Stockholders' Equity | Stockholders’ Equity and Noncontrolling Interests Common Stock The following demonstrates the change in the number of shares of common stock outstanding during the six months ended September 27, 2015 : Shares outstanding as of March 31, 2015 44,068,588 Purchase of treasury stock (2,009,896 ) Shares issued to Convertible Note holders 1,889,431 Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes 441,701 Shares outstanding as of September 27, 2015 44,389,824 Treasury Stock Reissuance On July 17, 2015, the Company settled the conversion premium on the Convertible Notes by issuing 1,889,431 shares from its treasury stock. The reissuance was recorded on a last-in, first-out method, and the difference between the repurchase cost and the fair value at reissuance was recorded as an adjustment to stockholders' equity. Accelerated Share Repurchase During the second quarter of fiscal 2016 , the Company entered into an accelerated share repurchase agreement (“ASR”) with a major financial institution to repurchase $120,000 to $180,000 of its common stock. The Company prepaid $180,000 and received an initial delivery of 2,000,000 shares with a fair market value of approximately $108,100 . The ASR is accounted for as a treasury stock repurchase, reducing the weighted average number of basic and diluted shares outstanding by the 2,000,000 shares initially repurchased, and as a forward contract indexed to the Company's own common shares to reflect the future settlement provisions. Because the minimum repurchase will be $120,000 , as of September 27, 2015 , $11,900 representing the difference between the fair value of shares delivered and the minimum notional amount of $120,000 is accounted for as an equity instrument and is included in additional paid-in capital and the optional $60,000 is included in prepaid and other current assets in the Condensed Consolidated Balance Sheet. The ASR is not accounted for as a derivative instrument. Additional shares may be delivered to the Company by February 25, 2016 (settlement date), subject to the provisions of the ASR. The total number of shares to be repurchased will be determined on final settlement, with any additional shares reacquired being based generally on the volume-weighted average price of the Company's ordinary shares, minus a discount, during the repurchase period. At September 27, 2015 and March 31, 2015 , the Company held 9,716,516 shares and 9,596,051 shares as treasury stock, respectively. Accumulated Other Comprehensive Income ("AOCI") The components of AOCI, net of tax, as of September 27, 2015 and March 31, 2015 , are as follows: March 31, 2015 Before Reclassifications Amounts Reclassified from AOCI September 27, 2015 Pension funded status adjustment $ (23,719 ) $ — $ 638 $ (23,081 ) Net unrealized (loss) gain on derivative instruments (95 ) (4,848 ) (589 ) (5,532 ) Foreign currency translation adjustment (85,161 ) (6,789 ) — (91,950 ) Accumulated other comprehensive income (loss) $ (108,975 ) $ (11,637 ) $ 49 $ (120,563 ) The following table presents reclassifications from AOCI during the second quarter ended September 27, 2015 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized gain on derivative instruments $ (2,513 ) Cost of goods sold Tax expense 929 Net unrealized gain on derivative instruments, net of tax $ (1,584 ) Defined benefit pension costs: Prior service costs and deferrals $ 444 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 10 Tax benefit (129 ) Net periodic benefit cost, net of tax $ 315 The following table presents reclassifications from AOCI during the second quarter ended September 28, 2014 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,195 Cost of goods sold Tax benefit (441 ) Net unrealized loss on derivative instruments, net of tax $ 754 Defined benefit pension costs: Prior service costs and deferrals $ 261 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 10 Tax benefit (80 ) Net periodic benefit cost, net of tax $ 181 The following table presents reclassifications from AOCI during the six months ended September 27, 2015 : 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 $ (938 ) Cost of goods sold Tax expense 349 Net unrealized gain on derivative instruments, net of tax $ (589 ) Defined benefit pension costs: Prior service costs and deferrals $ 895 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 10 Tax benefit (257 ) Net periodic benefit cost, net of tax $ 638 The following table presents reclassifications from AOCI during the six months ended September 28, 2014 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,603 Cost of goods sold Tax benefit (592 ) Net unrealized loss on derivative instruments, net of tax $ 1,011 Defined benefit pension costs: Prior service costs and deferrals $ 526 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 10 Tax benefit (160 ) Net periodic benefit cost, net of tax $ 366 The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the six months ended September 27, 2015 : Equity Attributable to EnerSys Stockholders Nonredeemable Noncontrolling Interests Total Equity Balance as of March 31, 2015 $ 1,038,900 $ 5,540 $ 1,044,440 Total comprehensive income: Net earnings (losses) 88,412 (6 ) 88,406 Net unrealized loss on derivative instruments, net of tax (5,437 ) — (5,437 ) Pension funded status adjustment, net of tax 638 — 638 Foreign currency translation adjustment (6,789 ) (102 ) (6,891 ) Total other comprehensive loss, net of tax (11,588 ) (102 ) (11,690 ) Total comprehensive income (loss) 76,824 (108 ) 76,716 Other changes in equity: Purchase of treasury stock including ASR (120,637 ) — (120,637 ) Reissuance of treasury stock to Convertible Note holders 114,449 114,449 Adjustment to equity on debt extinguishment (84,140 ) (84,140 ) Cash dividends - common stock ($0.35 per share) (15,553 ) — (15,553 ) Reclassification of redeemable equity component of Convertible Notes 1,330 — 1,330 Other, including activity related to equity awards (1,860 ) — (1,860 ) Balance as of September 27, 2015 $ 1,009,313 $ 5,432 $ 1,014,745 The following demonstrates the change in redeemable noncontrolling interests during the six months ended September 27, 2015 : Redeemable Noncontrolling Interests Balance as of March 31, 2015 $ 6,956 Net loss (704 ) Foreign currency translation adjustment (764 ) Balance as of September 27, 2015 $ 5,488 |