Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 28, 2014 | Jan. 30, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ENS | |
Entity Registrant Name | ENERSYS | |
Entity Central Index Key | 1289308 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,178,715 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $279,983,000 | $240,103,000 |
Accounts receivable, net of allowance for doubtful accounts: December 28, 2014 - $8,323; March 31, 2014 - $9,446 | 506,304,000 | 564,584,000 |
Total | 386,739,000 | 361,846,000 |
Deferred taxes | 44,981,000 | 64,765,000 |
Prepaid and other current assets | 69,423,000 | 69,402,000 |
Total current assets | 1,287,430,000 | 1,300,700,000 |
Property, plant, and equipment, net | 361,544,000 | 370,166,000 |
Goodwill | 402,903,000 | 426,056,000 |
Other intangible assets, net | 164,958,000 | 172,472,000 |
Other assets | 42,164,000 | 52,464,000 |
Total assets | 2,258,999,000 | 2,321,858,000 |
Current liabilities: | ||
Short-term debt | 14,375,000 | 33,814,000 |
Current portion of long-term debt and capital lease obligations | 303,000 | 354,000 |
Accounts payable | 236,151,000 | 259,484,000 |
Accrued expenses | 202,324,000 | 287,751,000 |
Total current liabilities | 453,153,000 | 581,403,000 |
Long-term debt and capital lease obligations | 498,861,000 | 288,132,000 |
Deferred taxes | 91,652,000 | 101,149,000 |
Other liabilities | 76,530,000 | 81,225,000 |
Total liabilities | 1,120,196,000 | 1,051,909,000 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 7,536,000 | 8,047,000 |
Redeemable equity component of Convertible Notes | 3,466,000 | 9,613,000 |
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at December 28, 2014 and at March 31, 2014 | 0 | 0 |
Common Stock, $0.01 par value per share, 135,000,000 shares authorized; 53,645,889 shares issued and 44,536,070 shares outstanding at December 28, 2014; 53,263,348 shares issued and 46,942,126 shares outstanding at March 31, 2014 | 536,000 | 532,000 |
Additional paid-in capital | 519,009,000 | 500,254,000 |
Treasury stock, at cost, 9,109,819 shares held as of December 28, 2014; 6,321,222 shares held as of March 31, 2014 | -346,671,000 | -170,643,000 |
Retained earnings | 978,545,000 | 848,414,000 |
Accumulated other comprehensive income | -29,281,000 | 67,845,000 |
Total EnerSys stockholders' equity | 1,122,138,000 | 1,246,402,000 |
Noncontrolling interests | 5,663,000 | 5,887,000 |
Total equity | 1,127,801,000 | 1,252,289,000 |
Total liabilities and equity | $2,258,999,000 | $2,321,858,000 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $8,323 | $9,446 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 135,000,000 | 135,000,000 |
Common Stock, shares issued | 53,645,889 | 53,263,348 |
Shares outstanding, beginning balance | 44,536,070 | 46,942,126 |
Treasury stock, shares | 9,109,819 | 6,321,222 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | ||||
Net sales | $611,578 | $643,031 | $1,875,615 | $1,809,175 | ||||
Cost of goods sold | 454,313 | 475,909 | 1,393,233 | 1,357,564 | ||||
Gross profit | 157,265 | 167,122 | 482,382 | 451,611 | ||||
Goodwill, Impairment Loss | 0 | 5,179 | 0 | 5,179 | ||||
Operating expenses | 86,145 | 90,083 | 272,114 | 249,419 | ||||
Restructuring charges | 2,437 | 12,920 | 6,076 | 14,460 | ||||
Reversal of legal accrual, net of fees - See Note 9 | -16,233 | 0 | ||||||
Operating earnings | 68,683 | [1] | 58,940 | [1] | 220,425 | [1] | 182,553 | [1] |
Interest expense | 4,947 | 4,597 | 14,192 | 12,987 | ||||
Other (income) expense, net | -866 | 8,193 | -3,244 | 11,066 | ||||
Earnings before income taxes | 64,602 | 46,150 | 209,477 | 158,500 | ||||
Income tax expense | 15,271 | -6,240 | 54,481 | 24,542 | ||||
Net earnings | 49,331 | 52,390 | 154,996 | 133,958 | ||||
Net losses attributable to noncontrolling interests | 79 | -2,910 | 259 | -3,528 | ||||
Net earnings attributable to EnerSys stockholders | 49,252 | 55,300 | 154,737 | 137,486 | ||||
Net earnings per common share attributable to EnerSys stockholders: | ||||||||
Basic earnings per common share attributable to EnerSys stockholders | $1.09 | $1.17 | $3.36 | $2.89 | ||||
Diluted earnings per common share attributable to EnerSys stockholders | $1.04 | $1.10 | $3.19 | $2.77 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.18 | $0.13 | $0.53 | $0.38 | ||||
Weighted average shares of common stock outstanding: | ||||||||
Basic | 45,188,942 | 47,351,750 | 46,073,961 | 47,598,076 | ||||
Diluted | 47,368,173 | 50,214,782 | 48,543,896 | 49,641,848 | ||||
Americas | ||||||||
Net sales | 242,345 | 251,273 | 717,620 | 705,614 | ||||
Reversal of legal accrual, net of fees - See Note 9 | -16,233 | 0 | ||||||
Operating earnings | $27,805 | $21,367 | $79,845 | $52,693 | ||||
[1] | The Company does not allocate interest expense or other (income) expense to the reportable segments. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Net earnings | $49,331 | $52,390 | $154,996 | $133,958 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments, net of tax | -5,268 | 1,322 | -2,701 | 3,612 |
Pension funded status adjustment, net of tax | 155 | 152 | 521 | 468 |
Foreign currency translation adjustments | -42,925 | 7,665 | -95,940 | 30,332 |
Total other comprehensive (loss) income, net of tax | -48,038 | 9,139 | -98,120 | 34,412 |
Total comprehensive income | 1,293 | 61,529 | 56,876 | 168,370 |
Comprehensive loss attributable to noncontrolling interests | -286 | -3,157 | -735 | -4,787 |
Comprehensive income attributable to EnerSys stockholders | $1,579 | $64,686 | $57,611 | $173,157 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Cash flows from operating activities | ||
Net earnings | $154,996 | $133,958 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 42,124 | 38,903 |
Restructuring Costs | 644 | 5,298 |
Other Asset Impairment Charges | 0 | 5,000 |
Goodwill, Impairment Loss | 0 | 5,179 |
Derivatives not designated in hedging relationships: | ||
Net (gains) losses | -132 | 56 |
Cash settlements | 461 | -420 |
Provision for doubtful accounts | 609 | 278 |
Deferred income taxes | 21,951 | -24,942 |
Reversal of legal accrual, net of fees - See Note 9 | -16,233 | 0 |
Gain on disposition of equity interest in Altergy - See Note 9 | -2,000 | 0 |
Non-cash interest expense | 7,078 | 6,594 |
Stock-based compensation | 21,339 | 12,186 |
Loss (gain) on disposal of property, plant, and equipment | -79 | -301 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 23,556 | -46,548 |
Inventory | -52,050 | 5,774 |
Prepaid expenses and other current assets | -5,857 | -15,720 |
Other assets | -168 | 95 |
Accounts payable | -9,056 | -26,348 |
Accrued expenses | -65,547 | 11,218 |
Other liabilities | 11,277 | -11,210 |
Net cash provided by operating activities | 132,913 | 99,050 |
Cash flows from investing activities | ||
Capital expenditures | -47,184 | -48,856 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -146,196 |
Payments for (Proceeds from) Other Investing Activities | 2,000 | 0 |
Proceeds from disposal of property, plant, and equipment | 177 | 1,373 |
Net cash used in investing activities | -45,007 | -193,679 |
Cash flows from financing activities | ||
Net increase in short-term debt | -17,824 | 12,264 |
Proceeds from revolving credit borrowings | 337,700 | 213,100 |
Repayments of revolving credit borrowings | -282,700 | -93,300 |
Proceeds from Issuance of Other Long-term Debt | 150,000 | 0 |
Repayments of Convertible Debt | 234 | 0 |
Payments of Financing Costs | -1,076 | -823 |
Capital lease obligations | -183 | -277 |
Option proceeds (taxes paid related to net share settlement of equity awards), net | -12,656 | -7,945 |
Excess tax benefits from exercise of stock options and vesting of equity awards | 3,341 | 4,614 |
Purchase of treasury stock | -176,028 | -49,568 |
Payments of Dividends | -24,021 | -17,809 |
Business Acquisition Deferred Consideration, Cash Paid | 0 | -4,820 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | -6,012 |
Net cash used in financing activities | -23,681 | 49,424 |
Effect of exchange rate changes on cash and cash equivalents | -24,345 | 7,498 |
Net increase in cash and cash equivalents | 39,880 | -37,707 |
Cash and cash equivalents at beginning of period | 240,103 | 249,348 |
Cash and cash equivalents at end of period | $279,983 | $211,641 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 28, 2014 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying interim unaudited consolidated condensed financial statements of EnerSys (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required for complete financial statements. In the opinion of management, the unaudited consolidated condensed financial statements include all normal recurring adjustments considered necessary for the fair presentation of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s 2014 Annual Report on Form 10-K (SEC File No. 001-32253), which was filed on May 28, 2014 (the "2014 Annual Report"). | |
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 2015 end on June 29, 2014, September 28, 2014, December 28, 2014, and March 31, 2015, respectively. The four quarters in fiscal 2014 ended on June 30, 2013, September 29, 2013, December 29, 2013, and March 31, 2014, respectively. | |
The consolidated condensed 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. All intercompany transactions and balances have been eliminated in consolidation. | |
The Company also consolidates certain subsidiaries in which the noncontrolling interest party has within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported at their estimated redemption value, and the amount presented in temporary equity is not less than the initial amount reported in temporary equity. Any adjustment to the redemption value impacts retained earnings but does not impact net income or comprehensive income. Noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) providing guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a full retrospective or modified retrospective transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on the consolidated financial position, results of operations and related disclosures. |
Acquisitions_Notes
Acquisitions (Notes) | 9 Months Ended |
Dec. 28, 2014 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions |
In fiscal 2014, the Company completed the acquisitions of Purcell Systems, Inc. ("Purcell"), Quallion, LLC. ("Quallion"), and UTS Holdings Sdn. Bhd. and its subsidiaries ("UTS") and assigned values and useful lives to assets acquired based on preliminary valuations. During the first quarter of fiscal 2015, the Company completed purchase accounting for Purcell and based on final valuations performed, trademarks were valued at $16,800, technology at $7,900, customer relationships at $35,700, and goodwill was recorded at $50,889. The useful lives of technology and customer relationships were estimated at 10 and 9 years, respectively. Trademarks were considered to be indefinite-lived assets. | |
During the first quarter of fiscal 2015, the Company also completed purchase accounting for Quallion and based on final valuations performed, trademarks were valued at $500, technology at $4,400, customer relationships at $3,400, and goodwill was recorded at $13,502. The useful lives of technology and customer relationships were estimated at 20 and 14 years, respectively. Trademarks were considered to be indefinite-lived assets. | |
The Company expects to complete purchase accounting for UTS in the fourth quarter of fiscal 2015. |
Inventories
Inventories | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories, net consist of: | |||||||||
December 28, 2014 | March 31, 2014 | ||||||||
Raw materials | $ | 99,548 | $ | 87,469 | |||||
Work-in-process | 113,014 | 116,124 | |||||||
Finished goods | 174,177 | 158,253 | |||||||
Total | $ | 386,739 | $ | 361,846 | |||||
Goodwill_Changes_Notes
Goodwill Changes (Notes) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Goodwill Changes [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill | ||||||||||||||||
The changes in the carrying amount of goodwill during the nine months of fiscal 2015 by reportable segment are as follows: | |||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||
Balance as of March 31, 2014 | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||
Adjustments related to the finalization of purchase accounting for Purcell | (3,256 | ) | — | — | (3,256 | ) | |||||||||||
Foreign currency translation adjustment | (1,417 | ) | (17,751 | ) | (729 | ) | (19,897 | ) | |||||||||
Balance as of December 28, 2014 | $ | 210,957 | $ | 159,835 | $ | 32,111 | $ | 402,903 | |||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||||||
The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of December 28, 2014 and March 31, 2014: | |||||||||||||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
