 beginning December 31, 2020 with a final payment of $320,000 on September 30, 2022. The Amended 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 Amended 2017 Revolver and the Amended 2017 Term Loan bear interest, at the Company's option, at a rate per annum equal to either (i) the London Interbank Offered Rate (“LIBOR”) or Canadian Dollar Offered Rate (“CDOR”) plus (i) LIBOR plus between 1.25% and 2.00% (currently 1.50% and based on the Company's consolidated net leverage ratio) or (ii) the U.S. Dollar 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) (iii) the CDOR Base Rate equal to the higher of (a) Bank of America “Prime Rate” and (b) average 30-day CDOR rate plus 0.50% . Obligations under the Amended 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 Amended Credit Facility and up to 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States subsidiaries. The Amended Credit Facility allows for up to two temporary increases in the maximum leverage ratio from 3.50 x to 4.00 x for a four quarter period following an acquisition larger than $250,000 . Effective December 7, 2018 through December 28, 2019, the maximum leverage ratio was increased to 4.00 x. On December 29, 2019, the maximum leverage ratio returned to 3.50 x. The current portion of the Amended 2017 Term Loan of $38,859 is classified as long-term debt as the Company expects to refinance the future quarterly payments with revolver borrowings under the Amended Credit Facility. Interest Rates on Long Term Debt The weighted average interest rate on the long term debt at March 31, 2020 and March 31, 2019 , was 3.7% and 4.1% , respectively. Interest Paid The Company paid in cash, $38,632 , $29,552 and $23,527 , net of interest received, for interest during the fiscal years ended March 31, 2020 , 2019 and 2018 , 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, 2020 and 2019 , the Company had $46,544 and $54,490 , respectively, of short-term borrowings. The weighted-average interest rate on these borrowings was approximately 3% and 4% , respectively, for fiscal years ended March 31, 2020 and 2019 . Letters of Credit As of March 31, 2020 and 2019 , the Company had $7,720 and $3,955 , respectively, of standby letters of credit. Debt Issuance Costs In fiscal 2020, the Company capitalized $4,607 of debt issuance costs in connection with the issuance of the 2027 Notes. In fiscal 2019, the Company capitalized $1,393 in debt issuance costs and wrote off $483 of unamortized debt issuance costs related to the Amended Credit Facility. In fiscal 2018, the Company capitalized $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 $1,673 , $1,316 , and $1,302 for the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. Debt issuance costs, net of accumulated amortization, totaled $8,493 and $5,559 as of March 31, 2020 and 2019 , respectively. Available Lines of Credit As of March 31, 2020 and 2019 , the Company had available and undrawn, under all its lines of credit, $693,640 and $546,960 , respectively, including $105,946 and $87,685 , respectively, of uncommitted lines of credit as of March 31, 2020 and March 31, 2019 . |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consist of the following: March 31, 2020 2019 Tax Act - Transition Tax $ 58,630 $ 55,489 Operating lease liabilities 51,215 — Pension 40,496 39,924 Warranty 35,759 32,922 Liability for uncertain tax positions 8,080 20,240 Contract liabilities 8,356 6,360 Other 11,280 10,265 Total $ 213,816 $ 165,200 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 and March 31, 2019 and the basis for that measurement: Total Fair Value Quoted Price in Significant Significant Lead forward contracts $ (2,433 ) $ — $ (2,433 ) $ — Foreign currency forward contracts 1 — 1 — Total derivatives $ (2,432 ) $ — $ (2,432 ) $ — Total Fair Value Quoted Price in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs (Level 3) Lead forward contracts $ (902 ) $ — $ (902 ) $ — Foreign currency forward contracts (249 ) — (249 ) — Total derivatives $ (1,151 ) $ — $ (1,151 ) $ — 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. The fair value of the Company’s short-term debt and borrowings under the Amended Credit Facility (as defined in Note 10), 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 fair value of the Company's 2027 Notes and 2023 Notes, (collectively, the “Senior Notes”) represent the trading values based upon quoted market prices and are classified as Level 2. The 2027 Notes were trading at approximately 94% on March 31, 2020. The 2023 Notes were trading at approximately 97% and 99% of face value on March 31, 2020 and March 31, 2019 , respectively. The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at March 31, 2020 and 2019 were as follows: March 31, 2020 March 31, 2019 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ — $ — $ — $ — Financial liabilities: Senior Notes (2) $ 600,000 $ 573,000 $ 300,000 $ 297,000 Derivatives (1) 2,432 2,432 1,151 1,151 (1) Represents lead and foreign currency forward contracts (see Note 13 for asset and liability positions of the lead and foreign currency forward contracts at March 31, 2020 and March 31, 2019 ). (2) The fair value amount of the Senior Notes at March 31, 2020 and March 31, 2019 represent the trading value of the instruments. Non-recurring fair value measurements The valuation of goodwill and other intangible assets is based on information and assumptions available to the Company at the time of acquisition, using income and market approaches to determine fair value. The Company tests goodwill and other intangible assets annually for impairment, or when indications of potential impairment exist (see Note 1). Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. The unobservable inputs used to measure the fair value of the reporting units include projected growth rates, profitability, and the risk factor premium added to the discount rate. The remeasurement of the reporting unit fair value is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using company-specific information. The inputs used to measure the fair value of other intangible assets were largely unobservable and accordingly were also classified as Level 3. The fair value of trademarks is based on an estimate of the royalties saved that would have been paid to a third party had the Company not owned the trademark. The fair value of other indefinite-lived intangibles was estimated using the income approach, based on cash flow projections of revenue growth rates, taking into consideration industry and market conditions. In connection with the annual impairment testing conducted as of December 30, 2019 for fiscal 2020, indefinite-lived trademarks associated with the Company's EMEA reporting unit were recorded at fair value on a non-recurring basis at $1,700 and the remeasurement resulted in an impairment of $4,549 . In determining the fair value of these assets, the Company used a royalty rate of 1.25% based on comparable market rates and used a discount rate of 13.0% . These impairment charges relating to goodwill and indefinite-lived trademarks are included under the captions Impairment of goodwill and Impairment of indefinite-lived intangibles in the Consolidated Statements of Income. On March 5, 2019, the Company committed to a plan to close its facility in Targovishte, Bulgaria, which produced diesel-electric submarine batteries. Management determined that the future demand for batteries of diesel-electric submarines was not sufficient given the number of competitors in the market. As a result, the Company concluded that the carrying value of the asset group is not recoverable and recorded a write-off of $14,958 in the fixed assets to their estimated fair value of $242 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 , the Company has hedged the price to purchase approximately 35.0 million pounds and 42.0 million pounds of lead, respectively, for a total purchase price of $30,078 and $39,218 , 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, 2020 and 2019 , the Company had entered into a total of $34,008 and $42,318 , respectively, of such contracts. In the coming twelve months, the Company anticipates that $7,635 of 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, 2020 and 2019 , the Company had entered into a total of $42,232 and $22,201 , respectively, of such contracts. 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, 2020 and 2019 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Prepaid and other current assets: Foreign currency forward contracts — — 375 — Total assets $ — $ — $ 375 $ — Accrued expenses: Lead forward contracts $ 2,433 $ 902 $ — $ — Foreign currency forward contracts 374 8 — 241 Total liabilities $ 2,807 $ 910 $ — $ 241 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2020 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 $ (8,683 ) Cost of goods sold $ (1,690 ) Foreign currency forward contracts (54 ) Cost of goods sold 539 Total $ (8,737 ) $ (1,151 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (178 ) Total $ (178 ) The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2019 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 $ (12,531 ) Cost of goods sold $ (15,666 ) Foreign currency forward contracts 1,551 Cost of goods sold 385 Total $ (10,980 ) $ (15,281 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (1,856 ) Total $ (1,856 ) 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 Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 180 Total $ 180 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Fiscal year ended March 31, 2020 2019 2018 Current income tax expense Current: Federal $ 9,185 $ 6,377 $ 115,315 State 2,561 5,027 3,461 Foreign 14,561 16,636 20,030 Total current income tax expense 26,307 28,040 138,806 Deferred income tax (benefit) expense Federal 5,489 (5,031 ) (9,551 ) State 741 (669 ) 789 Foreign (22,716 ) (756 ) (11,551 ) Total deferred income tax (benefit) expense (16,486 ) (6,456 ) (20,313 ) Total income tax expense $ 9,821 $ 21,584 $ 118,493 Earnings before income taxes consists of the following: Fiscal year ended March 31, 2020 2019 2018 United States $ 36,193 $ 53,339 $ 74,440 Foreign 110,744 128,872 163,886 Earnings before income taxes $ 146,937 $ 182,211 $ 238,326 Income taxes paid by the Company for the fiscal years ended March 31, 2020 , 2019 and 2018 were $48,653 , $53,866 and $28,044 , 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 reduced the U.S. federal income tax rate from 35% to 21% effective January 1, 2018, and required companies to pay a one-time transition tax on unrepatriated cumulative non-U.S. earnings of foreign subsidiaries and created new taxes on certain foreign sourced earnings. The U.S. federal statutory tax rate for fiscal 2020 and 2019 was 21.0% . In fiscal 2018, the Company recorded a provisional amount for the Transition Tax liability, resulting in an increase in income tax expense of $97,500 . In fiscal 2019, the Company completed its accounting for the tax effects of enactment of the Tax Act. The Company recognized an income tax benefit of $13,483 , net of uncertain tax positions, resulting from a decrease in the mandatory one-time transition tax on unrepatriated cumulative non-U.S. earnings of the Company's foreign businesses. The Company made the election on the 2017 Federal Income Tax Return to pay the one-time Tax Act liability over an eight-year period without interest, as allowed under the tax enactment. 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, 2020 2019 Deferred tax assets: Accounts receivable $ 1,110 $ 1,297 Inventories 5,010 4,081 Net operating loss carryforwards 44,340 48,423 Accrued expenses 26,113 21,574 Capitalized research and development costs — 7,061 Other assets 19,793 17,656 Gross deferred tax assets 96,366 100,092 Less valuation allowance (20,951 ) (17,519 ) Total deferred tax assets 75,415 82,573 Deferred tax liabilities: Property, plant and equipment 30,229 25,656 Intangible assets 66,529 96,826 Other liabilities 1,217 1,737 Total deferred tax liabilities 97,975 124,219 Net deferred tax liabilities $ (22,560 ) $ (41,646 ) The Company has approximately $1,258 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 $158,252 of foreign net operating loss carryforwards, of which $112,405 may be carried forward indefinitely and $45,847 expire between fiscal 2021 and fiscal 2035. In addition, the Company also has approximately $34,473 of state net operating loss carryforwards with expirations between fiscal 2021 and fiscal 2040. As of March 31, 2020 and 2019 , the federal valuation allowance was $0 and $1,027 , respectively. The decrease of $1,027 is due finalized purchase accounting related to the prior year acquisition of Alpha. As of March 31, 2020 and 2019 , the valuation allowance associated with the state tax jurisdictions was $896 and $898 , respectively. As of March 31, 2020 and 2019 , the valuation allowance associated with certain foreign tax jurisdictions was $20,055 and $15,594 , respectively. Of the net increase of $4,461 , $4,351 was recorded as an increase to tax expense primarily related to deferred tax assets attributable to Swiss tax reform generated in the current year that the Company believes are not more likely than not to be realized. The remaining increase of $110 is primarily related to foreign currency translation adjustments. A reconciliation of income taxes at the statutory rate ( 21.0% for fiscal 2020, 21.0% for fiscal 2019 and 31.55% for fiscal 2018) to the income tax provision is as follows: Fiscal year ended March 31, 2020 2019 2018 United States statutory income tax expense $ 30,857 $ 38,264 $ 75,196 Increase (decrease) resulting from: Impact of Tax Act — (13,483 ) 83,400 State income taxes, net of federal effect 2,764 3,285 3,146 Nondeductible expenses, domestic manufacturing deduction (fiscal 2018) and other 5,953 4,378 2,008 Legal proceedings charge - European Competition Investigations — 2,405 — Net effect of GILTI, FDII, BEAT 3,025 2,320 — Goodwill impairment - See Note 7 10,714 — — Effect of foreign operations (17,605 ) (16,763 ) (35,048 ) Valuation allowance 4,349 2,879 (9,279 ) Switzerland Tax Reform (26,846 ) — — Research and Development Credit (3,390 ) (1,701 ) (930 ) Income tax expense $ 9,821 $ 21,584 $ 118,493 The effective income tax rates for the fiscal years ended March 31, 2020 , 2019 and 2018 were 6.7% , 11.9% and 49.7% , 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 rate decrease in fiscal 2020 compared to fiscal 2019 is primarily due to changes in mix of earnings among tax jurisdictions, Swiss tax reform, and items related to the Tax Act in fiscal 2019. The rate decrease in fiscal 2019 compared to fiscal 2018 is primarily due to the impact of the Tax Act, partially offset by increases for additional tax valuation allowances related to certain of our foreign subsidiaries, increases due to non-deductible legal proceedings charge related to the European competition investigation, and changes in the mix of earnings among tax jurisdictions in fiscal 2019. On May 19, 2019, a public referendum held in Switzerland approved the Federal Act on Tax Reform and AHV (Old-Age and Survivors Insurance) Financing (TRAF) as adopted by the Swiss Federal Parliament on September 28, 2018. The Swiss tax reform measures are effective January 1, 2020. Certain provisions of the TRAF were enacted during the second quarter of fiscal 2020. Significant changes in the tax reform include the abolishment of preferential tax regimes for holding companies, domicile companies and mixed companies at the cantonal level. The transitional provisions of the TRAF allow companies to elect tax basis adjustments to fair value, which is used for tax depreciation and amortization purposes resulting in a deduction over the transitional period. The Company recorded a net deferred tax asset of $22,500 during fiscal 2020, related to the amortizable goodwill. In fiscal 2020 , the foreign effective income tax rate on foreign pre-tax income of $110,744 was (7.4)% . In fiscal 2019 , the foreign effective income tax rate on foreign pre-tax income of $128,872 was 12.3% and in fiscal 2018 , the foreign effective income tax rate on foreign pre-tax income of $163,886 was 5.2% . The rate decrease in fiscal 2020 compared to fiscal 2019 is primarily due to Swiss tax reform and changes in the mix of earnings among tax jurisdictions. The rate increase in fiscal 2019 compared to fiscal 2018 is primarily due to additional tax valuation allowances related to certain of the Company’s foreign subsidiaries, increases due to non-deductible legal proceedings charge related to the European competition investigation, and changes in the mix of earnings among tax jurisdictions in fiscal 2019. 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, 2020 , 2019 and 2018 and was taxed, excluding the impact from the Swiss tax reform, at approximately 3% , 4% and 8% , respectively. The Company has approximately $1,376,000 and $1,167,000 of undistributed earnings of foreign subsidiaries for fiscal years 2020 and 2019 , respectively. Since the Company’s undistributed foreign earnings and outside basis differences inherent in foreign entities continue to be indefinitely reinvested in foreign operations, no additional income taxes have been provided. Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits: Fiscal year ended March 31, 2020 2019 2018 Balance at beginning of year $ 20,165 $ 1,568 $ 1,450 Increases related to current year tax positions 598 129 397 Increases related to the Alpha acquisition 769 7,840 — Increases related to prior year tax positions — 11,463 11 Decreases related to prior tax positions (11,463 ) (544 ) — Decreases related to prior year tax positions settled — (93 ) (1 ) Lapse of statute of limitations (2,274 ) (198 ) (289 ) Balance at end of year $ 7,795 $ 20,165 $ 1,568 The decrease of prior year tax positions during fiscal 2020, are related to items included in the Tax Act. In connection with the Alpha acquisition, the Company finalized purchase accounting during the fiscal year and recorded an unrecognized tax benefit of $769 , as well as an indemnification asset of $769 representing the Seller's obligation to indemnify the Company for the outcome of potential contingent liabilities relating to uncertain tax positions. All of the balance of unrecognized tax benefits at March 31, 2020 , 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 2009. While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $1,250 is expected to reverse in fiscal 2021 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, 2020 and 2019 , the Company had an accrual of $285 and $75 , respectively, for interest and penalties. