Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | 22-May-15 | Sep. 28, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ENS | ||
Entity Registrant Name | ENERSYS | ||
Entity Central Index Key | 1289308 | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 44,460,340 | ||
Entity Public Float | $2,713,445,337 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $268,921 | $240,103 |
Accounts receivable, net of allowance for doubtful accounts (2015–$7,562; 2014–$9,446) | 518,165 | 564,584 |
Inventories, net | 337,011 | 361,846 |
Deferred taxes | 31,749 | 64,765 |
Prepaid and other current assets | 77,572 | 69,402 |
Total current assets | 1,233,418 | 1,300,700 |
Property, plant, and equipment, net | 356,854 | 370,166 |
Goodwill | 369,730 | 426,056 |
Other intangible assets, net | 158,160 | 172,472 |
Deferred taxes | 28,547 | 33,446 |
Other assets | 16,338 | 19,018 |
Total assets | 2,163,047 | 2,321,858 |
Current liabilities: | ||
Short-term debt | 19,715 | 33,814 |
Current portion of capital lease obligations | 237 | 354 |
Accounts payable | 218,574 | 259,484 |
Accrued expenses | 193,262 | 284,902 |
Deferred taxes | 1,583 | 2,849 |
Total current liabilities | 433,371 | 581,403 |
Long-term debt | 495,936 | 287,887 |
Capital lease obligations | 37 | 245 |
Deferred taxes | 99,398 | 101,149 |
Other liabilities | 81,579 | 81,225 |
Total liabilities | 1,110,321 | 1,051,909 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 6,956 | 8,047 |
Redeemable equity component of Convertible Notes | 1,330 | 9,613 |
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and at March 31, 2014 | 0 | 0 |
Common Stock, $0.01 par value, 135,000,000 shares authorized, 53,664,639 shares issued and 44,068,588 shares outstanding at March 31, 2015; 53,263,348 shares issued and 46,942,126 shares outstanding at March 31, 2014 | 537 | 532 |
Additional paid-in capital | 525,967 | 500,254 |
Treasury stock at cost, 9,596,051 shares held as of March 31, 2015 and 6,321,222 shares held as of March 31, 2014 | -376,005 | -170,643 |
Retained earnings | 997,376 | 848,414 |
Accumulated other comprehensive (loss) income | -108,975 | 67,845 |
Total EnerSys stockholders’ equity | 1,038,900 | 1,246,402 |
Nonredeemable noncontrolling interests | 5,540 | 5,887 |
Total equity | 1,044,440 | 1,252,289 |
Total liabilities and equity | $2,163,047 | $2,321,858 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $7,562 | $9,446 |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 135,000,000 | 135,000,000 |
Common stock, shares issued (in shares) | 53,664,639 | 53,263,348 |
Common stock, shares outstanding (in shares) | 44,068,588 | 46,942,126 |
Treasury stock, shares (in shares) | 9,596,051 | 6,321,222 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income(USD ($)) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Income Statement [Abstract] | ||||||
Net sales | $2,505,512 | $2,474,433 | $2,277,559 | |||
Cost of goods sold | 1,864,601 | 1,844,813 | 1,708,203 | |||
Gross profit | 640,911 | 629,620 | 569,356 | |||
Operating expenses | 358,381 | 344,421 | 312,324 | |||
Restructuring and other exit charges | 11,436 | 27,326 | 7,164 | |||
Goodwill and Intangible Asset Impairment | 23,946 | 5,179 | 0 | |||
Legal proceedings charge / (reversal of legal accrual, net of fees) | -16,233 | 58,184 | 0 | |||
Goodwill impairment charge | 20,371 | 5,179 | ||||
Operating earnings | 263,381 | [1],[2],[3],[4] | 194,510 | [4],[5] | 249,868 | [4] |
Interest expense | 19,644 | 17,105 | 18,719 | |||
Other (income) expense, net | -5,602 | 13,658 | 916 | |||
Earnings before income taxes | 249,339 | 163,747 | 230,233 | |||
Income tax expense | 67,814 | 16,980 | 65,275 | |||
Net earnings | 181,525 | 146,767 | 164,958 | |||
Net earnings (losses) attributable to noncontrolling interests | 337 | -3,561 | -1,550 | |||
Net earnings attributable to EnerSys stockholders | $181,188 | $150,328 | $166,508 | |||
Net earnings per common share attributable to EnerSys stockholders: | ||||||
Basic (usd per share) | $3.97 | $3.17 | $3.47 | |||
Diluted (usd per share) | $3.77 | $3.02 | $3.42 | |||
Dividends per common share | $0.70 | $0.50 | $0 | |||
Weighted-average number of common shares outstanding: | ||||||
Basic (in shares) | 45,606,317 | 47,473,690 | 48,022,005 | |||
Diluted (in shares) | 48,052,729 | 49,788,155 | 48,635,449 | |||
[1] | Included in Operating earnings were restructuring and other exit charges of $1,829, $1,810, $2,437 and $5,360 for the first, second, third and fourth quarters of fiscal 2015, respectively. | |||||
[2] | Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184. | |||||
[3] | Included in Operating earnings for the fourth quarter of fiscal 2015 was a charge relating to the impairment of goodwill and other indefinite-lived intangibles for $23,946. | |||||
[4] | The Company does not allocate interest expense or other (income) expense, net to the reportable segments. | |||||
[5] | Included in Operating earnings were restructuring and other exit charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $181,525 | $146,767 | $164,958 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments, net of tax | 2,158 | -1,421 | -2,007 |
Pension funded status adjustment, net of tax | -8,512 | -2,038 | -4,187 |
Foreign currency translation adjustment | -171,830 | 29,339 | -28,894 |
Total other comprehensive income (loss), net of tax | -178,184 | 25,880 | -35,088 |
Total comprehensive income | 3,341 | 172,647 | 129,870 |
Comprehensive loss attributable to noncontrolling interests | -1,027 | -4,871 | -3,200 |
Comprehensive income attributable to EnerSys stockholders | $4,368 | $177,518 | $133,070 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total EnerSys Stockholders' Equity | Non- redeemable Non- controlling Interests |
In Thousands, unless otherwise specified | |||||||||
Beginning Balance at Mar. 31, 2012 | $1,040,815 | $0 | $522 | $474,924 | ($78,183) | $560,839 | $74,093 | $1,032,195 | $8,620 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 14,737 | 14,737 | 14,737 | ||||||
Exercise of stock options | 10,033 | 7 | 10,026 | 10,033 | |||||
Tax benefit from stock options | 1,351 | 1,351 | 1,351 | ||||||
Purchase of common stock | 22,593 | 22,593 | 22,593 | ||||||
Purchase of noncontrolling interests | 2,131 | -608 | -608 | 2,739 | |||||
Proceeds from noncontrolling interests | 613 | 613 | |||||||
Net earnings (excludes $3526 in 2014, $1429 in 2013 and $170 in 2012 of losses attributable to redeemable noncontrolling interests) | 166,387 | 166,508 | 166,508 | -121 | |||||
Other comprehensive income: | |||||||||
Pension funded status adjustment, (net of tax benefit expense of $26 in 2014, $1,195 in 2013, and $1,841 in 2012) | -4,187 | -4,187 | -4,187 | ||||||
Net unrealized gain (loss) on derivative instruments (net of tax benefit expense of $834 in 2014, $1,134 in 2013, and $1,909 in 2012) | -2,007 | -2,007 | -2,007 | ||||||
Foreign currency translation adjustment (excludes $1,340 in 2014, $1,159 in 2013 and $36 in 2012 related to redeemable noncontrolling interests) | -27,735 | -27,244 | -27,244 | -491 | |||||
Ending Balance at Mar. 31, 2013 | 1,175,283 | 0 | 529 | 501,646 | -100,776 | 727,347 | 40,655 | 1,169,401 | 5,882 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 16,742 | 16,742 | 16,742 | ||||||
Exercise of stock options | -7,870 | 3 | -7,873 | -7,870 | |||||
Tax benefit from stock options | 1,612 | 1,612 | 1,612 | ||||||
Purchase of common stock | -69,867 | -69,867 | -69,867 | ||||||
Purchase of noncontrolling interests | 2,866 | 2,866 | 2,866 | ||||||
Debt Conversion Feature | -9,613 | -9,613 | -9,613 | ||||||
Net earnings (excludes $3526 in 2014, $1429 in 2013 and $170 in 2012 of losses attributable to redeemable noncontrolling interests) | 150,303 | 150,328 | 150,328 | -25 | |||||
Dividends ($0.70 per common share) | 23,681 | -606 | 24,287 | 23,681 | |||||
Redemption value adjustment attributable to redeemable noncontrolling interests | -4,974 | -4,974 | -4,974 | ||||||
Other comprehensive income: | |||||||||
Pension funded status adjustment, (net of tax benefit expense of $26 in 2014, $1,195 in 2013, and $1,841 in 2012) | -2,038 | -2,038 | -2,038 | ||||||
Net unrealized gain (loss) on derivative instruments (net of tax benefit expense of $834 in 2014, $1,134 in 2013, and $1,909 in 2012) | -1,421 | -1,421 | -1,421 | ||||||
Foreign currency translation adjustment (excludes $1,340 in 2014, $1,159 in 2013 and $36 in 2012 related to redeemable noncontrolling interests) | 30,679 | 30,649 | 30,649 | 30 | |||||
Ending Balance at Mar. 31, 2014 | 1,252,289 | 0 | 532 | 500,254 | -170,643 | 848,414 | 67,845 | 1,246,402 | 5,887 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 25,259 | 25,259 | 25,259 | ||||||
Exercise of stock options | -12,671 | 5 | -12,676 | -12,671 | |||||
Tax benefit from stock options | 4,071 | 4,071 | 4,071 | ||||||
Purchase of common stock | -205,362 | -205,362 | -205,362 | ||||||
Purchase of noncontrolling interests | -119 | 0 | 0 | -119 | |||||
Debt Conversion Feature | 8,283 | 8,283 | 8,283 | ||||||
Reclassification of debt conversion feature | -1,330 | ||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | -3 | -3 | -3 | ||||||
Net earnings (excludes $3526 in 2014, $1429 in 2013 and $170 in 2012 of losses attributable to redeemable noncontrolling interests) | 181,334 | 181,188 | 181,188 | 146 | |||||
Dividends ($0.70 per common share) | -31,739 | 779 | 32,518 | -31,739 | |||||
Redemption value adjustment attributable to redeemable noncontrolling interests | 292 | 292 | 292 | ||||||
Other comprehensive income: | |||||||||
Pension funded status adjustment, (net of tax benefit expense of $26 in 2014, $1,195 in 2013, and $1,841 in 2012) | -8,512 | 8,512 | -8,512 | ||||||
Net unrealized gain (loss) on derivative instruments (net of tax benefit expense of $834 in 2014, $1,134 in 2013, and $1,909 in 2012) | 2,158 | 2,158 | 2,158 | ||||||
Foreign currency translation adjustment (excludes $1,340 in 2014, $1,159 in 2013 and $36 in 2012 related to redeemable noncontrolling interests) | -170,840 | -170,466 | -170,466 | -374 | |||||
Ending Balance at Mar. 31, 2015 | $1,044,440 | $0 | $537 | $525,967 | ($376,005) | $997,376 | ($108,975) | $1,038,900 | $5,540 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Losses attributable to redeemable noncontrolling interests | $191 | $3,536 | $1,429 |
Dividends per common share | $0.70 | $0.50 | $0 |
Pension funded status adjustment, tax benefit expense | 3,250 | 26 | 1,195 |
Net unrealized gain (loss) on derivative instruments, tax benefit expense | 1,266 | 834 | 1,134 |
Foreign currency translation adjustment, related to redeemable noncontrolling interests | $990 | $1,340 | ($1,159) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | |||
Net earnings | $181,525 | $146,767 | $164,958 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 57,040 | 53,972 | 50,502 |
Write-off of assets related to restructuring | 3,349 | 11,497 | 3,689 |
Gain on disposition of equity interest in Altergy / write-off of investment in Altergy | -2,000 | 5,000 | 0 |
Goodwill impairment charge | 23,946 | 5,179 | 0 |
Derivatives not designated in hedging relationships: | |||
Net (gains) losses | -972 | 188 | -2,496 |
Cash settlements | 654 | -703 | -851 |
Provision for doubtful accounts | 1,125 | 907 | 998 |
Deferred income taxes | 31,886 | -49,748 | 1,673 |
Gain (Loss) Related to Litigation Settlement | -16,233 | ||
Non-cash interest expense | 9,546 | 8,826 | 8,492 |
Stock-based compensation | 25,259 | 16,742 | 14,737 |
Loss (gain) on disposal of fixed assets | 8 | -100 | 170 |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | -13,250 | -70,134 | 5,421 |
Inventory | -10,153 | 8,144 | -921 |
Prepaid and other current assets | -18,998 | -7,669 | -15,754 |
Other assets | 701 | -1,347 | 3,293 |
Accounts payable | -26,500 | -14,979 | 5,370 |
Accrued expenses | -64,147 | 90,339 | 2,997 |
Other liabilities | 11,685 | -9,260 | 2,122 |
Net cash provided by operating activities | 194,471 | 193,621 | 244,400 |
Cash flows from investing activities | |||
Capital expenditures | -63,625 | -61,995 | -55,286 |
Purchase of businesses, net of cash acquired | 0 | -171,528 | 0 |
Payments for (Proceeds from) Other Investing Activities | 2,000 | ||
Proceeds from disposal of property, plant, and equipment and other assets | 2,009 | 1,518 | 194 |
Net cash used in investing activities | -59,616 | -232,005 | -55,092 |
Cash flows from financing activities | |||
Net (decrease) increase in short-term debt | -11,923 | 8,458 | 7,435 |
Proceeds from revolving credit borrowings | 372,700 | 251,900 | 246,050 |
Repayments of revolving credit borrowings | -322,700 | -126,900 | -325,450 |
Proceeds from long-term debt—other | 150,000 | 0 | 5,556 |
Payments of long-term debt—other | 0 | 0 | -16,468 |
Repayments of Convertible Debt | -234 | ||
Deferred financing fees | -1,076 | -853 | 0 |
Capital lease obligations and other | -260 | -404 | -358 |
Option proceeds (taxes paid related to net share settlement of equity awards), net | -12,671 | -7,871 | 10,033 |
Excess tax benefits from exercise of stock options and vesting of equity awards | 4,071 | 1,612 | 1,351 |
Purchase of treasury stock | -205,362 | -69,867 | -22,593 |
Dividends paid to stockholders | -31,739 | -23,681 | 0 |
Payment of deferred purchase consideration | 0 | -4,820 | 0 |
Purchase of noncontrolling interests | -119 | -6,012 | -2,131 |
Proceeds from noncontrolling interests | 0 | 0 | 613 |
Net cash (used in) provided by financing activities | -59,313 | 21,562 | -95,962 |
Effect of exchange rate changes on cash and cash equivalents | -46,724 | 7,577 | -4,488 |
Net increase (decrease) in cash and cash equivalents | 28,818 | -9,245 | 88,858 |
Cash and cash equivalents at beginning of year | 240,103 | 249,348 | 160,490 |
Cash and cash equivalents at end of year | $268,921 | $240,103 | $249,348 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||
Description of Business | |||
EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for industrial batteries. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation. | |||
The Company 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. | |||
Foreign Currency Translation | |||
Results of foreign operations are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests. | |||
Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs. | |||
Revenue Recognition | |||
The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s business segments. Accordingly, revenue is recognized when risk and title are transferred to the customer. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales. | |||
The Company recognizes revenue from the service of its products when the respective services are performed. | |||
Accruals are made at the time of sale for sales returns and other allowances based on the Company’s historical experience. | |||
Freight Expense | |||
Amounts billed to customers for outbound freight costs are classified as sales in the Consolidated Statements of Income. Costs incurred by the Company for outbound freight costs to customers, inbound and transfer freight are classified in cost of goods | |||
sold. | |||
Warranties | |||
The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. | |||
Concentration of Credit Risk | |||
Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances. | |||
Accounts Receivable | |||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on how payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible. | |||
Inventories | |||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead. | |||
Property, Plant, and Equipment | |||
Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment. | |||
Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period. | |||
Business Combinations | |||
The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. | |||
Goodwill and Other Intangible Assets | |||
Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified. | |||
Goodwill impairment test involves a two-step process. In the first step, the Company compares the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the Company must perform the second step of the impairment test to measure the amount of impairment loss, if any. In the second step, the reporting unit's fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit's goodwill is less than the carrying value, the difference is recorded as an impairment loss. | |||
The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. | |||
In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. | |||
Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets. | |||
Impairment of Long-Lived Assets | |||
The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. | |||
Environmental Expenditures | |||
The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued. | |||
Derivative Financial Instruments | |||
The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings. | |||
The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics. | |||
Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, options, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for Normal Purchase Normal Sale. | |||
Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements. | |||
The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2015 and 2014. | |||
The Company does not have any credit-related contingent features associated with its derivative instruments. | |||
Fair Value of Financial Instruments | |||
The Company uses the following valuation techniques to measure fair value for its financial assets and financial liabilities: | |||
Level 1 | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | ||
Level 2 | Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | ||
Level 3 | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | ||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. | |||
Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”) and forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. | |||
When unobservable inputs are significant to the fair value measurement, a contract is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any contracts that transferred between Level 2 and Level 3 as well as Level 1 and Level 2. | |||
Income Taxes | |||
The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be recognized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. | |||
The Company has not recorded United States income or foreign withholding taxes related to undistributed earnings of foreign subsidiaries because the Company currently plans to keep these amounts permanently invested overseas. | |||
The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. | |||
With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. | |||
Deferred Financing Fees | |||
Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments. | |||
Stock-Based Compensation Plans | |||
The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period. | |||
Market Share Units and Performance Market Share Units | |||
The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units vest and are settled in common stock on the third anniversary of the date of grant. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two. This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. | |||
The fair value of the performance market share units is estimated at the date of grant using a Monte Carlo Simulation. A participant may earn based on the total shareholder return (the "TSR") of the Company's common stock over a three-year period ranging from 0% to 200% of the number of performance market share units granted. The awards will cliff vest on the 3rd anniversary of the grant date. The TSR is calculated by dividing the 90-calendar day average price at end of the period and the reinvested dividends thereon by the 90-calendar day average price at start of the period.The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. The 90-calendar day average prices immediately preceding the beginning and the end of the performance period are used to calculate TSR. Performance market share units are similar to the market share units except that the performance schedule is more difficult to achieve. | |||
The Company recognizes compensation expense using the straight-line method over the life of the market share units and performance market share units except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. | |||
Restricted Stock Units | |||
The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. | |||
Stock Options | |||
The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. | |||
Earnings Per Share | |||
Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2015, 2014 and 2013, the Company had outstanding stock options, restricted stock units, market share units, performance market share units and Convertible Notes, which could potentially dilute basic earnings per share in the future. | |||
Segment Reporting | |||
A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations. | |||
• | Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, 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. | ||
New 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). However, the FASB has proposed a one-year deferral of the effective date, which is currently subject to approval. 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. | |||
In April 2015, the FASB issued ASU 2015-03, “Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The update simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update and amortization of the costs will continue to be reported as interest expense. For public companies, this update is effective for interim and annual periods beginning after December 15, 2015, and is to be applied retrospectively. Early adoption is permitted. The Company does not expect this standard to have a significant impact on its consolidated financial statements and has not yet concluded whether it will adopt ASU 2015-03 prior to the effective date. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
There were no acquisitions in fiscal 2015, however, the Company finalized purchase accounting for acquisitions made in fiscal 2014. | |
In fiscal 2014, the Company completed two acquisitions in the Americas and one in Asia, using both cash on hand and borrowings under the 2011 Credit Facility. | |
The Company completed the acquisition of Purcell Systems, Inc., a designer, manufacturer and marketer of thermally managed electronic equipment and battery cabinet enclosures, headquartered in Spokane, Washington, for $119,540, net of cash acquired. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on the final valuation, 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 lists were estimated at 10 and 9 years, respectively. Trademarks were considered to be indefinite-lived assets. | |
On October 28, 2013, the Company completed the acquisition of Quallion, LLC, a manufacturer of lithium ion cells and batteries for medical devices, defense, aviation and space, headquartered in Sylmar, California, for $25,800, net of cash acquired. The Company acquired tangible and intangible assets, in connection with the acquisition, including trademarks, technology, customer relationships and goodwill. Based on the final valuation, 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. | |
On January 27, 2014, the Company completed the acquisition of UTS Holdings Sdn. Bhd. and its subsidiaries, a distributor of motive and reserve power battery products and services, headquartered in Kuala Lumpur, Malaysia, for $25,332, net of cash acquired. The Company acquired tangible and intangible assets, including trademarks, customer relationships and goodwill. Based on the final valuation, trademarks were valued at $1,410, non-compete at $160, customer relationships at $3,200 and goodwill was recorded at $10,796. The useful life of customer relationships was estimated at 8 years and trademarks were considered to be indefinite-lived assets. | |
The results of these acquisitions have been included in the Company’s results of operations from the dates of their respective acquisitions. Pro forma earnings and earnings per share computations have not been presented as these acquisitions are not considered material. Net sales and Net earnings attributable to EnerSys stockholders, related to the fiscal 2014 acquisitions were $68,231 and $2,126, respectively, during fiscal 2014. |
Inventories
Inventories | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories, net consist of: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 82,954 | $ | 87,469 | |||||
Work-in-process | 106,196 | 116,124 | |||||||
Finished goods | 147,861 | 158,253 | |||||||
Total | $ | 337,011 | $ | 361,846 | |||||
Inventory reserves for obsolescence and other estimated losses, mainly relating to finished goods, were $20,242 and $20,316 at March 31, 2015 and 2014, respectively, and have been included in the net amounts shown above. |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant, and Equipment | Property, Plant, and Equipment | ||||||||
Property, plant, and equipment consist of: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Land, buildings, and improvements | $ | 224,617 | $ | 226,008 | |||||
Machinery and equipment | 546,513 | 576,729 | |||||||
Construction in progress | 48,889 | 35,463 | |||||||
820,019 | 838,200 | ||||||||
Less accumulated depreciation | (463,165 | ) | (468,034 | ) | |||||
Total | $ | 356,854 | $ | 370,166 | |||||
Depreciation expense for the fiscal years ended March 31, 2015, 2014 and 2013 totaled $49,261, $49,693, and $47,876, respectively. Interest capitalized in connection with major capital expenditures amounted to $1,989, $1,046, and $619 for the fiscal years ended March 31, 2015, 2014 and 2013, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||
Information regarding the Company’s other intangible assets are as follows: | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||
Trademarks | $ | 100,546 | $ | (953 | ) | $ | 99,593 | $ | 104,917 | $ | (953 | ) | $ | 103,964 | |||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||
Customer relationships | 55,482 | (12,377 | ) | 43,105 | 55,505 | (6,729 | ) | 48,776 | |||||||||||||||||
Non-compete | 2,680 | (2,155 | ) | 525 | 2,581 | (1,822 | ) | 759 | |||||||||||||||||
Patents | 17,049 | (3,642 | ) | 13,407 | 17,592 | (2,073 | ) | 15,519 | |||||||||||||||||
Trademarks | 2,004 | (898 | ) | 1,106 | 2,004 | (813 | ) | 1,191 | |||||||||||||||||
Licenses | 1,482 | (1,058 | ) | 424 | 3,177 | (914 | ) | 2,263 | |||||||||||||||||
Total | $ | 179,243 | $ | (21,083 | ) | $ | 158,160 | $ | 185,776 | $ | (13,304 | ) | $ | 172,472 | |||||||||||
The Company’s amortization expense related to finite-lived intangible assets was $7,779, $4,279, and $2,626, for the years ended March 31, 2015, 2014 and 2013, respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2015, is $7,476 in 2016, $7,246 in 2017, $6,921 in 2018, $6,859 in 2019 and $6,648 in 2020. | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows: | |||||||||||||||||||||||||
Fiscal year ended March 31, 2015 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Balance at beginning of year | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||||||||||
Adjustments related to the finalization of purchase accounting for fiscal 2014 acquisitions | (3,256 | ) | — | 1,542 | (1,714 | ) | |||||||||||||||||||
Goodwill impairment charge | (19,621 | ) | (750 | ) | — | (20,371 | ) | ||||||||||||||||||
Foreign currency translation adjustment | (2,432 | ) | (29,874 | ) | (1,935 | ) | (34,241 | ) | |||||||||||||||||
Balance at end of year | $ | 190,321 | $ | 146,962 | $ | 32,447 | $ | 369,730 | |||||||||||||||||
Fiscal year ended March 31, 2014 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Balance at beginning of year | $ | 150,031 | $ | 166,708 | $ | 28,760 | $ | 345,499 | |||||||||||||||||
Goodwill acquired during the year | 67,912 | — | 9,254 | 77,166 | |||||||||||||||||||||
Goodwill impairment charge | — | — | (5,179 | ) | (5,179 | ) | |||||||||||||||||||
Foreign currency translation adjustment | (2,313 | ) | 10,878 | 5 | 8,570 | ||||||||||||||||||||
Balance at end of year | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||||||||||
A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Gross carrying value | $ | 209,942 | $ | 147,712 | $ | 37,626 | $ | 395,280 | |||||||||||||||||
Accumulated goodwill impairment charges | (19,621 | ) | (750 | ) | (5,179 | ) | (25,550 | ) | |||||||||||||||||
Net book value | $ | 190,321 | $ | 146,962 | $ | 32,447 | $ | 369,730 | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Gross carrying value | $ | 215,630 | $ | 177,586 | $ | 38,019 | $ | 431,235 | |||||||||||||||||
Accumulated goodwill impairment charges | — | — | (5,179 | ) | (5,179 | ) | |||||||||||||||||||