December 28, | for Identical | Observable | Inputs | ||||||||||||||||||||||
2014 | Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Lead forward contracts | $ | (6,437 | ) | $ | — | $ | (6,437 | ) | $ | — | |||||||||||||||
Foreign currency forward contracts | 168 | — | 168 | — | |||||||||||||||||||||
Total derivatives | $ | (6,269 | ) | $ | — | $ | (6,269 | ) | $ | — | |||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
March 31, | for Identical | Observable | Inputs | ||||||||||||||||||||||
2014 | Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Lead forward contracts | $ | (2,371 | ) | $ | — | $ | (2,371 | ) | $ | — | |||||||||||||||
Foreign currency forward contracts | 113 | — | 113 | — | |||||||||||||||||||||
Total derivatives | $ | (2,258 | ) | $ | — | $ | (2,258 | ) | $ | — | |||||||||||||||
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 the Company's consolidated financial statements included in its 2014 Annual Report 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, accounts receivable and accounts payable approximate carrying value due to their short maturities. | |||||||||||||||||||||||||
The fair value of the Company’s short-term debt and borrowings under the 2011 Credit Facility (as defined in Note 11), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. | |||||||||||||||||||||||||
The Company’s 3.375% convertible senior notes due 2038 (“Convertible Notes”), with an original face value of $172,500, were issued when the Company’s stock price was trading at $30.19 per share. On December 28, 2014, the Company’s stock price closed at $61.78 per share. The conversion rate of the Convertible Notes as of January 1, 2015, the date when the the holders were notified that they can submit the Convertible Notes for conversion, was 25.0416 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes, which equated to $39.93 per share. The conversion rate may be adjusted in accordance with the terms of the Convertible Notes and the indenture under which the Convertible Notes were issued. The fair value of these notes represent the trading values based upon quoted market prices and are classified as Level 2. The Convertible Notes were trading at 154% of face value on December 28, 2014 and at 175% of face value on March 31, 2014. See Note 11 for further details. | |||||||||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s derivatives and Convertible Notes at December 28, 2014 and March 31, 2014 were as follows: | |||||||||||||||||||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives (1) | $ | 168 | $ | 168 | $ | 113 | $ | 113 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Convertible Notes | $ | 168,800 | (2) | $ | 265,290 | (3) | $ | 162,887 | (2) | $ | 301,875 | (3) | |||||||||||||
Derivatives (1) | 6,437 | 6,437 | 2,371 | 2,371 | |||||||||||||||||||||
-1 | Represents lead and foreign currency hedges. | ||||||||||||||||||||||||
-2 | The carrying amounts of the Convertible Notes at December 28, 2014 and March 31, 2014 represent the $172,266 and $172,500 principal balance, less the unamortized debt discount (see Note 11 for further details). | ||||||||||||||||||||||||
-3 | The fair value amounts of the Convertible Notes at December 28, 2014 and March 31, 2014 represent the trading values of the Convertible Notes with a principal balance of $172,266 and $172,500, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [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 Hedge Forward Contracts | |||||||||||||||||
The Company enters into lead hedge forward contracts to fix the price for a portion of its lead purchases. Management considers the lead hedge 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 and the notional amounts at December 28, 2014 and March 31, 2014 were 102.9 million pounds and 89.9 million pounds, 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 December 28, 2014 and March 31, 2014, the Company had entered into a total of $86,599 and $70,332, respectively, of such contracts. | |||||||||||||||||
In the coming twelve months, the Company anticipates that $7,812 of pretax loss relating to lead and foreign currency forward contracts will be reclassified from accumulated other comprehensive income (“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 statement 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 Condensed Statements of Income. As of December 28, 2014 and March 31, 2014, the notional amount of these contracts was $31,888 and $22,461, respectively. | |||||||||||||||||
Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Condensed Balance Sheets and derivative gains and losses in the Consolidated Condensed Statements of Income: | |||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||
December 28, 2014 and March 31, 2014 | |||||||||||||||||
Derivatives and Hedging Activities Designated as Cash Flow Hedges | Derivatives and Hedging Activities Not Designated as Hedging Instruments | ||||||||||||||||
28-Dec-14 | 31-Mar-14 | 28-Dec-14 | 31-Mar-14 | ||||||||||||||
Prepaid and other current assets | |||||||||||||||||
Foreign currency forward contracts | $ | 396 | $ | 12 | $ | — | $ | 101 | |||||||||
Total assets | $ | 396 | $ | 12 | $ | — | $ | 101 | |||||||||
Accrued expenses | |||||||||||||||||
Lead hedge forward contracts | $ | 6,437 | $ | 2,371 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | — | — | 228 | — | |||||||||||||
Total liabilities | $ | 6,437 | $ | 2,371 | $ | 228 | $ | — | |||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the quarter ended December 28, 2014 | |||||||||||||||||
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 hedge contracts | $ | (5,898 | ) | Cost of goods sold | $ | 1,554 | |||||||||||
Foreign currency forward contracts | 32 | Cost of goods sold | 920 | ||||||||||||||
Total | $ | (5,866 | ) | $ | 2,474 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | (232 | ) | |||||||||||||
Total | $ | (232 | ) | ||||||||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the quarter ended December 29, 2013 | |||||||||||||||||
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 hedge contracts | $ | 2,657 | Cost of goods sold | $ | 1,293 | ||||||||||||
Foreign currency forward contracts | 644 | Cost of goods sold | 225 | ||||||||||||||
Total | $ | 3,301 | $ | 1,518 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | 124 | ||||||||||||||
Total | $ | 124 | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the nine months ended December 28, 2014 | |||||||||||||||||
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 hedge contracts | $ | (6,158 | ) | Cost of goods sold | $ | (121 | ) | ||||||||||
Foreign currency forward contracts | 2,756 | Cost of goods sold | 992 | ||||||||||||||
Total | $ | (3,402 | ) | $ | 871 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | 132 | ||||||||||||||
Total | $ | 132 | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the nine months ended December 29, 2013 | |||||||||||||||||
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 hedge contracts | $ | 4,781 | Cost of goods sold | $ | (322 | ) | |||||||||||
Foreign currency forward contracts | (454 | ) | Cost of goods sold | (777 | ) | ||||||||||||
Total | $ | 4,327 | $ | (1,099 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | (56 | ) | |||||||||||||
Total | $ | (56 | ) |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 28, 2014 | |
Text Block [Abstract] | |
Income Taxes | Income Taxes |
The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the third quarters of fiscal 2015 and 2014 were based on the estimated effective tax rates applicable for the full years ending March 31, 2015 and March 31, 2014, respectively, after giving effect to items specifically related to the interim periods. The Company’s corporate 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 the Company's consolidated income before taxes. | |
The worldwide effective income tax rates for the third quarters of fiscal 2015 and 2014 were 23.6% and (13.5)%, respectively, and 26.0% and 15.5%, respectively, for the nine months of fiscal 2015 and 2014. The rate increase in the third quarter and the nine months of fiscal 2015 compared to the prior year periods is primarily due to the reversal in the third quarter of fiscal 2014 of a previously recognized deferred tax valuation allowance related to one of the Company's foreign subsidiaries of $24,925 and changes in the mix of earnings among tax jurisdictions. The valuation allowance was reversed as a direct result of a restructuring of manufacturing operations in EMEA that resulted in a change in the jurisdictions in which future taxable income would be earned and recognized. Specifically, the Company analyzed its European operations and capacity compared to expected market demands and considered the possibility of shutting down or reducing manufacturing operations in various European subsidiaries. In connection with the preparation and review of the financial statements for the third quarter of fiscal 2014, the Company approved a restructuring of its Bulgarian manufacturing operations. As part of the Bulgarian restructuring, motive power and certain reserve power battery manufacturing operations were transferred to other European subsidiaries, including one subsidiary for which a valuation allowance was recorded against its deferred tax assets. As a result of the planned expansion of manufacturing operations at this European subsidiary, the Company concluded that future forecasted taxable income was now sufficient to reverse the valuation allowance. | |
Foreign income as a percentage of worldwide income is estimated to be 56% for the nine months of fiscal 2015 compared to 45% for the nine months of fiscal 2014. The foreign effective income tax rate for the nine months of fiscal 2015 and 2014 were 14.7% and (6.8)%, respectively. The rate increase compared to the prior year period is primarily due to the reversal of a previously recognized deferred tax valuation allowance referred to above and changes in the mix of earnings among tax jurisdictions. Income from the Company's Swiss subsidiary comprised a substantial portion of the Company's overall foreign mix of income and is taxed at an effective income tax rate of approximately 6%. |
Warranties
Warranties | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure Analysis Of Changes In Liability For Product Warranties [Abstract] | |||||||||||||||||
Warranties | Warranties | ||||||||||||||||
The Company provides for estimated product warranty expenses when the related products are sold, with related liabilities included within accrued expenses and other liabilities. Because warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Balance at beginning of period | $ | 40,518 | $ | 41,524 | $ | 40,426 | $ | 42,591 | |||||||||
Current period provisions | 4,083 | 4,326 | 13,700 | 14,057 | |||||||||||||
Costs incurred | (3,706 | ) | (5,132 | ) | (12,171 | ) | (17,448 | ) | |||||||||
Warranty reserves of acquired businesses | — | 2,339 | — | 2,339 | |||||||||||||
Foreign currency translation adjustment | (612 | ) | 107 | (1,672 | ) | 1,625 | |||||||||||
Balance at end of period | $ | 40,283 | $ | 43,164 | $ | 40,283 | $ | 43,164 | |||||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Litigation | 9 Months Ended |
Dec. 28, 2014 | |
Text Block [Abstract] | |
Commitments, Contingencies and Litigation | Commitments, Contingencies and Litigation |
Litigation and Other Legal Matters | |
The Company is involved in litigation incidental to the conduct of its business, the results of which, in the opinion of management, are not likely to be material to the Company’s financial position, results of operations, or cash flows. | |
Altergy | |
In the fourth quarter of fiscal 2014, the Company recorded a $58,184 legal proceedings charge in connection with an adverse arbitration result involving disputes between the Company's wholly-owned subsidiary, EnerSys Delaware Inc. (“EDI”), and Altergy Systems (“Altergy”). EDI and Altergy were parties to a Supply and Distribution Agreement (the “SDA”) pursuant to which EDI was, among other things, granted the exclusive right to distribute and sell certain fuel cell products manufactured by Altergy for various applications throughout the United States. Commencing in 2011, various disputes arose and, because of the mandatory arbitration provision in the SDA, the parties moved forward with arbitration in August 2013. | |
After discovery, a hearing and post-hearing submissions by each party, on May 13, 2014, the arbitration panel issued an award in favor of Altergy. As a result, the arbitration panel concluded that Altergy should recover $58,184 in net money damages from EDI. | |