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [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 2020 , 2019 and 2018 , includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ 906 $ 997 $ 1,025 Interest cost 616 631 658 1,485 1,831 1,795 Expected return on plan assets (448 ) (514 ) (496 ) (2,136 ) (2,151 ) (2,264 ) Amortization and deferral 188 184 303 910 1,520 1,468 Net periodic benefit cost $ 356 $ 301 $ 465 $ 1,165 $ 2,197 $ 2,024 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, 2020 2019 2020 2019 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 16,647 $ 16,713 $ 75,038 $ 82,033 Service cost — — 906 997 Interest cost 616 631 1,485 1,831 Benefits paid, inclusive of plan expenses (1,132 ) (1,061 ) (2,262 ) (1,758 ) Plan curtailments and settlements — — (678 ) (1,130 ) Actuarial losses (gains) 1,980 364 (3,024 ) (261 ) Foreign currency translation adjustment — — (2,863 ) (6,674 ) Benefit obligation at the end of the period $ 18,111 $ 16,647 $ 68,602 $ 75,038 Change in plan assets Fair value of plan assets at the beginning of the period $ 13,763 $ 13,928 $ 36,791 $ 38,757 Actual return on plan assets (649 ) 758 (1,605 ) 2,109 Employer contributions 54 138 2,098 1,670 Benefits paid, inclusive of plan expenses (1,132 ) (1,061 ) (2,262 ) (1,758 ) Plan curtailments and settlements — — (482 ) (1,130 ) Foreign currency translation adjustment — — (1,709 ) (2,857 ) Fair value of plan assets at the end of the period $ 12,036 $ 13,763 $ 32,831 $ 36,791 Funded status deficit $ (6,075 ) $ (2,884 ) $ (35,771 ) $ (38,247 ) March 31, 2020 2019 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued expenses (1,350 ) (1,207 ) Other liabilities (40,496 ) (39,924 ) Total liabilities $ (41,846 ) $ (41,131 ) 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, 2020 , 2019 and 2018 : Fiscal year ended March 31, 2020 2019 2018 Amounts recorded in AOCI before taxes: Prior service cost $ (258 ) $ (307 ) $ (385 ) Net loss (25,796 ) (24,051 ) (27,762 ) Net amount recognized $ (26,054 ) $ (24,358 ) $ (28,147 ) Fiscal year ended March 31, 2020 2019 2018 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year 3,793 (99 ) (1,953 ) Effect of exchange rates on amounts included in AOCI (804 ) (1,984 ) 3,019 Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (43 ) (45 ) (46 ) Amortization or settlement recognition of net loss (1,250 ) (1,659 ) (1,725 ) Total recognized in other comprehensive (income) loss $ 1,696 $ (3,787 ) $ (705 ) The amounts included in AOCI as of March 31, 2020 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 $ (43 ) Net loss (1,462 ) Net amount expected to be recognized $ (1,505 ) 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, 2020 2019 2020 2019 All defined benefit plans: Accumulated benefit obligation $ 18,110 $ 16,647 $ 65,337 $ 71,350 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 30,773 $ 32,320 Accumulated benefit obligation — — 28,926 30,328 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 18,110 $ 16,647 $ 68,603 $ 75,038 Fair value of plan assets 12,036 13,763 32,831 36,791 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 18,110 $ 16,647 $ 68,603 $ 74,235 Accumulated benefit obligation 18,110 16,647 65,337 70,654 Fair value of plan assets 12,036 13,763 32,831 36,077 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, 2020 2019 2018 2020 2019 2018 Discount rate 3.8 % 3.9 % 4.1 % 1.0-2.7% 1.4-3.3% 1.5-3.5% Expected return on plan assets 6.3 6.3 6.8 4.3-6.0 4.1-6.0 3.6-6.3 Rate of compensation increase N/A N/A N/A 2.0-4.0 1.8-4.0 1.5-4.0 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, 2020 2019 2020 2019 Discount rate 3.0 % 3.8 % 1.3-2.3% 1.0-2.7% Rate of compensation increase N/A N/A 2.0-3.5 2.0-4.0 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, 2020 and 2019 and the basis for that measurement: March 31, 2020 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 $ 1,221 $ 1,221 $ — $ — $ 141 $ 141 $ — $ — Equity securities US (a) 6,860 6,860 — — — — — — International (b) — — — — 20,059 — 20,059 — Fixed income (c) 3,955 3,955 — — 12,631 — 12,631 — Total $ 12,036 $ 12,036 $ — $ — $ 32,831 $ 141 $ 32,690 $ — March 31, 2019 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 $ 1,080 $ 1,080 $ — $ — $ 83 $ 83 $ — $ — Equity securities US (a) 8,275 8,275 — — — — — — International (b) — — — — 23,875 — 23,875 — Fixed income (c) 4,408 4,408 — — 12,833 — 12,833 — Total $ 13,763 $ 13,763 $ — $ — $ 36,791 $ 83 $ 36,708 $ — 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 $2,398 to its pension plans in fiscal 2021. Estimated future benefit payments under the Company’s pension plans are as follows: 2021 $ 2,835 2022 2,907 2023 3,135 2024 3,258 2025 3,768 Years 2026-2030 20,353 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, 2020 , 2019 and 2018 were $15,835 , $12,078 and $8,931 , respectively. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity and Noncontrolling Interests [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity 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, 2020 and 2019 , 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 demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2018 , 2019 and 2020 , respectively: Shares outstanding as of March 31, 2017 43,447,536 Purchase of treasury stock (1,756,831 ) Shares issued towards 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 Purchase of treasury stock (726,347 ) Shares issued towards purchase consideration of Alpha acquisition 1,177,630 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 254,467 Shares outstanding as of March 31, 2019 42,620,750 Purchase of treasury stock (581,140 ) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 283,695 Shares outstanding as of March 31, 2020 42,323,305 Treasury Stock In fiscal 2020, the Company purchased 581,140 shares for $34,561 . In fiscal 2019, the Company purchased 726,347 shares of its common stock for $56,436 and in fiscal 2018, purchased 1,756,831 shares for $121,191 . Of the shares purchased in fiscal 2018, 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 . At March 31, 2020 and 2019 , the Company held 12,791,503 and 12,227,773 shares as treasury stock, respectively. Treasury Stock Reissuance In fiscal 2019, the Company acquired Alpha. The initial purchase consideration for the acquisition was $750,000 , of which $650,000 was paid in cash and the balance was settled by issuing 1,177,630 shares of EnerSys common stock. These shares were issued out of the Company's treasury stock and were valued at $84.92 per share, which was based on the thirty-day volume weighted average stock price of the Company’s common stock at closing. The 1,177,630 shares had a closing date fair value of $93,268 . During fiscal 2020 and fiscal 2019, the Company also issued 17,410 and 3,256 shares out of its treasury stock, respectively, valued at $62.55 per share, on a LIFO basis, to participants under the Company's Employee Stock Purchase Plan. 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, 2020 Pension funded status adjustment $ (20,791 ) $ (2,819 ) $ 816 $ (22,794 ) Net unrealized gain (loss) on derivative instruments (130 ) (6,672 ) 879 (5,923 ) Foreign currency translation adjustment (121,761 ) (64,528 ) — (186,289 ) Accumulated other comprehensive loss $ (142,682 ) $ (74,019 ) $ 1,695 $ (215,006 ) March 31, 2019 Pension funded status adjustment $ (22,503 ) $ 339 $ 1,373 $ (20,791 ) Net unrealized gain (loss) on derivative instruments (3,425 ) (8,396 ) 11,691 (130 ) Foreign currency translation adjustment (15,789 ) (105,972 ) — (121,761 ) Accumulated other comprehensive loss $ (41,717 ) $ (114,029 ) $ 13,064 $ (142,682 ) 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 ) The following table presents reclassifications from AOCI during the twelve months ended March 31, 2020 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,151 Cost of goods sold Tax benefit (272 ) Net unrealized loss on derivative instruments, net of tax $ 879 Defined benefit pension costs: Prior service costs and deferrals $ 1,098 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (282 ) Net periodic benefit cost, net of tax $ 816 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2019 : 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 $ 15,281 Cost of goods sold Tax benefit (3,590 ) Net unrealized loss on derivative instruments, net of tax $ 11,691 Defined benefit pension costs: Prior service costs and deferrals $ 1,704 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (331 ) Net periodic benefit cost, net of tax $ 1,373 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 other (income) expense, net - See Note 15 Tax benefit (411 ) Net periodic benefit cost, net of tax $ 1,360 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of March 31, 2020 , 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 and performance condition-based 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, 2020 , 3,593,817 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 2020 , the Company granted to management and other key employees 284,109 non-qualified options that vest ratably over 3 years from the date of grant. Options expire 10 years from the date of grant. The Company recognized stock-based compensation expense relating to stock options of $2,996 , with a related tax benefit of $565 for fiscal 2020 , stock-based compensation expense of $3,251 with a related tax benefit of $634 for fiscal 2019 and stock-based compensation of $2,741 with a related tax benefit of $700 for fiscal 2018 . For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions: 2020 2019 2018 Risk-free interest rate 1.52 % 2.77 % 2.08 % Dividend yield 1.21 % 0.93 % 0.84 % Expected life (years) 6 6 6 Volatility 29.1 % 26.8 % 29.2 % 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, 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 8.4 $ 68.65 $ 2,679 Granted 192,700 75.17 — Exercised (171,630 ) 63.66 2,707 Forfeited (11,754 ) 75.17 — Options outstanding as of March 31, 2019 554,906 8.0 $ 72.31 $ 1,040 Granted 284,109 57.75 — Exercised (24,826 ) 57.60 383 Forfeited (22,607 ) 72.19 88 Options outstanding as of March 31, 2020 791,582 7.8 $ 67.55 $ — Options exercisable as of March 31, 2020 350,660 6.4 $ 70.65 $ — Options vested and expected to vest, as of March 31, 2020 777,307 7.8 $ 67.66 $ — The following table summarizes information regarding stock options outstanding as of March 31, 2020 : Range of Exercise Prices Number of Options Weighted- Weighted- Average Exercise Price $55.00-$60.00 391,986 8.4 $ 57.71 $65.01-$70.00 73,368 4.8 $ 68.82 $75.01-$83.14 326,228 7.6 $ 79.10 791,582 7.8 $ 67.55 Restricted Stock Units, Market and Performance-condition based Awards Non-Employee Directors In fiscal 2020 , the Company granted to non-employee directors 40,462 deferred restricted stock units at the fair value of $39.74 per restricted stock unit at the date of grant. In fiscal 2019 , such grants amounted to 35,065 restricted stock units at the fair value of $46.30 per restricted stock unit at the date of grant and in fiscal 2018 , such grants amounted to 33,408 restricted stock units at the fair value of $46.24 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 2020 , the Company also granted to non-employee directors, 1,147 restricted stock units and in fiscal 2019 and 2018 , granted 1,441 and 1,345 restricted stock units, respectively, at fair values of $58.05 , $75.32 and $73.39 , for fiscal 2020 , fiscal 2019 and 2018 , respectively, under the deferred compensation plan for non-employee directors. Employees In fiscal 2020 , the Company granted to management and other key employees 301,321 restricted stock units that vest ratably over four years from the date of grant, at the fair value of $57.75 per restricted stock unit, 62,512 performance condition-based share units (“PSU”) at the fair value of $50.69 and 51,063 market condition-based share units (“TSR”) at the fair value of $62.05 per unit at the date of grant. The PSUs and TSRs cliff vest three years from the date of grant. In fiscal 2019 , the Company granted to management and other key employees 204,599 restricted stock units that vest ratably over four years from the date of grant at the fair value of $75.17 per restricted stock unit, 45,883 PSUs at the fair value of $68.48 and 36,646 TSRs at a weighted average fair value of $86.23 per unit at the date of grant that cliff vest three years from the date of grant. In fiscal 2018 , the Company granted to management and other key employees 161,229 restricted stock units that vest ratably over four years from the date of grant at a fair value of $83.14 per restricted stock unit and 60,187 TSRs at a weighted average fair value of $105.74 per unit at the date of grant that cliff vest three years from the date of grant. For purposes of determining the fair value of the PSUs granted in fiscal 2020 and fiscal 2019 , the Company used the market price at the date of grant to which a discount for illiquidity was applied to reflect post vesting restrictions. For purposes of determining the fair value of TSRs granted in fiscal 2020 , fiscal 2019 , and fiscal 2018 , the Company used a Monte Carlo Simulation with the following assumptions: 2020 2019 2018 Risk-free interest rate 1.50 % 2.66 % 1.57 % Dividend yield — % — % — % Expected life (years) 3 3 3 Volatility 34.39 % 26.41 % 27.49 % A summary of the changes in restricted stock units, TSRs and PSUs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2020 is presented below: Restricted Stock Units (RSU) Market condition-based Share Units (TSR) Performance condition-based Share Units (PSU) Number of RSU Weighted- Average Grant Date Fair Value Number of TSR Weighted- Average Grant Date Fair Value Number of Weighted- Average Grant Date Non-vested awards as of March 31, 2019 721,647 $ 57.72 352,584 $ 72.83 42,526 $ 68.48 Granted 342,930 58.05 51,063 62.00 62,512 50.65 Stock dividend 9,108 55.83 2,226 81.97 990 58.74 Performance factor — — — — — — Vested (169,486 ) 70.18 (172,314 ) 59.95 — — Forfeitures (23,864 ) 69.56 (24,839 ) 74.83 (4,898 ) 65.78 Non-vested awards as of March 31, 2020 880,335 $ 55.61 208,720 $ 80.78 101,130 $ 57.49 The Company recognized stock-based compensation expense relating to restricted stock units, TSRs and PSUs of $17,784 , with a related tax benefit of $2,544 for fiscal 2020 , $19,357 , with a related tax benefit of $3,085 for fiscal 2019 and $16,712 , with a related tax benefit of $3,325 for fiscal 2018 . All Award Plans As of March 31, 2020 , unrecognized compensation expense associated with the non-vested equity awards outstanding was $44,633 and is expected to be recognized over a weighted-average period of 26 months . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2019 | |
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, 2020 2019 2018 Net earnings attributable to EnerSys stockholders $ 137,116 $ 160,239 $ 119,594 Weighted-average number of common shares outstanding: Basic 42,411,834 42,335,023 42,612,036 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 484,941 673,929 507,820 Diluted weighted-average number of common shares outstanding 42,896,775 43,008,952 43,119,856 Basic earnings per common share attributable to EnerSys stockholders $ 3.23 $ 3.79 $ 2.81 Diluted earnings per common share attributable to EnerSys stockholders $ 3.20 $ 3.73 $ 2.77 Anti-dilutive equity awards not included in diluted weighted-average common shares 698,546 355,728 59,482 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 12 Months Ended |
Mar. 31, 2020 | |
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. During fiscal 2019, the Company also paid $2,402 towards certain aspects related to this matter, which are under appeal. As of March 31, 2020 and March 31, 2019 , the Company did not have a reserve balance related to these matters. 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, 2020 and March 31, 2019, the Company did not have a reserve balance relating to this matter. Also, in March 2019, the Company settled the remaining portion of its previously disclosed proceeding involving the German competition authority relating to conduct involving the Company’s reserve power battery business and agreed to pay a fine of $7,258 , which was paid in April 2019. As of March 31, 2020 and March 31, 2019 , the Company had a reserve balance of $0 and $7,258 , respectively. 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. 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. EnerSys SARL Litigation One of the parties to a litigation related to a 1999 fire in a French hotel under construction involving the Company’s French subsidiary, EnerSys SARL, which was acquired by the Company in 2002, that was adverse to the Company, appealed the ruling by the Court of Appeal of Lyon on June 11, 2013, which ruled in the Company’s favor, entitling the Company to a refund of the monies paid of €2,000 , or $2,756 to the French Supreme Court, which appeal was denied in January 2015. During the third quarter of fiscal 2019, the Company and the adverse party settled this final item with the Company receiving a refund, including interest, from the adverse party of €2,500 , or $2,843 , for monies paid. The Company believes that it has no further liability with respect to this matter. 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 $1,060 and $1,081 as of March 31, 2020 and 2019 , 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, 2020 , the Company had approximately 11,400 employees. Of these employees, approximately 29% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that expire in the next twelve months were approximately 12% 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 2020 . 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 13 - Derivative Financial Instruments for more details. Other The Company has various purchase and capital commitments incidental to the ordinary conduct of business. In the aggregate, such commitments are not at prices in excess of current market. |
Restructuring Plans and Other E
Restructuring Plans and Other Exit Charges | 12 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Exit and Other Charges | Restructuring Programs 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 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 2017, the Company announced restructuring programs to improve efficiencies primarily related to its motive power production in EMEA. This program was completed during fiscal 2019. The total charges for these actions were $4,714 , primarily from cash charges for employee severance-related payments and other charges. These actions resulted in the reduction of 45 employees. 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. During fiscal 2019, the Company incurred $1,682 against the accrual. 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 and general operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,500 , 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 80 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. During fiscal 2019, the Company recorded restructuring charges of $3,104 and incurred $2,844 in costs against the accrual. During fiscal 2020, the Company recorded restructuring charges of $975 and incurred $1,193 in costs against the accrual. As of March 31, 2020, the reserve balance associated with these actions is $817 . The Company expects to be committed to an additional $1,100 in restructuring charges related to this action, which it expects to complete in fiscal 2021. 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. This program was completed during fiscal 2019. The total charges for these actions were $960 , 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. During fiscal 2019, the Company incurred $207 in costs against the accrual. During fiscal 2019, the Company announced restructuring programs to improve efficiencies of its operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $2,500 , from charges primarily for employee severance-related payments to approximately 35 employees. During fiscal 2019, the Company recorded restructuring charges of $347 and incurred $83 in costs against the accrual. During fiscal 2020, the Company recorded restructuring charges of $575 and incurred $784 in costs against the accrual. As of March 31, 2020, the reserve balance associated with these actions is $48 . The Company expects to complete these actions in fiscal 2021. During fiscal 2019, the Company announced restructuring programs to improve efficiencies of its operations in the Americas. The Company estimates that the total charges for these actions will amount to approximately $4,100 , from cash and non-cash charges primarily for employee severance-related payments to approximately 85 employees. During fiscal 2019, the Company recorded cash restructuring charges of $1,970 , non-cash charges of $2,095 and incurred $1,480 in costs against the accrual. During fiscal 2020, the Company incurred $480 in costs against the accrual. As of March 31, 2020, the reserve balance associated with this action is $10 . The Company expects to complete these actions in fiscal 2021. During fiscal 2019, the Company announced a restructuring program to improve efficiencies of its operations in Asia and to convert its India operations from mainly reserve power production to motive power production. The total charges for these actions amount to $4,390 , from cash charges primarily for employee severance-related payments to approximately 160 employees, and non-cash charges related to the write-off of fixed assets. During fiscal 2019, the Company recorded cash restructuring charges of $2,772 and non-cash charges of $771 and incurred $1,683 in costs against the accrual. During fiscal 2020, the Company recorded cash restructuring charges of $717 , non-cash charges of $130 and incurred $1,853 in costs against the accrual. As of March 31, 2020, the reserve balance associated with these actions is $0 . The Company completed these actions in fiscal 2020. During fiscal 2020, the Company announced restructuring programs to improve efficiencies of its operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,500 , from cash charges primarily for employee severance-related payments to approximately 70 employees. During fiscal 2020, the Company recorded restructuring charges of $5,422 and incurred $3,197 in costs against the accrual. As of March 31, 2020 , the reserve balance associated with these actions is $2,019 . The Company expects to complete these actions in fiscal 2021. During fiscal 2020, the Company announced restructuring programs to improve efficiencies of its operations in the Americas. The Company estimates that the total charges for these actions will amount to approximately $2,600 , from cash charges primarily for employee severance-related payments to approximately 60 employees. During fiscal 2020, the Company recorded restructuring charges of $2,586 and incurred $2,145 in costs against the accrual. As of March 31, 2020 , the reserve balance associated with these actions is $431 . The Company expects to complete this action in fiscal 2021. During fiscal 2020, the Company announced a