Net book value | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||||||||||
Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. | |||||||||||||||||||||||||
In the fourth quarter of fiscal 2015, the Company conducted step one of the annual goodwill impairment test which indicated that the fair values of two of its reporting units - Purcell and Quallion/ABSL US in the Americas - were less than their respective carrying values, and the Company proceeded to perform step two of the goodwill impairment analysis. | |||||||||||||||||||||||||
Step two of the goodwill impairment analysis measures the impairment charge by allocating the reporting unit's fair value to all of the assets and liabilities of the reporting unit in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit were being acquired in a business combination. This allocation process is performed only for the purposes of measuring the goodwill impairment, and not to adjust the carrying values of the recognized tangible assets and liabilities, other than indefinite-lived assets. Any excess of the carrying value of the reporting unit's goodwill over the implied fair value of the reporting unit's goodwill is recorded as an impairment loss. Based on the aforementioned analysis, the implied fair value of goodwill was lower than the carrying value of the goodwill for the Purcell and Quallion/ABSL US reporting units in the Americas operating segment. | |||||||||||||||||||||||||
The Company recorded a non-cash charge of $20,371 related to goodwill impairment in the Americas and EMEA operating segments and $3,575 related to impairment of indefinite-lived trademarks in the Americas under the caption "Impairment of goodwill and other indefinite-lived intangibles" in the Consolidated Statements of Income. | |||||||||||||||||||||||||
The key factors contributing to the impairments were that both reporting units were recent acquisitions that have not performed to management's expectations. In the case of Purcell, sales were negatively impacted by the slowdown in the enclosure business resulting from lower capital spending by a major customer in the telecommunications market. In the case of Quallion/ABSL US, the cancellation of certain programs with a major contractor serving the aerospace and defense markets resulted in poor performance. The sales levels began to decline in the second quarter of fiscal 2015, and despite management's initial expectation that the declines were temporary, their downward trend continued through the end of fiscal 2015. | |||||||||||||||||||||||||
In fiscal 2014, the Company determined that the fair value of its subsidiary in India, which was acquired in fiscal 2012, was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipated from the operations of this subsidiary. Accordingly, the Company recorded a non-cash charge of $5,179 for goodwill impairment relating to this subsidiary. | |||||||||||||||||||||||||
The Company estimated tax-deductible goodwill to be approximately $24,446 and $28,126 as of March 31, 2015 and 2014, respectively. |
Prepaid_and_Other_Current_Asse
Prepaid and Other Current Assets | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Prepaid and Other Current Assets | Prepaid and Other Current Assets | ||||||||
Prepaid and other current assets consist of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Prepaid non-income taxes | $ | 19,231 | $ | 25,120 | |||||
Prepaid income taxes | 30,577 | 23,762 | |||||||
Non-trade receivables | 4,050 | 4,435 | |||||||
Other | 23,714 | 16,085 | |||||||
Total | $ | 77,572 | $ | 69,402 | |||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | Accrued Expenses | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Payroll and benefits | $ | 47,323 | $ | 62,518 | |||||
Legal proceedings - Altergy | — | 58,184 | |||||||
Accrued selling expenses | 31,269 | 30,963 | |||||||
Income taxes payable | 17,721 | 27,116 | |||||||
Warranty | 18,285 | 17,577 | |||||||
Freight | 14,315 | 14,700 | |||||||
VAT and other non-income taxes | 8,657 | 12,789 | |||||||
Deferred income | 12,188 | 10,839 | |||||||
Restructuring | 3,820 | 8,414 | |||||||
Lead forward contracts | 341 | 2,371 | |||||||
Interest | 1,970 | 1,980 | |||||||
Pension | 1,226 | 1,602 | |||||||
Other | 36,147 | 35,849 | |||||||
Total | $ | 193,262 | $ | 284,902 | |||||
Debt
Debt | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
Summary of Long-Term Debt | |||||||||
The following summarizes the Company’s long-term debt: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
2011 Credit Facility, due 2018 | $ | 325,000 | $ | 125,000 | |||||
3.375% Convertible Notes, net of discount, due 2038 | 170,936 | 162,887 | |||||||
495,936 | 287,887 | ||||||||
Less current portion | — | — | |||||||
Total long-term debt | $ | 495,936 | $ | 287,887 | |||||
2011 Senior Secured Credit Facility | |||||||||
In July 2014, the Company amended its existing senior secured revolving credit facility (as amended, the "2011 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") that 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% (currently 1.25% and based on the Company's consolidated net leverage ratio) or (ii) the Base Rate (which is the highest of (a) the Bank of America prime rate, and (b) the Federal Funds Effective Rate) plus between 0.25% and 0.75% (based on the Company’s consolidated net leverage ratio). | |||||||||
Obligations under the 2011 Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the credit facility, and 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States companies. | |||||||||
There are no prepayment penalties on loans under the 2011 Credit Facility. The Company had $175,000 revolver borrowings and $150,000 Term Loan borrowings outstanding under its 2011 Credit Facility as of March 31, 2015. | |||||||||
The current portion of the Term Loan of $7,500 is classified as long-term debt as the Company expects to refinance the quarterly payments beginning June 30, 2015 with revolver borrowings under its 2011 Credit Facility. | |||||||||
Senior Unsecured 3.375% Convertible Notes | |||||||||
On May 28, 2008, the Company completed a registered offering of $172,500 aggregate principal amount of senior unsecured 3.375% Convertible Notes Due 2038 (the “Convertible Notes”) (see prospectus and supplemental indenture dated May 28, 2008). The Company received net proceeds of $168,200 after the deduction of commissions and offering expenses. The Company used all of the net proceeds to repay a portion of its then existing senior secured credit facility. | |||||||||
The Convertible Notes are general senior unsecured obligations and rank equally with the Company’s existing and future senior unsecured obligations and are junior to any of the Company’s future secured obligations to the extent of the value of the collateral securing such obligations. The Convertible Notes are not guaranteed, and are structurally subordinate in right of payment to, all of the (i) existing and future indebtedness and other liabilities of the Company’s subsidiaries and (ii) preferred stock of the Company’s subsidiaries to the extent of their respective liquidation preferences. | |||||||||
The Convertible Notes require the semi annual payment of interest in arrears on June 1 and December 1 of each year beginning December 1, 2008, at 3.375% per annum on the principal amount outstanding. The Convertible Notes will accrete principal on June 1, 2015. While the Convertible Notes have a maturity date of June 1, 2038, on May 7, 2015, the Company announced that it had called for redemption all of the Convertible Notes on June 8, 2015, at a price equal to $1,000.66 per $1,000 original principal amount of Convertible Notes, which is equal to 100% of the accreted principal amount of the Convertible Notes being repurchased plus accrued and unpaid interest. Holders are permitted to convert their Convertible Notes at their option on or before June 5, 2015. | |||||||||
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. The conversion rate as of May 7, 2015, the date the Company filed a notice of redemption, was 25.1086 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes which equated to $39.83 per share, due to the cumulative impact of cash dividends paid on the Company's common stock. Based on this conversion rate, the number of shares to be delivered upon conversion is 4,325,031. The conversion price is subject to adjustment under certain circumstances. It is the Company’s current intent to settle the principal amount of any conversions in cash, and any premium on the Convertible Notes in cash, shares of EnerSys common stock or a combination of cash and shares. | |||||||||
On April 23, 2015, the Company issued $300,000 in aggregate principal amount of its 5.00% Senior Notes due 2023 (the “Notes”). The Company intends to use the net proceeds from the sale of the Notes to redeem, settle, repurchase or otherwise repay and retire in full the $172,266 principal amount of the Company’s outstanding 3.375% Convertible Notes due 2038 with the remaining net proceeds to be used to pay the premium on the Convertible Notes, partially repay outstanding revolving loans under its existing senior secured credit facilities and/or for general corporate purposes. The Notes bear interest at a rate of 5.00% per annum accruing from April 23, 2015. Interest is payable semiannually in arrears on April 30 and October 30 of each year, commencing on October 30, 2015. The Notes will mature on April 30, 2023, unless earlier redeemed or repurchased in full. The Notes are unsecured and unsubordinated obligations of the Company. The Notes are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, by each of its subsidiaries that are guarantors under the 2011 Credit Facility (the "Guarantors"). The Guarantees are unsecured and unsubordinated obligations of the Guarantors. | |||||||||
The carrying value of the Convertible Notes of $170,936 continues to be reported as long-term debt on the Consolidated Balance Sheet as of March 31, 2015 as the Company intends to pay the principal amount together with any accrued and unpaid interest by using on the net proceeds from the Notes and the 2011 Credit Facility and may pay the premium on the Convertible Notes with cash or shares of the Company's common stock or a combination of both cash or shares. No gain or loss was recognized when the debt became convertible. The estimated fair value of the Convertible Notes was approximately $277,348 as of March 31, 2015. | |||||||||
At any time after June 6, 2015, the Company may at its option redeem the Convertible Notes, in whole or in part, for cash, at a redemption price equal to 100% of the principal amount of Convertible Notes to be redeemed, plus any accrued and unpaid interest. As permitted and as discussed above, on May 7, 2015, the Company filed a notice of redemption for all of the Convertible Notes with a redemption date of June 8, 2015. The Company has offered (the “Offer”) to purchase all of the outstanding Convertible Notes in cash at a purchase price of $1,000 original principal amount of Convertible Notes, with such offer expiring on May 29, 2015. The Company will redeem the Convertible Notes unless the holders either (a) exercise their conversion rights on or before June 5, 2015 or (b) have their Convertible Notes repurchased by the Company pursuant to the terms and conditions of the Offer. | |||||||||
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 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 paid in cash or issued shares or a combination of cash and shares for the remaining value of the Convertible Notes, the reclassification into temporary equity as of March 31, 2015 was $1,330 based on the Convertible Notes principal of $172,266 and the carrying value of $170,936. If the Convertible Notes are settled during the first quarter of fiscal 2016, 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 our Convertible Notes as of March 31, 2015 and 2014, respectively: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Principal | $ | 172,266 | $ | 172,500 | |||||
Unamortized discount | (1,330 | ) | (9,613 | ) | |||||
Net carrying amount | $ | 170,936 | $ | 162,887 | |||||
As of March 31, 2015, the remaining discount will be amortized during the first quarter of fiscal 2016. | |||||||||
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 $8,283, $7,614 and $7,001, respectively, for the fiscal years ended March 31, 2015, 2014 and 2013. | |||||||||
The Company paid $10,088, $8,490 and $10,056, net of interest received, for interest during the fiscal years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||
The Company’s financing agreements contain various covenants, which, absent prepayment in full of the indebtedness and other obligations, or the receipt of waivers, would limit the Company’s ability to conduct certain specified business transactions including incurring debt, mergers, consolidations or similar transactions, buying or selling assets out of the ordinary course of business, engaging in sale and leaseback transactions, paying dividends and certain other actions. The Company is in compliance with all such covenants. | |||||||||
Short-Term Debt | |||||||||
As of March 31, 2015 and 2014, the Company had $19,715 and $33,814, respectively, of short-term borrowings from banks. The weighted-average interest rates on these borrowings were approximately 10% and 7% for fiscal years ended March 31, 2015 and 2014, respectively. | |||||||||
Letters of Credit | |||||||||
As of March 31, 2015 and 2014, the Company had $3,862 and $1,653, respectively, of standby letters of credit outstanding under the 2011 Credit Facility and other credit arrangements. | |||||||||
Deferred Financing Fees | |||||||||
Deferred financing fees, net of accumulated amortization, totaled $2,712 and $2,899 as of March 31, 2015 and 2014, respectively. Amortization expense, relating to deferred financing fees, included in interest expense was $1,263, $1,141, and $1,279 for the fiscal years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||
Available Lines of Credit | |||||||||
As of March 31, 2015 and 2014, the Company had available and undrawn, under all its lines of credit, $464,733 and $360,275, respectively, including $141,533 and $136,525, respectively, of uncommitted lines of credit as of March 31, 2015 and March 31, 2014. |
Leases
Leases | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Leases [Abstract] | |||||
Leases | Leases | ||||
The Company’s future minimum lease payments under operating leases that have noncancelable terms in excess of one year as of March 31, 2015 are as follows: | |||||
Operating | |||||
Leases | |||||
2016 | $ | 19,923 | |||
2017 | 14,307 | ||||
2018 | 10,513 | ||||
2019 | 7,861 | ||||
2020 | 7,007 | ||||
Thereafter | 7,329 | ||||
Total minimum lease payments | $ | 66,940 | |||
Rental expense was $35,974, $34,923, and $33,090 for the fiscal years ended March 31, 2015, 2014 and 2013, respectively. Certain operating lease agreements contain renewal or purchase options and/or escalation clauses. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Liabilities | Other Liabilities | ||||||||
Other liabilities consist of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Pension | $ | 42,144 | $ | 37,900 | |||||
Warranty | 21,525 | 22,849 | |||||||
Liability for uncertain tax benefits | 3,796 | 4,265 | |||||||
Deferred income | 6,564 | 7,012 | |||||||
Other | 7,550 | 9,199 | |||||||
Total | $ | 81,579 | $ | 81,225 | |||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value Measurements | ||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||
The following tables represent the financial assets and (liabilities), measured at fair value on a recurring basis as of March 31, 2015 and March 31, 2014 and the basis for that measurement: | |||||||||||||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
March 31, 2015 | for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Lead forward contracts | $ | (341 | ) | $ | — | $ | (341 | ) | $ | — | |||||||||||||||
Foreign currency forward contracts | 4,155 | — | 4,155 | — | |||||||||||||||||||||
Total derivatives | $ | 3,814 | $ | — | $ | 3,814 | $ | — | |||||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
March 31, 2014 | for Identical | Observable | Inputs | ||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 8), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. | |||||||||||||||||||||||||
The Company's 3.375% Convertible Notes, with an original face value of $172,500, were issued when the Company’s stock price was trading at $30.19 per share. On March 31, 2015, the Company’s stock price closed at $64.24 per share. The conversion rate as of May 7, 2015, the date when the the Company filed a notice of redemption was 25.1086 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes which equated to $39.83 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 161% of face value on March 31, 2015, and 175% of face value on March 31, 2014. See Note 8 for further details. | |||||||||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s derivatives and Convertible Notes at March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives(1) | $ | 4,155 | $ | 4,155 | $ | 113 | $ | 113 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Convertible Notes | $ | 170,936 | (2) | $ | 277,348 | (3) | $ | 162,887 | (2) | $ | 301,875 | (3) | |||||||||||||
Derivatives(1) | 341 | 341 | 2,371 | 2,371 | |||||||||||||||||||||
-1 | Represents lead and foreign currency hedges (see Note 12 for asset and liability positions of the lead and foreign currency hedges at March 31, 2015 and March 31, 2014). | ||||||||||||||||||||||||
-2 | The carrying amounts of the Convertible Notes at March 31, 2015 and March 31, 2014 represent the $172,266 and $172,500 principal balance, respectively, less the unamortized debt discount (see Note 8 for further details). | ||||||||||||||||||||||||
-3 | The fair value amounts at March 31, 2015 and March 31, 2014 represent the trading values of the Convertible Notes with a principal balance of $172,266 and $172,500, respectively. | ||||||||||||||||||||||||
Non-recurring fair value measurements | |||||||||||||||||||||||||
The valuation of goodwill and other intangible assets is based on information and assumptions available to the Company at the time of acquisition, using income and market approaches to determine fair value. The Company tests goodwill and other intangible assets annually for impairment, or when indications of potential impairment exist (see Note 1). | |||||||||||||||||||||||||
Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. The unobservable inputs used to measure the fair value of the reporting units include projected growth rates, profitability, and the risk factor premium added to the discount rate. The remeasurement of goodwill is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using company-specific information. | |||||||||||||||||||||||||
The inputs used to measure the fair value of other intangible assets were largely unobservable and accordingly were also classified as Level 3. The fair value of indefinite-lived assets, such as trademarks, is based on the royalties saved that would have been paid to a third party had the Company not owned the trademark. The Company used royalty rates ranging between 1%-2.5% based on comparable market rates, and used discount rates ranging between 19%-23.5%. | |||||||||||||||||||||||||
The fair value of other intangible assets was estimated using the income approach, based on cash flow projections of revenue growth rates, taking into consideration industry and market conditions. | |||||||||||||||||||||||||
Indefinite-lived trademarks associated with Purcell and Quallion/ABSL US were recorded during the fourth quarter of fiscal 2015 at fair value on a nonrecurring basis at $13,300 and $1,070, respectively, and the remeasurement resulted in an aggregate impairment charge of $3,575 which is included under the caption "Impairment of goodwill and other indefinite-lived assets" in the Consolidated Statements of Income. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||||||
The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices and foreign exchange rates, under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||
Lead 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 March 31, 2015 and 2014 were 91.6 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 March 31, 2015 and 2014, the Company had entered into a total of $75,878 and $70,332, respectively, of such contracts. | |||||||||||||||||
In the coming twelve months, the Company anticipates that $165 of net pretax loss relating to lead and foreign currency forward contracts will be reclassified from AOCI as part of cost of goods sold. This amount represents the current net unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the Consolidated 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 Statements of Income. As of March 31, 2015 and 2014, the notional amount of these contracts was $26,246 and $22,461, respectively. | |||||||||||||||||
Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income: | |||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||
March 31, 2015 and 2014 | |||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities | ||||||||||||||||
Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Prepaid and other current assets | |||||||||||||||||
Foreign currency forward contracts | $ | 3,735 | $ | 12 | $ | 420 | $ | 101 | |||||||||
Total assets | $ | 3,735 | $ | 12 | $ | 420 | $ | 101 | |||||||||
Accrued expenses | |||||||||||||||||
Lead hedge forward contracts | $ | 341 | $ | 2,371 | $ | — | $ | — | |||||||||
Total liabilities | $ | 341 | $ | 2,371 | $ | — | $ | — | |||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||
For the fiscal year ended March 31, 2015 | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain | Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||
(Loss) Reclassified | |||||||||||||||||
from | |||||||||||||||||
AOCI into Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||
Lead hedge forward contracts | $ | (7,743 | ) | Cost of goods sold | $ | (4,347 | ) | ||||||||||
Foreign currency forward contracts | 8,206 | Cost of goods sold | 1,386 | ||||||||||||||
Total | $ | 463 | $ | (2,961 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) | Pretax Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||||
on Derivative | |||||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | 972 | ||||||||||||||
Total | $ | 972 | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||
For the fiscal year ended March 31, 2014 | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain | Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||
(Loss) Reclassified | |||||||||||||||||
from | |||||||||||||||||
AOCI into Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||
Lead hedge forward contracts | $ | (1,562 | ) | Cost of goods sold | $ | 718 | |||||||||||
Foreign currency forward contracts | (682 | ) | Cost of goods sold | (707 | ) | ||||||||||||
Total | $ | (2,244 | ) | $ | 11 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) | Pretax Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||||
on Derivative | |||||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | (188 | ) | |||||||||||||
Total | $ | (188 | ) | ||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||
For the fiscal year ended March 31, 2013 | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain | Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||
(Loss) Reclassified | |||||||||||||||||
from | |||||||||||||||||
AOCI into Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||
Lead hedge forward contracts | $ | 1,623 | Cost of goods sold | $ | 3,309 | ||||||||||||
Foreign currency forward contracts | 248 | Cost of goods sold | 1,703 | ||||||||||||||
Total | $ | 1,871 | $ | 5,012 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) | Pretax Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||||
on Derivative | |||||||||||||||||
Interest rate swap contracts | Other (income) expense, net | $ | (101 | ) | |||||||||||||
Foreign currency forward contracts | Other (income) expense, net | 2,597 | |||||||||||||||
Total | $ | 2,496 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
Income tax expense is composed of the following: | |||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 12,299 | $ | 41,256 | $ | 38,480 | |||||||
State | 3,044 | 2,845 | 5,684 | ||||||||||
Foreign | 20,585 | 22,627 | 19,438 | ||||||||||
Total current | 35,928 | 66,728 | 63,602 | ||||||||||
Deferred: | |||||||||||||
Federal | 25,113 | (18,410 | ) | 3,915 | |||||||||
State | 1,771 | (4,088 | ) | 214 | |||||||||
Foreign | 5,002 | (27,250 | ) | (2,456 | ) | ||||||||
Total deferred | 31,886 | (49,748 | ) | 1,673 | |||||||||
Income tax expense | $ | 67,814 | $ | 16,980 | $ | 65,275 | |||||||
Earnings before income taxes consists of the following: | |||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | 76,327 | $ | 47,753 | $ | 107,191 | |||||||
Foreign | 173,012 | 115,994 | 123,042 | ||||||||||
Earnings before income taxes | $ | 249,339 | $ | 163,747 | $ | 230,233 | |||||||
Income taxes paid by the Company for the fiscal years ended March 31, 2015, 2014 and 2013 were $42,404, $76,644 and $64,210, respectively. | |||||||||||||
The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities: | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 907 | $ | 1,204 | |||||||||
Inventories | 5,855 | 6,146 | |||||||||||
Net operating loss carryforwards | 46,069 | 60,359 | |||||||||||
Accrued expenses | 28,830 | 58,417 | |||||||||||
Other assets | 21,279 | 13,291 | |||||||||||
Gross deferred tax assets | 102,940 | 139,417 | |||||||||||
Less valuation allowance | (20,063 | ) | (23,583 | ) | |||||||||
Total deferred tax assets | 82,877 | 115,834 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 23,851 | 26,286 | |||||||||||
Other intangible assets | 65,432 | 71,094 | |||||||||||
Convertible Notes | 30,012 | 22,687 | |||||||||||
Other liabilities | 4,267 | 1,554 | |||||||||||
Total deferred tax liabilities | 123,562 | 121,621 | |||||||||||
Net deferred tax liabilities | $ | (40,685 | ) | $ | (5,787 | ) | |||||||
The Company has approximately $2,169 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, with expirations between 2024 and 2030. The Company has approximately $147,574 of foreign net operating loss carryforwards, of which $120,513 may be carried forward indefinitely and $27,061 expire between 2017 and 2023. In addition, the Company also had approximately $41,340 of state net operating loss carryforwards with expirations between 2016 and 2035. | |||||||||||||
As of March 31, 2015 and 2014, the federal valuation allowance was $1,050 and $1,750, respectively. The decrease related to an adjustment to a capital loss deferred tax asset. As of March 31, 2015 and 2014, the valuation allowance associated with the state tax jurisdictions was $608 and $1,974, respectively. The net decrease is primarily related to state net operating losses that the Company believes as of March 31, 2015 are more likely than not to be realized. As of March 31, 2015 and 2014, the valuation allowance associated with certain foreign tax jurisdictions was $18,404 and $19,859, respectively. The change includes an increase of $2,492 to tax expense primarily related to net operating loss carryforwards generated in the current year, and a decrease of $3,947 primarily related to currency fluctuations and the sale of one of the Company's foreign subsidiaries. | |||||||||||||
A reconciliation of income taxes at the statutory rate to the income tax provision is as follows: | |||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
United States statutory income tax expense (at 35%) | $ | 87,269 | $ | 57,311 | $ | 80,581 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal effect | 3,206 | (647 | ) | 3,742 | |||||||||
Nondeductible expenses, domestic manufacturing deduction and other | 8,666 | 5,124 | 7,664 | ||||||||||
Effect of foreign operations | (33,119 | ) | (24,277 | ) | (27,883 | ) | |||||||
Valuation allowance | 1,792 | (20,531 | ) | 1,171 | |||||||||
Income tax expense | $ | 67,814 | $ | 16,980 | $ | 65,275 | |||||||
The effective income tax rates for the fiscal years ended March 31, 2015, 2014 and 2013 were 27.2%, 10.4% and 28.4%, respectively. Our 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 we operate and the amount of our consolidated income before taxes. | |||||||||||||