On August 12, 2014, EDI, on behalf of itself and its affiliates, entered into a binding term sheet with Altergy that resolved the outstanding legal challenges related to this award. In accordance with the term sheet, in September 2014, EDI and Altergy entered into (a) a settlement agreement and release of claims pursuant to which EDI paid Altergy $40,000 in settlement of this award, a separate proceeding related to certain rights of EDI as a shareholder of Altergy and related litigations and the parties granted the other a release and (b) a stock purchase agreement pursuant to which Altergy paid EDI $2,000 to purchase EDI’s entire equity interest in Altergy. On September 16, 2014, courts in the respective jurisdictions had issued orders ending all of the ongoing litigation between EDI and Altergy. Since the full amount of the initial award of $58,184 was recorded in the fourth quarter of fiscal 2014, the Company reversed approximately $16,233, net of professional fees, from this previously recorded legal proceedings charge during the second quarter of fiscal 2015. The Company also included the $2,000 received in exchange for its equity interest in Altergy in the Consolidated Condensed Statements of Income in Other (income) expense, net during the second quarter of fiscal 2015. The Company had previously written off the carrying value of the investment of $5,000 in the third quarter of fiscal 2014. | |
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 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 is separate from the Company’s current metal fabrication facility in Sumter. The Company has established a reserve for this facility. As of December 28, 2014 and March 31, 2014, the reserves related to this facility were $2,902 and $2,915, respectively. Based on current information, the Company’s management believes these reserves are adequate to satisfy the Company’s environmental liabilities at this facility. | |
Lead Contracts | |
To stabilize its costs, the Company has entered into contracts with financial institutions to fix the price of lead. The vast majority of such contracts are for a period not extending beyond one year. Under these contracts, at December 28, 2014 and March 31, 2014, the Company has hedged the price to purchase 102.9 million pounds and 89.9 million pounds of lead, respectively, for a total purchase price of $94,206 and $86,494, respectively. | |
Foreign Currency Forward Contracts | |
The Company quantifies and monitors its global foreign currency exposures. On a selective basis, the Company will enter into foreign currency forward and purchased option contracts to reduce the volatility from currency movements that affect the Company. The vast majority of such contracts are for a period not extending beyond one year. The Company’s largest exposure is from the purchase and conversion of U.S. dollar based lead costs into local currencies in EMEA. Additionally, the Company has currency exposures from intercompany and third party trade transactions. To hedge these exposures, the Company has entered into a total of $118,487 and $92,793, respectively, of foreign currency forward and purchased option contracts with financial institutions as of December 28, 2014 and March 31, 2014. |
Restructuring_Plans
Restructuring Plans | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Restructuring Plans | Restructuring and Other Exit Charges | ||||||||||||
Restructuring Plans | |||||||||||||
During fiscal 2013, the Company announced a restructuring related to improving the efficiency of its manufacturing operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,000, primarily from cash expenses for employee severance-related payments and non-cash expenses associated with the write-off of certain fixed assets and inventory. The Company estimates that these actions will result in the reduction of approximately 140 employees upon completion. The Company recorded restructuring charges of $6,463 through fiscal 2014, consisting of non-cash charges of $1,399 and cash charges of $5,064 and recorded an additional charge of $286 during the nine months of fiscal 2015. The Company incurred $3,700 of costs against the accrual through fiscal 2014, and incurred $1,466 in costs against the accrual during the nine months of fiscal 2015. As of December 28, 2014, the reserve balance associated with these actions is $202. The Company expects to be committed to an additional $300 of restructuring charges in fiscal 2015 related to these actions, and expects to complete the program during fiscal 2015. | |||||||||||||
During fiscal 2014, the Company announced further restructuring programs to improve the efficiency of its manufacturing, sales and engineering operations in EMEA including the restructuring of its manufacturing operations in Bulgaria. The restructuring of the Bulgaria operations was announced during the third quarter of fiscal 2014 and consists of the transfer of motive power and a portion of reserve power battery manufacturing to the Company's facilities in Western Europe. The Company estimates that the total charges for all actions announced during fiscal 2014 will amount to approximately $23,700, primarily from non-cash charges related to the write-off of fixed assets and inventory of $11,000, along with cash charges for employee severance-related payments and other charges of $12,700. The Company estimates that these actions will result in the reduction of approximately 500 employees upon completion. During fiscal 2014, the Company recorded restructuring charges of $19,039 consisting of non-cash charges of $10,089 related to the write-off of fixed assets and inventory, and cash charges of $8,950 related to employee severance. During the nine months of fiscal 2015, the Company recorded an additional charge of $2,812 consisting of non-cash charges of $644 related to the write-off of inventory, and $2,168 related to other cash charges. During fiscal 2014, the Company incurred $2,130 in costs against the accrual and incurred an additional $7,167 against the accrual during the nine months of fiscal 2015. As of December 28, 2014, the reserve balance associated with these actions is $1,742. The Company expects to be committed to an additional $600 of restructuring charges in fiscal 2015 related to these actions, comprising of $300 in severance and other charges and $300 in non-cash charges. The Company expects to be committed to an additional $1,200 of cash severance and other charges in fiscal 2016 when it expects to complete the program. | |||||||||||||
During the third quarter of fiscal 2015, the Company announced a restructuring related to its manufacturing facility located in Jiangdu, the People’s Republic of China ("PRC"), pursuant to which the Company transferred a significant portion of the manufacturing at that location to its other facilities in PRC, as part of an expected closure of the Jiangdu facility in fiscal 2016. The remaining production at Jiangdu is expected to be transferred to other facilities in the PRC. The Company recorded restructuring charges of $1,874 during the third quarter of fiscal 2015 consisting of cash charges for employee severance-related payments associated with approximately 200 employees, all of which were paid in the third quarter of fiscal 2015. | |||||||||||||
A roll-forward of the restructuring reserve is as follows: | |||||||||||||
Employee | Other | Total | |||||||||||
Severance | |||||||||||||
Balance as of March 31, 2014 | $ | 7,312 | $ | 1,102 | $ | 8,414 | |||||||
Accrued | 3,618 | 710 | 4,328 | ||||||||||
Costs incurred | (9,857 | ) | (650 | ) | (10,507 | ) | |||||||
Foreign currency impact and other | (119 | ) | (172 | ) | (291 | ) | |||||||
Balance as of December 28, 2014 | $ | 954 | $ | 990 | $ | 1,944 | |||||||
Other Exit Charges | |||||||||||||
During the nine months of fiscal 2015, the Company recorded cash exit charges of $1,104 related to certain operations in Europe. |
Debt
Debt | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Debt | Debt | ||||||||
The following summarizes the Company’s long-term debt including capital lease obligations as of December 28, 2014 and March 31, 2014: | |||||||||
28-Dec-14 | 31-Mar-14 | ||||||||
3.375% Convertible Notes, net of discount, due 2038 | $ | 168,800 | $ | 162,887 | |||||
2011 Credit Facility, due 2018 | 330,000 | 125,000 | |||||||
Capital lease obligations and other | 364 | 599 | |||||||
499,164 | 288,486 | ||||||||
Less current portion | 303 | 354 | |||||||
Total long-term debt and capital lease obligations | $ | 498,861 | $ | 288,132 | |||||
3.375% Convertible Notes | |||||||||
The Convertible Notes will mature on June 1, 2038, unless earlier converted, redeemed or repurchased. When issued, the initial conversion rate was 24.6305 shares of the Company's common stock per one thousand dollars in principal amount of Convertible Notes, which was equivalent to an initial conversion price of $40.60 per share. | |||||||||
At any time, on or after June 6, 2015, the Company may at its option redeem the Convertible Notes, in whole or in part, in cash, at a redemption price equal to 100% of the principal amount of Convertible Notes to be redeemed, plus any accrued and unpaid interest. | |||||||||
The Convertible Notes will continue to be convertible from January 1, 2015 through February 27, 2015 as provided in the indenture under which the Convertible Notes were issued because the last sale price of EnerSys’ common stock price for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2014 exceeded 130% of the conversion price per share of EnerSys’ common stock on such trading day. Thereafter, holders of the Convertible Notes shall have the right to convert all or any portion of the Convertible Notes at the applicable conversion rate at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date of June 1, 2038. The Company notified the trustee and the holders of the Convertible Notes that the conversion rate as of January 1, 2015 was 25.0416 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes due to the cumulative impact of cash dividends paid on the Company's common stock, which conversion rate may be adjusted in accordance with the terms of the Convertible Notes and the indenture under which the Convertible Notes were issued. | |||||||||
Upon conversion of the Convertible Notes, as permitted by the terms of the Convertible Notes and the indenture under which the Convertible Notes were issued, the Company may settle conversions (i) entirely in shares of its common stock, (ii) entirely in cash, or (iii) (a) in cash for the accreted principal amount of the Convertible Notes and (b) shares of its common stock, or cash and shares of its common stock, for the excess, if any, of the conversion value above the accreted principal amount. | |||||||||
It is the Company’s current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration in cash, shares of the Company's common stock or a combination of cash and shares. | |||||||||
The carrying value of the Convertible Notes of $168,800 continues to be reported as long-term debt on the Consolidated Condensed Balance Sheet as of December 28, 2014 as the Company intends to draw on the 2011 Credit Facility to settle, at a minimum, the principal amount of any such conversions in cash. No gain or loss was recognized when the Convertible Notes became convertible. | |||||||||
In addition, upon becoming convertible, a portion of the equity component that was recorded upon the issuance of the Convertible Notes was considered redeemable and that portion of the equity was reclassified to temporary equity in the Consolidated Condensed Balance Sheet. Such amount was determined based on the cash consideration to be paid upon conversion and the carrying amount of the debt. As the holders of the Convertible Notes will be paid in cash for the principal amount and issued shares or a combination of cash and shares for the remaining value of the Convertible Notes, the reclassification into temporary equity as of December 28, 2014 was $3,466 based on the Convertible Notes principal of $172,266 and the carrying value of $168,800. If the Convertible Notes are settled during the fourth quarter of fiscal 2015, an amount equal to the fair value of the liability component immediately prior to the settlement will be deducted from the fair value of the total settlement consideration transferred and allocated to the liability component. Any difference between the amount allocated to the liability and the net carrying amount of the Convertible Notes (including any unamortized debt issue costs and discount) will be recognized in earnings as a gain or loss on debt extinguishment. Any remaining consideration is allocated to the reacquisition of the equity component and will be recognized as a reduction of EnerSys stockholders’ equity, including the amount classified as temporary equity. | |||||||||