restructuring program to improve efficiencies of its operations in Asia. The total charges for these actions amount to $577 , primarily from cash charges for employee severance-related payments to approximately 30 employees. During fiscal 2020, the Company recorded cash restructuring charges of $522 , non-cash charges of $55 and incurred $522 in costs against the accrual. As of March 31, 2020 , the reserve balance associated with this action is $0 . The Company completed this action in fiscal 2020. A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total 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 Accrued 6,554 1,639 8,193 Costs incurred (6,893 ) (1,086 ) (7,979 ) Foreign currency impact and other (198 ) 27 (171 ) Balance at March 31, 2019 $ 2,356 $ 596 $ 2,952 Accrued 10,395 402 10,797 Costs incurred (9,179 ) (995 ) (10,174 ) Foreign currency impact and other (247 ) (3 ) (250 ) Balance at March 31, 2020 $ 3,325 $ — $ 3,325 Other Exit Charges During fiscal 2019, the Company committed to a plan to close its facility in Targovishte, Bulgaria, which produced diesel-electric submarine batteries. Management determined that the future demand for batteries of diesel-electric submarines was not sufficient given the number of competitors in the market. The Company estimated that the total charges for these actions will amount to approximately $30,000 . In fiscal 2019, the Company recorded charges of $20,242 relating to severance and inventory and fixed asset write-offs. The Company recorded an additional $5,123 relating to cash and non-cash charges during fiscal 2020. In keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, during the second quarter of fiscal 2020, the Company also sold certain licenses and assets for $2,031 and recorded a net gain of $892 , which is reported in exit charges. During the second quarter of fiscal 2020, the Company wrote off $5,441 of assets at its Kentucky and Tennessee plants, as a result of its strategic product mix shift from traditional flooded batteries to maintenance free lead acid and lithium batteries. During fiscal 2019, the Company recorded exit charges of $4,930 relating to the disposition of GAZ Geräte- und Akkumulatorenwerk Zwickau GmbH, a wholly-owned German subsidiary and $957 relating to dissolving a joint venture in Tunisia. These exit activities are a consequence of the Company's strategic decision to streamline its product portfolio and focus its efforts on new technologies. During fiscal 2019, as part of the aforementioned program to convert its India operations from mainly reserve power production to motive power production, the Company recorded a non-cash write off of reserve power inventories of $526 , which was reported in cost of goods sold and a $660 non-cash write-off related to reserve power fixed assets in restructuring charges. During fiscal 2018, the Company wrote off $3,457 of inventories, relating to the closing of its Cleveland, Ohio charger manufacturing facility, which was reported in cost of goods sold. During fiscal 2018, 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 were $2,157 relating to the inventory adjustment which was 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 2018. The joint venture was 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 Statement of Income in fiscal 2018 and was deemed not material. Richmond, Kentucky Plant Fire On September 19, 2019, a fire broke out in the battery formation area of the Company's Richmond, Kentucky motive power production facility. The Company maintains insurance policies for both property damage and business interruption and are finishing cleanup and repair. The Company estimates that the total claim, including the replacement of inventory and equipment, the cleanup and repairs to the building, as well as the claim for business interruption may exceed $50,000 . As of March 31, 2020, the Company recorded $17,037 of damages caused to its fixed assets and inventories, as well as for cleanup, asset replacement and other ancillary activities directly associated with the fire, which were initially reflected as a receivable for probable insurance recoveries. The Company received $12,000 in advances related to its initial claims for recovery from its property and casualty insurance carriers in fiscal 2020. The Company also recorded a receivable of $5,000 related to a partial settlement of its claim for business interruption which is recorded as a reduction to cost of goods sold in the Consolidated Statements of Income. |
Warranty
Warranty | 12 Months Ended |
Mar. 31, 2020 | |
Guarantees [Abstract] | |
Warranty | Warranty The Company provides for estimated product warranty expenses when 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, costs of claims may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2020 2019 2018 Balance at beginning of year $ 54,568 $ 50,602 $ 46,116 Current year provisions 27,622 23,679 21,706 Costs incurred (25,778 ) (25,053 ) (18,820 ) Warranty reserves of acquired businesses 6,995 7,535 — Foreign currency translation adjustment 118 (2,195 ) 1,600 Balance at end of year $ 63,525 $ 54,568 $ 50,602 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 2018 Foreign exchange transaction losses (gains) $ 264 $ (3,044 ) $ 5,499 Non-service components of pension expense 615 1,502 1,464 Other (1,294 ) 928 556 Total $ (415 ) $ (614 ) $ 7,519 |
Business Segments
Business Segments | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Summarized financial information related to the Company’s reportable segments at March 31, 2020 , 2019 and 2018 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2020 2019 2018 Net sales by segment to unaffiliated customers Americas $ 2,082,290 $ 1,690,912 $ 1,429,888 EMEA 787,256 860,563 849,420 Asia 218,322 256,542 302,583 Total net sales $ 3,087,868 $ 2,808,017 $ 2,581,891 Net sales by product line Reserve power $ 1,739,675 $ 1,416,173 $ 1,247,900 Motive power 1,348,193 1,391,844 1,333,991 Total net sales $ 3,087,868 $ 2,808,017 $ 2,581,891 Intersegment sales Americas $ 46,299 $ 28,753 $ 29,513 EMEA 148,773 123,274 133,164 Asia 21,053 34,531 23,375 Total intersegment sales (1) $ 216,125 $ 186,558 $ 186,052 Operating earnings by segment Americas $ 206,908 $ 186,814 $ 189,466 EMEA 50,168 71,963 77,671 Asia 1 3,213 12,647 Inventory step up to fair value relating to acquisitions - Americas (1,854 ) (7,263 ) — Inventory adjustment relating to exit activities - Americas — — (3,457 ) Inventory adjustment relating to exit activities - EMEA — (2,590 ) — Inventory adjustment relating to exit activities - Asia — (526 ) — Restructuring charges - Americas (2,586 ) (4,066 ) (1,246 ) Restructuring and other exit charges - EMEA (11,315 ) (26,989 ) (4,023 ) Restructuring charges - Asia (1,424 ) (3,654 ) (212 ) Impairment of indefinite-lived intangibles - EMEA (4,549 ) — — Impairment of goodwill - Asia (39,713 ) — — Fixed asset write-off relating to exit activities and other - Americas (5,441 ) — — Legal proceedings charge, net - EMEA — (4,437 ) — Total operating earnings (2) $ 190,195 $ 212,465 $ 270,846 Property, plant and equipment, net Americas $ 325,435 $ 257,559 $ 210,998 EMEA 104,909 94,932 118,263 Asia 49,670 56,948 60,999 Total $ 480,014 $ 409,439 $ 390,260 Capital Expenditures Americas $ 74,931 $ 45,029 $ 46,905 EMEA 23,788 18,972 18,392 Asia 2,706 6,371 4,535 Total $ 101,425 $ 70,372 $ 69,832 Depreciation and Amortization Americas $ 65,711 $ 40,675 $ 30,421 EMEA 14,291 15,128 16,198 Asia 7,342 7,545 7,698 Total $ 87,344 $ 63,348 $ 54,317 (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 58.1% , 48.5% and 49.2% for fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2020 and 2019 , were $277,358 and $202,985 , respectively. No single country, outside the United States, accounted for more than 10% of the consolidated net sales or net property, plant and equipment and, therefore, was deemed not material for separate disclosure. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2019 | |
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 2020 ended on June 30, 2019, September 29, 2019, December 29, 2019, and March 31, 2020, respectively. The four quarters in fiscal 2019 ended on July 1, 2018, September 30, 2018, December 30, 2018, and March 31, 2019, respectively. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year Fiscal year ended March 31, 2020 Net sales $ 780,230 $ 762,137 $ 763,698 $ 781,803 $ 3,087,868 Gross profit 201,512 197,317 185,241 200,796 784,866 Operating earnings (1)(3)(5) 68,336 58,710 43,084 20,065 190,195 Net earnings (loss) (7) 48,636 62,698 27,305 (1,523 ) 137,116 Net earnings (loss) attributable to EnerSys stockholders 48,636 62,698 27,305 (1,523 ) 137,116 Net earnings (loss) per common share attributable to EnerSys stockholders—basic $ 1.14 $ 1.48 $ 0.65 $ (0.04 ) $ 3.23 Net earnings (loss) per common share attributable to EnerSys stockholders—diluted $ 1.13 $ 1.47 $ 0.64 $ (0.04 ) $ 3.20 Fiscal year ended March 31, 2019 Net sales $ 670,930 $ 660,462 $ 680,022 $ 796,603 $ 2,808,017 Gross profit 165,334 160,880 164,546 202,266 693,026 Operating earnings (2)(4)(6) 64,179 63,357 49,951 34,978 212,465 Net earnings (8) 46,020 47,447 48,614 18,546 160,627 Net earnings attributable to EnerSys stockholders 45,860 47,424 48,417 18,538 160,239 Net earnings per common share attributable to EnerSys stockholders—basic $ 1.09 $ 1.13 $ 1.14 $ 0.43 $ 3.79 Net earnings per common share attributable to EnerSys stockholders—diluted $ 1.08 $ 1.11 $ 1.12 $ 0.42 $ 3.73 (1) Included in Operating earnings were inventory adjustments relating to the inventory step up to fair value relating to the NorthStar acquisition of $3,845 and $(1,991) in the third and fourth quarter of fiscal 2020 , respectively. (2) Included in Operating earnings were inventory adjustment relating to exit activities of $526 and $2,590 in the first and fourth quarter of fiscal 2019 , respectively. Also included were inventory adjustments relating to the inventory step up to fair value relating to Alpha acquisition of $3,747 and $3,516 in the third and fourth quarter of fiscal 2019 , respectively. (3) Included in Operating earnings were restructuring and other exit charges of $2,372 , $6,282 , $9,417 and $2,695 for the first, second, third and fourth quarters of fiscal 2020 , respectively. (4) Included in Operating earnings were restructuring and other exit charges of $1,739 , $1,121 , $5,392 and $26,457 for the first, second, third and fourth quarters of fiscal 2019 , respectively. (5) Included in Operating earnings for the fourth quarter of fiscal 2020 were charges relating to the impairment of goodwill for $39,713 and other indefinite-lived intangibles for $4,549 . (6) Included in Operating earnings were legal proceedings settlement income of $2,843 in the third quarter and expense of $7,280 in the fourth quarter of fiscal 2019 . (7) Included in net earnings was a tax benefit of $21,000 for the second quarter of fiscal 2020 , on account of the Swiss tax reform. (8) Included in net earnings was a tax benefit of $13,483 for the third quarter of fiscal 2019 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 21, 2020, the Company announced the payment of a quarterly cash dividend of $0.175 per share of common stock to be paid on June 26, 2020 , to stockholders of record as of June 12, 2020 . |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2020 | |
SEC Schedule, 12-09, 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, 2018 $ 12,662 $ 822 $ (1,400 ) $ 559 $ 12,643 Fiscal year ended March 31, 2019 12,643 1,385 (2,459 ) (756 ) 10,813 Fiscal year ended March 31, 2020 10,813 4,821 (642 ) 254 15,246 Tax Valuation Allowance Balance at Additions Valuation Allowance Reversal Business Combination Adjustments Other (1) (2) (3) Balance at Deferred tax asset—valuation allowance: Fiscal year ended March 31, 2018 $ 27,053 $ 4,853 $ (14,132 ) $ — $ (2,519 ) $ 15,255 Fiscal year ended March 31, 2019 15,255 2,978 (99 ) 1,157 (1,772 ) 17,519 Fiscal year ended March 31, 2020 17,519 7,494 (3,145 ) (688 ) (229 ) 20,951 (1) Primarily the impact of currency changes. (2) In fiscal 2019, “Other” included expiration of net operating losses for which a full valuation allowance was recorded. (3) In fiscal 2018, “Other” also included an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
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. 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 | Revenue Recognition Prior to March 31, 2018, revenues were recognized under ASC 605, Revenue Recognition , when (i) persuasive evidence of an arrangement existed, (ii) delivery occurred or services were rendered, (iii) the price was fixed or determinable and (iv) collectibility was reasonably assured. Beginning April 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers . Concurrent with the adoption of the new standard, the Company updated its revenue recognition policy as follows: The Company determines revenue recognition by applying the following steps: 1. identify the contract with a customer; 2. identify the performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the performance obligations; and 5. recognize revenue as the performance obligations are satisfied. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the performance obligation to a customer. Control of a performance obligation may transfer to the customer either at a point in time or over time depending on an evaluation of the specific facts and circumstances for each contract, including the terms and conditions of the contract as agreed with the customer, as well as the nature of the products or services to be provided. The Company's primary performance obligation to its customers is the delivery of finished goods and products, pursuant to purchase orders. Control of the products sold typically transfers to its customers at the point in time when the goods are shipped as this is also when title generally passes to its customers under the terms and conditions of our customer arrangements. Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company uses judgment to estimate the most likely amount of variable consideration at each reporting date. When estimating variable consideration, the Company also applies judgment when considering the probability of whether a reversal of revenue could occur and only recognize revenue subject to this constraint. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. The Company's typical payment terms are 30 days and sales arrangements do not contain any significant financing component for its customers. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. Freight charges billed to customers are included in sales and the related shipping costs are included in cost of sales in the Consolidated Statements of Income. If shipping activities are performed after a customer obtains control of a product, the Company applies a policy election to account for shipping as an activity to fulfill the promise to transfer the product to the customer. The Company applies a policy election to exclude transaction taxes collected from customers from sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company generally provides customers with a product warranty that provides assurance that the products meet standard specifications and are free of defects. The Company maintains a reserve for claims incurred under standard product warranty programs. Performance obligations related to service warranties are not material to the Consolidated Financial Statements. The Company pays sales commissions to its sales representatives, which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company has utilized the practical expedient to record these costs of obtaining a contract as an expense as they are incurred. |
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 or less when purchased. |
Concentration of Credit Risk | 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 | 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 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 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 | Business Combinations The Company records an acquisition using the acquisition method of accounting and recognizes the assets acquired and liabilities assumed at their fair values as of the date of the acquisition. The excess of the purchase price over the net tangible and intangible assets is recorded to 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 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. The Company assesses whether indefinite-lived intangible assets impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on this qualitative assessment, the Company determines it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether an indefinite-lived intangible asset impairment exists. The Company tests the indefinite-lived intangible assets for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess of the carrying value over the amount of fair value is recognized as an impairment. Any such impairment is recognized in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, technology, trademarks, licenses, 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 continually evaluates the reasonableness of the useful lives of these assets. |
Impairment of Long-Lived 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 | 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 | 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, 2020 and 2019 . The Company does not have any credit-related contingent features associated with its derivative instruments. |
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. 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 | 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. 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 undistributed foreign earnings or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Regarding the GILTI tax rules, the Company is allowed to make an accounting policy choice of either (1) treating the taxes due on future US inclusions in taxable income as a current-period expense when incurred (“period cost method”) or (2) factoring amounts into a Company’s measurement of its deferred taxes (“deferred method”). The Company has elected the period cost method. |
Deferred Financing Fees | 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 | 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 and Performance condition-based awards The Company grants market condition-based awards and performance condition-based awards. Beginning in fiscal 2017, the Company granted market condition-based awards (“TSR”). A participant may earn between 0% to 200% of the number of awards granted, based on the total shareholder return of the Company's common stock over a three-year period, relative to the shareholder return of a defined peer group. The awards 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. These share units are similar to the share units granted prior to fiscal 2016, except that under these awards, the targets are more difficult to achieve as they are tied to the TSR of a defined peer group. The fair value of these awards is estimated at the date of grant, using a Monte Carlo Simulation. The Company recognizes compensation expense using the straight-line method over the life of the market condition-based awards except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. In fiscal 2019 and fiscal 2020, the Company granted performance condition-based awards (“PSU”). A participant may earn between 0% to 200% of the number of awards granted, based on the Company’s cumulative adjusted earnings per share performance over a three-year period. The vesting of these awards is contingent upon meeting or exceeding performance conditions. The awards 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 maximum number of awards earned is capped at 200% of the target award. Expense for the performance condition-based award is recorded when the achievement of the performance condition is considered probable of achievement and is recorded on a straight-line basis over the requisite service period. If such performance criteria are not met, no compensation cost is recognized, and any recognized compensation cost is reversed. The closing stock price on the date of grant, adjusted for a discount to reflect the illiquidity inherent in the PSUs, represents the grant-date fair value for these awards. 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. Forfeitures Forfeitures of share-based awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
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, 2020 , 2019 and 2018 |