The fiscal 2015 foreign effective income tax rate on foreign pre-tax income of $173,012 was 14.8%. The fiscal 2014 foreign effective income tax rate on foreign pre-tax income of $115,994 was (4.0)%. The fiscal 2013 foreign effective income tax rate on foreign pre-tax income of $123,042 was 13.8%. | |||||||||||||
Income from our Swiss subsidiary comprised a substantial portion of our overall foreign mix of income for the fiscal years ended March 31, 2015, 2014 and 2013 and is taxed at approximately 7%. | |||||||||||||
At March 31, 2015, the Company has not recorded United States income or foreign withholding taxes on approximately $764,885 of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the United States because the Company currently plans to keep these amounts permanently invested overseas. It is not practical to calculate the income tax expense that would result upon repatriation of these earnings. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
March 31, 2012 | $ | 12,945 | |||||||||||
Increases related to current year tax positions | 6,296 | ||||||||||||
Increases related to prior year tax positions | 969 | ||||||||||||
Increases related to prior year tax positions due to foreign currency translation | 245 | ||||||||||||
Lapse of statute of limitations | (3,970 | ) | |||||||||||
March 31, 2013 | 16,485 | ||||||||||||
Increases related to current year tax positions | 207 | ||||||||||||
Increases related to prior year tax positions | 2,877 | ||||||||||||
Decreases related to prior tax positions due to foreign currency translation | (68 | ) | |||||||||||
Decreases related to prior year tax positions | (14,835 | ) | |||||||||||
Lapse of statute of limitations | (923 | ) | |||||||||||
March 31, 2014 | 3,743 | ||||||||||||
Increases related to current year tax positions | 3,241 | ||||||||||||
Increases related to prior year tax positions | 9 | ||||||||||||
Decreases related to prior tax positions due to foreign currency translation | (85 | ) | |||||||||||
Decreases related to prior year tax positions settled | (2,695 | ) | |||||||||||
Lapse of statute of limitations | (101 | ) | |||||||||||
March 31, 2015 | $ | 4,112 | |||||||||||
All of the balance of unrecognized tax benefits at March 31, 2015 and 2014, if recognized, would be included in the Company’s Consolidated Statements of Income and have a favorable impact on both the Company’s net earnings and effective tax rate. | |||||||||||||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2011. | |||||||||||||
While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $314 is expected to reverse in fiscal 2016 due to expiration of various statute of limitations. | |||||||||||||
The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statements of Income. As of March 31, 2015 and 2014, the Company had an accrual of $170 and $522, respectively, for interest and penalties. |
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||||||
The Company provides retirement benefits to substantially all eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans. | |||||||||||||||||||||||||||||||||
Net periodic pension cost for fiscal 2015, 2014 and 2013, includes the following components: | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | Fiscal year ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Service cost | $ | 400 | $ | 348 | $ | 349 | $ | 767 | $ | 829 | $ | 679 | |||||||||||||||||||||
Interest cost | 673 | 619 | 649 | 2,546 | 2,412 | 2,377 | |||||||||||||||||||||||||||
Expected return on plan assets | (889 | ) | (796 | ) | (756 | ) | (2,248 | ) | (2,134 | ) | (1,851 | ) | |||||||||||||||||||||
Amortization and deferral | 319 | 479 | 393 | 688 | 56 | 209 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 503 | $ | 650 | $ | 635 | $ | 1,753 | $ | 1,163 | $ | 1,414 | |||||||||||||||||||||
The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans: | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the period | $ | 15,290 | $ | 15,911 | $ | 69,227 | $ | 59,876 | |||||||||||||||||||||||||
Service cost | 400 | 348 | 767 | 829 | |||||||||||||||||||||||||||||
Interest cost | 673 | 619 | 2,546 | 2,412 | |||||||||||||||||||||||||||||
Plan amendments | — | 254 | — | — | |||||||||||||||||||||||||||||
Benefits paid, inclusive of plan expenses | (770 | ) | (670 | ) | (1,904 | ) | (2,000 | ) | |||||||||||||||||||||||||
Plan curtailments and settlements | — | — | (54 | ) | (356 | ) | |||||||||||||||||||||||||||
Actuarial (gains) losses | 2,466 | (1,172 | ) | 14,198 | 3,329 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (12,689 | ) | 5,137 | ||||||||||||||||||||||||||||
Benefit obligation at the end of the period | $ | 18,059 | $ | 15,290 | $ | 72,091 | $ | 69,227 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the period | $ | 11,309 | $ | 10,334 | $ | 33,706 | $ | 29,468 | |||||||||||||||||||||||||
Actual return on plan assets | 1,051 | 1,158 | 4,918 | 1,666 | |||||||||||||||||||||||||||||
Employer contributions | 789 | 487 | 1,890 | 1,852 | |||||||||||||||||||||||||||||
Benefits paid, inclusive of plan expenses | (770 | ) | (670 | ) | (1,904 | ) | (2,000 | ) | |||||||||||||||||||||||||
Plan curtailments and settlements | — | — | (54 | ) | (115 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (4,155 | ) | 2,835 | ||||||||||||||||||||||||||||
Fair value of plan assets at the end of the period | $ | 12,379 | $ | 11,309 | $ | 34,401 | $ | 33,706 | |||||||||||||||||||||||||
Funded status deficit | $ | (5,680 | ) | $ | (3,981 | ) | $ | (37,690 | ) | $ | (35,521 | ) | |||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||||||||||
Accrued expenses | $ | (1,226 | ) | $ | (1,602 | ) | |||||||||||||||||||||||||||
Other liabilities | (42,144 | ) | (37,900 | ) | |||||||||||||||||||||||||||||
$ | (43,370 | ) | $ | (39,502 | ) | ||||||||||||||||||||||||||||
The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2015, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Amounts recorded in AOCI before taxes: | |||||||||||||||||||||||||||||||||
Prior service cost | $ | (800 | ) | $ | (1,036 | ) | $ | (816 | ) | ||||||||||||||||||||||||
Net loss | (28,734 | ) | (19,239 | ) | (16,645 | ) | |||||||||||||||||||||||||||
Net amount recognized | $ | (29,534 | ) | $ | (20,275 | ) | $ | (17,461 | ) | ||||||||||||||||||||||||
Fiscal year ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations: | |||||||||||||||||||||||||||||||||
New prior service cost | $ | — | $ | 255 | $ | — | |||||||||||||||||||||||||||
Net loss arising during the year | 13,831 | 2,262 | 6,376 | ||||||||||||||||||||||||||||||
Effect of exchange rates on amounts included in AOCI | (3,565 | ) | 920 | (392 | ) | ||||||||||||||||||||||||||||
Amounts recognized as a component of net periodic benefit costs: | |||||||||||||||||||||||||||||||||
Amortization of prior service cost | (101 | ) | (81 | ) | (79 | ) | |||||||||||||||||||||||||||
Amortization or settlement recognition of net loss | (906 | ) | (694 | ) | (523 | ) | |||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | 9,259 | $ | 2,662 | $ | 5,382 | |||||||||||||||||||||||||||
The amounts included in AOCI as of March 31, 2015 that are expected to be recognized as components of net periodic pension cost during the next twelve months are as follows: | |||||||||||||||||||||||||||||||||
Prior service cost | $ | (93 | ) | ||||||||||||||||||||||||||||||
Net loss | (1,668 | ) | |||||||||||||||||||||||||||||||
Net amount expected to be recognized | $ | (1,761 | ) | ||||||||||||||||||||||||||||||
The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows: | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
All defined benefit plans: | |||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 18,059 | $ | 15,290 | $ | 68,272 | $ | 65,049 | |||||||||||||||||||||||||
Unfunded defined benefit plans: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | — | $ | — | $ | 28,984 | $ | 31,335 | |||||||||||||||||||||||||
Accumulated benefit obligation | — | — | 27,768 | 29,693 | |||||||||||||||||||||||||||||
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 18,059 | $ | 15,290 | $ | 72,091 | $ | 69,227 | |||||||||||||||||||||||||
Fair value of plan assets | 12,379 | 11,309 | 34,401 | 33,706 | |||||||||||||||||||||||||||||
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 18,059 | $ | 15,290 | $ | 72,091 | $ | 68,446 | |||||||||||||||||||||||||
Accumulated benefit obligation | 18,059 | 15,290 | 68,272 | 64,388 | |||||||||||||||||||||||||||||
Fair value of plan assets | 12,379 | 11,309 | 34,401 | 33,009 | |||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||
Significant assumptions used to determine the net periodic benefit cost for the US and International plans were as follows: | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | Fiscal year ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4 | % | 4.8 | % | 3.0-4.6% | 2.5-4.4% | 2.5-5.5% | ||||||||||||||||||||||||
Expected return on plan assets | 7.8 | 7.8 | 8 | 4.4-7.0 | 4.0-7.0 | 5.5-7.0 | |||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 2.0-4.0 | 2.0-4.0 | 2.0-4.0 | |||||||||||||||||||||||||||
Significant assumptions used to determine the projected benefit obligations for the US and International plans were as follows: | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Discount rate | 3.8 | % | 4.5 | % | 1.25-3.4% | 3.0-4.6% | |||||||||||||||||||||||||||
Expected return on plan assets | 7 | 7.8 | 3.2-6.5 | 4.4-7.0 | |||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | 1.5-3.75 | 2.0-4.0 | |||||||||||||||||||||||||||||
N/A =ot applicable | |||||||||||||||||||||||||||||||||
The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service. | |||||||||||||||||||||||||||||||||
The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis. | |||||||||||||||||||||||||||||||||
Pension Plan Investment Strategy | |||||||||||||||||||||||||||||||||
The Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy. | |||||||||||||||||||||||||||||||||
Equity investments are maintained within a target range of 40%-75% of the total portfolio market value for the U.S. plans and with a target of approximately 65% for international plans. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase. | |||||||||||||||||||||||||||||||||
The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and expected to meet or exceed established benchmark funds and returns over a three to five year period. | |||||||||||||||||||||||||||||||||
The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio risk level, which is appropriate to conservative accounts, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time. | |||||||||||||||||||||||||||||||||
The following table represents our pension plan investments measured at fair value as of March 31, 2015 and 2014 and the basis for that measurement: | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Total Fair | Quoted Price | Significant | Significant | Total Fair | Quoted Price | Significant | Significant | ||||||||||||||||||||||||||
Value | In Active | Other | Unobservable | Value | In Active | Other | Unobservable | ||||||||||||||||||||||||||
Measurement | Markets | Observable | Inputs | Measurement | Markets | Observable | Inputs | ||||||||||||||||||||||||||
for Identical | Inputs | (Level 3) | for Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||
Assets | (Level 2) | Assets | (Level 2) | ||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,248 | $ | 1,248 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
US(a) | 7,282 | 7,282 | — | — | 3,431 | 3,431 | — | — | |||||||||||||||||||||||||
International(b) | 1,075 | 1,075 | — | — | 18,646 | 18,646 | — | — | |||||||||||||||||||||||||
Fixed income(c) | 2,774 | 2,774 | — | — | 12,324 | 12,324 | — | — | |||||||||||||||||||||||||
Total | $ | 12,379 | $ | 12,379 | $ | — | $ | — | $ | 34,401 | $ | 34,401 | $ | — | $ | — | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Total Fair | Quoted Price | Significant | Significant | Total | Quoted Price | Significant | Significant | ||||||||||||||||||||||||||
Value | In Active | Other | Unobservable | Fair Value | In Active | Other | Unobservable | ||||||||||||||||||||||||||
Measurement | Markets | Observable | Inputs | Measurement | Markets | Observable | Inputs | ||||||||||||||||||||||||||
for Identical | Inputs | (Level 3) | for Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||
Assets | (Level 2) | Assets | (Level 2) | ||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,225 | $ | 1,225 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
US(a) | 6,520 | 6,520 | — | — | 3,452 | 3,452 | — | — | |||||||||||||||||||||||||
International(b) | 1,011 | 1,011 | — | — | 19,193 | 19,193 | — | — | |||||||||||||||||||||||||
Fixed income(c) | 2,553 | 2,553 | — | — | 11,061 | 11,061 | — | — | |||||||||||||||||||||||||
Total | $ | 11,309 | $ | 11,309 | $ | — | $ | — | $ | 33,706 | $ | 33,706 | $ | — | $ | — | |||||||||||||||||
The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1. | |||||||||||||||||||||||||||||||||
(a) | US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks. | ||||||||||||||||||||||||||||||||
(b) | International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets. | ||||||||||||||||||||||||||||||||
(c) | Fixed income consists primarily of investment grade bonds from diversified industries. | ||||||||||||||||||||||||||||||||
The Company expects to make cash contributions of approximately $2,190 to its pension plans in fiscal 2016. | |||||||||||||||||||||||||||||||||
Estimated future benefit payments under the Company’s pension plans are as follows: | |||||||||||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2016 | $ | 2,424 | |||||||||||||||||||||||||||||||
2017 | 2,480 | ||||||||||||||||||||||||||||||||
2018 | 2,455 | ||||||||||||||||||||||||||||||||
2019 | 2,717 | ||||||||||||||||||||||||||||||||
2020 | 3,124 | ||||||||||||||||||||||||||||||||
Years 2021-2025 | 19,047 | ||||||||||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||||||||||
The Company maintains defined contribution plans primarily in the U.S. and U.K. Eligible employees can contribute a portion of their pre-tax and/or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and/or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2015, 2014 and 2013 were $7,174, $6,311 and $5,191, respectively. |
Stockholders_Equity_and_Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity and Noncontrolling Interests [Abstract] | |||||||||||||||||
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests | ||||||||||||||||
Preferred Stock and Common Stock | |||||||||||||||||
The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2015 and 2014, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance. | |||||||||||||||||
The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2013, 2014 and 2015, respectively: | |||||||||||||||||
Shares outstanding as of March 31, 2012 | 47,800,129 | ||||||||||||||||
Purchase of treasury stock | (683,192 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 723,267 | ||||||||||||||||
Shares outstanding as of March 31, 2013 | 47,840,204 | ||||||||||||||||
Purchase of treasury stock | (1,191,145 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 293,067 | ||||||||||||||||
Shares outstanding as of March 31, 2014 | 46,942,126 | ||||||||||||||||
Purchase of treasury stock | (3,274,829 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 401,291 | ||||||||||||||||
Shares outstanding as of March 31, 2015 | 44,068,588 | ||||||||||||||||
Treasury Stock | |||||||||||||||||
In fiscal 2015 and 2014, the Company purchased 3,274,829 shares of its common stock for $205,362 and 1,191,145 shares for $69,867, respectively. At March 31, 2015 and 2014, the Company held 9,596,051 and 6,321,222 shares as treasury stock, respectively. | |||||||||||||||||
Accumulated Other Comprehensive Income ("AOCI") | |||||||||||||||||
The components of AOCI, net of tax, are as follows: | |||||||||||||||||
Beginning | Before Reclassifications | Amount Reclassified from AOCI | Ending | ||||||||||||||
Balance | Balance | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Pension funded status adjustment | $ | (15,207 | ) | $ | (9,259 | ) | $ | 747 | $ | (23,719 | ) | ||||||
Net unrealized gain (loss) on derivative instruments | (2,253 | ) | 289 | 1,869 | (95 | ) | |||||||||||
Foreign currency translation adjustment | 85,305 | (170,466 | ) | — | (85,161 | ) | |||||||||||
Accumulated other comprehensive income | $ | 67,845 | $ | (179,436 | ) | $ | 2,616 | $ | (108,975 | ) | |||||||
March 31, 2014 | |||||||||||||||||
Pension funded status adjustment | $ | (13,169 | ) | $ | (2,662 | ) | $ | 624 | $ | (15,207 | ) | ||||||
Net unrealized (loss) on derivative instruments | (832 | ) | (1,414 | ) | (7 | ) | (2,253 | ) | |||||||||
Foreign currency translation adjustment | 54,656 | 30,649 | — | 85,305 | |||||||||||||
Accumulated other comprehensive income | $ | 40,655 | $ | 26,573 | $ | 617 | $ | 67,845 | |||||||||
March 31, 2013 | |||||||||||||||||
Pension funded status adjustment | $ | (8,982 | ) | $ | (5,382 | ) | $ | 1,195 | $ | (13,169 | ) | ||||||
Net unrealized gain (loss) on derivative instruments | 1,175 | 1,153 | (3,160 | ) | (832 | ) | |||||||||||
Foreign currency translation adjustment | 81,900 | (27,244 | ) | — | 54,656 | ||||||||||||
Accumulated other comprehensive income | $ | 74,093 | $ | (31,473 | ) | $ | (1,965 | ) | $ | 40,655 | |||||||
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2015: | |||||||||||||||||
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 | $ | 2,961 | Cost of goods sold | ||||||||||||||
Tax benefit | (1,092 | ) | |||||||||||||||
Net unrealized loss on derivative instruments, net of tax | $ | 1,869 | |||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 1,007 | Net periodic benefit cost, included in cost of goods sold, Operating expenses - See Note 14 | ||||||||||||||
Tax benefit | (260 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 747 | |||||||||||||||
The following table presents reclassifications from AOCI during the twelve months ended March 31, 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 | $ | (11 | ) | Cost of goods sold | |||||||||||||
Tax expense | 4 | ||||||||||||||||
Net unrealized gain on derivative instruments, net of tax | $ | (7 | ) | ||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 944 | Net periodic benefit cost, included in cost of goods sold, Operating expenses - See Note 14 | ||||||||||||||
Tax benefit | (320 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 624 | |||||||||||||||
The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2013, 2014 and 2015, respectively: | |||||||||||||||||
Balance as of March 31, 2012 | $ | 9,782 | |||||||||||||||
Net losses attributable to redeemable noncontrolling interests | (1,429 | ) | |||||||||||||||
Loan to equity conversion by redeemable noncontrolling interests | 3,901 | ||||||||||||||||
Foreign currency translation adjustment | (1,159 | ) | |||||||||||||||
Balance as of March 31, 2013 | $ | 11,095 | |||||||||||||||
Net losses attributable to redeemable noncontrolling interests | (3,536 | ) | |||||||||||||||
Redemption value adjustment | 4,974 | ||||||||||||||||
Purchase of subsidiary shares from redeemable noncontrolling interests | (3,146 | ) | |||||||||||||||
Foreign currency translation adjustment | (1,340 | ) | |||||||||||||||
Balance as of March 31, 2014 | $ | 8,047 | |||||||||||||||
Net earnings attributable to redeemable noncontrolling interests | 191 | ||||||||||||||||
Redemption value adjustment | (292 | ) | |||||||||||||||
Foreign currency translation adjustment | (990 | ) | |||||||||||||||
Balance as of March 31, 2015 | $ | 6,956 | |||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||
As of March 31, 2015, the Company maintains the Amended and Restated EnerSys 2010 Equity Incentive Plan (“2010 EIP”). The 2010 EIP reserved 3,177,477 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market share units and other forms of equity-based compensation. Shares subject to any awards that expire without being exercised or that are forfeited or settled in cash shall again be available for future grants of awards under the 2010 EIP. Shares subject to awards that have been retained by the Company in payment or satisfaction of the exercise price and any applicable tax withholding obligation of an award shall not count against the limit described above. | |||||||||||||||
As of March 31, 2015, 1,826,372 shares are available for future grants. The Company’s management equity incentive plans are intended to provide an incentive to employees and non-employee directors of the Company to remain in the service of the Company and to increase their interest in the success of the Company in order to promote the long-term interests of the Company. The plans seek to promote the highest level of performance by providing an economic interest in the long-term performance of the Company. The Company settles employee share-based compensation awards with newly issued shares. | |||||||||||||||
Stock Options | |||||||||||||||
During fiscal 2015, the Company granted to management and other key employees 76,512 non-qualified options that vest three years from the date of grant. Options granted prior to fiscal 2015 as well as the options granted in fiscal 2015 expire 10 years from the date of grant. | |||||||||||||||
For fiscal 2015, 2014 and 2013, the Company recognized $1,470 ($968 net of taxes), $0 ($0 net of taxes) and $97 ($69 net of taxes), respectively, of stock-based compensation expense associated with stock option grants. | |||||||||||||||
For purposes of determining the fair value of stock options granted in fiscal 2015, the Company used a Black-Scholes Model with the following assumptions: | |||||||||||||||
2015 | |||||||||||||||
Risk-free interest rate | 1.94 | % | |||||||||||||
Dividend yield | 1 | % | |||||||||||||
Expected life (years) | 6 | ||||||||||||||
Volatility | 40.48 | % | |||||||||||||
The following table summarizes the Company’s stock option activity in the years indicated: | |||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||
Remaining | Exercise | Value | |||||||||||||
Contract | Price | ||||||||||||||
Term (Years) | |||||||||||||||
Options outstanding as of March 31, 2012 | 633,663 | 6.1 | $ | 20.85 | $ | 8,879 | |||||||||
Exercised | (555,677 | ) | 21.7 | 8,860 | |||||||||||
Options outstanding as of March 31, 2013 | 77,986 | 2.5 | $ | 14.76 | $ | 2,404 | |||||||||
Exercised | (11,813 | ) | 14.72 | 537 | |||||||||||
Options outstanding as of March 31, 2014 | 66,173 | 1.4 | $ | 14.77 | $ | 3,608 | |||||||||
Granted | 76,512 | 69.85 | — | ||||||||||||
Exercised | (39,868 | ) | 14.5 | 1,819 | |||||||||||
Options outstanding as of March 31, 2015 | 102,817 | 7 | $ | 55.86 | $ | 1,291 | |||||||||
Options exercisable as of March 31, 2015 | 26,305 | 0.9 | $ | 15.17 | $ | 1,291 | |||||||||
Options vested and expected to vest, as of March 31, 2015 | 100,289 | 7 | $ | 55.51 | $ | 1,291 | |||||||||
The following table summarizes information regarding stock options outstanding as of March 31, 2015: | |||||||||||||||
Options Outstanding and Exercisable | |||||||||||||||
Range of Exercise Prices | Number of | Weighted- | Weighted- | ||||||||||||
Options | Average | Average | |||||||||||||
Remaining | Exercise Price | ||||||||||||||
Contractual Life | |||||||||||||||
$10.01-$15.00 | 19,000 | 0.5 | $ | 13.96 | |||||||||||
$15.01-$20.00 | 7,305 | 2.2 | 18.32 | ||||||||||||
$69.85 | 76,512 | 9.1 | 69.85 | ||||||||||||
102,817 | 7 | $ | 55.86 | ||||||||||||
Restricted Stock Units and Market Share Units | |||||||||||||||
In fiscal 2015, the Company granted to non-employee directors 14,781 deferred restricted stock units at the fair value of $61.16 per restricted stock unit at the date of grant. In fiscal 2014, such grants amounted to 17,064 restricted stock units at the fair value of $53.92 per restricted stock unit at the date of grant and in fiscal 2013, amounted to 21,328 restricted stock units at the fair value of $37.51 per restricted stock unit at the date of grant. The awards vest immediately upon the date of grant and the payment of shares of common stock under this grant are payable upon such director’s termination of service as a director. | |||||||||||||||
In fiscal 2015, 2014 and 2013, the Company granted 3,434, 5,232 and 9,412 restricted stock units, respectively, at various fair values, under deferred compensation plans. | |||||||||||||||
In fiscal 2015, the Company granted to management and other key employees 118,312 restricted stock units at the fair value of $69.83 per restricted stock unit and 152,300 performance market share units at a weighted average fair value of $70.42 per unit at the date of grant. | |||||||||||||||
In fiscal 2014, the Company granted to management and other key employees 161,629 restricted stock units at the fair value of $50.70 per restricted stock unit and 189,438 market share units at a weighted average fair value of $65.03 per market share unit at the date of grant. | |||||||||||||||
In fiscal 2013, the Company granted to management and other key employees 199,139 restricted stock units at the fair value of $31.76 per restricted stock unit and 303,942 market share units at a weighted average fair value of $41.36 per market share unit at the date of grant. | |||||||||||||||
For purposes of determining the fair value of market share units granted in fiscal 2014 and fiscal 2013, the Company used a binomial lattice model with the following assumptions: | |||||||||||||||
2014 | 2013 | ||||||||||||||
Risk-free interest rate | 0.52 | % | 0.37 | % | |||||||||||
Dividend yield | 1 | % | — | % | |||||||||||
Expected life (years) | 3 | 3 | |||||||||||||
Volatility | 33.89 | % | 39.08 | % | |||||||||||
For purposes of determining the fair value of performance market share units granted in fiscal 2015, the Company used a Monte Carlo Simulation with the following assumptions: | |||||||||||||||
2015 | |||||||||||||||
Risk-free interest rate | 0.87 | % | |||||||||||||
Dividend yield | — | % | |||||||||||||
Expected life (years) | 3 | ||||||||||||||
Volatility | 30.83 | % | |||||||||||||
A summary of the changes in restricted stock units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2015 is presented below: | |||||||||||||||
Restricted Stock Units (RSU) | Performance Market Share Units and Market Share Units (MSU) | ||||||||||||||
Number of | Weighted- | Number of | Weighted- | ||||||||||||
RSU | Average | MSU | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||||
Fair Value | Fair Value | ||||||||||||||
Non-vested awards as of March 31, 2014 | 562,032 | $ | 35.13 | 670,607 | $ | 50.14 | |||||||||
Granted | 136,527 | 67.9 | 152,300 | 70.42 | |||||||||||
Stock dividend | 5,498 | 45.52 | 6,759 | 55.74 | |||||||||||
Performance factor | — | — | 179,951 | 48.36 | |||||||||||
Vested | (194,392 | ) | 33.12 | (384,448 | ) | 48.36 | |||||||||
Canceled | (7,442 | ) | 44.64 | (8,981 | ) | 52.77 | |||||||||
Non-vested awards as of March 31, 2015 | 502,223 | $ | 45.3 | 616,188 | $ | 55.75 | |||||||||
The Company recognized stock-based compensation expense relating to restricted stock units and market share units of approximately $23,789, with a related tax benefit of $4,790 for fiscal 2015, $16,742, with a related tax benefit of $2,843 for fiscal 2014 and $14,640, with a related tax benefit of $4,105 for fiscal 2013. | |||||||||||||||
All Award Plans | |||||||||||||||
As of March 31, 2015, unrecognized compensation expense associated with the non-vested incentive awards outstanding was $22,284 and is expected to be recognized over a weighted-average period of 17 months. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. | |||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net earnings attributable to EnerSys stockholders | $ | 181,188 | $ | 150,328 | $ | 166,508 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||
Basic | 45,606,317 | 47,473,690 | 48,022,005 | ||||||||||
Dilutive effect of: | |||||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 879,406 | 1,034,505 | 593,422 | ||||||||||
Convertible Notes | 1,567,006 | 1,279,960 | 20,022 | ||||||||||
Diluted weighted-average number of common shares outstanding | 48,052,729 | 49,788,155 | 48,635,449 | ||||||||||
Basic earnings per common share attributable to EnerSys stockholders | $ | 3.97 | $ | 3.17 | $ | 3.47 | |||||||
Diluted earnings per common share attributable to EnerSys stockholders | $ | 3.77 | $ | 3.02 | $ | 3.42 | |||||||
Anti-dilutive equity awards not included in diluted weighted-average common shares | — | — | — | ||||||||||