The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of the Convertible Notes as of December 28, 2014 and March 31, 2014: | |||||||||
28-Dec-14 | 31-Mar-14 | ||||||||
Principal | $ | 172,266 | $ | 172,500 | |||||
Unamortized discount | (3,466 | ) | (9,613 | ) | |||||
Net carrying amount | $ | 168,800 | $ | 162,887 | |||||
As of December 28, 2014, the remaining discount will be amortized over a period of 5 months. The conversion price of the $172,266 in aggregate principal amount of the Convertible Notes as of January 1, 2015, equated to $39.93 per share and the number of shares on which the aggregate consideration is to be delivered upon conversion is 4,314,200. | |||||||||
The effective interest rate on the liability component of the Convertible Notes is 8.50%. The amount of interest cost recognized for the amortization of the discount on the liability component of the Convertible Notes was $2,092 and $1,923, respectively, during the quarters ended December 28, 2014 and December 29, 2013 and was $6,147 and $5,650, respectively, during the nine months ended December 28, 2014 and December 29, 2013. | |||||||||
2011 Credit Facility | |||||||||
The Company is party to a $350,000 senior secured revolving credit facility (as amended, “2011 Credit Facility”) and, on July 8, 2014, amended the credit facility while also entering into an Incremental Commitment Agreement pursuant to which certain banks agreed to provide incremental term loan commitments of $150,000 and incremental revolving commitments of $150,000. Pursuant to these changes, the 2011 Credit Facility is now comprised of a $500,000 senior secured revolving credit facility and a $150,000 senior secured incremental term loan (the "Term Loan") which matures on September 30, 2018. The Term Loan is payable in quarterly installments of $1,875 beginning June 30, 2015 and $3,750 beginning June 30, 2016 with a final payment of $108,750 on September 30, 2018. The 2011 Credit Facility may be increased by an aggregate amount of $300,000 in revolving commitments and/or one or more new tranches of term loans, under certain conditions. Both revolving loans and the Term loan under the 2011 Credit Facility will bear interest, at the Company's option, at a rate per annum equal to either (i) the London Interbank Offered Rate (“LIBOR”) plus between 1.25% and 1.75% (based on the Company's consolidated net leverage ratio) or (ii) the Base Rate (which is the highest of (a) the Bank of America prime rate, and (b) the Federal Funds Effective Rate) plus between 0.25% and 0.75% (based on the Company’s consolidated net leverage ratio). | |||||||||
As of December 28, 2014, the Company had $180,000 outstanding in revolver borrowings and $150,000 under its term loan borrowings. | |||||||||
Short-Term Debt | |||||||||
As of December 28, 2014 and March 31, 2014, the Company had $14,375 and $33,814, respectively, of short-term borrowings. The weighted-average interest rates on these borrowings were approximately 15% and 7%, respectively. | |||||||||
Available Lines of Credit | |||||||||
As of December 28, 2014 and March 31, 2014, the Company had available and undrawn, under all its lines of credit, $472,325 and $360,275, respectively, including $154,125 and $136,525, of uncommitted lines of credit as of December 28, 2014 and March 31, 2014, respectively. | |||||||||
As of December 28, 2014 and March 31, 2014, the Company had $3,965 and $1,653, respectively, of standby letters of credit. |
Retirement_Plans
Retirement Plans | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||||||
The following tables present the components of the Company’s net periodic benefit cost related to its defined benefit pension plans: | |||||||||||||||||
United States Plans | International Plans | ||||||||||||||||
Quarter ended | Quarter ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Service cost | $ | 96 | $ | 84 | $ | 189 | $ | 211 | |||||||||
Interest cost | 168 | 153 | 624 | 614 | |||||||||||||
Expected return on plan assets | (223 | ) | (200 | ) | (551 | ) | (544 | ) | |||||||||
Amortization and deferral | 64 | 106 | 166 | 109 | |||||||||||||
Net periodic benefit cost | $ | 105 | $ | 143 | $ | 428 | $ | 390 | |||||||||
United States Plans | International Plans | ||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Service cost | $ | 300 | $ | 265 | $ | 602 | $ | 617 | |||||||||
Interest cost | 505 | 465 | 1,966 | 1,790 | |||||||||||||
Expected return on plan assets | (666 | ) | (597 | ) | (1,724 | ) | (1,580 | ) | |||||||||
Amortization and deferral | 238 | 373 | 518 | 320 | |||||||||||||
Net periodic benefit cost | $ | 377 | $ | 506 | $ | 1,362 | $ | 1,147 | |||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended |
Dec. 28, 2014 | |
Text Block [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation |
As of December 28, 2014, the Company maintains the EnerSys 2010 Equity Incentive Plan, as amended (“2010 EIP”). The 2010 EIP reserved 3,177,477 shares of common stock for the grant of various types of equity awards including nonqualified stock options, restricted stock, restricted stock units, market share units and other forms of stock-based compensation. | |
The Company recognized stock-based compensation expense associated with its equity incentive plans of $4,280 for the third quarter of fiscal 2015 and $4,594 for the third quarter of fiscal 2014. Stock-based compensation expense was $21,339 for the nine months of fiscal 2015 and $12,186 for the nine months of fiscal 2014. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards, except for awards issued to certain retirement-eligible participants, which are expensed on an accelerated basis. | |
During the nine months ended December 28, 2014, the Company granted to non-employee directors 17,356 restricted stock units, pursuant to the EnerSys Deferred Compensation Plan for Non-Employee Directors. | |
During the nine months ended December 28, 2014, the Company granted to management and other key employees 76,512 non-qualified stock options that vest three years from the date of grant, 118,312 restricted stock units that vest 25% each year over four years from the date of grant, and 152,300 performance-based market share units that vest three years from the date of grant. | |
Common stock activity during the nine months ended December 28, 2014 included the vesting of 184,222 restricted stock units and 384,448 market share units and exercise of 23,368 stock options. | |
As of December 28, 2014, there were 119,317 non-qualified stock options, 511,909 restricted stock units and 614,539 market share units outstanding. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Stockholders' Equity | Stockholders’ Equity and Noncontrolling Interests | ||||||||||||||||
Common Stock | |||||||||||||||||
The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended December 28, 2014: | |||||||||||||||||
Shares outstanding as of March 31, 2014 | 46,942,126 | ||||||||||||||||
Purchase of treasury stock | (2,788,597 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 382,541 | ||||||||||||||||
Shares outstanding as of December 28, 2014 | 44,536,070 | ||||||||||||||||
Treasury Stock | |||||||||||||||||
During the nine months ended December 28, 2014, the Company purchased 2,788,597 shares of its common stock for $176,028. At December 28, 2014 and March 31, 2014, the Company held 9,109,819 shares and 6,321,222 shares as treasury stock, respectively. | |||||||||||||||||
Accumulated Other Comprehensive Income ("AOCI") | |||||||||||||||||
The components of AOCI, net of tax, as of December 28, 2014 and March 31, 2014, are as follows: | |||||||||||||||||
31-Mar-14 | Before Reclassifications | Amounts Reclassified from AOCI | 28-Dec-14 | ||||||||||||||
Pension funded status adjustment | $ | (15,207 | ) | $ | — | $ | 521 | $ | (14,686 | ) | |||||||
Net unrealized (loss) gain on derivative instruments | (2,253 | ) | (2,150 | ) | (551 | ) | (4,954 | ) | |||||||||
Foreign currency translation adjustment | 85,305 | (94,946 | ) | — | (9,641 | ) | |||||||||||
Accumulated other comprehensive income (loss) | $ | 67,845 | $ | (97,096 | ) | $ | (30 | ) | $ | (29,281 | ) | ||||||
The following table presents reclassifications from AOCI during the third quarter ended December 28, 2014: | |||||||||||||||||
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 | $ | (2,474 | ) | Cost of goods sold | |||||||||||||
Tax expense | 912 | ||||||||||||||||
Net unrealized gain on derivative instruments, net of tax | $ | (1,562 | ) | ||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 230 | Net periodic benefit cost, included in cost of goods sold and Operating expenses - See Note 12 | ||||||||||||||
Tax benefit | (75 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 155 | |||||||||||||||
The following table presents reclassifications from AOCI during the nine months ended December 28, 2014: | |||||||||||||||||
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 | $ | (871 | ) | Cost of goods sold | |||||||||||||
Tax expense | 320 | ||||||||||||||||
Net unrealized gain on derivative instruments, net of tax | $ | (551 | ) | ||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 756 | Net periodic benefit cost, included in cost of goods sold and Operating expenses - See Note 12 | ||||||||||||||
Tax benefit | (235 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 521 | |||||||||||||||
The following table presents reclassifications from AOCI during the third quarter ended December 29, 2013: | |||||||||||||||||
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 | $ | (1,518 | ) | Cost of goods sold | |||||||||||||
Tax expense | 563 | ||||||||||||||||
Net unrealized gain on derivative instruments, net of tax | $ | (955 | ) | ||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 215 | Net periodic benefit cost, included in cost of goods sold and Operating expenses - See Note 12 | ||||||||||||||
Tax benefit | (63 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 152 | |||||||||||||||
The following table presents reclassifications from AOCI during the nine months ended December 29, 2013: | |||||||||||||||||
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 | $ | 1,099 | Cost of goods sold | ||||||||||||||
Tax benefit | (408 | ) | |||||||||||||||
Net unrealized loss on derivative instruments, net of tax | $ | 691 | |||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 693 | Net periodic benefit cost, included in cost of goods sold and Operating expenses - See Note 12 | ||||||||||||||
Tax benefit | (225 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 468 | |||||||||||||||
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the nine months ended December 28, 2014: | |||||||||||||||||
Equity Attributable to EnerSys Stockholders | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||
Balance as of March 31, 2014 | $ | 1,246,402 | $ | 5,887 | $ | 1,252,289 | |||||||||||
Total comprehensive income: | |||||||||||||||||
Net earnings | 154,737 | 79 | 154,816 | ||||||||||||||
Net unrealized loss on derivative instruments, net of tax | (2,701 | ) | — | (2,701 | ) | ||||||||||||
Pension funded status adjustment, net of tax | 521 | — | 521 | ||||||||||||||
Foreign currency translation adjustment | (94,946 | ) | (303 | ) | (95,249 | ) | |||||||||||
Total other comprehensive income (loss), net of tax | (97,126 | ) | (303 | ) | (97,429 | ) | |||||||||||
Total comprehensive income (loss) | 57,611 | (224 | ) | 57,387 | |||||||||||||
Other changes in equity: | |||||||||||||||||
Purchase of treasury stock | (176,028 | ) | — | (176,028 | ) | ||||||||||||
Cash dividends - common stock ($0.525 per share) | (24,021 | ) | — | (24,021 | ) | ||||||||||||
Reclassification of redeemable equity component of Convertible Notes | 6,147 | — | 6,147 | ||||||||||||||
Other, including activity related to equity awards | 12,027 | — | 12,027 | ||||||||||||||
Balance as of December 28, 2014 | $ | 1,122,138 | $ | 5,663 | $ | 1,127,801 | |||||||||||
The following demonstrates the change in redeemable noncontrolling interests during the nine months ended December 28, 2014: | |||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||
Balance as of March 31, 2014 | $ | 8,047 | |||||||||||||||
Net earnings | 180 | ||||||||||||||||
Foreign currency translation adjustment | (691 | ) | |||||||||||||||
Balance as of December 28, 2014 | $ | 7,536 | |||||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [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. | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Net earnings attributable to EnerSys stockholders | $ | 49,252 | $ | 55,300 | $ | 154,737 | $ | 137,486 | |||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||