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 , which includes Asia, Australia and Oceania, with segment headquarters in Singapore. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements 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. Effective April 1, 2019, the Company adopted the new standard under the modified retrospective approach, which resulted in no adjustment to the April 1, 2019 beginning Retained Earnings. There are optional practical expedients and policy elections made available to simplify the transition to the new standard. The Company has elected the following: • to adopt the optional transition method defined within ASU 2018-11 and not restate comparative prior periods but instead recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption; • the package of three practical expedients addressing whether a contract contains a lease, lease classification and initial direct costs; • to combine lease and non-lease components as a single component for all asset classes; • to use a portfolio approach to determine the incremental borrowing rate; and • to apply the short-term lease exception to leases that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon adoption, the Company recorded Right-of-use (“ROU”) assets and lease liabilities of approximately $84,878 and $87,248 , respectively. In addition, capital lease assets and liabilities are now classified as finance lease right-of-use assets and liabilities. The difference between the operating lease assets and lease liabilities primarily relates to unamortized lease incentives and deferred rent recorded in accordance with the previous lease guidance. Apart from the aforementioned changes, the adoption of this standard did not have a significant impact on the Company's operating results, financial position or cash flows. The discount rates used to calculate the ROU assets and lease liabilities as of the effective date were based on the remaining lease terms as of the effective date. See Note 3, Leases for additional information. 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 Company adopted the standard effective April 1, 2019 and the adoption did not have any impact on the Company's operating results, financial position or cash flows. In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220)”. The new standard will allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Act”). The amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statements users. However, because the amendment only relates to the reclassification of the income tax effects of the Tax Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company adopted this standard effective April 1, 2019 with the election not to reclassify $478 of stranded tax effects, primarily related to the Company's pension plans, from accumulated other comprehensive income (“AOCI”) to retained earnings, as the amount was not material. Accounting Pronouncements Issued But Not Adopted as of March 31, 2020 In June 2016, the FASB, issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)”: Measurement of Credit Losses on Financial Instruments, which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In contrast to current guidance, which considers current information and events and utilizes a probable threshold, (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. The Company does not believe that the adoption will have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740)”: Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (LIBOR) to an alternative reference rate such as Secured Overnight Financing Rate (SOFR). The guidance was effective upon issuance and generally can be applied through December 31, 2022. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements. |
Use of Estimates | Use of Estimates |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | The following table presents lease assets and liabilities: March 31, 2020 Operating Leases: Right-of-use assets $ 70,045 Operating lease current liabilities 21,128 Operating lease non-current liabilities 51,215 Finance Leases: Right-of-use assets $ 540 Finance lease current liabilities 162 Finance lease non-current liabilities 407 |
Components of Lease Expense | The components of lease expense for the fiscal year ended March 31, 2020 were as follows: Classification March 31, 2020 Operating Leases: Operating lease cost Operating expenses $ 28,855 Variable lease cost Operating expenses 8,238 Short term lease cost Operating expenses 7,553 Finance Leases: Depreciation Operating expenses $ 461 Interest expense Interest expense 37 Total $ 45,144 |
Weighted Average Lease Term and Discount Rates | The following table presents the weighted average lease term and discount rates for leases as of March 31, 2020 : Operating Leases: Weighted average remaining lease term (years) 5 years Weighted average discount rate 5.17% Finance Leases: Weighted average remaining lease term (years) 3.5 years Weighted average discount rate 4.92% |
Maturity of Operating Lease Liability | The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2020 : Finance Leases Operating Leases Year ended March 31, 2021 $ 192 $ 24,603 2022 195 19,452 2023 154 12,951 2024 104 8,437 2025 15 5,552 Thereafter 10 13,138 Total undiscounted lease payments 670 84,133 Present value discount 101 11,790 Lease liability $ 569 $ 72,343 |
Maturity of Finance Lease Liability | The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2020 : Finance Leases Operating Leases Year ended March 31, 2021 $ 192 $ 24,603 2022 195 19,452 2023 154 12,951 2024 104 8,437 2025 15 5,552 Thereafter 10 13,138 Total undiscounted lease payments 670 84,133 Present value discount 101 11,790 Lease liability $ 569 $ 72,343 |
Supplemental Cash Flow Information Related to Leases | The following table presents supplemental disclosures of cash flow information related to leases for the fiscal year ended March 31, 2020 : March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 37 Operating cash flows from operating leases 28,593 Financing cash flows from finance leases 461 Supplemental non-cash information on lease liabilities arising from right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities 11,902 |
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, 2019 are as follows: 2020 $ 31,483 2021 24,290 2022 16,514 2023 11,596 2024 8,683 Thereafter 23,757 Total minimum lease payments $ 116,323 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Accounts receivable $ 115,467 Inventories 84,297 Other current assets 6,822 Other intangible assets 332,000 Property, plant and equipment 20,987 Other assets 9,005 Total assets acquired $ 568,578 Accounts payable 35,803 Accrued liabilities 41,918 Deferred income taxes 54,941 Other liabilities 12,642 Total liabilities assumed $ 145,304 Net assets acquired $ 423,274 Purchase price: Cash paid for net assets acquired $ 650,000 Fair value of shares issued for net assets acquired 93,268 Working capital adjustment (766 ) Total purchase consideration 742,502 Less: Fair value of acquired identifiable assets and liabilities 423,274 Goodwill $ 319,228 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair value of Alpha's identifiable intangible assets and their respective lives: Type Life in Years Fair Value Trademarks Indefinite-lived Indefinite $ 56,000 Customer relationships Finite-lived 14 221,000 Technology Finite-lived 10 55,000 Total identifiable intangible assets $ 332,000 |
Business Acquisition, Pro Forma Information | The following unaudited summary information is presented on a consolidated pro forma basis as if the acquisition had occurred on April 1, 2017: Fiscal year ended March 31, 2019 March 31, 2018 Net sales $ 3,250,332 $ 3,124,527 Net earnings attributable to EnerSys stockholders 181,915 126,965 Net earnings per share attributable to EnerSys stockholders - basic 4.19 2.90 Net earnings per share attributable to EnerSys stockholders - assuming dilution 4.12 2.87 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary Of Net Inventories | March 31, 2020 2019 Raw materials $ 141,906 $ 138,718 Work-in-process 91,520 129,736 Finished goods 286,034 235,415 Total $ 519,460 $ 503,869 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant, And Equipment | Property, plant, and equipment consist of: March 31, 2020 2019 Land, buildings, and improvements $ 291,271 $ 268,006 Machinery and equipment 722,955 683,955 Construction in progress 93,921 54,278 1,108,147 1,006,239 Less accumulated depreciation (628,133 ) (596,800 ) Total $ 480,014 $ 409,439 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Indefinite-lived intangible assets: Trademarks $ 147,356 $ (953 ) $ 146,403 $ 152,484 $ (953 ) $ 151,531 Finite-lived intangible assets: Customer relationships 292,155 (64,855 ) 227,300 286,664 (42,704 ) 243,960 Non-compete 3,021 (2,817 ) 204 3,025 (2,807 ) 218 Technology 96,047 (20,349 ) 75,698 77,779 (12,229 ) 65,550 Trademarks 8,008 (1,928 ) 6,080 2,003 (1,236 ) 767 Licenses 1,196 (1,196 ) — 1,477 (1,187 ) 290 Total $ 547,783 $ (92,098 ) $ 455,685 $ 523,432 $ (61,116 ) $ 462,316 |
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, 2020 Americas EMEA Asia Total Balance at beginning of year $ 470,194 $ 143,269 $ 42,936 $ 656,399 Acquisitions during the year 72,056 1,732 — 73,788 Measurement period adjustments (1,390 ) — — (1,390 ) Goodwill impairment charge — — (39,713 ) (39,713 ) Foreign currency translation adjustment (16,704 ) (5,221 ) (3,223 ) (25,148 ) Balance at end of year $ 524,156 $ 139,780 $ — $ 663,936 Fiscal year ended March 31, 2019 Americas EMEA Asia Total Balance at beginning of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 Acquisitions during the year 320,618 — — 320,618 Foreign currency translation adjustment (1,679 ) (12,556 ) (2,789 ) (17,024 ) Balance at end of year $ 470,194 $ 143,269 $ 42,936 $ 656,399 A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: March 31, 2020 Americas EMEA Asia Total Gross carrying value $ 582,001 $ 145,933 $ 44,892 $ 772,826 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (44,892 ) (108,890 ) Net book value $ 524,156 $ 139,780 $ — $ 663,936 March 31, 2019 Americas EMEA Asia Total Gross carrying value $ 528,039 $ 149,422 $ 48,115 $ 725,576 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 470,194 $ 143,269 $ 42,936 $ 656,399 |
Prepaid and Other Current Ass_2
Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Contract assets $ 39,048 $ 38,778 Prepaid non-income taxes 23,069 22,490 Non-trade receivables 19,380 10,823 Prepaid income taxes 13,062 9,608 Other 26,034 27,732 Total $ 120,593 $ 109,431 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Summary Of Accrued Expenses | Accrued expenses consist of the following: March 31, 2020 2019 Payroll and benefits $ 62,131 $ 54,285 Accrued selling expenses 43,292 35,394 Warranty 27,766 21,646 Operating lease liabilities 21,128 — VAT and other non-income taxes 14,209 17,125 Project related accruals — 16,301 Contract liabilities 17,342 15,162 Freight 14,222 14,423 Income taxes payable 304 9,234 Legal proceedings — 7,258 Interest 11,180 7,248 Tax Act - Transition Tax 6,172 5,290 Restructuring 3,325 2,952 Pension 1,350 1,207 Other 49,319 48,356 Total $ 271,740 $ 255,881 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following summarizes the Company’s long-term debt as of March 31, 2020 and March 31, 2019 : 2020 2019 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs Senior Notes $ 600,000 $ 6,306 $ 300,000 $ 2,497 Amended Credit Facility, due 2022 513,224 2,187 677,315 3,062 $ 1,113,224 $ 8,493 $ 977,315 $ 5,559 Less: Unamortized issuance costs 8,493 5,559 Long-term debt, net of unamortized issuance costs $ 1,104,731 $ 971,756 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long-Term Liabilities | Other liabilities consist of the following: March 31, 2020 2019 Tax Act - Transition Tax $ 58,630 $ 55,489 Operating lease liabilities 51,215 — Pension 40,496 39,924 Warranty 35,759 32,922 Liability for uncertain tax positions 8,080 20,240 Contract liabilities 8,356 6,360 Other 11,280 10,265 Total $ 213,816 $ 165,200 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 and March 31, 2019 and the basis for that measurement: Total Fair Value Quoted Price in Significant Significant Lead forward contracts $ (2,433 ) $ — $ (2,433 ) $ — Foreign currency forward contracts 1 — 1 — Total derivatives $ (2,432 ) $ — $ (2,432 ) $ — Total Fair Value Quoted Price in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs (Level 3) Lead forward contracts $ (902 ) $ — $ (902 ) $ — Foreign currency forward contracts (249 ) — (249 ) — Total derivatives $ (1,151 ) $ — $ (1,151 ) $ — |
Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at March 31, 2020 and 2019 were as follows: March 31, 2020 March 31, 2019 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ — $ — $ — $ — Financial liabilities: Senior Notes (2) $ 600,000 $ 573,000 $ 300,000 $ 297,000 Derivatives (1) 2,432 2,432 1,151 1,151 (1) Represents lead and foreign currency forward contracts (see Note 13 for asset and liability positions of the lead and foreign currency forward contracts at March 31, 2020 and March 31, 2019 ). (2) The fair value amount of the Senior Notes at March 31, 2020 and March 31, 2019 represent the trading value of the instruments. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Prepaid and other current assets: Foreign currency forward contracts — — 375 — Total assets $ — $ — $ 375 $ — Accrued expenses: Lead forward contracts $ 2,433 $ 902 $ — $ — Foreign currency forward contracts 374 8 — 241 Total liabilities $ 2,807 $ 910 $ — $ 241 |
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, 2020 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 $ (8,683 ) Cost of goods sold $ (1,690 ) Foreign currency forward contracts (54 ) Cost of goods sold 539 Total $ (8,737 ) $ (1,151 ) 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, 2019 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 $ (12,531 ) Cost of goods sold $ (15,666 ) Foreign currency forward contracts 1,551 Cost of goods sold 385 Total $ (10,980 ) $ (15,281 ) |
Effect Of Derivative Instruments | Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 180 Total $ 180 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (1,856 ) Total $ (1,856 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (178 ) Total $ (178 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Fiscal year ended March 31, 2020 2019 2018 Current income tax expense Current: Federal $ 9,185 $ 6,377 $ 115,315 State 2,561 5,027 3,461 Foreign 14,561 16,636 20,030 Total current income tax expense 26,307 28,040 138,806 Deferred income tax (benefit) expense Federal 5,489 (5,031 ) (9,551 ) State 741 (669 ) 789 Foreign (22,716 ) (756 ) (11,551 ) Total deferred income tax (benefit) expense (16,486 ) (6,456 ) (20,313 ) Total income tax expense $ 9,821 $ 21,584 $ 118,493 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following: Fiscal year ended March 31, 2020 2019 2018 United States $ 36,193 $ 53,339 $ 74,440 Foreign 110,744 128,872 163,886 Earnings before income taxes $ 146,937 $ 182,211 $ 238,326 |
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, 2020 2019 Deferred tax assets: Accounts receivable $ 1,110 $ 1,297 Inventories 5,010 4,081 Net operating loss carryforwards 44,340 48,423 Accrued expenses 26,113 21,574 Capitalized research and development costs — 7,061 Other assets 19,793 17,656 Gross deferred tax assets 96,366 100,092 Less valuation allowance (20,951 ) (17,519 ) Total deferred tax assets 75,415 82,573 Deferred tax liabilities: Property, plant and equipment 30,229 25,656 Intangible assets 66,529 96,826 Other liabilities 1,217 1,737 Total deferred tax liabilities 97,975 124,219 Net deferred tax liabilities $ (22,560 ) $ (41,646 ) |
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate ( 21.0% for fiscal 2020, 21.0% for fiscal 2019 and 31.55% for fiscal 2018) to the income tax provision is as follows: Fiscal year ended March 31, 2020 2019 2018 United States statutory income tax expense $ 30,857 $ 38,264 $ 75,196 Increase (decrease) resulting from: Impact of Tax Act — (13,483 ) 83,400 State income taxes, net of federal effect 2,764 3,285 3,146 Nondeductible expenses, domestic manufacturing deduction (fiscal 2018) and other 5,953 4,378 2,008 Legal proceedings charge - European Competition Investigations — 2,405 — Net effect of GILTI, FDII, BEAT 3,025 2,320 — Goodwill impairment - See Note 7 10,714 — — Effect of foreign operations (17,605 ) (16,763 ) (35,048 ) Valuation allowance 4,349 2,879 (9,279 ) Switzerland Tax Reform (26,846 ) — — Research and Development Credit (3,390 ) (1,701 ) (930 ) Income tax expense $ 9,821 $ 21,584 $ 118,493 |
Reconciliation Of Unrecognized Tax Benefits | : Fiscal year ended March 31, 2020 2019 2018 Balance at beginning of year $ 20,165 $ 1,568 $ 1,450 Increases related to current year tax positions 598 129 397 Increases related to the Alpha acquisition 769 7,840 — Increases related to prior year tax positions — 11,463 11 Decreases related to prior tax positions (11,463 ) (544 ) — Decreases related to prior year tax positions settled — (93 ) (1 ) Lapse of statute of limitations (2,274 ) (198 ) (289 ) Balance at end of year $ 7,795 $ 20,165 $ 1,568 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Pension Cost | Net periodic pension cost for fiscal 2020 , 2019 and 2018 , includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ 906 $ 997 $ 1,025 Interest cost 616 631 658 1,485 1,831 1,795 Expected return on plan assets (448 ) (514 ) (496 ) (2,136 ) (2,151 ) (2,264 ) Amortization and deferral 188 184 303 910 1,520 1,468 Net periodic benefit cost $ 356 $ 301 $ 465 $ 1,165 $ 2,197 $ 2,024 |
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, 2020 2019 2020 2019 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 16,647 $ 16,713 $ 75,038 $ 82,033 Service cost — — 906 997 Interest cost 616 631 1,485 1,831 Benefits paid, inclusive of plan expenses (1,132 ) (1,061 ) (2,262 ) (1,758 ) Plan curtailments and settlements — — (678 ) (1,130 ) Actuarial losses (gains) 1,980 364 (3,024 ) (261 ) Foreign currency translation adjustment — — (2,863 ) (6,674 ) Benefit obligation at the end of the period $ 18,111 $ 16,647 $ 68,602 $ 75,038 |
Summary Of Change In Plan Assets | Change in plan assets Fair value of plan assets at the beginning of the period $ 13,763 $ 13,928 $ 36,791 $ 38,757 Actual return on plan assets (649 ) 758 (1,605 ) 2,109 Employer contributions 54 138 2,098 1,670 Benefits paid, inclusive of plan expenses (1,132 ) (1,061 ) (2,262 ) (1,758 ) Plan curtailments and settlements — — (482 ) (1,130 ) Foreign currency translation adjustment — — (1,709 ) (2,857 ) Fair value of plan assets at the end of the period $ 12,036 $ 13,763 $ 32,831 $ 36,791 Funded status deficit $ (6,075 ) $ (2,884 ) $ (35,771 ) $ (38,247 ) |
Summary Of Amounts Recognized In The Balance Sheets | March 31, 2020 2019 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued expenses (1,350 ) (1,207 ) Other liabilities (40,496 ) (39,924 ) Total liabilities $ (41,846 ) $ (41,131 ) |
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, 2020 , 2019 and 2018 : Fiscal year ended March 31, 2020 2019 2018 Amounts recorded in AOCI before taxes: Prior service cost $ (258 ) $ (307 ) $ (385 ) Net loss (25,796 ) (24,051 ) (27,762 ) Net amount recognized $ (26,054 ) $ (24,358 ) $ (28,147 ) |
Summary Of Changes In AOCI | Fiscal year ended March 31, 2020 2019 2018 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year 3,793 (99 ) (1,953 ) Effect of exchange rates on amounts included in AOCI (804 ) (1,984 ) 3,019 Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (43 ) (45 ) (46 ) Amortization or settlement recognition of net loss (1,250 ) (1,659 ) (1,725 ) Total recognized in other comprehensive (income) loss $ 1,696 $ (3,787 ) $ (705 ) |
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income | The amounts included in AOCI as of March 31, 2020 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 $ (43 ) Net loss (1,462 ) Net amount expected to be recognized $ (1,505 ) |
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, 2020 2019 2020 2019 All defined benefit plans: Accumulated benefit obligation $ 18,110 $ 16,647 $ 65,337 $ 71,350 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 30,773 $ 32,320 Accumulated benefit obligation — — 28,926 30,328 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 18,110 $ 16,647 $ 68,603 $ 75,038 Fair value of plan assets 12,036 13,763 32,831 36,791 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 18,110 $ 16,647 $ 68,603 $ 74,235 Accumulated benefit obligation 18,110 16,647 65,337 70,654 Fair value of plan assets 12,036 13,763 32,831 36,077 |
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, 2020 2019 2018 2020 2019 2018 Discount rate 3.8 % 3.9 % 4.1 % 1.0-2.7% 1.4-3.3% 1.5-3.5% Expected return on plan assets 6.3 6.3 6.8 4.3-6.0 4.1-6.0 3.6-6.3 Rate of compensation increase N/A N/A N/A 2.0-4.0 1.8-4.0 1.5-4.0 |
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, 2020 2019 2020 2019 Discount rate 3.0 % 3.8 % 1.3-2.3% 1.0-2.7% Rate of compensation increase N/A N/A 2.0-3.5 2.0-4.0 |