The Company's Convertible Notes became convertible at the option of the holders effective March 1, 2015, and the aggregate number of common shares that the Company could be obligated to issue upon conversion of its Convertible Notes, as of March 31, 2015 is 4,325,031. It is the Company’s current intent to settle the principal amount of any conversions in cash, and any premium on the Convertible Notes in cash, shares of the Company’s common stock or a combination of cash and shares. During fiscal 2015, the average price of the Company's common stock of $63.32 per share exceeded the conversion price of $39.83 per share on the Convertible Notes and as such, the Company included the shares relating to the conversion premium in the diluted earnings per share using the "if converted" method. |
Commitments_Contingencies_and_
Commitments, Contingencies and Litigation | 12 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Litigation | Commitments, Contingencies and Litigation |
Litigation and Other Legal Matters | |
In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to many pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, anti-competition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, such subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities. | |
In view of the inherent difficulty of predicting the outcome of such litigation, regulatory and governmental matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be. | |
In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation, regulatory and governmental matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a litigation, regulatory or governmental matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. If, at the time of evaluation, the loss contingency related to a litigation, regulatory or governmental matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to a litigation, regulatory or governmental matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. | |
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 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. | |
EnerSys Sarl Litigation | |
In fiscal 2009, the Court of Commerce in Lyon, France ruled that the Company’s French subsidiary, EnerSys Sarl, which was acquired by the Company in 2002, was partially responsible for a 1999 fire in a French hotel under construction. The Company’s portion of damages was assessed at €2,700 or $4,200, which was duly recorded and paid by the Company, but the ruling was appealed. In a subsequent ruling by the Court of Appeal of Lyon, France, the Company's portion of damages was reduced, entitling the Company to a refund of the monies paid of €671 or $900, which has been recorded and collected in the second quarter of fiscal 2012. The Company further appealed the ruling to the French Supreme Court, which on March 14, 2012, ruled in the Company’s favor and ordered the case back to the Court of Appeal of Lyon to further review certain aspects of the original decision in the case, including the assessment of damages. The Court of Appeal of Lyon heard arguments on April 9, 2013 and ruled in the Company’s favor on June 11, 2013, entitling the Company to a refund of the monies paid of €2,000, or $2,756. One of the parties to the litigation that is adverse to the Company has appealed this ruling to the French Supreme Court which appeal was denied in January 2015. The Company is entitled to a refund of the monies paid and is pursuing such refund. | |
Environmental Issues | |
As a result of its operations, the Company is subject to various federal, state and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace. | |
The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina that predates its ownership of this facility. This manufacturing facility was closed in 2001 and is separate from the Company’s current metal fabrication facility in Sumter. The Company has established a reserve for this facility. As of March 31, 2015 and 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. | |
Collective Bargaining | |
At March 31, 2015, the Company had approximately 9,500 employees. Of these employees, approximately 31% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that did not exceed twelve months were approximately 7% of the total workforce. The average term of these agreements is two years, with the longest term being five years. | |
The Company considers its employee relations to be good and did not experience any significant labor unrest or disruption of production during fiscal 2015 except for a temporary shut down at one of the Company's plants in the People's Republic of China ("PRC"). | |
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 March 31, 2015 and 2014, the Company has hedged the price to purchase approximately 91.6 million pounds and 89.9 million pounds of lead, respectively, for a total purchase price of $76,143 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 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 financing and intercompany and third-party trade transactions. To hedge these exposures, the Company has entered into a total of $102,124 and $92,793, respectively, of foreign currency forward contracts with financial institutions as of March 31, 2015 and 2014, respectively. | |
Other | |
The Company has various purchase and capital commitments incident to the ordinary conduct of business. In the aggregate, such commitments are not at prices in excess of current market. |
Restructuring_Plans_and_Other_
Restructuring Plans and Other Exit Charges | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring Plans and Other Exit Charges | Restructuring and Other Exit Charges | ||||||||||||
Restructuring Plans | |||||||||||||
During fiscal 2011, the Company announced a restructuring of its European operations, which resulted in a reduction of approximately 60 employees upon completion across its operations. The Company recorded restructuring charges of $5,178 in fiscal 2011 through 2012, with no additional charges in fiscal 2013. These charges were primarily from cash expenses for employee severance-related payments. This plan has been completed as of March 31, 2013. | |||||||||||||
During fiscal 2012, the Company announced restructuring plans related to its operations in EMEA, primarily consisting of the transfer of manufacturing of select products between certain of its manufacturing operations and restructuring of its selling, general and administrative operations, which resulted in the reduction of approximately 85 employees upon completion at the end of the second quarter of fiscal 2014. The total charges for these actions amounted to $3,545, primarily from cash expenses for employee severance-related payments. The Company recorded restructuring charges of $3,070 in fiscal 2012 and $475 of charges in fiscal 2013 with no additional charges in fiscal 2014. The Company incurred $2,433 of costs against the accrual during fiscal 2012, and $913 of costs incurred in fiscal 2013 with $185 of additional incurred against the accrual during fiscal 2014. This plan was completed as of September 29, 2013. | |||||||||||||
During fiscal 2013, the Company announced further restructurings 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 $6,900, 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 approximately140 employees upon completion. During fiscal 2013, the Company recorded restructuring charges of $3,998, consisting of non-cash charges of $1,399 related to the write-off of fixed assets and inventory, along with cash charges related to employee severance and other charges of $2,599. During fiscal 2014, the Company recorded $2,465 in charges and an additional $432 was recorded in fiscal 2015. During fiscal 2013, 2014 and 2015, the Company incurred costs against the accrual of $952, $2,748 and $1,507, respectively. As of March 31, 2015, the reserve balance associated with these actions is $261. The Company expects no additional restructuring charges related to these actions during fiscal 2016, and expects to complete the program during fiscal 2016. | |||||||||||||
During fiscal 2013, the Company announced a restructuring related to the closure of its manufacturing facility located in Chaoan, People’s Republic of China ("PRC"), pursuant to which the Company transferred the manufacturing at that location to its other facilities in PRC, to improve operational efficiencies. The total charges related to this action amounted to $2,939. During fiscal 2013, the Company recorded restructuring charges of $2,691, consisting of non-cash charges of $2,290 related to the write-off of fixed assets and inventory, along with cash charges related to employee severance and other charges of $401. During fiscal 2014, $248 of additional other restructuring charges were accrued. During fiscal 2013, the Company incurred $221 in costs against the accrual with an additional $428 of costs incurred during fiscal 2014. This plan was completed as of March 31, 2014. | |||||||||||||
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 $23,400, primarily from non-cash charges related to the write-off of fixed assets and inventory of approximately $11,000, along with cash charges for employee severance-related payments and other charges of $12,400. 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, along with cash charges of $8,950 related to employee severance. During fiscal 2015 an additional $3,076 in restructuring charges were recorded consisting of non-cash charges of $845 and cash charges of $2,231. During fiscal 2014, the Company incurred $2,130 in costs against the accrual and an additional $7,607 was incurred in fiscal 2015. As of March 31, 2015, the reserve balance associated with these actions is $1,221. The Company expects to be committed to an additional $1,200 of restructuring charges in fiscal 2016 related to these actions and expects to complete the program during fiscal 2016. | |||||||||||||
During the third quarter of fiscal 2015, the Company announced a restructuring related to its manufacturing facility located in Jiangdu, the PRC, pursuant to which the Company transferred a significant portion of the manufacturing at that location to its other facilities in the PRC, as part of an expected closure of the Jiangdu facility in fiscal 2016. The Company estimates the total charges for this action will amount to approximately $5,700, primarily for employee severance related payments and other charges. The Company recorded restructuring charges of $3,870 during fiscal 2015 consisting of cash charges for employee severance-related payments associated with approximately 300 employees. During fiscal 2015 the Company incurred $1,874 in costs against the reserve. As of March 31, 2015, the reserve balance associated with these actions is $1,996. The Company expects to be committed to an additional $1,800 of restructuring charges in fiscal 2016 related to these actions, and expects to complete the program during fiscal 2016. | |||||||||||||
During fiscal 2015 the Company announced a restructuring primarily related to a portion of its sales and engineering organizations in Europe to improve efficiencies. The Company estimates that the total charges for these actions will amount to approximately $500, primarily from cash charges for employee severance-related payments. The Company estimates that these actions will result in the reduction of approximately 10 employees upon completion in fiscal 2016. During fiscal 2015, the Company recorded restructuring charges of $450 and incurred $193 in costs against the reserve. As of March 31, 2015 the reserve balance associated with these actions was $342. | |||||||||||||
A roll-forward of the restructuring reserve is as follows: | |||||||||||||
Employee | Other | Total | |||||||||||
Severance | |||||||||||||
Balance at March 31, 2012 | $ | 1,186 | $ | — | $ | 1,186 | |||||||
Accrued | 3,093 | 382 | 3,475 | ||||||||||
Costs incurred | (2,485 | ) | (157 | ) | (2,642 | ) | |||||||
Foreign currency impact and other | (56 | ) | (4 | ) | (60 | ) | |||||||
Balance at March 31, 2013 | $ | 1,738 | $ | 221 | $ | 1,959 | |||||||
Accrued | 10,285 | 1,378 | 11,663 | ||||||||||
Costs incurred | (4,966 | ) | (525 | ) | (5,491 | ) | |||||||
Foreign currency impact and other | 255 | 28 | 283 | ||||||||||
Balance at March 31, 2014 | $ | 7,312 | $ | 1,102 | $ | 8,414 | |||||||
Accrued | 6,140 | 843 | 6,983 | ||||||||||
Costs incurred | (10,378 | ) | (803 | ) | (11,181 | ) | |||||||
Foreign currency impact and other | (108 | ) | (288 | ) | (396 | ) | |||||||
Balance at March 31, 2015 | $ | 2,966 | $ | 854 | $ | 3,820 | |||||||
Other Exit Charges | |||||||||||||
During fiscal 2015, the Company recorded exit charges of $3,608 related to certain operations in Europe. |
Warranty
Warranty | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Guarantees [Abstract] | ||||
Warranty | Warranty | |||
The Company provides for estimated product warranty expenses when the related products are sold and are included within accrued expenses and other liabilities. Because warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, costs may differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: | ||||
Balance at March 31, 2012 | $ | 42,067 | ||
Current year provisions | 19,724 | |||
Costs incurred | (20,945 | ) | ||
Foreign currency translation adjustment | 1,745 | |||
Balance at March 31, 2013 | 42,591 | |||
Current year provisions | 16,098 | |||
Costs incurred | (22,862 | ) | ||
Fair value of warranty reserves of acquired businesses | 2,817 | |||
Foreign currency translation adjustment | 1,782 | |||
Balance at March 31, 2014 | 40,426 | |||
Current year provisions | 18,413 | |||
Costs incurred | (16,015 | ) | ||
Foreign currency translation adjustment | (3,014 | ) | ||
Balance at March 31, 2015 | $ | 39,810 | ||
Other_Income_Expense_Net
Other (Income) Expense, Net | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other (Income) Expense, Net | Other (Income) Expense, Net | ||||||||||||
Other (income) expense, net consists of the following: | |||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Foreign exchange transaction (gains) losses | $ | (5,011 | ) | $ | 5,845 | $ | 1,887 | ||||||
(Gain) on disposition of equity interest in Altergy / write-off of investment in Altergy | (2,000 | ) | 5,000 | — | |||||||||
Insurance recoveries | — | — | (1,800 | ) | |||||||||
Other | 1,409 | 2,813 | 829 | ||||||||||
Total | $ | (5,602 | ) | $ | 13,658 | $ | 916 | ||||||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments | Business Segments | ||||||||||||
Summarized financial information related to the Company’s reportable segments at March 31, 2015, 2014 and 2013 and for each of the fiscal years then ended is shown below. | |||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net sales by segment to unaffiliated customers | |||||||||||||
Americas | $ | 1,322,337 | $ | 1,267,598 | $ | 1,126,904 | |||||||
EMEA | 948,845 | 966,152 | 926,165 | ||||||||||
Asia | 234,330 | 240,683 | 224,490 | ||||||||||
Total net sales | $ | 2,505,512 | $ | 2,474,433 | $ | 2,277,559 | |||||||
Net sales by product line | |||||||||||||
Reserve power | $ | 1,252,637 | $ | 1,234,538 | $ | 1,118,965 | |||||||
Motive power | 1,252,875 | 1,239,895 | 1,158,594 | ||||||||||
Total net sales | $ | 2,505,512 | $ | 2,474,433 | $ | 2,277,559 | |||||||
Intersegment sales | |||||||||||||
Americas | $ | 29,987 | $ | 33,951 | $ | 36,854 | |||||||
EMEA | 69,396 | 77,549 | 76,947 | ||||||||||
Asia | 33,786 | 29,428 | 31,246 | ||||||||||
Total intersegment sales(1) | $ | 133,169 | $ | 140,928 | $ | 145,047 | |||||||
Operating earnings | |||||||||||||
Americas | $ | 162,741 | $ | 179,080 | $ | 171,854 | |||||||
EMEA | 109,861 | 84,902 | 64,032 | ||||||||||
Asia | 9,928 | 21,217 | 21,146 | ||||||||||
Restructuring and other exit charges—EMEA | (7,567 | ) | (27,078 | ) | (4,473 | ) | |||||||
Restructuring charges—Asia | (3,869 | ) | (248 | ) | (2,691 | ) | |||||||
Impairment of goodwill and indefinite-lived intangibles - Americas | (23,196 | ) | — | — | |||||||||
Goodwill impairment charge—EMEA | (750 | ) | — | — | |||||||||
Goodwill impairment charge—Asia | — | (5,179 | ) | — | |||||||||
Legal proceedings (charge) / reversal of legal accrual, net of fees—Americas | 16,233 | (58,184 | ) | — | |||||||||
Total operating earnings(2) | $ | 263,381 | $ | 194,510 | $ | 249,868 | |||||||
Property, plant and equipment, net | |||||||||||||
Americas | $ | 168,274 | $ | 155,988 | $ | 152,678 | |||||||
EMEA | 114,681 | 145,308 | 152,577 | ||||||||||
Asia | 73,899 | 68,870 | 44,871 | ||||||||||
Total | $ | 356,854 | $ | 370,166 | $ | 350,126 | |||||||
Capital Expenditures | |||||||||||||
Americas | $ | 34,768 | $ | 24,641 | $ | 29,566 | |||||||
EMEA | 16,215 | 14,871 | 20,761 | ||||||||||
Asia | 12,642 | 22,483 | 4,959 | ||||||||||
Total | $ | 63,625 | $ | 61,995 | $ | 55,286 | |||||||
Depreciation and Amortization | |||||||||||||
Americas | $ | 30,724 | $ | 26,596 | $ | 23,073 | |||||||
EMEA | 19,664 | 22,708 | 22,255 | ||||||||||
Asia | 6,652 | 4,668 | 5,174 | ||||||||||
Total | $ | 57,040 | $ | 53,972 | $ | 50,502 | |||||||
-1 | Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. | ||||||||||||
-2 | The Company does not allocate interest expense or other (income) expense, net to the reportable segments. | ||||||||||||
The Company markets its products and services in over 100 countries. Sales are attributed to countries based on the location of sales order approval and acceptance. Sales to customers in the United States were 46.0%, 44.0% and 43.0% for fiscal years ended March 31, 2015, 2014 and 2013, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2015 and 2014, were $140,514 and $128,712, respectively. No single country, outside the United States, accounted for more than 10% of the consolidated net sales or net property, plant and equipment and therefore was deemed not material for separate disclosure. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2015 ended 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. | |||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Fiscal Year | |||||||||||||||||
Fiscal year ended March 31, 2015 | |||||||||||||||||||||
Net sales | $ | 634,110 | $ | 629,927 | $ | 611,578 | $ | 629,897 | $ | 2,505,512 | |||||||||||
Gross profit | 162,577 | 162,540 | 157,265 | 158,529 | 640,911 | ||||||||||||||||
Operating earnings(1)(3)(5) | 71,689 | 80,053 | 68,683 | 42,956 | 263,381 | ||||||||||||||||
Net earnings | 49,115 | 56,550 | 49,331 | 26,529 | 181,525 | ||||||||||||||||
Net earnings attributable to EnerSys stockholders | 49,169 | 56,316 | 49,252 | 26,451 | 181,188 | ||||||||||||||||
Net earnings per common share attributable to EnerSys stockholders—basic | $ | 1.05 | $ | 1.22 | $ | 1.09 | $ | 0.6 | $ | 3.97 | |||||||||||
Net earnings per common share attributable to EnerSys stockholders—diluted | $ | 0.99 | $ | 1.16 | $ | 1.04 | $ | 0.57 | $ | 3.77 | |||||||||||
Fiscal year ended March 31, 2014 | |||||||||||||||||||||
Net sales | $ | 597,297 | $ | 568,847 | $ | 643,031 | $ | 665,258 | $ | 2,474,433 | |||||||||||
Gross profit | 140,139 | 144,350 | 167,122 | 178,009 | 629,620 | ||||||||||||||||
Operating earnings(2)(4)(5) | 62,608 | 61,005 | 58,940 | 11,957 | 194,510 | ||||||||||||||||
Net earnings | 40,417 | 41,151 | 52,390 | 12,809 | 146,767 | ||||||||||||||||
Net earnings attributable to EnerSys stockholders | 40,847 | 41,339 | 55,300 | 12,842 | 150,328 | ||||||||||||||||
Net earnings per common share attributable to EnerSys stockholders—basic | $ | 0.85 | $ | 0.87 | $ | 1.17 | $ | 0.27 | $ | 3.17 | |||||||||||
Net earnings per common share attributable to EnerSys stockholders—diluted | $ | 0.83 | $ | 0.84 | $ | 1.1 | $ | 0.26 | $ | 3.02 | |||||||||||
-1 | Included in Operating earnings were restructuring and other exit charges of $1,829, $1,810, $2,437 and $5,360 for the first, second, third and fourth quarters of fiscal 2015, respectively. | ||||||||||||||||||||
-2 | Included in Operating earnings were restructuring and other exit charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively. | ||||||||||||||||||||
-3 | Included in Operating earnings for the fourth quarter of fiscal 2015 was a charge relating to the impairment of goodwill and other indefinite-lived intangibles for $23,946. | ||||||||||||||||||||
-4 | Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179. | ||||||||||||||||||||
-5 | Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184. During the second quarter of fiscal 2015, the Company reversed $16,233, net of professional fees upon final settlement of this legal matter. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 23, 2015, the Company issued $300,000 in aggregate principal amount of Notes. The Company intends to use the net proceeds from the sale of the Notes to redeem, settle, repurchase or otherwise repay and retire in full the $172,266 principal amount of the Company’s outstanding Convertible Notes with the remaining net proceeds to be used to pay all or any portion of the conversion premium on the Convertible Notes, partially repay outstanding revolving loans under its existing senior secured credit facilities and/or for general corporate purposes. However, the Company may elect to pay the premium on the Convertible Notes using cash, shares of its common stock or a combination thereof. See Note 8 for more information. | |
On May 1, 2015, the Company offered to purchase all of the outstanding Convertible Notes at a purchase price of $1,000 original principal amount, with such offer expiring on May 29, 2015. | |
On May 7, 2015, the Company announced the payment of a quarterly cash dividend of $0.175 per share of common stock to be paid on June 26, 2015, to stockholders of record as of June 12, 2015. | |
On May 7, 2015, the Company filed a notice of redemption to call all of the Convertible Notes on June 8, 2015, for principal and accrued interest. | |
On May 12, 2015, under the 2010 EIP, the Company granted 127,966 stock options, which vest over three years, 119,977 restricted stock units, which vest 25% each year over four-years from the date of grant, and 212,248 performance market share units, which vest three years from the date of grant. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Balance at | Additions | Charge-Offs | Purchase | Other(1) | Balance at | ||||||||||||||||||||
Beginning of | Charged to | accounting | End of | ||||||||||||||||||||||
Period | Expense | adjustments | Period | ||||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
Fiscal year ended March 31, 2013 | $ | 10,022 | $ | 998 | $ | (1,568 | ) | $ | — | $ | (160 | ) | $ | 9,292 | |||||||||||
Fiscal year ended March 31, 2014 | 9,292 | 907 | (963 | ) | — | 210 | 9,446 | ||||||||||||||||||
Fiscal year ended March 31, 2015 | 9,446 | 516 | (2,395 | ) | — | (5 | ) | 7,562 | |||||||||||||||||
Allowance for inventory valuation: | |||||||||||||||||||||||||
Fiscal year ended March 31, 2013 | $ | 14,831 | $ | 7,337 | $ | (4,584 | ) | $ | — | $ | (212 | ) | $ | 17,372 | |||||||||||
Fiscal year ended March 31, 2014 | 17,372 | 5,944 | (3,283 | ) | — | 283 | 20,316 | ||||||||||||||||||
Fiscal year ended March 31, 2015 | 20,316 | 4,123 | (3,478 | ) | — | (719 | ) | 20,242 | |||||||||||||||||
Deferred tax asset—valuation allowance: (2) | |||||||||||||||||||||||||
Fiscal year ended March 31, 2013 | $ | 56,359 | $ | 3,829 | $ | (3,259 | ) | $ | — | $ | (2,387 | ) | $ | 54,542 | |||||||||||
Fiscal year ended March 31, 2014 | 54,542 | 6,951 | (27,269 | ) | 327 | (10,968 | ) | 23,583 | |||||||||||||||||
Fiscal year ended March 31, 2015 | 23,583 | 4,222 | (3,796 | ) | (327 | ) | (3,619 | ) | 20,063 | ||||||||||||||||
-1 | Primarily the impact of currency changes. | ||||||||||||||||||||||||
-2 | In fiscal 2014 and 2015, "Other" also included the reversal of deferred tax accounts and related valuation allowance upon the sale of certain foreign subsidiaries of the Company. In fiscal 2014, there was also an adjustment relating to the net operating losses of a foreign subsidiary of the Company and the related valuation allowance. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Description of Business | Description of Business | ||
EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for industrial batteries. | |||
Principles of Consolidation | Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation. | |||
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. | |||
Foreign Currency Translation | Foreign Currency Translation | ||
Results of foreign operations are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests. | |||
Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs. | |||
Revenue Recognition | Revenue Recognition | ||
The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s business segments. Accordingly, revenue is recognized when risk and title are transferred to the customer. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales. | |||
The Company recognizes revenue from the service of its products when the respective services are performed. | |||
Accruals are made at the time of sale for sales returns and other allowances based on the Company’s historical experience. | |||
Freight Expense | Freight Expense | ||
Amounts billed to customers for outbound freight costs are classified as sales in the Consolidated Statements of Income. Costs incurred by the Company for outbound freight costs to customers, inbound and transfer freight are classified in cost of goods | |||
sold. | |||
Warranties | Warranties | ||
The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. | |||
Concentration of Credit Risk | Concentration of Credit Risk | ||
Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances. | |||
Accounts Receivable | Accounts Receivable | ||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on how payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible. | |||
Inventories | Inventories | ||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead. | |||
Property, Plant, and Equipment | Property, Plant, and Equipment | ||
Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment. | |||
Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period. | |||
Business Combinations | Business Combinations | ||
The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. | |||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||
Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified. | |||
Goodwill impairment test involves a two-step process. In the first step, the Company compares the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the Company must perform the second step of the impairment test to measure the amount of impairment loss, if any. In the second step, the reporting unit's fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit's goodwill is less than the carrying value, the difference is recorded as an impairment loss. | |||
The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. | |||
In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. | |||
Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets. | |||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||
The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. | |||
Environmental Expenditures | Environmental Expenditures | ||
The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued. | |||
Derivative Financial Instruments | Derivative Financial Instruments | ||
The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings. | |||
The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics. | |||
Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, options, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for Normal Purchase Normal Sale. | |||
Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements. | |||
The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2015 and 2014. | |||
The Company does not have any credit-related contingent features associated with its derivative instruments. | |||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||
The Company uses the following valuation techniques to measure fair value for its financial assets and financial liabilities: | |||
Level 1 | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | ||
Level 2 | Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | ||
Level 3 | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | ||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. | |||
Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”) and forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. | |||
When unobservable inputs are significant to the fair value measurement, a contract is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any contracts that transferred between Level 2 and Level 3 as well as Level 1 and Level 2. | |||
Income Taxes | Income Taxes | ||
The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be recognized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. | |||