Basic | 45,188,942 | 47,351,750 | 46,073,961 | 47,598,076 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 791,739 | 1,190,816 | 898,436 | 940,721 | |||||||||||||
Convertible Notes | 1,387,492 | 1,672,216 | 1,571,499 | 1,103,051 | |||||||||||||
Diluted weighted-average number of common shares outstanding | 47,368,173 | 50,214,782 | 48,543,896 | 49,641,848 | |||||||||||||
Basic earnings per common share attributable to EnerSys stockholders | $ | 1.09 | $ | 1.17 | $ | 3.36 | $ | 2.89 | |||||||||
Diluted earnings per common share attributable to EnerSys stockholders | $ | 1.04 | $ | 1.1 | $ | 3.19 | $ | 2.77 | |||||||||
Anti-dilutive equity awards not included in diluted weighted-average common shares | — | — | 138 | 8,881 | |||||||||||||
The aggregate number of common shares that the Company could be obligated to issue upon conversion of its Convertible Notes, as of December 28, 2014, is 4,314,200. It is the Company’s current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration ("conversion premium") in cash, shares of the Company’s common stock or a combination of cash and shares. During the third quarter of fiscal 2015, the average price of the Company's common stock of $64.17 per share exceeded the conversion price of $39.93 per share on the Convertible Notes. For the current quarter and nine months ended December 28, 2014, 1,387,492 shares and 1,571,499 shares, respectively, relating to the conversion premium on the Convertible Notes were included in the diluted earnings per share using the "if converted" method. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure Schedule Of Financial Data For Company Reportable Business Segments And Product Lines [Abstract] | |||||||||||||||||
Business Segments | Business Segments | ||||||||||||||||
The Company has three reportable business segments based on geographic regions, defined as follows: | |||||||||||||||||
• | Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, USA; | ||||||||||||||||
• | EMEA, which includes Europe, the Middle East and Africa, with segment headquarters in Zurich, Switzerland; and | ||||||||||||||||
• | Asia, which includes Asia, Australia and Oceania, with segment headquarters in Singapore. | ||||||||||||||||
Summarized financial information related to the Company's reportable segments for the quarters and nine months ended December 28, 2014 and December 29, 2013 is shown below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | ||||||||||||||
Net sales by segment to unaffiliated customers | |||||||||||||||||
Americas | $ | 314,263 | $ | 326,932 | $ | 978,376 | $ | 930,238 | |||||||||
EMEA | 242,345 | 251,273 | 717,620 | 705,614 | |||||||||||||
Asia | 54,970 | 64,826 | 179,619 | 173,323 | |||||||||||||
Total net sales | $ | 611,578 | $ | 643,031 | $ | 1,875,615 | $ | 1,809,175 | |||||||||
Net sales by product line | |||||||||||||||||
Reserve power | $ | 306,989 | $ | 328,787 | $ | 933,888 | $ | 901,100 | |||||||||
Motive power | 304,589 | 314,244 | 941,727 | 908,075 | |||||||||||||
Total net sales | $ | 611,578 | $ | 643,031 | $ | 1,875,615 | $ | 1,809,175 | |||||||||
Intersegment sales | |||||||||||||||||
Americas | $ | 11,657 | $ | 7,360 | $ | 31,552 | $ | 25,629 | |||||||||
EMEA | 16,433 | 20,119 | 51,324 | 56,692 | |||||||||||||
Asia | 6,560 | 5,138 | 27,144 | 22,901 | |||||||||||||
Total intersegment sales (1) | $ | 34,650 | $ | 32,617 | $ | 110,020 | $ | 105,222 | |||||||||
Operating earnings by segment | |||||||||||||||||
Americas | $ | 40,884 | $ | 48,484 | $ | 120,751 | $ | 133,352 | |||||||||
EMEA | 27,805 | 21,367 | 79,845 | 52,693 | |||||||||||||
Asia | 2,431 | 7,188 | 9,672 | 16,147 | |||||||||||||
Restructuring and other exit charges - EMEA | (563 | ) | (12,762 | ) | (4,202 | ) | (14,302 | ) | |||||||||
Restructuring charges - Asia | (1,874 | ) | (158 | ) | (1,874 | ) | (158 | ) | |||||||||
Reversal of legal accrual, net of fees - Americas | — | — | 16,233 | — | |||||||||||||
Goodwill impairment - Asia | — | (5,179 | ) | — | (5,179 | ) | |||||||||||
Total operating earnings (2) | $ | 68,683 | $ | 58,940 | $ | 220,425 | $ | 182,553 | |||||||||
(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 to the reportable segments. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Dec. 28, 2014 | |
Text Block [Abstract] | |
Subsequent Events | Subsequent Events |
On January 29, 2015, the Company announced the declaration of a quarterly cash dividend of $0.175 per share of common stock to be paid on March 27, 2015, to stockholders of record as of March 13, 2015. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary Of Inventories | Inventories, net consist of: | ||||||||
December 28, 2014 | March 31, 2014 | ||||||||
Raw materials | $ | 99,548 | $ | 87,469 | |||||
Work-in-process | 113,014 | 116,124 | |||||||
Finished goods | 174,177 | 158,253 | |||||||
Total | $ | 386,739 | $ | 361,846 | |||||
Goodwill_Changes_Tables
Goodwill Changes (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Goodwill Changes [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill during the nine months of fiscal 2015 by reportable segment are as follows: | ||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||
Balance as of March 31, 2014 | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||
Adjustments related to the finalization of purchase accounting for Purcell | (3,256 | ) | — | — | (3,256 | ) | |||||||||||
Foreign currency translation adjustment | (1,417 | ) | (17,751 | ) | (729 | ) | (19,897 | ) | |||||||||
Balance as of December 28, 2014 | $ | 210,957 | $ | 159,835 | $ | 32,111 | $ | 402,903 | |||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Text Block [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 December 28, 2014 and March 31, 2014: | ||||||||||||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
December 28, | for Identical | Observable | Inputs | ||||||||||||||||||||||
2014 | Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Lead forward contracts | $ | (6,437 | ) | $ | — | $ | (6,437 | ) | $ | — | |||||||||||||||
Foreign currency forward contracts | 168 | — | 168 | — | |||||||||||||||||||||
Total derivatives | $ | (6,269 | ) | $ | — | $ | (6,269 | ) | $ | — | |||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
March 31, | for Identical | Observable | Inputs | ||||||||||||||||||||||
2014 | Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Lead forward contracts | $ | (2,371 | ) | $ | — | $ | (2,371 | ) | $ | — | |||||||||||||||
Foreign currency forward contracts | 113 | — | 113 | — | |||||||||||||||||||||
Total derivatives | $ | (2,258 | ) | $ | — | $ | (2,258 | ) | $ | — | |||||||||||||||
Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s derivatives and Convertible Notes at December 28, 2014 and March 31, 2014 were as follows: | ||||||||||||||||||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives (1) | $ | 168 | $ | 168 | $ | 113 | $ | 113 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Convertible Notes | $ | 168,800 | (2) | $ | 265,290 | (3) | $ | 162,887 | (2) | $ | 301,875 | (3) | |||||||||||||
Derivatives (1) | 6,437 | 6,437 | 2,371 | 2,371 | |||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Fair Value of Derivative Instruments | Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Condensed Balance Sheets and derivative gains and losses in the Consolidated Condensed Statements of Income: | ||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||
December 28, 2014 and March 31, 2014 | |||||||||||||||||
Derivatives and Hedging Activities Designated as Cash Flow Hedges | Derivatives and Hedging Activities Not Designated as Hedging Instruments | ||||||||||||||||
28-Dec-14 | 31-Mar-14 | 28-Dec-14 | 31-Mar-14 | ||||||||||||||
Prepaid and other current assets | |||||||||||||||||
Foreign currency forward contracts | $ | 396 | $ | 12 | $ | — | $ | 101 | |||||||||
Total assets | $ | 396 | $ | 12 | $ | — | $ | 101 | |||||||||
Accrued expenses | |||||||||||||||||
Lead hedge forward contracts | $ | 6,437 | $ | 2,371 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | — | — | 228 | — | |||||||||||||
Total liabilities | $ | 6,437 | $ | 2,371 | $ | 228 | $ | — | |||||||||
The Effect Of Derivative Instruments On Consolidated Condensed Statements Of Income | |||||||||||||||||
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 hedge contracts | $ | (5,898 | ) | Cost of goods sold | $ | 1,554 | |||||||||||
Foreign currency forward contracts | 32 | Cost of goods sold | 920 | ||||||||||||||
Total | $ | (5,866 | ) | $ | 2,474 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | (232 | ) | |||||||||||||
Total | $ | (232 | ) | ||||||||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the quarter ended December 29, 2013 | |||||||||||||||||
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 hedge contracts | $ | 2,657 | Cost of goods sold | $ | 1,293 | ||||||||||||
Foreign currency forward contracts | 644 | Cost of goods sold | 225 | ||||||||||||||
Total | $ | 3,301 | $ | 1,518 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | 124 | ||||||||||||||
Total | $ | 124 | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the nine months ended December 28, 2014 | |||||||||||||||||
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 hedge contracts | $ | (6,158 | ) | Cost of goods sold | $ | (121 | ) | ||||||||||
Foreign currency forward contracts | 2,756 | Cost of goods sold | 992 | ||||||||||||||
Total | $ | (3,402 | ) | $ | 871 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | 132 | ||||||||||||||
Total | $ | 132 | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income | |||||||||||||||||
For the nine months ended December 29, 2013 | |||||||||||||||||
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 hedge contracts | $ | 4,781 | Cost of goods sold | $ | (322 | ) | |||||||||||
Foreign currency forward contracts | (454 | ) | Cost of goods sold | (777 | ) | ||||||||||||
Total | $ | 4,327 | $ | (1,099 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Pretax Gain (Loss) | |||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | (56 | ) | |||||||||||||
Total | $ | (56 | ) |
Warranties_Tables
Warranties (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure Analysis Of Changes In Liability For Product Warranties [Abstract] | |||||||||||||||||
Analysis Of Changes In Liability For Product Warranties | An analysis of changes in the liability for product warranties is as follows: | ||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Balance at beginning of period | $ | 40,518 | $ | 41,524 | $ | 40,426 | $ | 42,591 | |||||||||
Current period provisions | 4,083 | 4,326 | 13,700 | 14,057 | |||||||||||||
Costs incurred | (3,706 | ) | (5,132 | ) | (12,171 | ) | (17,448 | ) | |||||||||
Warranty reserves of acquired businesses | — | 2,339 | — | 2,339 | |||||||||||||
Foreign currency translation adjustment | (612 | ) | 107 | (1,672 | ) | 1,625 | |||||||||||
Balance at end of period | $ | 40,283 | $ | 43,164 | $ | 40,283 | $ | 43,164 | |||||||||
Restructuring_Plans_Tables
Restructuring Plans (Tables) | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Reconciliation of Restructuring Reserve | A roll-forward of the restructuring reserve is as follows: | ||||||||||||
Employee | Other | Total | |||||||||||
Severance | |||||||||||||
Balance as of March 31, 2014 | $ | 7,312 | $ | 1,102 | $ | 8,414 | |||||||
Accrued | 3,618 | 710 | 4,328 | ||||||||||
Costs incurred | (9,857 | ) | (650 | ) | (10,507 | ) | |||||||
Foreign currency impact and other | (119 | ) | (172 | ) | (291 | ) | |||||||
Balance as of December 28, 2014 | $ | 954 | $ | 990 | $ | 1,944 | |||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Long-Term Debt And Capital Lease Obligations | The following summarizes the Company’s long-term debt including capital lease obligations as of December 28, 2014 and March 31, 2014: | ||||||||
28-Dec-14 | 31-Mar-14 | ||||||||
3.375% Convertible Notes, net of discount, due 2038 | $ | 168,800 | $ | 162,887 | |||||
2011 Credit Facility, due 2018 | 330,000 | 125,000 | |||||||
Capital lease obligations and other | 364 | 599 | |||||||
499,164 | 288,486 | ||||||||
Less current portion | 303 | 354 | |||||||
Total long-term debt and capital lease obligations | $ | 498,861 | $ | 288,132 | |||||
Components Of Net Carrying Amount Of Convertible Notes | The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of the Convertible Notes as of December 28, 2014 and March 31, 2014: | ||||||||
28-Dec-14 | 31-Mar-14 | ||||||||
Principal | $ | 172,266 | $ | 172,500 | |||||
Unamortized discount | (3,466 | ) | (9,613 | ) | |||||
Net carrying amount | $ | 168,800 | $ | 162,887 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Net Periodic Benefit Cost Related To Defined Benefit Pension Plans | The following tables present the components of the Company’s net periodic benefit cost related to its defined benefit pension plans: | ||||||||||||||||