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, 2020 and 2019 and the basis for that measurement: March 31, 2020 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 $ 1,221 $ 1,221 $ — $ — $ 141 $ 141 $ — $ — Equity securities US (a) 6,860 6,860 — — — — — — International (b) — — — — 20,059 — 20,059 — Fixed income (c) 3,955 3,955 — — 12,631 — 12,631 — Total $ 12,036 $ 12,036 $ — $ — $ 32,831 $ 141 $ 32,690 $ — March 31, 2019 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 $ 1,080 $ 1,080 $ — $ — $ 83 $ 83 $ — $ — Equity securities US (a) 8,275 8,275 — — — — — — International (b) — — — — 23,875 — 23,875 — Fixed income (c) 4,408 4,408 — — 12,833 — 12,833 — Total $ 13,763 $ 13,763 $ — $ — $ 36,791 $ 83 $ 36,708 $ — 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. |
Summary Of Estimated Future Benefit Payments | Estimated future benefit payments under the Company’s pension plans are as follows: 2021 $ 2,835 2022 2,907 2023 3,135 2024 3,258 2025 3,768 Years 2026-2030 20,353 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity and Noncontrolling Interests [Abstract] | |
Change in Number of Shares of Common Stock Outstanding | The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2018 , 2019 and 2020 , respectively: Shares outstanding as of March 31, 2017 43,447,536 Purchase of treasury stock (1,756,831 ) Shares issued towards 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 Purchase of treasury stock (726,347 ) Shares issued towards purchase consideration of Alpha acquisition 1,177,630 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 254,467 Shares outstanding as of March 31, 2019 42,620,750 Purchase of treasury stock (581,140 ) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 283,695 Shares outstanding as of March 31, 2020 42,323,305 |
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, 2020 Pension funded status adjustment $ (20,791 ) $ (2,819 ) $ 816 $ (22,794 ) Net unrealized gain (loss) on derivative instruments (130 ) (6,672 ) 879 (5,923 ) Foreign currency translation adjustment (121,761 ) (64,528 ) — (186,289 ) Accumulated other comprehensive loss $ (142,682 ) $ (74,019 ) $ 1,695 $ (215,006 ) March 31, 2019 Pension funded status adjustment $ (22,503 ) $ 339 $ 1,373 $ (20,791 ) Net unrealized gain (loss) on derivative instruments (3,425 ) (8,396 ) 11,691 (130 ) Foreign currency translation adjustment (15,789 ) (105,972 ) — (121,761 ) Accumulated other comprehensive loss $ (41,717 ) $ (114,029 ) $ 13,064 $ (142,682 ) 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 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications from AOCI during the twelve months ended March 31, 2020 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,151 Cost of goods sold Tax benefit (272 ) Net unrealized loss on derivative instruments, net of tax $ 879 Defined benefit pension costs: Prior service costs and deferrals $ 1,098 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (282 ) Net periodic benefit cost, net of tax $ 816 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [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, 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 8.4 $ 68.65 $ 2,679 Granted 192,700 75.17 — Exercised (171,630 ) 63.66 2,707 Forfeited (11,754 ) 75.17 — Options outstanding as of March 31, 2019 554,906 8.0 $ 72.31 $ 1,040 Granted 284,109 57.75 — Exercised (24,826 ) 57.60 383 Forfeited (22,607 ) 72.19 88 Options outstanding as of March 31, 2020 791,582 7.8 $ 67.55 $ — Options exercisable as of March 31, 2020 350,660 6.4 $ 70.65 $ — Options vested and expected to vest, as of March 31, 2020 777,307 7.8 $ 67.66 $ — |
Summary Of Information Regarding Stock Options Outstanding And Exercisable | The following table summarizes information regarding stock options outstanding as of March 31, 2020 : Range of Exercise Prices Number of Options Weighted- Weighted- Average Exercise Price $55.00-$60.00 391,986 8.4 $ 57.71 $65.01-$70.00 73,368 4.8 $ 68.82 $75.01-$83.14 326,228 7.6 $ 79.10 791,582 7.8 $ 67.55 |
Summary Of The Changes In Restricted Stock Units And Market Share Units | A summary of the changes in restricted stock units, TSRs and PSUs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2020 is presented below: Restricted Stock Units (RSU) Market condition-based Share Units (TSR) Performance condition-based Share Units (PSU) Number of RSU Weighted- Average Grant Date Fair Value Number of TSR Weighted- Average Grant Date Fair Value Number of Weighted- Average Grant Date Non-vested awards as of March 31, 2019 721,647 $ 57.72 352,584 $ 72.83 42,526 $ 68.48 Granted 342,930 58.05 51,063 62.00 62,512 50.65 Stock dividend 9,108 55.83 2,226 81.97 990 58.74 Performance factor — — — — — — Vested (169,486 ) 70.18 (172,314 ) 59.95 — — Forfeitures (23,864 ) 69.56 (24,839 ) 74.83 (4,898 ) 65.78 Non-vested awards as of March 31, 2020 880,335 $ 55.61 208,720 $ 80.78 101,130 $ 57.49 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2020 2019 2018 Net earnings attributable to EnerSys stockholders $ 137,116 $ 160,239 $ 119,594 Weighted-average number of common shares outstanding: Basic 42,411,834 42,335,023 42,612,036 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 484,941 673,929 507,820 Diluted weighted-average number of common shares outstanding 42,896,775 43,008,952 43,119,856 Basic earnings per common share attributable to EnerSys stockholders $ 3.23 $ 3.79 $ 2.81 Diluted earnings per common share attributable to EnerSys stockholders $ 3.20 $ 3.73 $ 2.77 Anti-dilutive equity awards not included in diluted weighted-average common shares 698,546 355,728 59,482 |
Restructuring, Exit and Other C
Restructuring, Exit and Other Charges (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 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 Accrued 6,554 1,639 8,193 Costs incurred (6,893 ) (1,086 ) (7,979 ) Foreign currency impact and other (198 ) 27 (171 ) Balance at March 31, 2019 $ 2,356 $ 596 $ 2,952 Accrued 10,395 402 10,797 Costs incurred (9,179 ) (995 ) (10,174 ) Foreign currency impact and other (247 ) (3 ) (250 ) Balance at March 31, 2020 $ 3,325 $ — $ 3,325 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, costs of claims may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2020 2019 2018 Balance at beginning of year $ 54,568 $ 50,602 $ 46,116 Current year provisions 27,622 23,679 21,706 Costs incurred (25,778 ) (25,053 ) (18,820 ) Warranty reserves of acquired businesses 6,995 7,535 — Foreign currency translation adjustment 118 (2,195 ) 1,600 Balance at end of year $ 63,525 $ 54,568 $ 50,602 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Summary Of Other (Income) Expense, Net | Other (income) expense, net consists of the following: Fiscal year ended March 31, 2020 2019 2018 Foreign exchange transaction losses (gains) $ 264 $ (3,044 ) $ 5,499 Non-service components of pension expense 615 1,502 1,464 Other (1,294 ) 928 556 Total $ (415 ) $ (614 ) $ 7,519 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 , 2019 and 2018 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2020 2019 2018 Net sales by segment to unaffiliated customers Americas $ 2,082,290 $ 1,690,912 $ 1,429,888 EMEA 787,256 860,563 849,420 Asia 218,322 256,542 302,583 Total net sales $ 3,087,868 $ 2,808,017 $ 2,581,891 Net sales by product line Reserve power $ 1,739,675 $ 1,416,173 $ 1,247,900 Motive power 1,348,193 1,391,844 1,333,991 Total net sales $ 3,087,868 $ 2,808,017 $ 2,581,891 Intersegment sales Americas $ 46,299 $ 28,753 $ 29,513 EMEA 148,773 123,274 133,164 Asia 21,053 34,531 23,375 Total intersegment sales (1) $ 216,125 $ 186,558 $ 186,052 Operating earnings by segment Americas $ 206,908 $ 186,814 $ 189,466 EMEA 50,168 71,963 77,671 Asia 1 3,213 12,647 Inventory step up to fair value relating to acquisitions - Americas (1,854 ) (7,263 ) — Inventory adjustment relating to exit activities - Americas — — (3,457 ) Inventory adjustment relating to exit activities - EMEA — (2,590 ) — Inventory adjustment relating to exit activities - Asia — (526 ) — Restructuring charges - Americas (2,586 ) (4,066 ) (1,246 ) Restructuring and other exit charges - EMEA (11,315 ) (26,989 ) (4,023 ) Restructuring charges - Asia (1,424 ) (3,654 ) (212 ) Impairment of indefinite-lived intangibles - EMEA (4,549 ) — — Impairment of goodwill - Asia (39,713 ) — — Fixed asset write-off relating to exit activities and other - Americas (5,441 ) — — Legal proceedings charge, net - EMEA — (4,437 ) — Total operating earnings (2) $ 190,195 $ 212,465 $ 270,846 Property, plant and equipment, net Americas $ 325,435 $ 257,559 $ 210,998 EMEA 104,909 94,932 118,263 Asia 49,670 56,948 60,999 Total $ 480,014 $ 409,439 $ 390,260 Capital Expenditures Americas $ 74,931 $ 45,029 $ 46,905 EMEA 23,788 18,972 18,392 Asia 2,706 6,371 4,535 Total $ 101,425 $ 70,372 $ 69,832 Depreciation and Amortization Americas $ 65,711 $ 40,675 $ 30,421 EMEA 14,291 15,128 16,198 Asia 7,342 7,545 7,698 Total $ 87,344 $ 63,348 $ 54,317 (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. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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 2020 ended on June 30, 2019, September 29, 2019, December 29, 2019, and March 31, 2020, respectively. The four quarters in fiscal 2019 ended on July 1, 2018, September 30, 2018, December 30, 2018, and March 31, 2019, respectively. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year Fiscal year ended March 31, 2020 Net sales $ 780,230 $ 762,137 $ 763,698 $ 781,803 $ 3,087,868 Gross profit 201,512 197,317 185,241 200,796 784,866 Operating earnings (1)(3)(5) 68,336 58,710 43,084 20,065 190,195 Net earnings (loss) (7) 48,636 62,698 27,305 (1,523 ) 137,116 Net earnings (loss) attributable to EnerSys stockholders 48,636 62,698 27,305 (1,523 ) 137,116 Net earnings (loss) per common share attributable to EnerSys stockholders—basic $ 1.14 $ 1.48 $ 0.65 $ (0.04 ) $ 3.23 Net earnings (loss) per common share attributable to EnerSys stockholders—diluted $ 1.13 $ 1.47 $ 0.64 $ (0.04 ) $ 3.20 Fiscal year ended March 31, 2019 Net sales $ 670,930 $ 660,462 $ 680,022 $ 796,603 $ 2,808,017 Gross profit 165,334 160,880 164,546 202,266 693,026 Operating earnings (2)(4)(6) 64,179 63,357 49,951 34,978 212,465 Net earnings (8) 46,020 47,447 48,614 18,546 160,627 Net earnings attributable to EnerSys stockholders 45,860 47,424 48,417 18,538 160,239 Net earnings per common share attributable to EnerSys stockholders—basic $ 1.09 $ 1.13 $ 1.14 $ 0.43 $ 3.79 Net earnings per common share attributable to EnerSys stockholders—diluted $ 1.08 $ 1.11 $ 1.12 $ 0.42 $ 3.73 (1) Included in Operating earnings were inventory adjustments relating to the inventory step up to fair value relating to the NorthStar acquisition of $3,845 and $(1,991) in the third and fourth quarter of fiscal 2020 , respectively. (2) Included in Operating earnings were inventory adjustment relating to exit activities of $526 and $2,590 in the first and fourth quarter of fiscal 2019 , respectively. Also included were inventory adjustments relating to the inventory step up to fair value relating to Alpha acquisition of $3,747 and $3,516 in the third and fourth quarter of fiscal 2019 , respectively. (3) Included in Operating earnings were restructuring and other exit charges of $2,372 , $6,282 , $9,417 and $2,695 for the first, second, third and fourth quarters of fiscal 2020 , respectively. (4) Included in Operating earnings were restructuring and other exit charges of $1,739 , $1,121 , $5,392 and $26,457 for the first, second, third and fourth quarters of fiscal 2019 , respectively. (5) Included in Operating earnings for the fourth quarter of fiscal 2020 were charges relating to the impairment of goodwill for $39,713 and other indefinite-lived intangibles for $4,549 . (6) Included in Operating earnings were legal proceedings settlement income of $2,843 in the third quarter and expense of $7,280 in the fourth quarter of fiscal 2019 . (7) Included in net earnings was a tax benefit of $21,000 for the second quarter of fiscal 2020 , on account of the Swiss tax reform. (8) Included in net earnings was a tax benefit of $13,483 for the third quarter of fiscal 2019 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Apr. 01, 2019USD ($) | Mar. 31, 2019segment | Mar. 31, 2020 |
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 | ||
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 | ||
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 | ||
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 | ||
Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Right-of-use asset | $ 84,878 | ||
Lease liability | 87,248 | ||
Accounting Standards Update 2018-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stranded tax effects not reclassified | $ 478 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 781,803 | $ 763,698 | $ 762,137 | $ 780,230 | $ 796,603 | $ 680,022 | $ 660,462 | $ 670,930 | $ 3,087,868 | $ 2,808,017 | $ 2,581,891 |
Contract with customer, liability, current portion | 17,342 | 15,162 | 17,342 | 15,162 | |||||||
Contract with customer, liability, noncurrent portion | 8,356 | 6,360 | 8,356 | 6,360 | |||||||
Revenue recognized | 18,697 | 6,132 | |||||||||
Unbilled contracts receivable | 39,048 | $ 38,778 | 39,048 | 38,778 | |||||||
Right to recover product | 4,198 | 4,198 | |||||||||
Refund liability | $ 6,804 | 6,804 | |||||||||
Transferred over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 142,153 | 100,809 | |||||||||
Service | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 270,704 | $ 157,236 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Rental expense | $ 40,261 | $ 38,146 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Contract term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Contract term | 17 years |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 100,420 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 76,189 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 18,767 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 5,403 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 61 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 1 year |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
Operating lease right-of-use asset | $ 70,045 |
Operating lease current liabilities | 21,128 |
Operating lease non-current liabilities | 51,215 |
Finance lease right-of-use asset | 540 |
Current portion of finance leases | 162 |
Finance leases | $ 407 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Operating Leases: | |
Operating lease cost | $ 28,855 |
Variable lease cost | 8,238 |
Short term lease cost | 7,553 |
Finance Leases: | |
Depreciation | 461 |
Interest expense | 37 |
Total | $ 45,144 |
Leases - Additional Informati_2
Leases - Additional Information Related to Leases (Details) | Mar. 31, 2020 |
Operating Leases: | |
Weighted average remaining lease term (years) | 5 years |
Weighted average discount rate | 5.17% |
Finance Leases: | |
Weighted average remaining lease term (years) | 3 years 6 months |
Weighted average discount rate | 4.92% |
Leases - Finance and Operating
Leases - Finance and Operating Lease Maturity Schedules (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Finance Leases | |
Year ended March 31, 2021 | $ 192 |
Year ended March 31, 2022 | 195 |
Year ended March 31, 2023 | 154 |
Year ended March 31, 2024 | 104 |
Year ended March 31, 2025 | 15 |
Thereafter | 10 |
Total undiscounted lease payments | 670 |
Present value discount | 101 |
Lease liability | 569 |
Operating Leases | |
Year ended March 31, 2021 | 24,603 |
Year ended March 31, 2022 | 19,452 |
Year ended March 31, 2023 | 12,951 |
Year ended March 31, 2024 | 8,437 |
Year ended March 31, 2025 | 5,552 |
Thereafter | 13,138 |
Total undiscounted lease payments | 84,133 |
Present value discount | 11,790 |
Operating lease liabilities | $ 72,343 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from finance leases | $ 37 |
Operating cash flows from operating leases | 28,593 |
Financing cash flows from finance leases | 461 |
Supplemental non-cash information on lease liabilities arising from right-of-use assets: | |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 11,902 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Prior to Adoption of Topic 842 (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 31,483 |
2021 | 24,290 |
2022 | 16,514 |
2023 | 11,596 |
2024 | 8,683 |
Thereafter | 23,757 |
Total minimum lease payments | $ 116,323 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Sep. 30, 2019USD ($) | Dec. 07, 2018USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($)acquisition |
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 663,936,000 | $ 656,399,000 | $ 663,936,000 | $ 656,399,000 | $ 352,805,000 | |||||||||
Estimated tax-deductible goodwill | 120,708,000 | 58,699,000 | 120,708,000 | 58,699,000 | ||||||||||
Number of businesses acquired | acquisition | 0 | |||||||||||||
Net sales | 781,803,000 | $ 763,698,000 | $ 762,137,000 | $ 780,230,000 | 796,603,000 | $ 680,022,000 | $ 660,462,000 | $ 670,930,000 | 3,087,868,000 | 2,808,017,000 | $ 2,581,891,000 | |||
Net loss | 1,523,000 | $ (27,305,000) | (62,698,000) | $ (48,636,000) | $ (18,546,000) | $ (48,614,000) | $ (47,447,000) | $ (46,020,000) | (137,116,000) | (160,627,000) | $ (119,833,000) | |||
NorthStar | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments to acquire businesses | $ 77,777,000 | |||||||||||||
Debt assumed | 107,018,000 | 107,018,000 | ||||||||||||
Goodwill | 73,788,000 | 73,788,000 | ||||||||||||
NorthStar | Developed Technology Rights [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired intangible assets | $ 19,000,000 | |||||||||||||
Estimated useful lives of finite-lived assets | 10 years | |||||||||||||
NorthStar | Trademarks | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired intangible assets | $ 6,000,000 | |||||||||||||
Estimated useful lives of finite-lived assets | 5 years | |||||||||||||
Estimated tax-deductible goodwill | $ 72,056,000 | $ 72,056,000 | ||||||||||||
NorthStar | Customer relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired intangible assets | $ 9,000,000 | |||||||||||||
Alpha | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments to acquire businesses | $ 650,000,000 | |||||||||||||
Debt assumed | 145,304,000 | |||||||||||||
Goodwill | 319,228,000 | |||||||||||||
Estimated tax-deductible goodwill | $ 33,926,000 | 33,926,000 | ||||||||||||
Initial purchase consideration | 750,000,000 | |||||||||||||
Consideration transferred | 742,502,000 | |||||||||||||
Acquisition cost expensed | 12,883,000 | |||||||||||||
Inventory adjustment | $ 7,263,000 | |||||||||||||
Shares issued in acquisition, value | $ 93,268,000 | |||||||||||||
Closing day spot rate (USD per share) | $ / shares | $ 79.20 | |||||||||||||
Working capital adjustment | $ 766,000 | |||||||||||||
Shares issued in acquisition (USD per share) | $ / shares | $ 84.92 | |||||||||||||
Net sales | 162,454,000 | |||||||||||||
Net loss | $ 1,252,000 | |||||||||||||
Alpha | Customer relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired intangible assets | $ 221,000,000 | |||||||||||||
Minimum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful lives of finite-lived assets | 3 years | |||||||||||||
Minimum | NorthStar | Customer relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful lives of finite-lived assets | 15 years | |||||||||||||
Maximum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful lives of finite-lived assets | 20 years | |||||||||||||
Consideration transferred | $ 250,000,000 | |||||||||||||
Maximum | NorthStar | Customer relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful lives of finite-lived assets | 18 years | |||||||||||||
Trademarks | Alpha | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired indefinite-lived intangible assets | $ 56,000,000 | |||||||||||||
Common Stock | Alpha | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Shares issued in acquisition (in shares) | shares | 1,177,630 |
Acquisitions Acquisitions - Ass
Acquisitions Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Dec. 07, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 663,936 | $ 656,399 | $ 352,805 | |
Alpha | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 115,467 | |||
Inventories | 84,297 | |||
Other current assets | 6,822 | |||
Other intangible assets | 332,000 | |||
Property, plant and equipment | 20,987 | |||
Other assets | 9,005 | |||
Total assets acquired | 568,578 | |||
Accounts payable | 35,803 | |||
Accrued liabilities | 41,918 | |||
Deferred income taxes | 54,941 | |||
Other liabilities | 12,642 | |||
Total liabilities assumed | 145,304 | |||
Net assets acquired | 423,274 | |||
Cash paid for net assets acquired | 650,000 | |||
Shares issued in acquisition, value | 93,268 | |||
Working capital adjustment | (766) | |||
Consideration transferred | 742,502 | |||
Goodwill | $ 319,228 |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets (Details) - Alpha $ in Thousands | Dec. 07, 2018USD ($) |