The Company has not recorded United States income or foreign withholding taxes related to undistributed earnings of foreign subsidiaries because the Company currently plans to keep these amounts permanently invested overseas. | |||
The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. | |||
With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. | |||
Deferred Financing Fees | Deferred Financing Fees | ||
Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments. | |||
Stock-Based Compensation Plans | Stock-Based Compensation Plans | ||
The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period. | |||
Market Share Units and Performance Market Share Units | |||
The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units vest and are settled in common stock on the third anniversary of the date of grant. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two. This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. | |||
The fair value of the performance market share units is estimated at the date of grant using a Monte Carlo Simulation. A participant may earn based on the total shareholder return (the "TSR") of the Company's common stock over a three-year period ranging from 0% to 200% of the number of performance market share units granted. The awards will cliff vest on the 3rd anniversary of the grant date. The TSR is calculated by dividing the 90-calendar day average price at end of the period and the reinvested dividends thereon by the 90-calendar day average price at start of the period.The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. The 90-calendar day average prices immediately preceding the beginning and the end of the performance period are used to calculate TSR. Performance market share units are similar to the market share units except that the performance schedule is more difficult to achieve. | |||
The Company recognizes compensation expense using the straight-line method over the life of the market share units and performance market share units except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. | |||
Restricted Stock Units | |||
The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. | |||
Stock Options | |||
The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options | |||
Earnings Per Share | Earnings Per Share | ||
Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2015, 2014 and 2013, the Company had outstanding stock options, restricted stock units, market share units, performance market share units and Convertible Notes, which could potentially dilute basic earnings per share in the future. | |||
Segment Reporting | Segment Reporting | ||
A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations. | |||
• | Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, 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. | ||
New Accounting Pronouncements | New 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). However, the FASB has proposed a one-year deferral of the effective date, which is currently subject to approval. 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. | |||
Use of Estimates | Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary Of Net Inventories | nventories, net consist of: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 82,954 | $ | 87,469 | |||||
Work-in-process | 106,196 | 116,124 | |||||||
Finished goods | 147,861 | 158,253 | |||||||
Total | $ | 337,011 | $ | 361,846 | |||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary Of Property, Plant, And Equipment | Property, plant, and equipment consist of: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Land, buildings, and improvements | $ | 224,617 | $ | 226,008 | |||||
Machinery and equipment | 546,513 | 576,729 | |||||||
Construction in progress | 48,889 | 35,463 | |||||||
820,019 | 838,200 | ||||||||
Less accumulated depreciation | (463,165 | ) | (468,034 | ) | |||||
Total | $ | 356,854 | $ | 370,166 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule Of Company's Other Intangible Assets | Information regarding the Company’s other intangible assets are as follows: | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||
Trademarks | $ | 100,546 | $ | (953 | ) | $ | 99,593 | $ | 104,917 | $ | (953 | ) | $ | 103,964 | |||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||
Customer relationships | 55,482 | (12,377 | ) | 43,105 | 55,505 | (6,729 | ) | 48,776 | |||||||||||||||||
Non-compete | 2,680 | (2,155 | ) | 525 | 2,581 | (1,822 | ) | 759 | |||||||||||||||||
Patents | 17,049 | (3,642 | ) | 13,407 | 17,592 | (2,073 | ) | 15,519 | |||||||||||||||||
Trademarks | 2,004 | (898 | ) | 1,106 | 2,004 | (813 | ) | 1,191 | |||||||||||||||||
Licenses | 1,482 | (1,058 | ) | 424 | 3,177 | (914 | ) | 2,263 | |||||||||||||||||
Total | $ | 179,243 | $ | (21,083 | ) | $ | 158,160 | $ | 185,776 | $ | (13,304 | ) | $ | 172,472 | |||||||||||
Schedule Of Changes In The Carrying Amount Of Goodwill By Business Segment | The changes in the carrying amount of goodwill by reportable segment are as follows: | ||||||||||||||||||||||||
Fiscal year ended March 31, 2015 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Balance at beginning of year | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||||||||||
Adjustments related to the finalization of purchase accounting for fiscal 2014 acquisitions | (3,256 | ) | — | 1,542 | (1,714 | ) | |||||||||||||||||||
Goodwill impairment charge | (19,621 | ) | (750 | ) | — | (20,371 | ) | ||||||||||||||||||
Foreign currency translation adjustment | (2,432 | ) | (29,874 | ) | (1,935 | ) | (34,241 | ) | |||||||||||||||||
Balance at end of year | $ | 190,321 | $ | 146,962 | $ | 32,447 | $ | 369,730 | |||||||||||||||||
Fiscal year ended March 31, 2014 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Balance at beginning of year | $ | 150,031 | $ | 166,708 | $ | 28,760 | $ | 345,499 | |||||||||||||||||
Goodwill acquired during the year | 67,912 | — | 9,254 | 77,166 | |||||||||||||||||||||
Goodwill impairment charge | — | — | (5,179 | ) | (5,179 | ) | |||||||||||||||||||
Foreign currency translation adjustment | (2,313 | ) | 10,878 | 5 | 8,570 | ||||||||||||||||||||
Balance at end of year | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||||||||||
A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Gross carrying value | $ | 209,942 | $ | 147,712 | $ | 37,626 | $ | 395,280 | |||||||||||||||||
Accumulated goodwill impairment charges | (19,621 | ) | (750 | ) | (5,179 | ) | (25,550 | ) | |||||||||||||||||
Net book value | $ | 190,321 | $ | 146,962 | $ | 32,447 | $ | 369,730 | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Americas | EMEA | Asia | Total | ||||||||||||||||||||||
Gross carrying value | $ | 215,630 | $ | 177,586 | $ | 38,019 | $ | 431,235 | |||||||||||||||||
Accumulated goodwill impairment charges | — | — | (5,179 | ) | (5,179 | ) | |||||||||||||||||||
Net book value | $ | 215,630 | $ | 177,586 | $ | 32,840 | $ | 426,056 | |||||||||||||||||
Prepaid_and_Other_Current_Asse1
Prepaid and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule Of Prepaid And Other Current Assets | Prepaid and other current assets consist of the following: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Prepaid non-income taxes | $ | 19,231 | $ | 25,120 | |||||
Prepaid income taxes | 30,577 | 23,762 | |||||||
Non-trade receivables | 4,050 | 4,435 | |||||||
Other | 23,714 | 16,085 | |||||||
Total | $ | 77,572 | $ | 69,402 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summary Of Accrued Expenses | Accrued expenses consist of the following: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Payroll and benefits | $ | 47,323 | $ | 62,518 | |||||
Legal proceedings - Altergy | — | 58,184 | |||||||
Accrued selling expenses | 31,269 | 30,963 | |||||||
Income taxes payable | 17,721 | 27,116 | |||||||
Warranty | 18,285 | 17,577 | |||||||
Freight | 14,315 | 14,700 | |||||||
VAT and other non-income taxes | 8,657 | 12,789 | |||||||
Deferred income | 12,188 | 10,839 | |||||||
Restructuring | 3,820 | 8,414 | |||||||
Lead forward contracts | 341 | 2,371 | |||||||
Interest | 1,970 | 1,980 | |||||||
Pension | 1,226 | 1,602 | |||||||
Other | 36,147 | 35,849 | |||||||
Total | $ | 193,262 | $ | 284,902 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule Of Long-Term Debt | The following summarizes the Company’s long-term debt: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
2011 Credit Facility, due 2018 | $ | 325,000 | $ | 125,000 | |||||
3.375% Convertible Notes, net of discount, due 2038 | 170,936 | 162,887 | |||||||
495,936 | 287,887 | ||||||||
Less current portion | — | — | |||||||
Total long-term debt | $ | 495,936 | $ | 287,887 | |||||
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 our Convertible Notes as of March 31, 2015 and 2014, respectively: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Principal | $ | 172,266 | $ | 172,500 | |||||
Unamortized discount | (1,330 | ) | (9,613 | ) | |||||
Net carrying amount | $ | 170,936 | $ | 162,887 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Leases [Abstract] | |||||
Schedule Of Capital And Operating Leases | The Company’s future minimum lease payments under operating leases that have noncancelable terms in excess of one year as of March 31, 2015 are as follows: | ||||
Operating | |||||
Leases | |||||
2016 | $ | 19,923 | |||
2017 | 14,307 | ||||
2018 | 10,513 | ||||
2019 | 7,861 | ||||
2020 | 7,007 | ||||
Thereafter | 7,329 | ||||
Total minimum lease payments | $ | 66,940 | |||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule Of Other Long-Term Liabilities | Other liabilities consist of the following: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Pension | $ | 42,144 | $ | 37,900 | |||||
Warranty | 21,525 | 22,849 | |||||||
Liability for uncertain tax benefits | 3,796 | 4,265 | |||||||
Deferred income | 6,564 | 7,012 | |||||||
Other | 7,550 | 9,199 | |||||||
Total | $ | 81,579 | $ | 81,225 | |||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Financial Assets And (Liabilities), Measured At Fair Value On A Recurring Basis | The following tables represent the financial assets and (liabilities), measured at fair value on a recurring basis as of March 31, 2015 and March 31, 2014 and the basis for that measurement: | ||||||||||||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
March 31, 2015 | for Identical | Observable | Inputs | ||||||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Lead forward contracts | $ | (341 | ) | $ | — | $ | (341 | ) | $ | — | |||||||||||||||
Foreign currency forward contracts | 4,155 | — | 4,155 | — | |||||||||||||||||||||
Total derivatives | $ | 3,814 | $ | — | $ | 3,814 | $ | — | |||||||||||||||||
Total Fair Value | Quoted Price in | Significant | Significant | ||||||||||||||||||||||
Measurement | Active Markets | Other | Unobservable | ||||||||||||||||||||||
March 31, 2014 | for Identical | Observable | Inputs | ||||||||||||||||||||||
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 March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives(1) | $ | 4,155 | $ | 4,155 | $ | 113 | $ | 113 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Convertible Notes | $ | 170,936 | (2) | $ | 277,348 | (3) | $ | 162,887 | (2) | $ | 301,875 | (3) | |||||||||||||
Derivatives(1) | 341 | 341 | 2,371 | 2,371 | |||||||||||||||||||||
-1 | Represents lead and foreign currency hedges (see Note 12 for asset and liability positions of the lead and foreign currency hedges at March 31, 2015 and March 31, 2014). | ||||||||||||||||||||||||
-2 | The carrying amounts of the Convertible Notes at March 31, 2015 and March 31, 2014 represent the $172,266 and $172,500 principal balance, respectively, less the unamortized debt discount (see Note 8 for further details). | ||||||||||||||||||||||||
-3 | The fair value amounts at March 31, 2015 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_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Fair Value Of Derivative Instruments In The Consolidated Balance Sheets | Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income: | ||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||
March 31, 2015 and 2014 | |||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities | ||||||||||||||||
Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Prepaid and other current assets | |||||||||||||||||
Foreign currency forward contracts | $ | 3,735 | $ | 12 | $ | 420 | $ | 101 | |||||||||
Total assets | $ | 3,735 | $ | 12 | $ | 420 | $ | 101 | |||||||||
Accrued expenses | |||||||||||||||||
Lead hedge forward contracts | $ | 341 | $ | 2,371 | $ | — | $ | — | |||||||||
Total liabilities | $ | 341 | $ | 2,371 | $ | — | $ | — | |||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | The Effect of Derivative Instruments on the Consolidated Statements of Income | ||||||||||||||||
For the fiscal year ended March 31, 2013 | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain | Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||
(Loss) Reclassified | |||||||||||||||||
from | |||||||||||||||||
AOCI into Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||
Lead hedge forward contracts | $ | 1,623 | Cost of goods sold | $ | 3,309 | ||||||||||||
Foreign currency forward contracts | 248 | Cost of goods sold | 1,703 | ||||||||||||||
Total | $ | 1,871 | $ | 5,012 | |||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||
For the fiscal year ended March 31, 2014 | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain | Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||
(Loss) Reclassified | |||||||||||||||||
from | |||||||||||||||||
AOCI into Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||
Lead hedge forward contracts | $ | (1,562 | ) | Cost of goods sold | $ | 718 | |||||||||||
Foreign currency forward contracts | (682 | ) | Cost of goods sold | (707 | ) | ||||||||||||
Total | $ | (2,244 | ) | $ | 11 | ||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Income | |||||||||||||||||
For the fiscal year ended March 31, 2015 | |||||||||||||||||
Derivatives Designated as Cash Flow Hedges | Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | Location of Gain | Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||
(Loss) Reclassified | |||||||||||||||||
from | |||||||||||||||||
AOCI into Income | |||||||||||||||||
(Effective Portion) | |||||||||||||||||
Lead hedge forward contracts | $ | (7,743 | ) | Cost of goods sold | $ | (4,347 | ) | ||||||||||
Foreign currency forward contracts | 8,206 | Cost of goods sold | 1,386 | ||||||||||||||
Total | $ | 463 | $ | (2,961 | ) | ||||||||||||
Effect Of Derivative Instruments | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) | Pretax Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||||
on Derivative | |||||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | (188 | ) | |||||||||||||
Total | $ | (188 | ) | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) | Pretax Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||||
on Derivative | |||||||||||||||||
Foreign currency forward contracts | Other (income) expense, net | $ | 972 | ||||||||||||||
Total | $ | 972 | |||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) | Pretax Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||||
on Derivative | |||||||||||||||||
Interest rate swap contracts | Other (income) expense, net | $ | (101 | ) | |||||||||||||
Foreign currency forward contracts | Other (income) expense, net | 2,597 | |||||||||||||||
Total | $ | 2,496 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Expense | Income tax expense is composed of the following: | ||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 12,299 | $ | 41,256 | $ | 38,480 | |||||||
State | 3,044 | 2,845 | 5,684 | ||||||||||
Foreign | 20,585 | 22,627 | 19,438 | ||||||||||
Total current | 35,928 | 66,728 | 63,602 | ||||||||||
Deferred: | |||||||||||||
Federal | 25,113 | (18,410 | ) | 3,915 | |||||||||
State | 1,771 | (4,088 | ) | 214 | |||||||||
Foreign | 5,002 | (27,250 | ) | (2,456 | ) | ||||||||
Total deferred | 31,886 | (49,748 | ) | 1,673 | |||||||||
Income tax expense | $ | 67,814 | $ | 16,980 | $ | 65,275 | |||||||
Earnings Before Income Taxes | Earnings before income taxes consists of the following: | ||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
United States | $ | 76,327 | $ | 47,753 | $ | 107,191 | |||||||
Foreign | 173,012 | 115,994 | 123,042 | ||||||||||
Earnings before income taxes | $ | 249,339 | $ | 163,747 | $ | 230,233 | |||||||
Deferred Tax Assets And Liabilities | The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities: | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 907 | $ | 1,204 | |||||||||
Inventories | 5,855 | 6,146 | |||||||||||
Net operating loss carryforwards | 46,069 | 60,359 | |||||||||||
Accrued expenses | 28,830 | 58,417 | |||||||||||
Other assets | 21,279 | 13,291 | |||||||||||
Gross deferred tax assets | 102,940 | 139,417 | |||||||||||
Less valuation allowance | (20,063 | ) | (23,583 | ) | |||||||||
Total deferred tax assets | 82,877 | 115,834 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 23,851 | 26,286 | |||||||||||
Other intangible assets | 65,432 | 71,094 | |||||||||||
Convertible Notes | 30,012 | 22,687 | |||||||||||
Other liabilities | 4,267 | 1,554 | |||||||||||
Total deferred tax liabilities | 123,562 | 121,621 | |||||||||||
Net deferred tax liabilities | $ | (40,685 | ) | $ | (5,787 | ) | |||||||
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate to the income tax provision is as follows: | ||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
United States statutory income tax expense (at 35%) | $ | 87,269 | $ | 57,311 | $ | 80,581 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal effect | 3,206 | (647 | ) | 3,742 | |||||||||
Nondeductible expenses, domestic manufacturing deduction and other | 8,666 | 5,124 | 7,664 | ||||||||||
Effect of foreign operations | (33,119 | ) | (24,277 | ) | (27,883 | ) | |||||||
Valuation allowance | 1,792 | (20,531 | ) | 1,171 | |||||||||
Income tax expense | $ | 67,814 | $ | 16,980 | $ | 65,275 | |||||||
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
March 31, 2012 | $ | 12,945 | |||||||||||
Increases related to current year tax positions | 6,296 | ||||||||||||
Increases related to prior year tax positions | 969 | ||||||||||||
Increases related to prior year tax positions due to foreign currency translation | 245 | ||||||||||||
Lapse of statute of limitations | (3,970 | ) | |||||||||||
March 31, 2013 | 16,485 | ||||||||||||
Increases related to current year tax positions | 207 | ||||||||||||
Increases related to prior year tax positions | 2,877 | ||||||||||||
Decreases related to prior tax positions due to foreign currency translation | (68 | ) | |||||||||||
Decreases related to prior year tax positions | (14,835 | ) | |||||||||||
Lapse of statute of limitations | (923 | ) | |||||||||||
March 31, 2014 | 3,743 | ||||||||||||
Increases related to current year tax positions | 3,241 | ||||||||||||
Increases related to prior year tax positions | 9 | ||||||||||||
Decreases related to prior tax positions due to foreign currency translation | (85 | ) | |||||||||||
Decreases related to prior year tax positions settled | (2,695 | ) | |||||||||||
Lapse of statute of limitations | (101 | ) | |||||||||||
March 31, 2015 | $ | 4,112 | |||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Components Of Net Periodic Pension Cost | Net periodic pension cost for fiscal 2015, 2014 and 2013, includes the following components: | ||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | Fiscal year ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Service cost | $ | 400 | $ | 348 | $ | 349 | $ | 767 | $ | 829 | $ | 679 | |||||||||||||||||||||
Interest cost | 673 | 619 | 649 | 2,546 | 2,412 | 2,377 | |||||||||||||||||||||||||||
Expected return on plan assets | (889 | ) | (796 | ) | (756 | ) | (2,248 | ) | (2,134 | ) | (1,851 | ) | |||||||||||||||||||||
Amortization and deferral | 319 | 479 | 393 | 688 | 56 | 209 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 503 | $ | 650 | $ | 635 | $ | 1,753 | $ | 1,163 | $ | 1,414 | |||||||||||||||||||||
Summary Of Change In Projected Benefit Obligation | The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans: | ||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the period | $ | 15,290 | $ | 15,911 | $ | 69,227 | $ | 59,876 | |||||||||||||||||||||||||
Service cost | 400 | 348 | 767 | 829 | |||||||||||||||||||||||||||||
Interest cost | 673 | 619 | 2,546 | 2,412 | |||||||||||||||||||||||||||||
Plan amendments | — | 254 | — | — | |||||||||||||||||||||||||||||
Benefits paid, inclusive of plan expenses | (770 | ) | (670 | ) | (1,904 | ) | (2,000 | ) | |||||||||||||||||||||||||
Plan curtailments and settlements | — | — | (54 | ) | (356 | ) | |||||||||||||||||||||||||||
Actuarial (gains) losses | 2,466 | (1,172 | ) | 14,198 | 3,329 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (12,689 | ) | 5,137 | ||||||||||||||||||||||||||||
Benefit obligation at the end of the period | $ | 18,059 | $ | 15,290 | $ | 72,091 | $ | 69,227 | |||||||||||||||||||||||||
Summary Of Change In Plan Assets | |||||||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the period | $ | 11,309 | $ | 10,334 | $ | 33,706 | $ | 29,468 | |||||||||||||||||||||||||
Actual return on plan assets | 1,051 | 1,158 | 4,918 | 1,666 | |||||||||||||||||||||||||||||
Employer contributions | 789 | 487 | 1,890 | 1,852 | |||||||||||||||||||||||||||||
Benefits paid, inclusive of plan expenses | (770 | ) | (670 | ) | (1,904 | ) | (2,000 | ) | |||||||||||||||||||||||||
Plan curtailments and settlements | — | — | (54 | ) | (115 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (4,155 | ) | 2,835 | ||||||||||||||||||||||||||||
Fair value of plan assets at the end of the period | $ | 12,379 | $ | 11,309 | $ | 34,401 | $ | 33,706 | |||||||||||||||||||||||||
Funded status deficit | $ | (5,680 | ) | $ | (3,981 | ) | $ | (37,690 | ) | $ | (35,521 | ) | |||||||||||||||||||||
Summary Of Amounts Recognized In The Balance Sheets | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||||||||||
Accrued expenses | $ | (1,226 | ) | $ | (1,602 | ) | |||||||||||||||||||||||||||
Other liabilities | (42,144 | ) | (37,900 | ) | |||||||||||||||||||||||||||||
$ | (43,370 | ) | $ | (39,502 | ) | ||||||||||||||||||||||||||||
Summary Of Amounts In AOCI Before Taxes | The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2015, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Amounts recorded in AOCI before taxes: | |||||||||||||||||||||||||||||||||
Prior service cost | $ | (800 | ) | $ | (1,036 | ) | $ | (816 | ) | ||||||||||||||||||||||||
Net loss | (28,734 | ) | (19,239 | ) | (16,645 | ) | |||||||||||||||||||||||||||
Net amount recognized | $ | (29,534 | ) | $ | (20,275 | ) | $ | (17,461 | ) | ||||||||||||||||||||||||
Summary Of Changes In AOCI | |||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations: | |||||||||||||||||||||||||||||||||
New prior service cost | $ | — | $ | 255 | $ | — | |||||||||||||||||||||||||||
Net loss arising during the year | 13,831 | 2,262 | 6,376 | ||||||||||||||||||||||||||||||
Effect of exchange rates on amounts included in AOCI | (3,565 | ) | 920 | (392 | ) | ||||||||||||||||||||||||||||
Amounts recognized as a component of net periodic benefit costs: | |||||||||||||||||||||||||||||||||
Amortization of prior service cost | (101 | ) | (81 | ) | (79 | ) | |||||||||||||||||||||||||||
Amortization or settlement recognition of net loss | (906 | ) | (694 | ) | (523 | ) | |||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | 9,259 | $ | 2,662 | $ | 5,382 | |||||||||||||||||||||||||||
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income | The amounts included in AOCI as of March 31, 2015 that are expected to be recognized as components of net periodic pension cost during the next twelve months are as follows: | ||||||||||||||||||||||||||||||||
Prior service cost | $ | (93 | ) | ||||||||||||||||||||||||||||||
Net loss | (1,668 | ) | |||||||||||||||||||||||||||||||
Net amount expected to be recognized | $ | (1,761 | ) | ||||||||||||||||||||||||||||||
Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans | The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows: | ||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
All defined benefit plans: | |||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 18,059 | $ | 15,290 | $ | 68,272 | $ | 65,049 | |||||||||||||||||||||||||
Unfunded defined benefit plans: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | — | $ | — | $ | 28,984 | $ | 31,335 | |||||||||||||||||||||||||
Accumulated benefit obligation | — | — | 27,768 | 29,693 | |||||||||||||||||||||||||||||
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 18,059 | $ | 15,290 | $ | 72,091 | $ | 69,227 | |||||||||||||||||||||||||
Fair value of plan assets | 12,379 | 11,309 | 34,401 | 33,706 | |||||||||||||||||||||||||||||
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 18,059 | $ | 15,290 | $ | 72,091 | $ | 68,446 | |||||||||||||||||||||||||
Accumulated benefit obligation | 18,059 | 15,290 | 68,272 | 64,388 | |||||||||||||||||||||||||||||
Fair value of plan assets | 12,379 | 11,309 | 34,401 | 33,009 | |||||||||||||||||||||||||||||
Significant Assumptions Used To Determine The Net Periodic Benefit Cost | Significant assumptions used to determine the net periodic benefit cost for the US and International plans were as follows: | ||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Fiscal year ended March 31, | Fiscal year ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4 | % | 4.8 | % | 3.0-4.6% | 2.5-4.4% | 2.5-5.5% | ||||||||||||||||||||||||
Expected return on plan assets | 7.8 | 7.8 | 8 | 4.4-7.0 | 4.0-7.0 | 5.5-7.0 | |||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 2.0-4.0 | 2.0-4.0 | 2.0-4.0 | |||||||||||||||||||||||||||
Significant Assumptions Used To Determine The Projected Benefit Obligations | Significant assumptions used to determine the projected benefit obligations for the US and International plans were as follows: | ||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Discount rate | 3.8 | % | 4.5 | % | 1.25-3.4% | 3.0-4.6% | |||||||||||||||||||||||||||
Expected return on plan assets | 7 | 7.8 | 3.2-6.5 | 4.4-7.0 | |||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | 1.5-3.75 | 2.0-4.0 | |||||||||||||||||||||||||||||
Summary Of Pension Plan Investments Measured At Fair Value | The following table represents our pension plan investments measured at fair value as of March 31, 2015 and 2014 and the basis for that measurement: | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Total Fair | Quoted Price | Significant | Significant | Total Fair | Quoted Price | Significant | Significant | ||||||||||||||||||||||||||
Value | In Active | Other | Unobservable | Value | In Active | Other | Unobservable | ||||||||||||||||||||||||||
Measurement | Markets | Observable | Inputs | Measurement | Markets | Observable | Inputs | ||||||||||||||||||||||||||
for Identical | Inputs | (Level 3) | for Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||
Assets | (Level 2) | Assets | (Level 2) | ||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,248 | $ | 1,248 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
US(a) | 7,282 | 7,282 | — | — | 3,431 | 3,431 | — | — | |||||||||||||||||||||||||
International(b) | 1,075 | 1,075 | — | — | 18,646 | 18,646 | — | — | |||||||||||||||||||||||||
Fixed income(c) | 2,774 | 2,774 | — | — | 12,324 | 12,324 | — | — | |||||||||||||||||||||||||
Total | $ | 12,379 | $ | 12,379 | $ | — | $ | — | $ | 34,401 | $ | 34,401 | $ | — | $ | — | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
United States Plans | International Plans | ||||||||||||||||||||||||||||||||
Total Fair | Quoted Price | Significant | Significant | Total | Quoted Price | Significant | Significant | ||||||||||||||||||||||||||
Value | In Active | Other | Unobservable | Fair Value | In Active | Other | Unobservable | ||||||||||||||||||||||||||
Measurement | Markets | Observable | Inputs | Measurement | Markets | Observable | Inputs | ||||||||||||||||||||||||||
for Identical | Inputs | (Level 3) | for Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||
Assets | (Level 2) | Assets | (Level 2) | ||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,225 | $ | 1,225 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
US(a) | 6,520 | 6,520 | — | — | 3,452 | 3,452 | — | — | |||||||||||||||||||||||||
International(b) | 1,011 | 1,011 | — | — | 19,193 | 19,193 | — | — | |||||||||||||||||||||||||
Fixed income(c) | 2,553 | 2,553 | — | — | 11,061 | 11,061 | — | — | |||||||||||||||||||||||||
Total | $ | 11,309 | $ | 11,309 | $ | — | $ | — | $ | 33,706 | $ | 33,706 | $ | — | $ | — | |||||||||||||||||