United States Plans | International Plans | ||||||||||||||||
Quarter ended | Quarter ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Service cost | $ | 96 | $ | 84 | $ | 189 | $ | 211 | |||||||||
Interest cost | 168 | 153 | 624 | 614 | |||||||||||||
Expected return on plan assets | (223 | ) | (200 | ) | (551 | ) | (544 | ) | |||||||||
Amortization and deferral | 64 | 106 | 166 | 109 | |||||||||||||
Net periodic benefit cost | $ | 105 | $ | 143 | $ | 428 | $ | 390 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Change In Number Of Shares Of Common Stock Outstanding | The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended December 28, 2014: | ||||||||||||||||
Shares outstanding as of March 31, 2014 | 46,942,126 | ||||||||||||||||
Purchase of treasury stock | (2,788,597 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 382,541 | ||||||||||||||||
Shares outstanding as of December 28, 2014 | 44,536,070 | ||||||||||||||||
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, as of December 28, 2014 and March 31, 2014, are as follows: | ||||||||||||||||
31-Mar-14 | Before Reclassifications | Amounts Reclassified from AOCI | 28-Dec-14 | ||||||||||||||
Pension funded status adjustment | $ | (15,207 | ) | $ | — | $ | 521 | $ | (14,686 | ) | |||||||
Net unrealized (loss) gain on derivative instruments | (2,253 | ) | (2,150 | ) | (551 | ) | (4,954 | ) | |||||||||
Foreign currency translation adjustment | 85,305 | (94,946 | ) | — | (9,641 | ) | |||||||||||
Accumulated other comprehensive income (loss) | $ | 67,845 | $ | (97,096 | ) | $ | (30 | ) | $ | (29,281 | ) | ||||||
Noncontrolling Interest Disclosure [Text Block] | The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the nine months ended December 28, 2014: | ||||||||||||||||
Equity Attributable to EnerSys Stockholders | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||
Balance as of March 31, 2014 | $ | 1,246,402 | $ | 5,887 | $ | 1,252,289 | |||||||||||
Total comprehensive income: | |||||||||||||||||
Net earnings | 154,737 | 79 | 154,816 | ||||||||||||||
Net unrealized loss on derivative instruments, net of tax | (2,701 | ) | — | (2,701 | ) | ||||||||||||
Pension funded status adjustment, net of tax | 521 | — | 521 | ||||||||||||||
Foreign currency translation adjustment | (94,946 | ) | (303 | ) | (95,249 | ) | |||||||||||
Total other comprehensive income (loss), net of tax | (97,126 | ) | (303 | ) | (97,429 | ) | |||||||||||
Total comprehensive income (loss) | 57,611 | (224 | ) | 57,387 | |||||||||||||
Other changes in equity: | |||||||||||||||||
Purchase of treasury stock | (176,028 | ) | — | (176,028 | ) | ||||||||||||
Cash dividends - common stock ($0.525 per share) | (24,021 | ) | — | (24,021 | ) | ||||||||||||
Reclassification of redeemable equity component of Convertible Notes | 6,147 | — | 6,147 | ||||||||||||||
Other, including activity related to equity awards | 12,027 | — | 12,027 | ||||||||||||||
Balance as of December 28, 2014 | $ | 1,122,138 | $ | 5,663 | $ | 1,127,801 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Schedule of Weighted Average Number of Shares | 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. | ||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Net earnings attributable to EnerSys stockholders | $ | 49,252 | $ | 55,300 | $ | 154,737 | $ | 137,486 | |||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||
Basic | 45,188,942 | 47,351,750 | 46,073,961 | 47,598,076 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 791,739 | 1,190,816 | 898,436 | 940,721 | |||||||||||||
Convertible Notes | 1,387,492 | 1,672,216 | 1,571,499 | 1,103,051 | |||||||||||||
Diluted weighted-average number of common shares outstanding | 47,368,173 | 50,214,782 | 48,543,896 | 49,641,848 | |||||||||||||
Basic earnings per common share attributable to EnerSys stockholders | $ | 1.09 | $ | 1.17 | $ | 3.36 | $ | 2.89 | |||||||||
Diluted earnings per common share attributable to EnerSys stockholders | $ | 1.04 | $ | 1.1 | $ | 3.19 | $ | 2.77 | |||||||||
Anti-dilutive equity awards not included in diluted weighted-average common shares | — | — | 138 | 8,881 | |||||||||||||
Business_Segments_Business_Seg
Business Segments Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Selected Financial Data for Reportable Business Segments and Product Lines | : | ||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | ||||||||||||||
Net sales by segment to unaffiliated customers | |||||||||||||||||
Americas | $ | 314,263 | $ | 326,932 | $ | 978,376 | $ | 930,238 | |||||||||
EMEA | 242,345 | 251,273 | 717,620 | 705,614 | |||||||||||||
Asia | 54,970 | 64,826 | 179,619 | 173,323 | |||||||||||||
Total net sales | $ | 611,578 | $ | 643,031 | $ | 1,875,615 | $ | 1,809,175 | |||||||||
Net sales by product line | |||||||||||||||||
Reserve power | $ | 306,989 | $ | 328,787 | $ | 933,888 | $ | 901,100 | |||||||||
Motive power | 304,589 | 314,244 | 941,727 | 908,075 | |||||||||||||
Total net sales | $ | 611,578 | $ | 643,031 | $ | 1,875,615 | $ | 1,809,175 | |||||||||
Intersegment sales | |||||||||||||||||
Americas | $ | 11,657 | $ | 7,360 | $ | 31,552 | $ | 25,629 | |||||||||
EMEA | 16,433 | 20,119 | 51,324 | 56,692 | |||||||||||||
Asia | 6,560 | 5,138 | 27,144 | 22,901 | |||||||||||||
Total intersegment sales (1) | $ | 34,650 | $ | 32,617 | $ | 110,020 | $ | 105,222 | |||||||||
Operating earnings by segment | |||||||||||||||||
Americas | $ | 40,884 | $ | 48,484 | $ | 120,751 | $ | 133,352 | |||||||||
EMEA | 27,805 | 21,367 | 79,845 | 52,693 | |||||||||||||
Asia | 2,431 | 7,188 | 9,672 | 16,147 | |||||||||||||
Restructuring and other exit charges - EMEA | (563 | ) | (12,762 | ) | (4,202 | ) | (14,302 | ) | |||||||||
Restructuring charges - Asia | (1,874 | ) | (158 | ) | (1,874 | ) | (158 | ) | |||||||||
Reversal of legal accrual, net of fees - Americas | — | — | 16,233 | — | |||||||||||||
Goodwill impairment - Asia | — | (5,179 | ) | — | (5,179 | ) | |||||||||||
Total operating earnings (2) | $ | 68,683 | $ | 58,940 | $ | 220,425 | $ | 182,553 | |||||||||
(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 to the reportable segments. |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Oct. 08, 2013 | Oct. 28, 2013 |
Purcell [Member] | Technology Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | $7,900 | |
Purcell [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 35,700 | |
Purcell [Member] | Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Acquired During Period | 50,889 | |
Quallion [Member] | Technology Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 4,400 | |
Quallion [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 3,400 | |
Quallion [Member] | Goodwill [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Acquired During Period | 13,502 | |
Trademarks [Member] | Purcell [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | 16,800 | |
Trademarks [Member] | Quallion [Member] | ||
Business Acquisition [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $500 | |
Minimum | Purcell [Member] | Technology and Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Minimum | Quallion [Member] | Technology and Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Maximum | Purcell [Member] | Technology and Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 9 years | |
Maximum | Quallion [Member] | Technology and Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 14 years |
Inventories_Details
Inventories (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $99,548 | $87,469 |
Work-in-process | 113,014 | 116,124 |
Finished goods | 174,177 | 158,253 |
Total | $386,739 | $361,846 |
Goodwill_Changes_Schedule_of_C
Goodwill Changes Schedule of Changes in Carrying Amount of Goodwill by Business Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Mar. 31, 2014 |
Goodwill [Line Items] | ||
Balance at beginning of year | $426,056 | |
Adjustments related to the finalization of purchase accounting for Purcell | -3,256 | |
Foreign currency translation adjustment | -19,897 | |
Balance at end of year | 402,903 | 426,056 |
Americas | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 215,630 | |
Adjustments related to the finalization of purchase accounting for Purcell | -3,256 | |
Foreign currency translation adjustment | -1,417 | |
Balance at end of year | 210,957 | 215,630 |
EMEA | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 177,586 | |
Adjustments related to the finalization of purchase accounting for Purcell | 0 | |
Foreign currency translation adjustment | -17,751 | |
Balance at end of year | 159,835 | 177,586 |
Asia | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 32,840 | |
Adjustments related to the finalization of purchase accounting for Purcell | 0 | |
Foreign currency translation adjustment | -729 | |
Balance at end of year | $32,111 | $32,840 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Financial Assets and (Liabilities)) (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | ($6,269) | ($2,258) |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | -2,258 | |
Lead hedge forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | -6,437 | -2,371 |
Lead hedge forward contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | -2,371 | |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | 168 | 113 |
Foreign currency forward contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | $113 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values) (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivatives assets, Carrying Amount | $168 | [1] | $113 | [1] |
Derivatives assets, Fair Value | 113 | [1] | ||
Derivatives liabilities | 6,437 | [1] | 2,371 | [1] |
Derivatives liabilities, Fair Value | 2,371 | [1] | ||
Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible Notes Payable | 168,800 | [2] | 162,887 | [2] |
Convertible Notes, Fair Value | $265,290 | [3] | $301,875 | [3] |
[1] | Represents lead and foreign currency hedges. | |||
[2] | The carrying amounts of the Convertible Notes at DecemberB 28, 2014 and MarchB 31, 2014 represent the $172,266 and $172,500 principal balance, less the unamortized debt discount (see Note 11 for further details). | |||
[3] | The fair value amounts of the Convertible Notes at DecemberB 28, 2014 and MarchB 31, 2014 represent the trading values of the Convertible Notes with a principal balance of $172,266 and $172,500, respectively. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Additional Information) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 31-May-08 | Dec. 28, 2014 | Mar. 31, 2014 | Jan. 01, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Face value of debt instrument | $172,266 | $172,500 | ||
Conversion option price per share | $40.60 | $39.93 | ||
Debt Conversion, Converted Instrument, Shares Issued | 24.6305 | 25.0416 | ||
Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Face value of debt instrument | $172,266 | |||
Debt Instrument Interest Rate | 3.38% | |||
Price of stock per share when convertible notes were issued | $30.19 | |||
Closing price of stock per share | $61.78 | |||
Conversion option price per share | $39.93 | |||
Trading of convertible notes, face value, disclosed as a percentage | 154.00% | 175.00% | ||
Subsequent Event [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Conversion Rate of Convertable Notes | 25.0416 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Location and Amounts of Derivative Fair Values) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 30, 2012 | Dec. 29, 2013 | Mar. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||||||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ($2,474) | ($1,518) | ($871) | $1,099 | |||
Derivatives assets, Fair Value | 113 | [1] | |||||
Derivatives liabilities, Fair Value | 2,371 | [1] | |||||
Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -5,866 | 3,301 | -3,402 | 4,327 | |||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 2,474 | 1,518 | 871 | -1,099 | |||
Derivatives assets, Fair Value | 396 | 396 | 12 | ||||
Designated as Hedging Instrument | Accrued expenses | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivatives liabilities, Fair Value | 6,437 | 6,437 | 2,371 | ||||
Not Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -232 | 124 | 132 | -56 | |||
Derivatives assets, Fair Value | 0 | 0 | 101 | ||||
Not Designated as Hedging Instrument | Accrued expenses | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivatives liabilities, Fair Value | 228 | 228 | 0 | ||||
Foreign currency forward contracts | Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 32 | 644 | 2,756 | -454 | |||
Foreign currency forward contracts | Designated as Hedging Instrument | Prepaid and other current assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivatives assets, Fair Value | 396 | 396 | 12 | ||||