Business Acquisition [Line Items] | |
Other intangible assets | $ 332,000 |
Customer relationships | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years |
Acquired intangible assets | $ 221,000 |
Technology | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquired intangible assets | $ 55,000 |
Trademarks | |
Business Acquisition [Line Items] | |
Acquired indefinite-lived intangible assets | $ 56,000 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Alpha - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||
Net sales | $ 3,250,332 | $ 3,124,527 |
Net earnings attributable to EnerSys stockholders | $ 181,915 | $ 126,965 |
Net earnings per share attributable to EnerSys stockholders - basic | $ 4,190 | $ 2,900 |
Net earnings per share attributable to EnerSys stockholders - assuming dilution | $ 4,120 | $ 2,870 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 141,906 | $ 138,718 |
Work-in-process | 91,520 | 129,736 |
Finished goods | 286,034 | 235,415 |
Total | $ 519,460 | $ 503,869 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, including finance lease right-of-use asset, gross | $ 1,108,147 | ||
Property, plant and equipment, gross | $ 1,006,239 | ||
Less accumulated depreciation | (628,133) | ||
Less accumulated depreciation | (596,800) | ||
Property, plant, and equipment, net | 480,014 | ||
Total | 409,439 | $ 390,260 | |
Land, buildings, and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, including finance lease right-of-use asset, gross | 291,271 | ||
Property, plant and equipment, gross | 268,006 | ||
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, including finance lease right-of-use asset, gross | 722,955 | ||
Property, plant and equipment, gross | 683,955 | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, including finance lease right-of-use asset, gross | $ 93,921 | ||
Property, plant and equipment, gross | $ 54,278 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 56,331 | $ 48,618 | $ 45,874 |
Interest capitalized | $ 2,030 | $ 1,581 | $ 1,082 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Companys Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Intangible Assets [Line Items] | ||
Gross Amount, Total | $ 547,783 | $ 523,432 |
Accumulated Amortization ,Total | (92,098) | (61,116) |
Net Amount ,Total | 455,685 | 462,316 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Amount | 147,356 | 152,484 |
Finite-lived intangible assets, Gross Amount | 8,008 | 2,003 |
Indefinite-lived intangible assets, Accumulated Amortization | (953) | (953) |
Finite-lived intangible assets, Accumulated Amortization | (1,928) | (1,236) |
Indefinite-lived intangible assets, Net Amount | 146,403 | 151,531 |
Finite-lived intangible assets, Net Amount | 6,080 | 767 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 292,155 | 286,664 |
Finite-lived intangible assets, Accumulated Amortization | (64,855) | (42,704) |
Finite-lived intangible assets, Net Amount | 227,300 | 243,960 |
Noncompete Agreements | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 3,021 | 3,025 |
Finite-lived intangible assets, Accumulated Amortization | (2,817) | (2,807) |
Finite-lived intangible assets, Net Amount | 204 | 218 |
Patents | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 96,047 | 77,779 |
Finite-lived intangible assets, Accumulated Amortization | (20,349) | (12,229) |
Finite-lived intangible assets, Net Amount | 75,698 | 65,550 |
Licenses | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 1,196 | 1,477 |
Finite-lived intangible assets, Accumulated Amortization | (1,196) | (1,187) |
Finite-lived intangible assets, Net Amount | $ 0 | $ 290 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 772,826 | $ 772,826 | $ 725,576 | |
Amortization expense, related to finite-lived intangible assets | 31,013 | 14,730 | $ 8,443 | |
Expected amortization expense, 2018 | 32,659 | 32,659 | ||
Expected amortization expense, 2019 | 32,420 | 32,420 | ||
Expected amortization expense, 2020 | 31,122 | 31,122 | ||
Expected amortization expense, 2021 | 27,725 | 27,725 | ||
Expected amortization expense, 2022 | 26,494 | 26,494 | ||
Impairment of goodwill | 39,713 | 39,713 | 0 | $ 0 |
Impairment of indefinite-lived intangible assets | 4,549 | |||
Estimated tax-deductible goodwill | 120,708 | 120,708 | 58,699 | |
Americas | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | 582,001 | 582,001 | 528,039 | |
Impairment of goodwill | 0 | |||
EMEA | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | 145,933 | 145,933 | $ 149,422 | |
Impairment of goodwill | $ 0 | |||
Asia | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of goodwill | 39,713 | |||
Trademarks | EMEA | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of indefinite-lived intangible assets | $ 4,549 |
Goodwill and Other Intangible_5
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, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $ 656,399 | $ 352,805 | ||
Acquisitions during the year | 73,788 | 320,618 | ||
Measurement period adjustments | (1,390) | |||
Goodwill impairment charge | $ (39,713) | (39,713) | 0 | $ 0 |
Foreign currency translation adjustment | (25,148) | (17,024) | ||
Balance at end of year | 663,936 | 663,936 | 656,399 | 352,805 |
Americas | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 470,194 | 151,255 | ||
Acquisitions during the year | 72,056 | 320,618 | ||
Measurement period adjustments | (1,390) | |||
Goodwill impairment charge | 0 | |||
Foreign currency translation adjustment | (16,704) | (1,679) | ||
Balance at end of year | 524,156 | 524,156 | 470,194 | 151,255 |
EMEA | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 143,269 | 155,825 | ||
Acquisitions during the year | 1,732 | 0 | ||
Measurement period adjustments | 0 | |||
Goodwill impairment charge | 0 | |||
Foreign currency translation adjustment | (5,221) | (12,556) | ||
Balance at end of year | 139,780 | 139,780 | 143,269 | 155,825 |
Asia | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 42,936 | 45,725 | ||
Acquisitions during the year | 0 | 0 | ||
Measurement period adjustments | 0 | |||
Goodwill impairment charge | (39,713) | 0 | 0 | |
Foreign currency translation adjustment | (3,223) | (2,789) | ||
Balance at end of year | $ 0 | $ 0 | $ 42,936 | $ 45,725 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Goodwill and Goodwill Impairment Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Goodwill [Line Items] | |||
Gross carrying value | $ 772,826 | $ 725,576 | |
Accumulated goodwill impairment charges | (108,890) | (69,177) | |
Net book value | 663,936 | 656,399 | $ 352,805 |
Americas | |||
Goodwill [Line Items] | |||
Gross carrying value | 582,001 | 528,039 | |
Accumulated goodwill impairment charges | (57,845) | (57,845) | |
Net book value | 524,156 | 470,194 | 151,255 |
EMEA | |||
Goodwill [Line Items] | |||
Gross carrying value | 145,933 | 149,422 | |
Accumulated goodwill impairment charges | (6,153) | (6,153) | |
Net book value | 139,780 | 143,269 | 155,825 |
Asia | |||
Goodwill [Line Items] | |||
Gross carrying value | 44,892 | 48,115 | |
Accumulated goodwill impairment charges | (44,892) | (5,179) | |
Net book value | $ 0 | $ 42,936 | $ 45,725 |
Prepaid and Other Current Ass_3
Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Contract assets | $ 39,048 | $ 38,778 |
Prepaid non-income taxes | 23,069 | 22,490 |
Non-trade receivables | 19,380 | 10,823 |
Prepaid income taxes | 13,062 | 9,608 |
Other | 26,034 | 27,732 |
Total | $ 120,593 | $ 109,431 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 62,131 | $ 54,285 |
Accrued selling expenses | 43,292 | 35,394 |
Warranty | 27,766 | 21,646 |
Operating lease liabilities | 21,128 | |
VAT and other non-income taxes | 14,209 | 17,125 |
Project related accruals | 0 | 16,301 |
Contract liabilities | 17,342 | 15,162 |
Freight | 14,222 | 14,423 |
Income taxes payable | 304 | 9,234 |
Legal proceedings | 0 | 7,258 |
Interest | 11,180 | 7,248 |
Tax Act - Transition Tax | 6,172 | 5,290 |
Restructuring | 3,325 | 2,952 |
Pension | 1,350 | 1,207 |
Other | 49,319 | 48,356 |
Total | $ 271,740 | $ 255,881 |
Debt - Long Term Debt (Detail)
Debt - Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ (8,493) | $ (5,559) |
Debt and Lease Obligation | 1,113,224 | 977,315 |
Long-term Debt and Lease Obligation | 1,104,731 | 971,756 |
Senior Unsecured 5.00% Due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 600,000 | 300,000 |
Unamortized Debt Issuance Expense | (6,306) | (2,497) |
Incremental Commitment Agreement [Member] | Secured Debt [Member] | 2017 Revolver borrowings | ||
Debt Instrument [Line Items] | ||
Incremental term loan commitment | 513,224 | 677,315 |
Unamortized Debt Issuance Expense | $ (2,187) | $ (3,062) |
Debt - Additional Information (
Debt - Additional Information (Detail) | Dec. 11, 2019USD ($) | Aug. 04, 2017USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 29, 2019 | Dec. 28, 2019 | Dec. 07, 2018USD ($) | Dec. 07, 2018CAD ($) | Sep. 30, 2018 | Aug. 03, 2017USD ($) | Apr. 23, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Increase in borrowing capacity | $ 325,000,000 | ||||||||||||
Company owned capital stock percentage | 65.00% | ||||||||||||
Weighted-average interest rate | 3.70% | 4.10% | |||||||||||
Short term borrowing outstanding amount | $ 46,544,000 | $ 54,490,000 | |||||||||||
Short-term debt, weighted-average interest rates | 3.00% | 4.00% | |||||||||||
Payments of debt issuance costs | $ 1,393,000 | $ 2,677,000 | |||||||||||
Write off of deferred debt issuance costs | 483,000 | 301,000 | |||||||||||
Deferred financing fees, net of accumulated amortization | $ 8,493,000 | 5,559,000 | |||||||||||
Amortization expense included in interest expense | 1,673,000 | 1,316,000 | 1,302,000 | ||||||||||
2027 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 300,000,000 | ||||||||||||
Interest rate of debt instrument | 4.375% | ||||||||||||
Proceeds from debt, net | $ 296,250,000 | ||||||||||||
Debt issuance costs | 4,607,000 | ||||||||||||
2023 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 300,000,000 | ||||||||||||
Interest rate of debt instrument | 5.00% | ||||||||||||
Convertible Notes Payable | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Available lines of credit | 693,640,000 | 546,960,000 | |||||||||||
Stand by letters of credit | 7,720,000 | 3,955,000 | |||||||||||
Uncommitted remaining borrowing capacity | 105,946,000 | 87,685,000 | |||||||||||
2038 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest paid | 38,632,000 | $ 29,552,000 | $ 23,527,000 | ||||||||||
Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Consideration transferred | $ 250,000,000 | ||||||||||||
Amended 2017 Term Loan | Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 99,105,000 | $ 133,050,000 | |||||||||||
Amended 2017 Term Loan | Secured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 449,105,000 | ||||||||||||
Amended 2017 Revolver [Member] | Secured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 700,000,000 | ||||||||||||
2017 Revolver borrowings | Secured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 299,105,000 | ||||||||||||
Face value of debt instrument | $ 150,000,000 | ||||||||||||
Available lines of credit | 405,224,000 | ||||||||||||
2017 Revolver borrowings | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 600,000,000 | $ 100,000,000 | |||||||||||
Available lines of credit | 108,000,000 | ||||||||||||
Long term debt and capital lease obligation, current | $ 38,859,000 | ||||||||||||
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 | ||||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2018 Through December 30, 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic payment | 5,645,000 | ||||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2019 Through December 30, 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic payment | 8,468,000 | ||||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2020 Through September 29, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic payment | 11,290,000 | ||||||||||||
Debt Instrument Final Installments Payable On September 30, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic payment | $ 320,000,000 | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest at a floating rate | 1.50% | ||||||||||||
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% | ||||||||||||
Fed Funds Effective Rate Overnight Index 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% | ||||||||||||
CDOR Rate [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest at a floating rate | 0.50% | ||||||||||||
Measurement Input, Maximum Leverage Ratio [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Measurement input | 4 | 3.50 | 4 | 3.50 | |||||||||
Debt Instrument, Redemption, Period One | 2027 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 100.00% | ||||||||||||
Debt Instrument, Redemption, Period Two | 2027 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 100.00% | ||||||||||||
Debt Instrument, Redemption, Period Three | 2027 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 101.00% |
Other Liabilities (Detail)
Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Tax Act - Transition Tax | $ 58,630 | $ 55,489 |
Operating lease liabilities | 51,215 | |
Pension | 40,496 | 39,924 |
Warranty | 35,759 | 32,922 |
Liability for uncertain tax positions | 8,080 | 20,240 |
Contract liabilities | 8,356 | 6,360 |
Other | 11,280 | 10,265 |
Total | $ 213,816 | $ 165,200 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ (2,432) | $ (1,151) |
Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (2,433) | (902) |
Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 1 | (249) |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (2,432) | (1,151) |
Significant Other Observable Inputs (Level 2) | Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (2,433) | (902) |
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ 1 | $ (249) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 05, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 11, 2019 | Apr. 23, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fixed asset impairment | $ 14,958,000 | |||||
2023 Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | $ 300,000,000 | |||||
Interest rate of debt instrument | 5.00% | |||||
Trading of convertible notes, face value, disclosed as a percentage | 97.00% | 99.00% | ||||
2027 Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | $ 300,000,000 | |||||
Interest rate of debt instrument | 4.375% | |||||
Trading of convertible notes, face value, disclosed as a percentage | 94.00% | |||||
EMEA | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Intangible asset impairment | $ 4,549,000 | $ 0 | $ 0 | |||
Fair Value, Measurements, Nonrecurring | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of fixed assets | 242,000 | |||||
Trademarks | EMEA | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of fixed assets | 1,700,000 | |||||
Intangible asset impairment | $ 4,549,000 | |||||
Royalty Rate | Trademarks | EMEA | Maximum | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Measurement inputs | 0.0125 | |||||
Discount Rate | Trademarks | EMEA | Minimum | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Measurement inputs | 0.130 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives assets, Carrying Amount | $ 0 | $ 0 |
Derivatives liabilities, Carrying Amount | 2,432 | 1,151 |
Derivatives assets, Fair Value | 0 | 0 |
Derivatives liabilities, Fair Value | 2,432 | 1,151 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | 600,000 | 300,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 573,000 | $ 297,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | |
Mar. 31, 2020USD ($)lb | Mar. 31, 2019USD ($)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 | $ 7,635 | |
Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Hedge forward contracts, maturity | 1 year | |
Derivative, nonmonetary notional amount, mass | lb | 35 | 42 |
Total purchase price of derivative | $ 30,078 | $ 39,218 |
Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 34,008 | 42,318 |
Not Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 42,232 | $ 22,201 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | $ 0 | $ 0 |
Derivatives liabilities, Fair Value | 2,432 | 1,151 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Derivatives liabilities, Fair Value | 2,807 | 910 |
Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 374 | 8 |
Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 2,433 | 902 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 375 | 0 |
Derivatives liabilities, Fair Value | 0 | 241 |
Not Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 375 | 0 |
Not Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 0 | 241 |
Not Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume_5
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ (8,737) | $ (10,980) | $ (4,329) |
Gain (Loss) Reclassified from AOCI (Effective Portion) | (1,151) | (15,281) | 3,142 |
Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (8,683) | (12,531) | (805) |
Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (54) | 1,551 | (3,524) |
Cost of Sales | Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | (1,690) | (15,666) | 5,860 |
Cost of Sales | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | $ 539 | $ 385 | $ (2,718) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ (178) | $ (1,856) | $ 180 |
Other (Income) Expense | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ (178) | $ (1,856) | $ 180 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Current: | ||||
Federal | $ 9,185,000 | $ 6,377,000 | $ 115,315,000 | |
State | 2,561,000 | 5,027,000 | 3,461,000 | |
Foreign | 14,561,000 | 16,636,000 | 20,030,000 | |
Total current income tax expense | 26,307,000 | 28,040,000 | 138,806,000 | |
Deferred income tax (benefit) expense | ||||
Federal | 5,489,000 | (5,031,000) | (9,551,000) | |
State | 741,000 | (669,000) | 789,000 | |
Foreign | (22,716,000) | (756,000) | (11,551,000) | |
Total deferred income tax (benefit) expense | (16,486,000) | (6,456,000) | (20,313,000) | |
Income tax expense | $ 21,000 | $ 9,821,000 | $ 21,584,000 | $ 118,493,000 |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earning Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 36,193 | $ 53,339 | $ 74,440 |
Foreign | 110,744 | 128,872 | 163,886 |
Earnings before income taxes | $ 146,937 | $ 182,211 | $ 238,326 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Income Tax Contingency [Line Items] | ||||||
Income taxes paid | $ 48,653,000 | $ 53,866,000 | $ 28,044,000 | |||
Blended rate | 21.00% | 21.00% | 31.55% | |||
Provisional Transition Tax liability | $ 97,500,000 | |||||
Income tax expense (benefit) | $ 13,483,000 | |||||
Net operating loss carryforwards carried forward indefinitely | 112,405,000 | |||||
Net operating loss carryforwards subject to expiration | (45,847,000) | |||||
Valuation allowance | 20,951,000 | $ 17,519,000 | ||||
Income tax expense | $ 21,000 | 9,821,000 | $ 21,584,000 | $ 118,493,000 | ||
Effective income tax rates | 6.70% | 11.90% | 49.70% | |||
Deferred tax asset | 22,500,000 | |||||
Foreign pre-tax income | $ 110,744,000 | $ 128,872,000 | $ 163,886,000 | |||
Foreign pre-tax income, percent | (7.40%) | 12.30% | 5.20% | |||
Tax rate of Swiss subsidiary | 3.00% | 4.00% | 8.00% | |||
Undistributed earnings of foreign subsidiaries | $ 1,376,000,000 | $ 1,167,000,000 | ||||
Unrecognized tax benefits | $ 7,795,000 | 20,165,000 | $ 1,568,000 | $ 1,450,000 | ||
Estimated change in unrecognized tax benefit in fiscal 2015 | 1,250,000 | |||||
Tax related interest and penalties | 285,000 | 75,000 | ||||
Foreign | ||||||
Income Tax Contingency [Line Items] | ||||||
United States federal net operating loss carryforwards | 158,252,000 | |||||
Valuation allowance | 20,055,000 | 15,594,000 | ||||
Increase (decrease) in deferred tax asset | 4,461,000 | |||||
Income tax expense | 4,351,000 | |||||
Federal | ||||||
Income Tax Contingency [Line Items] | ||||||
United States federal net operating loss carryforwards | 1,258,000 | |||||
Valuation allowance | 0 | 1,027,000 | ||||
State | ||||||
Income Tax Contingency [Line Items] | ||||||
United States federal net operating loss carryforwards | 34,473,000 | |||||
Valuation allowance | 896,000 | $ 898,000 | ||||
Foreign Currency Translation Adjustment And Offset Adjustment To Net Operating Losses | Foreign | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in deferred tax asset | 110,000 | |||||
Alpha | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized tax benefits | 769,000 | |||||
Indemnification asset | 769,000 | |||||
Alpha | Federal | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in deferred tax asset | $ (1,027,000) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Deferred tax assets: | ||
Accounts receivable | $ 1,110 | $ 1,297 |