The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1. | |||||||||||||||||||||||||||||||||
(a) | US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks. | ||||||||||||||||||||||||||||||||
(b) | International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets. | ||||||||||||||||||||||||||||||||
(c) | Fixed income consists primarily of investment grade bonds from diversified industries. | ||||||||||||||||||||||||||||||||
Summary Of Estimated Future Benefit Payments | Estimated future benefit payments under the Company’s pension plans are as follows: | ||||||||||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
2016 | $ | 2,424 | |||||||||||||||||||||||||||||||
2017 | 2,480 | ||||||||||||||||||||||||||||||||
2018 | 2,455 | ||||||||||||||||||||||||||||||||
2019 | 2,717 | ||||||||||||||||||||||||||||||||
2020 | 3,124 | ||||||||||||||||||||||||||||||||
Years 2021-2025 | 19,047 | ||||||||||||||||||||||||||||||||
Stockholders_Equity_and_Noncon1
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity and Noncontrolling Interests [Abstract] | |||||||||||||||||
Change in Number of Shares of Common Stock Outstanding | The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2013, 2014 and 2015, respectively: | ||||||||||||||||
Shares outstanding as of March 31, 2012 | 47,800,129 | ||||||||||||||||
Purchase of treasury stock | (683,192 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 723,267 | ||||||||||||||||
Shares outstanding as of March 31, 2013 | 47,840,204 | ||||||||||||||||
Purchase of treasury stock | (1,191,145 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 293,067 | ||||||||||||||||
Shares outstanding as of March 31, 2014 | 46,942,126 | ||||||||||||||||
Purchase of treasury stock | (3,274,829 | ) | |||||||||||||||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 401,291 | ||||||||||||||||
Shares outstanding as of March 31, 2015 | 44,068,588 | ||||||||||||||||
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, are as follows: | ||||||||||||||||
Beginning | Before Reclassifications | Amount Reclassified from AOCI | Ending | ||||||||||||||
Balance | Balance | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Pension funded status adjustment | $ | (15,207 | ) | $ | (9,259 | ) | $ | 747 | $ | (23,719 | ) | ||||||
Net unrealized gain (loss) on derivative instruments | (2,253 | ) | 289 | 1,869 | (95 | ) | |||||||||||
Foreign currency translation adjustment | 85,305 | (170,466 | ) | — | (85,161 | ) | |||||||||||
Accumulated other comprehensive income | $ | 67,845 | $ | (179,436 | ) | $ | 2,616 | $ | (108,975 | ) | |||||||
March 31, 2014 | |||||||||||||||||
Pension funded status adjustment | $ | (13,169 | ) | $ | (2,662 | ) | $ | 624 | $ | (15,207 | ) | ||||||
Net unrealized (loss) on derivative instruments | (832 | ) | (1,414 | ) | (7 | ) | (2,253 | ) | |||||||||
Foreign currency translation adjustment | 54,656 | 30,649 | — | 85,305 | |||||||||||||
Accumulated other comprehensive income | $ | 40,655 | $ | 26,573 | $ | 617 | $ | 67,845 | |||||||||
March 31, 2013 | |||||||||||||||||
Pension funded status adjustment | $ | (8,982 | ) | $ | (5,382 | ) | $ | 1,195 | $ | (13,169 | ) | ||||||
Net unrealized gain (loss) on derivative instruments | 1,175 | 1,153 | (3,160 | ) | (832 | ) | |||||||||||
Foreign currency translation adjustment | 81,900 | (27,244 | ) | — | 54,656 | ||||||||||||
Accumulated other comprehensive income | $ | 74,093 | $ | (31,473 | ) | $ | (1,965 | ) | $ | 40,655 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications from AOCI during the twelve months ended March 31, 2015: | ||||||||||||||||
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 | $ | 2,961 | Cost of goods sold | ||||||||||||||
Tax benefit | (1,092 | ) | |||||||||||||||
Net unrealized loss on derivative instruments, net of tax | $ | 1,869 | |||||||||||||||
Defined benefit pension costs: | |||||||||||||||||
Prior service costs and deferrals | $ | 1,007 | Net periodic benefit cost, included in cost of goods sold, Operating expenses - See Note 14 | ||||||||||||||
Tax benefit | (260 | ) | |||||||||||||||
Net periodic benefit cost, net of tax | $ | 747 | |||||||||||||||
Summary of Redeemable Noncontrolling Interests | The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2013, 2014 and 2015, respectively: | ||||||||||||||||
Balance as of March 31, 2012 | $ | 9,782 | |||||||||||||||
Net losses attributable to redeemable noncontrolling interests | (1,429 | ) | |||||||||||||||
Loan to equity conversion by redeemable noncontrolling interests | 3,901 | ||||||||||||||||
Foreign currency translation adjustment | (1,159 | ) | |||||||||||||||
Balance as of March 31, 2013 | $ | 11,095 | |||||||||||||||
Net losses attributable to redeemable noncontrolling interests | (3,536 | ) | |||||||||||||||
Redemption value adjustment | 4,974 | ||||||||||||||||
Purchase of subsidiary shares from redeemable noncontrolling interests | (3,146 | ) | |||||||||||||||
Foreign currency translation adjustment | (1,340 | ) | |||||||||||||||
Balance as of March 31, 2014 | $ | 8,047 | |||||||||||||||
Net earnings attributable to redeemable noncontrolling interests | 191 | ||||||||||||||||
Redemption value adjustment | (292 | ) | |||||||||||||||
Foreign currency translation adjustment | (990 | ) | |||||||||||||||
Balance as of March 31, 2015 | $ | 6,956 | |||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Summary Of Stock Option Activity | The following table summarizes the Company’s stock option activity in the years indicated: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||
Remaining | Exercise | Value | |||||||||||||
Contract | Price | ||||||||||||||
Term (Years) | |||||||||||||||
Options outstanding as of March 31, 2012 | 633,663 | 6.1 | $ | 20.85 | $ | 8,879 | |||||||||
Exercised | (555,677 | ) | 21.7 | 8,860 | |||||||||||
Options outstanding as of March 31, 2013 | 77,986 | 2.5 | $ | 14.76 | $ | 2,404 | |||||||||
Exercised | (11,813 | ) | 14.72 | 537 | |||||||||||
Options outstanding as of March 31, 2014 | 66,173 | 1.4 | $ | 14.77 | $ | 3,608 | |||||||||
Granted | 76,512 | 69.85 | — | ||||||||||||
Exercised | (39,868 | ) | 14.5 | 1,819 | |||||||||||
Options outstanding as of March 31, 2015 | 102,817 | 7 | $ | 55.86 | $ | 1,291 | |||||||||
Options exercisable as of March 31, 2015 | 26,305 | 0.9 | $ | 15.17 | $ | 1,291 | |||||||||
Options vested and expected to vest, as of March 31, 2015 | 100,289 | 7 | $ | 55.51 | $ | 1,291 | |||||||||
Summary Of Information Regarding Stock Options Outstanding And Exercisable | The following table summarizes information regarding stock options outstanding as of March 31, 2015: | ||||||||||||||
Options Outstanding and Exercisable | |||||||||||||||
Range of Exercise Prices | Number of | Weighted- | Weighted- | ||||||||||||
Options | Average | Average | |||||||||||||
Remaining | Exercise Price | ||||||||||||||
Contractual Life | |||||||||||||||
$10.01-$15.00 | 19,000 | 0.5 | $ | 13.96 | |||||||||||
$15.01-$20.00 | 7,305 | 2.2 | 18.32 | ||||||||||||
$69.85 | 76,512 | 9.1 | 69.85 | ||||||||||||
102,817 | 7 | $ | 55.86 | ||||||||||||
Summary Of The Changes In Restricted Stock Units And Market Share Units | For purposes of determining the fair value of performance market share units granted in fiscal 2015, the Company used a Monte Carlo Simulation with the following assumptions: | ||||||||||||||
2015 | |||||||||||||||
Risk-free interest rate | 0.87 | % | |||||||||||||
Dividend yield | — | % | |||||||||||||
Expected life (years) | 3 | ||||||||||||||
Volatility | 30.83 | % | |||||||||||||
A summary of the changes in restricted stock units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2015 is presented below: | |||||||||||||||
Restricted Stock Units (RSU) | Performance Market Share Units and Market Share Units (MSU) | ||||||||||||||
Number of | Weighted- | Number of | Weighted- | ||||||||||||
RSU | Average | MSU | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||||
Fair Value | Fair Value | ||||||||||||||
Non-vested awards as of March 31, 2014 | 562,032 | $ | 35.13 | 670,607 | $ | 50.14 | |||||||||
Granted | 136,527 | 67.9 | 152,300 | 70.42 | |||||||||||
Stock dividend | 5,498 | 45.52 | 6,759 | 55.74 | |||||||||||
Performance factor | — | — | 179,951 | 48.36 | |||||||||||
Vested | (194,392 | ) | 33.12 | (384,448 | ) | 48.36 | |||||||||
Canceled | (7,442 | ) | 44.64 | (8,981 | ) | 52.77 | |||||||||
Non-vested awards as of March 31, 2015 | 502,223 | $ | 45.3 | 616,188 | $ | 55.75 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation From Basic To Diluted Average Common Shares And Net Earnings Per Common Share | The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. | ||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net earnings attributable to EnerSys stockholders | $ | 181,188 | $ | 150,328 | $ | 166,508 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||
Basic | 45,606,317 | 47,473,690 | 48,022,005 | ||||||||||
Dilutive effect of: | |||||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 879,406 | 1,034,505 | 593,422 | ||||||||||
Convertible Notes | 1,567,006 | 1,279,960 | 20,022 | ||||||||||
Diluted weighted-average number of common shares outstanding | 48,052,729 | 49,788,155 | 48,635,449 | ||||||||||
Basic earnings per common share attributable to EnerSys stockholders | $ | 3.97 | $ | 3.17 | $ | 3.47 | |||||||
Diluted earnings per common share attributable to EnerSys stockholders | $ | 3.77 | $ | 3.02 | $ | 3.42 | |||||||
Anti-dilutive equity awards not included in diluted weighted-average common shares | — | — | — | ||||||||||
Restructuring_Plans_Tables
Restructuring Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Acquisition And Non-Acquisition Related Restructuring Reserve | A roll-forward of the restructuring reserve is as follows: | ||||||||||||
Employee | Other | Total | |||||||||||
Severance | |||||||||||||
Balance at March 31, 2012 | $ | 1,186 | $ | — | $ | 1,186 | |||||||
Accrued | 3,093 | 382 | 3,475 | ||||||||||
Costs incurred | (2,485 | ) | (157 | ) | (2,642 | ) | |||||||
Foreign currency impact and other | (56 | ) | (4 | ) | (60 | ) | |||||||
Balance at March 31, 2013 | $ | 1,738 | $ | 221 | $ | 1,959 | |||||||
Accrued | 10,285 | 1,378 | 11,663 | ||||||||||
Costs incurred | (4,966 | ) | (525 | ) | (5,491 | ) | |||||||
Foreign currency impact and other | 255 | 28 | 283 | ||||||||||
Balance at March 31, 2014 | $ | 7,312 | $ | 1,102 | $ | 8,414 | |||||||
Accrued | 6,140 | 843 | 6,983 | ||||||||||
Costs incurred | (10,378 | ) | (803 | ) | (11,181 | ) | |||||||
Foreign currency impact and other | (108 | ) | (288 | ) | (396 | ) | |||||||
Balance at March 31, 2015 | $ | 2,966 | $ | 854 | $ | 3,820 | |||||||
Warranty_Tables
Warranty (Tables) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Guarantees [Abstract] | ||||
Analysis Of Changes In Liability For Product Warranties | An analysis of changes in the liability for product warranties is as follows: | |||
Balance at March 31, 2012 | $ | 42,067 | ||
Current year provisions | 19,724 | |||
Costs incurred | (20,945 | ) | ||
Foreign currency translation adjustment | 1,745 | |||
Balance at March 31, 2013 | 42,591 | |||
Current year provisions | 16,098 | |||
Costs incurred | (22,862 | ) | ||
Fair value of warranty reserves of acquired businesses | 2,817 | |||
Foreign currency translation adjustment | 1,782 | |||
Balance at March 31, 2014 | 40,426 | |||
Current year provisions | 18,413 | |||
Costs incurred | (16,015 | ) | ||
Foreign currency translation adjustment | (3,014 | ) | ||
Balance at March 31, 2015 | $ | 39,810 | ||
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Summary Of Other (Income) Expense, Net | Other (income) expense, net consists of the following: | ||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Foreign exchange transaction (gains) losses | $ | (5,011 | ) | $ | 5,845 | $ | 1,887 | ||||||
(Gain) on disposition of equity interest in Altergy / write-off of investment in Altergy | (2,000 | ) | 5,000 | — | |||||||||
Insurance recoveries | — | — | (1,800 | ) | |||||||||
Other | 1,409 | 2,813 | 829 | ||||||||||
Total | $ | (5,602 | ) | $ | 13,658 | $ | 916 | ||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary Of Financial Information Related To The Company's Business Segments | Summarized financial information related to the Company’s reportable segments at March 31, 2015, 2014 and 2013 and for each of the fiscal years then ended is shown below. | ||||||||||||
Fiscal year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net sales by segment to unaffiliated customers | |||||||||||||
Americas | $ | 1,322,337 | $ | 1,267,598 | $ | 1,126,904 | |||||||
EMEA | 948,845 | 966,152 | 926,165 | ||||||||||
Asia | 234,330 | 240,683 | 224,490 | ||||||||||
Total net sales | $ | 2,505,512 | $ | 2,474,433 | $ | 2,277,559 | |||||||
Net sales by product line | |||||||||||||
Reserve power | $ | 1,252,637 | $ | 1,234,538 | $ | 1,118,965 | |||||||
Motive power | 1,252,875 | 1,239,895 | 1,158,594 | ||||||||||
Total net sales | $ | 2,505,512 | $ | 2,474,433 | $ | 2,277,559 | |||||||
Intersegment sales | |||||||||||||
Americas | $ | 29,987 | $ | 33,951 | $ | 36,854 | |||||||
EMEA | 69,396 | 77,549 | 76,947 | ||||||||||
Asia | 33,786 | 29,428 | 31,246 | ||||||||||
Total intersegment sales(1) | $ | 133,169 | $ | 140,928 | $ | 145,047 | |||||||
Operating earnings | |||||||||||||
Americas | $ | 162,741 | $ | 179,080 | $ | 171,854 | |||||||
EMEA | 109,861 | 84,902 | 64,032 | ||||||||||
Asia | 9,928 | 21,217 | 21,146 | ||||||||||
Restructuring and other exit charges—EMEA | (7,567 | ) | (27,078 | ) | (4,473 | ) | |||||||
Restructuring charges—Asia | (3,869 | ) | (248 | ) | (2,691 | ) | |||||||
Impairment of goodwill and indefinite-lived intangibles - Americas | (23,196 | ) | — | — | |||||||||
Goodwill impairment charge—EMEA | (750 | ) | — | — | |||||||||
Goodwill impairment charge—Asia | — | (5,179 | ) | — | |||||||||
Legal proceedings (charge) / reversal of legal accrual, net of fees—Americas | 16,233 | (58,184 | ) | — | |||||||||
Total operating earnings(2) | $ | 263,381 | $ | 194,510 | $ | 249,868 | |||||||
Property, plant and equipment, net | |||||||||||||
Americas | $ | 168,274 | $ | 155,988 | $ | 152,678 | |||||||
EMEA | 114,681 | 145,308 | 152,577 | ||||||||||
Asia | 73,899 | 68,870 | 44,871 | ||||||||||
Total | $ | 356,854 | $ | 370,166 | $ | 350,126 | |||||||
Capital Expenditures | |||||||||||||
Americas | $ | 34,768 | $ | 24,641 | $ | 29,566 | |||||||
EMEA | 16,215 | 14,871 | 20,761 | ||||||||||
Asia | 12,642 | 22,483 | 4,959 | ||||||||||
Total | $ | 63,625 | $ | 61,995 | $ | 55,286 | |||||||
Depreciation and Amortization | |||||||||||||
Americas | $ | 30,724 | $ | 26,596 | $ | 23,073 | |||||||
EMEA | 19,664 | 22,708 | 22,255 | ||||||||||
Asia | 6,652 | 4,668 | 5,174 | ||||||||||
Total | $ | 57,040 | $ | 53,972 | $ | 50,502 | |||||||
-1 | Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. | ||||||||||||
-2 | The Company does not allocate interest expense or other (income) expense, net to the reportable segments. |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Summary Of Interim Financial Information | The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2015 ended 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. | ||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Fiscal Year | |||||||||||||||||
Fiscal year ended March 31, 2015 | |||||||||||||||||||||
Net sales | $ | 634,110 | $ | 629,927 | $ | 611,578 | $ | 629,897 | $ | 2,505,512 | |||||||||||
Gross profit | 162,577 | 162,540 | 157,265 | 158,529 | 640,911 | ||||||||||||||||
Operating earnings(1)(3)(5) | 71,689 | 80,053 | 68,683 | 42,956 | 263,381 | ||||||||||||||||
Net earnings | 49,115 | 56,550 | 49,331 | 26,529 | 181,525 | ||||||||||||||||
Net earnings attributable to EnerSys stockholders | 49,169 | 56,316 | 49,252 | 26,451 | 181,188 | ||||||||||||||||
Net earnings per common share attributable to EnerSys stockholders—basic | $ | 1.05 | $ | 1.22 | $ | 1.09 | $ | 0.6 | $ | 3.97 | |||||||||||
Net earnings per common share attributable to EnerSys stockholders—diluted | $ | 0.99 | $ | 1.16 | $ | 1.04 | $ | 0.57 | $ | 3.77 | |||||||||||
Fiscal year ended March 31, 2014 | |||||||||||||||||||||
Net sales | $ | 597,297 | $ | 568,847 | $ | 643,031 | $ | 665,258 | $ | 2,474,433 | |||||||||||
Gross profit | 140,139 | 144,350 | 167,122 | 178,009 | 629,620 | ||||||||||||||||
Operating earnings(2)(4)(5) | 62,608 | 61,005 | 58,940 | 11,957 | 194,510 | ||||||||||||||||
Net earnings | 40,417 | 41,151 | 52,390 | 12,809 | 146,767 | ||||||||||||||||
Net earnings attributable to EnerSys stockholders | 40,847 | 41,339 | 55,300 | 12,842 | 150,328 | ||||||||||||||||
Net earnings per common share attributable to EnerSys stockholders—basic | $ | 0.85 | $ | 0.87 | $ | 1.17 | $ | 0.27 | $ | 3.17 | |||||||||||
Net earnings per common share attributable to EnerSys stockholders—diluted | $ | 0.83 | $ | 0.84 | $ | 1.1 | $ | 0.26 | $ | 3.02 | |||||||||||
-1 | Included in Operating earnings were restructuring and other exit charges of $1,829, $1,810, $2,437 and $5,360 for the first, second, third and fourth quarters of fiscal 2015, respectively. | ||||||||||||||||||||
-2 | Included in Operating earnings were restructuring and other exit charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively. | ||||||||||||||||||||
-3 | Included in Operating earnings for the fourth quarter of fiscal 2015 was a charge relating to the impairment of goodwill and other indefinite-lived intangibles for $23,946. | ||||||||||||||||||||
-4 | Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179. | ||||||||||||||||||||
-5 | Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184. During the second quarter of fiscal 2015, the Company reversed $16,233, net of professional fees upon final settlement of this legal matter. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
segment | |
Summary Of Significant Accounting Policies [Line Items] | |
Cash and cash equivalents include all highly liquid investments with an original maturity, when purchased, in months | 3 months |
Number of geographical regions | 3 |
Senior Unsecured 3.375% Convertible Notes Due 2038 | |
Summary Of Significant Accounting Policies [Line Items] | |
Interest rate of debt instrument | 3.38% |
Restricted Stock and Restricted Stock Units | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of restricted stock units granted, vested per year | 25.00% |
Vesting period, in years | 4 years |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of investment ownership, consolidated | 50.00% |
Percentage of investment ownership, equity method | 20.00% |
Estimated useful lives of finite-lived assets | 3 years |
Market share units converted into common stock for each unit | 0 |
Minimum | Reserve Power Batteries | |
Summary Of Significant Accounting Policies [Line Items] | |
Product warranty for a period | 1 year |
Minimum | Motive Power Batteries | |
Summary Of Significant Accounting Policies [Line Items] | |
Product warranty for a period | 1 year |
Minimum | Building and Improvements | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant, and equipment, useful life | 10 years |
Minimum | Machinery and Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of investment ownership, equity method | 50.00% |
Percentage of investment ownership, cost method | 20.00% |
Estimated useful lives of finite-lived assets | 20 years |
Market share units converted into common stock for each unit | 2 |
Maximum | Reserve Power Batteries | |
Summary Of Significant Accounting Policies [Line Items] | |
Product warranty for a period | 20 years |
Maximum | Motive Power Batteries | |
Summary Of Significant Accounting Policies [Line Items] | |
Product warranty for a period | 7 years |
Maximum | Building and Improvements | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant, and equipment, useful life | 33 years |
Maximum | Machinery and Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant, and equipment, useful life | 15 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 08, 2013 | Oct. 28, 2013 | Jan. 27, 2014 |
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $0 | $171,528 | $0 | ||||
Goodwill relating to acquisitions | -1,714 | ||||||
Sales attributed to new acquisitions | 68,231 | ||||||
Net earnings attributed to new acquisitions | 2,126 | ||||||
Purcell | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 119,540 | ||||||
Goodwill relating to acquisitions | 50,889 | ||||||
Purcell | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | 35,700 | ||||||
Purcell | Technology | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | 7,900 | ||||||
Quallion | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 25,800 | ||||||
Goodwill relating to acquisitions | 13,502 | ||||||
Quallion | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | 3,400 | ||||||
Quallion | Technology | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | 4,400 | ||||||
UTS Holdings | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 25,332 | ||||||
Goodwill relating to acquisitions | 10,796 | ||||||
UTS Holdings | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | 3,200 | ||||||
UTS Holdings | Non-compete | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | 160 | ||||||
Americas | |||||||
Business Acquisition [Line Items] | |||||||
Number of acquisitions | 2 | ||||||
Goodwill relating to acquisitions | -3,256 | ||||||
Asia | |||||||
Business Acquisition [Line Items] | |||||||
Number of acquisitions | 1 | ||||||
Goodwill relating to acquisitions | 1,542 | ||||||
Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 3 years | ||||||
Minimum | Purcell | Technology and Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 10 years | ||||||
Minimum | Quallion | Technology and Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 20 years | ||||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 20 years | ||||||
Maximum | Purcell | Technology and Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 9 years | ||||||
Maximum | Quallion | Technology and Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 14 years | ||||||
Average | UTS Holdings | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful lives of finite-lived assets | 8 years | ||||||
Trademarks | Purcell | |||||||
Business Acquisition [Line Items] | |||||||
Acquired indefinite-lived intangible assets | 16,800 | ||||||
Trademarks | Quallion | |||||||
Business Acquisition [Line Items] | |||||||
Acquired indefinite-lived intangible assets | 500 | ||||||
Trademarks | UTS Holdings | |||||||
Business Acquisition [Line Items] | |||||||
Acquired indefinite-lived intangible assets | $1,410 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $82,954 | $87,469 |
Work-in-process | 106,196 | 116,124 |
Finished goods | 147,861 | 158,253 |
Total | $337,011 | $361,846 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory reserves for obsolescence and other estimated losses | $20,242 | $20,316 |
Property_Plant_and_Equipment_S
Property, Plant, and Equipment - Summary of PPE (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Abstract] | |||
Land, buildings, and improvements | $224,617 | $226,008 | |
Machinery and equipment | 546,513 | 576,729 | |
Construction in progress | 48,889 | 35,463 | |
Property, Plant and Equipment, Gross, Total | 820,019 | 838,200 | |
Less accumulated depreciation | -463,165 | -468,034 | |
Total | $356,854 | $370,166 | $350,126 |
Property_Plant_and_Equipment_A
Property, Plant, and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $49,261 | $49,693 | $47,876 |
Interest capitalized | $1,989 | $1,046 | $619 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Companys Other Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ||
Gross Amount, Total | $179,243 | $185,776 |
Accumulated Amortization ,Total | -21,083 | -13,304 |
Net Amount ,Total | 158,160 | 172,472 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Amount | 100,546 | 104,917 |
Finite-lived intangible assets, Gross Amount | 2,004 | 2,004 |
Indefinite-lived intangible assets, Accumulated Amortization | -953 | -953 |
Finite-lived intangible assets, Accumulated Amortization | -898 | -813 |
Indefinite-lived intangible assets, Net Amount | 99,593 | 103,964 |
Finite-lived intangible assets, Net Amount | 1,106 | 1,191 |
Customer Relationships | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 55,482 | 55,505 |
Finite-lived intangible assets, Accumulated Amortization | -12,377 | -6,729 |
Finite-lived intangible assets, Net Amount | 43,105 | 48,776 |
Noncompete Agreements | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 2,680 | 2,581 |
Finite-lived intangible assets, Accumulated Amortization | -2,155 | -1,822 |
Finite-lived intangible assets, Net Amount | 525 | 759 |
Patents | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 17,049 | 17,592 |
Finite-lived intangible assets, Accumulated Amortization | -3,642 | -2,073 |
Finite-lived intangible assets, Net Amount | 13,407 | 15,519 |
Licenses | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 1,482 | 3,177 |
Finite-lived intangible assets, Accumulated Amortization | -1,058 | -914 |
Finite-lived intangible assets, Net Amount | $424 | $2,263 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 29, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | |||||
Gross carrying value | $395,280 | $395,280 | $431,235 | ||
Amortization expense, related to finite-lived intangible assets | 7,779 | 4,279 | 2,626 | ||
Expected amortization expense, 2015 | 7,476 | 7,476 | |||
Expected amortization expense, 2016 | 7,246 | 7,246 | |||
Expected amortization expense, 2017 | 6,921 | 6,921 | |||
Expected amortization expense, 2018 | 6,859 | 6,859 | |||
Expected amortization expense, 2019 | 6,648 | 6,648 | |||
Goodwill impairment charge | 23,946 | 5,179 | 20,371 | 5,179 | |
Estimated tax-deductible goodwill | 24,446 | 24,446 | 28,126 | ||
Americas and EMEA | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill impairment charge | 20,371 | ||||
Americas | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Gross carrying value | 209,942 | 209,942 | 215,630 | ||
Goodwill impairment charge | 19,621 | 0 | |||
Impairment charge of goodwill and other indefinite-lived assets due to remeasurement | $3,575 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 29, 2013 | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $426,056 | $345,499 | ||
Goodwill acquired during the year | -1,714 | |||
Goodwill impairment charge | -23,946 | -5,179 | -20,371 | -5,179 |
Goodwill acquired during the year | 77,166 | |||
Foreign currency translation adjustment | -34,241 | 8,570 | ||
Balance at end of year | 369,730 | 369,730 | 426,056 | |
Americas | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 215,630 | 150,031 | ||
Goodwill acquired during the year | -3,256 | |||
Goodwill impairment charge | -19,621 | 0 | ||
Goodwill acquired during the year | 67,912 | |||
Foreign currency translation adjustment | -2,432 | -2,313 | ||
Balance at end of year | 190,321 | 190,321 | 215,630 | |
EMEA | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 177,586 | 166,708 | ||
Goodwill acquired during the year | 0 | |||
Goodwill impairment charge | -750 | 0 | ||
Goodwill acquired during the year | 0 | |||
Foreign currency translation adjustment | -29,874 | 10,878 | ||
Balance at end of year | 146,962 | 146,962 | 177,586 | |
Asia | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | 32,840 | 28,760 | ||
Goodwill acquired during the year | 1,542 | |||
Goodwill impairment charge | 0 | -5,179 | ||
Goodwill acquired during the year | 9,254 | |||
Foreign currency translation adjustment | -1,935 | 5 | ||
Balance at end of year | $32,447 | $32,447 | $32,840 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Goodwill and Goodwill Impairment Losses (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Goodwill [Line Items] | |||
Gross carrying value | $395,280 | $431,235 | |
Accumulated goodwill impairment charges | -25,550 | -5,179 | |
Net book value | 369,730 | 426,056 | 345,499 |
Americas | |||
Goodwill [Line Items] | |||
Gross carrying value | 209,942 | 215,630 | |
Accumulated goodwill impairment charges | -19,621 | 0 | |
Net book value | 190,321 | 215,630 | 150,031 |
EMEA | |||
Goodwill [Line Items] | |||
Gross carrying value | 147,712 | 177,586 | |
Accumulated goodwill impairment charges | -750 | 0 | |
Net book value | 146,962 | 177,586 | 166,708 |
Asia | |||
Goodwill [Line Items] | |||
Gross carrying value | 37,626 | 38,019 | |
Accumulated goodwill impairment charges | -5,179 | -5,179 | |
Net book value | $32,447 | $32,840 | $28,760 |
Prepaid_and_Other_Current_Asse2
Prepaid and Other Current Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid non-income taxes | $19,231 | $25,120 |