Foreign currency forward contracts | Not Designated as Hedging Instrument | Prepaid and other current assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivatives assets, Fair Value | 0 | 0 | 101 | ||||
Lead hedge forward contracts | Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -5,898 | 2,657 | -6,158 | 4,781 | |||
Lead hedge forward contracts | Designated as Hedging Instrument | Accrued expenses | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivatives liabilities, Fair Value | 2,371 | ||||||
Other Income Expense | Foreign currency forward contracts | Not Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -232 | 124 | 132 | -56 | |||
Cost of Sales | Foreign currency forward contracts | Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 920 | 225 | 992 | -777 | |||
Cost of Sales | Lead hedge forward contracts | Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $1,554 | $1,293 | ($121) | ($322) | |||
[1] | Represents lead and foreign currency hedges. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Derivatives Designated as Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 30, 2012 | Dec. 29, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ($2,474) | ($1,518) | ($871) | $1,099 | |
Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | -5,866 | 3,301 | -3,402 | 4,327 | |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 2,474 | 1,518 | 871 | -1,099 | |
Designated as Hedging Instrument | Lead hedge forward contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | -5,898 | 2,657 | -6,158 | 4,781 | |
Designated as Hedging Instrument | Lead hedge forward contracts | Cost of Sales | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 1,554 | 1,293 | -121 | -322 | |
Designated as Hedging Instrument | Foreign currency forward contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 32 | 644 | 2,756 | -454 | |
Designated as Hedging Instrument | Foreign currency forward contracts | Cost of Sales | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $920 | $225 | $992 | ($777) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Derivatives Not Designated as Hedging Instruments) (Details) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($232) | $124 | $132 | ($56) |
Foreign currency forward contracts | Other Income Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($232) | $124 | $132 | ($56) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 |
Derivatives, Fair Value [Line Items] | |||||
Notional amount | $86,599 | $86,599 | $70,332 | ||
Recorded expense in the consolidated condensed statements of income | 866 | -8,193 | 3,244 | -11,066 | |
Cost of Sales | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative gain (loss) to be recorded in income within 12 months, before tax | 7,812 | ||||
Foreign currency forward contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount | $31,888 | $31,888 | $22,461 | ||
Lead hedge forward contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount in pounds | 102,900,000 | 102,900,000 | 89,900,000 | ||
Hedging Derivatives Maturity Upper Limit | 1 year |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Disclosure Income Taxes Additional Information [Abstract] | ||||
Effective income tax rates | 23.60% | -13.50% | 26.00% | 15.50% |
Deferred Tax Assets, Valuation Allowance | $24,925 | $24,925 | ||
Deferred Income Tax Expense (Benefit) | 21,951,000 | -24,942,000 | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $0.56 | $0.45 | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 14.70% | -6.80% | ||
Tax Rate of Swiss Subsidiary | 6.00% |
Warranties_Analysis_of_Changes
Warranties (Analysis of Changes in the Liability) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Disclosure Analysis Of Changes In Liability For Product Warranties [Abstract] | ||||
Balance at beginning of period | $40,518 | $41,524 | $40,426 | $42,591 |
Current period provisions | 4,083 | 4,326 | 13,700 | 14,057 |
Costs incurred | -3,706 | -5,132 | -12,171 | -17,448 |
Product Warranty Accrual, Additions from Business Acquisition | 2,339 | 2,339 | ||
Foreign exchange and other | -612 | 107 | -1,672 | 1,625 |
Balance at end of period | $40,283 | $43,164 | $40,283 | $43,164 |
Commitments_Contingencies_and_1
Commitments Contingencies and Litigation (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 | 13-May-14 | Mar. 31, 2014 | Dec. 28, 2014 |
Commitments, Contingencies And Litigation [Line Items] | |||||||
Provision For Environmental Liabilities | $2,902 | $2,915 | |||||
Payments for Legal Settlements | 40,000 | ||||||
Payments for (Proceeds from) Other Investing Activities | 2,000 | 0 | |||||
Gain (Loss) Related to Litigation Settlement | 16,233 | 0 | |||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 2,000 | 0 | |||||
Other Asset Impairment Charges | 5,000 | 0 | 5,000 | ||||
Interest rate swap agreements | |||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||
Derivative Type Of Convertible Interest Rate Swap | 85,000 | 85,000 | |||||
Foreign currency forward contracts | |||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||
Purchase price of hedges | 118,487 | 92,793 | 92,793 | 118,487 | |||
Lead hedge forward contracts | |||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||
Purchase price of hedges, pounds of lead | 102,900,000 | 89,900,000 | |||||
Purchase price of hedges | 94,206 | 86,494 | 86,494 | 94,206 | |||
EnerSys Delaware Inc and Altergy Systems Litigation [Member] | EnerSys Delaware Inc. [Member] | |||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||
Litigation Settlement, Amount | ($58,184) | ($58,184) | |||||
Maximum | Interest rate swap agreements | |||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||
Derivative, Maturity Date | 1-May-13 | 1-May-13 | |||||
Minimum | Interest rate swap agreements | |||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||
Derivative, Maturity Date | 1-Feb-13 | 1-Feb-13 |
Restructuring_Plans_Rollforwar
Restructuring Plans (Roll-forward of Restructuring Reserve) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $1,944 | $8,414 |
Restructuring and Related Cost, Incurred Cost | 4,328 | |
Payments for Restructuring | -10,507 | |
Restructuring Reserve, Translation Adjustment | -291 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 954 | 7,312 |
Restructuring and Related Cost, Incurred Cost | 3,618 | |
Payments for Restructuring | -9,857 | |
Restructuring Reserve, Translation Adjustment | -119 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 990 | 1,102 |
Restructuring and Related Cost, Incurred Cost | 710 | |
Payments for Restructuring | -650 | |
Restructuring Reserve, Translation Adjustment | ($172) |
Restructuring_Plans_Additional
Restructuring Plans (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2014 |
Employee | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges related to restructuring plan | $4,328 | |||||
Restructuring reserve | 1,944 | 1,944 | 8,414 | |||
Restructuring charges | 2,437 | 12,920 | 6,076 | 14,460 | ||
Restructuring charges, cash charges related to employee severance and other charges | 10,507 | |||||
Restructuring Costs | 644 | 5,298 | ||||
European Operations | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected reduction in number of employees | 500 | 140 | ||||
Charges related to restructuring plan | 3,700 | |||||
Restructuring charges | 1,104 | 19,039 | 286 | 8,950 | 6,463 | |
Restructuring charges, non-cash charges related to the write-off of fixed assets and inventory | 11,000 | 1,399 | ||||
Restructuring charges, cash charges related to employee severance and other charges | 2,130 | 1,466 | 5,064 | |||
Restructuring Costs | 23,700 | 7,000 | ||||
Expected additional restructuring charges | 300 | 300 | ||||
European Operations | Restructuring Twenty Thirteen Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 202 | 202 | ||||
European Operations | Restructuring Twenty Fourteen Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 1,742 | 1,742 | ||||
European Operations | Restructuring Twenty Fifteen [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected additional restructuring charges | 600 | 600 | ||||
Non Cash Charges [Member] | European Operations | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges, cash charges related to employee severance and other charges | 12,700 | |||||
Restructuring Costs | 10,089 | |||||
Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | European Operations | Restructuring Twenty Fourteen Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges, cash charges related to employee severance and other charges | 7,167 | |||||
Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | European Operations | Restructuring Twenty Fifteen [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2,812 | |||||
Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | Non Cash Charges [Member] | European Operations | Restructuring Twenty Fifteen [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 300 | |||||
Restructuring Costs | 644 | |||||
Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | Cash Charges [Member] | European Operations | Restructuring Twenty Fourteen Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2,168 | |||||
Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | Cash Charges [Member] | European Operations | Restructuring Twenty Fifteen [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $300 |
Debt_Longterm_Debt_Including_C
Debt (Long-term Debt Including Capital Lease Obligations) (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Capital lease obligations and other | $364 | $599 |
Gross long-term debt and capital lease obligations | 499,164 | 288,486 |
Less current portion | 303 | 354 |
Long-term debt and capital lease obligations | 498,861 | 288,132 |
Convertible Notes Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt | 168,800 | 162,887 |
2011 Credit Facility due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $330,000 | $125,000 |
Debt_Convertible_Notes_Details
Debt (Convertible Notes) (Details) (Convertible Notes Payable, USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Convertible Notes Payable | ||
Principal | $172,266 | $172,500 |
Unamortized discount | 3,466 | 9,613 |
Long-term debt | $168,800 | $162,887 |
Debt_Additional_Information_De
Debt (Additional Information) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
31-May-08 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Jul. 08, 2014 | Mar. 31, 2014 | ||||
Debt Instrument [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 24.6305 | 25.0416 | ||||||||
Amortized remaining discount period | 5 months | |||||||||
Face value of debt instrument | $172,266,000 | $172,266,000 | $172,500,000 | |||||||
Conversion option price per share | $40.60 | $39.93 | $39.93 | |||||||
Aggregate consideration on conversion shares | 4,314,200 | |||||||||
Short-term debt | 14,375,000 | 14,375,000 | 33,814,000 | |||||||
Short-term Debt, Weighted Average Interest Rate | 15.00% | 15.00% | 7.00% | |||||||
Temporary Equity, Carrying Amount, Attributable to Parent | 3,466,000 | 3,466,000 | 9,613,000 | |||||||
Convertible Notes Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face value of debt instrument | 172,266,000 | 172,266,000 | ||||||||
Conversion option price per share | $39.93 | $39.93 | ||||||||
Interest rate percentage | 8.50% | 8.50% | ||||||||
Amount of interest cost recognized for the amortization of the discount | 6,147,000 | 2,092,000 | 1,923,000 | 5,650,000 | ||||||
Available lines of credit | 472,325,000 | 472,325,000 | 360,275,000 | |||||||
Outstanding amount | 154,125,000 | 154,125,000 | 136,525,000 | |||||||
Stand by letters of credit | 3,965,000 | 3,965,000 | 1,653,000 | |||||||
Long-term debt | 168,800,000 | 168,800,000 | 162,887,000 | |||||||
Convertible Notes, Fair Value | 265,290,000 | [1] | 265,290,000 | [1] | 301,875,000 | [1] | ||||
2011 Credit Facility due 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 330,000,000 | 330,000,000 | 125,000,000 | |||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Trading Days | 20 days | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Trading Days | 30 days | |||||||||
Percentage of conversion price | 130.00% | |||||||||
Revolving Credit Facility | 2011 Credit Facility due 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 180,000,000 | 180,000,000 | ||||||||
Senior Secured Revolving Credit Facility | Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | 350,000,000 | ||||||||
Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Increase in Borrowing Capacity Limit | 300,000,000 | |||||||||
Incremental Commitment Agreement | Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | |||||||||
Line of Credit Facility, Incremental Revolving Commitment | 150,000,000 | |||||||||