Inventories | 5,010 | 4,081 |
Net operating loss carryforwards | 44,340 | 48,423 |
Accrued expenses | 26,113 | 21,574 |
Deferred Tax Assets, Deferred Expense, Capitalized Research and Development Costs | 0 | 7,061 |
Other assets | 19,793 | 17,656 |
Gross deferred tax assets | 96,366 | 100,092 |
Less valuation allowance | (20,951) | (17,519) |
Total deferred tax assets | 75,415 | 82,573 |
Deferred tax liabilities: | ||
Property, plant and equipment | 30,229 | 25,656 |
Intangible assets | 66,529 | 96,826 |
Other liabilities | 1,217 | 1,737 |
Total deferred tax liabilities | 97,975 | 124,219 |
Net deferred tax liabilities | $ (22,560) | $ (41,646) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
United States statutory income tax expense | $ 30,857,000 | $ 38,264,000 | $ 75,196,000 | ||
Impact of Tax Act | $ 13,483,000 | 0 | (13,483,000) | 83,400,000 | |
State income taxes, net of federal effect | 2,764,000 | 3,285,000 | 3,146,000 | ||
Nondeductible expenses, domestic manufacturing deduction (fiscal 2018) and other | 5,953,000 | 4,378,000 | 2,008,000 | ||
Legal proceedings charge - European Competition Investigations | 0 | 2,405,000 | 0 | ||
Net effect of GILTI, FDII, BEAT | 3,025,000 | 2,320,000 | 0 | ||
Goodwill impairment - See Note 7 | 10,714,000 | 0 | 0 | ||
Effect of foreign operations | (17,605,000) | (16,763,000) | (35,048,000) | ||
Valuation allowance | 4,349,000 | 2,879,000 | (9,279,000) | ||
Switzerland Tax Reform | (26,846,000) | 0 | 0 | ||
Research and Development Credit | (3,390,000) | (1,701,000) | (930,000) | ||
Income tax expense | $ 21,000 | $ 9,821,000 | $ 21,584,000 | $ 118,493,000 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning balance | $ 20,165 | $ 1,568 | $ 1,450 |
Increases related to current year tax positions | 598 | 129 | 397 |
Increases related to the Alpha acquisition | 769 | 7,840 | 0 |
Increases related to prior year tax positions | 0 | 11,463 | 11 |
Decreases related to prior tax positions due to foreign currency translation | (11,463) | (544) | 0 |
Decreases related to prior year tax positions | 0 | (93) | (1) |
Lapse of statute of limitations | (2,274) | (198) | (289) |
Unrecognized tax benefits, ending balance | $ 7,795 | $ 20,165 | $ 1,568 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ (43) | $ (45) | $ (46) |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 616 | 631 | 658 |
Expected return on plan assets | (448) | (514) | (496) |
Amortization and deferral | 188 | 184 | 303 |
Net periodic benefit cost | 356 | 301 | 465 |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 906 | 997 | 1,025 |
Interest cost | 1,485 | 1,831 | 1,795 |
Expected return on plan assets | (2,136) | (2,151) | (2,264) |
Amortization and deferral | 910 | 1,520 | 1,468 |
Net periodic benefit cost | $ 1,165 | $ 2,197 | $ 2,024 |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
United States Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | $ 16,647 | $ 16,713 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 616 | 631 | 658 |
Benefits paid, inclusive of plan expenses | (1,132) | (1,061) | |
Plan curtailments and settlements | 0 | 0 | |
Experience loss | 1,980 | 364 | |
Foreign currency translation adjustment | 0 | 0 | |
Benefit obligation at the end of the period | 18,111 | 16,647 | 16,713 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 13,763 | 13,928 | |
Actual return on plan assets | (649) | 758 | |
Employer contributions | 54 | 138 | |
Benefits paid, inclusive of plan expenses | (1,132) | (1,061) | |
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 | 12,036 | 13,763 | 13,928 |
Funded status deficit | (6,075) | (2,884) | |
International Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | 75,038 | 82,033 | |
Service cost | 906 | 997 | 1,025 |
Interest cost | 1,485 | 1,831 | 1,795 |
Benefits paid, inclusive of plan expenses | (2,262) | (1,758) | |
Plan curtailments and settlements | (678) | (1,130) | |
Experience loss | (3,024) | (261) | |
Foreign currency translation adjustment | (2,863) | (6,674) | |
Benefit obligation at the end of the period | 68,602 | 75,038 | 82,033 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 36,791 | 38,757 | |
Actual return on plan assets | (1,605) | 2,109 | |
Employer contributions | 2,098 | 1,670 | |
Benefits paid, inclusive of plan expenses | (2,262) | (1,758) | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | (482) | (1,130) | |
Foreign currency translation adjustment | (1,709) | (2,857) | |
Fair value of plan assets at the end of the period | 32,831 | 36,791 | $ 38,757 |
Funded status deficit | $ (35,771) | $ (38,247) |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (41,846) | $ (41,131) |
Accrued expenses | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | (1,350) | (1,207) |
Other liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (40,496) | $ (39,924) |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Retirement Benefits [Abstract] | |||
Prior service cost | $ 258 | $ 307 | $ 385 |
Net loss | (25,796) | (24,051) | (27,762) |
Net amount recognized | $ 26,054 | $ 24,358 | $ 28,147 |
Retirement Plans - Summary Chan
Retirement Plans - Summary Changes in Plan Assets and Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [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 | 3,793 | (99) | (1,953) |
Effect of exchange rates on amounts included in AOCI | (804) | (1,984) | 3,019 |
Amounts recognized as a component of net periodic benefit costs: | |||
Amortization of prior service cost | (43) | (45) | (46) |
Amortization or settlement recognition of net loss | (1,250) | (1,659) | (1,725) |
Total recognized in other comprehensive income | $ 1,696 | $ (3,787) | $ (705) |
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 | Mar. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
Prior service cost | $ (43) |
Net loss | (1,462) |
Net amount expected to be recognized | $ (1,505) |
Retirement Plans - Summary of A
Retirement Plans - Summary of Accumulated Benefit Obligation Related to All Defined Pension Plans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 18,110 | $ 16,647 |
Accumulated benefit obligation | 18,110 | 16,647 |
Fair value of plan assets | 12,036 | 13,763 |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 68,603 | 75,038 |
Accumulated benefit obligation | 65,337 | 71,350 |
Fair value of plan assets | 32,831 | 36,791 |
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 | 30,773 | 32,320 |
Accumulated benefit obligation | 28,926 | 30,328 |
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 | 18,110 | 16,647 |
Accumulated benefit obligation | 18,110 | 16,647 |
Fair value of plan assets | 12,036 | 13,763 |
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 | 68,603 | 74,235 |
Accumulated benefit obligation | 65,337 | 70,654 |
Fair value of plan assets | $ 32,831 | $ 36,077 |
Retirement Plans - Significant
Retirement Plans - Significant Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
United States Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.80% | 3.90% | 4.10% | |
Expected return on plan assets | 6.30% | 6.30% | 6.80% | |
International Plans | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 1.00% | 1.40% | 1.50% | |
Expected return on plan assets | 4.30% | 4.10% | 3.60% | |
Rate of compensation increase | 2.00% | 1.80% | 1.50% | |
International Plans | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 2.70% | 3.30% | 3.50% | |
Expected return on plan assets | 6.00% | 6.00% | 6.30% | |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Retirement Plans - Significan_2
Retirement Plans - Significant Assumptions Used to Determine Projected Benefit Obligations (Detail) | Mar. 31, 2020 | Mar. 31, 2019 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.00% | 3.80% |
International Plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.30% | 1.00% |
Rate of compensation increase | 2.00% | 2.00% |
International Plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.30% | 2.70% |
Rate of compensation increase | 3.50% | 4.00% |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions to pension plans in 2014 | $ 2,398 | ||
Defined Contribution Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | 15,835 | $ 12,078 | $ 8,931 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | 54 | 138 | |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $ 2,098 | $ 1,670 | |
International Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 65.00% | ||
Minimum | United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 40.00% | ||
Maximum | United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 75.00% |
Retirement Plans - Summary of P
Retirement Plans - Summary of Pension Plan Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 12,036 | $ 13,763 | $ 13,928 |
United States Plans | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 12,036 | 13,763 | |
United States Plans | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 1,221 | 1,080 | |
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 | 1,221 | 1,080 | |
United States Plans | US Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 6,860 | 8,275 | |
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 | 6,860 | 8,275 | |
United States Plans | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
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 | 0 | |
United States Plans | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 3,955 | 4,408 | |
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 | 3,955 | 4,408 | |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 32,831 | 36,791 | $ 38,757 |
International Plans | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 141 | 83 | |
International Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 32,690 | 36,708 | |
International Plans | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 141 | 83 | |
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 | 141 | 83 | |
International Plans | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 20,059 | 23,875 | |
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 | 20,059 | 23,875 | |
International Plans | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 12,631 | 12,833 | |
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 | $ 12,631 | $ 12,833 |
Retirement Plans - Summary of E
Retirement Plans - Summary of Estimated Future Benefit Payments (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] (Deprecated 2017-01-31) | |
2021 | $ 2,835 |
2022 | 2,907 |
2023 | 3,135 |
2024 | 3,258 |
2025 | 3,768 |
Years 2026-2030 | $ 20,353 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 07, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Class of Stock [Line Items] | ||||
Nonvested stock, weighted average remaining contractual term | 26 months | |||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
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 | 581,140 | 726,347 | 1,756,831 | |
Repurchased common stock value | $ 34,561 | $ 56,436 | $ 121,191 | |
Treasury stock, shares (in shares) | 12,791,503 | 12,227,773 | ||
Shares issued in ESPP (USD per share) | $ 62.55 | $ 62.55 | ||
Accelerated Share Repurchase Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchased and Retired During Period, Shares | 1,495,714 | |||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 100,000 | |||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 66.86 | |||
Alpha | ||||
Class of Stock [Line Items] | ||||
Initial purchase consideration | $ 750,000 | |||
Payments to acquire businesses | 650,000 | |||
Shares issued in acquisition, value | $ 93,268 | |||
Shares issued in acquisition (USD per share) | $ 84.92 | |||
Common Stock | Alpha | ||||
Class of Stock [Line Items] | ||||
Shares issued in employee stock purchase plan (in shares) | 17,410 | 3,256 | ||
Shares issued in acquisition (in shares) | 1,177,630 |
Change in Number of Shares of C
Change in Number of Shares of Common Stock Outstanding (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding, beginning balance | 42,620,750 | 41,915,000 | 43,447,536 |
Purchase of treasury stock | (581,140) | (726,347) | (1,756,831) |
Shares issued in acquisition (in shares) | 1,177,630 | ||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 283,695 | 254,467 | 224,295 |
Shares outstanding, ending balance | 42,323,305 | 42,620,750 | 41,915,000 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | $ (142,682) | $ (41,717) | $ (152,824) |
Before Reclassifications | (74,019) | (114,029) | 112,279 |
Amount Reclassified from AOCI | 1,695 | 13,064 | (1,172) |
Ending Balance | (215,006) | (142,682) | (41,717) |
Pension funded status adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (20,791) | (22,503) | (25,555) |
Before Reclassifications | (2,819) | 339 | 1,692 |
Amount Reclassified from AOCI | 816 | 1,373 | 1,360 |
Ending Balance | (22,794) | (20,791) | (22,503) |
Net unrealized gain (loss) on derivative instruments | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (130) | (3,425) | 1,975 |
Before Reclassifications | (6,672) | (8,396) | (2,868) |
Amount Reclassified from AOCI | 879 | 11,691 | (2,532) |
Ending Balance | (5,923) | (130) | (3,425) |
Foreign currency translation adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (121,761) | (15,789) | (129,244) |
Before Reclassifications | (64,528) | (105,972) | 113,455 |
Amount Reclassified from AOCI | 0 | 0 | 0 |
Ending Balance | $ (186,289) | $ (121,761) | $ (15,789) |
Stockholders Equity and Noncont
Stockholders Equity and Noncontrolling Interests Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | $ 2,301,148,000 | $ 2,104,612,000 | $ 1,920,030,000 | ||||||||
Income tax expense | $ 21,000 | 9,821,000 | 21,584,000 | 118,493,000 | |||||||
Net earnings attributable to EnerSys stockholders | $ 1,523,000 | $ (27,305,000) | $ (62,698,000) | $ (48,636,000) | $ (18,538,000) | $ (48,417,000) | $ (47,424,000) | $ (45,860,000) | (137,116,000) | (160,239,000) | (119,594,000) |
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 | 1,151,000 | 15,281,000 | (3,142,000) | ||||||||
Income tax expense | (272,000) | (3,590,000) | 610,000 | ||||||||
Net earnings attributable to EnerSys stockholders | 879,000 | 11,691,000 | (2,532,000) | ||||||||
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 | 1,098,000 | 1,704,000 | 1,771,000 | ||||||||
Income tax expense | (282,000) | (331,000) | (411,000) | ||||||||
Net earnings attributable to EnerSys stockholders | $ 816,000 | $ 1,373,000 | $ 1,360,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 3,593,817 | ||
Stock options granted | 284,109 | 192,700 | 169,703 |
Stock-based compensation expense | $ 2,996 | $ 634 | $ 2,741 |
Stock-based compensation expense, net of tax | $ 565 | $ 3,251 | $ 700 |
Market price per unit of stock award | $ 58.05 | $ 75.32 | $ 73.39 |
Unrecognized compensation expense associated with non-vested incentive awards outstanding | $ 44,633 | ||
Nonvested stock, weighted average remaining contractual term | 26 months | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 58.05 | ||
Stock unit grant during period | 342,930 | ||
Restricted Shares Restricted Stock Units and Market Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 17,784 | $ 19,357 | $ 16,712 |
Stock unit grant during period | 1,147 | 1,441 | 1,345 |
Equity-based compensation expense, tax benefit | $ 2,544 | $ 3,085 | $ 3,325 |
Non Employee Directors | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 40,462 | 35,065 | 33,408 |
Market price per unit of stock award | $ 39.74 | $ 46.30 | $ 46.24 |
Management | Nonqualified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 284,109 | ||
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 | $ 57.75 | $ 75.17 | $ 83.14 |
Stock unit grant during period | 301,321 | 204,599 | 161,229 |
Management | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 50.69 | $ 68.48 | |
Stock unit grant during period | 62,512 | 45,883 | |
Management | Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 62.05 | $ 86.23 | $ 105.74 |
Stock unit grant during period | 51,063 | 36,646 | 60,187 |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Number of options | ||||
Number of Options outstanding, Beginning Balance | 554,906 | 545,590 | 451,668 | |
Number of Options, Granted | 284,109 | 192,700 | 169,703 | |
Number of Options, Exercised | (24,826) | (171,630) | (62,197) | |
Number of Options, Forfeited | (22,607) | (11,754) | (11,495) | |
Number of Options, Expired | 2,089 | |||
Number of Options outstanding, Ending Balance | 791,582 | 554,906 | 545,590 | 451,668 |
Number of Options, Exerciseable | 350,660 | |||
Number of Options, Vested and Expected to Vest | 777,307 | |||
Options outstanding, Weighted Average Remaining Contract Term | ||||
Options outstanding, Weighted Average Remaining Contract Term (Years) | 7 years 9 months 18 days | 8 years | 8 years 4 months 24 days | 8 years 4 months 24 days |
Options exercisable, Weighted Average Remaining Contract Term (Years) | 6 years 4 months 24 days | |||
Options vested and expected to vest, Weighted Average Remaining Contract Term (Years) | 7 years 9 months 18 days | |||
Weighted average exercise price | ||||
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $ 72.31 | $ 68.65 | $ 62.29 | |
Weighted Average Exercise Price, Granted | 57.75 | 75.17 | 83.14 | |
Weighted Average Exercise Price, Exercised | 57.60 | 63.66 | 63.44 | |
Weighted Average Exercise Price, Expired | 72.19 | 75.17 | 70.22 | |
Weighted Average Exercise Price, Forfeited | 18.25 | |||
Options outstanding, Weighted Average Exercise Price, Ending Balance | 67.55 | $ 72.31 | $ 68.65 | $ 62.29 |
Options exercisable, Weighted Average Exercise Price | 70.65 | |||
Weighted Average Exercise Price, Vested and Expected to Vest | $ 67.66 | |||
Aggregate intrinsic value | ||||
Options outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 1,040 | $ 2,679 | $ 7,520 | |
Options exercised, aggregate intrinsic value | 383 | 2,707 | 1,132 | |
Options forfeited, aggregate intrinsic value | 88 | 75 | ||
Options expired, aggregate intrinsic value | 137 | |||
Options outstanding, Aggregate Intrinsic Value, Ending Balance | 0 | $ 1,040 | $ 2,679 | $ 7,520 |
Options exercisable, Aggregate Intrinsic Value | 0 | |||
Options vested and expected to vest, aggregate intrinsic value | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Information Regarding Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of Options | shares | 791,582 |
Weighted Average Remaining Contractual Life | 7 years 9 months 18 days |
Weighted Average Exercise Price | $ / shares | $ 67.55 |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 791,582 | ||
Weighted Average Remaining Contractual Life | 7 years 9 months 18 days | ||
Weighted Average Exercise Price | $ 67.55 | ||
Performance Market Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.50% | 2.66% | 1.57% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Time of maturity, in years | 3 years | 3 years | 3 years |
Expected volatility | 34.39% | 26.41% | 27.49% |
Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.52% | 2.77% | 2.08% |
Dividend yield | 1.21% | 0.93% | 0.84% |
Time of maturity, in years | 6 years | 6 years | 6 years |
Expected volatility | 29.10% | 26.80% | 29.20% |
$55.00-$60.00 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 391,986 | ||
Weighted Average Remaining Contractual Life | 8 years 4 months 24 days | ||
Weighted Average Exercise Price | $ 57.71 | ||
$65.01-$70.00 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 73,368 | ||
Weighted Average Remaining Contractual Life | 4 years 9 months 18 days | ||
Weighted Average Exercise Price | $ 68.82 | ||
$75.01-$83.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 326,228 | ||
Weighted Average Remaining Contractual Life | 7 years 7 months 6 days | ||
Weighted Average Exercise Price | $ 79.10 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Changes in Restricted Stock Units and Market Share Units (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Granted | $ 58.05 | $ 75.32 | $ 73.39 |
Restricted Stock Units (RSUs) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 721,647 | ||
Number of RSU and MSU, Granted | 342,930 | ||
Number of RSU and MSU, Stock dividend | 9,108 | ||
Number of RSU and MSU, Vested | (169,486) | ||
Number of RSU and MSU, cancelled | (23,864) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 880,335 | 721,647 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 57.72 | ||
Weighted Average Grant Date Fair Value, Granted | 58.05 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 55.83 | ||
Weighted Average Grant Date Fair Value, Vested | 70.18 | ||
Weighted Average Grant Date Fair Value, Canceled | 69.56 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 55.61 | $ 57.72 | |
Market Share Unit Number (MSU) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 352,584 | ||
Number of RSU and MSU, Granted | 51,063 | ||
Number of RSU and MSU, Stock dividend | 2,226 | ||