Prepaid income taxes | 30,577 | 23,762 |
Non-trade receivables | 4,050 | 4,435 |
Other | 23,714 | 16,085 |
Total | $77,572 | $69,402 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Payroll and benefits | $47,323 | $62,518 |
Legal proceedings - Altergy | 0 | 58,184 |
Accrued selling expenses | 31,269 | 30,963 |
Income taxes payable | 17,721 | 27,116 |
Warranty | 18,285 | 17,577 |
Freight | 14,315 | 14,700 |
VAT and other non-income taxes | 8,657 | 12,789 |
Deferred income | 12,188 | 10,839 |
Restructuring | 3,820 | 8,414 |
Lead forward contracts | 341 | 2,371 |
Interest | 1,970 | 1,980 |
Pension | 1,226 | 1,602 |
Other | 36,147 | 35,849 |
Total | $193,262 | $284,902 |
Debt_Long_Term_Debt_Detail
Debt - Long Term Debt (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $495,936 | $287,887 |
Long-term Debt and Capital Lease Obligations, Current | 0 | 0 |
Long-term Debt and Capital Lease Obligations | 495,936 | 287,887 |
Senior Unsecured 3.375% Convertible Notes Due 2038 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 170,936 | 162,887 |
2011 Credit Facility Due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $325,000 | $125,000 |
Debt_Long_Term_Debt_Parentheti
Debt - Long Term Debt (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Senior Unsecured 3.375% Convertible Notes Due 2038 | |
Debt Instrument [Line Items] | |
Interest rate of debt instrument | 3.38% |
Maturity year | 2038 |
2011 Credit Facility Due 2018 | |
Debt Instrument [Line Items] | |
Maturity year | 2018 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
31-May-08 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | 28-May-08 | 28-May-08 | 7-May-15 | Jul. 08, 2014 | Dec. 28, 2014 | Jun. 08, 2015 | Apr. 23, 2015 | |||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt and Capital Lease Obligations, Current | $0 | $0 | |||||||||||
Company owned capital stock percentage | 65.00% | ||||||||||||
Conversion price per share | $39.83 | ||||||||||||
Aggregate Consideration On Conversion Shares | 4,325,031 | ||||||||||||
Percent of principal amount of convertible notes to be redeemed | 100.00% | ||||||||||||
Reclassification of debt conversion feature | -1,330,000 | ||||||||||||
Short term borrowing outstanding amount | 19,715,000 | 33,814,000 | |||||||||||
Short-term debt, weighted-average interest rates | 10.00% | 7.00% | |||||||||||
Deferred financing fees, net of accumulated amortization | 2,712,000 | 2,899,000 | |||||||||||
Amortization expense included in interest expense | 1,263,000 | 1,141,000 | 1,279,000 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 24.6305 | ||||||||||||
2011 Credit Facility Due 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 325,000,000 | 125,000,000 | |||||||||||
Debt instrument maturity year | 2018 | ||||||||||||
Convertible Notes Payable | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate at Period End | 8.50% | ||||||||||||
Long-term debt | 170,936,000 | 162,887,000 | |||||||||||
Face value of debt instrument | 172,500,000 | 172,500,000 | 172,500,000 | 172,500,000 | |||||||||
Interest rate of debt instrument | 3.38% | 3.38% | 3.38% | ||||||||||
Net proceeds received after deduction of commissions and offering expenses | 168,200,000 | ||||||||||||
Initial exchange rate | 0.0248385 | 0.0246305 | |||||||||||
Convertible Notes Payable, Current | 277,348,000 | [1] | 301,875,000 | [1] | |||||||||
Principal | 172,266,000 | 172,500,000 | 172,266,000 | ||||||||||
Amount of interest cost recognized for the amortization of the discount | 8,283,000 | 7,614,000 | 7,001,000 | ||||||||||
Stand by letters of credit | 3,862,000 | 1,653,000 | |||||||||||
Available lines of credit | 464,733,000 | 360,275,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity, Uncommitted Portion | 141,533,000 | 136,525,000 | |||||||||||
Senior Unsecured 5.00% Due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate of debt instrument | 5.00% | ||||||||||||
Senior Unsecured 3.375% Convertible Notes Due 2038 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 170,936,000 | 162,887,000 | |||||||||||
Interest rate of debt instrument | 3.38% | ||||||||||||
Debt instrument maturity year | 2038 | ||||||||||||
Interest paid | 10,088,000 | 8,490,000 | 10,056,000 | ||||||||||
Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Conversion price per share | $39.83 | ||||||||||||
Face Value of Convertible Notes with Accrued Interest | 1,000,660 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 25.1086 | ||||||||||||
Subsequent Event | Convertible Notes Payable | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Conversion price per share | $40.60 | ||||||||||||
Aggregate Consideration On Conversion Shares | 4,325,031 | ||||||||||||
Subsequent Event | Senior Unsecured 5.00% Due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 300,000,000 | ||||||||||||
Revolving Credit Facility [Member] | 2011 Credit Facility Due 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 175,000,000 | ||||||||||||
Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Increase in Borrowing Capacity Limit | 300,000,000 | ||||||||||||
Incremental Commitment Agreement [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 500,000,000 | ||||||||||||
Line of Credit Facility, Incremental Revolving Commitment | 150,000,000 | ||||||||||||
Incremental Commitment Agreement [Member] | Secured Debt [Member] | Secured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 150,000,000 | ||||||||||||
Line of Credit Facility, Incremental Term Loan Commitment | 150,000,000 | 150,000,000 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 7,500,000 | ||||||||||||
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 | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest at a floating rate | 1.25% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest at a floating rate | 1.75% | ||||||||||||
Higher of Bank of America Prime Rate or Federal Funds Effective Rate [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest at a floating rate | 0.25% | ||||||||||||
Higher of Bank of America Prime Rate or Federal Funds Effective Rate [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest at a floating rate | 0.75% | ||||||||||||
[1] | The fair value amounts at March 31, 2015 and March 31, 2014 represent the trading values of the Convertible Notes with a principal balance of $172,266 and $172,500, respectively. |
Debt_Components_of_Net_Carryin
Debt - Components of Net Carrying Amount of Convertible Notes (Detail) (Convertible Notes Payable, USD $) | Mar. 31, 2015 | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Convertible Notes Payable | |||
Debt Instrument [Line Items] | |||
Principal | $172,266 | $172,266 | $172,500 |
Unamortized discount | -1,330 | -9,613 | |
Net carrying amount | $170,936 | $162,887 |
Leases_Schedule_of_Capital_and
Leases - Schedule of Capital and Operating Leases (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases | |
2015 | $19,923 |
2016 | 14,307 |
2017 | 10,513 |
2018 | 7,861 |
2019 | 7,007 |
Thereafter | 7,329 |
Total minimum lease payments | $66,940 |
Leases_Schedule_of_Capital_and1
Leases - Schedule of Capital and Operating Leases (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ||
Net minimum lease payments, including current portion | $237 | $354 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Leases [Abstract] | |||
Rental expense | $35,974 | $34,923 | $33,090 |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Pension | $42,144 | $37,900 |
Warranty | 21,525 | 22,849 |
Liability for uncertain tax benefits | 3,796 | 4,265 |
Deferred income | 6,564 | 7,012 |
Other | 7,550 | 9,199 |
Total | $81,579 | $81,225 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $3,814 | ($2,258) |
Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | -341 | -2,371 |
Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 4,155 | 113 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 3,814 | -2,258 |
Significant Other Observable Inputs (Level 2) | Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | -341 | -2,371 |
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $4,155 | $113 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
28-May-08 | Mar. 31, 2015 | Mar. 31, 2014 | 7-May-15 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Conversion option price per share | $39.83 | |||
Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate of debt instrument | 3.38% | 3.38% | ||
Face value of debt instrument | $172,500,000 | $172,500,000 | $172,500,000 | |
Price of stock per share when convertible notes were issued | $30.19 | |||
Closing price of stock | $64.24 | |||
Initial exchange rate | 0.0246305 | 0.0248385 | ||
Trading of convertible notes, face value, disclosed as a percentage | 161.00% | 175.00% | ||
Subsequent Event | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Conversion Rate of Convertable Notes | 25.1086 | |||
Conversion option price per share | $39.83 | |||
Subsequent Event | Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Conversion option price per share | $40.60 | |||
Minimum | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 1.00% | |||
Fair Value Inputs, Discount Rate | 19.00% | |||
Maximum | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 2.50% | |||
Fair Value Inputs, Discount Rate | 23.50% | |||
Purcell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Indefinite-Lived Trademarks | 13,300,000 | |||
Quallion | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Indefinite-Lived Trademarks | 1,070,000 | |||
Americas | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impairment charge of goodwill and other indefinite-lived assets due to remeasurement | $3,575,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivatives assets, Carrying Amount | $4,155 | [1] | $113 | [1] |
Derivatives liabilities, Carrying Amount | 341 | 2,371 | ||
Derivatives assets, Fair Value | 4,155 | [1] | 113 | [1] |
Derivatives liabilities, Fair Value | 341 | 2,371 | ||
Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible Notes, Carrying Amount | 170,936 | [2] | 162,887 | [2] |
Convertible Notes, Fair Value | $277,348 | [3] | $301,875 | [3] |
[1] | Represents lead and foreign currency hedges (see Note 12 for asset and liability positions of the lead and foreign currency hedges at March 31, 2015 and March 31, 2014). | |||
[2] | The carrying amounts of the Convertible Notes at March 31, 2015 and March 31, 2014 represent the $172,266 and $172,500 principal balance, respectively, less the unamortized debt discount (see Note 8 for further details). | |||
[3] | The fair value amounts at March 31, 2015 and March 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_Instru5
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Parenthetical) (Detail) (Convertible Notes Payable, USD $) | Mar. 31, 2015 | Dec. 28, 2014 | Mar. 31, 2014 | 28-May-08 |
Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying amount of convertible notes | $172,266,000 | $172,266,000 | $172,500,000 | |
Face value of debt instrument | $172,500,000 | $172,500,000 | $172,500,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
lb | lb | |
Derivatives, Fair Value [Line Items] | ||
Foreign currency contract, maturity | 1 year | |
Cost of Sales | ||
Derivatives, Fair Value [Line Items] | ||
Derivative gain (loss) to be recorded in income within 12 months, before tax | 165 | |
Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Hedge forward contracts, maturity | 1 year | |
Derivative, Nonmonetary Notional Amount, Mass | 91,600,000 | 89,900,000 |
Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 75,878 | 70,332 |
Not Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 26,246 | 22,461 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives assets, Fair Value | $4,155 | [1] | $113 | [1] |
Derivatives liabilities, Fair Value | 341 | 2,371 | ||
Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives assets, Fair Value | 3,735 | 12 | ||
Derivatives liabilities, Fair Value | 341 | 2,371 | ||
Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives assets, Fair Value | 3,735 | 12 | ||
Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives liabilities, Fair Value | 341 | 2,371 | ||
Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives assets, Fair Value | 420 | 101 | ||
Derivatives liabilities, Fair Value | 0 | 0 | ||
Not Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives assets, Fair Value | 420 | 101 | ||
Not Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives liabilities, Fair Value | $0 | $0 | ||
[1] | Represents lead and foreign currency hedges (see Note 12 for asset and liability positions of the lead and foreign currency hedges at March 31, 2015 and March 31, 2014). |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Condensed Statements of Income (Detail) (Dedesignated As Hedging Instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $463 | ($2,244) | $1,871 |
Gain (Loss) Reclassified from AOCI (Effective Portion) | -2,961 | 11 | 5,012 |
Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -7,743 | -1,562 | 1,623 |
Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 8,206 | -682 | 248 |
Cost of Sales | Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | -4,347 | 718 | 3,309 |
Cost of Sales | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | $1,386 | ($707) | $1,703 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Effect of Derivative Instruments (Detail) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $972 | ($188) | $2,496 |
Other (Income) Expense | Interest rate swap agreements | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | -101 | ||
Other (Income) Expense | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $972 | ($188) | $2,597 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current: | |||
Federal | $12,299 | $41,256 | $38,480 |
State | 3,044 | 2,845 | 5,684 |
Foreign | 20,585 | 22,627 | 19,438 |
Total current | 35,928 | 66,728 | 63,602 |
Deferred: | |||
Federal | 25,113 | -18,410 | 3,915 |
State | 1,771 | -4,088 | 214 |
Foreign | 5,002 | -27,250 | -2,456 |
Total deferred | 31,886 | -49,748 | 1,673 |
Income tax expense | $67,814 | $16,980 | $65,275 |
Income_Taxes_Schedule_of_Earni
Income Taxes - Schedule of Earning Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
United States | $76,327 | $47,753 | $107,191 |
Foreign | 173,012 | 115,994 | 123,042 |
Earnings before income taxes | $249,339 | $163,747 | $230,233 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 28, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Income taxes paid | $42,404,000 | $76,644,000 | $64,210,000 | |
Net operating loss carryforwards carried forward indefinitely | 120,513,000 | |||
Net operating loss carryforwards subject to expiration | 27,061,000 | |||
Valuation allowance | 20,063,000 | 23,583,000 | ||
Effective income tax rates | 27.20% | 10.40% | 28.40% | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 13.80% | 14.80% | -4.00% | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 173,012,000 | 115,994,000 | 123,042,000 | |
Undistributed earnings of foreign subsidiaries | 764,885,000 | |||
Limited by Internal Revenue Code | 3,213,000 | |||
Estimated change in unrecognized tax benefit in fiscal 2015 | 314,000 | |||
Tax related interest and penalties | 170,000 | 522,000 | ||
United States statutory income tax expense rate percentage | 35.00% | 35.00% | 35.00% | |
Tax Rate of Swiss Subsidiary | 7.00% | 7.00% | 7.00% | |
Foreign | ||||
Income Tax Contingency [Line Items] | ||||
United States federal net operating loss carryforwards | 147,574,000 | |||
Valuation allowance | 18,404,000 | 19,859,000 | ||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
United States federal net operating loss carryforwards | 2,169,000 | |||
Valuation allowance | 1,050,000 | 1,750,000 | ||
State | ||||
Income Tax Contingency [Line Items] | ||||
United States federal net operating loss carryforwards | 41,340,000 | |||
Valuation allowance | 608,000 | 1,974,000 | ||
Operating loss carryforwards | Foreign | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Change in the Income Tax Expense (Benefit) | -2,492,000 | |||
Valuation increase (decrease) Foreign current impact and sale of subsidiary | $3,947 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Accounts receivable | $907 | $1,204 |
Inventories | 5,855 | 6,146 |
Net operating loss carryforwards | 46,069 | 60,359 |
Accrued expenses | 28,830 | 58,417 |
Other assets | 21,279 | 13,291 |
Gross deferred tax assets | 102,940 | 139,417 |
Less valuation allowance | -20,063 | -23,583 |
Total deferred tax assets | 82,877 | 115,834 |
Deferred tax liabilities: | ||
Property, plant and equipment | 23,851 | 26,286 |
Other intangible assets | 65,432 | 71,094 |
Convertible Notes | 30,012 | 22,687 |
Other liabilities | 4,267 | 1,554 |
Total deferred tax liabilities | 123,562 | 121,621 |
Net deferred tax liabilities | ($40,685) | ($5,787) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax expense (at 35%) | $87,269 | $57,311 | $80,581 |
State income taxes, net of federal effect | 3,206 | -647 | 3,742 |
Nondeductible expenses, domestic manufacturing deduction and other | 8,666 | 5,124 | 7,664 |
Effect of foreign operations | -33,119 | -24,277 | -27,883 |
Valuation allowance | 1,792 | -20,531 | 1,171 |
Income tax expense | $67,814 | $16,980 | $65,275 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax expense rate percentage | 35.00% | 35.00% | 35.00% |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning balance | $3,743 | $16,485 | $12,945 |
Increases related to current year tax positions | 3,241 | 207 | 6,296 |
Increases related to prior year tax positions | 9 | 2,877 | 969 |
Decreases related to prior tax positions due to foreign currency translation | -85 | 245 | |
Decreases related to prior tax positions due to foreign currency translation | -68 | ||
Decreases related to prior year tax positions | -2,695 | -14,835 | |
Lapse of statute of limitations | -101 | -923 | -3,970 |
Unrecognized tax benefits, ending balance | $4,112 | $3,743 | $16,485 |
Retirement_Plans_Net_Periodic_
Retirement Plans - Net Periodic Pension Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $400 | $348 | $349 |
Interest cost | 673 | 619 | 649 |
Expected return on plan assets | -889 | -796 | -756 |
Amortization and deferral | 319 | 479 | 393 |
Net periodic benefit cost | 503 | 650 | 635 |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 767 | 829 | 679 |
Interest cost | 2,546 | 2,412 | 2,377 |
Expected return on plan assets | -2,248 | -2,134 | -1,851 |
Amortization and deferral | 688 | 56 | 209 |
Net periodic benefit cost | $1,753 | $1,163 | $1,414 |
Retirement_Plans_Change_in_Pro
Retirement Plans - Change in Projected Benefit Obligations and Change in Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
United States Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | $15,290 | $15,911 | |
Service cost | 400 | 348 | 349 |
Interest cost | 673 | 619 | 649 |
Plan amendments | 0 | 254 | |
Benefits paid, inclusive of plan expenses | -770 | -670 | |
Plan curtailments and settlements | 0 | 0 | |
Experience loss | 2,466 | -1,172 | |
Foreign currency translation adjustment | 0 | 0 | |
Benefit obligation at the end of the period | 18,059 | 15,290 | 15,911 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 11,309 | 10,334 | |
Actual return on plan assets | 1,051 | 1,158 | |
Employer contributions | 789 | 487 | |
Benefits paid, inclusive of plan expenses | -770 | -670 | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Fair value of plan assets at the end of the period | 12,379 | 11,309 | 10,334 |
Funded status deficit | -5,680 | -3,981 | |
International Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | 69,227 | 59,876 | |
Service cost | 767 | 829 | 679 |
Interest cost | 2,546 | 2,412 | 2,377 |
Plan amendments | 0 | 0 | |
Benefits paid, inclusive of plan expenses | -1,904 | -2,000 | |
Plan curtailments and settlements | -54 | -356 | |
Experience loss | 14,198 | 3,329 | |
Foreign currency translation adjustment | -12,689 | 5,137 | |
Benefit obligation at the end of the period | 72,091 | 69,227 | 59,876 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 33,706 | 29,468 | |
Actual return on plan assets | 4,918 | 1,666 | |
Employer contributions | 1,890 | 1,852 | |
Benefits paid, inclusive of plan expenses | -1,904 | -2,000 | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | -54 | -115 | |
Foreign currency translation adjustment | -4,155 | 2,835 | |
Fair value of plan assets at the end of the period | 34,401 | 33,706 | 29,468 |
Funded status deficit | ($37,690) | ($35,521) |
Retirement_Plans_Amounts_Recog
Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | ($43,370) | ($39,502) |
Accrued expenses | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | -1,226 | -1,602 |
Other liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | ($42,144) | ($37,900) |
Retirement_Plans_Pension_Compo
Retirement Plans - Pension Components Before Tax and Related Changes Net of Tax Recognized in AOCI (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Compensation and Retirement Disclosure [Abstract] | |||
Prior service cost | ($800) | ($1,036) | ($816) |
Net loss | -28,734 | -19,239 | -16,645 |
Net amount recognized | ($29,534) | ($20,275) | ($17,461) |
Retirement_Plans_Summary_Chang
Retirement Plans - Summary Changes in Plan Assets and Benefit Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in plan assets and benefit obligations: | |||
New prior service cost | $0 | $255 | $0 |
Net loss (gain) arising during the year | 13,831 | 2,262 | 6,376 |
Effect of exchange rates on amounts included in AOCI | -3,565 | 920 | -392 |
Amounts recognized as a component of net periodic benefit costs: | |||
Amortization of prior service cost | -101 | -81 | -79 |
Amortization or settlement recognition of net loss | -906 | -694 | -523 |
Total recognized in other comprehensive income | $9,259 | $2,662 | $5,382 |
Retirement_Plans_Summary_of_Re
Retirement Plans - Summary of Recognized Components of Net Periodic Pension Cost Included in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Net loss | ($93) |
Prior service cost | -1,668 |
Net amount expected to be recognized | ($1,761) |
Retirement_Plans_Summary_of_Ac
Retirement Plans - Summary of Accumulated Benefit Obligation Related to All Defined Pension Plans (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $18,059 | $15,290 |
Fair value of plan assets | 12,379 | 11,309 |
United States Plans | Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 18,059 | 15,290 |
United States Plans | Unfunded Defined Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 0 | 0 |
Accumulated benefit obligation | 0 | 0 |
United States Plans | Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 18,059 | 15,290 |
Accumulated benefit obligation | 18,059 | 15,290 |
Fair value of plan assets | 12,379 | 11,309 |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 72,091 | 69,227 |
Fair value of plan assets | 34,401 | 33,706 |
International Plans | Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 68,272 | 65,049 |
International Plans | Unfunded Defined Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 28,984 | 31,335 |
Accumulated benefit obligation | 27,768 | 29,693 |
International Plans | Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 72,091 | 68,446 |
Accumulated benefit obligation | 68,272 | 64,388 |
Fair value of plan assets | $34,401 | $33,009 |
Retirement_Plans_Significant_A
Retirement Plans - Significant Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.00% | 4.80% |
Expected return on plan assets | 7.80% | 7.80% | 8.00% |
International Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.00% | 2.50% | 2.50% |
Expected return on plan assets | 4.40% | 3.50% | 5.50% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
International Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.60% | 4.40% | 5.50% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Retirement_Plans_Significant_A1
Retirement Plans - Significant Assumptions Used to Determine Projected Benefit Obligations (Detail) | Mar. 31, 2015 | Mar. 31, 2014 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 4.50% |
Expected return on plan assets | 7.00% | 7.80% |
International Plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.25% | 3.00% |
Expected return on plan assets | 3.20% | 4.40% |
Rate of compensation increase | 1.50% | 2.00% |
International Plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.40% | 4.60% |
Expected return on plan assets | 6.50% | 7.00% |
Rate of compensation increase | 3.75% | 4.00% |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions to pension plans in 2014 | $2,190 | ||
Defined Contribution Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $7,174 | $6,311 | $5,191 |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 40.00% | ||
Equity investments target range, maximum | 75.00% |
Retirement_Plans_Summary_of_Pe
Retirement Plans - Summary of Pension Plan Investments Measured at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
United States Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | $12,379 | $11,309 | $10,334 | ||
United States Plans | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 12,379 | 11,309 | |||
United States Plans | Cash and Cash Equivalents | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 1,248 | 1,225 | |||
United States Plans | Cash and Cash Equivalents | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 1,248 | 1,225 | |||
United States Plans | US Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 7,282 | [1] | 6,520 | [1] | |
United States Plans | US Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 7,282 | [1] | 6,520 | [1] | |
United States Plans | International Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 1,075 | [2] | 1,011 | [2] | |
United States Plans | International Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 1,075 | [2] | 1,011 | [2] | |
United States Plans | Fixed Income Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 2,774 | [3] | 2,553 | [3] | |
United States Plans | Fixed Income Funds | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 2,774 | [3] | 2,553 | [3] | |
International Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 34,401 | 33,706 | 29,468 | ||
International Plans | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 34,401 | 33,706 | |||
International Plans | US Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 3,431 | [1] | 3,452 | [1] | |
International Plans | US Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 3,431 | [1] | 3,452 | [1] | |
International Plans | International Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 18,646 | [2] | 19,193 | [2] | |
International Plans | International Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 18,646 | [2] | 19,193 | [2] | |
International Plans | Fixed Income Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | 12,324 | [3] | 11,061 | [3] | |
International Plans | Fixed Income Funds | Quoted Price in Active Markets for Identical Assets (Level 1) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Fair Value Measurement | $12,324 | [3] | $11,061 | [3] | |
[1] | US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks. | ||||
[2] | International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets. | ||||
[3] | Fixed income consists primarily of investment grade bonds from diversified industries. |
Retirement_Plans_Summary_of_Es
Retirement Plans - Summary of Estimated Future Benefit Payments (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
2015 | $2,424 |
2016 | 2,480 |
2017 | 2,455 |
2018 | 2,717 |
2019 | 3,124 |
Years 2020-2024 | $19,047 |
Stockholders_Equity_and_Noncon2
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (usd per share) | $0.01 | $0.01 | |
Number of shares of common stock purchased | 3,274,829 | 1,191,145 | 683,192 |
Repurchased common stock value | $205,362 | $69,867 | ($22,593) |
Treasury stock, shares (in shares) | 9,596,051 | 6,321,222 |
Change_in_Number_of_Shares_of_
Change in Number of Shares of Common Stock Outstanding (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding, beginning balance | 46,942,126 | 47,840,204 | 47,800,129 |
Purchase of treasury stock | -3,274,829 | -1,191,145 | -683,192 |
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 401,291 | 293,067 | 723,267 |
Shares outstanding, ending balance | 44,068,588 | 46,942,126 | 47,840,204 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | $67,845 | $40,655 | $74,093 |
Before Reclassifications | -179,436 | 26,573 | -31,473 |
Amount Reclassified from AOCI | 2,616 | 617 | -1,965 |
Ending Balance | -108,975 | 67,845 | 40,655 |