Incremental Commitment Agreement | Secured Debt | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||||||||
Line of Credit Facility, Incremental Term Loan Commitment | 150,000,000 | 150,000,000 | 150,000,000 | |||||||
LIBOR | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||
LIBOR | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
Base Rate | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||
Base Rate | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||
Debt Instrument Quarterly Installments Beginning June 30, 2014 through June 30, 2016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 1,875,000 | |||||||||
Debt Instrument Quarterly Installments Beginning June 30, 2016 through September 30, 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 3,750,000 | |||||||||
Debt Instrument Final Installments Payable on September 30, 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 108,750,000 | |||||||||
[1] | The fair value amounts of the Convertible Notes at DecemberB 28, 2014 and MarchB 31, 2014 represent the trading values of the Convertible Notes with a principal balance of $172,266 and $172,500, respectively. |
Retirement_Plans_Net_Periodic_
Retirement Plans (Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
United States Pension Plans of US Entity, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $96 | $84 | $300 | $265 |
Interest cost | 168 | 153 | 505 | 465 |
Expected return on plan assets | -223 | -200 | -666 | -597 |
Amortization and deferral | 64 | 106 | 238 | 373 |
Net periodic benefit cost | 105 | 143 | 377 | 506 |
Foreign Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 189 | 211 | 602 | 617 |
Interest cost | 624 | 614 | 1,966 | 1,790 |
Expected return on plan assets | -551 | -544 | -1,724 | -1,580 |
Amortization and deferral | 166 | 109 | 518 | 320 |
Net periodic benefit cost | $428 | $390 | $1,362 | $1,147 |
StockBased_Compensation_Additi
Stock-Based Compensation (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grants | 3,177,477 | 3,177,477 | ||
Equity-based compensation expense | $4,280 | $4,594 | $21,339 | $12,186 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 23,368 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested restricted stock and restricted stock units | 184,222 | |||
Stock option grants outstanding | 511,909 | 511,909 | ||
Nonqualified Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option grants outstanding | 119,317 | 119,317 | ||
Market Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested restricted stock and restricted stock units | 384,448 | |||
Stock option grants outstanding | 614,539 | 614,539 | ||
Management | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock unit grants during period | 17,356 | |||
Percentage of restricted stock units granted, vested per year | 25.00% | |||
Vesting period | 4 years | |||
Management | Nonqualified Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 76,512 | |||
Vesting period | 3 years | |||
Management | Market Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock unit grants during period | 152,300 | |||
Vesting period | 3 years | |||
Non-employee Directors [Member] | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock unit grants during period | 118,312 |
Stockholders_Equity_Change_in_
Stockholders' Equity (Change in the Number of Shares of Common Stock Outstanding) (Details) | 9 Months Ended | |
Dec. 28, 2014 | Mar. 31, 2014 | |
Class of Stock [Line Items] | ||
Shares outstanding, ending balance | 44,536,070 | 46,942,126 |
Number of shares of common stock purchased | -2,788,597 | |
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 382,541 |
Stockholders_Equity_Components
Stockholders' Equity (Components of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Pension funded status adjustment | ($15,207) | |||||
Unrealized gain on derivative instruments | -2,253 | |||||
Foreign currency translation adjustment | 85,305 | |||||
Accumulated other comprehensive income | -29,281 | -29,281 | 67,845 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ||||||
Amount recognized in AOCI, net of tax | 0 | |||||
Amount recognized in AOCI - Derivatives, net of tax | -2,150 | |||||
Amount recognized in AOCI - CTA, net of tax | -94,946 | |||||
Accumulated other comprehensive income, Before-Tax Amount | -97,096 | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ||||||
Amount reclassified out of AOCI, net of tax | 155 | 152 | 521 | 468 | 468 | |
Amount reclassified out of AOCI - Derivatives, net of tax | -1,562 | -955 | -551 | 691 | ||
Amount reclassified out of AOCI - CTA, net of tax | 0 | |||||
Accumulated other comprehensive income | -30 | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||||
Pension funded status adjustment | -14,686 | -14,686 | ||||
Unrealized gain on derivative instruments | -4,954 | -4,954 | ||||
Foreign currency translation adjustment | -9,641 | -9,641 | ||||
Accumulated other comprehensive income | ($29,281) | ($29,281) | $67,845 |
Stockholders_Equity_Components1
Stockholders' Equity Components of AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Equity [Abstract] | |||||
Net unrealized (gain) on derivative instruments | ($2,474) | ($1,518) | ($871) | $1,099 | |
Unrealized gain (loss) on derivative instruments, Tax Benefit (Expense) | 912 | 563 | 320 | -408 | |
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | -1,562 | -955 | -551 | 691 | |
Pension funded status adjustment, Before-Tax Amount | 230 | 215 | 756 | 693 | |
Pension funded status adjustment, Tax Benefit (Expense) | 75 | 63 | 235 | 225 | |
Net periodic benefit cost, net of tax | $155 | $152 | $521 | $468 | $468 |
Stockholders_Equity_Noncontrol
Stockholders' Equity Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2014 |
Noncontrolling Interest [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.18 | $0.13 | $0.53 | $0.38 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $5,663 | $5,663 | $5,887 | |||
Net earnings attributable to noncontrolling interests | -79 | 2,910 | -259 | 3,528 | ||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | -1,562 | -955 | -551 | 691 | ||
Amount reclassified out of AOCI, net of tax | 155 | 152 | 521 | 468 | 468 | |
Total other comprehensive (loss) income, net of tax | -48,038 | 9,139 | -98,120 | 34,412 | ||
Total comprehensive income | 1,293 | 61,529 | 56,876 | 168,370 | ||
Payments for Repurchase of Common Stock | 176,028 | 49,568 | ||||
Payments of Dividends | 24,021 | 17,809 | ||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | -6,147 | |||||
Redeemable Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,122,138 | 1,122,138 | 1,246,402 | |||
Net earnings attributable to noncontrolling interests | 154,737 | |||||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | -2,701 | |||||
Amount reclassified out of AOCI, net of tax | 521 | |||||
Foreign currency translation adjustment, Net-of Tax Amount | -94,946 | |||||
Total other comprehensive (loss) income, net of tax | -97,126 | |||||
Total comprehensive income | 57,611 | |||||
Payments for Repurchase of Common Stock | -176,028 | |||||
Payments of Dividends | -24,021 | |||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | -6,147 | |||||
Proceeds from Stock Options Exercised | 12,027 | |||||
Nonredeemable Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 5,663 | 5,663 | 5,887 | |||
Net earnings attributable to noncontrolling interests | 79 | |||||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | 0 | |||||
Amount reclassified out of AOCI, net of tax | 0 | |||||
Foreign currency translation adjustment, Net-of Tax Amount | -303 | |||||
Total other comprehensive (loss) income, net of tax | -303 | |||||
Total comprehensive income | -224 | |||||
Payments for Repurchase of Common Stock | 0 | |||||
Payments of Dividends | 0 | |||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 0 | |||||
Proceeds from Stock Options Exercised | 0 | |||||
Stockholders' Equity, Total [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,127,801 | 1,127,801 | 1,252,289 | |||
Net earnings attributable to noncontrolling interests | 154,816 | |||||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | -2,701 | |||||
Amount reclassified out of AOCI, net of tax | 521 | |||||
Foreign currency translation adjustment, Net-of Tax Amount | -95,249 | |||||
Total other comprehensive (loss) income, net of tax | -97,429 | |||||
Total comprehensive income | 57,387 | |||||
Payments for Repurchase of Common Stock | -176,028 | |||||
Payments of Dividends | -24,021 | |||||
Proceeds from Stock Options Exercised | $12,027 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Mar. 31, 2014 |
Equity [Abstract] | ||
Number of shares of common stock purchased | 2,788,597 | |
Value of shares of common stock purchased | $176,028 | |
Treasury stock, shares | 9,109,819 | 6,321,222 |
Stockholders_Equity_Redeemable
Stockholders' Equity Redeemable Noncontrolling Interests (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2014 |
Noncontrolling Interest [Abstract] | |
Beginning balance, redeemable noncontrolling interests | $8,047 |
Net losses attributable to noncontrolling interests | 180 |
Foreign Currency Translation Adjustments | -691 |
Ending balance, redeemable noncontrolling interests | $7,536 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation from Basic to Diluted Average Common Shares) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to EnerSys stockholders | $49,252 | $55,300 | $154,737 | $137,486 |
Basic | 45,188,942 | 47,351,750 | 46,073,961 | 47,598,076 |
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 791,739 | 1,190,816 | 898,436 | 940,721 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 1,387,492 | 1,672,216 | 1,571,499 | 1,103,051 |
Diluted weighted-average number of common shares outstanding | 47,368,173 | 50,214,782 | 48,543,896 | 49,641,848 |
Basic earnings per common share attributable to EnerSys stockholders | $1.09 | $1.17 | $3.36 | $2.89 |
Diluted earnings per common share attributable to EnerSys stockholders | $1.04 | $1.10 | $3.19 | $2.77 |
Anti-dilutive equity awards not included in diluted weighted-average common shares | 0 | 0 | 138 | 8,881 |
Earnings_Per_Share_Additional_
Earnings Per Share (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | 31-May-08 | |
Disclosure Earnings Per Share Additional Information [Abstract] | |||||
Number of common shares issue upon conversion | 4,314,200 | ||||
Average Price of Stock | $64.17 | ||||
Conversion option price per share | $39.93 | $39.93 | $40.60 | ||
Incremental Common Shares Attributable to Conversion of Debt Securities | 1,387,492 | 1,672,216 | 1,571,499 | 1,103,051 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||
Total net sales | $611,578 | $643,031 | $1,875,615 | $1,809,175 | ||||
Net sales revenue by services | 611,578 | 643,031 | 1,875,615 | 1,809,175 | ||||
Total intersegment sales | 34,650 | [1] | 32,617 | [1] | 110,020 | [1] | 105,222 | [1] |
Total operating earnings | 68,683 | [2] | 58,940 | [2] | 220,425 | [2] | 182,553 | [2] |
Restructuring charges | 2,437 | 12,920 | 6,076 | 14,460 | ||||
Gain (Loss) Related to Litigation Settlement | 16,233 | 0 | ||||||
Goodwill, Impairment Loss | 0 | 5,179 | 0 | 5,179 | ||||
Reserve Power | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales revenue by services | 306,989 | 328,787 | 933,888 | 901,100 | ||||
Motive Power | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales revenue by services | 304,589 | 314,244 | 941,727 | 908,075 | ||||
Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total net sales | 314,263 | 326,932 | 978,376 | 930,238 | ||||
Total intersegment sales | 11,657 | 7,360 | 31,552 | 25,629 | ||||
Total operating earnings | 40,884 | 48,484 | 120,751 | 133,352 | ||||
Restructuring charges | -563 | -12,762 | -4,202 | -14,302 | ||||
Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total net sales | 242,345 | 251,273 | 717,620 | 705,614 | ||||
Total intersegment sales | 16,433 | 20,119 | 51,324 | 56,692 | ||||
Total operating earnings | 27,805 | 21,367 | 79,845 | 52,693 | ||||
Gain (Loss) Related to Litigation Settlement | 16,233 | 0 | ||||||
Asia | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total net sales | 54,970 | 64,826 | 179,619 | 173,323 | ||||
Total intersegment sales | 6,560 | 5,138 | 27,144 | 22,901 | ||||
Total operating earnings | 2,431 | 7,188 | 9,672 | 16,147 | ||||
Restructuring charges | -1,874 | -158 | -1,874 | -158 | ||||
Goodwill, Impairment Loss | ($5,179) | ($5,179) | ||||||
[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 to the reportable segments. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Jan. 29, 2015 | |
Subsequent Event [Member] | |
Investments in New Acquisition [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $0.18 |