Number of RSU and MSU, Performance factor | 0 | ||
Number of RSU and MSU, Vested | (172,314) | ||
Number of RSU and MSU, cancelled | (24,839) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 208,720 | 352,584 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 72.83 | ||
Weighted Average Grant Date Fair Value, Granted | 62 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 81.97 | ||
Weighted Average Grant Date Fair Value, Performance factor | 0 | ||
Weighted Average Grant Date Fair Value, Vested | 59.95 | ||
Weighted Average Grant Date Fair Value, Canceled | 74.83 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 80.78 | $ 72.83 | |
Performance condition-based Share Units (PSU) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 42,526 | ||
Number of RSU and MSU, Granted | 62,512 | ||
Number of RSU and MSU, Stock dividend | 990 | ||
Number of RSU and MSU, Performance factor | 0 | ||
Number of RSU and MSU, Vested | 0 | ||
Number of RSU and MSU, cancelled | (4,898) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 101,130 | 42,526 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 68.48 | ||
Weighted Average Grant Date Fair Value, Granted | 50.65 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 58.74 | ||
Weighted Average Grant Date Fair Value, Performance factor | 0 | ||
Weighted Average Grant Date Fair Value, Vested | 0 | ||
Weighted Average Grant Date Fair Value, Canceled | 65.78 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 57.49 | $ 68.48 |
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, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to EnerSys stockholders | $ (1,523) | $ 27,305 | $ 62,698 | $ 48,636 | $ 18,538 | $ 48,417 | $ 47,424 | $ 45,860 | $ 137,116 | $ 160,239 | $ 119,594 |
Basic (in shares) | 42,411,834 | 42,335,023 | 42,612,036 | ||||||||
Dilutive effect of: | |||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares) | 484,941 | 673,929 | 507,820 | ||||||||
Diluted weighted-average number of common shares outstanding (in shares) | 42,896,775 | 43,008,952 | 43,119,856 | ||||||||
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ (0.04) | $ 0.65 | $ 1.48 | $ 1.14 | $ 0.43 | $ 1.14 | $ 1.13 | $ 1.09 | $ 3.23 | $ 3.79 | $ 2.81 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ (0.04) | $ 0.64 | $ 1.47 | $ 1.13 | $ 0.42 | $ 1.12 | $ 1.11 | $ 1.08 | $ 3.20 | $ 3.73 | $ 2.77 |
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares) | 698,546,000 | 355,728,000 | 59,482,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - Accelerated Share Repurchase Agreement [Member] | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Stock Repurchased and Retired During Period, Shares | shares | 1,495,714 |
Accelerated Share Repurchases, Final Price Paid Per Share | $ / shares | $ 66.86 |
Commitments, Contingencies an_2
Commitments, Contingencies and Litigation - Additional Information (Detail) € in Thousands | Jun. 11, 2013USD ($) | Jun. 11, 2013EUR (€) | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | Mar. 31, 2020USD ($)Employee | Mar. 31, 2019USD ($) |
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Reserves of environmental liabilities | $ 1,060,000 | $ 1,081,000 | ||||||||
Company number of employees | Employee | 11,400 | |||||||||
Percentage of employees covered by collective bargaining agreements | 29.00% | |||||||||
Percentage of collective bargaining agreements that expire in next twelve months | 12.00% | |||||||||
Average term of collective bargaining agreements | 2 years | |||||||||
Longest term of collective bargaining agreements | 3 years | |||||||||
Litigation settlement, amount awarded from other party | $ 2,756,000 | € 2,000 | $ 2,843 | |||||||
Belgium Anti-Competition Proceeding | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Penalties paid relating to anti-competition investigations | $ 1,962,000 | |||||||||
Legal proceedings charge | $ 2,402 | |||||||||
Germany Anti-competition Proceedings | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Penalties paid relating to anti-competition investigations | $ 14,811,000 | |||||||||
Legal proceedings charge | 7,258,000 | |||||||||
Reserves for anti-competition investigations | $ 7,258,000 | $ 0 | $ 7,258,000 | |||||||
Dutch Anti-Competition Proceedings [Member] | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Penalties paid relating to anti-competition investigations | $ 11,229,000 | |||||||||
Settled Litigation [Member] | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Litigation settlement, amount awarded from other party | $ 2,843,000 | € 2,500 |
Restructuring, Exit and Other_2
Restructuring, Exit and Other Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)Employee | Oct. 01, 2017USD ($) | Mar. 31, 2020USD ($)Employee | Mar. 31, 2019USD ($)Employee | Mar. 31, 2018USD ($)Employee | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 2,695 | $ 9,417 | $ 6,282 | $ 2,372 | $ 26,457 | $ 5,392 | $ 1,121 | $ 1,739 | $ 20,766 | $ 34,709 | $ 5,481 | |||||
Write-off of assets relating to restructuring and other exit charges | 10,986 | 26,308 | 3,736 | |||||||||||||
Restructuring Related to Sale of Geräte- und Akkumulatorenwerk Zwickau GmbH | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 4,930 | |||||||||||||||
Restructuring Charges Relating to Dissolving Joint Venture in Tunisia | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 957 | |||||||||||||||
ITALY | Restructurings Related to Improving Efficiency of Motive Power Assembly and Distribution Center | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 6,568 | 85 | $ 1,251 | $ 5,232 | ||||||||||||
Expected reduction in number of employees | Employee | 130 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 499 | 3,037 | $ 2,993 | |||||||||||||
ITALY | Employee Severance | Restructurings Related to Improving Efficiency of Motive Power Assembly and Distribution Center | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 6,161 | |||||||||||||||
ITALY | Other Charges | Restructurings Related to Improving Efficiency of Motive Power Assembly and Distribution Center | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 407 | |||||||||||||||
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 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 4,714 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,682 | 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 | 975 | 3,104 | $ 2,260 | |||||||||||||
Expected reduction in number of employees | Employee | 80 | |||||||||||||||
Restructuring reserve | 817 | 817 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 7,500 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,193 | 2,844 | 1,350 | |||||||||||||
Expected remaining restructuring charges | 1,100 | 1,100 | ||||||||||||||
EMEA | Restructurings Related to Improving Efficiencies of Operations in EMEA - 2019 Plan | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 575 | $ 347 | ||||||||||||||
Expected reduction in number of employees | Employee | 35 | |||||||||||||||
Restructuring reserve | 48 | 48 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 2,500 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 784 | 83 | ||||||||||||||
EMEA | Restructurings Related to Improving Efficiencies of Operations in EMEA - 2020 Plan | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 5,422 | |||||||||||||||
Expected reduction in number of employees | Employee | 70 | |||||||||||||||
Restructuring reserve | 2,019 | $ 2,019 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 7,500 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 3,197 | |||||||||||||||
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 | |||||||||||||||
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 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 991 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 341 | $ 648 | ||||||||||||||
Asia | Restructuring Program to Improve Efficiencies of Operations in Asia and Conversion of India Operations | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 717 | $ 2,772 | ||||||||||||||
Expected reduction in number of employees | Employee | 160 | |||||||||||||||
Restructuring reserve | 0 | 0 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 4,390 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,853 | 1,683 | ||||||||||||||
Asia | Restructurings Related to Improving Efficiencies of Operations in Asia | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 522 | |||||||||||||||
Expected reduction in number of employees | Employee | 30 | |||||||||||||||
Restructuring reserve | 0 | $ 0 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 577 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 522 | |||||||||||||||
Asia | Restructuring Related to Improving Profitability in India | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 660 | |||||||||||||||
Asia | Non Cash Charges | Restructuring Program to Improve Efficiencies of Operations in Asia and Conversion of India Operations | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 130 | $ 771 | ||||||||||||||
Asia | Non Cash Charges | Restructurings Related to Improving Efficiencies of Operations in Asia | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 55 | |||||||||||||||
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 | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 960 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 207 | 755 | ||||||||||||||
Americas | Restructurings Related to Improving Efficiencies of Operations in the Americas - 2019 Plan | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 1,970 | |||||||||||||||
Expected reduction in number of employees | Employee | 85 | |||||||||||||||
Restructuring reserve | 10 | 10 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 4,100 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 480 | 1,480 | ||||||||||||||
Americas | Restructurings Related to Improving Efficiencies of Operations in the Americas - 2020 Plan | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 2,586 | |||||||||||||||
Expected reduction in number of employees | Employee | 60 | |||||||||||||||
Restructuring reserve | 431 | $ 431 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 2,600 | |||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,145 | |||||||||||||||
Americas | Non Cash Charges | Restructurings Related to Improving Efficiencies of Operations in the Americas - 2019 Plan | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 2,095 | |||||||||||||||
Americas | Facility Closing | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 75 | |||||||||||||||
Loss on sale of building | $ 210 | |||||||||||||||
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 | |||||||||||||||
Closure Of Facility In Targovishte, Bulgaria | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 5,123 | 20,242 | ||||||||||||||
Expected cost remaining | $ 30,000 | 30,000 | ||||||||||||||
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 | |||||||||||||||
Richmond Kentucky Battery Formation Area Fire | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | 17,037 | |||||||||||||||
Charges related to restructuring plan | 5,000 | |||||||||||||||
Expected remaining restructuring charges | 50,000 | 50,000 | ||||||||||||||
Prepaid insurance | $ 12,000 | 12,000 | ||||||||||||||
Operating cash flows from insurance received | $ 10,037 | |||||||||||||||
Strategy to Exit Manufacture of Batteries for Diesel-Electric Submarines | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Proceeds from sale of assets | 2,031 | |||||||||||||||
Gain on sale of certain licenses and assets | 892 | |||||||||||||||
Fixed Asset Write-Off, Kentucky and Tennessee Plants | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 5,441 | |||||||||||||||
Cost of Sales | Asia | Non Cash Charges | Restructuring Related to Improving Profitability in India | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and other exit charges | $ 526 |
Restructuring, Exit and Other_3
Restructuring, Exit and Other Charges - Acquisition and Non-Acquisition Related Restructuring Reserve (Details) - Non-Acquisition Related Restructuring Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 2,952 | $ 2,909 | $ 2,812 |
Accrued | 10,797 | 8,193 | 5,202 |
Costs incurred | (10,174) | (7,979) | (5,423) |
Foreign currency impact and other | (250) | (171) | 318 |
Ending balance | 3,325 | 2,952 | 2,909 |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 2,356 | 2,893 | 2,668 |
Accrued | 10,395 | 6,554 | 4,757 |
Costs incurred | (9,179) | (6,893) | (4,849) |
Foreign currency impact and other | (247) | (198) | 317 |
Ending balance | 3,325 | 2,356 | 2,893 |
Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 596 | 16 | 144 |
Accrued | 402 | 1,639 | 445 |
Costs incurred | (995) | (1,086) | (574) |
Foreign currency impact and other | (3) | 27 | 1 |
Ending balance | $ 0 | $ 596 | $ 16 |
Warranty (Detail)
Warranty (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | $ 54,568 | $ 50,602 | $ 46,116 |
Current year provisions | 27,622 | 23,679 | 21,706 |
Costs incurred | (25,778) | (25,053) | (18,820) |
Warranty reserves of acquired businesses | 6,995 | 7,535 | 0 |
Foreign currency translation adjustment | 118 | (2,195) | 1,600 |
Balance at end of year | $ 63,525 | $ 54,568 | $ 50,602 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange transaction losses (gains) | $ 264 | $ (3,044) | $ 5,499 |
Non-service components of pension expense | 615 | 1,502 | 1,464 |
Other | (1,294) | 928 | 556 |
Total | $ (415) | $ (614) | $ 7,519 |
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, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 781,803 | $ 763,698 | $ 762,137 | $ 780,230 | $ 796,603 | $ 680,022 | $ 660,462 | $ 670,930 | $ 3,087,868 | $ 2,808,017 | $ 2,581,891 |
Intersegment sales | 216,125 | 186,558 | 186,052 | ||||||||
Total operating earnings | 20,065 | 43,084 | 58,710 | 68,336 | 34,978 | 49,951 | 63,357 | 64,179 | 190,195 | 212,465 | 270,846 |
Inventory step up to fair value relating to acquisitions - Americas | (1,854) | (10,379) | (3,457) | ||||||||
Inventory adjustment relating to exit activities - EMEA | (1,991) | (3,845) | (2,590) | (526) | |||||||
Restructuring charges | (2,695) | $ (9,417) | $ (6,282) | $ (2,372) | (26,457) | $ (5,392) | $ (1,121) | $ (1,739) | (20,766) | (34,709) | (5,481) |
Impairment of goodwill - Asia | (39,713) | (39,713) | 0 | 0 | |||||||
Gain on sale of facility - Asia | 86 | 258 | (116) | ||||||||
Property, plant, and equipment, net | 480,014 | 480,014 | |||||||||
Property, plant, and equipment, net | 409,439 | 409,439 | 390,260 | ||||||||
Capital Expenditures | 101,425 | 70,372 | 69,832 | ||||||||
Depreciation and amortization | 87,344 | 63,348 | 54,317 | ||||||||
Reserve Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,739,675 | 1,416,173 | 1,247,900 | ||||||||
Motive Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,348,193 | 1,391,844 | 1,333,991 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,082,290 | 1,690,912 | 1,429,888 | ||||||||
Intersegment sales | 46,299 | 28,753 | 29,513 | ||||||||
Total operating earnings | 206,908 | 186,814 | 189,466 | ||||||||
Inventory step up to fair value relating to acquisitions - Americas | (1,854) | (7,263) | 0 | ||||||||
Inventory adjustment relating to exit activities - EMEA | 0 | 0 | (3,457) | ||||||||
Restructuring charges | (2,586) | (4,066) | (1,246) | ||||||||
Impairment of goodwill - Asia | 0 | ||||||||||
Property, plant, and equipment, net | 325,435 | 325,435 | |||||||||
Property, plant, and equipment, net | 257,559 | 257,559 | 210,998 | ||||||||
Capital Expenditures | 74,931 | 45,029 | 46,905 | ||||||||
Depreciation and amortization | 65,711 | 40,675 | 30,421 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Inventory adjustment relating to exit activities - EMEA | 0 | (2,590) | 0 | ||||||||
Legal proceedings charge | 0 | (4,437) | 0 | ||||||||
EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 787,256 | 860,563 | 849,420 | ||||||||
Intersegment sales | 148,773 | 123,274 | 133,164 | ||||||||
Total operating earnings | 50,168 | 71,963 | 77,671 | ||||||||
Restructuring charges | (11,315) | (26,989) | (4,023) | ||||||||
Impairment of indefinite-lived intangibles - EMEA | (4,549) | 0 | 0 | ||||||||
Impairment of goodwill - Asia | 0 | ||||||||||
Property, plant, and equipment, net | 104,909 | 104,909 | |||||||||
Property, plant, and equipment, net | 94,932 | 94,932 | 118,263 | ||||||||
Capital Expenditures | 23,788 | 18,972 | 18,392 | ||||||||
Depreciation and amortization | 14,291 | 15,128 | 16,198 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 218,322 | 256,542 | 302,583 | ||||||||
Intersegment sales | 21,053 | 34,531 | 23,375 | ||||||||
Total operating earnings | 1 | 3,213 | 12,647 | ||||||||
Inventory adjustment relating to exit activities - EMEA | 0 | (526) | 0 | ||||||||
Restructuring charges | (1,424) | (3,654) | (212) | ||||||||
Impairment of goodwill - Asia | (39,713) | 0 | 0 | ||||||||
Property, plant, and equipment, net | $ 49,670 | 49,670 | |||||||||
Property, plant, and equipment, net | $ 56,948 | 56,948 | 60,999 | ||||||||
Capital Expenditures | 2,706 | 6,371 | 4,535 | ||||||||
Depreciation and amortization | 7,342 | 7,545 | 7,698 | ||||||||
Fixed Asset Write-Off [Member] | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | $ (5,441) | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020USD ($)Country | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Operations in number of countries | Country | 100 | ||
Property, plant, and equipment, net | $ 409,439 | $ 390,260 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales to customers | 58.10% | 48.50% | 49.20% |
Property, plant, and equipment, net | $ 277,358 | $ 202,985 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 781,803 | $ 763,698 | $ 762,137 | $ 780,230 | $ 796,603 | $ 680,022 | $ 660,462 | $ 670,930 | $ 3,087,868 | $ 2,808,017 | $ 2,581,891 |
Gross profit | 200,796 | 185,241 | 197,317 | 201,512 | 202,266 | 164,546 | 160,880 | 165,334 | 784,866 | 693,026 | 658,404 |
Operating earnings | 20,065 | 43,084 | 58,710 | 68,336 | 34,978 | 49,951 | 63,357 | 64,179 | 190,195 | 212,465 | 270,846 |
Net earnings | (1,523) | 27,305 | 62,698 | 48,636 | 18,546 | 48,614 | 47,447 | 46,020 | 137,116 | 160,627 | 119,833 |
Net earnings attributable to EnerSys stockholders | $ (1,523) | $ 27,305 | $ 62,698 | $ 48,636 | $ 18,538 | $ 48,417 | $ 47,424 | $ 45,860 | $ 137,116 | $ 160,239 | $ 119,594 |
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ (0.04) | $ 0.65 | $ 1.48 | $ 1.14 | $ 0.43 | $ 1.14 | $ 1.13 | $ 1.09 | $ 3.23 | $ 3.79 | $ 2.81 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ (0.04) | $ 0.64 | $ 1.47 | $ 1.13 | $ 0.42 | $ 1.12 | $ 1.11 | $ 1.08 | $ 3.20 | $ 3.73 | $ 2.77 |
Quarterly Financial Data (Addit
Quarterly Financial Data (Additional Information) (Detail) € in Thousands | Jun. 11, 2013USD ($) | Jun. 11, 2013EUR (€) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Inventory step up to fair value relating to acquisitions and exit activities | $ (1,991,000) | $ (3,845,000) | $ (2,590,000) | $ (526,000) | |||||||||
Restructuring and other exit charges | 2,695,000 | 9,417,000 | $ 6,282,000 | $ 2,372,000 | 26,457,000 | $ 5,392,000 | $ 1,121,000 | $ 1,739,000 | $ 20,766,000 | $ 34,709,000 | $ 5,481,000 | ||
Impairment of goodwill | 39,713,000 | 39,713,000 | 0 | 0 | |||||||||
Impairment of indefinite-lived intangible assets | 4,549,000 | ||||||||||||
Litigation settlement, amount awarded from other party | $ 2,756,000 | € 2,000 | 2,843 | ||||||||||
Legal proceedings charge | $ 7,280 | 0 | 4,437,000 | 0 | |||||||||
Income tax expense | $ 21,000 | 9,821,000 | 21,584,000 | 118,493,000 | |||||||||
Gain on sale of facility - Asia | 86,000 | 258,000 | (116,000) | ||||||||||
Tax expense relating to Tax Cuts and Jobs Act of 2017 | 13,483,000 | $ 0 | $ (13,483,000) | $ 83,400,000 | |||||||||
Alpha | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Inventory step up to fair value relating to acquisitions and exit activities | $ (3,516,000) | $ (3,747,000) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | May 21, 2020$ / shares |
Subsequent Event | Dividend Declared | |
Subsequent Event [Line Items] | |
Common Stock cash dividends, per share | $ 0.175 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Deferred tax asset—valuation allowance | |||
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 17,519 | $ 15,255 | $ 27,053 |
Additions Charged to Expense | 7,494 | 2,978 | 4,853 |
Charge-Offs | (3,145) | (99) | (14,132) |
Business Combination Adjustments | (688) | 1,157 | 0 |
Other | (229) | (1,772) | (2,519) |
Balance at End of Period | 20,951 | 17,519 | 15,255 |
Allowance for doubtful accounts | |||
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 10,813 | 12,643 | 12,662 |
Additions Charged to Expense | 4,821 | 1,385 | 822 |
Charge-Offs | (642) | (2,459) | (1,400) |
Other | 254 | (756) | 559 |
Balance at End of Period | $ 15,246 | $ 10,813 | $ 12,643 |