Pension funded status adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | -15,207 | -13,169 | -8,982 |
Before Reclassifications | -9,259 | -2,662 | -5,382 |
Amount Reclassified from AOCI | 747 | 624 | 1,195 |
Ending Balance | -23,719 | -15,207 | -13,169 |
Net unrealized gain (loss) on derivative instruments | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | -2,253 | -832 | 1,175 |
Before Reclassifications | 289 | -1,414 | 1,153 |
Amount Reclassified from AOCI | 1,869 | -7 | -3,160 |
Ending Balance | -95 | -2,253 | -832 |
Foreign currency translation adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | 85,305 | 54,656 | 81,900 |
Before Reclassifications | -170,466 | 30,649 | -27,244 |
Amount Reclassified from AOCI | 0 | 0 | 0 |
Ending Balance | ($85,161) | $85,305 | $54,656 |
Stockholders_Equity_and_Noncon3
Stockholders Equity and Noncontrolling Interests Reclassification from Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | $1,864,601 | $1,844,813 | $1,708,203 | ||||||||
Income tax expense | 67,814 | 16,980 | 65,275 | ||||||||
Net earnings attributable to EnerSys stockholders | -26,451 | -49,252 | -56,316 | -49,169 | -12,842 | -55,300 | -41,339 | -40,847 | -181,188 | -150,328 | -166,508 |
Net unrealized gain (loss) on derivative instruments | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | 2,961 | -11 | |||||||||
Income tax expense | -1,092 | 4 | |||||||||
Net earnings attributable to EnerSys stockholders | 1,869 | -7 | |||||||||
Pension funded status adjustment | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Prior service costs and deferrals | 1,007 | 944 | |||||||||
Income tax expense | -260 | -320 | |||||||||
Net earnings attributable to EnerSys stockholders | $747 | $624 |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Temporary Equity, Number of Shares, Redemption Value and Other Disclosures [Abstract] | |||
Redeemable noncontrolling interest, beginning balance | $8,047 | $11,095 | $9,782 |
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited | -1,429 | ||
Net losses attributable to redeemable noncontrolling interests | 191 | -3,536 | 3,901 |
Loan to equity conversion by redeemable noncontrolling interests | -292 | 4,974 | |
Purchase of subsidiary shares from redeemable noncontrolling interest | -3,146 | ||
Foreign currency translation adjustment | -990 | -1,340 | -1,159 |
Redeemable noncontrolling interest, ending balance | $6,956 | $8,047 | $11,095 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 1,826,372 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 76,512 | ||
Stock-based compensation expense | $1,470 | $0 | $97 |
Stock-based compensation expense, net of tax | 968 | 0 | 69 |
Unrecognized compensation expense associated with non-vested incentive awards outstanding | 22,284 | ||
Expected weighted average period | 17 months | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $67.90 | ||
Stock unit grant during period | 136,527 | ||
Restricted Shares Restricted Stock Units and Market Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 23,789 | 16,742 | 14,640 |
Stock unit grant during period | 3,434 | 5,232 | 9,412 |
Equity-based compensation expense, tax benefit | $4,790 | $2,843 | $4,105 |
Non Employee Directors | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 14,781 | 17,064 | 21,328 |
Market price per unit of stock award | $61.16 | $53.92 | $37.51 |
Management | Nonqualified Stock Options [Member] | |||
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, in years | 3 years | ||
Management | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $69.83 | $50.70 | $31.76 |
Stock unit grant during period | 118,312 | 161,629 | 199,139 |
Management | Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $70.42 | $65.03 | $41.36 |
Stock unit grant during period | 152,300 | 189,438 | 303,942 |
Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 3,177,477 | ||
Stock Options Issued In Fiscal 2010 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration period (in years) | 10 years |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Number of options | ||||
Number of Options outstanding, Beginning Balance | 66,173 | 77,986 | 633,663 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 76,512 | |||
Number of Options, Exercised | -39,868 | -11,813 | -555,677 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 26,305 | |||
Number of Options outstanding, Ending Balance | 102,817 | 66,173 | 77,986 | 633,663 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 100,289 | |||
Options outstanding, Weighted Average Remaining Contract Term | ||||
Options outstanding, Weighted Average Remaining Contract Term (Years) | 6 years 11 months 19 days | 1 year 4 months 24 days | 2 years 6 months | 6 years 1 month 6 days |
Options exercisable, Weighted Average Remaining Contract Term (Years) | 11 months 12 days | |||
Weighted average exercise price | ||||
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $14.77 | $14.76 | $20.85 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $69.85 | |||
Weighted Average Exercise Price, Exercised | $14.50 | $14.72 | $21.70 | |
Options outstanding, Weighted Average Exercise Price, Ending Balance | $55.86 | $14.77 | $14.76 | $20.85 |
Options exercisable, Weighted Average Exercise Price | $15.17 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $55.51 | |||
Aggregate intrinsic value | ||||
Options outstanding, Aggregate Intrinsic Value, Beginning Balance | $3,608 | $2,404 | $8,879 | |
Aggregate Intrinsic Value, Exercised | 1,819 | 537 | 8,860 | |
Options outstanding, Aggregate Intrinsic Value, Ending Balance | 1,291 | 3,608 | 2,404 | 8,879 |
Options exercisable, Aggregate Intrinsic Value | 1,291 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $1,291 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Information Regarding Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options | 102,817 |
Weighted Average Remaining Contractual Life | 7 years |
Weighted Average Exercise Price | $55.86 |
$10.01-$15.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options | 19,000 |
Weighted Average Remaining Contractual Life | 5 months 19 days |
Weighted Average Exercise Price | $13.96 |
Range of exercise prices, lower limit | $10.01 |
Range of exercise prices, upper limit | $15 |
$15.01-$20.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options | 7,305 |
Weighted Average Remaining Contractual Life | 2 years 2 months 4 days |
Weighted Average Exercise Price | $18.32 |
Range of exercise prices, lower limit | $15.01 |
Range of exercise prices, upper limit | $20 |
$69.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options | 76,512 |
Weighted Average Remaining Contractual Life | 9 years 1 month 6 days |
Weighted Average Exercise Price | $69.85 |
Range of exercise prices, lower limit | $20,010 |
Range of exercise prices, upper limit | $69,850 |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock-Based Compensation - Summary of Assumptions Used for Market Share Units (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Performance Market Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.87% | ||
Dividend yield | 0.00% | ||
Time of maturity, in years | 3 years | ||
Expected volatility | 30.83% | ||
Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.94% | 0.52% | 0.37% |
Dividend yield | 1.00% | 1.00% | 0.00% |
Time of maturity, in years | 6 years | 3 years | 3 years |
Expected volatility | 40.48% | 33.89% | 39.08% |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Changes in Restricted Stock Units and Market Share Units (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units (RSUs) | |
Number of RSU and MSU | |
Number of RSU and MSU, Non-vested awards, Beginning Balance | 562,032 |
Number of RSU and MSU, Granted | 136,527 |
Number of RSU and MSU, Stock dividend | 5,498 |
Number of RSU and MSU, Vested | -194,392 |
Number of RSU and MSU, cancelled | -7,442 |
Number of RSU and MSU, Non-vested awards, Ending Balance | 502,223 |
Weighted average grant date fair value | |
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $35.13 |
Weighted Average Grant Date Fair Value, Granted | $67.90 |
Weighted Average Grant Date Fair Value, Stock dividend | $45.52 |
Weighted Average Grant Date Fair Value, Vested | $33.12 |
Weighted Average Grant Date Fair Value, Canceled | $44.64 |
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $45.30 |
Market Share Unit Number (MSU) | |
Number of RSU and MSU | |
Number of RSU and MSU, Non-vested awards, Beginning Balance | 670,607 |
Number of RSU and MSU, Granted | 152,300 |
Number of RSU and MSU, Stock dividend | 6,759 |
Number of RSU and MSU, Performance factor | 179,951 |
Number of RSU and MSU, Vested | -384,448 |
Number of RSU and MSU, cancelled | -8,981 |
Number of RSU and MSU, Non-vested awards, Ending Balance | 616,188 |
Weighted average grant date fair value | |
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $50.14 |
Weighted Average Grant Date Fair Value, Granted | $70.42 |
Weighted Average Grant Date Fair Value, Stock dividend | $55.74 |
Weighted Average Grant Date Fair Value, Performance factor | $48.36 |
Weighted Average Grant Date Fair Value, Vested | $48.36 |
Weighted Average Grant Date Fair Value, Canceled | $52.77 |
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $55.75 |
Earnings_Per_Share_Weighted_Av
Earnings Per Share - Weighted Average Common Shares Basic and Common Shares Diluted (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to EnerSys stockholders | $26,451 | $49,252 | $56,316 | $49,169 | $12,842 | $55,300 | $41,339 | $40,847 | $181,188 | $150,328 | $166,508 |
Basic (in shares) | 45,606,317 | 47,473,690 | 48,022,005 | ||||||||
Dilutive effect of: | |||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares) | 879,406 | 1,034,505 | 593,422 | ||||||||
Convertible Notes (in shares) | 1,567,006 | 1,279,960 | 20,022 | ||||||||
Diluted weighted-average number of common shares outstanding (in shares) | 48,052,729 | 49,788,155 | 48,635,449 | ||||||||
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $0.60 | $1.09 | $1.22 | $1.05 | $0.27 | $1.17 | $0.87 | $0.85 | $3.97 | $3.17 | $3.47 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $0.57 | $1.04 | $1.16 | $0.99 | $0.26 | $1.10 | $0.84 | $0.83 | $3.77 | $3.02 | $3.42 |
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares) | 0 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Shares relating to the conversion premium (in shares) | 4,325,031 |
Average price of common stock (usd per share) | $63.32 |
Convertible notes conversion price (usd per share) | $39.83 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Litigation - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jun. 10, 2013 | Jun. 10, 2013 | Sep. 28, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Oct. 02, 2011 | Oct. 02, 2011 | Sep. 28, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 | Mar. 31, 2009 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | 13-May-14 | Mar. 31, 2014 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Lead hedge forward contracts | Lead hedge forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | EnerSys Delaware Inc and Altergy Systems Litigation | EnerSys Delaware Inc and Altergy Systems Litigation | |
Employee | USD ($) | USD ($) | USD ($) | USD ($) | EnerSys Delaware Inc. | EnerSys Delaware Inc. | |||||||||||||
lb | lb | USD ($) | USD ($) | ||||||||||||||||
Commitments, Contingencies And Litigation [Line Items] | |||||||||||||||||||
Legal proceedings charge | ($2,756) | -€ 2,000 | $58,184 | ($16,233) | $58,184 | $0 | $58 | $58,184 | |||||||||||
Litigation Damages Assessed And Paid | 4,200 | 2,700 | |||||||||||||||||
Proceeds from Legal Settlements | 900 | 671 | |||||||||||||||||
Reserves of environmental liabilities | 2,902 | 3 | |||||||||||||||||
Company number of employees | 9,500 | ||||||||||||||||||
Percentage of employees covered by collective bargaining agreements | 31.00% | ||||||||||||||||||
Percentage of collective bargaining agreements that expire in next twelve months | 7.00% | ||||||||||||||||||
Average term of collective bargaining agreements | 2 years | ||||||||||||||||||
Longest term of collective bargaining agreements | 5 years | ||||||||||||||||||
Purchase price of hedges, pounds of lead | 91,600,000 | 89,900,000 | |||||||||||||||||
Purchase price of hedges | 76,143 | 86,494 | 102,124 | 92,793 | |||||||||||||||
Payments for Legal Settlements | 40,000 | ||||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | -2,000 | -2,000 | |||||||||||||||||
Gain (Loss) Related to Litigation Settlement | 16,233 | 16,233 | |||||||||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 2,000 | ||||||||||||||||||
Other Asset Impairment Charges | $5,000 | ($2,000) | $5,000 | $0 |
Restructuring_Plans_Additional
Restructuring Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2016 |
Employee | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $5,360 | $2,437 | $1,810 | $1,829 | $12,866 | $12,920 | $1,119 | $421 | $11,436 | $27,326 | $7,164 | ||||
Write-off of assets related to restructuring | 3,349 | 11,497 | 3,689 | ||||||||||||
Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 0 | 475 | 3,070 | ||||||||||||
Expected reduction in number of employees | 85 | ||||||||||||||
Severance - related costs | 3,545 | ||||||||||||||
Charges related to restructuring plan | 185 | 913 | 2,433 | ||||||||||||
Restructuring Twenty Thirteen Actions | Restructurings Related To Closure of Manufacturing Facility in China | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 248 | 2,691 | |||||||||||||
Severance - related costs | 2,939 | ||||||||||||||
Charges related to restructuring plan | 428 | 221 | |||||||||||||
Restructuring charges, non - cash charges related to the write - off of fixed assets and inventory | 2,290 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 401 | ||||||||||||||
Restructuring Twenty Thirteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 432 | 2,465 | 3,998 | ||||||||||||
Expected reduction in number of employees | 140 | ||||||||||||||
Severance - related costs | 6,900 | ||||||||||||||
Charges related to restructuring plan | 2 | 3 | 952 | ||||||||||||
Restructuring reserve | 261 | 261 | |||||||||||||
Restructuring charges, non - cash charges related to the write - off of fixed assets and inventory | 1,399 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,599 | ||||||||||||||
European Operations | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Reduction in number of employees | 60 | ||||||||||||||
Restructuring and other exit charges | 3,608 | 0 | 5,178 | ||||||||||||
European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 19,039 | ||||||||||||||
Expected reduction in number of employees | 500 | ||||||||||||||
Restructuring reserve | 1,221 | 1,221 | |||||||||||||
Write-off of assets related to restructuring | 23,400 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 7,607 | 2,130 | |||||||||||||
European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Manufacturing Facility in Jiangdu | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Expected reduction in number of employees | 300 | ||||||||||||||
Restructuring reserve | 1,996 | 1,996 | |||||||||||||
Write-off of assets related to restructuring | 5,700 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,874 | ||||||||||||||
European Operations | Restructuring Twenty Fourteen Actions | Restructuring Related To A Portion Of Sales And Engineering in Europe | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Expected reduction in number of employees | 10 | ||||||||||||||
Restructuring reserve | 342 | 342 | |||||||||||||
Write-off of assets related to restructuring | 500 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 193 | ||||||||||||||
European Operations | Restructuring Twenty Fifteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 3,076 | ||||||||||||||
Non Cash Charges | European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Write-off of assets related to restructuring | 10,089 | ||||||||||||||
Restructuring charges, non - cash charges related to the write - off of fixed assets and inventory | 11,000 | ||||||||||||||
Non Cash Charges | European Operations | Restructuring Twenty Fifteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Write-off of assets related to restructuring | 845 | ||||||||||||||
Cash Charges | European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 8,950 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 12,400 | ||||||||||||||
Cash Charges | European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Manufacturing Facility in Jiangdu | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 3,870 | ||||||||||||||
Cash Charges | European Operations | Restructuring Twenty Fourteen Actions | Restructuring Related To A Portion Of Sales And Engineering in Europe | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 450 | ||||||||||||||
Cash Charges | European Operations | Restructuring Twenty Fifteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 2,231 | ||||||||||||||
Subsequent Event | European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Expected additional restructuring charges | 1,200 | ||||||||||||||
Subsequent Event | Non Cash Charges | European Operations | Restructuring Twenty Fourteen Actions | Restructurings Related To Manufacturing Facility in Jiangdu | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Expected additional restructuring charges | $1,800 |
Restructuring_Plans_Acquisitio
Restructuring Plans - Acquisition and Non-Acquisition Related Restructuring Reserve (Details) (Non-Acquisition Related Restructuring Plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $8,414 | $1,959 | $1,186 |
Accrued | 6,983 | 11,663 | 3,475 |
Costs incurred | -11,181 | -5,491 | -2,642 |
Foreign currency impact and other | -396 | 283 | -60 |
Ending balance | 3,820 | 8,414 | 1,959 |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 7,312 | 1,738 | 1,186 |
Accrued | 6,140 | 10,285 | 3,093 |
Costs incurred | -10,378 | -4,966 | -2,485 |
Foreign currency impact and other | -108 | 255 | -56 |
Ending balance | 2,966 | 7,312 | 1,738 |
Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1,102 | 221 | 0 |
Accrued | 843 | 1,378 | 382 |
Costs incurred | -803 | -525 | -157 |
Foreign currency impact and other | -288 | 28 | -4 |
Ending balance | $854 | $1,102 | $221 |
Warranty_Detail
Warranty (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $40,426 | $42,591 | $42,067 |
Current year provisions | 18,413 | 16,098 | 19,724 |
Costs incurred | -16,015 | -22,862 | -20,945 |
Fair value of warranty reserves of acquired businesses | 2,817 | ||
Foreign currency translation adjustment | -3,014 | 1,782 | 1,745 |
Balance at end of period | $39,810 | $40,426 | $42,591 |
Other_Income_Expense_Net_Detai
Other (Income) Expense, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | |||
Foreign exchange transaction losses | ($5,011) | $5,845 | $1,887 |
Non-operational assets written off | -2,000 | 5,000 | 0 |
Insurance recoveries | 0 | 0 | -1,800 |
Other | 1,409 | 2,813 | 829 |
Total | ($5,602) | $13,658 | $916 |
Business_Segments_Schedule_of_
Business Segments - Schedule of Summarized Financial Information by Reportable Segments Segments (Detail) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 10, 2013 | Jun. 10, 2013 | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Reserve Power | Reserve Power | Reserve Power | Motive Power | Motive Power | Motive Power | Americas | Americas | Americas | EMEA | EMEA | EMEA | Asia | Asia | Asia | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||
Total net sales | $629,897 | $611,578 | $629,927 | $634,110 | $665,258 | $643,031 | $568,847 | $597,297 | $2,505,512 | $2,474,433 | $2,277,559 | $1,252,637 | $1,234,538 | $1,118,965 | $1,252,875 | $1,239,895 | $1,158,594 | $1,322,337 | $1,267,598 | $1,126,904 | $948,845 | $966,152 | $926,165 | $234,330 | $240,683 | $224,490 | |||||||||||||
Total intersegment sales | 133,169 | [1] | 140,928 | [1] | 145,047 | [1] | 29,987 | 33,951 | 36,854 | 69,396 | 77,549 | 76,947 | 33,786 | 29,428 | 31,246 | ||||||||||||||||||||||||
Total operating earnings | 42,956 | [2],[3],[4] | 68,683 | [2],[3],[4] | 80,053 | [2],[3],[4] | 71,689 | [2],[3],[4] | 11,957 | [5] | 58,940 | [5] | 61,005 | [5] | 62,608 | [5] | 263,381 | [2],[3],[4],[6] | 194,510 | [5],[6] | 249,868 | [6] | 162,741 | 179,080 | 171,854 | 109,861 | 84,902 | 64,032 | 9,928 | 21,217 | 21,146 | ||||||||
Restructuring charges | -5,360 | -2,437 | -1,810 | -1,829 | -12,866 | -12,920 | -1,119 | -421 | -11,436 | -27,326 | -7,164 | -7,567 | -27,078 | -4,473 | -3,869 | -248 | -2,691 | ||||||||||||||||||||||
Goodwill and Intangible Asset Impairment | 23,946 | 5,179 | 0 | -23,196 | 750 | 0 | 0 | 0 | 5,179 | 0 | |||||||||||||||||||||||||||||
Legal proceedings charge | 2,756 | 2,000 | -58,184 | 16,233 | -58,184 | 0 | 16,233 | -58,184 | 0 | ||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 356,854 | 370,166 | 356,854 | 370,166 | 350,126 | 168,274 | 155,988 | 152,678 | 114,681 | 145,308 | 152,577 | 73,899 | 68,870 | 44,871 | |||||||||||||||||||||||||
Capital Expenditures | 63,625 | 61,995 | 55,286 | 34,768 | 24,641 | 29,566 | 16,215 | 14,871 | 20,761 | 12,642 | 22,483 | 4,959 | |||||||||||||||||||||||||||
Depreciation and amortization | $57,040 | $53,972 | $50,502 | $30,724 | $26,596 | $23,073 | $19,664 | $22,708 | $22,255 | $6,652 | $4,668 | $5,174 | |||||||||||||||||||||||||||
[1] | Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. | ||||||||||||||||||||||||||||||||||||||
[2] | Included in Operating earnings were restructuring and other exit charges of $1,829, $1,810, $2,437 and $5,360 for the first, second, third and fourth quarters of fiscal 2015, respectively. | ||||||||||||||||||||||||||||||||||||||
[3] | Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184. | ||||||||||||||||||||||||||||||||||||||
[4] | Included in Operating earnings for the fourth quarter of fiscal 2015 was a charge relating to the impairment of goodwill and other indefinite-lived intangibles for $23,946. | ||||||||||||||||||||||||||||||||||||||
[5] | Included in Operating earnings were restructuring and other exit charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively. | ||||||||||||||||||||||||||||||||||||||
[6] | The Company does not allocate interest expense or other (income) expense, net to the reportable segments. |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Operations in number of countries | 100 | ||
Property, plant, and equipment, net | $356,854 | $370,166 | 350,126 |
United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales to customers | 46.00% | 44.00% | 43.00% |
Property, plant, and equipment, net | $140,514 | $128,712 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Net sales | $629,897 | $611,578 | $629,927 | $634,110 | $665,258 | $643,031 | $568,847 | $597,297 | $2,505,512 | $2,474,433 | $2,277,559 | |||||||||||
Gross profit | 158,529 | 157,265 | 162,540 | 162,577 | 178,009 | 167,122 | 144,350 | 140,139 | 640,911 | 629,620 | 569,356 | |||||||||||
Operating earnings | 42,956 | [1],[2],[3] | 68,683 | [1],[2],[3] | 80,053 | [1],[2],[3] | 71,689 | [1],[2],[3] | 11,957 | [4] | 58,940 | [4] | 61,005 | [4] | 62,608 | [4] | 263,381 | [1],[2],[3],[5] | 194,510 | [4],[5] | 249,868 | [5] |
Net earnings | 26,529 | 49,331 | 56,550 | 49,115 | 12,809 | 52,390 | 41,151 | 40,417 | 181,525 | 146,767 | 164,958 | |||||||||||
Net earnings attributable to EnerSys stockholders | $26,451 | $49,252 | $56,316 | $49,169 | $12,842 | $55,300 | $41,339 | $40,847 | $181,188 | $150,328 | $166,508 | |||||||||||
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $0.60 | $1.09 | $1.22 | $1.05 | $0.27 | $1.17 | $0.87 | $0.85 | $3.97 | $3.17 | $3.47 | |||||||||||
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $0.57 | $1.04 | $1.16 | $0.99 | $0.26 | $1.10 | $0.84 | $0.83 | $3.77 | $3.02 | $3.42 | |||||||||||
[1] | Included in Operating earnings were restructuring and other exit charges of $1,829, $1,810, $2,437 and $5,360 for the first, second, third and fourth quarters of fiscal 2015, respectively. | |||||||||||||||||||||
[2] | Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184. | |||||||||||||||||||||
[3] | Included in Operating earnings for the fourth quarter of fiscal 2015 was a charge relating to the impairment of goodwill and other indefinite-lived intangibles for $23,946. | |||||||||||||||||||||
[4] | Included in Operating earnings were restructuring and other exit charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively. | |||||||||||||||||||||
[5] | The Company does not allocate interest expense or other (income) expense, net to the reportable segments. |
Quarterly_Financial_Data_Paren
Quarterly Financial Data (Parenthetical) (Detail) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 10, 2013 | Jun. 10, 2013 | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Restructuring and other exit charges | $5,360 | $2,437 | $1,810 | $1,829 | $12,866 | $12,920 | $1,119 | $421 | $11,436 | $27,326 | $7,164 | ||
Goodwill impairment charge | 23,946 | 5,179 | 20,371 | 5,179 | |||||||||
Legal proceedings charge | -2,756 | -2,000 | 58,184 | -16,233 | 58,184 | 0 | |||||||
Gain (Loss) Related to Litigation Settlement | $16,233 | $16,233 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 10, 2013 | Jun. 10, 2013 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | 12-May-15 | 7-May-15 | 12-May-15 | Mar. 31, 2015 | 12-May-15 | Mar. 31, 2015 | 12-May-15 | 13-May-14 | Mar. 31, 2014 | Mar. 31, 2015 | Apr. 23, 2015 | Mar. 31, 2015 | Dec. 28, 2014 | Mar. 31, 2014 | 28-May-08 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event | Subsequent Event | Stock option | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Market Share Unit Number (MSU) | Market Share Unit Number (MSU) | EnerSys Delaware Inc and Altergy Systems Litigation | EnerSys Delaware Inc and Altergy Systems Litigation | Senior Unsecured 5.00% Due 2028 | Senior Unsecured 5.00% Due 2028 | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | |
Dividend Declared | Subsequent Event | Subsequent Event | Subsequent Event | EnerSys Delaware Inc. | EnerSys Delaware Inc. | Subsequent Event | USD ($) | USD ($) | USD ($) | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Long-term debt | $300,000 | $170,936 | $162,887 | ||||||||||||||||||
Common Stock cash dividends, per share | $0.18 | ||||||||||||||||||||
Common Stock cash dividends, to be paid date | 26-Jun-15 | ||||||||||||||||||||
Common Stock cash dividends, date of record | 12-Jun-15 | ||||||||||||||||||||
Stock options granted | 76,512 | 127,966 | |||||||||||||||||||
Percent vested | 25.00% | ||||||||||||||||||||
Vesting period, in years | 3 years | 4 years | 3 years | ||||||||||||||||||
Stock unit grant during period | 136,527 | 119,977 | 152,300 | 212,248 | |||||||||||||||||
Legal proceedings charge | -2,756 | -2,000 | 58,184 | -16,233 | 58,184 | 0 | 58 | 58,184 | |||||||||||||
Principal | $172,266 | $172,266 | $172,500 | ||||||||||||||||||
Interest rate of debt instrument | 5.00% | 3.38% | 3.38% |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Allowance for doubtful accounts | ||||||
Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $9,446 | $9,292 | $10,022 | |||
Additions Charged to Expense | 516 | 907 | 998 | |||
Charge-Offs | -2,395 | -963 | -1,568 | |||
Purchase accounting adjustments | 0 | 0 | 0 | |||
Other | -5 | [1] | 210 | [1] | -160 | [1] |
Balance at End of Period | 7,562 | 9,446 | 9,292 | |||
Allowance for inventory valuation | ||||||
Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 20,316 | 17,372 | 14,831 | |||
Additions Charged to Expense | 4,123 | 5,944 | 7,337 | |||
Charge-Offs | -3,478 | -3,283 | -4,584 | |||
Purchase accounting adjustments | 0 | 0 | 0 | |||
Other | -719 | [1] | 283 | [1] | -212 | [1] |
Balance at End of Period | 20,242 | 20,316 | 17,372 | |||
Deferred tax asset-valuation allowance | ||||||
Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 23,583 | [2] | 54,542 | [2] | 56,359 | [2] |
Additions Charged to Expense | 4,222 | [2] | 6,951 | [2] | 3,829 | [2] |
Charge-Offs | -3,796 | [2] | -27,269 | [2] | -3,259 | [2] |
Purchase accounting adjustments | -327 | [2] | 327 | [2] | 0 | [2] |
Other | -3,619 | [1],[2] | -10,968 | [1],[2] | -2,387 | [1],[2] |
Balance at End of Period | $20,063 | [2] | $23,583 | [2] | $54,542 | [2] |
[1] | Primarily the impact of currency changes. | |||||
[2] | "Other" also included the reversal of deferred tax accounts and related valuation allowance upon the sale of certain foreign subsidiaries of the Company. In fiscal 2014, there was also an adjustment relating to the net operating losses of a foreign subsidiary of the Company and the related valuation allowance. |